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- Zack Voell
Public Bitcoin Miners Have Shed $14 Billion In 2022, But There’s Bullish Upside

Bear market woes continue for miners as bitcoin’s price sits 70% off its record highs. But hope springs eternal.

Public mining companies are entering the final quarter of 2022 battered and bruised after nine months of bear market brutality. At the end of Q3, the total market values of all U.S.-listed mining companies dropped by over $14 billion from the start of the year, according to data compiled from YCharts. Whether the year’s end will offer a respite for these companies is a very open question as the headwinds from macroeconomic tumult seem unabated in the face of historic inflation and scrambling central bankers desperate for quick financial fixes. This article overviews the downtrend in share prices for public mining companies as the final quarter of the year begins.

2022 Mining Market Recap

Over half of the total $14 billion erased from the market values of public mining companies is attributed to just five companies, according to data from YCharts: Core Scientific, Marathon, Riot, TeraWulf and Hut 8. The bar chart below visualizes each company’s change in total market capitalization from the start of Q1 to the end of Q3 of this year.

This year, $14 billion has been erased from the market values of public bitcoin mining companies.

Compared to bitcoin itself, losses suffered by public mining companies are small. Since January 1, bitcoin’s total market value has slipped from $900 billion to below $400 billion at the end of September, according to data from TradingView.

Readers should know that these charts only show public mining companies that trade on American markets, namely the Nasdaq, one of the most liquid and actively-traded markets in the world. But other relatively high-profile public companies in non-U.S. markets have also suffered significant losses, including Northern Data and Cathedra.

Any future price woes for mining companies depends completely on bitcoin’s price. Mining stocks are still closely correlated to bitcoin’s price, as this author noted in a previous article for Bitcoin Magazine, and continue to underperform. The line chart below visualizes share prices for all the mining companies included in the previous bar graph priced in bitcoin since the start of the year.

Share prices for public bitcoin mining companies priced in bitcoin since the start of the year. Bullish Hope Springs Eternal

Despite already being one of the longest and harshest bear markets in bitcoin’s history — especially for miners, as difficulty continues to soar to new heights while the price continues dropping — there is still hope for the public mining sector over the long term.

For one thing, so long as Bitcoin is bullish, bitcoin mining companies will also have a bright future despite intermittent periods of bearish market conditions. Even if some mining companies fail, others will take their place.

For another, even the traditional finance analysts see potential in the mining sector, with some analysts calling for “major upside” among public miners, according to CoinDesk, and others praising the “fantastic” fundamentals of some miners. And those fundamentals — for many companies — continue to improve. In September alone, for example, CleanSpark acquired a 36 megawatt site in Georgia, Aspen Creek raised $8 million to expand its solar mining, Rhodium plans to go public, and mining veteran Jihan Wu set up a $250 million fund for distressed mining assets. The mining sector is far from dead.

Opportunity From Immaturity

In many ways, the past couple years represented the very first market cycle for a significant share of the mining market, and nothing ever goes well during the first time roundtripping a market’s ups and downs. Losses will be suffered, valuations will plummet and some companies will collapse completely.

But winners always emerge from periods of market immaturity. And the public mining market’s immaturity is easy to see. For example, every mining stock’s price continues to move nearly in lockstep with bitcoin despite each company having enormous differences in operational strategies, outstanding debts, number of machines online, and more. This shows that the market cares more about bitcoin’s price than the company’s fundamentals. But this immaturity also means there is tremendous upside for growth and maturation. If that isn’t enough reason to make you bullish on mining, nothing will be.

This is a guest post by Zack Voell. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

- Zack Voell
Are Bitcoin Miners Selling The Bottom?

Bitcoin miners are supposed to be the bulls of last resort, but how are their financials faring in this bitcoin price tumble?

Buy low then sell high is one of the most basic components of investment advice in the history of financial markets. Bitcoin is now 10 months into its current bear market cycle, and plenty of investors and companies that didn’t “sell high” are probably regretting it.

Miners stand apart from all other market participants, however, because they are in effect always buying (paying for electricity to earn more bitcoin) and, depending on their corporate strategy, always selling, too (selling bitcoin to pay for capital expenses and operating costs).

So how are miners faring in the current bear market? This article takes a look at some miners’ financial decisions over the past couple of years — during both the latest bullish and bearish periods for bitcoin — and evaluates where some improvements could be made on how the average mining company decides to hold, sell or buy its bitcoin.

Cliff Notes On Bear Market Mining

Here’s a quick rundown of the current state of mining economics — things aren’t great.

Hash price is down 69% so far in 2022, and with it goes machine profitability. Old hardware like Antminer S9s, for example, are so unprofitable now that the amount of total network hash rate they contribute has dropped from 30% to less than 5% this year, according to Coin Metrics. Difficulty continues hitting new record levels as more miners add more hash rate, and the latest downward adjustment was the first decrease in months.

Some miners are also sitting on exceptionally large amounts of debt, according to data compiled by Jaran Mellerud, a mining analyst at Arcane Research. Some miners are even selling the purchase contracts for yet-undelivered hardware while other miners, like CleanSpark, are buying them at a discount. And the past two months have seen two companies file for bankruptcy: Celsius Mining and Compute North.

Managing A Bitcoin Mining Treasury

One of the most important considerations facing every miner is whether to hold or sell their bitcoin. Other operational questions proceed this of course before the miner starts earning coins for their work. But what to do with block rewards is the focal point of any mining strategy.

Some miners hoard as many as they can while waiting for the price to go up. These miners usually take out loans to finance their operational expenses. Or they become lenders themselves and earn yield on the coins they mine. Other miners sell every coin they earn and want to simply operate profitably without any exposure to bitcoin’s upside or downside. Most miners are somewhere in between these two extremes — holding what they can afford to and selling what they need to.

All of these decisions are made based on a miner’s treasury management strategy, and each team has a different approach. Luckily for readers, public mining companies broadcast these decisions to investors and the general public.

In the bull market, miners weren’t only building new facilities, hoarding bitcoin and announcing record purchases of hardware. Some of them even went out and bought bitcoin at market prices to add to their treasuries. Marathon bought 4,812 BTC in January 2021. Argo Blockchain also bought 172.5 BTC in the same month. To say miners were bullish would be an understatement. Bitcoin is now trading roughly 30% lower than its lowest price point in January 2021, however. These miners didn’t quite “buy the top,” but it was relatively close.

In the bear market, miners are selling a lot of their bitcoin — in some cases even more than they’re mining, signaling their acute reaction to the bearish conditions by even liquidating their reserves. It’s important to note that the total quantity of bitcoin these companies are selling is well into the thousands, but it’s a very small amount compared to the daily trading volume of most liquid bitcoin markets. From Riot to Cathedra, large and small bitcoin mining companies alike were selling large amounts of their bitcoin holdings.

Bulls Of Last Resort

Instead of selling bitcoin at $20,000, wouldn’t a miner prefer to sell it at $69,000 — the all-time high? In theory, this makes perfect sense. But in practice, executing that preference is more difficult. For one thing, miners are not the most sophisticated market participants. For another, treasury management strategies are still very simple (hold, sell or lend) and often incomplete. For example, many miners have ways to hedge against bitcoin’s price, but almost none of them can hedge against bitcoin’s hash price, which would be a much more valuable financial product.

It's also important to note that miners are supposed to be uber bullish even when others aren’t. Miners are in many ways Bitcoin’s bulls of last resort. Home miners especially demonstrate this by continuing to mine despite horrible market conditions. Even though miners would have a stronger balance sheet by selling more bitcoin at a higher price than they did months ago, for better or worse their role is somewhat to ride the price wherever it goes.

What Does The Next Mining Cycle Hold?

In years to come, bitcoin mining companies will surely be better about treasury management. Many companies will learn their lessons from the past two years and focus on better profit maximization strategies. Some of this might include hoarding fewer coins. After all, gold miners are not known for hoarding copious amounts of the precious metal on their balance sheets.

It’s hard to imagine bitcoin mining companies acting differently in the future. But bitcoin miners have an almost mythical status in the industry. Bullish miners who hoard their coins are a psychologically reassuring thing for many market participants. Even small rumors of “miners are bearish” or “miners are selling” send waves of fear across social media. Even if miners do sell coins at a higher price, however, everyone would prefer to have well-capitalized miners at the bottom of the bear market than underwater, over-leveraged companies struggling to stay alive.

This is a guest post by Zack Voell. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

- Leon Wankum
Why Every Real Estate Investor Should Own Bitcoin

Bitcoin and real estate go hand in hand. One is an illiquid, but physical income-generating asset and the other is a highly liquid, digital asset.

This is an opinion editorial by Leon Wankum, one of the first financial economics students to write a thesis about Bitcoin in 2015.

Prologue

The following article is part of a series of articles in which I aim to explain some of the benefits of using bitcoin as a “tool.” The possibilities are endless. I selected three areas where bitcoin has helped me. Bitcoin helped me take my entrepreneurial endeavors to the next level by allowing me to easily and efficiently manage my money and build savings. This allowed me to build self-confidence and look to the future with more optimism. I've developed a lower time preference, meaning I value the future, which leads me to act more mindfully in the present. All of this has had a positive impact on my mental health.

When I was new to Bitcoin, so many people helped me that I want to share some of my positive experiences with you. The three-part series includes this article, aimed at real estate investors, as an introduction. Part Two looks at the positive implications for mental health and general well-being when one adopts a “bitcoin standard,” e.g., using bitcoin as a unit of account. Part Three will explain why bitcoin is a better savings vehicle than an exchange-traded fund (ETF), which has been one of the top inflow savings vehicles over the past few decades, and the positive impact bitcoin can have on retirement savings.

Why Every Real Estate Investor Should Own Bitcoin

Bitcoin is digital property and should appeal to any real estate investor as such. Real estate capitalizes on scarcity in the physical realm. Bitcoin introduced scarcity to the digital realm.

Bitcoin established the first instance of digital ownership. Bitcoin is digital property. Digital property rights bring the connection between the internet and the economy into modernity. Therefore, real estate investors whose business is the acquisition and construction of physical property are destined to hold bitcoin as it is the digitized form of physical property. This statement may surprise you, but who would have thought in 1995 that most retail stores would eventually also have a digital business in the form of a website or e-commerce store? Of course, e-commerce websites and retail stores are more alike than bitcoin and real estate, but it's the best comparison to show the need for real estate investors to get involved with bitcoin. I find such comparisons helpful to explain complex and new technologies like Bitcoin in an understandable way and to show why the adaptation of such a technology is important.

As I explained in my article “Why Bitcoin Is Digital Real Estate,” one of the many things real estate and bitcoin have in common is that they both act as a store of value. In theory, owning real estate is desirable because it generates income (rent) and can be used as a means of production (manufacturing). But for the most part, real estate now serves a different purpose. Given the high levels of monetary inflation in recent decades, simply keeping money in a savings account is not enough to preserve its value and keep up with inflation. As a result, many people — this includes wealthy individuals, pension funds and institutions — typically invest a significant portion of their disposable cash in real estate, which has become one of the preferred stores of value. Most people don't want real estate so they can live in it or use it for production. They want real estate so they can store value.

However, real estate cannot compete with bitcoin as a store of value. The properties associated with bitcoin make it an ideal store of value. Its supply is limited, it is easily portable, divisible, durable, fungible, censorship-resistant and noncustodial. It can be sent anywhere in the world at almost no cost and at the speed of light. On the other hand, real estate is easy to confiscate and very difficult to liquidate in times of crisis. This was recently illustrated in Ukraine. After the Russian invasion on February 24, 2022, many Ukrainians turned to bitcoin to protect their wealth, bring their money with them as they fled, meet their daily needs and accept transfers and donations. Properties had to be left behind and were largely destroyed. This could mean that once bitcoin has reached its full potential and people worldwide understand that it is a superior store of value when compared to real estate, the value of physical property may collapse to utility value and no longer carry the monetary premium of being used as a store of value. It may take a long time, possibly several decades, but the probability is there. Therefore, it makes sense for you as a real estate investor to get involved with bitcoin at an early stage. It is well known that those who adopt new technologies first will benefit the most. 

Source: Bitcoin Magazine

Real estate investors are experts at using existing properties as collateral to raise debt for the purchase and development of new properties. As I detailed in my article “Is Leveraging Legacy Assets To Buy Bitcoin A Good Strategy?” using existing real estate to incur debt and buy bitcoin is potentially an even bigger business opportunity as the value of bitcoin is likely to grow faster than the real estate. Thus, a higher return may be achieved. Real estate (fully rented properties) is the perfect collateral for taking on debt to buy bitcoin since rent generates income. Therefore, you never have to sell your bitcoin to pay off debts, instead you can use the rental income. If my forecast seems too bullish to you, you can also use a small part of your real estate portfolio for such a project, so the risk is relatively low, but the upside potential is still large.

This should not distract from the profitable business of real estate development. I'm not asking you to stop developing real estate, I'm asking you to add a bitcoin strategy.

Real estate development is highly dependent on the ability to build creditworthiness. Bitcoin can help here too. The continued adoption of bitcoin is fuelled by its superior monetary properties. The increasing adoption is accompanied by a price increase as the supply of bitcoin is limited. There is a positive feedback loop between adoption and price. When demand goes up and supply remains nearly constant, price must increase — mathematically. For you, as a real estate developer, this means that the more bitcoin you own, the more collateral you have to then fund real estate construction in the future. Bitcoin should be part of every real estate investor's strategy as it is a pristine collateral that will help you build your creditworthiness over the long term.

Sensibly using your real estate as collateral to borrow money and buy bitcoin may solve another problem: liquidity. Real estate is an illiquid and immovable asset. In German, real estate translates to “immobilien,” which literally means “to be immobile.” Using your immovable liquidity in your income-generating properties to buy bitcoin can be a good business opportunity — and an option to protect your wealth from confiscation should you need to relocate. Of course, you could just sell real estate to buy bitcoin, but that's a bad idea for two reasons. First, historically money is made from income-producing real estate by buying it and holding it for the long term. Second, a real estate investor typically purchased a property with a loan, so the rental income is needed to service existing debt obligations.

Conclusion

I believe that the “worlds” of real estate and bitcoin will merge sooner or later. Both assets share similarities and complement each other. Real estate is an income-producing asset (rent), but it is very immobile. Bitcoin does not generate income but is highly liquid and mobile. The two are a good match.

Bitcoin's volatility shouldn’t distract from the opportunity it represents. Those who rejected the internet missed out on one of the greatest business opportunities of their lives. Those who reject bitcoin will likely meet the same fate.

In addition, we will most likely not see the same type of returns on real estate investments as we have in the past. Since 1971, house prices have increased nearly 70 times. This corresponds to the “Nixon shock” of August 15, 1971, when President Richard Nixon announced that the United States would end the convertibility of the U.S. dollar into gold. Since then, central banks began operating a fiat-money-based system with floating exchange rates and no currency standard.

Monetary inflation rates have risen steadily ever since. Real estate served as an asset for many to preserve the value of their money. However, bitcoin serves this purpose much better. This can result in two things: First, real estate could lose the monetary premium of being used as a store of value. Second, if bitcoin (digital property) continues its adoption cycle and replaces real estate (physical property) as the preferred store of value, its rate of return will be many times higher than real estate in the future, because bitcoin is only at the beginning of its adoption cycle.

In conclusion, as Satoshi Nakamoto said, “You might want to get some just in case,” or to paraphrase Mark Twain, “Buy bitcoin, they're not making it anymore.”

This is a guest post by Leon Wankum. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

- Mickey Koss
Bitcoin Is A Green Energy Battery For Wasted Electricity

Bitcoin converts wasted energy into a different kind of battery for a more sustainable future. The battery of human time, effort and ingenuity: money.

This is an opinion editorial by Mickey Koss, a West Point graduate with a degree in economics. He spent four years in the infantry before transitioning to the Finance Corps.

In a prior article I discussed probability-based energy systems, how they can negatively impact the grid and how Bitcoin helps solve some of the problems associated with wind and solar power.

In this article, I would like to address the most frustrating critique that I hear all the time: Bitcoin is a waste of energy.

What Else Are You Going To Do With It?

The fact is Bitcoin doesn’t use that much energy. The big brains at Harvard estimate that the Bitcoin network only consumes about 0.55% of global electricity production. Comparatively, it is estimated that 6-10% of electricity production is lost in transmission and distribution alone.

If Bitcoin used an order of magnitude more energy, it still wouldn’t be an issue. What most people don’t understand is that if you don’t use energy, you lose it, so what the hell are you going to do with it all anyways?

Actual batteries? Good luck with that. California plans to achieve carbon-neutral goals through extensive use of industrial-scale battery usage. This plan directly conflicts with its own goals, necessitating the mining of millions of tons of raw materials in order to produce said batteries. Furthermore, the goal only allows them to power about a million homes for four hours. To achieve their goal, it would require a battery capacity that exceeds current global capacity by five times. That’s a lot of batteries.

The fact is that currently, there is no good way to store the enormous amount of power that goes unused every day. That is, until Bitcoin and bitcoin mining came around.

Bitcoin Is The Battery

Energy production is an expensive and complicated business. Energy producers must maintain enough capacity to service not only the most energy-intensive days of the year, but also enough capacity to allow for expected population growth over long timespans. This means that on most days, most companies are operating well below capacity.

Bitcoin mining allows electric service providers to monetize all of their unused capacity, only releasing the electricity to the grid that is needed to satisfy demand on any given day. This allows companies to slow or stop the pace of rate increases. It helps companies to help those who can least afford a larger energy bill.

Companies don’t even have to hold onto bitcoin. The market is liquid; by mining and immediately selling the coins, they can achieve their revenue goals, help secure the network and help those in lower income brackets buffer their monthly budgets. It even adds to a wider distribution of mined coins because large miners will no longer be sole-purpose mining companies or de facto bitcoin ETFs.

With more cash on the balance sheets, grid operators can also put more money into maintenance and development, making the grid more resilient, and dare I say, sustainable, for future generations.

So for those who say Bitcoin uses a lot of energy, who cares? It uses a lot less than we waste every day. I say they should stop wasting energy and money though leaving capacity idle. Convert the energy into a different kind of battery for a more sustainable future. The battery of human time, effort and ingenuity: money.

Through using bitcoin mining as a sponge for excess and unused capacity, we can help those who need it the most and we can help a future of abundant and reliable electricity for all.

This is a guest post by Mickey Koss. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

- Jenna Hall
Five Advantages Of Using Bitcoin To Pay Rent

Bitcoin is becoming more popular in its use as a medium of exchange. Some tenants and landlords may prefer to transact exclusively in bitcoin.

Jenna Hall is a content marketing coordinator at Redfin. Redfin does not provide legal, tax, or financial advice. This article is for informational purposes only and is not a substitute for professional advice from a licensed attorney, tax professional or financial advisor.

Over the past few years, an increasing number of companies worldwide have started allowing customers to pay for their products and services with bitcoin. While bitcoin used to be considered a niche asset, it’s now emerged as a highly popular currency and is treated as a viable alternative to cash and credit for many major retailers. Now that you can use bitcoin to purchase almost anything, some are wondering how they can use their digital currency to buy a home or even pay their rent.

With bitcoin becoming more intertwined with real estate transactions, you may be wondering if paying rent with bitcoin is a good option for you. Whether you’re a landlord or a tenant, here’s what you need to know.

How Does It Work?

Currently, there are two ways landlords can collect bitcoin rental payments. The first is by using a property management platform that leverages technology to process bitcoin payments. The second is by simply transferring peer-to-peer with the tenant.

For payments made through property management software, both the tenant and landlord must have an account with the platform. The landlord can then send the tenant a payment request and the tenant can choose how they want to pay. They can transfer bitcoin directly through a brokerage like Coinbase or scan a QR code of the payment request and pay through their digital wallet.

It’s important to note that most property management platforms don’t hold any digital currency, they simply convert the coins into U.S. dollars and transfer payment to the landlord as such.

Without a platform, tenants can still rent an apartment with bitcoin by transferring their holdings into the landlord’s digital wallet. Landlords and tenants should keep in mind that transferring bitcoin peer-to-peer leaves no paper trail. So it’s a good idea to create documentation that includes evidence of payment records to avoid any potential issues.

Five Advantages Of Using Bitcoin To Pay Rent

Whether you’re a landlord or tenant, there are many advantages to using bitcoin for rent payments. Here are the top five benefits to help you decide if it’s a good option for you:

More Flexibility

Renters are looking for properties that give them more payment flexibility. According to a recent study from the Motley Fool, more than half of renters surveyed said that they would pay more in rent to have more convenient payment options.

Payments with bitcoin can be fully digital and made on a phone, computer or tablet. Unlike traditional banks, bitcoin payments can be made and received 24/7. This means that landlords won't have to wait until business hours or after a holiday weekend to receive their rent payment.

Simpler Payments For Those Renting Abroad

Renting abroad can be tricky, especially when the landlord and tenant use different currencies. Transferring money in traditional ways likely means paying wire transfer fees, foreign transaction fees and currency conversion fees. On top of that, landlords and tenants must consider foreign exchange rates and the time delay it often takes for money to transfer internationally.

However, bitcoin can be used internationally instantly with little to no fees, saving time and money for both the landlord and the tenant.

Fewer Transaction Fees

Most online rent-paying platforms charge a fee to pay rent with a credit card. This fee is typically 2.5%-2.9% of the rent amount and is paid for by the tenant. Even third-party platforms like Venmo and PayPal charge a fee of about 3% for business transactions like accepting rent payments, which landlords have to pay when accepting payments.

Renters and landlords can avoid these transaction fees altogether by transferring bitcoin directly, which could save each party hundreds or even thousands of dollars over a few years.

If tenants and landlords choose to transfer bitcoin via a property management platform that supports bitcoin transactions, they’ll likely still need to pay transaction fees. However, those fees are meager compared to credit card processing fees.

Added Privacy For Tenants

Bitcoin payments are great for tenants who prioritize their financial privacy. Bitcoin uses anonymous addresses that change for each transaction, so payments don’t require any personal information, traceable credit card numbers or account numbers.

Given the pseudonymous nature of the blockchain, bitcoin payments are ideal for those who are privacy-forward and wary about sharing their personal information.

Potential First-Mover Advantage

Bitcoin is increasingly becoming more accepted in mainstream markets, with many companies beginning to accept bitcoin as payment. However, there’s still some work to be done before it becomes a financial norm.

Landlords who are forward-thinking, tech-savvy and want to remain at the front of upcoming trends may want to consider being early adopters. Potential renters may see the value in a property that accepts bitcoin and be more inclined to rent with those properties.

What To Keep In Mind When Using Bitcoin For Rent

Here are some final things to consider if you plan on using bitcoin for rent as a landlord or a tenant:

Cashing Out Versus Holding

If you’re a landlord accepting bitcoin, you have the choice of either cashing out or holding. It’s a good idea to consider the pros and cons of each. Bitcoin is known to be volatile and the amount a tenant pays in bitcoin could change quickly. Landlords should examine their financial goals and consider speaking to a financial advisor to see which option works best for them.

Rent Amount Could Fluctuate

Since the value of bitcoin fluctuates, so will the monthly rental amount. This means that the amount of bitcoin you give or receive for rent could change month to month.

Keep Documentation

Given the nature of bitcoin that makes it more challenging to trace, landlords and tenants should protect themselves by keeping records of rent payments using bitcoin to the best of their ability. Suppose landlords and tenants plan on transferring peer-to-peer. In that case, it’s a good idea to consult with a legal professional to ensure proper paperwork and documentation about a rental payment agreement is created.

This is a guest post by Jenna Hall. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

- Evan Price
The American Bitcoin Revival Takes Root In Nashville

Grassroots Bitcoin, held at Bitcoin Park in Nashville, Tennessee, brought Bitcoin meetup organizers from all over the country to collaborate together.

This is an opinion editorial by Evan Price, a software engineer of 15 years and advocate for privacy rights.

Americans love a good revival. A revival is religious fervor that spreads across the land, often leaving new churches and social movements in its wake. Revivals start with a deep and pervasive sense of dissatisfaction with the status quo. Then a few luminaries step up and begin preaching a new and better way to believe and to organize. These early folks preach to the masses and recruit a following. They take their message on the road and evangelize to as many people as they can reach.

In the wake of a revival, the social and legal landscape is irrevocably changed. New churches spring up and old ones are forced to splinter, shrink and adapt. Laws are passed and social institutions are forced to reckon with a newly organized and dedicated constituency. Related social movements fork off and forge their own path for societal change. Eventually, the religious fervor dies down as everyone adapts to the new reality of their country.

I think we are in the early stages of another American revival. Unlike past revivals, this one is not religious; it is monetary in nature.

I recently spent some time at Bitcoin Park in Nashville, Tennessee, getting to know other Bitcoin meetup organizers from all over the U.S. and Canada. We were invited by ODELL and bitkite to an event called Grassroots Bitcoin to collaborate and discuss how we can increase bitcoin adoption and support local communities. I met dozens of other meetup organizers. We swapped stories and learned about each others’ motivations, goals and hopes.

We saw presentations covering a variety of topics:

Bitcoin as a tool for human rights.Bitcoin as a tool for small business.Strategies for how to grow your bitcoin meetup, both technical and social.Tools for self-sovereign cold storage.Tools and advice to help you buy, sell and manage bitcoin.How and why to work with politicians to advance our common goals.

You can listen to some of the discussions here.

There was an abundance of Bitcoin culture on display, from complementary pelican cases to the ultimate Bitcoin social event: a beefsteak dinner. I don't subscribe to all of the beliefs adopted by Bitcoiners. For example, I drove hours to get my first COVID-19 vaccine and I usually try to eat more vegetables than meat. But other common Bitcoin beliefs make good sense to me: Grow your own food and learn to shoot a gun because it could literally save your life one day. I think a growing social movement requires a vibrant cultural identity and Bitcoin is no exception.

One thing that struck me about this group was the diversity of personalities and backgrounds on display. There were city folks and country folks; Christians, Muslims, Jews and atheists. I saw brogrammers rubbing elbows and sharing meals with ranchers. There were HVAC repair men, former cops and flight attendants. Bitcoin truly attracts men and women from all walks of life. Toward the end of the event, when a former pastor took the stage and declared that bitcoin is his new church, it dawned on me that we are in the early stages of another American revival. For a revival to catch on, it needs to appeal to a broad and deep cross section of society. That is exactly what I saw in Nashville.

Bitcoin's social movement is small and vigorous, rooted in a deep uneasiness and suspicion of the top-down forces at work in our society. I think a sea change has taken place in the past few years. Most of the meetups represented in Nashville were founded in the wake of the COVID lockdowns. I think our national response to the pandemic sparked a lot of skepticism that is now taking root at these meetups.

I've been a Bitcoiner for longer than I like to admit. I have had many conversations with no-coiners and their reactions ranged from mild interest to a visceral rejection. Over the years, I stopped initiating these conversations. In the past week, my eyes have been opened to the fiery, impassioned core of the movement. I have never talked to a group of Bitcoiners with greater conviction or sense of purpose. I think we're turning a corner; there has never been a better time to seek out bitcoin fence-sitters and give them the nudge they need to install a wallet and begin their journey.

Throughout the event, participants shared tales and pictures of all the normal folks they orange-pilled. It became a badge of honor to talk your waiter into downloading a bitcoin wallet and receiving their first tip in sats. Bitcoiners are hungry for converts and they carry a very compelling message in times of high inflation and rising autocracy. I think of 2020 as a drought in American society. People were told where they could go, how to behave and what to wear. For a freedom-loving populace, in a country founded on the ideals of individual liberty, this kind of environment is bound to provoke a counter-cultural reaction. Bitcoin organizers are the tip of the spear of a growing social movement. I see a fire burning in these folks and they are carrying these embers to the masses one person at a time.

Forest fires always start small. If conditions are ripe they grow at an exponential pace. Slowly at first, but if you stop paying attention, you will be caught off guard by the rapidity and intensity of the conflagration. After the fire passes, a new season of growth and renewal springs up from the ashes. Don't be caught off guard. Join your local Bitcoin meetup and let’s fix the root of so many problems in our society. Let’s fix the money.

One last note. I believe America’s robust culture of individual liberties uniquely positions us to be the home of Bitcoin. The home of freedom money. But this is far from guaranteed. In order to get there, we need the support of politicians. A revival can be a powerful tool to accelerate political careers. Invite your political representatives to a Bitcoin meetup. Show them first hand the potency of this social movement. Talk to them about the challenges you face trying to grow bitcoin adoption and how they can earn your vote. They are listening. Make sure they hear the right message.

This is a guest post by Evan Price. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

- Ross Ulbricht
Block By Block: Facing Life In Prison, Bitcoin’s Resilience Inspires Me

“Through the rise and fall of Silk Road, through the relentless years of my incarceration … Bitcoin keeps going.”

This is an opinion editorial by Ross Ulbricht, the founder of pioneering Bitcoin marketplace Silk Road, who is currently serving a double life sentence plus 40 years in federal prison.

Much more is being said about Bitcoin these days than when I was put in prison. On October 1, 2022, I started my tenth year locked in this cage. Right now, as I put pen to page, the afternoon sun beams through the bars of my window and the murmur of the other prisoners snakes under my cell door.

Over the years I have heard people say all kinds of things about Bitcoin. I have heard that "Bitcoin is dead" and that "Bitcoin is the future." I have heard that "Bitcoin is bad for the environment" and that "Bitcoin will set us free." But I've noticed that Bitcoin doesn't seem to care what we say about it. Not the exchange, of course — that's driven by the whims of people like all financial markets. I'm talking about Bitcoin itself.

Bitcoin doesn't have ears. What we say doesn't change it. Barring a society-level catastrophe, Bitcoin will keep adding a block every ten minutes, forever. That's the whole point. Through all the ups and downs since Bitcoin's birth more than 13 years ago, despite the hype, despite the naysayers, despite everything, Bitcoin has never faltered.

I can't say the same for myself, but then again, I am merely human. A couple of years after Bitcoin got started, I made the biggest mistake of my life: I made Silk Road (an anonymous online market). Of course, at the time, I didn't know it was a mistake. I thought it was a great idea. I thought I was putting Bitcoin to good use and giving people privacy and freedom. When illegal drugs were listed, I thought that was OK too, because I believed drugs should be legalized. Nevermind that they were outlawed and I was risking everything I held dear.

A couple of years later, I was thrown in prison for drug trafficking and given two life sentences without parole, plus 40 years. I was falsely portrayed in the media as a violent drug kingpin. The story of Silk Road was reduced to a cops and robbers cliché. I more than faltered, I hit rock bottom. I've been here ever since.

Bitcoin never faltered. Through the rise and fall of Silk Road, through the relentless years of my incarceration, through competition and catastrophe, Bitcoin keeps going, one block at a time, like clockwork.

As Bitcoin has marched on, I have struggled to rejoin the world outside of my cage. Year after year, my family, friends, supporters and I have been working toward my freedom, so I can have a second chance at life. But I am tired. I am burned out, I want this nightmare to end, and I don't know if it ever will, no matter how hard we work at it.

Before I came to prison, I knew nothing of hard drugs. Since then, I have been locked in 8-by-10-foot cells with lifelong addicts for months on end. I've heard their stories and seen what's become of them. I have faced the fact that, by making Silk Road, I played a role in damaging many lives. I don't even think about drug war politics anymore. I just know I could never promote drug use again, whether legal or illegal. How could I, if I would never touch them myself? How could I, if I'd be horrified to learn that someone I loved became addicted? All I would think of is the men I've come to know whose lives have been ruined.

I've been through many phases during my imprisonment: hopelessness, fear, guilt, acceptance, boredom, feverish desperation, and all the while Bitcoin keeps going. Today, I take inspiration from Bitcoin. I will keep going, day by day, just taking the next step over and over. I will keep adding the next block. Either I'll regain my freedom or, at the end of my life, I can look back and say, "At least I tried."

This is a guest post by Ross Ulbricht. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

- Aaron Daniel,William D. Mueller
A Decade Later, Ross Ulbricht’s Silk Road Sentencing Demonstrates The Government’s Fear Of Bitcoin

Silk Road Founder Ross Ulbricht’s excessive 2013 sentencing betrays the U.S. government’s fear of Bitcoin and dollar competition.

This is an opinion editorial by Aaron Daniel, an appellate attorney and author of “The Bitcoin Brief," and William D. Mueller, an appellate attorney with a nationwide practice.

Following a multi-week trial in Manhattan’s United States District Court for the Southern District of New York, Ross Ulbricht, the creator and operator of the Silk Road — one of the first marketplaces to exclusively utilize bitcoin — was sentenced to die in prison. The jury deliberated for a mere three and half hours before convicting Ulbricht of the seven counts charged by the U.S. government: distributing narcotics, distributing narcotics by means of the internet, conspiring to distribute narcotics, engaging in a continuing criminal enterprise, conspiring to commit computer hacking, conspiring to traffic in false identity documents and conspiring to commit money laundering.

For those convictions, Ulbricht was handed five different sentences:

One for 20 years, One for 15 years, One for five, and two for life.

Ulbricht is serving the sentences concurrently, with no chance of parole.

The sentence handed down by the district court judge — two life sentences plus forty years — sent shockwaves through the financial-tech community, wherein many thought the sentence was disproportionate to the crime. Afterall, not one of Ulbricht’s seven convictions included accusations of violent conduct.

Looking back at it a decade later, it appears that the severe sentence requested by the U.S. government was, at least in part, driven by a desire to backstop the U.S. dollar. Indeed, fiat is backed by the state’s monopoly on violence, which, in Ulbricht’s case, manifested through extreme prosecutorial power.

Use Of Bitcoin, Mixing And Tor

First, it’s worth taking a look at what factors played a role in Ulbricht’s sentencing. According to the applicable U.S. sentencing guidelines, a 20-year mandatory minimum sentence was required for three of Ulbricht’s convictions, and a seven-year maximum sentence for two others. As the sentences can be served concurrently, Ulbricht could have, in theory, been sentenced to just a 20-year stint. Yet, in the U.S. government’s sentencing submission, prosecutors in the Southern District of New York requested the court to “impose a lengthy sentence, one substantially above the 20-year mandatory minimum.”

Why? In the aftermath of Ulbricht’s sentencing, the U.S. Attorney for the Southern District of New York maintained that the pursuit stemmed from Ulbricht’s involvement with drugs and narcotics: “Make no mistake: Ulbricht was a drug dealer and criminal profiteer who exploited people’s addictions and contributed to the deaths of at least six young people.”

But the U.S. Attorney also made it a point to highlight Ulbricht’s use of Bitcoin as the payment method fueling the anonymity provided by the Silk Road:

“Ulbricht deliberately operated Silk Road as an online criminal marketplace intended to enable its users to buy and sell drugs and other illegal goods and services anonymously and outside the reach of law enforcement… Ulbricht designed Silk Road to include a Bitcoin-based payment system that served to facilitate the illegal commerce conducted on the site, including by concealing the identities and locations of the users transmitting and receiving funds through the site.” 

How much of a role did Ulbricht’s decision to implement bitcoin, and a bitcoin mixer (or tumbler), play in his sentence? It’s difficult to say.

Ulbricht’s sentence was due to be steep from the start given that the criminal laws Ulbricht was convicted under were applied to make him responsible for the total amount of drugs and narcotics exchanged through the Silk Road. The more drugs trafficked, the higher the recommended initial sentence. But it should be noted that this loose interpretation of conspiracy has been criticized as a misapplication of the statute.

In a standard conspiracy, all conspirators are aware of each other and agree to commit the crime multilaterally. With the Silk Road, there was not one large multilateral agreement, but many separate and distinct bilateral agreements between the website and each individual seller, many separate conspiracies, in other words. Leaving this misapplication aside, by aggregating the agreements between each user and the website into one massive criminal conspiracy, Ulbricht was charged with aiding in the transfer of over 60,720 kilos of cocaine, heroin, and meth.

From that starting point, the sentencing judge applied several sentencing enhancements — aggravating factors that raise the recommended prison sentence in the U.S. sentencing guidelines’ chart, including those stemming from allegations that Ulbricht paid for murders for hire in connection with the Silk Road (the sentencing judge determined that “there is ample and unambiguous evidence that Ulbricht commissioned five murders as part of his efforts to protect his criminal enterprise and that he paid for these murders.”). These allegations were not fully presented or proven during the conviction phase in the New York prosecution, and because of this, Ulbricht’s attorneys could have challenged their admission at the sentencing phase. But the defense declined to do so, and thus the murder-for-hire evidence was admitted and became a key aggravating factor.

And Bitcoin itself was categorized as an aggravating factor. Ulbricht’s computer-hacking charges were enhanced due to his use of “sophisticated means.” The judge cited the “use of Tor which required some amount of sophistication, the bitcoin tumbler of course, [and] the use of stealth listings,” as grounds for the enhancement.

These enhancements increased Ulbricht’s suggested prison sentence under the federal sentencing guidelines to the maximum amount: life in prison, twice over.

Competition With The Dollar

Many of Ulbricht’s supporters have cited the prison sentence as disproportionate to the crime. They may have a point. Ulbricht’s sentence far exceeded the average federal sentence length for drug offenders — about six years. As a first-time offender of a nonviolent crime, Ulbricht’s sentence was eight times more severe than the sentence handed down to former Minneapolis Police Officer Derek Chauvin for fatally kneeling on George Floyd’s neck for nine-and-a-half minutes. His double life sentence is more on par with convictions handed to serial killers, serial rapists and child molesters.

By examining the prosecutor’s statements, the judge’s rulings, the federal sentencing guidelines and average sentences for other, more reprehensible crimes, it thus appears that Ulbricht’s extreme sentence is owed, at least in part, to the U.S. government’s concern over Ulbricht’s use of bitcoin as the exclusive, pseudonymous payment system for the Silk Road.

That the U.S. government liberally applied its prosecutorial power against Ulbricht and the Silk Road to deter competition to the dollar becomes clearer when put in the context of other aggressive prosecutions of alternative currency users and promoters.

Take Bernard von NotHaus, the founder of the National Organization for the Repeal of the Federal Reserve Act (NORFED). NotHaus’s organization created the Liberty Dollar, a private barter money system of coins and bills backed by specific weights of gold and silver. In 2009, NotHaus was arrested and charged with conspiracy and counterfeiting, despite marketing the Liberty Dollar as a competitor to the U.S. dollar, not the genuine article. The prosecutors sought a sentence of 14 to 17 years for the septuagenarian (essentially a life sentence), and issued a press release lambasting the private barter money as “a unique form of domestic terrorism.” Fortunately for NotHaus, cooler heads prevailed, and he was sentenced by the judge to a reasonable six months of home detention.

And just last month, Mark Hopkins, a Bitcoin educator known as “Doctor Bitcoin,” pled guilty to charges of selling bitcoin peer-to-peer without a “money transmitter’s license,” in violation of the Financial Crimes Enforcement Network’s (FinCEN) regulations. Hopkins, now serving six to fifteen months in federal prison, claimed that prosecutors coerced him into the plea deal by threatening to charge his wife alongside him if he didn’t cooperate.

These cases, including Ulbricht’s, indicate the U.S. government is quick to use heavy-handed prosecutorial tactics for nonviolent offenses against its currency. One can only imagine the fate that would have awaited Satoshi Nakamoto, had they not remained pseudonymous.

This is a guest post by Aaron Daniel and William D. Mueller. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

- Marty Bent
Bitcoin Volume Spikes With Market Uncertainty In The UK

Is bitcoin diverging from traditional markets? Are people starting to wake up to the fact that the fiat system will not save them in times of crisis?

The below is a direct excerpt of Marty's Bent Issue #1269: "Interesting reaction out of the U.K." Sign up for the newsletter here.

via Coinshares

Here's a chart that has been lingering in my mind throughout the week. It was shared by the team from Coinshares and highlights bitcoin trading volume in the U.K. earlier this week while the British pound was in free fall. As you can see, volumes exploded to just under $900 million, reaching their highest level in more than two years. It's hard to discern the intent of those who were trading bitcoin in size over in the U.K. It could have been people looking to take advantage of quickly developing arbitrage opportunities, people looking to sell bitcoin to get liquidity to service failing trades or people looking to purchase bitcoin as a hedge against rapid currency debasement.

We can't say for sure, but if the volumes were driven by those seeking safety in bitcoin, it would represent a very interesting turning point for the nascent digital monetary good and how it is being viewed by the broader market. One has to imagine that there are foreign exchange traders surveying the landscape of rapidly debasing fiat currencies across the world who are beginning to panic, especially when currencies like the pound and the yen are faltering in the way they have been over the last couple of weeks. Even though the dollar is ripping, it is the most polished piece of shit on the pile. Its relative strength doesn't seem so strong when you consider the problems that exist throughout the U.S. economy: inflation is high, energy policy is suicidal and rising rates are beginning to put a massive beat down on U.S. consumers — particularly home owners and those with significant amounts of credit.

With all of that taken into consideration, it isn't hard to believe that more and more people are beginning to wake up to the fact that bitcoin is a very attractive asset to leverage as a hedge against this insanity. The network is distributed, its supply is finite and it is easy to possess without taking on any counterparty risk. When compared to other currencies, bonds and stocks in a world on fire, bitcoin's superior properties standout like a sore thumb. Who knows whether or not the exchange volume out of the U.K. is indicative of a growing acknowledgement of bitcoin's value proposition, but you should definitely have this potential trend on your radar, especially considering how much wealth has been destroyed so far this year.

(Source)
- Bitcoin Magazine
Good Luck Trying To Time The Bitcoin Price

There is currently a large amount of volatility in the Bitcoin space which could be unsettling for new users who may have bought at the cycle highs.

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In this week’s episode of “Bitcoin Bottom Line,” hosts C.J. Wilson and Josh Olszewicz discuss how to survive in choppy markets. There is currently a large amount of volatility in the Bitcoin space which could be unsettling for new users. Wilson explains, “If your first bitcoin purchase was $45,000 or higher and you are looking at an $18,000 price, that does not look great in your portfolio. For those of us who bought in when the price was $3,000, we are still comfortable knowing that the price is above that because we know that the volatility on the downside is rewarded with all-time highs on the upside.”

Wilson and Olszewicz discuss the difficulty of taking profits. Olszewicz states, “The volume of any cryptocurrency is down significantly and the number of people who are publicly trading it is a very small percentage. People are not trading as they used to unless they have a different approach to long only.” The long-only strategy only works if you take profits and buy back in at a lower price. The problem is that in a market like this, you do not know what the low is. Wilson warns that you should not be investing solely in one place. He says, “Right now, the winning strategy is not losing.”

Wilson and Olszewicz transitioned to talking about blue chip stocks and the stock market. Wilson believes that yield chasing in cryptocurrency is the most dangerous mentality to have right now. “I feel better about holding dividend-paying stocks.” Wilson does believe blue chip stocks are okay to hold in your broad portfolio for retirement, but you need a mitigation strategy. The most important thing is understanding your total risk profile and your thesis on what is happening.

Olszewicz wraps up the episode by telling bitcoin users that they have to decide what they are here for. “You need to decide your time horizons, why you are here, what you are here for, what are your goals and if you can sleep at night.”

- Dylan LeClair And Sam Rule
The Bitcoiner’s Guide To Yield Curve Control And The Fiat End Game

Yield curve control is the next saga in the global monetary policy experiment. What does it mean for the economy and what are the future consequences?

The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Here Comes Yield Curve Control

A key theme in our long-term Bitcoin thesis is the continued failure of centralized monetary policy across global central banks in a world where centralized monetary policy will likely not fix, but only exacerbate, larger systemic problems. The failure, pent up volatility and economic destruction that follows from central bank attempts to solve these problems will only further widen the distrust in financial and economic institutions. This opens the door to an alternative system. We think that system, or even a significant part of it, can be Bitcoin.

With the goal to provide a stable, sustainable and useful global monetary system, central banks face one of their biggest challenges in history: solving the global sovereign debt crisis. In response, we will see more monetary and fiscal policy experiments evolve and roll out around the world to try and keep the current system afloat. One of those policy experiments is known as yield curve control (YCC) and is becoming more critical to our future. In this post, we will cover what YCC is, its few historical examples and the future implications of increased YCC rollouts.

YCC Historical Examples

Simply put, YCC is a method for central banks to control or influence interest rates and the overall cost of capital. In practice, a central bank sets their ideal interest rate for a specific debt instrument in the market. They keep buying or selling that debt instrument (i.e., a 10-year bond) no matter what to maintain the specific interest rate peg they want. Typically, they buy with newly printed currency adding to monetary inflation pressures.

YCC can be tried for a few different reasons: maintain lower and stable interest rates to spur new economic growth, maintain lower and stable interest rates to lower the cost of borrowing and interest rate debt payments or intentionally create inflation in a deflationary environment (to name a few). Its success is only as good as the central bank’s credibility in the market. Markets have to “trust” that central banks will continue to execute on this policy at all costs.

The largest YCC example happened in the United States in 1942 post World War II. The United States incurred massive debt expenditures to finance the war and the Fed capped yields to keep borrowing costs low and stable. During that time, the Fed capped both short and long-term interest rates across shorter-term bills at 0.375% and longer-term bonds up to 2.5%. By doing so, the Fed gave up control of their balance sheet and money supply, both increasing to maintain the lower interest rate pegs. It was the chosen method to deal with the unsustainable, elevator rise in public debt relative to gross domestic product. 

YCC Current And Future

The European Central Bank (ECB) has effectively been engaging in a YCC policy flying under another banner. The ECB has been buying bonds to try and control the spread in yields between the strongest and weakest economies in the eurozone.

Yields have become too high too quickly for economies to function and there’s a lack of marginal buyers in the bond market right now as sovereign bonds face their worst year-to-date performance in history. That leaves the BoE no choice but to be the buyer of last resort. If the QE restart and initial bond buying isn’t enough, we could easily see a progression to a more strict and long-lasting yield cap YCC program. 

It was reported that the BoE stepped in to stem the route in gilts due to the potential for margin calls across the U.K. pension system, which holds approximately £1.5 trillion of assets, of which a majority were invested in bonds. As certain pension funds hedged their volatility risk with bond derivatives, managed by so-called liability-driven investment (LDI) funds. As the price of long-dated U.K. sovereign bonds drastically fell, the derivative positions that were secured with said bonds as collateral became increasingly at risk to margin calls. While the specifics aren’t all that particularly important, the key point to understand is that when the monetary tightening became potentially systemic, the central bank stepped in.

Although YCC policies may “kick the can” and limit crisis damage short-term, it unleashes an entire box of consequences and second order effects that will have to be dealt with.

YCC is essentially the end of any “free market” activity left in the financial and economic systems. It’s more active centralized planning to maintain a specific cost of capital that the entire economy functions on. It’s done out of necessity to keep the system from total collapse which has proven to be inevitable in fiat-based monetary systems near the end of their shelf life.

YCC prolongs the sovereign debt bubble by allowing governments to lower the overall interest rate on interest payments and lower borrowing costs on future debt rollovers. Based on the sheer amount of public debt size, pace of future fiscal deficits and significant entitlement spending promises far into the future (Medicare, Social Security, etc.), interest rate expenses will continue to take up a greater share of tax revenue from a waning tax base under pressure.

Final Note

The first use of yield curve control was a global wartime measure. Its use was for extreme circumstances. So even the attempted rollout of a YCC or YCC-like program should act as a warning signal to most that something is seriously wrong. Now we have two of the largest central banks in the world (on the verge of three) actively pursuing yield curve control policies. This is the new evolution of monetary policy and monetary experiments. Central banks will attempt whatever it takes to stabilize economic conditions and more monetary debasement will be the result.

If there was ever a marketing campaign for why Bitcoin has a place in the world, it’s exactly this. As much as we’ve talked about the current macro headwinds needing time to play out and lower bitcoin prices being a likely short-term outcome in the scenario of serious equity market volatility, the wave of monetary policy and relentless liquidity that will have to be unleashed to rescue the system will be massive. Getting a lower bitcoin price to accumulate a higher position and avoiding another potential significant drawdown in a global recession is a good play (if the market provides) but missing out on the next major move upwards is the real missed opportunity in our view.

Relevant Past Articles

9/23/22 - The Unfolding Sovereign Debt & Currency Crisis8/2/22 - July Monthly Report: Long Live Macro9/7/22 - Europe: The Sovereign Debt Bubble Domino7/20/22 - Caution: Bear Market Rallies
- Ansel Lindner
Bank Of England Pivots To Avoid Financial Emergency

The Bank of England is the first to pivot back to quantitative easing, claiming to restore market functioning and reduce risks of contagion.

“Fed Watch” is a macro podcast, true to bitcoin’s rebel nature. In each episode, we question mainstream and Bitcoin narratives by examining current events in macro from across the globe, with an emphasis on central banks and currencies.

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In this episode, CK and I got the privilege to sit down with David Lawant of Bitwise to discuss macro and its relation to bitcoin. We cover Bitwise and Lawant’s take on the current bitcoin market, price and ETF likelihood. On the macro side, we cover the U.K. emergency monetary policy change and China’s pivot on the Belt and Road lending practices.

Bitcoin Market, Price And ETF Status

We begin the podcast with talking about Bitwise and the general state of the bitcoin market. Lawant describes why he is the most bullish he has ever been on bitcoin.

As a jumping off point, we look at some charts. The first one is the daily chart and shows a support zone around $18,000 and the diagonal trend line above the current price. This pattern has been forming over a four-month timeframe, so when price breaks out of the downward sloping trend, the move should be relatively quick.

The bitcoin chart daily timeframe shows support around $18,000

I temper the slightly bearish daily chart with the weekly chart below. As you can see, the green bar denotes a bullish weekly divergence. This is the first such divergence in the history of bitcoin! If price can close the week above $18,810 the divergence will be confirmed. 

This bullish weekly divergence is the first bitcoin's history.

The next chart we look at during our live stream is below. It shows the price action of bitcoin since the June 2022 low in British pounds, euros, yen and dollars. It is a fascinating chart because bitcoin is acting both like a risk-on asset, selling off in times of financial crisis, and a risk-off asset, performing best against the worst currencies.

The bitcoin price action in various currencies since June 2021 U.K. Emergency Monetary Policy Change

The big news of the day that we cover is the developing situation in the U.K. Due to a financial emergency, the Bank of England restarted quantitative easing (QE) on Wednesday this week.

“In line with its financial stability objective, the Bank of England stands ready to restore market functioning and reduce any risks from contagion to credit conditions for U.K. households and businesses.

“To achieve this, the Bank will carry out temporary purchases of long-dated U.K. government bonds from 28 September. The purpose of these purchases will be to restore orderly market conditions. The purchases will be carried out on whatever scale is necessary to effect this outcome.” — Bank of England

Source: Bank of England

The effect of this emergency policy announcement was immediate. Below is the 30-year U.K. government bond, showing a single day move from 5.0% all the way down to 4% — a massive move as the Bank of England addresses the acute financial crisis. At the time of writing, this rate has stabilized at 4%.

The 30-year gilt started the year at barely over 1% yield, slowly making its way higher until August 2022 when the situation became more dire.

The 30-year U.K. government bond with a 5% downward move in a single day

Our discussion covers many different aspects of the U.K. crisis, including whether this is the start of a global pivot from central banks. You’ll have to listen to hear Lawant’s and my predictions!

China’s Belt And Road 2.0 Lending

The last topic we cover this week is what the Chinese insiders are starting to call Belt and Road 2.0. Leaders in the Chinese Communist Party have started to realize that the financial philosophy guiding the Belt and Road was horrible. They lent out $1 trillion in financing to projects that have questionable profitability. As it stands, 60% of recipient countries of Belt and Road initiative loans are in financial trouble. In many cases, Chinese financiers are betting on the International Monetary Fund and Paris Club loans to their debtors just to get paid back. The whole thing is backfiring.

I recommend reading this article from the Wall Street Journal on the situation, and how China is attempting to solve the problem.

The last thing I’ll mention on this subject is that the Chinese are choosing a time to change their lending strategy, right when the world is going into a recession and those emerging markets need the loans the most. This could spell big trouble for countries that have previously gotten closer to China and now depend on them more than the West for financing.

This is a guest post by Ansel Lindner. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

- Buck O Perley
Lessons To Consider When Building A Decentralized Future

What can we learn from the 18th century in regards to governance and power when designing a future built on Bitcoin?

This is an opinion editorial by Buck O Perley, a software engineer at Unchained Capital helping build bitcoin-native financial services.

This is Part One of a two-part article set that describes crypto-governance and the dangers of faction.

Preface

I originally wrote this post in late 2017, after the “Big Blockers” had forked off to start their own chain with Bitcoin Cash and Segwit activation but before anything had been settled with SegWit2x.

While the debates around the technical merits and risks of the various paths forward were interesting on their own I was finding there to be another aspect of the debate that was both underexplored and in my opinion far more consequential: How human beings make decisions while preserving liberty and minimizing the costs of wrong decisions.

Authoritarianism has a universal appeal. It is easy and comfortable to be taken care of, to put your trust in authority. Liberty is risky. It takes work. It also takes humility. There is a hubris inherent in knowing you are right and aiming for a system that makes it as easy as possible for you to get your way. It is much harder to believe you’re right but to understand you might not be and to live in a system with people with whom you might disagree.

This is the problem of governance. This was the problem at the heart of The Blocksize War and is one we continue to grapple with, whether in talking about Taproot activation or what the next upgrade to the network should be. They are also currently being brought to light in the Ethereum community with questions being raised about transaction censorship and decision making around the merge.

Link to embedded Tweet.

This isn’t a new problem either and what I was finding most missing from the discussions at the time, an absence that continues today, is an appreciation for the lessons of those that had spent years thinking of these same problems centuries before us.

There is a tendency humans have for recency bias. We believe humans of the present know better. We are more advanced. We’ve evolved past the issues and limitations of our ancestors.

The fact is that human nature is constant. It doesn’t represent a problem to be solved but rather a reality that must always be grappled with, harnessed, leveraged and restricted. These are the ideas that I wanted to explore.

A Tale of Two Genesis

On July 4, 1776, Thomas Jefferson wrote in the Declaration of Independence:

“When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.”

What launched from this declaration was one of the most radical experiments in popular self-governance in history, and one that has endured for more than 200 years.

In comparison, since the end of the American Revolution, France has undergone two revolutions of their own, and are currently in their fifth iteration of a republic. To the north, it wasn’t until the Canada Act of 1982 that the Crown and British Parliament’s ability to pass laws over Canada finally ended. This is to say nothing of the plague of fascist and communist regimes that beset the world in the 20th Century as further experiments in alternative governance schemes.

The American Revolution was in many ways the first, if imperfect, realization of the theories of the Enlightenment, debated in Europe for nearly a century before, and the Lockean ideals of self-sovereignty, natural rights and private property.

On January 3, 2009, Satoshi Nakamoto wrote what may eventually be looked on as an equally monumental turning point in the story of human self-governance.

000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

For those not familiar with the inner workings of Bitcoin, the above is a hash of the Genesis Block of the Bitcoin blockchain.

When decoded, there’s a lot of Bitcoin specific information embedded here, but of note is a newspaper headline from that day, encoded into the coinbase of that first block:

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

This pointed reference to the greatest financial meltdown in nearly a century (along with the rest of the data in the Genesis Block), is a part of any and all full nodes that run on the Bitcoin network. This data will continue to be propagated by all participants in the network for as long as even a single machine continues to use it (a testament to the permanence of the blockchain’s immutability).

The launch of the Bitcoin network set into motion an unprecedented movement of innovation and wealth creation, an event akin to the launch of the internet, the founding of a new country and the U.S. leaving the gold standard wrapped in one. In the span of a decade, Bitcoin went from a market cap of a hard drive in someone’s garage to being worth hundreds of billions of dollars, spawned hundreds of other cryptocurrencies and blockchains and gave birth to a new, global, decentralized and non-governmental economy valued in the trillions.

While the mining of the Bitcoin Genesis Block may not quite have been the “shot heard round the world” that the American Revolution was, the challenge issued by Nakamoto to the global financial system was no less ambiguous. On the one hand, in the United States’ founding you have not just the first modern attempt at self-governance, but also the first attempt to codify governance and replace a monarch with a system of laws, (negative) rights and constrained government. On the other hand, with the creation of Bitcoin, you have the first attempt to literally write a system of rules governing human interaction into code run on machines, creating the first objective system of governance the world had ever seen. With the Bitcoin network, you don’t have to guess at the code’s intention or try to interpret it. It either runs or it doesn’t. By running the software and opting into the network, you are agreeing to its rules. Don’t like the rules and you’re free to leave … or free to attempt to change them if the correct mechanisms are put into place.

If money is how we transfer and express value within a society, Bitcoin codified an objective rule set governing that society for the first time ever.

Governance! What Is It Good For?

I bring all of this up because the subject of governance has become both a vigorously debated and yet also under-explored aspect within the cryptocurrency ecosystem and I think it bears comparison with the similar debate from centuries earlier among the architects of the U.S. Constitution.

Most contemporary discussions on this topic, both within and without the cryptocurrency world, tend to focus on how to most efficiently make and execute a decision. What often gets overlooked however is the harder question that will actually enable us to create a truly enduring, inclusive and global financial system: in a society with a diversity of opinions and interests, how do you determine what is the “right” decision to execute in the first place?

In much of the conversations on governance, I’ve noticed a lot of hand waving about fairness, the 99% versus the 1%, “democratized” decision making, what “the community” wants, and protections against “special interests.” Questions of whether code is law or what Nakamoto’s “original vision” for Bitcoin was or what constitutes the “real” or “true” version of Bitcoin litter social media and message boards. Arguments that more closely resemble religious fundamentalism or Marxist-Leninist propaganda have become stand-ins for reasoned debate.

New cryptocurrencies have been developed to create “digital commonwealths” and to allow for direct voting on protocol changes. Some people even claim that systems governing human interaction can exist without governance at all. Incredible research is taking place to explore more efficient rule enforcement mechanisms, such as proof-of-stake versus Bitcoin’s proof-of-work, but even these spend more time discussing how to more efficiently punish bad actors than the mechanisms that decide what constitutes a “bad actor” in the first place. This is like debating the most efficient way to put criminals in jail before discussing how to define and decide what makes someone a criminal in the first place.

To say that governance isn’t necessary at all, or that even wanting governance represents a kind of power play, seems to me to naively misunderstand the nature of humanity. Even in a system governed by code, this viewpoint assumes there exist objective, final truths. The problem though is that we all live in our own subjective worlds with subjective values all of varying degrees of validity. Distribution of information isn’t perfect, and distrust among groups is a natural byproduct. Most importantly, no human is infallible.

Further, to believe no governance is necessary is to ignore that, unlike gold which is physical and immutable, a cryptocurrency is comprised of code that can be improved and innovated on in an infinite number of ways. Even to choose not to innovate is an explicit, human-led choice.

This is something the U.S. founders were keenly aware of in the framing of a constitution — the capacity for humanity to evolve in unpredictable ways. So they created, however imperfectly practiced, a system based on universal and timeless values. In the words of Calvin Coolidge:

“About the Declaration there is a finality that is exceedingly restful… If all men are created equal, that is final. If governments derive their just powers from the consent of the governed, that is final. No advance, no progress can be made beyond these propositions. If anyone wishes to deny their truth or their soundness, the only direction in which he can proceed historically is not forward, but backward toward the time when there was no equality, no rights of the individual, no rule of the people.”

Because of these immutable laws of nature, not only is some form of governance necessary but it is also inevitable. To ignore these facts, especially in a system as complex and disruptive as a cryptocurrency, is not only naive but, as I’ll elaborate below, also dangerous.

What Is “Good Governance?”

If we can agree on this then the next question is if some form of governance will emerge, how do we build a system that can most benefit those it is meant to serve and ultimately protect itself from tyranny? This is where I think the quality of dialogue in the cryptocurrency community has most fallen short.

The problem in my opinion stems from the areas of expertise that our leaders come from. Whereas the leaders of the Enlightenment ranged from philosophers to lawyers to statesmen to religious leaders to economists to landholders and even at least one entrepreneur/scientist (Benjamin Franklin), most cryptocurrency designers and influencers today are either primarily engineers or entrepreneurs (or just shitposters). Where the former were concerned primarily with philosophical and objective questions such as the nature of mankind, the preservation of liberty, and the nature of discourse and compromise, the latter are, justifiably in their respective spheres, most interested in the far more subjective world of unilateral decision making for the good of their project or business. They are those who want to execute the most efficient and effective solution possible given a particular problem, an altogether subjective exercise.

“Put not your trust in princes.” — Psalms 146:3

While the signing of the Declaration of Independence is what most captures our attention today, it is often overlooked how much work, thought and iteration actually went into designing a government of, by, and for the people. The process encompassed the Albany Congress in 1754, three Continental Congresses including the passing of the Articles of Confederation, and finally to the Constitutional Convention and the ratification of the United States Constitution (which superseded the, by then, bankrupt and dysfunctional government under the Articles of Confederation). None of this even touches on the contributions made over the previous century by Enlightenment philosophers including Smith, Locke, Paine, Hume, Rousseau, Kant, Bacon, and many more.

One of the most contentious parts of the debate among the founders of the United States was centered around how best to preserve the liberty of the individual from any would-be attackers (both internal and external) while at the same time enabling the government to carry out its primary functions.

First and foremost they needed to protect themselves from foreign invaders and domestic insurrection (vulnerabilities cryptocurrencies also suffer no shortage of). This would take a certain amount of coordination among and between the states and their citizens. With a government so-enabled to repel these threats, the next priority was how to assemble such a body while at the same time preventing it from infringing on the very freedoms for which it was created to protect in the first place. As Thomas Jefferson said:

“The natural progress of things is for liberty to yield and government to gain ground.”

Now while you certainly could make a defensible claim that the American experiment has failed in the second aim (I would argue that the central failing in present-day America has been a lack of education, particularly decentralized education, which had been one of its defining strengths as noted by Tocqueville in Democracy in America,” but that’s a subject for another post!), the point is that a great deal of thought and debate, going back to John Locke in the 17th Century, went into creating a system of governance that began from the assumption that power was corruptible. It was designed with the acknowledgement that good governance was necessary (and in its absence tyrannical governance would fill the void), that it would need the capacity to change and adapt, that it was not just possible but likely that wrong decisions could be made (even by the “right” people) and that the structure of power in any form should always start from an assumption of mistrust.

One of the best places to get insight into the content of this debate is in the Federalist Papers. A collection of 85 essays written primarily by Alexander Hamilton with contributions from James Madison and John Jay published between 1787–88, the Federalist Papers represent one of the most thorough public defenses of the design of the United States Constitution available. The questions addressed that I think are most relevant to the world of cryptocurrency governance relate to the nature of power and the influence of faction.

The list of their concerns included:

Misguided Faith That Power Would Be In The Hands Of Those With Good Intentions

“It is in vain to say that enlightened statesmen will be able to adjust these clashing interests, and render them all subservient to the public good. Enlightened statesmen will not always be at the helm” — James Madison, Federalist #10: “The Utility of the Union as a Safeguard Against Domestic Faction And Insurrection”

The Tyranny Of The Majority

“The majority, having such coexistent passion or interest, must be rendered, by their number and local situation, unable to concert and carry into effect schemes of oppression.” — Madison, Federalist #10

“It has been observed that a pure democracy if it were practicable would be the most perfect government. Experience has proved that no position is more false than this. The ancient democracies in which the people themselves deliberated never possessed one good feature of government. Their very character was tyranny; their figure deformity.” — Hamilton, Speech in New York (21 June 1788)

Factions

“By a faction, I understand a number of citizens, whether amounting to a majority or a minority of the whole, who are united and actuated by some common impulse of passion, or of interest, adversed to the rights of other citizens, or to the permanent and aggregate interests of the community.

“Men of factious tempers, of local prejudices, or of sinister designs, may, by intrigue, by corruption, or by other means, first obtain the suffrages, and then betray the interests, of the people.” — Madison, Federalist #10

Those In Power

“The truth is that all men having power ought to be mistrusted.” — James Madison

And the most notable warning to my mind because of our natural human tendency to fall victim to the allure of paternalism:

Those In Positions Of Power Who Already Have The Trust Of The People

“For it is a truth, which the experience of ages has attested, that the people are always most in danger when the means of injuring their rights are in the possession of those of whom they entertain the least suspicion.” — Alexander Hamilton (The Federalist Papers #25)

What ties all of these points together is they all underscore a distrust of power in any form, even though many of these same people would soon be in a position to wield the power they were at present handicapping (five of the founding fathers would later become president).

They distrusted power in the hands of a selfish tyrant and in those of one with altruistic intentions.

They distrusted the rule of the majority and of the minority.

They distrusted factions and they distrusted philosopher kings.

Accept Compromise, Appreciate Gridlock

If we acknowledge that the point of a cryptocurrency, or at least the point of one whose goal is to be a global and distributed payment system (or world computer), is to create some system that encompasses peoples of a wide range of motivations and differing interests, and if we further acknowledge that engineering often involves the subjective practice of measuring trade-offs, security versus speed, memory versus performance, depth versus breadth of adoption, etc., then you need to take into account that a governing system needs to exist to unite these varying and usually all justifiable interests to push the entire ecosystem further.

“Early in my career as an engineer, I’d learned that all decisions were objective until the first line of code was written. After that, all decisions were emotional.” ― Ben Horowitz, The Hard Thing About Hard Things

This is all to say that if you create a system that will encompass different viewpoints and subjective interests, two things need to be taken into account:

1. Making a change should be very difficult.

2. Change to the system must be possible and under the assumption that it is entirely reasonable to expect positive (or at least non-negative) change to come from a faction with whom you disagree. I.e., trust the system more than your own judgment.

How these points manifest is in a system that should reward compromise with incremental but sustainable progress in order to encompass and promote the most diverse set of opinions and interests, while also punishing strong-arming with gridlock, even if the “pure” progress being proposed may appear to be the best way forward.

While Madison does indeed warn against the perniciousness of faction, in fact, Federalist No. 10 is mostly dedicated to this warning, at the heart of his argument is an acknowledgment that the vices of faction are a necessary evil when governing large and diverse groups of people:

“Liberty is to faction what air is to fire, an aliment without which it instantly expires. But it could not be less folly to abolish liberty, which is essential to political life, because it nourishes faction, than it would be to wish the annihilation of air, which is essential to animal life, because it imparts to fire its destructive agency.”

This is to say that disagreement needs to be accepted as a reality of life and thus a proper governing system must have built into it an understanding that factions will arise and that its effects must be absorbed if the system is to endure.

Indeed, Madison begins this section by pointing out that “[t]here are two methods of curing the mischiefs of faction: the one, by removing its causes; the other, by controlling its effects.” later only to explain that the first cure is “unwise” while the latter is “impracticable” for the promotion of liberty. Madison continues (emphasis my own):

“As long as the reason of man continues fallible and he is at liberty to exercise it, different opinions will be formed. As long as the connection subsists between his reason and his self-love, his opinions and his passions will have a reciprocal influence on each other.”

Part two of this article set continues with, “What Does All Of This Have To Do With Cryptocurrency?”

This is a guest post by Buck O Perley. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

- Frank Nuessle
Five Reasons Why American Cities Will Be The Engine Of The U.S. Bitcoin Economy

While as of late American cities have been in decline, their unique dynamics lend themselves to great potential for Bitcoin adoption.

This is an opinion editorial by Frank Nuessle, previously a T.V. executive, university professor and publishing entrepreneur.

"A good community insures itself by trust, by good faith and good will, by mutual help. A good community, in other words, is a good local economy." — Wendell Berry, Work of Local Culture

As the Canadian entrepreneur Jeff Booth has opined - Bitcoin is the “bridge to the other side.”

In this article I argue that to cross that bridge, the American Bitcoin Economy would best be structured as a network of interconnected city-centered economies, all using Bitcoin and all competing with each other.

The complexity of designing such a decentralized, highly networked money system to operate alongside the current highly centralized fiat money system is mind-boggling, almost overwhelming. Thinking about it makes my head hurt. It is like trying to change all four tires on a Land Rover racing along at 80 miles an hour. Yet that is the task at hand.

As a guy from the hinterlands, I have been ruminating on fiat money since Nixon took America off the gold standard in 1971, and I’ve been studying money systems seriously for 20 years — not long ago as a professor in the organizational dynamics department at the University of Pennsylvania, where I taught graduate courses in sustainability. Today I consider myself a social system architect and a Bitcoin maximalist. But I digress.

Cities have been at the center of America's economic progress starting not long after Henry Hudson discovered Manhattan in 1609.

By 1641 Manhattan had become America’s economic hub around which the circle of Atlantic trade turned.

At first Manhattan was controlled by the Dutch who were tolerant of all people, which is why Manhattan developed an intensively active merchant class — everyone wanting to buy, sell, grow and spend, while also becoming one of the most multicultural places on earth.

Because it was founded on the principles of free-market capitalism, Manhattan offered an unprecedented opportunity for advancement. Upward mobility became an inherent part of American culture, while at the same time, planting the dream of economic freedom throughout the world.

Today that American dream of a free and fair chance for all has been severely tarnished.

American cities are no longer the center of a vibrant, free-market economy but instead are plagued with escalating violence, congested gridlock, unmanageable homelessness, essential worker displacement, housing shortages, rent escalation and deteriorating infrastructure.

The root problem is that America’s current corporate-capitalist economy is being run as a corporate oligarchy, supported by a fiat money cartel that funnels money to the already rich, instead of as a critically-thinking free-enterprise democracy.

George Santayana once observed that America doesn’t solve its problems; it leaves them behind.

America needs to leave behind the futile attempts to resurrect an industrial/consumer economy of perpetual growth fueled by fiat money.

Our current economic narrative pits jobs and the ability of the middle class to earn a living against the environment. This mind-set of perpetuating infinite economic growth to feed an already rich elite, a shrinking middle class and a desperate citizen under-class will only produce mutually assured destruction.

As Nassim Taleb, author of “The Black Swan,” stated in Bloomberg Businessweek:

“We’re not living in capitalism. We’re not living in socialism. We’re living in some weird economic situation with the banks controlling more of their share. It’s like we’re serving them rather than them serving us.”

America needs to evolve a new form of sound money capitalism that values social equity along with human and planetary well-being because oligarchic capitalism does not recognize these as critical components of long-term societal and economic health.

In short, what America needs is a coherent new economic narrative that paints a picture of a viable and prosperous future, an economic model I call "distributed capitalism,” a term coined by Jeremy Rifkin.

Rifkin sees distributed capitalism as the centerpiece of a third Industrial Revolution in which a new social vision unfolds with power broadly distributed, “encouraging unprecedented new levels of collaboration among peoples”.

A distributed free-enterprise economy consists of many interconnected free-enterprise networks and is the most complex and creatively dynamic system on the planet.

No other economic operating system comes close to providing the shared societal benefits of a truly competitive marketplace.

Here are five reasons why centering the evolution of the American Bitcoin Economy around a network of interconnected city-centered economies (all using BTC, and all competing with each other) will allow for the fulfillment of Rifkin’s vision of a third Industrial Revolution. Think of it as the flowering of Web 3.0.

Cities Have Historically Driven Economic Prosperity

It was the cities of Italy, Florence, Milan and particularly Venice that initiated the economic renaissance of Europe in the 13th century after the profound decline in trade which began in the eighth century with the abandonment of gold coinage.

As Allen Farrington has written about in his book “Venice is Bitcoin” that city, like Manhattan in the 17th century, developed a system of justice providing impartial protection for both the rich and the poor where the mercantile class were treated fairly. “Even the word ‘bank,’ in the financial sense, originates in Venice, from the banca or ‘benches’ of moneychangers by the Rialto Bridge.”

This was the beginning of a new social and political order, labeled as the Renaissance, that emerged out of centuries of feudalism, all created out of trade and capital formation based on sound money.

As the centuries rolled by, the dominant city trade centers changed from empire to empire — Barcelona for the Spanish, Amsterdam for the Dutch, London for the English and then Manhattan for America.

With Sound Money, Cities Will Drive Sustainability

In her 1969 book, “The Economy of Cities” Jane Jacobs argued that the primary driver of economic development was cities. Her main point was that explosive economic growth derives from urban import replacement or the process of producing goods locally that formally were imported. Jacobs believed that population density was necessary for entrepreneurial discovery and subsequent improvements in the division of labor.

With the increasing level of global warming disruptions coupled with the critical need to reduce consumption of fossil fuels, it should be obvious that producing goods locally and accelerating import replacement will be important objectives of the bitcoin economy.

Why would a sound money, distributed free-enterprise economy drive import replacement?

The term "distributed free-enterprise" is really just a vast network of cities, rural outposts and communities of all sizes where business and government work together for the betterment of all citizens, fueled by the creative energies of citizens who exchange value and culture in an open, transparent way.

This economic model fosters more individual creativity and innovation, and more ways of doing things than in an economy with the uniformity and rigidity of a command-and-control corporate structure.

If cities were able to control their own money systems, one outcome would be a notable shift in the configuration of power. Local residents would be less subject to the will of far-off centers of power. Local businesses would be able through import substitution to produce goods and services locally and then sell them wherever they wanted.

The end result would be a wider diversity of locally produced products and services with greater resilience and adaptability to change in our unpredictable future of potential economic and severe climate change disruptions.

Place-Based Sound Money Aligns With Human Nature

As Curtis White in his book, “Living in a World that Cannot be Fixed,” writes, “Human cultures are about place: where to live, and home: how to live and with whom.” With social media, place has increasingly become an abstraction with confusing effects on human nature. A new grounding can occur in cities with place-based sound money.

One of the most unsung heroes in the study of honest money and human nature was the author E.C. Riegel, an independent scholar who dedicated himself in the 1930s to understanding the exchange of value. His belief was that a simple, honest system for the exchange of value would do more to enhance the dignity and wellbeing of the common man than any political reform.

Riegel was a genius at understanding human nature and the functioning of money as a social system. He identified two important principles of human nature — self-preservation and self-advancement, along with a derivative third principle — the three-part free enterprise system.

Self-preservation is the first principle of human nature. Riegel believed that selfishness is “the sublime law of being.” But to be intelligently selfish, a person must win the respect and cooperation of his/her fellows which leads to the second principle — self advancement through cooperation.

Before a person can win cooperation, he/she must be able and willing to give it. Until a person has obtained a selfish level of cooperation with his/her fellows, no social order exists. Cooperation finds its expression in the free exchange of value. Fostering the free exchange of value is the engine for social and economic progress.

Riegel’s third principle was the three-part free enterprise system of specialization of labor, exchange of value, and competition. He saw honest competition as the sublime law of nature and the basis for a truly high functioning economic operating system fostered by sound money.

This system cannot be improved upon. Every human is the servant of every other human. This is the law of life. Either you serve life or its opposite.

Out of these principles, human civilization began its evolution in the early cities and continued throughout history in the world’s city centers.

Competition Within Cities And Between Cities Creates Resilience

Honest competition is the evolutionary search engine for humans, seeking fact-based truth at all costs.

As the evolutionary economist, Eric Beinhocker has shown, evolution is an algorithm; it is an all-purpose formula for innovation. It is a simple but profound three-step process: differentiate, select, amplify. Evolution is a search algorithm that finds needles of good design in haystacks of possibility.

In a sound money environment, the most intelligently selfish individual is the most socially minded, productive and creative. When transparency rules, those who will not deal fairly are defeated by competitors.

A centralized fiat money monoculture creates monopolies which destroy competition. Competition is indispensable to the successful operation of a monetary system.

Honest competition contains corruption and incentivizes innovation.

In nature there is a constant push–pull tension between two emergent properties: efficiency and resilience.

Efficiency requires scale — bigness. Today’s monetary monoculture has skewed the balance too much to efficiency, for example, forcing small local banks serving one city region to sell out to national conglomerates.

Resilience requires a network of relatively independent self-reliant cities, so that the failure of one does not imperil the entire system. Those cities best able to withstand future crises — whether pandemics, climate disruptions or financial meltdown — will be the ones that thrive economically by fostering internal prosperity and competing fairly with other cities.

Such resilient markets will also be the best place for investors to park their money. Such cities will attract the best and the brightest people. They will be the places where residents feel secure enough to innovate.

A City Economy Is A Local Living System

As the late Belgian physical chemist and Nobel laureate Ila Prigogine observed, all living systems are dissipative structures ruled by the second law of thermodynamics. Living systems maintain their structure by the continuous flow of energy throughout the system.

This flow of energy keeps the system in a constant state of flux. Fluctuations feed off themselves. Amplification can easily overwhelm the whole system. That’s exactly what’s occurring today as civilization encounters global peak oil and ever increasing, disastrous, real-time climate change disasters.

When the fluctuations overwhelm a living system, it either collapses or reorganizes itself. A successful living system reorganization will exhibit a higher order of complexity and integration.

A city economy that is open and adaptive with interlocking networks that change organically can make sudden, creative leaps into novelty thus reorganizing itself into a higher order of complexity and integration.

The localization of the systems for the creation and distribution of sound money would foster free market capitalism on Main Street, where local, shared ownership and local decision-making bring to life economic activity in service of the whole community.

As Michael Saylor preaches, “Money is economic energy.”

The great economic revolutions in history have occurred when new energy regimes converge with communications revolutions. This convergence offers the opportunity to restructure, organize and help maintain the energy flow through the American economic system.

Bitcoin is the technological gift that can make this local economic living system transformation possible.

Saylor also believes that economic energy, like any energy, be it electricity or electromagnetic waves, must travel in a medium as a frequency. With Bitcoin as the monetary systems unit of account, when money flows into an asset, like real estate, its frequency slows and it becomes a store of value.

If money is to move rapidly it must maintain a higher frequency and become a currency. Currency is the medium used to move economic energy around.

Thus, the challenge becomes how to design a monetary social system, anchored on bitcoin, so that a network of city centered cryptocurrencies can maintain that higher circulatory frequency and stimulate local economic health and well-being.

The Challenge Ahead

In 1971, Nicholas Georgescu-Roegen proposed the fundamental insight that economic activity is about order creation, and that evolution is the mechanism by which order is created.

Building on that work, Eric Beinhocker in his book, “The Origin of Wealth,” proposed that economic evolution is not a single process but rather the result of three interlinked processes — physical technology, social system technologies and business or system fitness.

Physical Technologies

Physical technology is what we are accustomed to think of as technology, things such as bronze making techniques, steam engines, microchips and more recently Bitcoin.

As Saifedean Ammous has written, “Bitcoin is a technology that will survive for the same reason the wheel, knife, phone or any type of technology survives. It offers its users benefits from using it. Bitcoin is a spontaneously emergent and autonomous system.”

The two technologies that I think most apply to the design of locally controlled, highly networked systems for the exchange of value are Bitcoin and AI information systems. Merge these two technologies into a transparent, city centered, highly networked information system and let this honest money exchange of value system loose into a city-centered free enterprise marketplace.

I believe Big Magic will happen.

Yet physical technologies are not enough without the other two legs of the stool — social system technologies and the right business/system design.

Social System Technologies

Social technologies are ways of organizing people to get work done that takes into account cultural norms. Physical technologies and social technologies co-evolve with each other. The relatively new organizational structure, Holacracy, is a social technology as is social media and tools like Slack and Zoom.

What are the important social system technologies that need to be integrated into a sound money, city centered, highly networked and transparent system for the exchange of value? This is one of the central challenges in designing a local money system.

As Charles Eisenstein has written, “The technical challenges of transaction time, scaling and energy use have largely been solved. The socio-political questions have not, and here is the fertile soil for the cultivation of new forms of social accountability and new ways to infuse values into money.”

Eisenstein goes on, “The true nature of the human being — indeed, of being itself — is relationship. Only a system built upon that metaphysical understanding can hope to durably fulfill the hopes that we invest in it.”

To establish a money system by rational processes and through the voluntary cooperation of its users is without precedent. People do not want to understand money; they merely want to use it. This is consistent with their attitude toward all utilities.

Business Design/Fitness

For the physical and social technologies to have an impact on the world, someone must turn these technologies from concepts into reality, a working social system on Main Street.

Business design is how physical and social technologies are expressed in the world in the form of products and services.

Businesses are themselves a form of design, and the same can be said for a social system. The design of both encompasses its purpose, its strategy, its ownership, organizational structure, management processes, culture and a host of other factors. Business designs all go through a process of differentiation, selection and amplification, with the market as the ultimate arbiter of fitness.

This three-way evolution of physical technologies, social technologies and business/system design account for the patterns of change and growth in any economy.

Business/system fitness answers the question, “Can this system self-sustain?” A social system like money must be designed to pay its own way or be subsidized in some fashion.

Conclusion

The challenge we all face is how to reinvent America’s economic operating system so that the current version of “take make waste” capitalism doesn’t go down in flames and take the rest of us with it.

The American bitcoin revolution becomes a force when we allow ourselves to imagine that a new social system design might one day become a collective reality.

Said another way — perhaps the virtues of sound money may inspire a whole new, yet unseen world. Big Magic can happen!

As Arthur M. Young, the inventor of the helicopter, writes in his opus, “The Reflexive Universe”, ”Like the clam, man is buried in the sand with only a dim consciousness of the worlds beyond. Yet potentially he can evolve far beyond his present state; his destiny is unlimited.”

This journey has just begun.

This is a guest post by Frank Nuessle. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

- Nayib Bukele
Stop Drinking the Elite’s Kool-Aid

This article is the core story in Bitcoin Magazine's "The Orange Party Issue”. Click here to subscribe now.

A PDF version of this article is available for download in Spanish and English.

On September 7, 2021, El Salvador became the first country in the history of the world to adopt bitcoin, the world’s new currency.

Remember those words, as they will be engraved in the history of money.

But as of today, in these early times, opinions are stuck in the buckets of it being a bold move, a smart move, a dumb move, or simply a gamble.

Of course, it was none of the above. It was the only obvious move, the only logical one. For those who understand, the real question is not if other countries are going to adopt bitcoin, but when.

We are so early in this paradigm shift, that a logical, common sense move is controversial; it has many people cheering it on, and many, many detractors.

On this occasion, I will not analyze the supporters, but the detractors. They can be separated into three groups:

The ones who genuinely think it was the wrong decision.The ones who think it’s a good decision, but for the wrong reasons.The ones who are afraid of our decision.

Now, the interesting part is that the first and second groups exist mostly because of the third.

Why?

Because the most vocal detractors, the ones who are afraid and pressuring us to reverse our decision, are the world’s powerful elites and the people who work for or benefit from them.

They used to own everything, and in a way they still do; the media, the banks, the NGOs, the international organizations, and almost all the governments and corporations in the world.

And with that, of course, they also own the armies, the loans, the money supply, the credit ratings, the narrative, the propaganda, the factories, the food supply; they control international trade and international law. But their most powerful weapon is the control of the “truth”.

And they are willing to fight, lie, smear, destroy, censor, confiscate, print, and do whatever it takes to maintain and increase their control over the “truth”, and everything, and everyone.

Just think about the hundreds, if not thousands, of articles about how El Salvador’s economy was supposedly destroyed because of its “bitcoin gamble”, about how we are inevitably heading to default, that our economy has collapsed, and that our government is bankrupt.

Most of you have surely seen this, right? They’re all over. Every financial publication, every major news organization, every newspaper in the world, all the credit rating agencies, and all the international financial organizations are saying the same thing, as if they were in a choir.

But is any of this true?

Well, you just need to read their articles and listen to their “experts” saying that all of this happened after El Salvador lost around $50 million because of bitcoin’s plummeting price on exchanges. Since we are not selling any bitcoin, this statement is obviously false. But for the sake of making a more profound analysis, let’s say it was entirely true, which of course it’s not, but bear with me.

Really? A whole country’s economy was destroyed by a $50 million loss?

Yes, El Salvador is a relatively poor country, but in 2021 alone, we produced $28 billion in products and services. Pushing the idea that a $50 million loss — less than 0.2% of our GDP — would destroy or even put our country’s economy in trouble is far more than stupid; it is revealing.

You would think the economic geniuses at Bloomberg, Forbes, Fortune, Financial Times, Deutsche Welle, BBC, Al Jazeera, The Guardian, The New York Times, The Washington Post, etc., would have enough analysts and editors well versed in these topics to tell them not to publish that nonsense. You would think these absurd articles wouldn’t pass those editorial boards, but they do. And sometimes they even get a very large space, like a full-page spread in The New York Times.

So the argument that we have lost $50 million worth of bitcoin is false, because we simply have not sold any bitcoin. And even if we were to accept that argument as true, then it would be ridiculous to conclude that an economy of $28 billion per year will go bankrupt or into default because of a 0.2% “loss” in one year, when in 2021 our economy grew 10.3%, or by $4 billion. This is using the IMF’s own numbers!

And even if you want to accept that absurd argument as true, which would mean you ignore math or basic logic, still, you will have yet to ask yourself why these worldwide media corporations would give so much time and space to such a small country like El Salvador.

Were they talking about El Salvador before? Did they care about what happened in our country? Did they report the $37 billion (with a b) that the previous governments stole from our country’s treasury?

Ask yourself these questions; a few years ago, did you know where El Salvador was located on a map? Did you know the name of the previous president of El Salvador? Did you know about their failed economic policies?

The answer to those questions added to the incredible absurdity of portraying, in hundreds of serious financial publications, that an economy that produces $28 billion a year will go bankrupt for a debatable $50 million loss. That is all the proof one should need to see that they are trying to fool you.

In fact, these are the real numbers, which are public information and can be found and double-checked quite easily:

In 2021, our GDP rose 10.3%, income from tourism rose 52%, employment went up 7%, new businesses up 12%, exports up 17%, energy generation up 19%, energy exports went up 3,291%, and internal revenue went up 37%, all without raising any taxes. And this year, the crime and murder rate have gone down 95%.

These are real numbers, facts that cannot be distorted by narrative. The only number that can be changed with their rhetoric is our bond prices, since they depend mostly on the official narrative and the credit ratings of their agencies; more “truth” than the truth.

They have said over and over again, in more than a hundred self-accredited publications, that we are not able to pay our debts and are heading for default. We were even ranked as the country with the highest risk of default in the world. El Salvador with more risk than Ukraine. Yeah, exactly.

So to counter that narrative, we did exactly the opposite of not paying our debts; we offered to pay in advance. And that is why this month we will be buying all of our 2023 and 2025 bonds, that the holders want to sell of course, at market price.

They have also told you that there are huge anti-Bitcoin protests in El Salvador; they have been anything but huge. Furthermore, why would my government have a 85-90% approval rating according to every poll conducted in the last year, including several polls conducted by the opposition and several by independent international polling firms, if we were handling things so badly?

By the way, what’s your president’s approval rating?

So if you are in group one or two of the detractors, my message to you is this; stop drinking the elites’ Kool-Aid and take a look at the facts. Even better, come ask the people, see the transformations for yourself, walk in the streets, go to the beach or to our volcanoes, breath the fresh air, feel what it really means to be free, see how one of the poorest nations in the continent and the previous murder capital of the world is changing to rapidly become the best place it can be.

And then, ask yourself; why are the world’s most powerful forces against those exact transformations. And why should they even care?

You see it now, right? The reason for all of this is because we’re not simply fighting a local opposition, or the usual roadblocks any small country may face, but the system itself, for the future of mankind.

El Salvador is the epicenter of Bitcoin adoption, and thus, economic freedom, financial sovereignty, censorship resistance, unconfiscatable wealth, and the end of the kingmakers, their printing, devaluating, and reassigning the wealth of the majorities to interests groups, the elites, the oligarchs, and the ones in the shadows behind them, pulling their strings.

If El Salvador succeeds, many countries will follow. If El Salvador somehow fails, which we refuse to, no countries will follow.

They know this very well and that’s why they are fighting us so hard.

Will you play their game?

Or will you become aware of the real game?

- Shawn Amick
Spain’s Largest Telecom Company Telefónica Now Accepts Bitcoin, Crypto Payments

Telefónica partnered with Spain’s largest bitcoin exchange Bit2me to enable the new feature on its online tech marketplace.

Spain's largest telecommunications company is now accepting bitcoin and cryptocurrencies as payment on its ecommerce store. Telefónica partnered with Bit2Me, the largest cryptocurrency exchange in the country, to facilitate real time payment conversion into euros. The telecom has also reportedly invested in Bit2Me, and further details will be released in the upcoming weeks.

Telefónica, the largest telecommunications company in Spain, now accepts bitcoin and cryptocurrencies as payment.

The payment method was added to Telefónica’s online tech marketplace Tu.com in a partnership with Bit2Me, the largest bitcoin and cryptocurrency in Spain. Customers can take advantage of the “revolutionary payment method” by simply clicking the Bit2Me Commerce payment method at checkout, per the company’s announcement.

Additionally, Telefónica has reportedly invested in Bit2Me. Details of the investment are expected to be released in the coming weeks.

Despite the fact that users looking to take advantage of the new feature simply need to add the product to the cart and select Bit2Me Commerce before paying, there is a purchase minimum and limit set between $200 and $500, respectively.

Upon the completion of the checkout process, Bit2Me automatically converts the chosen form of payment into euros in realtime, removing any technological barriers for merchants such as Telefónica.

Spanish interest in bitcoin and cryptocurrencies continues to grow as this past summer, the RCD Espanyol professional soccer team became the first La Liga team to accept the new form of payment.

Additionally, Spanish airline Vueling is also set to begin accepting bitcoin in 2023. However, Vueling chose to partner with cryptocurrency payment service provider BitPay to facilitate its new form of payment.

- Shawn Amick
MicroStrategy Looks To Hire Bitcoin Engineer For Building Lightning Platform

The job posting details an enterprise SaaS platform to innovate ecommerce and cybersecurity leveraging Bitcoin and the Lightning Network.

MicroStrategy is looking to hire a Bitcoin software engineer. The new hire will be tasked with building an enterprise-grade ecommerce and cybersecurity SaaS platform based on Bitcoin and the Lightning Network. The job posting shows preference for Bitcoin and Lightning developers, but also considers some DeFi experience.

Software analytics firm MicroStrategy, the largest corporate holder of BTC, is hiring a Bitcoin software engineer to build a new Lightning-based enterprise platform.

The software-as-a-service (SaaS) product will provide institutions with “innovative solutions to cyber-security challenges and [enable] new ecommerce use-cases,” per the company’s job posting.

MicroStrategy has risen to become not only one of the largest holders of bitcoin in the world with over 130,000 BTC on its balance sheet, but also for trying to expand the ecosystem in creative ways.

When Michael Saylor stepped down from his position of CEO to become executive chairman, he announced that the decision was made so he could focus on Bitcoin initiatives and acquiring more BTC.

MicroStrategy’s continued foray into the ecosystem builds on Saylor’s previous intentions to focus purely on expanding the network. In fact, in accordance with his often-discussed Bitcoin maximalist ideology, the job posting lists a few things that should be the “focus” of anyone looking to apply to the engineer position. The company wants applicants to have contributions to Bitcoin Core and experience with SaaS solutions leveraging Bitcoin’s blockchain or the Lightning Network.

This past August, Saylor and MicroStrategy also became the target of the D.C. attorney general who announced his intention to sue both parties for alleged tax fraud.

- Bitcoin Magazine
Where Is Venture Capital Investing In Bitcoin Companies?

Rather than trying to convince people that they want bitcoin, investors are looking for products that use Bitcoin to meet people where they are.

This is a transcribed excerpt of the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, they are joined by Alyse Killeen to talk about what is happening in the VC space in relation to Bitcoin and what hidden gems are ripe for investment right now.

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Alyse Killeen: I'm curious with so much going on, how you all think about the important things to pay attention to in the innovation space. We talked a little bit about Swan's acquisition, which is exciting because it's a company that has maintained such a commitment to their community, so I’m excited to see them grow.

We talked about Taro and what that does for adoption. I wonder how you all think about it. So from Stillmark's perspective, just to lead with an answer here, from Stillmark's perspective, what we like to do is look at where the protocols are going and then to anticipate what that means for entrepreneurs and infrastructure and apps.

I gave the example of talking about seeing Segwit activate in 2017, and knowing what that meant for Lightning Network or for entrepreneurship and innovation in absent infrastructure that would be built on top of Lightning Network. So we see it in that sort of progressive buildup, but I'm curious from your perspective, how things rise to the top of your list in terms of what's important and exciting.

P: Man, that is a fantastic question. I'll give my thoughts and I'd love to hear Q’s as well. I think, as I mentioned earlier, one of the most significant challenges that we face in the Bitcoin space is the UX problem. How can we increase the average person's ability to adopt bitcoin?

In the U.S., we have a level of financial privilege, given that we exist within the country that is currently the world's reserve currency, but in so many other places that is not the case. I think technologies like Fedimint and things that make it easy for people who aren't interested in bitcoin for the broad reasons that we all are, to adopt it and immediately see those positives — people that are operating in oppressive financial regimes, people that are trying to figure out how they can maintain and persist the value that they've earned over time and space because they have real, lived experience of their governments confiscating that wealth. I think those are the most interesting technologies to me.

Second, I would say technologies that allow us to more effectively preserve our financial privacy and freedom in developed countries. We've been talking a lot about CBDCs (central bank digital currencies). We talked yesterday with Natalie Smolinski, who's gonna be testifying in a congressional hearing tomorrow about how CBDCs are a sales funnel for Satan.

I think technologies that allow the average person — who isn't by default fixated on financial privacy — technologies that allow them to adopt that really easily and natively are gonna become more and more important as the challenges that we face in the world continue to heat up.

Those are the things that are most interesting to me.

Killeen: So P, I was just going to say that we see things similarly here, and what one of the things that Stillmark does is look at how the technology can be used to meet people where they are in terms of both adopting BTC, the asset, and Bitcoin, the protocol.

So I'm gonna give an interesting example of this, which is a company that we fairly recently invested in called Pink Frog. And so what Pink Frog is really, it's a game studio, but what they're going to do is they're going to integrate Lightning Network in order to provide a better community experience for their gamers, and they're going to use sats as rewards in the game, and also rewards between users.

We've seen that before and maybe that's not interesting described in the way that I just laid it out, but here's the detail that I think really makes it compelling and shows an advancement in the Bitcoin ecosystem, broadly. This is a team that is not coming from the Bitcoin perspective, but is coming from the gaming perspective.

So a team coming from King, which is one of the most prestigious studios and successful studios in the gaming world, and it's the team that introduced and grew Candy Crush. And Candy Crush is a game that has seen 100 million monthly active users as an example of the adoption that this team has been able to achieve.

Now, what they did when they left King and launched Pink Frog is they thought deeply about the gaming experience and how it could be made better for their gamers. And what they're doing is they're looking at a young millennial, a Gen Z audience. So they're looking at like the TikTok audience and they're trying to see how technology or other sorts of innovations can interweave with what these gamers are looking for.

So they're not really trying to force bitcoin in, they're identifying Bitcoin as a way to serve a need and a want that they've observed in their user base. And so it's really exciting to see the technologies be used in this way, which is just to solve problems or to offer some sort fun response to a thing that people want.

And rather than trying to convince people that they want bitcoin, it’s using Bitcoin technologies to meet people where they are and to integrate with their lives or the way that they're spending their time. Pink Frog is a nice, fun example of that. Then, going back to the very beginning of our conversation, Taro was the serious application of that, where when we introduced Lightning Network in emerging markets, and I'll use El Salvador again as the example, we saw that people really needed to be banked through Bitcoin and through Lightning Network. They needed to be able to engage with their local community and online, without a debit or credit card, and really that was Lightning Network for them. But BTC’s volatility was difficult for people of lower socioeconomic status. So Taro comes in to meet people exactly where they're at and to offer a solution for something that they know they need, which are tools to engage both in their local and in the global economy.

What you're saying really resonates with me because I'm excited about exactly the same, which is the way that Bitcoin can rise to a variety of challenges that future users have.

- Mohammed Mourtaja,Seth Cantey
Examining The Debate Around Bitcoin’s Role in Palestine

There are clear advantages to be had by Palestine in adopting Bitcoin, but the path to do so is not so straightforward as has been claimed before.

This is an opinion editorial by Seth Cantey, an associate professor of politics, and Mohammed Mourtaja, a Palestinian student studying international economics.

A debate is taking shape over whether bitcoin can play a role in Palestinians’ quest for freedom from Israeli occupation. It began a year ago, in September 2021, when Chief Strategy Officer at the Human Rights Foundation Alex Gladstein published “Can Bitcoin be Palestine’s Currency of Freedom?” on Bitcoin Magazine. The argument goes like this: Bitcoin allows users to securely send, receive and store value without reliance on any third party. In doing so, it enhances personal autonomy and serves as a form of resistance to occupation. In Gladstein’s words, “It is a peaceful protest, a digital shield, that could lead to big change.”

One of us authors has spent a lot of time down the bitcoin rabbit hole in recent years. The other, newer to bitcoin but well versed after months of intensive research on the topic, is Palestinian and until recently lived in Gaza. We address concerns about the need for caution and qualification in some of Gladstein’s arguments toward the end of this article, but in general we agree with him that bitcoin has the potential to play an important role in Palestine’s pursuit of freedom.

Not everyone does. Over the past year, knives have come out for this argument. That’s a good thing: More debate is needed on whether and how bitcoin can improve the lives of marginalized people, not less. But the quality of debate matters. Too often, analysts make points that are misinformed, usually a consequence of not putting in the work to understand a place or technology, and sometimes they misdirect readers to score points. A recent article includes both kinds of bad takes and is worthy of a considered response. In our critique below, we highlight the kinds of points that critics are getting wrong and try to model analysis that can be taken seriously by scholars, policymakers, and the general public.

A Critic Takes Aim

In July, Hadas Thier — a writer and activist published in The Nation and Jacobin among other outlets — responded to Gladstein in an article titled “Bitcoin Cannot Free Palestine.” Writing for the Middle East Research and Information Project (MERIP), a non-profit independent research group, Thier acknowledges the “urgent and necessary pursuit of Palestinian financial independence,” which she characterizes as “indisputable.” But she argues that bitcoin should have no role in that pursuit. There is a “yawning chasm between the far-reaching promises made by Gladstein and others and the actual technological capabilities of cryptocurrencies,” she writes. These “faux-humanitarian promises” only offer Palestinians “dangerous economic and political risks.”

Those who have spent time in the space will already smell a problem. The title of Thier’s article refers to the role of bitcoin in Palestine, but she conflates bitcoin with cryptocurrencies throughout. The word “bitcoin” appears more than thirty times in the article, but some version of “crypto” appears just as often. Thier mostly uses crypto as an adjective: crypto adherents, proponents, enthusiasts, cheerleaders, millionaires, projects, assets, wallets, payments, entrepreneurs, transactions, exchanges, etc. Bitcoiners have long been at pains to distinguish between bitcoin and other cryptocurrencies; indeed, this is the raison d'être for the term “altcoin.” Bitcoin is the oldest, most decentralized, most secure and most widely adopted blockchain, one with a known and immutable monetary policy and a fixed supply. These characteristics meaningfully distinguish bitcoin from its competitors. To the extent that any nation-state has expressed even the prospect of adopting a digital currency not backed by a central bank, only one has been considered: bitcoin. In 2021, El Salvador crossed that Rubicon. Earlier this year, the Central African Republic did the same.

Beyond injecting crypto into a conversation about bitcoin’s role in Palestine, much of Thier’s argument rests on criticisms that, she claims, make the asset unsuitable for adoption. Cryptocurrencies, she writes, are characterized by “wild volatility, inbuilt inequalities, environmental consequences and associations with criminal activity.” Assuming for a moment that she means bitcoin specifically (not cryptocurrencies generally), there is some truth in each of these allegations. On balance, though, they are unconvincing. Let’s go through each briefly.

First, it’s no surprise that an asset as small as bitcoin, which trades 24/7 in perhaps the world’s only truly free market, is volatile. But volatility goes both ways. A dozen years ago the price of bitcoin was under $1. Today it’s around $20,000. For the vast majority of the past decade and more, it has been a lucrative investment. While that doesn’t mean the future will look like the past, the word volatility need not be a pejorative. If we are watching the monetization of a new asset, a new money — and that may be exactly what we’re watching — then early adopters will benefit disproportionately. It shouldn’t be a surprise that developing countries, which tend to suffer more in the existing international financial system, are thinking harder about alternatives than developed ones.

Second, inbuilt inequality through pre-mines, pre-sales, etc. has been at the heart of nearly all cryptocurrency launches. That was not the case for bitcoin, however, which arguably had the fairest launch of any, and whose creator, as far as we know, has never profited. We recently heard it put this way: Satoshi Nakamoto was a buyer of bitcoin, not a seller. They purchased hardware and electricity to secure the bitcoin network, disappeared and have never touched the block rewards they received. And while it is true that some early investors in bitcoin profited immensely — this is typical of early investors in any successful technology — bitcoin wealth is becoming more evenly distributed over time. That stands in contrast to wealth distribution trends generally. According to recent data from the U.S. Bureau of Economic Analysis, for example, the United States is currently in its “fourth straight decade of rising income and wealth inequality.”

Third, the purported environmental consequences of bitcoin are serious, well known and much discussed. They can also be exaggerated. Anyone who says the protocol’s environmental footprint is insignificant or unimportant is wrong, but often critics begin with the assumption that any energy the protocol uses is wasted. In fact, all monetary systems use energy, including the petrodollar system. Citing data from the University of Cambridge, Lyn Alden notes that the bitcoin network currently accounts for less than 0.1% of global energy consumption. “In the very long run,” she writes, “if Bitcoin is wildly successful and becomes a systemically important asset and payment system used by over a billion people at 10-20x its current market capitalization, it should reach several tenths of one percent of global energy usage.” If it fails, on the other hand, “its energy usage will stagnate and shrink as the block subsidies continue to diminish.” Three questions, then, should be at the center of any discussion about bitcoin and the environment. First, is the energy dedicated to securing the network in pursuit of better money worth the environmental consequences, especially for the large part of humanity that desperately needs better money? Second, how do positive trends in renewable energy adoption within bitcoin mining affect that calculation? Third, could bitcoin meaningfully contribute to climate solutions over time, for example through flare mitigation or the capture of vented methane? We believe the answers to all three questions favor the continued exploration of this technology, including its proof-of-work consensus mechanism.

Finally, it is true that bitcoin has been associated with criminal activity, and that association will never go away entirely. The same can be said for the U.S. dollar. But the FBI isn’t worried about bitcoin. It worries instead about vulnerabilities in smart contracts. Citing data from Chainalysis, a recent public service announcement by the Bureau notes that of $1.3 billion in cryptocurrencies stolen from investors in the first quarter of this year, almost 97% was stolen from DeFi platforms. The percentage of activity on the bitcoin network associated with criminal activity, in contrast, is declining. According to a recent report by former acting CIA director Michael Morel, “The broad generalizations about the use of Bitcoin in illicit finance are significantly overstated.” Indeed, the transparent nature of public blockchains means they can even be useful to law enforcement. In Morel’s words, “Blockchain analysis is a highly effective crime fighting and intelligence gathering tool.”

So Thier’s article seems to have been written without a grasp of differences between key technologies (i.e., bitcoin as a subset of, and not the same as, crypto) and without a sense of known rebuttals to common criticisms of bitcoin. Another kind of problem in her analysis is the straw man argument. On several occasions, Thier cites an interview she conducted with Sara Roy, a senior research scholar at the Center for Middle Eastern Studies at Harvard and an authority on the Palestinian economy. She frames Roy’s comments both as contra-Gladstein’s argument and in support of her own. It may be that Roy doesn’t agree with Gladstein on bitcoin’s role in Palestine, and that she does agree with Thier, but that is impossible to know based on how Roy’s views are presented. Quoting Thier:

"I spoke to Roy about Gladstein’s article. She strenuously disagreed with the notion that 'cryptocurrency is somehow impervious to the political reality in which Palestinians and Israelis reside' or that it could 'give dispossessed Palestinians parity with empowered Israelis, eliminating the gross asymmetries of power between them and granting Palestinians economic sovereignty.'"

Of course Roy disagreed with these notions. Even the most hardened bitcoin maximalist would. Gladstein did not write these things, has not said them and would not agree with them. The suggestion in Thier’s article is that she presented Gladstein’s argument to Roy, who forcefully objected to it. But the relevant quotation is not attributed to Gladstein for good reason; the thoughts aren’t his. This kind of analysis is either an unfortunate attempt to bolster an argument by misdirecting the reader or a gross misunderstanding of what bitcoin advocates believe the currency’s adoption in Palestine could achieve.

A final critique relates to a big topic, one squeezed into just two sentences in Thier’s analysis. “In a best-case scenario,” she writes, “some individuals from the Palestinian middle class — nearly non-existent in Gaza and struggling in the West Bank — could benefit from receiving international payments or remittances in bitcoin. But given the wild volatility in the value of cryptocurrencies, it will more likely harm those taking on the risk.” One of us has direct experience with remittances in Palestine and knows what it’s like to lose money to middlemen — be they banks, governments, or Western Union. A recent World Bank report shows that last year $3.5 billion dollars’ worth of remittances entered the West Bank and Gaza, accounting for 20% of Palestinian GPD. Unemployment in those territories hovers around 16% and 47%, respectively, and GDP per capita in Palestine overall is around $3,600. In other words, this affects everyone. When $1,000 turns into $920 because of transaction fees, or when $100 turns into $92, families and individuals who may earn the equivalent of only a few dollars per day feel those effects acutely. But only after a substantial delay. Transferring fiat to Gaza can take weeks.

Does bitcoin fix this? Maybe, and in the future it certainly could. If someone wants to send bitcoin to Gaza right now, they can do so with a smartphone. Via the Lightning Network, the transaction fee is essentially free. Almost immediately, that bitcoin will land in someone’s wallet on the ground. It can be transferred to Binance and converted to the stablecoin Tether (USDT) before being cashed out for Israeli Shekels at a currency exchange office. All of this can happen quickly — much faster than any fiat transfer — with minimal risk posed by volatility. In the future, if and when a company like Strike is operating in Palestine, fiat-to-fiat transfers across the bitcoin network could become common and replace the need for alternatives entirely.

Before shifting to our own critique of Gladstein’s argument, we want to acknowledge that Thier makes several points that we agree with. First, bitcoin is not a cure-all for the ills of Palestinians or any other people. Second, “The monetary relationship between Israel and the Palestinians reflects a more fundamental asymmetry of power.” Third, “An independent Palestinian economy will not arise magically out of a sovereign currency, digital or otherwise. It can only come about through the capacity to produce and trade goods and services, which has been systematically undermined through the destruction of physical infrastructure and the elimination of a geographical basis on which Palestinian capital accumulation could effectively take place.” These things are true. The question is whether informed bitcoin adoption has the potential to help Palestinians pursue economic freedom. We believe that it does and would encourage Thier to speak with those who have interacted with bitcoin in Palestine, as Gladstein and we have. Unfortunately, no Palestinians were interviewed for her article.

Getting The Debate Back On Track

This topic matters. Over the past dozen years, bitcoin’s market cap has grown exponentially, and the pace of cryptocurrency adoption — a majority or plurality of which has always been bitcoin — has exploded in developing countries in particular. The United Nations Conference on Trade and Development (UNCTAD), which advocates for increased regulation of cryptocurrency to mitigate investment risks in the sector, notes in a recent report that 15 of the top 20 economies globally, in terms of digital currency ownership as a share of the population, are in emerging market and developing countries. In other words, the current global financial system is not working for many of the world’s poor, who are increasingly looking for alternatives.

Topics that matter generate debate, and Gladstein is to be commended for kicking this one off. He is a thoughtful analyst, his arguments hold up well to the criticism articulated in Their’s critique, and his work has attracted attention for good reason. He has also authored a book that explores the use of bitcoin by people throughout the developing world, among other topics, which we believe is well worth reading.

But we also want to sound a note of caution. Often analysts become advocates and, while that is not a problem per se, advocacy can undermine analysis. We have seen some of that in Gladstein’s work. In his book, for example, Gladstein draws on Greek history to paint bitcoin as a kind of Trojan Horse:

“Bitcoin will continue to gain worldwide adoption because of its effectiveness as digital gold, but hidden within the prized Trojan Horse is a remarkable freedom technology. At this point, the reader may think Bitcoin proponents must be saying, ‘Quiet in the back! Keep the noise down. We just need to last a few more hours until midnight, and then we can pop ourselves out of this horse and let the rest of our army into Troy.’ But it is already too late. There is nothing the Trojans can do.”

The analogy continues:

“Many authoritarians, central bankers, and establishmentarians may already realize what is concealed in Bitcoin’s Trojan Horse. There are plenty of modern Laocoöns and Cassandras saying, ‘We need to stop this thing!’ But, just like in the kingdoms of lore, these words will fall on deaf ears. The prize glitters too bright.”

The suggestion here is that bitcoin is inevitable, that the steady march to global adoption and the implications of that — both for “number go up” and “freedom go up” — are already baked into the cake. The truth is that that future is far from certain. Bitcoin continues to face a variety of risks, from the internal to the external to the local. Will a fee market develop over time to replace the block reward that has so far been essential to bitcoin’s security? What of the policymakers and regulators in the U.S. Congress and beyond, not to mention those in Europe, who seem determined to regulate proof-of-work mining out of existence? And in a place like Palestine, where electricity (and thus access to the internet) can be intermittent, and is mostly controlled by Israel, what would bootstrapping a resistance economy based on bitcoin really look like?

One can believe that bitcoin is freedom technology, that adoption will continue and that Palestine (and other places) will benefit from increased adoption over time. One can also believe that the ability to opt into a free and open, censorship-resistant monetary system offers Palestinians something important and in desperately short supply on the ground: dignity. The autonomy of choice in a context of occupation. And one can believe that Palestinian investments into bitcoin today will reap rewards over the long term. As it happens, we believe these things. But to argue that the game is already won, that widespread adoption of bitcoin in Palestine or elsewhere is inevitable, is to encourage uninformed adoption. People who accept and act on that argument are likely to take risks they don’t fully understand.

To his credit, Gladstein has also used more measured language when talking and writing about bitcoin and Palestine. Indeed, his article is framed as a question — “Can Bitcoin Be Palestine’s Currency of Freedom?” — rather than an answer. We agree with his suggestion that the answer could be yes, and hope to work alongside him and others to create the fair and just reality that Palestinians deserve.

This is a guest post by Seth Cantey and Mohammed Mourtaja. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

- Dustin Watchman
Building Bitcoin Communities From The Ground Up In The Philippines

A key to gaining adoption in local communities is having on the ground educational resources available to business owners and customers.

This is an opinion editorial by Dustin Watchman, founder of the bitcoin community educational group Cloud 21 Siargo.

What if we could recreate the elements of a big city that we all love but on a much smaller scale? What would those elements be that we would seek to replicate? For much of history, cities have been places that provide opportunity, hope and connection to others. Cities hoped to bring together the best and the brightest to work hard and build things the world needs. Then, along came El Zonte, better known as Bitcoin Beach. A massive paradigm shift occurred and posed the question: “What if we could provide opportunity, hope, and connection to others by building education and knowledge around bitcoin in smaller communities?” And, just like that, the idea has spread across the globe.

El Zonte was not only the community that inspired President Nayib Bukele to envision the first bitcoin legal tender country, but they have inspired many smaller communities by their vision and success in execution. We can now see bitcoin inspired communities being built from the ground up with Bitcoin Ekasi in South Africa, BTC Beach Camp in Thailand, Bitcoin Lisboa in Portugal, Harlem Bitcoin in New York and many more! The common denominator in all these communities is the bitcoin educators willing to tirelessly dedicate their time to educating their surrounding communities. Because of the lockdowns and COVID-19 restrictions of the past few years, people have searched for a purpose and for many this purpose was found by building bitcoin communities in their own backyards. The hope for a better future derived from bitcoin has led many to make positive changes in their own lifestyles and to contribute more in giving back through community growth initiatives.

One such project is known as Cloud 21 Siargao on a small island on the southeastern side of the Philippines. It is a beautiful and up and coming island that for years secretly held a hidden gem of a surf spot named Cloud 9, hence the nod to this epic surf spot with the name Cloud 21 Siargao. In December of 2021, the island was ravaged by the massively destructive Super Typhoon Odette. For the first few months after the destruction, the rebuilding was slow. Supplies were hard to come by and there was debris everywhere. In short, opportunity and hope was near an all time low, and this is where bitcoin usually succeeds. Fast forward to about nine months after the storm and the local communities are buzzing with energy as businesses have reopened and tourism was quickly pouring back to the island. With this onslaught of growth and tourism, the knowledge of bitcoin began to quickly grow alongside it. Cloud 21 Siargao set out to assist local small businesses in learning how they can accept bitcoin as payments to drive further growth in tourism, similar to what El Zonte has done the past few years.

Through Twitter Spaces hosted by Paxful and Global Bitcoin Fest, we were able to collaborate on commonly found issues in regards to bitcoin adoption in Southeast Asia with bitcoiners in these regions . Through these talks, I shaped my approach to further educating about bitcoin to overcome some of these common hurdles. The largest hurdle is probably the gambling mentality that many people have in these regions. It’s sort of an all-or-nothing mentality that they just go all in rather than taking a more moderate approach of slowly incorporating bitcoin into their lives for long term wealth building strategies. Further obstacles to bitcoin adoption here is proper education on what sets bitcoin apart from the other 20,000-plus altcoins, and also just general brand recognition of bitcoin as a whole. These are the main points Cloud 21 Siargao has set out to work on.

For people that don’t often maintain much savings, going all in could potentially get them rekt, pushing them to never fully benefit from bitcoin. The greatest need for small businesses here is that they still need pesos for daily expenses, but are open to the added benefits of converting just a small amount into satoshis. Slowly dipping their toes into the bitcoin waters is more likely to get them to see the potential as we slowly shift from the 2022 bear market towards a bull market. Locally in the Philippines, they do have a digital cash app called G-cash that they are familiar with and the Pouch App (a Lightning app) has similar functions, but gives them the additional added benefit of converting some of their pesos into satoshis. Basically leveraging their previous knowledge of digital money apps, locals can now begin to safely further their education about bitcoin by actually holding some.

To tackle these issues of brand recognition, proper education about bitcoin’s unique qualities and how to properly use and secure bitcoin, Cloud 21 Siargao has launched a multi-prong campaign. Through social media, I reach out to all the local small businesses to let them know they can use Cloud 21 Siargao as their go-to for any bitcoin related education. Many business owners have asked great questions and are actively looking into accepting it soon. I have also embarked on community art projects that involve beautifying different concrete walls around the town with Bitcoin themed murals. In any small community, reputation is also quite important, therefore actually speaking with many of the owners and patrons in person often produces the greatest discussions and potential adoption. There are currently a handful of Bitcoiners living in Siargao, and they have provided great feedback on the localized issues to bitcoin adoption, as well. Volunteering with local NGOs has also provided fruitful results in helping organizations that revolve around a lot of fundraising understand how bitcoin can assist them in that drive. Lastly, talking with local government officials and opening discussions about how their social programs that often provide a small income for locals in need of financial assistance can also benefit from bitcoin payments.

Building a small bitcoin community from the ground up will only continue to grow if the proper resources are provided for further education. As Siargao continues its path towards being the next Bali and a digital nomad hub, locals and expats will continue to come and go. The key to maintaining sustainable development while building a bitcoin community is that the resources stay on island for all to access and use as needed far into the future. Passing the torch of knowledge on to locals is needed, so they themselves can stand up and be community leaders continuing to teach their neighbors and friends on bitcoin is what will ultimately push the bitcoin community beyond the locals and expats that come and go like the seasonal tides.

In response to this need I have written multiple books discussing how to use bitcoin within your family unit, on a community level and why small businesses should start sooner than later in offering bitcoin payments. The last book coming to publication is a community leaders guide book that new bitcoin educators can use as their go to resource for education others far into the future. These books can be found at the Cloud21Siargao.com website.

Siargao has so much potential to be the perfect mix of Bali and El Zonte, and I personally look forward to welcoming much more bitcoin tourism here as bitcoin adoption grows! If you are a bitcoin tourist, put Siargao, Philippines, on your list of must-see destinations. You won’t be disappointed!

This is a guest post by Dustin Watchman. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

- Stefan Stankovic
U.S. Regulators Are Coming for Crypto. How Will the Future Look?
The U.S. governments approach to crypto regulation will determine whether the industry evolves to flourish or flounders into obscurity. The U.S. Crypto Regulatory Landscape Crypto regulation is coming to the...
- Tom Carreras
How Much Energy Do NFTs Use? Less Than You May Think
Ethereum cut its energy consumption by 99.95% when it completed the Merge, meaning NFTs are more environmentally-friendly than ever. But did the ecological backlash against digital collectibles even make sense...
- Mike Dalton
Celsius Withdrawals Must Remain Closed: DOJ
A U.S. Trustee reporting to the Department of Justice has argued to the court that Celsius should not be allowed to initiate customer withdrawals pending more extensive investigation. U.S. Trustee...
- Tom Carreras
New CFTC Lawsuit May Signal Wider Trend in Regulation
Crypto and commodities derivatives trading exchange Digitex is being sued by the CFTC for offering its services illegally. The regulatory agency also made the unprecedented decision of suing a DeFi...
- Financial Insane
Bitcoin Had a Rough September. Here Are the Key Metrics to Watch Next
Bitcoin is about to close September at a double-digit loss relative to August. As market sentiment continues to deteriorate, the top cryptocurrency needs to hold onto a vital support level...
- Tom Carreras
There’s Still Time to Sign Up for Crypto’s First Fantasy NFT Trading League
Today NFT trading dashboard Flip announced the launch of its new game, Fantasy Flip, a fantasy NFT flipping game. Fantasy NFT Trading NFTs are getting their first fantasy competition. Flip...
- Mike Dalton
Facebook, Instagram Enable NFTs for All U.S. Users
Facebook and Instagram have expanded access to NFTs. Meanwhile, however, parent company Meta is making cutbacks. Facebook Expands NFT Access Meta is expanding NFT access. Beginning today, all Facebook and...
- Tom Carreras
Is Ethereum Under Attack? Unpacking the MEV-Boost Censorship Controversy
Ethereums neutrality is being put to the test by MEV-Boost relays, which have had the power to censor transactions in about a quarter of all blocks issued since September 15....
- Timothy Craig
“XRP to Hit $589”: How a Fake Simpsons Screenshot Fooled Ripple Bulls
Although the Simpsons writers dedicated an episode to cryptocurrency in 2020, the XRP price prediction doesnt actually exist. Ripple Bulls Get Bamboozled A fake Simpsons screenshot has tricked unassuming Ripple...
- Financial Insane
Cardano Edges Closer to Make-or-Break Point
The macroeconomic environment continues to take a toll on the cryptocurrency market assentiment deteriorates. Although many market participants appear to be waiting on the sidelines, Cardano looks primed for a...
- Timothy Craig
Forget Play-to-Earn—Factory NFTs Are the New Crypto Gaming Meta 
Crypto Briefing goes deep on three up-and-coming crypto games using factory NFTs to drive adoption and lower the barrier to entry. The Current State of Crypto Gaming Crypto gaming is...
- Mike Dalton
Chainlink Is Building a Token Infrastructure for SWIFT
Chainlink and SWIFT have announced a proof-of-concept that will allow the international bank cooperative to transfer cryptocurrencies across almost all blockchains. Chainlink Partners with SWIFT SWIFT could soon interact with...
- Chris Williams
Fidenza Creator Tyler Hobbs Raises $16.75M on QQL NFT Drop
The QQL Dutch auction closed in less than an hour, raising around $16.75 million. QQL Raises $16.75M It turns out NFTs arent dead, at least if todays QQL drop from...
- Chris Williams
Crypto Could Enjoy “Renaissance” as Trust in Banks Fades: Druckenmiller
The global crypto market capitalization is almost 70% down this year, largely thanks to the Federal Reserves commitment to hiking interest rates. Nevertheless, investing legend Stanley Druckenmiller sees a silver...
- Jacob Oliver
The U.S. Has Declared War on Crypto. Here’s How We Fight Back
The U.S. government has taken a series of escalating actions over the last year to regulate the crypto industry, but as comprehensive legislation is still a long way off, regulators...
- Tom Carreras
Why Are So Many Top Crypto Executives Resigning?
FTX.US President Brett Harrison and Celsius CEO Alex Mashinsky both resigned yesterday, following departures from a list of other top crypto executives. They follow Genesis CEO Michael Moro, Microstrategy CEO...
- Financial Insane
Bitcoin, Ethereum Network Activity Shows Major Downside Risk
Volatility has struck the cryptocurrency market, leading to more than $160 million in liquidations over the past 24 hours. Bitcoin and Ethereum are now sitting on top of weak support,...
- Mike Dalton
Nexo Defends Itself Against Cease and Desist Allegations
Nexo has defended itself against various U.S. regulators by claiming it promises modest interest rates. Nexo Says It Offers Nominal Rates Nexo has defended itself against cease and desist orders...
- Mike Dalton
FTX Wins Voyager Digital’s Asset Auction
Bankrupt crypto lender Voyager Digital announced today that FTX had won its assets at auction. FTX Wins Voyager Auction FTX has won Voyager Digital’s assets. According to an announcement, FTX’s...
- Timothy Craig
Daily Briefing: Classic Manipulation
Over the past few weeks, the casual crypto investor sphere has been obsessed with Terra Classic. Abandoned by its original creator and relegated to classic status in favor of the...
- Motiur Rahman
Is it the perfect time to buy XRP after a 6% drop?

XRP has dipped 6% in the past week but remains on bullish momentum.

The case pitting Ripple executives and the SEC is at the center of a possible rally.

The latest order by a US federal court on the legal matter has overruled the commission.

Ripple XRP/USD is down 2% in the past day and 6% in the past week. The token is currently ranked the sixth-most valuable crypto, with a market capitalization of $22 billion.

Ripple is one of the earliest blockchain projects and the firm operating XRP. The latter is a payment solution developed in 2012 for asset transfer across financial institutions. Other Ripple services include digital assets liquidity and CBDC management.

One glaring fundamental about Ripple is a case pitting it with the SEC. The legal tussle dates back to 2020. In the matter, Ripples executives Brad Garlinghouse and Chris Larsen are accused of flaunting securities laws in 2013.

Despite the case dragging on for quite some time now, the latest developments favor Ripple. US Federal judge, Analisa Torres, directed on September 30 that the agency provide essential documents to the case. It is the second time the commission is being fronted with such an order. Aside from the case and Ripple use cases, the technical outlook shows a retracement.

XRP retests $0.44 price level

eToro

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Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy XRP with Bitstamp today

Source: TradingView

Based on the daily chart above, XRP has retreated to $0.44. The price was last seen on September 28. A further look shows a significant gain on September 16. In the period, the token moved from around $0.32 to an intraday high of $0.56. For the momentum, the Stochastic Oscillator is at a neutral point.

Concluding thoughts

XRP has retesting a key support level amid a bullish momentum. The token, however, could be at a tipping point. It is trading just above the 20-day moving average. A drop below the level could invalidate the bullish momentum. It is not a perfect time now to buy XRP. Investors should wait for an apparent trend reversal and confirmation of a bullish price action signal.

The post Is it the perfect time to buy XRP after a 6% drop? appeared first on CoinJournal.

- Benson Toti
Exponential is looking to change investing in the decentralised finance (DeFi) ecosystem with the “right products” for customers.

Exponential, an investment platform that seeks to simplify investing in decentralised finance (DeFi), has announced it raised $14 million during its seed funding round from investors.

Paradigm, a crypto-focused venture capital firm that has invested in numerous digital assets and Web3 startups, led the financing round, according to co-founders Driss Benamour (CEO), Mehdi Lebbar (President) and Greg Jizmagian (CTO).

Other investors that participated in the funding round included FTX Ventures, Haun Ventures, Solana Ventures, Polygon, Circle Ventures, and Global Founders Capital among others.

The round also attracted over 80 angel investors, including Henrique Dubugras (founder of US-based fintech firm Brex), Zach Perret (CEO of Plaid/Mischief) and entrepreneur and investor Anthony Pompliano.

We’re excited to announce that Exponential has raised a $14M seed round, led by @Paradigm, and is now available to the public. Exponential is a new investment platform that makes it easy to discover, assess, and invest in DeFi yield opportunities https://t.co/lBc12j7EkS

— Exponential DeFi (@ExponentialDeFi) October 3, 2022

Exponential’s DeFi goal

Exponential‘s goal for the DeFi community is clear: offer an investment platform that makes it easy for investors to discover new yield opportunities and easily invest in transparent projects.

This is just the beginning. Exponential has a vision of unlocking financial freedom for everyone by bridging the gap between web2 and web3, and the minds to build it.” Benamour, Lebbar and Jizmagian noted in a blog post.

To help bring this to fruition, the platform has assembled a top notch team comprising talent from Uber and Amazon. In all, the team counts some of the best employees across engineering, cryptocurrency, fintech, and consumer products within its ranks.

According to the Exponential co-founders, investing in DeFi shouldn’t be as daunting as it often proves. It shouldn’t also be too risky for investors as has been seen over the past two years, with hackers stealing billions worth of dollars of crypto assets from DeFi protocols.

With the right products, DeFi will become more approachable, opening the door to a new wave of investors,” Benamour, Lebbar and Jizmagian wrote.

Rate My Wallet, an institutional-grade risk assessment system the platform has developed helps analyse a user’s investments, mapping potential across the protocol, assets and chain underpinning the ecosystem.

The platform is also set to make it possible for customers to have direct access to DeFi liquidity pools via its custodial platform, adding to ease of use and also security.

The post Paradigm leads $14M seed round for DeFi platform Exponential appeared first on CoinJournal.

- Chainwire  

Los Angeles, CA, 3rd October, 2022, Chainwire

Takeaways:

Jack Dorsey and Elon Musk’s Messages call for a decentralized social media blockchain: DeSo could be the answer. Sam Bankman-Fried, Founder of FTX crypto exchange, also had a conversation about buying Twitter or creating a blockchain-based social network The DeSo Foundation just released its roadmap to decentralize social media

The DeSo Foundation announces the release of their ambitious roadmap to decentralize social media and build The Social Layer of Web3.

Milestones on the roadmap will be executed over the next 2 quarters to solve the major problem with social media today.

“Most people don’t realize that social media is more centralized than the financial system was when Bitcoin was invented. Only a handful of companies currently control what we see and do online. We can solve this problem by decentralizing social media and storing all content on a blockchain.” said Nader Al-Naji, the founder of DeSo.

The roadmap release comes as new messages emerge between Elon Musk and Jack Dorsey, showing his idea for a blockchain-based social media protocol that does payments and short text messages.

The two billionaire entrepreneurs discussed how Twitter would be better off as an open-source protocol funded by a foundation instead of a company. Dorsey expressed regret over making Twitter a company calling it an “original sin.”

The foundation’s role in an open-source blockchain-based social network would be to finance and advance its development.Elon Musk called it a “super interesting idea” and offered to help. However, once Dorsey failed in his attempt to get Musk on the Twitter board, he eventually left the company.

Additionally, there was a conversation between Elon Musk and Sam Bankman-Fried, founder of FTX, about making a blockchain Twitter or buying Twitter outright.

However, this may not be necessary considering the DeSo foundations roadmap and the apps emerging from its ecosystem.

DeSo released the first milestone on their roadmap with their MetaMask integration, which went live last week. It allows millions of Ethereum users to log in to DeSo with one click. They also plan to add more cross-chain communication bridges between ecosystems, including Solanas Phantom wallet. Other potential integrations include Cardano and NEAR.

A move from Proof-of-Work to “Infinite Proof-of-Stake” is also in the works. Like Ethereum’s switch to Proof-of-Stake, DeSo Proof-of-Stake will reduce consumption and become more energy efficient.

A hackathon at a major Ivy League Institution where students can compete to build the next great decentralized social network is also in the works.

The above is expected to be completed by Q4, along with a critical COO hire to help scale business and marketing operations.

Many experts expect decentralized social media to be the next huge market opportunity, which top crypto research firms have assessed. DeSo ranked first in Messari’s seven other crypto trends analysis due to the overall addressable market.

In the next decade, social media is predicted to attract 6 billion users and be worth trillions. A blockchain-based social network would highly appeal to the 50 million creators in today’s economy who are always looking for new platforms; the creator economy is currently valued at $100 billion.

DeSo has several social media apps emerging from its ecosystem that appeal directly to the creator economy, including a blockchain-based Twitter app where people can monetize with diamonds.

About Deso Foundation

DeSo is a new layer-1 blockchain built from the ground up to decentralize social media and scale storage-heavy applications to billions of users. They raised $200 million and are backed by Sequoia, Andreessen Horowitz, Coinbase Ventures, Social Capital, Polychain Capital, Winkelvoss Capital, Pantera, and others.

$DESO, the native currency of the DeSo blockchain, is listed on Coinbase.

Check out the full roadmap and claim your username on deso.com.

Contact

Ash, DeSo Foundation, ash@deso.org

The post DeSo is Elon Musk and Jack Dorsey’s Answer for Decentralized Social Blockchain appeared first on CoinJournal.

- Benson Toti
Sushiswap has a new CEO after the community voted for Jared Grey as ‘Head Chef’.

Decentralised crypto exchange Sushiswap has announced a new Chief Executive Officer (CEO), whose election was ratified via a community vote.

Sushi confirmed on Monday that Jared Grey was now the new “Head Chef,” the DEX platform’s title for the CEO. 

Sushi’s ‘Head Chef’

The election of a new chief executive comes after several months of uncertainty as the protocol looked to navigate a rough patch in its governance.

I’m honored and excited to accept the Head Chef role at SushiSwap,” Grey tweeted. “The trust the community and team have placed in me to help shape the next stage of the Sushi protocol gives me pause and reflection on what Sushi stands for, a community project for everyone,” he said.

Grey is a former CEO of digital assets platform Bitfineon and decentralised finance (DeFi) protocol EONS Finance. 

He becomes Sushi’s new chief executive after garnering more than 83%, or over 11 million votes, according to a snapshot of the single choice voting that started on 26 September 2022 and ended Monday, 3 October 2022.

He explained what he brings to the role of ‘head chef’:

This is an opportunity to leverage my two decades of engineering and consulting experience to help the team succeed in delivering innovative DeFi solutions, and returning Sushi to its rightful status among its peers.

Sushi launched in September 2020, announced by anonymous developer Chef Nomi and aimed at rivaling leading DEX protocol Uniswap.

The post Sushi community votes Jared Grey as new ‘Head Chef’ appeared first on CoinJournal.

- Crispus Nyaga
Should you buy Ethereum in October 2022

Ethereum price has been in a consolidation phase in the past few days as the excitement about the recent Merge event faded. ETH was trading at $1,316 on Monday, which was much lower than August’s high of over $2,000. It has crashed by more than 60% in 2022.

Ethereum is in consolidation

ETH price has been in a tight range as investors wait for the next catalyst. The coin remains close to its lowest level since July 17th of this year. Notably, this price action mirror’s that of Bitcoin, which has remained at $20,000 in the past few weeks. 

Ethereum has also consolidated at a time when American shares have been in freefall recently. The four main indices – Dow Jones, S&P 500, Nasdaq 100, and Russell 2000 – all declined by more than 10% in September while the US dollar index surged to the highest level in more than two decades.

Historically, Ethereum tends to have an inverse relationship with the US dollar. It also often tracks the performance of American indices, which are often seen as risk assets. 

Ethereum consolidated as investors focused on the most recent merge event. This was an event that transitioned the network from a proof-of-work (PoW) to a proof-of-stake (PoS) platform. As a result, it has become a more environmentally-friendly platform.

A key issue is on what the Securities Exchange Commission (SEC) will do. In his recent statements, Gary Gensler warned that Ethereum was transitioning into a security by letting people stake their coins for rewards. As such, it is unclear whether the agency will pursue the matter.

Meanwhile, Ethereum price remained under pressure as investors assess the deteriorating ecosystem. For example, recent data shows that NFT volume has crashed by 97% from its peak in January. Similarly, the volume of funds locked in Ethereum has crashed from over $150 billion to about $50 billion.

Ethereum price prediction

The daily chart shows that ETH/USD price has been in a consolidation phase and is trading at $1,317 where it has been in the past few days. It has dropped below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) is hovering above the oversold level. 

Ethereum seems like it has formed a bearish flag pattern. Therefore, the coin will likely have a bearish breakout in the next few days as sellers target the next key support level at $1,000. As such, you should wait for a new bullish trend to form before you buy.

How to buy Ethereum

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy ETH with eToro today Disclaimer

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy ETH with Bitstamp today

The post Should you buy Ethereum in October 2022 appeared first on CoinJournal.

- Daniela Kirova

Leading global crypto exchange OKX announced a partnership with four-time Olympic champion Scotty James. 

James and OKX will work to present winter sports fans with the possibilities of crypto trading and web3 and help them make more responsible and wiser investment decisions, Coin Journal learned from a press release

The four-time Olympic champion will serve in an ambassadorial role as OKX launches its Global Brand Campaign.

Learning from athletes’ discipline 

According to OKX Chief Marketing Officer Haider Rafique, investors and traders would benefit from an understanding of how athletes train with discipline. They can also learn how to improve their physical and mental conditioning. He commented: 

If most traders trained like athletes, our community and industry would grow in a much healthier way than now, where emotions mar trading. Scotty is likeable and approachable, but a world-class athlete. He was very enthusiastic about our vision and wanted to help us build a generation of smart, disciplined, and healthy traders and investors who take the time to train because they take these markets seriously.

James is also a close friend of fellow OKX ambassador and Formula 1 driver Daniel Ricciardo and a popular social media personality. He said:

I am always working to live a healthy lifestyle, pushing to stay innovative and doing everything that I can to sustain a strong work ethic. I’m always trying to learn new things. I apply these values both on the charts and in the half-pipes, and OKX also shares them. This makes this partnership highly promising.

OKX will provide James with guidance as he uses the opportunities provided by web3, such as cooperating on plans for new metaverse winter sports experiences and launching unique NFTs. 

James’ fans will be able to follow him on his crypto trading journey, educating them on how to improve their trading skills and giving them a view of his life off the half-pipes.

The post OKX partners with Olympic snowboard champion Scotty James appeared first on CoinJournal.

- Dan Ashmore

It’s the unfortunate reality that any crypto lender these days will be met with scrutiny, as the market still reels from the chaos caused by Celsius earlier this year.

Nexo has to date separated itself from the crowd. Last week it even announced a stake in federally chartered Summit National Bank. It has repeatedly stated it will steer clear from uncollaterised lending. It even launched a takeover bid for Celsius as the embattled lender was spiralling into insolvency (even if there is a chance that it was only a publicity stunt).

But now there is added concern after regulatory trouble and some curious on-chain movement.

Regulation

Eight states filed cease-and-desist orders against Nexo last week. It is the same old story surrounding whether the products offered constitute securities. I won’t get into the ins and outs because I’m no lawyer, but the threat of requiring to withdraw certain products from the US market could obviously squeeze Nexo hard.

Regulators in Kentucky actually accused Nexo of being insolvent, declaring that without its native token – NEXO – the firm would have “liabilities (that would) exceed its assets”. For anyone with a short memory, that’s exactly what Celsius led before they suspended withdrawals and filed for bankruptcy.

With the Nexo token having an extremely low trading volume of 1% of its market capitalisation, what people don’t realise is that if everything does turn upside down, the ability of Nexo to monetise its holdings is significantly less than one would believe on-paper. Hnece the concern.

Nexo moving money on-chain

The second part comes with a funny withdrawal on-chain that had people curious. A wallet labelled a Nexo wallet yesterday withdrew over $150 million from MakerDAO.

https://twitter.com/WuBlockchain/status/1576016313918836736

Obviously, this has a lot of people concerned given the parallels with the Celsius situation. For what it’s worth, it would surprise me if any insolvency for Nexo came amid a period of relative market calm.

However, the fact cease-and-desist orders were issued by regulators recently does add an extra layer here. But then again, the issue of security-or-not-a-security has hardly been unpredictable – Nexo should have, and likely did, know this was coming.

After the moves drummed up some controversy in the market, Nexo issued a statement clarifying that “this routine transaction made yesterday represents a loan repayment in line with the latest market dynamics and as per the company’s standard treasury management.” 

My take on this? I still believe Nexo are OK, but if I had funds in there I would definitely be a little more nervous today than I was last week. Like I said as Terra was going down, the yield on offer for these products right now simply is not worth the risk. Most offer yields of around 4% on Bitcoin (Nexo’s base rate is 3%-4%) – are you really willing to risk it all for that? 

It is also strange that Nexo did not warn the market in advance to quell any concern, as this too would have been obvious.

The smart risk-reward play right now is just to sit out the yield-generating products for now until we have a clearer picture. Because even though I think Nexo are OK and this is likely a much furore about nothing – I am on record discussing how well I believe Nexo I run in relation to a lot of other firms in the industry – we really can’t know for sure…and that says it all.  

The post Is Nexo safe? Crypto lender withdraws $150 million from MakerDAO appeared first on CoinJournal.

- Hassan Maishera
MakerDAO continues its upward surge after the total delegated MKR reaches an all-time high

MKR, the native token of the MakerDAO ecosystem, is one of the best performers in the cryptocurrency market following last week’s announcement.

MKR, the native token of the MakerDAO ecosystem, is outperforming most of the coins and tokens in the top 100 list. The token has added more than 1% to its value in the last 24 hours, outperforming the broader crypto market.

The total crypto market cap remains above $900 billion despite losing more than 1% of its value in the past 24 hours.

Bitcoin, the world’s largest cryptocurrency by market cap, could drop below the $19k support level as it is down by more than 1% in the last 24 hours. Ether is down by more than 2% so far today and is trading below the $1,300 support level. 

MKR has added more than 4% to its value so far today, outperforming the other coins in the top 100 list. MKR has been performing well over the past few days as it is up by more than 12% in the last seven days.

Total delegated MKR is at an all-time high!

There are now 142.67k MKR delegated to 23 Recognized Delegates and 92 Shadow Delegates, and a total of 187.83k MKR locked into the Maker Governance contract. pic.twitter.com/yxjmi36NBI

— Maker (@MakerDAO) September 29, 2022

The rally comes after MakerDAO announced a few days ago that the total delegated MKR is at an all-time high. 

The team said there are now 142.67k MKR delegated to 23 Recognized Delegates and 92 Shadow Delegates, and a total of 187.83k MKR locked into the Maker Governance contract.

Key levels to watch

The MKR/USD 4-hour chart is bullish as MKR has been performing well over the past few days.

MKR/USD Chart By TradingView

The 14-day RSI of 60 shows that MKR could enter the overbought region if MakerDAO sustains its positive momentum. The MACD line remains above the neutral zone, indicating bullish momentum. 

At press time, MKR is trading at $773 per coin. If the bulls remain in control, MKR could surge past the $811 resistance level for the first time since August.

However, it would need the support of the broader crypto market to move past the $844 resistance level in the short term. 

Where to buy now 

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy MKR with eToro today Disclaimer

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy MKR with Bitstamp today

The post MakerDAO continues its upward surge after the total delegated MKR reaches an all-time high appeared first on CoinJournal.

- Hassan Maishera
Binance gains regulatory approval in New Zealand: Will BNB soar higher soon?

BNB is up by less than 1% in the last 24 hours but could it rally higher after Binance gained regulatory approval in New Zealand?

BNB, the native token of the Binance crypto exchange, is up by less than 1% in the last 24 hours, outperforming the broader crypto market in the process.

The total crypto market cap remains above $900 billion despite losing more than 1% of its value so far today.

Bitcoin, the world’s number one cryptocurrency, risks dropping below the $19k support level as it is down by more than 1% in the last 24 hours. Ether has lost its $1,300 support level after declining by more than 2% in the past few hours. 

Binance, the world’s leading cryptocurrency exchange, announced a few days ago that it had gained regulatory approval in New Zealand. 

Kia Ora, New Zealand! 🇳🇿

We’re pleased to announce that #Binance has successfully registered as a Financial Service Provider with the New Zealand Ministry of Business, Innovation and Employment, and has officially launched Binance New Zealand. pic.twitter.com/xCyBmRVb2x

— Binance (@binance) September 29, 2022

The crypto exchange has successfully registered as a Financial Service Provider with the New Zealand Ministry of Business, Innovation and Employment, and has officially launched Binance New Zealand.

However, the announcement hasn’t served as a strong catalyst for BNB to rally, but the coin could still soar higher over the coming hours and days.

Key levels to watch

The BNB/USD 4-hour chart is bullish as BNB has been outperforming the broader crypto market over the past few hours. 

BNB/USD Chart By TradingView

The MACD line crossed into the positive zone on September 28th and has remained there, indicating the bullish trend for BNB. 

The 14-day relative strength index of 55 shows that BNB could enter the overbought region if the bulls should take control of the market.

At press time, BNB is trading at $284.8 per coin. If the bullish momentum increases, BNB could surge past the $306.9 resistance level before the end of the day. However, the $324 support level should cap further upward movement in the near term. 

The broader market is bearish, and this could see BNB suffer losses over the next few hours. If that happens, BNB could slip below the $272 support level before the end of the day. 

Where to buy now 

eToro

eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.

Buy BNB with eToro today Disclaimer

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy BNB with Binance today

The post Binance gains regulatory approval in New Zealand: Will BNB soar higher soon? appeared first on CoinJournal.

- Adam Tracey
Top 30 Crypto Movies & Documentaries
Top 30 Crypto Movies & Documentaries

Have you had the itch to watch some movies about crypto? Maybe you like to learn a few things watching crypto documentaries, in either case this list has plenty of stuff to check out that should keep you entertained for quite some time.

Bitcoin: The End of Money as We Know It (2015)

https://www.imdb.com/title/tt4654844/
From the days of bartering in early societies to today's modern highly-digitized money, this documentary looks at what exactly money means and how Bitcoin could be an alternative to currencies backed by little more than debt. While only coming in at around an hour, this brief yet informative film provides an interesting overview of bitcoin and how it could affect the concept of money in the world today.

The Rise and Rise of Bitcoin (2014)

https://www.imdb.com/title/tt2821314/
Growing obsessed with the cryptocurrency Bitcoin after discovering it in 2011, a 35-year-old computer programmer takes you on a journey to explore this incredible technology and its impact on the world. Investigate this new technology through various stories from startups, entrepreneurs, and other colorful characters who make up the Bitcoin community together.

Crypto (2014)

https://www.imdb.com/title/tt8563452/
If you’re looking for a little fictional crypto action, you may find it with the film Crypto from 2014. A banker becomes involved in an investigation of corruption and fraud after being demoted and transferred back to his hometown. You might enjoy this thriller with some action, drama, and cryptocurrency themes, including crypto mining.

Cryptopia: Bitcoin, And the Future of The Internet (2020)

https://www.imdb.com/title/tt9203586/
Award-winning producer/director Torsten Hoffmann takes a closer look at Bitcoin and the evolving blockchain industry. He sets out to explore whether this technology, designed to operate without trust or centralization, can provide a viable alternative to the Internet as we know it. Through interviews with leading experts in the field, Hoffmann uncovers the potential of blockchain technology and its implications for the future.

Where Did Bitcoin Come From? – The True Story (2021)

https://youtube.com/watch?v=W15A7Lf0_fI
ColdFusion is a great source for science, technology, history, and business content. It's an independently run Australian media company that offers calm, relaxed coverage of any and all topics you're interested in. Where Did Bitcoin Come From explores Bitcoin, where it came from, and why it all matters.

Trust Machine: The Story of Blockchain (2018)

https://www.imdb.com/title/tt7407496/
Trust Machine is a documentary exploring blockchain technology's potential to change the world for the better. Featuring insights from some of the leading minds in the field, the film covers a wide range of topics related to cryptocurrency, blockchain, and decentralization. Whether it's solving world hunger or income inequality, Trust Machine showcases how this cutting-edge technology can make a real difference in people's lives.

Bitcoin: Beyond the Bubble (2016)

https://www.imdb.com/title/tt8414186/
Explore the exciting world of Bitcoin! Here, people are in control of their own money for the first time ever – no banks or governments are required. But how did this digital form of currency come to be? How does it work? And is it here to stay, or just a passing fad?

Banking On Bitcoin (2009)

https://www.imdb.com/title/tt5033790/
Find out about the players who are bringing Bitcoin and blockchain technology into the mainstream. Furthermore, explore the clash between different factions who care about this new technology for their own reasons.

The Bitcoin Gospel (2009)

https://watchdocumentaries.com/the-bitcoin-gospel/
While early on, Bitcoin was dismissed by many as a novel concept that was unlikely to go anywhere, times have changed as people around the world started to pay attention to this growing enigma. This documentary is a great look into the earlier days of Bitcoin and many of the people that were involved early on and shared Bitcoin with the world.

Hodl - A Bitcoin Short Film (2020)

https://youtube.com/watch?v=dktBrlikweo
If you enjoy a comedic short, Hodl is a great little watch, and it’s concerningly relatable to some of us in the cryptocurrency space while also holding a useful lesson or two presented in a fun way. It’s a quick one, but it’s worth your time.

Magic Money: The Bitcoin Revolution (2017)

https://www.imdb.com/title/tt6467152/
Magic Money is another interesting documentary exploring the mysterious origins of Bitcoin and the questions still surrounding it alongside its potential roles in society. Will it shape the future in unforeseen ways? Is this the revolution for which we've all been waiting?

The Blockchain and Us (2017)

https://www.imdb.com/title/tt6835836/
Is the concept of blockchain the modern equivalent of the invention of the airplane? Listen to interviews with software developers, researchers, cryptologists, and many more from a range of places on their thoughts about this intriguing technology. Use this documentary to start a conversation of your own or at least provoke more than a few thoughts on the subject of blockchain.

Deep Web (2015)

https://www.imdb.com/title/tt3312868/
While not purely about cryptocurrency, Deep Web covers the story of the well-known Ross Ulbricht, and the Silk Road is one that catches the attention of many. Whatever your thoughts are on the topic, it's an interesting part of history that is worth understanding.

Banking on Africa: The Bitcoin Revolution (2020)

https://www.imdb.com/title/tt12363788/
The banking system is something many of us take for granted, but for many people in Africa, this isn't the case. However, many in the region are turning to cryptocurrency not only as a potential solution but to take back even more control than traditional banking could provide.

CryptoRush (2020)

https://www.imdb.com/title/tt7503072/
Have you ever felt confused when trying to understand the key principles involved in cryptocurrency, perhaps Crypto Rush could be the answer. This film attempts to explain crypto in an easy-to-understand way, making it approachable to just about anyone.

Bitcoin Heist (2016)

https://www.imdb.com/title/tt4911780/
A film from Vietnam, BItcoin Heist is a fast-paced action film with a comedic twist. If you’re looking for something fun, this one might just be your ticket. Follow special agents taking on a team of thieves and the chaos that ensues.

Dead Man's Switch: A Crypto Mystery (2021)

https://www.imdb.com/title/tt15387768/
A fantastic documentary film covering the disaster that was QuadrigaCX and its questionable founder Gerald Cotton. It’s got mystery, outrage, and even a few familiar faces you may have seen around the cryptocurrency scene. It’s a great option if you’re looking for a cryptocurrency-related documentary to check out!

Decrypted (2021)

https://www.imdb.com/title/tt11763296/
If you’re a fan of dark comedies, you may enjoy Decrypted. The story involves a mismatched NSA team that somehow manages to kidnap the creator of Bitcoin to attempt to gain information to put an end to the cryptocurrency revolution.

NFT (2022)

https://www.imdb.com/title/tt18375626/
Also known as CryptoHorrors in some regions, NFT is a movie about a group of friends buying into an NFT collection that just so happens to be cursed. If you’re feeling like some crypto-related horror, this might just be what you should watch.

Agent X the movie (2019)

https://www.imdb.com/title/tt11232496/
Agent X is a movie about a former military contractor who has become a secret agent and is sent on a mission. However, things are rarely that easy, and he ends up tangled in a mess involving cryptocurrency, bitcoin mining, and much more.

Virality (2017)

https://www.imdb.com/title/tt4554360/
In Virality, four stories intersect with a Bitcoin heist, each involving different characters dealing with their own struggles in a developing society.

Bitcoin: The End of Money as We Know It (2015)

https://www.imdb.com/title/tt4654844/
Looking for a crash course on Bitcoin, money, and cryptocurrency more broadly. Well, check out this one for some insights to help you get up to speed if you’re new to the cryptocurrency scene.

StartUp (2016-2018)

https://www.imdb.com/title/tt5028002/
While not a movie or a documentary, this TV show ran for several seasons and has moderately high production values, so if long-form productions are more the thing for you, check out StartUp, where cryptocurrency plays a significant role in the storyline. Better yet, you can likely find this crypto show on Netflix or other streaming platforms in your region.

The Great Reset and the Rise of Bitcoin (2022)

https://www.imdb.com/title/tt17999542/
Another interesting documentary exploring the economic impact Bitcoin can have on society, money, and how we exchange value with one another in the future. As the gold standard has begun to feel like stone-age technology, is Bitcoin the way forward?

Monero Means Money: Cryptocurrency 101, Live from Leipzig (2020)

https://www.imdb.com/title/tt12109930/
Are you a privacy advocate with an interest in cryptocurrency or someone already excited about the potential for Monero? In either case, this crypto documentary could be a great watch for you. Spend a little time with this one and find out why fungibility matters.

Trust No One: The Hunt for the Crypto King (2022)

https://www.imdb.com/title/tt15479902/
Another deep dive into the chaos surrounding the QuadrigaCX collapse and its extremely questionable founder. Should you believe everything you hear? Or is there much more to the story than meets the eye?

The Second Target (2019)

https://www.imdb.com/title/tt10930912/
If you don’t mind delving into the odd low-budget movie, this cryptocurrency film could be worth your time. Coming with some mixed reactions, it’s likely you’ll either love or hate this one, but why not find out for yourself? In either case, it’s always great to support these sorts of lower-budget adventures in film.

Finding Satoshi Nakamoto (2015)

https://www.imdb.com/title/tt5322294/
An attempt to find the ever-mysterious creator of Bitcoin. Have they found the man himself, or is he still just as elusive as ever? While you likely know the answer, sometimes you can still enjoy the journey even if you already know the destination.

The Fakefluencer (2021)

https://www.imdb.com/title/tt14849234/
Follow a man looking for answers after a cryptocurrency investment goes wrong. In a mockumentary format, this one is sure to provoke a few laughs and may even feel a little relatable at times if you’ve ever been in the same situation.

Crypto Stew (2019)

https://vimeo.com/369661301
There are a few quirky short films where the subject and cryptocurrency, and this is one of them, it’s a pretty light-hearted affair that doesn’t take itself too seriously, but it is good for a quick laugh and will only snag a few minutes of your time.

Thanks for Reading

We hope you enjoyed this list as much as we did putting it together. Did we miss any of your favorites? Let us know! If you’re considering diving into crypto after checking out some of these, be sure to check out LocalCoinSwap if you aren’t already part of our great community.

- Adam Tracey
The Ultimate List of VPNs that Accept Crypto
The Ultimate List of VPNs that Accept Crypto

Are you looking to grab a VPN subscription but want to show your support for crypto simultaneously? As it turns out, many companies offering VPN services have jumped to support cryptocurrency payments, so you have an extensive range of options to choose from.

ExpressVPN

Official Site: https://www.expressvpn.com/
Accepts: Bitcoin, Ethereum, XRP

One of the most well-known VPN providers globally, ExpressVPN boasts high-speed servers in 94 countries, so you should be covered from just about anywhere. In addition, they have broad app support for everything from your iOS devices to your PC, enabling you easy access to ExpressVPN on any of your devices. While they don’t have a massive range of accepted cryptocurrencies, they support Bitcoin and Ethereum, which should keep most people happy. In addition, ExpressVPN tends to provide excellent support for those looking to bypass geoblocking for streaming services like Netflix or Hulu. ExpressVPN is known for having very decent speeds on most of their servers, so if you're looking for the fastest VPN on the market, depending on where you live ExpressVPN might fit the bill.

The Ultimate List of VPNs that Accept CryptoSurfshark

Official Site: https://surfshark.com/
Accepts: Bitcoin (BTC), Ethereum (ETH), XRP, and Litecoin (LTC)

One of the comparatively newer players in the VPN game, Surfshark has grown to be quite a significant offering. They seemingly always have a deal going and like to stack on some bonus features to get a few extra eyes on their product. Unlike some other large providers, Surfshark doesn’t limit your device count and is quite competitively priced, making it one of the nicer VPNs to consider if you’re looking for a VPN company that accepts cryptocurrency payments. Speeds are typically very reasonable as well so you shouldn't run into issues there either. Surfshark is one to check out, especially with their recent launch of a full GUI Linux app which not many other providers offer.

The Ultimate List of VPNs that Accept CryptoProtonVPN

Official Site: https://protonvpn.com/
Accepts: Bitcoin (BTC)

If you’re a fan of Prontonmail, one of the best email providers around for the privacy-conscious, you might just find your answer to the best VPN for you in ProtonVPN. Sometimes it’s nice to be able to minimize your subscriptions and keep as many things bundled together to avoid you forgetting precisely who is offering you what, so if you’re already using Protonmail, it’s a bit of a no-brainer. Proton is big on privacy and security, has an excellent interface for their VPN if you prefer that visual experience, and a speedy 10Gbps server network offering respectable speeds. There’s even a free version on offer that doesn’t sponsor itself with advertising or farm your data; instead, it’s subsidized by paid subscriptions which is a great to see and a fantastic way to support those that can benefit most from a VPN but may not be able to afford a paid plan.

The Ultimate List of VPNs that Accept CryptoNordVPN

Official Site: https://nordvpn.com/
Accepts: Multiple

Another heavy hitter in the VPN realm, NordVPN, is another to consider if you’re looking for one of the big plays with a high server count. With one subscription, you can use up to six devices at the same time connected to NordVPN, which should cover the needs of most people. However, it’s still a noteworthy limitation that not VPN providers place on you. A 30-day money-back guarantee is offered, so they seem confident about their services which is always nice to see. If you’re a traveler regularly signing in from different regions, you’ll find yourself at home with a VPN like NordVPN that provides comprehensive coverage and high-server counts.

The Ultimate List of VPNs that Accept CryptoPrivate Internet Access (PIA)

Official Site: https://www.privateinternetaccess.com/
Accepts: Multiple

PIA claims 15 million customers and over ten years in the industry, making them a fairly well-established company. One of the downsides of opting for the latest and greatest offering by new entrants to the VPN market is that you never know how long they will stick around. One of the more interesting features offered by PIA is a desiccated IP, which, if you’ve ever experienced frequent captchas on commonly used websites while connected to a VPN, you are sure to appreciate. Other excellent features include WireGuard support, split-tunneling support for more advanced users, and even open-source software, which many crypto enthusiasts like to support.

The Ultimate List of VPNs that Accept CryptoMullvad

Official Site: https://mullvad.net/
Accepts: Bitcoin (BTC), Bitcoin Cash (BCH)

For those that value their privacy, often even signing up for accounts using personal information can be anywhere from a downer to a dealbreaker. However, if that’s something you hate, Mullvad could be a tempting VPN to consider. They openly encourage payments using cryptocurrencies or even cash, which is rare these days, especially for online companies to offer, let alone encourage. They claim to keep no activity logs or ask for any personal information, which is also encouraging. Support seems to be lacking if you’re looking for a VPN to stream via Netflix or other providers, so if that’s essential for you, consider other options that boast good support for bypassing geo-blocking. Mullvad also has an extensive range of repositories open-sourced over on GitHub, which is always great to see and not something many providers are confident or comfortable doing. If you’re big on privacy, Mullvad deserves a look.

The Ultimate List of VPNs that Accept CryptoVPN.ac

Official Site: https://vpn.ac/
Accepts: Multiple

While a lesser-known VPN provider, VPN.ac provides a noteworthy service and has some benefits that may make it more appealing than more popular VPN options. They sport Dedicated bare-metal servers, WireGuard support, and excellent speeds due to their strong network that has managed to avoid such heavy traffic due to it somewhat flying somewhat under the radar. With support for over 20 countries, most users should find servers near enough to them to be worthwhile. With support for up to 12 simultaneous connections, you can throw all your devices on a single subscription, or at least six if you’re opting to use WireGuard.

The Ultimate List of VPNs that Accept CryptoAtlasVPN

Official Site: https://atlasvpn.com/
Accepts: Multiple

For those a bit more budget-conscious, you may be wondering where the cheapest VPN can be found, and while some are priced better than others, going for bargain bin VPNs will often result in a bad experience. However, some VPN providers are making a name for themselves for both being well-priced and having some good features and service, and one of those is AtlasVPN. With AtlasVPN, you can expect affordable pricing (at least for now) and support for modern features like WireGuard alongside multihop servers. There are some missing features like Linux support in terms of their app and a smaller network, but that won't be a dealbreaker for everyone. Streaming is supported, which leads many people to look for the best VPN deal they can find, and if that’s you, maybe consider something with a lower price and a reasonable offering, and you may just find that in AtlasVPN.

The Ultimate List of VPNs that Accept CryptoPerfect Privacy VPN

Official Site: https://www.perfect-privacy.com/
Accepts: Bitcoin (BTC)

If you don’t mind paying a little extra, Perfect Privacy VPN may provoke interest. They offer some features that are a little harder to find and make a good choice for more advanced users that require a little extra. You can configure multi-hop VPN chains of up to 4 servers, enjoy unlimited connections, and rest a little easier with their no logs VPN policy, which they’ve been adamantly offering since back in 2008. However, one area that they reportedly don’t handle well is streaming, so this may put many potential customers off. However, while you don’t see this provider throwing money at excessive social media advertising or the never-ending on-sale cycle that many do, Perfect Privacy has established itself. It continues to be the VPN of choice for many, so if you don’t mind a few extra dollars a month on your VPN subscription and aren’t interested in streaming over your VPN connection, you may find a plan here to suit your needs.

The Ultimate List of VPNs that Accept CryptoOvpn

Official Site: https://www.ovpn.com/
Accepts: Bitcoin (BTC), Ethereum (ETH), Monero

Like many Swedish VPN providers, this is another that is big on privacy. You may have guessed that already, though, given they accept Monero for payments allowing you to buy a VPN with Monero, which is pretty nice already. OVPN claims not to keep any logs, personal data, or monitor your online traffic. Interestingly they opt to use modern RAM storage, and this means that even if, for some reason, their servers were seized, they’d be unlikely to hold onto any information for very long as a simple reboot would clear any stored data. Another interesting thing about Ovpn is they don’t actually require an email address to sign up, and it’s optional when using Ovpn, which is not very common even among other VPNs that claim to be the best VPN for privacy. Four simultaneous connections are supported, multihop servers, WebRTC leak protection, and even a kill switch built into their desktop app, which they recommend over the browser extension they also provide. Overall a nice offering with OpenVPN UDP/TCP support and many features for those with a thirst for online privacy.

The Ultimate List of VPNs that Accept CryptoShould you use a VPN when Buying Crypto?

VPNs are a valuable part of your toolkit when trying to maintain as much privacy online as possible. While they are not a magic bandaid that ensures privacy, they can be beneficial as part of your online security, nor should you be careless in other ways thinking that a VPN will protect you. However, sometimes a VPN can be beneficial for crypto traders, especially if you live in areas that are not crypto-friendly or regions with unstable economies that may put you at risk of having your funds stolen or otherwise taken from you. So if you’re wondering which may be the best VPN for crypto trading, keep reading.

However, it’s important to note that when using a popular VPN, you may find that your IP address gets flagged when using some crypto trading platforms, which may result in issues or even your account being locked or otherwise restricted. At LocalCoinSwap, we respect your reasonable right to privacy and provided you are following the terms of service and trading fairly, you will not face any issues for simply using a VPN.

How to use VPN to Buy Crypto?

Once you have registered with your VPN provider and have everything set up, simply connect to a nearby server and log in to your account. If you’re going to trade crypto using a VPN, it’s crucial to spend the time to find a reliable and reputable VPN provider that ideally doesn’t keep logs and respects your privacy. After you’re connected to your VPN, you can simply continue browsing as you normally would, including trading on a P2P marketplace like LocalCoinSwap.

Can I Pay for a VPN with Bitcoin?

A growing number of VPN companies support payment via Bitcoin and other popular cryptocurrencies like Ethereum or even things like Monero, which many cryptocurrency enthusiasts will find a great option. As for actually performing the payment once you reach the checkout part of the sign-up process, once you’ve selected a provider and plan, it’s generally time to choose a payment method. So, if a company supports cryptocurrency payments, it will typically be offered to you at this stage.

What is the Best VPN for Crypto Trading?

For some people, their primary use case for a VPN may be streaming while avoiding geoblocking or for added privacy when trading crypto. For others, they may do everything online with a VPN and strongly value privacy. Budget can also be a significant factor, and a wide range of offerings fall somewhere between the biggest budget VPN through to the most premium VPN options. There’s a range of reasons to use a VPN, and not everyone will have the exact same needs, be in the same locations, or have the same budget. As such, the best VPN for crypto traders, or anyone else for that matter is simple, it's which ever one suits your needs while respecting your privacy the best.

- Adam Tracey
30 Cryptocurrency Books to Expand Your Knowledge
30 Cryptocurrency Books to Expand Your Knowledge

In the early days of cryptocurrency, it was challenging to find many books to soothe your thirst for more information. However, as cryptocurrency has grown into such a vibrant and thriving ecosystem of ideas and exploration, so have the options for good books on the topic. So, whatever you’re looking to learn about Bitcoin, blockchain, or cryptocurrency in general, you’ll find something on this list to add to your shelf.

Mastering Bitcoin: Programming the Open Blockchain

One of the most well-known Bitcoin books is Mastering Bitcoin by Andreas Antonopoulos, and for a good reason. It is designed to help you navigate the world of Bitcoin and understand everything you need to dive in headfirst and start embracing Bitcoin. It starts off with a broad introduction that is suitable for almost anyone and later delves into the more technical aspects of Bitcoin. So if you’re looking to increase your foundational knowledge or get a friend or family member excited about Bitcoin, this book is for you.

Author: Andreas Antonopoulos

The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology That Powers Them

Cryptocurrency and blockchains can be intimidating to those beginning to learn for themselves, but books like The Basics of Bitcoins and Blockchains are a great place to start. Start with the history and the basics of Bitcoin and other popular cryptocurrencies and move on to more advanced topics as you progress with what you’ve learned. Many topics are covered, including avoiding scams, risk mitigation, digital wallets, crypto regulations, and even the basics of using cryptocurrency exchanges.

Author: Antony Lewis

Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond

The book Cryptoassets gives you a range of insights into investigating and valuing digital assets, improving your portfolio management techniques, managing risk, and providing practical guides on various parts of the industry. While focused on the investment side of cryptocurrency, it may be a helpful way to see the cryptocurrency space from an investment perspective.

Author: Chris Burniske, Jack Tatar

Blockchain Revolution

Blockchain is an incredible technology shaping the world, and with Blockchain Revolution, you can see how this game-changing technology could affect the global economy. Blockchain has the potential to change how we deal with finances, health-care records, voting, insurance claims, and so much more. It’s a book that is approachable while still providing valuable insights. So if you’re worried about getting left behind by the revolution, jump into Blockchain Revolution yourself and learn more.

Authors: Alex Tapscott, Don Tapscott

The Age of Cryptocurrency: How Bitcoin and the Blockchain Are Challenging the Global Economic Order

Bitcoin has grown from a niche project to something that is affecting the global economy. Yet, while you can use it to purchase a range of goods and services and exchange value with others around the world, few understand what it is and why they should genuinely care about it. The Age of Cryptocurrency helps you navigate a cyber-economy and think about what the world will look like as further adoption of cryptocurrency continues.

Authors: Paul Vigna, Michael J. Casey

The Bitcoin Standard: The Decentralized Alternative to Central Banking

When Bitcoin first came onto the scene after an announcement on a small mailing list in 2008, no one had any idea of what it would go on to become. However, it has grown to be an economic and technological force that is shaking up the world in incredibly interesting ways over the years. Explore how humanity's most significant achievements have come to those with sound money and why Bitcoin helps to provide this security.

Author: Saifedean Ammous

The Book of Satoshi

The creator of Bitcoin is a mysterious figure, one that to this day has never been truly identified or proven to be any specific individual or group. The Book of Satoshi delves into the mystery surrounding this enigmatic character and helps piece together the available information about them. Satoshi Nakomoto launched the Bitcoin revolution and disappeared from the internet altogether. If you want to learn why this may have happened or just explore the mystery, this book may be an excellent fit for you.

Author: Phil Champagne

The Truth Machine: The Blockchain and the Future of Everything

The world has moved to a digital standard for just about everything. However, relying on these aging systems has put us in a position where we are less in control of our data than ever before. As a result, many are looking to move away from the legacy systems that control our data and regularly leak our valuable personal information. The Truth Machine explores how self-empowerment and much more is possible with the help of blockchain technology.

Authors: Paul Vigna, Michael J. Casey

Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money

The concept of a new currency that didn’t follow the rules of traditional systems that existed before it started out as a bit of an oddity, yet it has grown into a technology that spans a multi-billion dollar industry. People of all kinds from around the world are throwing their support behind Bitcoin as it has shown the potential to free its users from the restrictions and roadblocks that can result from relying on the legacy financial system. Digital gold starts by following the rise and early growth of Bitcoin through the eyes of many of the eccentric members of the community that took to this technology in its early days.

Author: Nathaniel Popper

Bitcoin Billionaires: A True Story of Genius, Betrayal, and Redemption

While many know of Tyler and Cameron Winklevoss from their involvement in Facebook in the early days, many in the cryptocurrency space know them for their participation and support of Bitcoin. However, after diving into the venture capital space and soon discovering that their past at Facebook was a roadblock, they found themselves faced with a new proposition of a technology that could be the biggest thing to come or nothing at all, and they bet big that there would be something to it, and were rewarded for their gamble. Learn more about how these brothers found themselves at the forefront of the early Bitcoin boom.

Author: Ben Mezrich

The Internet of Money

Many books on Bitcoin approach it from the angle of how, but not as many focus on the why, which is just as crucial to understanding the actual value of Bitcoin. Bitcoin affects more than the financial world, and Andreas explains why this new evolution is more than a digital currency. There are massive implications for Bitcoin, and perhaps it can grow to be just as powerful a technology as the internet has been for recent generations. If you’re open to exploring the more significant value propositions of Bitcoin, The Internet of Money is a book you should definitely pick up.

Author: Andreas M. Antonopoulos

Cloudmoney: Cash, Cards, Crypto and the War for our Wallets

Is cash being left behind due to the convenience of digital, or is there more to this push to remove cash from your wallet and have you filling your pockets with cards and phone with digital accounts that track every purchase? Cloudmoney tells the story of how cash has been under attack by big money lobbyists fed by tech and finance forces with an interest in moving the world to new forms of money. So what happens when we leave cash behind, is privacy doomed, and is the possible end goal of cloud money closer than we think?

Author: Brett Scott

Digital Cash: The Unknown History of the Anarchists, Utopians, and Technologists Who Created Cryptocurrency

While Bitcoin is often known as the first attempt at creating a digital currency, it’s actually only the first to catch on. However, behind this Bitcoin phenomenon, there is a range of exciting stories and even more interesting people who, through the years since the 1970s, have been exploring this concept in a range of curious ways. If you’re looking for something a little outside of the usual Bitcoin or blockchain books, this one might be worth a look.

Author: Finn Brunton

Blockchain Bubble Or Revolution: The Future of Bitcoin, Blockchains, and Cryptocurrencies

There are a lot of claims made when it comes to cryptocurrency, but the best way to discern for yourself where you stand is to look at both the strengths and weaknesses of this technology. By leveraging real-worth case studies, Blockchain Bubble or Revolution looks to cut through the hype and provide a more balanced and understandable analysis of what exactly is going on with cryptocurrency. Learn about everything from public to private blockchains and even what you should be prepared for as we move forward with blockchain into the future.

Authors: Parth Detroja, Neel Mehta, Aditya Agashe

The Cryptopians: Idealism, Greed, Lies, and the Making of the First Big Cryptocurrency Craze

In the early days of cryptocurrency, if you wanted to create your own, you usually had to create your own blockchain, and standing out when Bitcoin was a growing behemoth was challenging. However, with the launch of Ethereum, suddenly, things became a little more interesting. Tokens have become a standard part of the average crypto user’s vocabulary. This was made possible with Ethereum enabling developers to leverage an existing blockchain without having to bootstrap their own and attracting enough user base to sustain and secure itself. As a result, Ethereum pushed the cryptocurrency space into a new world where almost anyone could launch a token. This book attempts to show the struggles of the crypto market to adapt to the struggles for power, money, and culture.

Author: Laura Shin

The Crypto Book: How to Invest Safely in Bitcoin and Other Cryptocurrencies

If you’ve heard of cryptocurrency and want to learn more about the potential for investments in the crypto market, this book is for you. Find out what exactly all this crypto stuff is, why it exists, and where the industry might be moving in the near future. In addition, it covers many common mistakes made by new crypto investors and attempts to educate you on safely exploring investment opportunities in the crypto market.

Author: Siam Kidd

Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction

Want an introduction to the often misunderstood world of crypto? This self-contained book might be a good starting point as it explores crypto and what some are calling the new global money for the internet age. As a newcomer to crypto, you’ll likely have many questions. This book covers a lot of areas that will hopefully help you better understand important aspects of crypto like decentralization, altcoins, Bitcoin, blockchain, and a lot more. It is supported by a website that enables you to take what you’ve learned to the next level by providing companion videos for each chapter and even problems for you to go off and solve as you learn.

Authors: Arvind Narayanan, Joseph Bonneau, Steven Goldfeder, Edward Felten, Andrew Miller

The Truth About Crypto: A Practical, Easy-to-Understand Guide to Bitcoin, Blockchain, NFTs, and Other Digital Assets

If you’ve been looking for a fun and easy-to-follow introduction to digital assets across a broad spectrum of the blockchain ecosystem, you may find yourself being drawn to The Truth About Crypto. Explore the difference between cryptocurrency and other types of digital assets that provides a broader perspective on what precisely these assets can do and why they might be appealing to you as an investor in the space.

Authors: Ric Edelman

Layered Money: From Gold and Dollars to Bitcoin and Central Bank Digital Currencies

We often take money for granted regarding how it actually works. What Layered Money attempts to investigate is how money has evolved over time to become layered. From gold to digital currencies, the lines begin to blur as to what exactly money can mean. If you want to investigate for yourself how Bitcoin has started a massive shake-up of our international monetary systems to the stage where central banks are exploring creating their own blockchain assets and digital currencies.

Author: Nik Bhatia

Blockchain Basics: A Non-Technical Introduction in 25 Steps

Depending on how you learn, you may find that breaking down a concept like a blockchain technology into a series of digestible and approachable steps is a fantastic way to increase your knowledge. You can skip the jargon and complex math; instead, just work your way through this book which makes an effort to bridge the gap between highly-technical explanations and the business side of blockchain. Start with the core knowledge needed to understand what a blockchain is all the way through to major application scenarios that can have you well on your way to being an informed and active member of the crypto community.

Author: Daniel Drescher

The Blocksize War

Between 2015 and late 2017, there was a lot of commotion in the Bitcoin community, something that is now often referred to as the Blocksize War. While it was easy to look at this from the outside and assume it was simply a passionate debate about the amount of data that should be allowed in each Bitcoin block, it raised a lot of questions. With some prominent players throwing their weight around and conflict spilling out beyond the Bitcoin codebase, there is a lot to explore when it comes to who was making noise, their motivations, and where all this went in the end.

Author: Jonathan Bier

Cryptocurrency Investing for Dummies

While the “for Dummies” series of books has become somewhat of a meme, many of them provide easy-to-approach information that is easy to understand and digest. The book Cryptocurrency Investing for Dummies allows you to go from a passing interest to have a grasp of some of the things you’ll need to navigate the cryptocurrency markets. Find out how to speculate on the top cryptocurrencies no matter the market conditions or sentiment and navigate the new thriving cryptocurrency markets that never sleep.

Author: Kiana Danial

The Book of Crypto: The Complete Guide to Understanding Bitcoin, Cryptocurrencies, and Digital Assets

If you want an introduction to crypto that takes you beyond the rudimentary and touches on interesting topics like DeFi, NFTs, and many other curious topics, The Book of Crypto could be your answer to scratching the surface. The crypto ecosystem is growing in complexity as new and experimental ideas are playing out on the center stage. It’s easy to feel like you’ve been left behind as the crypto space pushes forward, but you can get on top and start understanding the potential impact on the future of money and how cryptocurrency can take us there.

Author: Henri Arslanian

Mastering Ethereum: Building Smart Contracts and Dapps

Again Andreas enters the list with another high-quality offering that you shouldn’t miss. Start with learning the basics of running an Ethereum client and progress all the way through to building your own decentralized applications that leverage multiple P2P aspects. Companies worldwide are exploring Ethereum and EVM compatible blockchains, and now you can use Mastering Ethereum as your gateway to becoming a part of that yourself.

Author: Andreas Antonopoulos

Understanding Bitcoin & Cryptocurrency: Beginners Guide to the Crypto Revolution

Suppose you’re interested in gaining the information to make informed decisions about Bitcoin and cryptocurrency in general. In that case, Understanding Bitcoin & Cryptocurrency may help you achieve more awareness and understanding of this new phenomenon. Furthermore, the blockchain scene is constantly growing, and if you decide to start checking out books like this, perhaps you can start growing your knowledge of blockchain.

Author: Martin May-Clingo

The Blockchain Developer

Blockchain development is becoming increasingly in demand. Suppose you are one of the few that understand how to build with blockchain technology and build your own scalable blockchain projects. In that case, you’ll be well-positioned to become an integral part of the blockchain community. Find out how you could use Bitcoin, Ethereum, NEO, EOS, and Hyperledger to begin your own projects and immerse yourself in what it is to be a blockchain developer.

Authors: Elad Elrom

The Infinite Machine: How an Army of Crypto-hackers Is Building the Next Internet with Ethereum

While we’ve touched on many Bitcoin and blockchain books in this list, many intriguing books are jumping into Ethereum that are worth your time. One to consider is The Infinite Machine, as it starts with the creator Vitalik Buterin and follows the ideas as they unfold and the chaos that sometimes results. Step through the technology and innovation to see what was unleashed as Ethereum grew to the point where it now supports thousands of independent projects and is considered one of the biggest blockchain projects in the world.

Author: Camila Russo

The Business Blockchain

Many people become curious about the business potential of blockchain, and this book aims to quench that curiosity. Find out some of the new business models and possibilities that blockchain brings to the table, and perhaps inspire your own ideas for this innovative space. Then, progress through seven chapters to get a grasp on why blockchain matters for business and where it could take you.

Author: William Mougayar

Cryptocurrency Mining For Dummies

While this is the 2nd entry to this list from this range of books, it should be no surprise given how broad the topics this series strives to cover to see more than one about cryptocurrency. While many beginners to crypto are quick to jump in and start performing transactions, others find themselves enamored with this so-called “mining” used to generate new cryptocurrency on many blockchains. With this book, you can find out what this actually means, how you might be able to do it yourself, and whether or not you’ll need a pick and shovel to get started.

Authors: Peter Kent and Tyler Bain

Bitcoin Money: A Tale of Bitville Discovering Good Money

Have you wanted to broach the concept of Bitcoin with your children, or maybe you want a gift for a Bitcoin-crazy friend that has children? In either case, Bitcoin Money could fit the bill. Explore different kinds of money in a story suitable for all ages, and you never know, you might just learn something new yourself about this magical internet money.

Author: Michael Caras

- Adam Tracey
Cashing Out Your NFT Gains
Cashing Out Your NFT Gains

If you’ve been looking at the NFT market for the first time and wondered how you could convert these digital assets into real cash, you may be confused, especially if you are new to the crypto markets. Thankfully, there is a very approachable pathway from having an NFT in your wallet to converting it to cash that you can physically spend in the real world.

Can you Get Cash for an NFT?

As the NFT market has grown significantly in recent years, many traders wonder if you can get cold hard cash for your NFTs. While you may find someone willing to buy your NFT for cash directly, that isn’t typically an easy thing to do. However, you still have options to get some money for your NFT with a small amount of additional effort and a little crypto knowledge.

How can you Sell an NFT for Cash?

The first step is to convert your NFT to a popular cryptocurrency like Bitcoin or Ethereum. Doing this has varying degrees of difficulty depending on the network on which the NFT is based and how popular that specific NFT is, which can affect demand. Opensea is a popular NFT marketplace, and often a great way to complete this first step is to use this or another NFT marketplace to list and sell your NFT for crypto.

Once you have some popular cryptocurrency instead of the NFT, you now have reached the second stage of the process, where you can move on to convert it to cash. While many order book exchanges only offer limited payment options and typically never support cash trading, it’s not the only option. LocalCoinSwap is one of the most popular P2P marketplaces and is one of the only options available for trading cash-in-person or cash-by-mail. If you want other payment methods like PayPal, bank transfer, or just about anything else, P2P trading on LocalCoinSwap is perfect for you as well.

Simply head over to LocalCoinSwap and browse thousands of offers from vendors around the world. Once you find an offer that meets your needs, you can follow the prompt to cash out your NFT profits fast. It doesn’t have to be challenging to lock in profits, and just because you started with an NFT doesn’t mean you can't end up with cash either.

How Much does it Cost to Transfer an NFT?

While in the early stages of the NFT boom, you would only really see NFTs being minted on Ethereum, but that has long since changed, with a range of blockchains providing support for tokens and NFTs specifically. As a result, there isn’t a clear-cut answer to this, but it is easy enough to get a rough estimate. For example, if you want to transfer an NFT on Ethereum, you can use the Etherscan gas tracker to get an idea of how much to expect to pay when performing token transfers on the network. For other established blockchains, you’ll be able to find similar tools without looking very far either.

Where can I buy an NFT with Cash?

While you may, in a rare case, come across someone willing to sell you an NFT for cash directly, the better route to take is by first converting cash to a commonly accepted cryptocurrency. For example, you can start with cash and then use a P2P marketplace like LocalCoinSwap to convert it to crypto via several different payment methods.

If you can find local bitcoin traders operating in your region, this can be a great option, but if you do not or you’d prefer not to meet directly, there are plenty of other payment options available. For example, you could trade using a cash deposit or cash-by-mail, and there are plenty of different approaches as well. Getting funds into the NFT market is easy when you start with a P2P trade; you’ll have some crypto ready to go in no time.

How Much Does it Cost to Sell an NFT?

If you are trading with someone directly, you’ll only have to account for the network fees. However, this is never recommended as it’s highly likely the other trader will scam you as there’s no reason for them to hold up their end of the deal once they’ve received your NFT. Most NFT traders use an NFT marketplace to exchange their NFTs for fungible cryptocurrency to avoid this. How much specific marketplaces can vary, and it’s always best to check their website for the fees listed before selling your digital asset on that marketplace.

The Best Way to Cash out Your NFT Gains

Peer-to-peer marketplaces are the best way to cash out your fungible cryptocurrency and gains from your NFT trades. Additionally, suppose you are willing to accept less commonly found payment methods. In that case, you may even find yourself able to make an additional profit as you sell your NFT for cash, thanks to the natural supply and demand dynamics that occur in a P2P marketplace.

Start exploring P2P trading with free crypto guides or just jump right in over at LocalCoinSwap and find out why so many traders opt to trade P2P.

- Adam Tracey
Top 5 Cryptocurrency Debit Cards
Top 5 Cryptocurrency Debit Cards

If you’ve been in crypto for a while, you’ve likely heard about these cryptocurrency debit cards doing the rounds but simply don’t know where to start looking. While there’s a range of options, crypto debit cards aren’t a one size fits all solution as most of them only support specific regions and cryptos. So it’s time to find out if adding a crypto card to your wallet is a plus or a bust to add to your trading toolkit.

While P2P trading is often a far better option as it provides you extremely high flexibility to get paid or send payment in whatever way suits you, it’s always good to know what options are out there for expanding your ability to trade your crypto in and out of the markets. None of the following should be considered endorsements and is based on publicly available information. Always do your own research before putting your cryptocurrency somewhere new or handing over personal information.

Wirex

One of the older players in the crypto debit card space, Wirex, has been around for some time now. So If you’re looking to spend money on one of these cards, having a company that has been around a little longer is a good way to ensure you aren’t likely to face a sudden shutdown or discontinuation of service in your region.

Wirex cards are supported in 130 countries, enable you to use over 150 cryptos and fiat currencies, and boast several million customers.

You can earn up to 2% cashback on in-store or online purchases via their Cryptoback rewards program that pays out in their token WXT, which is a great value add to users of the Wirex cards. Top-ups can be performed several ways using crypto but can also be performed via your other debit or credit card if that’s something you’re interested in doing.

With no monthly maintenance fees and even some free ATM withdrawals up to $400 a month, the Wirex card can be one of the best crypto debit cards to consider. Just be sure to investigate your specific spending habits to ensure that you won’t get caught out by any unexpected fees, as pricing lacks a little transparency. In addition, you’ll likely find that some additional costs are creeping into the spreads on conversions between crypto or traditional fiat currencies, so that’s something to consider.

Top 5 Cryptocurrency Debit Cards

Want a crypto debit card with broad support for a wide range of currencies and locations? Then, Wirex might tick your boxes.

Unbanked

A newer entry to the cryptocurrency debit card list is the Crypto Card from Unbanked. Unlike many others that rely on apps to support their card with few other options to fund the card. The Unbanked debit card enables you to fund your card using the Visa Readylink program via direct deposit or cryptocurrency transfer. So while you may be looking for a bitcoin debit card or something specific, the Unbanked card offers you more options.

One of the things to be aware of when looking into the debit cards offered by Unbanked is that funding your account results in the funds being converted to their token UNBNK. The main concern with this is that you’re exposed to the volatility of the cryptocurrency, which may be something that you consider outside your risk profile.

Unbanked offers support for several different cryptocurrencies when funding your account, including some less common options like Uniswap (UNI) and Basic Attention Token (BAT, alongside staples like Bitcoin (BTC), Tether (USDT), and USD Coin (USDC). Currently, it appears that cards are available to customers in the United States, Europe, and Latin America, which covers some notable areas but won't be suitable for everyone.

Top 5 Cryptocurrency Debit Cards

Like the flexibility of having multiple ways to fund your card and live in a supported region? It could be that the Unbanked debit card catches your attention.

Bitpay

If you’ve been checking out using bitcoin and other cryptocurrencies online, you’ve likely been face-to-face with Bitpay in the past. While better known for their payment processing solutions for merchants, they also offer a popular crypto debit card. Like Wirex, Bitpay has been around a long time and is very much well-established, so it is less likely to just fall off the map suddenly as can be the risk with some of the latest options.

Boasting fast reloads, flexibility, high security, broad access, and rewards, the Bitpay card can be an excellent option to investigate when searching for the top crypto conversion cards. Bitpay relies heavily on their app, which, to be fair, these days is not uncommon but is something that may irk the more hardline users looking for a more traditional experience.

On the other hand, with the app, you can get set up with a wallet quite fast, have it loaded, and be on to ordering your card in just a couple of minutes. So if you’re looking for a prepaid MasterCard that can enable you to spend your crypto backed by one of the older companies in the crypto space, Bitpay could be the answer.

Top 5 Cryptocurrency Debit Cards

Want a debit card to convert crypto from a reputable brand in the space? Then, the Bitpay crypto debit card could be the answer.

Crypto.com

If you’re looking for something a little flashy with all the bells and whistles, the crypto.com crypto debit card might be for you. While one of the newer entries to the market, this card is already one of the most popular and is also one of the most competitive options in terms of fees.

While cashback has been offered on spending there are report reports of rewards changing for the worse recently, so be sure to check for official announcements before looking further. No annual fees, and their card is actually made of metal, something you likely know if you’ve seen any of their abundant marketing since their card launched. Like some other cards, such as the card offered by Wirex, you can also top up your card with fiat, alongside a range of cryptocurrencies. There’s also a range of “tiers” of cards, so if you’re considering this one take a close look and be sure to check the fine print to understand exactly what you’re getting yourself into.

Again the app is very strongly connected to the card, with the card acting more as a secondary product, albeit a well-rounded one. The crypto.com app features a range of features, including paying interest on some cryptocurrencies stored in the wallet, though this appears to require you to stake some of their token Cronos (CRO).

Top 5 Cryptocurrency Debit Cards

If you’re looking for one of the newest entries to the market, check out the crypto debit card offered by Crypto.com

Nexo

For those of you that like to leverage the value held in your cryptocurrency without having to sell them, the Nexo card is an interesting offering. Using your Nexo card, you can spend the value of the crypto stored in your Nexo wallet; this offers a more unique alternative that feels more like a credit card than it does just another crypto debit card.

Rewards are also quite good with a Nexo crypto card. For example, you can receive an instant 2% cashback on purchases. In addition, using Nexo, you can earn quite good interest with claimed rates of up to 17% of annual interest. Unlike most other companies with similar offerings, Nexo offers a daily payout and enables you to withdraw your funds at any time. However, like all of these lending and rewards programs, it’s crucial you take the time to understand any downsides or potential risks associated with them. It's not something you should jump into without adequate understanding.

If you think Nexo might be a good choice for you, we have some great news! You can trade Nexo tokens P2P over on LocalCoinSwap, enabling you to experiment with all that Nexo offers while trading Nexo tokens on the most popular non-custodial marketplace.

Top 5 Cryptocurrency Debit Cards

If you find crypto lending an interesting idea and want to access the value in your assets without selling them, perhaps the crypto debit card available from Nexo may suit you.

Conclusion

While there's a range of cryptocurrency debit card options they all have their pros and cons, and many are only available in specific regions. The best thing to do when trying to decide on a crypto card you may be interested in is to first decide what's important to you, which cryptos you want to use, and continue on by investigating the many options available with these things in mind.

If you do decide to get yourself a debit card that supports crypto exchange, be sure to check back in now and then to ensure you're still getting a good deal, don't be afraid to mix things up if a better option comes along in the future!

- Adam Tracey
Buy & Sell Crypto with Cash by Mail
Buy & Sell Crypto with Cash by Mail

While cash-in-person trading is still a popular choice for many, one less explored option is growing in popularity as traders realize they can gain many of the same benefits while avoiding the potential downsides that can sometimes come with other types of crypto for cash trading.

What is Cash by Mail?

Cash by mail simply describes sending payment in the form of cash by using the postal service, couriers, or other delivery agents. It’s an excellent payment method for trading P2P as it enables a straightforward way to convert crypto to cash or purchase crypto using cash.

Buy & Sell Crypto with Cash by MailWhy Might you Consider Trading with Cash by Mail?

Cash trading is revered for its increased potential for privacy among P2P traders. Especially in regions where financial security and privacy as crucial to your well-being. While one of the oldest ways to trade bitcoin and other cryptocurrencies, cash trades are still highly prevalent.

When trading in person with cash, you have to accept that you’ll likely be filmed during your meeting when trading in a public place. When dealing with money by mail instead, you can avoid this concern and reduce potential issues you can face when meeting with a person in a public place for any kind of exchange.

If you live in a region where the postal system is typically reliable or have access to suitable courier services, cash by mail can be an excellent option to consider when converting your cryptocurrency to cash or getting some money into the market quickly.

How to Trade with Cash by Mail Near YouHead over to LocalCoinSwap and use the search bar to filter for cash by mail trades and select a suitable location.Sort through the available offers and see if any match your preferences; just be sure to read the offer terms of each trade you find interesting.Once you find a suitable trade, press the buy or sell button, and you’ll be prompted to input the specific amount you would like to trade.If the other trader accepts your trade request, simply follow the prompts to complete your first trade.Buy & Sell Crypto with Cash by Mail

If you cannot find a suitable trade offer, you can create your own offer by selecting the create offer option from the menu. It takes just a few seconds to create an offer and have it live on the marketplace for other traders to find.

Tips for Receiving Cash in the MailRecord yourself opening the package in one complete takeConsider using a post office box for increased privacy when possibleChoose reputable vendors to minimize the potential for disputesEnsure someone is available to collect the package when its due to arriveAsk the vendor to include a custom note to avoid third party shipmentsDon’t finalize trades before receiving your packageTips for Sending Cash in the MailFilm the packaging process in one complete takeDon’t cut corners and package up cash at the post officeUse insurance and licensed couriers where possibleMark the package in unique ways to make disputes easierBe discrete, and don’t make it obvious you are shipping cashAlways send with tracking, so the package’s journey is transparentDisputes when Trading with Cash by Mail

When buying bitcoin or other cryptocurrencies from an experienced and active P2P vendor that offers cash by mail trading, you are unlikely to run into disputes frequently. However, as with any form of exchange, it’s always good to plan ahead if it does happen one day.

The biggest thing to be aware of when performing these types of trades or sending cash in the mail for any reason is that being transparent and recording the critical parts of the process can help protect you later, which goes for both sides of the trade. Whether you’re the buyer or the seller in the transaction, recording your interactions with the package is crucial to protect yourself and show that you are playing your part honestly.

For example, before opening cash by mail packages, you can grab your phone and film yourself opening it, or if you have someone else around to assist you, have them hold the phone for you. It might feel excessive when you think about doing this, but you’ll undoubtedly feel differently about that if a trade goes to dispute. Also, showing the package is completely sealed and opening it in the same clip without any cuts can clearly show the state you received the package and what you received inside it.

If you’re considering becoming a cash-by-mail vendor, making an effort to record your packaging process is also vital for you. The only difference is you want to film yourself packaging the money and sealing it in the package before shipping. Recordings like this can make a huge difference in having a dispute resolved in your favor swiftly without excessive back and forth, especially if the other party hasn’t done the same and wasn’t as organized as you.

Is it Legal to Send Cash by Mail?

In many regions, it is legal to send cash by mail. However, many areas have restrictions on the amount of money you can send or how it should be handled when packaging or sending. So be sure to check your local rules and regulations before sending cash in the mail, whether that is for a crypto transaction or anything else for that matter.

Can you Trade Cash by Mail Internationally?

Cash by mail trades are best performed when you are situated reasonably close to the counter party to avoid excessive postal delays. Typically being in the same state or territory as the other trader will be enough for a smooth experience. As a result, it’s not typically recommended to trade using cash by mail when trying to trade internationally. It may even be against the laws of the countries involved. It’s always best to use payment methods suited to your circumstances or preferences, and in this case, many other payment methods are better suited to cross-border payments.

Buy & Sell Crypto with Cash by MailShould you use Tracking?

Tracking is essential for cash by mail trades. It helps keep track of where the package is and when it was initially shipped and delivered. Not only will you be able better to keep track of these critical parts of the trade, but your trading partner will also be happy they can follow along as well. Also, in a dispute, it will be easy to show the history of that package to get the trade resolved as fast as possible. Tracking is inexpensive and should never be disregarded, and it’s always important when sending anything valuable, especially money.

Is Cash by Mail Safe?

In many parts of the world, there are relatively reliable options for posting valuable items, be that through the traditional postal system in the region or via things like third-party courier services. Many traders opt to use package insurance to help protect against losses should the package get lost in the postal system. If you live somewhere where mail frequently goes missing or is otherwise interfered with, cash by mail may not be suitable for you. Still, it’s a reliable way to trade in many parts of the world that can sometimes even be faster than a bank transfer between different banks.

Conclusion

Cash by mail is an often overlooked way to trade crypto privately, especially when using a post office box. So if you’re someone who values the benefits of dealing in cash but doesn’t like the idea of trading in person or would just prefer the convenience of cash by mail, this payment method might be perfect for your next trade!

- Adam Tracey
Charities You Can Help with Crypto Today
Charities You Can Help with Crypto Today

Many of us have had the opportunity to be exposed to such rapid growth in the crypto community; in some cases, it’s even been life-changing for many people. So if you feel like you should share some of what you’ve gained from crypto, or maybe you just have a little more than you need, donating to charity is an excellent way to help others.

Donating to a charity that accepts cryptocurrency can be a way to give while supporting something important to you already, cryptocurrency. Thankfully, a growing number of charities are now realizing that accepting crypto donations can really make a difference, and so can you.

Backpack Bed for Homeless

A charity that provides sleeping bags and backpack beds to those in need, Backpack Bed for Homeless offers practical help to those in need. Providing shelter enables those in need and sleeping rough to stay warm and receive at least a hint of comfort. In addition, you can donate multiple types of crypto and help make a difference to homeless people. If you are eligible, you may even be able to receive a tax deduction, which is always a welcome bonus that can be even better when you’re helping someone.

If you want to help someone struggling even to stay warm, Backpack Bed for Homeless is a way you can do just that and help people feel just a little bit safer.

Save the Children

Working to protect children in desperate situations from starvation, diseases, and other disasters, Save the Children helps kids in 116 countries worldwide. They also help produce resources to help spread essential information about health, education, child protection, and humanitarian issues. With a mission to prevent preventable causes of death in children while ensuring they also have the essentials like education covered, Save the Children is an easy cause to get behind.

Save the children has been accepting bitcoin donations since 2013, so if you want to support their efforts, check out Save the Children, you can donate with a range of cryptos.

Habitat for Humanity

Having a home of your own is an incredibly powerful thing, and this is something that Habitat for Humanity strives to provide. As a not-for-profit housing provider for low-income families and other vulnerable people, Habitat for Humanity helps access safe shelter, water, sanitation, and some of the essentials we need as humans to thrive. They’ve helped over 39 million people, and over a million people have volunteered for their projects.

For many of us, a home is something we take for granted; for many others, the idea of a home is a dream that seems too far away. So maybe it’s time to see if Habitat for Humanity can help you spread some kindness with a crypto donation.

The Water Project

Water is essential for all of us to survive. Yet, access to clean drinking water is still not available to everyone. Access to clean water sources can make or break a community, and the results can be devastating. It’s impossible to focus on education, work, and supporting your family when your most basic needs like water aren’t being met, which is a massive problem The Water Project is trying to solve. When donating to this charity, you can even choose directly to contribute to specific communities, which can help you feel better connected to where your donation is going.

The challenging work performed by The Water Project affected hundreds of thousands of people, and you can help them affect more people by donating some of your cryptocurrency.

Red Cross

If there’s a charity that almost everyone has heard of before, it’s definitely the Red Cross. The goal of the Red Cross is to relieve causes of suffering around the world. Whether through blood drives, responding to natural disasters, and so much more. Another area where the Red Cross places a lot of effort is training people with life-saving skills, be that CPR, swimming, or other potentially life-saving training. The charity relies heavily on donations and volunteers to perform the work they do, so your donations can help this charity reach more people and affect their lives in positive ways.

For those interested in putting their crypto to work, the Red Cross may be an excellent solution the next time you’re looking for a worthy cause to support after.

Watsi

Healthcare is important for all of us, yet many people don’t have access to public healthcare solutions or have the ability to afford medical insurance. Watsi allows you to directly affect the lives of others by funding life-changing surgeries for people around the world. It’s hard to argue that everyone should be able to get the medical help they need, and should you choose to donate, you can help make sure someone is getting the treatment they need.

If a direct cause and effect are important to you when donating to charities that accept bitcoin or crypto in general, Watsi might just tick some boxes for you.

Rainforest Foundation

Supporting indigenous and traditional communities that inhabit the world's rainforests helps protect the people who live there and enables them to better foster these beautiful parts of the world. Sustainability is the key to the future of rainforests, and with the changes happening to the world around us, sometimes it’s important to remember the massive value they provide.

If you’re interested in supporting important cultures and isolated communities while helping to protect the lands they inhabit, the Rainforest Foundation could be perfect for your next crypto donation.

Tunapanda

While this charity has an interesting name, it’s also a strong meaning. In Swahili, the word means ‘we are growing. Tunapanda runs technology and other educational courses in struggling parts of East Africa. With a goal to train lifelong learners, Tunapanda helps people empower themselves in ways that can change their lives.

Education, collaboration, and building stronger communities are possible through education, and your donation may just be able to help with that at Tunapanda.

Encourage Your Favourite Charity to Accept Crypto

If you have a charity that you love, consider suggesting they consider accepting crypto the next time you donate. It shows that demand is there and helps grow the options for the cryptocurrency community to donate directly in a way that feels right for them.

For all of us who have more than we need, there are always many more people who don’t even have enough help to get themselves the necessities or people trying to change the world in powerful ways that could use our support.

- Adam Tracey
Top 10 Best Play-to-Earn Crypto Games
Top 10 Best Play-to-Earn Crypto Games

Recently, one of the driving forces in gaming is exploring new models of gaming that aren’t just filled with micropayments and instead leveraging the power of blockchain technology to create experiences that can be fun and give their players the potential to own digital assets or even earn some money.

It’s time to jump in and find out why play-to-earn games are booming and becoming one of the most entertaining parts of the cryptocurrency revolution. Just be sure to always do a little extra research, especially before investing in play-to-earn games.

Axie Infinity

Build and refine your team of Axies to go to battle with other players. One of the most well-known blockchain-based crypto games, Axie Infinity, is a fantastic option for those looking for a fun PVP experience. The only major con for Axie Infinity is that it can be a little expensive to get started. However, battle winners are rewarded with SLP (smooth love potion), which has a strong economy in the Axie Infinity marketplace and can easily be exchanged for fiat in third-party markets due to the demand by the community around this game. You can also use SLP to breed your Axies to grow your team further.

If you’re looking for a polished PVP experience with a thriving player base, don’t mind spending some money to get started, Axie Infinity is probably for you and can easily be considered one of the most popular NFT P2E games!

Spider Tanks

Collect in-game resources, upgrade your stats and weapons, and jump into the battle arena in this PVP battle brawler. Play a range of game modes and have fun demolishing the competition alone or as a team. You can even buy special edition tanks, weapons, maps, and or other accessories in the form of tradable NFTs. It’s even got great graphics to ensure you’re making the most of your gaming experience.

If you like games like Rocket League or World of Tanks, maybe this battle vehicle free-to-play with a play-to-earn model is an excellent fit for you. So why not give Spider Tanks a try.

Gods Unchained

As an Ethereum-based P2E trading card game on the blockchain where each game card is an NFT, Gods Unchained takes the cake. If you’re nostalgic about the old days of trading Pokemon cards with your friends, maybe it’s time to get back into trading cards with a modern twist. You can even get started for free, with all new players getting a pack of cards to start playing. It’s great to see this P2E game which is also a great free-to-play option.

Do you like Hearthstone and other collectable card games? Then, Gods Unchained might be what you’re looking for in a crypto card game.

The Sandbox

What originally started as a 2D pixel art game back in 2012 for mobile devices has transcended into the blockchain space to become one of the more prominent players in the growing metaverse ecosystem and one of the P2E games you’ll likely hear more about as development continues. The Sandbox throws players into a virtual world. You can own land, monetize your virtual assets, and explore novel gaming experiences. While still considered alpha software, this game has already had some extensive collaborations with popular artists and brands.

The Sandbox economy runs on a token called SAND which operates on the Ethereum network. Even at the early stages of this project, large amounts are being spent on in-game assets, so if you’re interested in making your mark in the metaverse, The Sandbox is worth a hard look.

For lovers of Minecraft and Roblox, The Sandbox might scratch that itch for more voxel gaming glory.

Splinterlands

If you’ve been looking for a trading card game that won’t need hours just to play through a game, you might want to check out Splinterlands. With the rapid pace of games, you can complete one in just a few minutes. With over 500 cards and growing, there’s plenty of variety to keep you entertained. Combine cards, convert cards to crypto and exchange your cards to build the perfect collection. You can even rent cards if you’re more of the yield farming type, a phrase you probably didn’t expect to hear associated with a collectible card game.

A hive cryptocurrency wallet is created for you after registration, and this allows you to jump right in and get started with this blockchain game. To avoid being too locked into one blockchain, it features cross-compatibility with additional blockchains like Ethereum, Tron, and WAX which is well known in the NFT scene.

Do you enjoy Magic the Gathering and other collectible card games? Maybe check out Splinterlands.

Alien Worlds

Alien Worlds has a lot to love as a play-to-earn game built on top of the WAX blockchain. Plots of land across several worlds are accessible to players in the form of an NFT. In addition, Trillium, the in-game currency, can be collected, staked, and even transferred using BNB Smart Chain.

Buy, sell, and rent virtual land and explore new forms of social governance; there's a lot to explore in Alien Worlds. You can also complete intergalactic missions, collect a range of tools, and explore the Alien Worlds universe in this NFT Metaverse game.

If EVE Online or No Man's Sky got you excited, Alien Worlds might be your new favorite space simulation game.

Plant vs. Undead

Set on Planet Plants, Plant vs. Undead is a blockchain game with a mobile-first approach that offers an excellent opportunity for the more casual gamer to explore the play-to-earn model. After a meteor crashed into the planet, many of the resident creatures became zombie-like creatures that spilled out into this cartoonish wonderland.

Unlike many of the games in this list, the primary way to play Plants vs. Undead is on your mobile device, whether Android or iOS. There's talk of other versions potentially launching in the future for PC and consoles, but this doesn't appear to be the case quite yet. While you are encouraged to expand your experience via trading PVU tokens (BEP20 tokens on BNB Smart Chain), you can start playing Plant vs. Undead for free as you will be provided a Mother Tree to protect alongside six plants used in defense.

If you find tower defense games a winner and like games such as Plants vs. Zombies (a clear inspiration for this one), perhaps it's worth checking out this PvE and PvP game, Plant vs. Undead.

Decentraland

One of the staples of the growing metaverse concept is absolutely Decentraland. If you like the idea of a virtual world where you can interact and make it your own, this is one to check out. With a range of carefully crafted environments to explore, there’s more than enough to lose yourself in for hours.

Players wanting to take things to the next level can leverage the Builder tool to create their own digital assets and even participate in some of the events held in the Decentraland community. For creators looking to make their mark (and some money in the Decentraland marketplace) or blockchain entrepreneurs looking to start a collection of land and other in-game digital goods, this ethereum backed play-to-earn game is a fascinating option.

Were you big on Second Life back in the day? See what the future holds for virtual worlds by jumping into Decentraland.

Pegaxy

Ever considered playing a play-to-earn horse racing game with Cyberpunk vibes? Maybe you’ll change after you get acquainted with Pegaxy (Pegasus Galaxy). In Pegaxy, you are pitting mythological creatures head-to-head, which results in some fast-paced action. You can even breed your Pega (the horses, if you can call them that).

With a PvP format, this game has some interesting style that throws together a high-tech vibe with a classic horse racing style of game that results in an interesting blend that shows how experimental P2E games can be. While this game is still in its early stages, it’s worth keeping an eye out for what this game has in store and seeing if these techno-horses catch on here as much as they do on the local track.

If horse racing games like Rival Stars or heading down for a day at the track gets you a bit loud, head over and see what’s going on with Pegaxy.

Thetan Arena

For those gamers who enjoy a multiplayer online battle arena game, commonly called a MOBA, Thetan Area might be your pick. Playable on Android, iOS, or PC, Thetan Arena offers a colorful experience that brings P2E gaming with a F2P model. Earn NFT items as you play the game that you can then sell on the marketplace to earn money, and you can also collect Thetan coin (the in-game currency used by Thetan Arena) by playing various game modes, which you can then exchange or trade for other items.

Furthermore, you can also acquire Thetan Gem, which takes things even further, enabling you to evolve your heroes in the game or stake them to earn some yield, something many DeFi enthusiasts will love. So whether you’re just interested in having a little fun or grinding for profit, the choice is yours.

Can’t get enough League of Legends or Dota 2? It’s probably time to see what the fuss is about when it comes to Thetan Arena.

- Adam Tracey
Getting Started with Celo
Getting Started with Celo


Celo is one of the most inclusive cryptocurrency projects around, and more people are beginning to take notice due to its thriving community. So let’s explore this project bringing dApps to everyone and enabling anyone with as little as a smartphone to participate in the cryptocurrency space.

What is Celo?

Celo is an open-source blockchain project that supports a native cryptocurrency called CELO and other tokenized assets like the stablecoin cUSD. Celo aims to be accessible to anyone by leveraging technology that has become commonplace among most of the planet, smartphones.

Suppose you are looking to experiment with blockchain technology and learn more. In that case, Celo is an excellent choice given its inexpensive transactions and ecosystem containing many projects focused on ease of use.

Can you Use Tokens on Celo?

As Celo comes with its own blockchain and token support, tokens on Celo are absolutely something you should check out. One of the most interesting is cUSD, a stablecoin that aims to be tied to the value of the US Dollar (USD) that is transferable on the Celo blockchain. The value of cUSD is maintained by a mechanism that algorithmically adjusts the cUSD supply using crypto-only reserves to ensure transparency and a reliable level of price stability.

Thanks to very low transaction fees on the Celo network, it opens up many opportunities for engaging with dApps and various types of smart contracts using tokens on Celo. As a result, many projects are popping up on Celo that range widely from NFT collections to experimental economic protocols.

How Does Celo Work?

The Celo network supports itself by relying on several different types of contributors to the network. Firstly, light clients are a form of software that operates on a user’s device; one great example is the official Celo mobile wallet which enables a low barrier to entry for the use of Celo on mobile devices. Furthermore, light clients allow users to interact with the network efficiently without operating more demanding software or needing access to anything higher-end than a cheap android phone.

As an alternative to using a light client, you can also use the non-custodial wallets provided by LocalCoinSwap, where you remain in complete control of your funds and can access your wallet on just about any device with a modern web browser.

Full nodes are also are vital parts of the network and provide a valuable service. These nodes help support the network and enable the use of light clients. Full nodes on the Celo network act as bridges that pass transactions and other necessary data between different network participants and help keep everything running smoothly and in sync.

Unlike many blockchains that currently use proof of work consensus to secure them, Celo opts instead to use proof of stake with the help of validator nodes that require staking of CELO tokens to take part in the validation process while incentivizing positive and honest contributions to the network. Validator nodes are essential as they provide validation for transactions and produce new blocks.

Together, these different types of participants form an active and efficient network that supports a flourishing and growing ecosystem of users and use cases.

Why does CELO have Value?

CELO holders can stake their CELO tokens and gain the ability to drive the project. The more CELO tokens you hold, the more voting power you can muster. Staking is rewarded and encourages participation as a validator. If the total amount of tokens staked drops below a certain threshold, rewards increase to encourage more holders to begin staking and ensure the network is well supported.

Combining staking rewards with governance helps the CELO tokens form a valuable part of the project and help provide a strong foundation for a range of tokens and dApps to operate on top of the Celo blockchain. As the supply is also limited, this helps provide value as long as there is enough demand for the tokens.

Where is the Best Place to Trade CELO?

Thanks to the support of non-custodial CELO trading on LocalCoinSwap, traders around the world have access to this increasingly popular digital asset. You can trade CELO instantly with other buyers and sellers from around the world in your local currency while choosing from hundreds of popular payment methods.

The Benefits of Buying CELO P2P on LocalCoinSwap Include:

Exchange Celo with traders internationally using 300+ payment methodsNon-custodial exchange & wallets keep you in control of your cryptoTrade CELO with cash and other less commonly accepted currenciesCustomize your trading terms to suit your needs and start trading your way

Earn free CELO by trading on LocalCoinSwap!

How to Buy CELO with Cash

Centralized exchanges tend to support minimal payment methods, resulting in a vast number of people simply not having access to trading on these platforms. However, a P2P marketplace like LocalCoinSwap enables you to trade with a massive range of payment methods, including cash.

Buying CELO with cash is easy, with just a few simple steps:

Head over to LocalCoinSwap and sign up if you haven't already (takes only seconds)Use the search bar to sort for CELO offers matching your needs, and if you’re looking for cash trades, all you need to do is select the payment method “cash-in-person.”Once you’ve found the perfect trade offer, you simply enter the amount you’d like to trade and follow the on-screen instructions to complete the trade.

If you can’t find a trade offer that matches your preferences, you can create your own trade offer or explore alternative payment methods that may be more commonly available. As you’re trading P2P, you can explore various payment options, including things like local bank transfer, gift cards, PayPal, Skrill, and Zelle, just to name a few.

Have you checked out all that Celo has to offer yet? Then, why not start by exploring P2P trading and see why so many people are interested in this cryptocurrency project that reduces barriers to using cryptocurrency and takes advantage of the modern technology in our pockets that we often take for granted.

- Adam Tracey
LocalCoinSwap Welcomes CELO & cUSD
LocalCoinSwap Welcomes CELO & cUSD


Embracing cryptocurrencies that do things a little differently is something we find important to bring to our community at LocalCoinSwap. As such, we’re excited to announce the support for both CELO and cUSD for non-custodial trading with full wallet support.

What Does This Mean?

As of now, you can trade Celo worldwide with over 300 payment methods, the flexibility afforded by peer-to-peer (P2P) trading, and full non-custodial wallet support. So it doesn’t matter whether you want to trade CELO or cUSD with bank transfer, cash, or almost anything else you may be looking for; LocalCoinSwap has got you covered.

De-banking of cryptocurrency users is still a problem for many traders, and for many more, access to banking or the types of resources required to use a centralized exchange simply aren’t available. Where you live and what tools you have at your disposal shouldn’t influence your access to critical financial tools, and while cryptocurrency projects like Celo break down many of these barriers, combining the benefits of crypto with those of P2P trading ensures that everyone has the same standard of access and the freedom to trade their own way.

Your Non-Custodial Celo Wallet

When using the Celo wallet provided with your LocalCoinSwap account, you remain in complete control of your cryptocurrency and your private key. You can freely export your private key and even import it into another Celo wallet to provide you both peace of mind and the highest possible flexibility. Keep track of your portfolio.

Stop worrying about centralized platforms holding your funds and start retaining control over your digital assets.

CELO & cUSD are Excellent Additions to LocalCoinSwap

Cryptocurrency can be an extremely powerful tool, but for that to be the case, it has to suit the needs of those using it, and both of these digital assets have a growing community and ecosystem of projects that support them.

Furthermore, many in the LocalCoinSwap community have been requesting stablecoins with cheaper associated transaction fees. With cUSD on Celo, you can have all the benefits of a stablecoin without the often high cost to trade with it or even when just moving it between wallets or sending some to a friend. When trading cUSD, you can complete trades in seconds, with very minimal amounts required for transaction fees on the network.

Trading P2P helps traders across the globe access financial tools and technology that, in many cases, they’d otherwise be unable to access in a practical way. While, unfortunately, many of these same traders are excluded from traditional financial services, further adding barriers to their economic independence and financial freedom, cryptocurrency can offer the ability to become more financially independent.

With the increased use of stablecoins like cUSD, you no longer have to be exposed to extreme volatility to leverage many of the advantages of cryptocurrency. Now you can exchange value with anyone and remit payments to a friend in the same room or family internationally in seconds for fees that are often significantly better than legacy remittance services or, in some cases, even exchange rates between some currencies.

The Benefits of Trading CELO & cUSD on LocalCoinSwapTrade with over 300 payment methods and against essentially any fiat currencySign-up is instant; you can be trading immediatelyNo withdrawal or deposit limitations ensure you are free to trade your wayAccess to many other popular cryptocurrencies for tradingFully non-custodial CELO & cUSD wallets with private key accessThe ability to trade both locally and internationally with traders around the worldStart Trading Your Own Way

Trading cryptocurrency shouldn’t be complicated or limiting. With P2P trading, you have the freedom to trade using your preferred payment methods, against your local currency, and even using payment methods that are far less commonly accepted by other cryptocurrency marketplaces, including cash.

All you need is access to the internet, and at minimum, a smartphone; you can start trading on LocalCoinSwap with a few easy steps.

Sign-up with LocalCoinSwap if you haven’t alreadySearch for offers that suit your needs, or even create your own with just a few clicksOnce you find an offer, simply enter the amount you wish to trade and follow the promptsWant to Earn Free CELO?

To celebrate the launch of CELO and cUSD on LocalCoinSwap we're giving away thousands of dollars worth of CELO. Complete your first trade and earn rewards! Want to find out more? Click here!

If you haven’t already, follow us on Twitter, Facebook, or join our Telegram group to see why LocalCoinSwap is the most popular non-custodial P2P marketplace. It doesn’t matter if you want to trade a lot or a little; LocalCoinSwap is the best place to trade cUSD or CELO.

- Adam Tracey
Ethereum Name Service (ENS) Introduction
Ethereum Name Service (ENS) Introduction

Have you ever wondered if your wallet address could be more readable? Perhaps a little like a website URL than a string of chaotic characters meshed together in a stream of incomprehensible madness, well this is where the Ethereum Name Services (commonly called ENS) can make things a lot more interesting.

What is Ethereum Name Service?

ENS is a naming standard that takes advantage of blockchain technology. Ethereum Name Service touts itself as being the most widely integrated blockchain naming standard, and given its proliferation among the cryptocurrency community, it's hard to argue with that likely being the case.

At its core, ENS is an extensible, open, and distributed naming system that leverages the popular Ethereum blockchain and enables the use of addresses that are actually human-readable. So when you're using an ENS address, there's no need to be awkwardly copying and pasting your address when a friend asks for it; instead, you can opt for an ENS domain that is not only far easier to read but also far easier to error check.

How Does ENS Work?

While you don't necessarily have to fully understand how Ethereum Name Service works merely to use it, it can still be an interesting thing to explore to help expand your understanding of how blockchains can be used.

If you're somewhat familiar with how the internet works, the concept of ENS domains is in a sense remotely similar to how DNS (domain name service) works. However, for those that aren't, in the simplest sense, when typing the name of a website into your browser DNS is used to help find the actual IP address that is serving the actual data for that domain. So instead of typing a series of numbers and dots that are even less intuitive than a phone number, you can instead type in an easy-to-remember, often very readable URL.

While on the internet, a top-level domain (like '.com') is managed by a registrar with domains available on request; in the case of ENS, the traditional registrar is replaced by smart contracts which control top-level domains like '.eth' and provide and manage the rules for registering one yourself. If you own a domain name, you can even create subdomains attached to it as you already control the higher-level ENS name.

For a far more in-depth explanation of how ENS works, as well as some further technical detail, the official ENS documentation is a fantastic place to learn more about this impressive service.

What is the ENS Token?

If you've been looking into ENS, you may have noticed a token by the same name, and this is associated with the project. The token is actually for us in the form of a decentralized autonomous organization (DAO) governance token to help push support of ENS forward while enabling it to remain an open, decentralized service.

A quarter of the entire ENS token supply was distributed in the form of an airdrop to those that had held NFTs representing ownership of ENS domain names. The amount of time someone held an ENS domain alongside other factors decided the actual amount received. A significant amount of Ethereum Name Service tokens were also held for their community treasury, for core contributors, and other parties in much smaller amounts.

Receiving tokens was also rather interesting in that claimants were required to vote on several ENS proposals using these governance tokens as well as choose an applicant to offer the voting power of your tokens to a chosen delegate that had applied to take part in the process.

How Do I Buy an ENS Domain?

ENS domains are purchased with a small subscription fee. While at first thought this may seem off-putting, it helps to ensure that only those using or having an active interest in a specific domain are likely to maintain holding it long term.

For those wanting to buy an Ethereum Name Service domain, you can head over to the ENS domain app and get started. The process will require you to have the relevant subscription fee and some extra funds to cover the gas cost of the transaction involved in the form of Ethereum.

The search function present as soon as you open the app enables you to find out which ENS names are available quickly. Then, using MetaMask or other supported wallets, you can quickly purchase a domain for yourself.

Using ENS Names on LocalCoinSwap

Alongside popular ethereum wallets like MetaMask and MyEtherWallet supporting ENS, LocalCoinSwap does as well! Using your non-custodial ethereum wallet that is generated when you create your account, you can easily withdraw ethereum or other ERC-20 tokens directly using an ENS domain name in place of other ethereum addresses.

So the next time you buy ethereum/sell ethereum with LocalCoinSwap, why not take advantage of the awesome human-readable names provided by ENS and experience how nice it can be to personalize your cryptocurrency wallet with an ENS domain of your own.

- Adam Tracey
LocalCoinSwap Holiday Roadshow
LocalCoinSwap Holiday Roadshow


Join the #HolidayRoadshow with LocalCoinSwap for your chance to win:

One of 5 bitcoin prizesTrezor hardware walletExclusive LocalCoinSwap T-ShirtHow to Participate:

Participating in the LocalCoinSwap holiday roadshow is easy. Will you be the best P2P trader this holiday season?

Stage 1: Referral Contest

Period: Dec 20th - 26th 2021

Grab your referral link from your LocalCoinSwap accountShare your referral link to friends, family, and even clientsInvite them to sign up for LocalCoinSwap

Win $50 USD in BTC - 5 winners!

Terms & Conditions:

To be eligible for the contest, you must have a minimum of 10 new registrations coming from your referral linkAt least 50% of your total new registrations must have their phone number verifiedThe top 5 users with the highest new registrations will win $50 USD in BTC each & eligible to join the next stage of the contestAnnouncement: 27 Dec 2021 – Follow our social media: Instagram, Twitter, Facebook, LinkedIn for updatesStage 2: Trading Contest

Period: Dec 27th, 2021 - Jan 2nd, 2022

Trade crypto at LocalCoinSwap (Buy or Sell)

Terms & Conditions:

The highest trading volume completed by you & your referrals will win the grand prizeAnnouncement: 3 Jan 2022 – Follow our social media: Instagram, Twitter, Facebook, LinkedIn for updates

Win 1 Trezor Hardware Wallet & 1 Exclusive LocalCoinSwap Shirt!

- Adam Tracey
Entering the Metaverse
Entering the Metaverse

The concept of the metaverse has been a colossal topic recently. With even Facebook suddenly jumping into the mix, there's a lot out there to explore and many projects working on their own visions for the future of the digital universe. So perhaps it's the perfect time to start exploring what exactly this idea is and look at some of the places we may go as we move into the future.

What is the Metaverse?

The metaverse is a conceptual or hypothesized view of how the internet and technology could evolve in the future. This idea encapsulated things like virtual reality (VR), augmented reality (AR), and even 3D space and virtual environments where ownership, community, and building things beyond the physical world’s limits can be possible.

The actual phrase is said to have come from a well-known sci-fi novel from the year 1992 called Snow Crash. The book described a dystopian world where the main character can escape his difficult day-to-day existence into a virtual realm. This book is said to have even influenced The Matrix and some other films delving into more abstract concepts and alternative reality.

As with many new forms of technology and especially on the more experimental side of things, naturally, the metaverse is something that fits nicely alongside crypto, and a range of projects are popping up to explore and grow inside this new space. Through crypto and things like NFTs (non-fungible tokens), ownership of assets and virtual real estate becomes far more practical. While we're still adapting in many ways to using more niche forms of digital assets, when you look at the digital space, things suddenly can become not only more straightforward but practical.

Is the metaverse going to be the next big thing in crypto? Time will tell, and if the current growing hype is any indication, it may indeed start making some waves that ripple beyond the bounds of the typical cryptocurrency ecosystem.

What Can You do in the Metaverse?

With this being a concept that has only started to gain significant traction recently, there's already a lot of things that are either doable today or are already being actively developed.

Attend a virtual conference or other eventsMore immersive conference calls through VRWorking in a VR space with a simulated deskBuy and sell digital property and itemsCombine the physical world with the digital world through ARWatch a movie in a virtual theatre or a mixed reality formatSocialize in entirely virtual worlds using VR headsetsGaming and other forms of entertainmentBig Business is Getting Involved in the Metaverse

Some of the biggest companies in the world have not only explored virtual reality but are beginning to embrace a more embodied internet where the virtual world and real world can intertwine. For example, Facebook has recently taken to the idea of the Metaverse so strongly they have changed the name of their company with a recent announcement and complete branding overhaul. The company is now known as Meta as they are already beginning to promote the future of the virtual universe and how that could look.

Even Disney, one of the more conservative companies that almost everyone is familiar with, has stated they want to "connect the digital and physical worlds" with animation and storytelling. So perhaps in the not too distant future, some of the most well-known Disney characters will get a Metaverse rethink or even make their way into the blockchain space in an official capacity.

Nvidia is working on building what it is calling an "Omniverse" that they have stated is intended to connect 3D virtual worlds. In addition, they appear to be interested in digital assets and their ownership in persistent virtual worlds, which seems to bode well for Metaverse cryptos, projects working on an NFT marketplace, and other blockchain projects that complement the Metaverse theory.

Microsoft is another big name that isn't new to the Metaverse; after releasing their mixed reality headsets in recent years while exploring both VR and AR, you can expect to see more of this from them as demand for these technologies increases along with the development of software to interact with virtual spaces is further enhanced. Already Microsoft has announced they are creating a Metaverse product for their popular Microsoft Teams platform to increase collaboration and allow things like customizable digital avatars, novel forms of communication, expand collaborations into open virtual spaces, and develop more exciting video chat experiences.

Metaverse Gaming

While VR and even AR have been strongly connected to gaming in most people’s minds, this is starting to change. With a large part of the world exploring work-from-home options and how to embrace socializing and collaboration in the digital space, more people than ever are starting to understand the potential for the Metaverse to bring many types of interactions into a new world.

With products like the HTC Vive Pro 2 and Meta Quest 2 (formally Oculus Quest 2) making their way into homes worldwide, VR is becoming much more commonplace. With tech enthusiasts digging around for software and games to take their VR devices for a spin are finding their way into virtual worlds through VR Chat and VR Virtual Desktop, which touch on the potential for these technologies as the hardware to make them practical has started to reach the mass market with Google even releasing "Cardboard" a few years ago which when combined with your phone could provide a relatively immersive VR experience while primarily being made from, as you may have guessed, cardboard.

Even a growing landscape of blockchain and crypto Metaverse gaming-related projects is blooming with some of the best Metaverse projects for gamers, including The Sandbox (describing itself as the open Metaverse), Decentraland, Axie Infinity, and Star Atlas, just to name a few.

Conclusion

The increased interest in the Metaverse points to the future being launched into other realms of digital spaces where what things exist and what context they are owned in the future could look much different from their traditional counterparts today. Will your avatar in the future be far more than the profile pictures of today? Maybe you'll even find yourself offering or receiving services or digital goods in ways that today may seem like science fiction. With VR and other technologies associated with the Metaverse blending with the crypto space and even affecting how some people are playing games, there's a tremendous amount of potential, and things are only just now beginning to be touched on as so many bleeding-edge technologies are starting to mesh together.

It's hard to argue the way we see the web, data, or just the internet, in general, isn't evolving. So maybe the Metaverse will become a big part of how all of this is shaped in the future as the physical and digital collide and it reverberates through the network that underpins our life and world.

- Adam Tracey
Why Does Bitcoin Have Value?
Why Does Bitcoin Have Value?

Bitcoin is a speculative asset. This means that the price of bitcoin can go up and down depending on what people are feeling about it. Many different factors contribute to this, including supply, demand, general sentiment, and more.

The finite supply cap for bitcoin makes it an interesting investment opportunity since there will only ever be 21 million bitcoins mined on the bitcoin blockchain before the supply is capped forever!

Bitcoin vs. Gold and Other Speculative Assets

Bitcoin is very similar to other speculative assets like gold, real estate, and collectibles. In fact, bitcoin is often considered a store of value and is one of the key reasons some people find it so interesting! Bitcoin is also becoming an increasingly popular means of exchange. In the simplest sense, bitcoin has value because people think it does and are willing to trade goods, services, or other currencies for bitcoin. It's different from a traditional fiat currency that is backed by a government. Still, something you may not realize is that standard currency is speculative as well in that it largely relies on what people are willing to exchange for it.

While you may not notice it, the value of the US Dollar, British Pound, and even the Euro are all fluctuating constantly, yet in most cases, you are unlikely to notice this in the short term. However, for some countries where hyperinflation and other economic phenomenon have kicked off, the day-to-day value of their local fiat currency has become an important topic.

When you look at other asset classes a little more closely, bitcoin being a speculative asset with no physical form doesn't feel so weird after all!

Bitcoin's Valuable PropertiesDecentralizedImmutableBorderlessTrustlessPseudonymousStore of valueEasy to transportCheap remittancesIntrinsic Value

Bitcoin has value because people think it does and is willing to trade goods, services, or other currencies for bitcoin. The fact that you can't physically hold bitcoin doesn't make it any less valuable than something like gold, another commodity with intrinsic value. While the price of cryptocurrencies will always depend on supply and demand to some degree, it's also worth looking at some of the other factors that come into play.

Bitcoin is not just another currency but has properties more closely represented by gold or silver than fiat money like USD. While these commodities are loosely limited in supply and can be used as an alternative store of value to paper cash, they're also mined, printed, or otherwise created at various rates that can change at any time, with even paper trading of assets like gold making things less transparent. In the case of bitcoin, things are a lot clearer given the supply cape and the fixed rate that coins can enter the market as they are mined.

Bitcoin as a Store of Value

Beyond being a speculative asset, bitcoin is also widely seen as a store of value. While this may seem ironic given the volatility that impacts price so heavily in the short term, it's actually very similar to other stores such as gold or collectibles.

As the value of bitcoin has continued to increase over the long term, many people are taking this as an opportunity to diversify their savings or retirement accounts by adding a small portion of cryptocurrency into the mix. In addition, the fact that it's not directly connected to many traditional assets results in many investors looking to bitcoin as a potential hedge against other traditional investments. How strongly bitcoin is correlated to more conventional assets is commonly argued and is likely to become more apparent as bitcoin continues to mature while other markets cycle around it.

In countries dealing with the extreme volatility of their traditional fiat currencies, bitcoin can provide a far more stable alternative, even when taking into account its own often high degree of volatility. In many regions, remittances are being performed using bitcoin at an increasing rate. No longer do you need to trust an expensive third-party remittance service, and you don't even need a verified bank account or other types of financial institutions at all. Bitcoin isn't only a great store of value. It’s also a fantastic way to transfer value without many of the issues faced when trying to move value long distances using traditional fiat currencies, precious metals and removes the risk of counterfeit money.

While many still call bitcoin "digital gold," its potential far exceeds this as the bitcoin network sprawls the world even though no single entity oversees bitcoin. While value is relative, it's hard to argue that digital currencies like bitcoin don't provide a strong value proposition and that bitcoin does indeed have value while exploring other novel concepts such as that bitcoin introduces digital scarcity. While there are no true global currencies, bitcoin is arguably the closest thing we have to a payment system or currency that is truly global.

Bitcoin Price Volatility

The price of bitcoin is still incredibly volatile, at least compared to some more stable assets and larger local currencies. However, it's also important to keep things in perspective. While headlines about bitcoin price movements can be enough to send people into a panic or frenzy of excitement, the rise, and fall of the market are something that can be expected with such a comparatively new asset that can be considered to stand in a class of its own in many ways.

While decentralized payment systems like bitcoin are often compared to credit cards, it's essential to acknowledge that bitcoin isn't just another digital payment solution like your online banking, PayPal, or Cash App.

While the future is still uncertain, bitcoin has intrinsic value through its ability to act as an alternative store of value with properties beyond cash for investors and bitcoin users. Ultimately, whether or not this will be enough in the long term is something we'll have to wait and see.

For over a decade now, bitcoin has continued to grow, show us new ways to consider value, and has helped provoke the growth of a massive cryptocurrency ecosystem and monetary systems that are expanding by the day.

- Adam Tracey
Bitcoin Cheatsheet
Bitcoin Cheatsheet

Whether you're looking to start trading, mining, or simply want to try your hand at buying a few bitcoins in order to see how it all works, it's easy to get started and even easier to begin learning with this bitcoin cheatsheet.

What is Bitcoin?

Bitcoin allows transactions to take place peer-to-peer without a third party such as a bank or government. The "coins" themselves exist only in digital form - they have no physical form and are not printed or minted like traditional currency. In essence, they represent a unit of account for trading goods and services, much like conventional currencies. The coins are made - or mined - by solving complex mathematical problems.

Who Controls Bitcoin?

Bitcoin was created by a still-mysterious figure going by the name Satoshi Nakamoto back in 2009. Satoshi Nakamoto was a secretive person or a group whose true identity has never been confirmed. Because no one owns or controls bitcoin, it is considered a decentralized digital currency.

Bitcoin has been described as "cash for the Internet." What separates it from other currencies is that bitcoin isn't subject to any one country's rules, regulations or policies. As a result, it can be used by anyone who knows how to access the Bitcoin network - typically through a wallet application downloaded on a PC or mobile phone or online via a web wallet.

How Do I buy Bitcoin?

Because it's not centralized, bitcoin can't be bought from a central organization like a bank. Instead, you typically need to use an exchange to buy or sell bitcoin. Before you open an account and purchase your first coins, you need to think about what type of exchange you want to use; the most flexible option is a P2P marketplace like LocalCoinSwap.

What is a Bitcoin Wallet?

The wallet can be seen as your personal interface to the Bitcoin network. It allows you to receive bitcoins, store them and then send them to others. A wallet is like a bank account; however, it is more decentralized and under your control. Therefore, you are not required to submit any identification or other sensitive information when creating a bitcoin wallet.

On a fundamental level, Bitcoin wallets consist of two cryptographic keys (one public and one private key) - the public key being your wallet address, which people can use to send money to, and the private key is for signing transactions (moving your funds).

Keeping your bitcoins safe is of utmost importance, as this digital currency has a lot of value attached to it. There are three main types of wallets available for you to use: online wallets, offline wallets, and hardware wallets - each with their advantages and disadvantages.

What is the Bitcoin Blockchain?

The blockchain is the technology behind bitcoin. It's a data structure that stores blocks of items in a linear, chronological order. The 'chain' represents the entire history of all transactions made since the network began. Every transaction is stored in blocks and mathematically encrypted to create an irreversible record - hence the term blockchain.

What is Bitcoin Mining?

Miners keep the blockchain consistent, complete, and immutable by repeatedly verifying and collecting newly broadcast transactions by using large amounts of computer processing power (energy). Each block contains a cryptographic hash of the previous block (unique signature), using the SHA-256 hashing algorithm, which links it to the previous block, thus giving the blockchain its name.

How do I accept bitcoins as payment?

For companies wishing to accept bitcoin, many different types of software, services, and platforms can be used - or even none at all. For example, some smaller merchants may accept direct bitcoin payments to their wallets, while others may opt for third-party services designed specifically for businesses.

What is the Future of Bitcoin?

Since bitcoin's inception in 2009, it has witnessed rapid growth and appreciation in its value. In this relatively short period, people have come to see it as a haven for their wealth due to it being entirely digital, not influenced by any central bank or authority. However, many naysayers still stubbornly believe that bitcoin is built on unproven technology and isn't ready to be used in the real world just yet. Yet, over a decade later, the network is still producing blocks and processing transactions.

What Can I do with Bitcoin?

Even though it's not quite mainstream yet, you can still use your bitcoins to purchase products or services from vendors across the world. You could buy anything from web hosting, plane tickets, furniture, tech, or even book a hotel room thanks to the growing number of companies accepting bitcoin.

What is SegWit?

SegWit stands for segregated witness. If you've ever used (or at least heard of) a wallet that supports SegWit, then you've likely seen it in action already. However, not all wallets support SegWit just yet - but it's a step towards the future capacity upgrade for bitcoin as it enables blocks to contain more information without directly increasing the 1 Megabyte block size.

Who Controls Bitcoin?

The bitcoin network is completely decentralized, so there's no need for any central authority to oversee its operations. This means that anyone can participate in the network by simply downloading the software required.

What Are the Benefits of Bitcoin as an Investment?

Many people who have purchased bitcoins as an investment are seeing significant returns on their initial investments. In December 2017, a single bitcoin was valued at over $19,000 USD, and in 2021, Bitcoin has traded for over $50,000 USD. As bitcoin is speculative and at times highly volatile, whether it is a good investment is something you should research yourself and assess against your risk tolerance.

What is the Supply of Bitcoin?

Bitcoin's supply is capped at 21 million coins. That means that there can be no inflation in the network, which is one of the ways it differs from fiat currencies.

What if I Lose my Wallet?

If you somehow lose access to your wallet or it gets stolen, you should consider these funds irretrievably lost in most cases. That means it's important to secure any wallet you own, safely store your private key or seed phrase, and ideally use a quality hardware wallet.

What is the difference between Public and Private Keys?

Every single bitcoin transaction that ever takes place requires a public address and a private key - which work together to authorize the transaction. A public address is enough information for you to be able to send funds to another bitcoin user. The private key is what someone needs to have so they can spend money from their wallet. However, if they lose the key, they will never regain access to the bitcoin inside of it again.

What are Bitcoin Faucets?

Bitcoins faucets are websites that dispense a small amount of bitcoin for free of performing a task (often a captcha) that were quite common in the early days of bitcoin. While these have become far less popular in recent years and pay out a lot less, they still exist.

What is the Average Block Time?

The average block time refers to how long it takes for a block to be confirmed on the blockchain. It's usually around 10 minutes per block, but it can take more or less time. However, the bitcoin network is programmed to add a new block every 10 minutes, so each block is expected to take an average of 10 minutes.

What is the Lightning Network?

The lightning network is a second layer protocol built on top of bitcoin that allows for super-fast and inexpensive transactions. These are especially useful for smaller-scale payments where transaction fees would be larger than the cost of the product or service you're purchasing, but they can also make most bitcoin transactions instant. This technology is still in its early stages, but it's already supported in some wallet software and is growing more popular as adoption is starting to increase more rapidly.

What is the Price of Bitcoin?

The price of bitcoin constantly varies since it's traded on various exchanges all over the world. It can go up or down depending on what people are willing to pay for it, but that value has been trending upwards for years now when looked at on a longer time frame.

What is a Satoshi?

A satoshi is the smallest fraction of a bitcoin and represents 0.00000001 BTC (one hundred millionths of one bitcoin). Since bitcoin can be divided down to 8 decimal points, you could always buy a fraction of a bitcoin if you didn't want a complete one.

What are the Transaction Fees?

Bitcoin transaction fees vary based on several factors. When there is more competition to get a transaction into a block, you will pay a higher fee if you want your transaction to be processed quickly. Additionally, the size of any given transaction also determines how much it will cost to send or receive bitcoins. While you can send a fraction of a bitcoin or thousands of bitcoins for the same price, specific transaction types can cost more than others based on numerous factors (such as the type of wallet address used).

What is a Halving?

A halving is when the rate at which new bitcoins are created halves. This happens once every 210,000 blocks or roughly every four years. When that happens, the block reward per block is cut in half until it eventually reaches zero.

Bitcoin is seen as a deflationary currency because there's a finite amount of bitcoin that can be mined. In all, there will only ever be 21 million bitcoins produced which makes for an interesting economic experiment that all bitcoin users are participating in, and only time will tell where it goes.

There is so much to learn about bitcoin and other cryptocurrencies. If you want to learn more be sure to check out the LocalCoinSwap Academy where there is a large amount of free bitcoin guides and tutorials that is growing all the time.

- Cointelegraph By Marcel Pechman
A crumbling stock market could create profitable opportunities for Bitcoin traders

U.S. tech giants are set to report their second quarter earnings throughout October, presenting a scenario that could possibly benefit Bitcoin.

- Cointelegraph By Turner Wright
Binance burns $1.8M in LUNC trading fees following community proposal

According to the crypto exchange, the burn was the equivalent of 1,863,213.47 USDT — roughly 5.5 million LUNC.

- Cointelegraph By Ana Paula Pereira
Cathie Wood's ARK Invest to offer crypto strategies to investment advisors

In partnership with Eaglebrook, the strategies will be offered to registered investment advisors.

- Cointelegraph By Marcel Pechman
Upside capped at $980B total crypto market, according to derivatives metrics

A bearish formation in the total market capitalization chart has been gaining strength after two failures to break its resistance level.

- Cointelegraph By William Suberg
Bitcoin price sets October high with $20K in reach as US stocks rally

Traders say Bitcoin is overdue for a breakout, but are also keeping a lid on how optimistic they should be about a macro trend reversal.

- Cointelegraph By Joseph Hall
NYDIG raises $720M as Bitcoin balance hits all-time high

An SEC filing reveals NYDIG’s intent to raise $720 million while a recent press release shows the company’s commitment to HODLing.

- Cointelegraph By Yashu Gola
XRP price could rally by 50% based off comments from a former SEC director

XRP investors are hopeful that a potential court victory against the SEC could send the altcoin price at least 50% higher.

- Cointelegraph By Turner Wright
Japanese prime minister says gov't investment in digital transformation will include Metaverse, NFTs

According to Fumio Kishida, the government of Japan's investment in digital transformation included issuing NFTs to local authorities using digital solutions.

- Cointelegraph By Anthony Clarke
What remains in the NFT market now that the dust has settled?

From profile pictures to celebrity endorsements, the NFT space has changed a lot since the market boom in 2021.

- Cointelegraph By Joseph Hall
Bitcoin Lightning Network capacity strikes 5,000 BTC

The growth in Bitcoin added to the layer-2 Lightning Network has electrified over the past year, hitting 4,000 Bitcoin less than four months ago.

- Cointelegraph By Gareth Jenkinson
Kim Kardashian pays SEC $1.26 million to settle EthereumMax charge

The United States SEC charged the American celebrity and influencer for promoting a cryptocurrency asset security without disclosing payments received to her followers.

- Cointelegraph By Prashant Jha
Binance signs MoU with Kazakhstan to fight financial crime

Binance claimed that its compliance infrastructure is among the best in the world and has helped them to obtain regulatory approval even in countries where they were deemed illegal until last year.

- Cointelegraph By Ezra Reguerra
Ether staking is too difficult, community members claim

Some are arguing that it would be healthy to admit that Ether staking is not for everyone yet.

- Cointelegraph By William Suberg
BTC price still not at ‘max pain’ — 5 things to know in Bitcoin this week

Bitcoin has plenty of obstacles to weather in the current macro storm as two-year weekly close lows remain inches away.

- Cointelegraph By Brayden Lindrea
Robert Kiyosaki calls Bitcoin a ‘buying opportunity’ as US dollar surges

The best-selling author of Rich Dad Poor Dad has tipped Bitcoin and two other commodities as buying opportunities, noting a U.S. dollar crash could occur by January.

- Cointelegraph By Brian Quarmby
Sam Bankman-Fried sheds light on how FTX would approach a Celsius bid

The FTX founder said the company paid the “fair market price” for Voyager’s assets and would look to do the same in a deal for Celsius’ assets.

- Cointelegraph By Brian Quarmby
DOJ objects to Celsius plans to reopen withdrawals and sell stablecoins

The objection is seeking a deferral on Celsius motions until the independent examiner report on the company is filed over the next couple of months.

- Cointelegraph By Brayden Lindrea
Transit Swap ‘hacker’ returns 70% of $23M in stolen funds

The funds returned so far have come in the form of Ether, Binance-pegged ETH and BNB ($14.2 million).

- Cointelegraph By Jesse Coghlan
Celsius founder reportedly withdrew $10M before bankruptcy filing: FT

The details of the withdrawal will reportedly be part of upcoming court filings, and it’s possible the founder and former CEO of the crypto platform could be forced to pay it back.

- Cointelegraph By Zac Colbert
The future of DeFi is on TikTok

The younger generation doesn’t have disposable income now, but they’re financially savvy thanks to short-form videos on social media

- Tony Spilotro
Is Bitcoin ‘Uptober’ About To Begin?  | BTCUSD Analysis October 3, 2022

In this episode of NewsBTC’s daily technical analysis videos, we review a variety of technical and fundamental signals on the Bitcoin price monthly chart to see if we are getting closer to a bottom in crypto.

Take a look at the video below:

VIDEO: Bitcoin Price Analysis (BTCUSD): October 3, 2022

The monthly closed with a doji candle, which typically forms at a point of indecision before either a reversal, or strong continuation. Past monthly dojis have commonly preceded short- and long-term turning points in crypto. The September monthly candle was the first ever monthly close below Bitcoin’s former all time high set back in December of 2017. 

Although Bitcoin was clearly overvalued back then, it is hard to imagine in today’s world that the top cryptocurrency is still overvalued a full five years later.

Bearish BTC Momentum Begins To Wane… Maybe

The October monthly candle opened with pink on the LMACD histogram. This signal in the past put bear markets back into hibernation mode for at least a year or more, and suggests a major shift in momentum. But October must close bullish to confirm and cement the change in color on the Bitcoin monthly chart.

The monthly Relative Strength Index remains the lowest in Bitcoin history, but is grinding along the bottom of a downward sloping channel. The same downward slope has connected past RSI peaks.

Bitcoin bearish momentum might be weakening | Source: BTCUSD on TradingView.com Bitcoin Investors Could Be Getting Over Their Loss

The Coppock Curve has also finally touched down at the same level where past bear market bottoms have occurred. Time cycle tools also suggest there could be some rhythmic behavior to Bitcoin that is about to unfold.

The Coppock Curve was created by E.S.C. Coppock, who was asked by his church to identify long-term buying opportunities for investors. It is based on the idea that it takes between 11 and 14 months for a bear market to end, as that’s roughly how long it takes for a human to get over mourning a significant loss.

Bear markets take at minimum 14 months | Source: BTCUSD on TradingView.com

Related Reading: Bitcoin & The Global Currency Meltdown | BTCUSD September 28, 2022

Did Satoshi Call The Bottom In Crypto?

Another possible bottom signal isn’t technical, but fundamental. Bitcoin price has now been in the lower range of the cost of production at about the same length of time as the 2018 bear market bottom.

This is notable, because in commodities, prices bottom out near the cost of production. Even Bitcoin’s creator, Satoshi Nakamoto spoke of this.

“The price of any commodity tends to gravitate toward the production cost. If the price is below cost, then production slows down. If the price is above cost, profit can be made by generating and selling more. At the same time, the increased production would increase the difficulty, pushing the cost of generating towards the price.”

Has Bitcoin bottomed at the cost of production? | Source: BTCUSD on TradingView.com

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.

Here is a $49 discount pass to 21 Days To Better Crypto Trading by @elliottwaveintl. It gets you instant access to 3 learning resources on how to trade crypto using EW, the Crypto Trader’s Classroom service, & on Oct.5, access to the Crypto Pro Service

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— Tony "The Bull" Spilotro (@tonyspilotroBTC) September 28, 2022

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
- Reynaldo Marquez
Ethereum Price Squeezes Shorts Positions, ETH Could Be Set For More Gains

Ethereum is following the general sentiment in the market as Bitcoin and other cryptocurrencies make a run towards previous highs. The second cryptocurrency by market cap knocked some gains over today’s trading session but seems poised for a re-test of its lows before moving to the upside.

At the time of writing, Ethereum (ETH) trades at $1,300 with a 2% profit in the last 24 hours and in the last week. Unlike in previous rallies, ETH’s price is lagging larger cryptocurrencies, such as Bitcoin, the number one crypto that records a 4% profit over the same period.

ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview Ethereum At Critical Point, Will It Finally Breakout?

Today’s bullish price action seems to be prompted by a rebound across legacy financial markets, the S&P 500 and Nasdaq 100 have been trading in the green giving cryptocurrencies room for a run. The bullish price action is leading to a change of sentiment across the digital asset class as investors turned optimistic.

Over the weekend, with traditional markets close, the situation was different and market participants were gearing up for a potential leg down. According to a pseudonym trader, Ethereum saw a spike in Open Interest (OI) against the U.S. dollars.

This increase in OI was recorded as the cryptocurrency trended to the downside. Therefore, the analyst claims that the metrics hinted at a spike in short (sell) positions from traders expecting further downside in the short term.

The liquidity provided by these short positions accumulates to the upside, making each rally stronger and fueling further bullish momentum. However, the analyst believes the market might take this upside liquidity before re-testing support levels. The pseudonym trader wrote the following via his official Twitter account:

I said yesterday that there was a lot of short build up on $ETH. They’re getting squeezed now. Once that’s done it gets slapped back down I think. Looks like a clean short set-up.

Source: Byzantine General via Twitter

In case of potential downside, data from Material Indicators shows that the area between $1,280 and $1,250 has the biggest concentration of bid (buy) liquidity on low timeframes. These levels might provide the bulls with strong support to either resume the bullish momentum or send ETH back into accumulation mode.

- Hououin Kyouma
Quant Explains How US Stock Market Volumes Influence Bitcoin Price

A quant has explained how there is a connection between the recent trends in the US stock market volumes and the Bitcoin price.

TradFi Depth Oscillator Has Hit A Low And Is Now Turning Back Up

As explained by an analyst in a CryptoQuant post, the volume depth in traditional finance markets has been low recently.

The “TradFi volume” is a measure of the total amount of transactions that buyers and sellers are making on the US stock market.

There is a concept called “market depth,” which is the ability of any market to take in large orders without impacting the price of the commodity much.

Generally, the more orders there are in a market, or simply, the higher its volume, the stronger the depth of the asset. However, something important is that these orders should be spread evenly within the market, otherwise the depth wouldn’t be as great.

Using an oscillator, the cyclical trend in the depth of any asset can be noticed. Here is a chart that shows how the US stock market volume depth oscillator has changed its values during the last few months:

The value of the metric seems to have been turning around in recent days | Source: CryptoQuant

As you can see in the above graph, the quant has marked the relevant zones of trend between the Bitcoin price and the TradFi volume depth oscillator.

It looks like whenever the indicator has transitioned from positive to negative values, the value of the crypto has observed bearish winds.

On the other hand, the metric crossing the zero line the opposite way has lead to a bullish trend for the price of BTC.

Bitcoin has also seen local bottom formations around the points where the stock market volume depth oscillator itself has hit lows.

About a week ago, the indicator hit very low values that were comparable to those between February and March 2020. Since then, the metric has started turning back up.

The analyst believes that this recent trend formation could imply that Bitcoin may see a respite soon, and bounce to levels between $21.5k to $24.5k.

Bitcoin Price

At the time of writing, Bitcoin’s price floats around $19.2k, up 2% in the last seven days. Over the past month, the crypto has lost 4% in value.

The below chart shows the trend in the price of the coin over the last five days.

Looks like the value of the crypto has been stuck in consolidation during the past few days | Source: BTCUSD on TradingView Featured image from Traxer on Unsplash.com, charts from TradingView.com, CryptoQuant.com
- Best Owie
LUNC Price Gains 50% Despite Kwon’s Troubles, What’s Driving It?

Over the last week, the crypto space has been saturated with news of the hunt for Terra (LUNC) founder Do Kwon. The South Korean founder is now being hunted by both South Korean authorities, as well as Interpol, which means Kwon is now wanted in 190 countries. However, Kwon’s troubles seem not to have affected the price of LUNA Classic (LUNC), as it continues to see green even when the broader market suffers losses.

LUNA Classic Grows 50%

Speculations around the performance of LUNA Classic (LUNC) had risen drastically once Kwon was officially declared wanted by the authorities. It was mostly expected that the digital asset would take a beating from the resulting decline in positive sentiment among its investors, but this has not been the case. LUNC has instead shaken off these incredibly bearish developments and has been one of the market leaders in terms of gains.

Over the last 7 days, the price of LUNC is up more than 58%, whereas its larger counterparts, such as Bitcoin and Ethereum, have been seeing single-digit and negative gains. The daily trading volume of the cryptocurrency remains high, with almost a billion dollars in volume reported by Coinmarketcap. LUNC had also successfully knocked off another zero over the past month to bring its trading price to the $0.0003 level.

LUNA Classic trending at $0.00032 | Source: LUNCBUSD on TradingView.com

Even coming out of the weekend of low performance in the crypto space, LUNC has begun to turn towards green, already up 1.80% in the last hour as of the time of this writing. It also shows no sign of decline at this time as it continues to receive massive support from crypto traders.

Why Is LUNC Price Up?

Since the collapse of the Terra network, there have been some strides made in an effort to restore it by those who refuse to give up on it. It was a long time in the making, but the community had eventually agreed on a 1.2% transaction fee on all transactions, which are then sent to a burn wallet to reduce the available supply of the token.

Binance, the largest crypto exchange in the world, had also joined in this effort to support LUNC’s price by announcing that it would be burning all fees realized from LUNC trading on its platform. LUNC’s price had surged more than 60% off the back of the announcement alone as the crypto exchange announced that it would be carrying out a scheduled weekly burn every Monday.

Another factor that has been propping up the price of LUNA over these past couple of weeks has been rumors that have been circulating that LUNC was going to get listed on some important platforms. These trading platforms include Robinhood and Coinbase, a move that would instantly drive up the value of any cryptocurrency. However, these are just rumors for the time being.

Nevertheless, LUNC remains a fan favorite over this time due to its high volatility. Its already established community is also a draw for investors who believe that the digital asset could return to its past glory. But with its founder currently rumored to be on the run from authorities, it is unlikely these large trading platforms will pick it up.

Featured image from Finbold, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

- Christian Encila
Chainlink Crosses $6.18 Trillion In Transaction Value – Will This Boost LINK Price?

The reception of Chainlink among crypto enthusiasts has been positive. The ecosystem’s transaction volume has surpassed $6 trillion, according to the project’s official Twitter account. Because of this rise, the number of native integrations in the ecosystem rose from 12 to 15.

At this point, it appears that Chainlink may be en route to the proverbial moon. Shouldn’t a price increase coincide with improved metrics? No, not quite. The on-chain stats for LINK don’t look good, according to the statistics provided by Santiment.

Chainlink Market Cap Down

As of this writing, there has been significantly less progress made on the LINK chain than in previous months. The value of Chainlink’s stock on the market is likewise much lower.

The market cap for LINK on October 2 was $284,961,375, a decline of 78.06% from its all-time high of $1,299,905,978 on September 29, data from CoinGecko show.

A downward trend may be forming. However, at this time, Chainlink’s price is quite volatile on the intraday and 4-hour time frames.

LINK’s historical volatility is rather high, ranging between 64.75 and 50.27, indicating that its price frequently fluctuates between ranges.

The Stoch RSI figures are also falling, although the relative strength index of the coin is quite constant.

Although the coin’s performance indicates a downward trend, LINK HODLers may still have reason for optimism.

Chart: TradingView.com LINK Investor Confidence Up

According to statistics from CryptoQuant, LINK exchange reserves are currently below average. This may suggest that the coin is not undergoing a significant selling pressure.

This is depicted on the graphs as a price increase. As of the time of writing, LINK is up 2.26 percent on a 4-hour scale.

The price of the coin fluctuates between $7,026 and $6,574. These two support levels are significant, as any breach by the bears might cause a sell-off that pushes the price below $6.

The chart also reveals a head-and-shoulders shape, which can act as a development impediment. However, as of this writing, the token has broken through and is on an intraday and 4-hour upswing.

Considering the current report for the third quarter of 2022, this could indicate a rise in investor confidence.

As the ecosystem continues to flourish, LINK holders should anticipate more good news in the coming days.

LINK total market cap at $3.5 billion on the daily chart | Source: TradingView.com Featured image from Pixabay, chart from TradingView.com
- NewsBTC
As Crypto Storage is Still a Major Problem, Can NFT integration Solve the Issue?

Now a trillion-dollar market, the crypto ecosystem has withered some of the toughest conditions within its period of existence. However, like any other technological innovation, it is not short of native challenges. This ‘lucrative’ market faces a myriad of shortcomings, including criticisms from regulators and long-standing financial institutions. But the most significant hurdles are currently attributed to the underlying infrastructures.

In a recent interview during the Paris Blockchain Week, Binance CEO Changpeng Zhao identified crypto custody as one of the hardest challenges that remains unsolved. According to CZ, the inaccessible and complex nature of crypto wallets is undoubtedly hindering mass adoption in the digital asset space. He was also keen to highlight that this one of problems he would prioritize given an opportunity,

“If I had no financial pressure, I would want to solve the most difficult problem that is blocking adoption. That would be the problem I would try to solve.”

The Loophole in Crypto Custody

Anyone who has interacted with crypto long enough understands there is a thin line when it comes to storing the newly found wealth. Stakeholders have in the past lost huge sums of money as result of wallet breaches or forgetting one’s seed phrase. As it stands, 20% of the BTC in supply cannot be accessed due to lost private keys.

Is this efficient for an ecosystem touted as the future of finance? While Rome wasn’t built in a day, the issue of crypto wallets needs to be addressed sooner than later. Some crypto diehards would argue that non-custodial wallets are a long term solution. However, the complexities involved in securing one’s seed phrase paint a different picture.

“But today, most people cannot store their private keys securely. The wallets require them to be technical. Your computer cannot get a virus. If your computer gets a virus, there’s all kinds of problems that will happen. You will lose your money.” added CZ Binance.

Even worse, the current infrastructure of most non-custodial wallets does not feature a solution for passing heritage to future generations. It is quite unfair to invest in an industry where there is no guarantee that one’s offspring will benefit in the event of their death. After all, this is standard practice in the traditional finance scope.

Unfortunately, custodial wallets offered by crypto exchanges are not any better; while they might feature a heritage structure, users are not in control of their private keys. In the event of a breach such as the infamous Mt Gox hack, chances are high that any investor holding funds with the affected exchange will have to incur significant losses.

So, what is the ultimate solution to a secure crypto storage ecosystem? The perfect answer would be it’s neither white nor black, but the emergence of Non-fungible tokens (NFTs) seems to be paving way for tamper-proof and heritage-designed Web 3.0 wallets.

NFTs; The Future of Crypto Wallet Infrastructures

The NFT hype has taken the crypto industry by a storm, with digital creatives such as Beeple cashing big on their work. Though a relatively new area of innovation, the indistinguishable (unique) nature of NFTs could be a game-changer in the development of non-custodial crypto wallets.

Emerging DApps such as Serenity Shield are implementing NFT technology to introduce a strongbox solution that addresses seed recovery and heritage issues. Launched in 2021, this Web 3.0 project features a fully encrypted solution for storing digital assets. Ideally, Serenity shield allows crypto natives to create an account where they can securely store their seed recovery phrases.

Serenity’s strongbox then partitions the sensitive information into three unique NFT keys. The first NFT is allocated to the account owner, the second to a prospective heir while the final key is stored in the Serenity Shield smart contract. To unlock the information in the strongbox, one requires at least two of the NFT keys, making it possible for a user to recover sensitive information or transfer ownership to an heir.

Going by the trends in NFT integrations, the value stretches beyond play-to-earn and the metaverse economies. There is a wide range of crypto applications that could benefit from scaling through NFT infrastructure. Most notably, this upcoming crypto niche provides a building base for secure DApps, ultimately solving pertinent issues such as seed recovery and digital asset heritage.

Conclusion

Cryptocurrencies might have come of age but there is a lot to be done to ensure that investors sleep comfortably knowing their assets are safe. As highlighted in the introduction, it is still a murky world for crypto wallets, whether custodial or non-custodial. This is not to say that existing issues cannot be solved; newer technologies like NFTs present an opportunity to tackle a majority of the underlying problems.

 

- Reynaldo Marquez
Bitcoin Sees Bullish Opening, Can BTC Reclaim $20,000 Region?

The Bitcoin price has been able to hold its ground over the weekend, and it’s hinting at a potential bullish week for the nascent asset class. The cryptocurrency has been stuck in a tight range for the past month, unable to reclaim and flip the area north of $20,000 back to support.

At the time of writing, Bitcoin (BTC) trades at $19,400 with a 2% profit in the last 24 hours and a 3% profit over the past week. In the crypto top 10, most cryptocurrencies are trading sideways or with small profits in the last hour, as this trading session prompted low timeframe bullish momentum across the board.

BTC’s price moving sideways on the daily chart. Source: BTCUSDT Tradingview Bitcoin Gearing Up For The Upside, $20,500 Holds The Key

Today’s bullish trading session has been supported by a rebound in traditional finance markets. Major U.S. indexes were able to rebound from last week’s downside move and have been recovering allowing Bitcoin and other cryptocurrencies to display some strength on lower timeframes.

The upside move might come as a surprise to many market participants expecting more losses over the rumors of insolvency surrounding financial institution Credit Suisse. Top representatives from the bank have denied the rumors, and the markets seem to be pricing them to the upside, so far.

Analyst and trader Adam Mancini celebrated the recent bullish price action for the stock market and hinted at the potential continuation of the bullish momentum. As Bitcoin and crypto continued to move in tandem with equities, the rally might be translated into further gains for the nascent asset class.

Mancini wrote the following about the current price action for the S&P 500, and the longer implication:

Excellent follow through in #ES_F: 3635, 3670 were my targets today & 3670 just hit. Key to note-by reclaiming 3635, this makes Fridays drop a big, failed breakdown & bottoming signal. Bulls must follow through though. 3705 next up, 3635-45 now must hold support.

Stars Align For A Bitcoin And Crypto Rally?

In support of the bullish thesis for Bitcoin, data from Material Indicators show a spike in buying pressure from all investors, retail, and whales. If these investors continue to bid on the price action, BTC’s price might extend its bullish momentum.

However, as the chart below shows, there is considerable ask (sell) liquidity for Bitcoin above its current levels. This selling order might cap any short time rally, and prevent the cryptocurrency from reclaiming higher levels.

BTC’s price (blue line on the chart) with $20 million in sell orders above its current levels. Source: Material Indicators

Additional data provided by analyst Justin Bennett indicates that the U.S. Dollar continues to see weakness over today’s trading session. As NewsBTC has been reporting, the DXY Index (U.S. Dollar) bullish price action has taken its toll on risk-on assets, such as Bitcoin and equities.

As the currency prepares for further losses, the nascent asset class might be able to bounce further and reach the top of a channel presented by Bennett. The analyst claims that as long as Bitcoin stays above $18,700, the cryptocurrency has a chance of climbing all the way up to $26,000 in the coming weeks.

No change to this. https://t.co/ICHbqXGbQr

— Justin Bennett (@JustinBennettFX) October 3, 2022 

- Christian Encila
Ethereum Sees Surge In Number Of New Addresses – Will ETH Shine This October?

The Ethereum Merge upgrade is expected to haul in more new users on the network which happens to be true with the surge of new active wallet addresses on the platform.

 Ethereum’s new active wallet addresses climb to a new ATH of 3,001.804  ETH seen to spike in terms of social media engagements and mentions  ETH price up by 0.46% as of press time

According to a Twitter post by Glassnode shared on October 2, the number of new active wallet addresses on the Ethereum network recently climbed to a new ATH of 3,001.804.

While it’s true that this screams a boost in investor interest in the alt, the recent plunge in market volume and sentiment seems to be in contrast to everyone’s expectations to date.

The number of new active wallet addresses on the Ethereum platform is seen to have dropped in August and recovered since September.

Spike In Number Of ETH Addresses Trigger Increase In Social Metrics

The increase in the number of wallet addresses also triggered a spike in social media engagement of the altcoin. Ethereum has shown a significant improvement of 4.63% surge in terms of social mentions and also 27.6% in social engagements.

The Merge has created a lot of buzz on social media especially in the past month but the overall sentiment wasn’t purely positive. In fact, Ethereum is down in terms of weighted sentiment as seen in the last few days.

In addition, ETH value has also been moving downwards as seen in the past couple of days. The altcoin volume has retreated from 13.45 billion on September 30 to only 6.03 billion on October 2.

On the brighter side, even with the negative public sentiment, Ethereum still managed to attract more whale investors in the altcoin. Evidently, the top 500 ETH whales have gained interest in investing and buying the crypto.

The momentum of Ethereum has shown some growth as seen in the past three days indicating an increase in wallet transactions involving Ether.

Ethereum Development Activity Decreasing

More so, the altcoin also gained the approval of Deutsche Telekom following their announcement of planning to roll out an Ethereum validator.

On the other hand, the development activity on Ethereum has been spiraling down too which implies the decrease in activity on the GitHub.

The current market state has however negatively impacted Ethereum as even the Merge failed to meet expectations in terms of capital outflow.

Consequently, despite the growth in terms of wallet transactions and the rise in social media engagements, the price of ETH wasn’t able to keep up with the positive sentiment. 

The coin is seen to recover a bit and is in the green lane as of publication. According to CoinMarketCap, ETH price has soared by 0.46% or trading at $1,304.30 as of this writing.

The ETHUSD pair is trying to break past the $1,317 level on the daily chart | Source: TradingView.com Featured image from Top Trend Coins, chart from TradingView.com
- NewsBTC
Bitcoin in El Salvador – One Year Later

It has been one year since Bitcoin became legal tender in El Salvador. Crypto adoption has not been without issues in El Salvador, but it’s difficult to weed through the different stories about Bitcoin because there are so many competing interests promoting or FUDing Bitcoin. This article will filter through the nonsense and describe how Bitcoin in El Salvador has panned out one year after it became legal tender.

Why El Salvador Made Bitcoin Legal Tender

El Salvador made Bitcoin legal tender ostensibly for a few reasons. The government cited the following reasons:

A significant portion of El Salvadorans receive remittances from the United States. Remittances from the US actually make up 20% of El Salvador’s GDP. Fees for wiring money to El Salvador are not cheap. Bitcoin transactions are cheap, so the El Salvador government made Bitcoin legal tender to reduce the fees citizens must pay for remittances. Approximately 70% of El Salvadorans do not have bank accounts. Transacting in Bitcoin can act as a sort of bank account. El Salvador uses the United States Dollar, which is suffering from fairly bad inflation at the moment. El Salvador moved to Bitcoin to hedge itself against inflation of the US Dollar.

The three reasons listed above are all the official reasons that El Salvador gave for making Bitcoin legal tender. There are likely other reasons for El Salvador to make Bitcoin legal tender that they will not say publicly, though.

It’s also important to note that USD is still legal tender in El Salvador. The country still mostly uses USD despite Bitcoin legal tender. Anyway, the next section will discuss the reality of Bitcoin use in El Salvador since the country made it legal tender.

Bitcoin in El Salvador – The Reality

This section will cover point by point the official reasons that El Salvador made Bitcoin legal tender and then describe the reality of the situation. First of all, remittances in El Salvador. Are Salvadorans using Bitcoin for remittances?

No, Salvadorans are not really using Bitcoin for remittances. According to information from worldcoinstats.com only 3.2% of all remittances are done in Bitcoin, which is pretty bad. Of course, no one expected this number to jump to 100% overnight, but it’s an underwhelming use compared to what many in crypto expected.

Next, are Salvadorans using Bitcoin for their daily transactions?

Again, not really. There’s no hard data on this figure, but it’s estimated that approximately 80% of shops in the country do not accept Bitcoin despite it being legal tender in the country. With that in mind, it’s unlikely that Salvadorans are using Bitcoin for most of their transactions.

This came as surprise because the Chivo wallet app (the official Bitcoin lightning network app of El  Salvador) had over 4 million downloads when it was released. However, this is because new Chivo wallets received a free $30 deposit. The average salary in El Salvador is $12 per day, so $30 is a few days of work for many Salvadorans. Of course many would download an app for a free $30 when they make so little per day.

Finally, has Bitcoin served as a good hedge against inflation of the United States dollar?

Well, El Salvador bought approximately $100 million worth of Bitcoin over the past year at an average price of $45,000. The current price of Bitcoin is about $19,000. USD inflation currently stands around 8.2%, so El Salvador has lost more money by holding Bitcoin than it would have if it held USD over the past year.

Of course, Bitcoin is more of a long term thing for El Salvador, so it’s a little silly to declare this a failure after only one year.

What Went Wrong With Bitcoin in El Salvador?

As you can see from the above points, Bitcoin in El Salvador has not been the great success that many people expected. There’s not much reason to fear, though. It has only been one year since El Salvador made Bitcoin legal tender in the country.

The biggest problem with Bitcoin in El Salvador is that El Salvador picked probably the absolute worst time to make Bitcoin legal tender. They basically did it right at the top of the bubble and then proceeded to buy “the dip” anytime the price dropped – the problem was the price kept dropping.

Anyone that went all in on Bitcoin around that time would be down about 50% right now. It happened to plenty of people, but in the case of El Salvador it happened to the entire country. If El Salvador would have invested in Bitcoin a year or two earlier, then the country would be up 500% on its investment and many would declare it incredibly succesful.

This will likely occur if the price of Bitcoin rises again, which its expected to do after the Bitcoin halving. The problem with that the next halving is a few years away in 2024. Can El Salvador stay with Bitcoin for that long? Or will the country abandon the cryptocurrency before the price recovers?

The other problem with Bitcoin in El Salvador is that the government forced people to use it, which goes against a lot of the principles of cryptocurrency. In fact, is it even cryptocurrency at that point?

We would argue that it’s not really cryptocurrency if the government forces you to use it. The government specifically forced people to use the Chivo wallet app, which has a reputation for having a lot of bugs. And that has left a lot of Salvadorans with a bad first impression with Bitcoin because they associate all the bugs with the Chivo app as problems with Bitcoin.

This is still a relatively minor problem, though. The bigger problem was that El Salvador picked the worst time to invest in cryptocurrency, but it’s still worth mentioning the other problem with the current system in El Salvador.

Final Thoughts

To summarize, Bitcoin in El Salvador has not been very successful one year into the country making it legal tender. There is still no need to fear, though. Bitcoin is a long term project for the country, so if El Salvador can stick to their Bitcoin experiment, then they will likely see it become successful.

- jamesobande
Bella Protocol Shows Strength, Can Bulls Break A Key Resistance?
BEL price creates more bullish sentiment as price struggles to break and hold above the daily 50 EMA  BEL looks more stable as bulls breakout of a descending triangle The price of BEL could face major resistance at $1 

Bella Protocol (BEL) had a rocky start to the year, failing to live up to its initial hype. However, this could be set aside as the price has recently turned bullish against tether (USDT). Bella Protocol (BEL) has seen more of a downtrend than an upside in the bear market, with the price struggling to regain the bullish structure and failing each time, with Bitcoin (BTC) falling to a region of $18,700, affecting the price of altcoins. (Data from Binance)

Bella Protocol (BEL) Price Analysis On The Weekly Chart

The cryptocurrency market hasn’t had the best price movement in recent times, but that doesn’t mean that some crypto assets haven’t shown great strength in bouncing from their lows and breaking out of their downtrends to establish bullish momentum.

Despite showing less price movement in recent weeks, the price of BEL has continued to trade below the key resistance level of $0.67, preventing a rally to new highs.

The price of BEL ended the week looking more bullish as bulls pushed the price to break the resistance at $0.67, setting up a more bullish price movement for the price of BEL in the coming week.

The price of BEL is being rejected near $0.65, preventing it from trending higher. The price of BEL has previously been affected by news from the Consumer Price Index (CPI) and the Federal Open Market Committee (FOMC). BEL price has responded positively after breaking out of its downtrend price movement.

The price of BEL needs to break and hold above $1 for the price to rally to a higher region with more bullish sentiments; if the price of LIT gets rejected from this region, we could see the price retesting a region of $0.75 acting as good support zones.

Weekly resistance for the price of BEL – $1.

Weekly support for the price of BEL – $0.75.

Price Analysis Of BEL On The Daily (1D) Chart Daily BEL Price Chart | Source: BELUSDT On Tradingview.com

On the daily timeframe, the price of BEL continues to look bullish as it breaks out of a descending triangle after trading in a range of downward trends and faces resistance at $0.65 to trend higher.

The price of BEL is $0.63 lower than the 50 and 200 Exponential Moving Averages (EMA). On the daily timeframe, the prices of $0.65 and $1 correspond to the prices at the 50 and 200 EMA for BEL.

Daily resistance for the BEL price – $1.

Daily support for the BEL price – $0.65-0.75.

Featured Image From zipmex, Charts From Tradingview 
- bitFlyer Europe
Introducing our new Ethereum pair on Lightning!
Introducing our new Ethereum pair on Lightning!

Today, we are launching our new pair on Lightning: ETH/BTC.

Access to a new Market

Individual and institutional traders in Europe will now be able to trade on bitFlyer's ETH/BTC market, which has only been available to bitFlyer Japan customers until now.

This is another addition in our cross-border offering which gives traders access to the unique liquidity of the Japanese market.

What is bitFlyer Lightning? - Check out our Lightning guide here.

Our first crypto to crypto pair - and not the last

The launch of our first cryptocurrency to cryptocurrency pair on our trading platform opens new possibilities and opportunities to our users and we are excited to see how this new feature will be used by all of you.

To celebrate this launch, we are also running a “zero fees” campaign on this newly added pair. You can find some details about it here. If you are ready to start trading ETH/BTC :Already a bitFlyer customer? Log in to Lightning!
New to bitFlyer? Register now!
- bitFlyer Europe
Referral Program now available on Web!
Referral Program now available on Web!

Today we launched our Referral Program on Web! Both you and your friend will get €10 worth of Bitcoin each when your friend creates an account, makes a deposit and trades €100 of crypto or more.

How does it work?

1. Log into your bitFlyer account on your Web Browser.

2. Click on the "Referral Program" Tab

3. Get your own referral link from the “Share with friends” buttons.

Referral Program now available on Web!Referral program on Web

4. Choose a friend and send the link with an invitation.

5. Your friend needs to click on the link, then create a bitFlyer account. They should fill out Invitation code which is in the invitation. Without the code, both you and your friends will not be eligible for the rewards.

Referral Program now available on Web!Invitation Code Input Location

6. Your friend makes a deposit and trades €100 or more worth of any crypto. (Crypto deposit is not eligible for this program)

7. Both you and your friend receive €10 worth of Bitcoin!

Details about the program

The rewards will be sent out within 24 hours after your referral deposits and trades €100 or more and there is no upper limit to the number of people that can be referred.

Your friends can trade crypto on Buy/Sell or using Instant Buy and Recurring Buy features. Trading activity generated on the bitFlyer Lightning platform is excluded.

If you have more questions, please visit our FAQ or contact us.

Ready to get started?

Already a bitFlyer customer? Login Now!

Ready to join us? Register on bitFlyer!

Our referral program is also available on our App!

Referral Program now available on Web! Referral Program now available on Web!

Disclaimer:

• To be eligible to participate, individuals must be at least eighteen (18) years of age.

• To be eligible to participate, individuals must be residing within the European Economic Area.

• To be eligible to participate, individuals must be upgraded to Trade PRO on the bitFlyer platform

• bitFlyer accounts are limited to one account per person. Customers who already have a bitFlyer account before the initiation of this referral program can not create duplicate accounts.

• Customers who have closed their bitFlyer account at the time of granting the rewards are not eligible for this program

• If a referred user fails to complete the requirements to obtain a bonus within 90 days of opening his or her account, neither party will receive a bonus.

• To be eligible for the referral bonus payout, individuals must deposit 100EUR or more by bank transfer, Paypal or credit card. Crypto deposits are not eligible to qualify under this program.

• To be eligible for the referral bonus payout, all qualifying trades must be placed via bitFlyer’s Buy/Sell Marketplace options (Instant buy or Recurring buy). Lightning exchange orders are not eligible to qualify under this referral program.

• Opening an account through any method other than the invitation URL will forfeit eligibility for this program.

• Customers who had a bitFlyer account before the start of this program are not eligible to be referred.

• Customers who have frozen or restricted accounts before the start of this program are not eligible for this program.

• The rights acquired through the program cannot be transferred to another person.

• The BTC/EUR exchange rate will be based on the rate on our exchange platform at the time of rewarding.

• The purpose of this program is to attract new customers and reward those customers who genuinely intend to become our active  customers and use our services. Therefore if we detect certain behavior indicating that an individual is using this referral program for the sole purpose of collecting rewards without genuine intention to use our service, we may disquality eligibility for the program in such cases. For example, customers who meet the following criteria may forfeit their eligibility to receive rewards. Even if the rewards have already been granted, they may be recollected. Eligibility for further participation in this program may also be forfeited.

• If it has been identified that the customer has more than one account

• If the registered email address is unable to receive emails or does not receive the email sent for this program

• If the account was created using false information

• If we discover any fraudulent activity such as spoofing, affiliates, etc.

• Any other action that is deemed to violate our Terms of Use, illegal, or failure to meet our requirements

• Please note that the list is not exhaustive.

• In case of recollection, whichever is available and has the higher value of the below will be recollected from the customer's account. The crypto/EUR rate will be based on the rate on our exchange platform at the time of recollection.

• Amount of BTC granted as the reward;
• 10€ worth of other crypto held (in case there is no BTC available); or 10€

• We will not respond to any inquiries regarding customers eligibility.

• Please refer to our Privacy Policy for information on how we handle personal information. bitFlyer may change, suspend, cancel, or terminate some or all of the parts of this program without prior notice. bitFlyer is not responsible for any losses incurred due to changes, suspension, cancellation, or termination of this program.

• This program is subject to change, suspension, or cancellation without notice.

• If you have any questions about this program, please contact us info.eu@bitflyer.com.

- bitFlyer Europe
New Coins available to Trade on bitFlyer Europe!
New Coins available to Trade on bitFlyer Europe!

Our selection of coins to trade on our platform just got larger! With the addition of 4 new coins, we wanted to give our customers more choice in their trading journey and help them to discover exciting cryptocurrency projects.

The 4 coins that have been added to our platform are:

Polkadot (DOT)Stellar (XLM) Tezos (XTZ)Basic Attention Token (BAT)

All 4 coins will be added to our Buy/Sell service as of today on both our App and on our Web platform.

New Coins available to Trade on bitFlyer Europe!The new coins on Buy/Sell

Check out our new coin selection now!

Go further on bitFlyer with our App, as you can earn BTC with our referral program:

New Coins available to Trade on bitFlyer Europe! New Coins available to Trade on bitFlyer Europe!


Don't forget that you can set up a recurring order for all our new coins on our Recurring Buy Service:

New Coins available to Trade on bitFlyer Europe!Recurring Buy is now also available on our Web platform!

Already a bitFlyer customer? Buy Now!

Ready to join us? Register on bitFlyer!


- bitFlyer Europe
Recurring Buy now available on Web!
Recurring Buy now available on Web!

As of today, our "Recurring Buy" feature is available on our Web Platform, which means our users can now purchase crypto automatically with as little as 10 EUR directly from their browser.

Recurring Buy is available on the left hand side menu after you log into your account.

Recurring Buy now available on Web!Recurring Buy on WebThe smartest and easiest way to invest in cryptoSimple SetupSchedule a recurring buy in a few stepsAutomatic PurchasesBuy crypto daily, weekly, biweekly or monthlyStart Small or Go BigSet up regular purchases as low as €10 or as high as €10,000Available crypto

Recurring buy can be used with all 7 types of cryptocurrencies currently handled on our platform:

Bitcoin (BTC)Ethereum (ETH)Ethereum Classic (ETC)Litecoin (LTC)Bitcoin Cash (BCH)Monacoin (MONA)Lisk (LSK)Purchase frequency

You can select from daily, weekly, biweekly and monthly.

Minimum purchase amount

It can be set from as little as 10 EUR.

Recurring Buy fee

There is no additional fee for Recurring Buy. Click here for details on other fees.

Available devices

Apart from Web, our recurring buy feature is also available on our mobile app "bitFlyer wallet" (iOS, Android).

Recurring Buy now available on Web! Recurring Buy now available on Web!

Already a bitFlyer customer? Login!
New to bitFlyer? Register now!

Important notes :

*Please ensure that there are sufficient funds in your bitFlyer account before the scheduled day of purchase. If there is an insufficient balance, the purchase will not be executed.

*Unless a purchase is not executed, the automatic purchase scheduling will not be cancelled.

*The time for purchase cannot be specified. bitFlyer will decide the time of purchase on the designated date.

*The rate used at the time of purchase will be based on the price on our Buy/Sell service.

*System troubles on the bitFlyer side may cause the purchase not to be executed. In that case, no automatic purchase will be executed until the next scheduled purchase.

- bitFlyer Europe
Introducing our New Logo!
Introducing our New Logo!

Today, we present you the new brand logo of bitFlyer! Let’s take a look at what changed:

Introducing our New Logo!Old Logo and New Logo

In this update, we have retained the best features of the former Logo and changed the colors to be brighter and more vivid.

Additionally, the font used in the new Logo is unique to bitFlyer but remains reminiscent of our previous one.

This change will be reflected on our Web platform as well as on our iOS and Android App.

If you’re curious to check our new Logo by yourself, sign in to your account:

Already a bitFlyer customer? Login!
New to bitFlyer? Register now!

Alternatively, download our App today:

Introducing our New Logo! Introducing our New Logo!
- bitFlyer Europe
Our new Funding Page is here!
Our new Funding Page is here!

We are happy to announce that we have updated the user interface of our Funding page on the Web (desktop version).

Our new Funding Page is here!New look of our Deposit EUR page

With the introduction of a sidebar on our Funding page, navigating between coins or deposit methods has never been easier!

Additionally, the simplified interface allows for a smoother experience when trying to deposit or withdraw your funds on our platform.

Our new Funding Page is here!New look of our Deposit BTC page

Check out our new Funding page today!

Already a bitFlyer customer? Login!
New to bitFlyer? Register now!
- bitFlyer Europe
Happy Bitcoin Pizza Day 2021!
Happy Bitcoin Pizza Day 2021!

Today is May 22nd, which means it's Pizza Day for the Bitcoin/Crypto community!

On May 22nd 2010, Laszlo Hanyecz bought two Pizzas for 10,000 BTC, which was worth around €33.00 back in 2010. This payment now acts as a milestone for the digital currency, and is acknowledge to be one of the first purchases of a product with Bitcoin.

In case you are new to Bitcoin, here is a quick guide to get you up to speed:

What is Bitcoin? - A bitFlyer Academy Guide for BeginnersLaunched in 2009, Bitcoin is the world’s first cryptocurrency, also known as “Digital Gold”. Satoshi Nakamoto, the pseudonymous founder, introduced Bitcoin as ‘Open Source Peer-2-Peer Money’ for secured, verifiable digital transactions without involving intermediaries like banks.Happy Bitcoin Pizza Day 2021!bitFlyer EuropebitFlyer EuropeHappy Bitcoin Pizza Day 2021!

As of today, and for the 11th birthday of Pizza Day, 1 Bitcoin is worth around €30,000, which means Laszlo bought two Papa John's Pizzas, for €300 Millions if it happened today. Just wow.

Happy Bitcoin Pizza Day 2021!Check our BTC Chart pageHow much was Bitcoin that day?

Have a look at our blogpost from last year, when we celebrated the 10th anniversary of the Pizza Day with this jaw-dropping infographic:

From two pizzas to your own private island: Tracking the value of 10,000 Bitcoin to celebrate Bitcoin Pizza Day 2020We have done a bit of research to find out what you could have bought with 10,000 bitcoins on Bitcoin Pizza Day in 2010 all the way up to today. So what might those bitcoin millionaires amongst you choose to buy to celebrate ten years of Bitcoin Pizza Day?Happy Bitcoin Pizza Day 2021!bitFlyer EuropebitFlyer EuropeHappy Bitcoin Pizza Day 2021!Refer a friend, get a Pizza... Sort of!

Fancy a Pizza yourself today? Well we can help! Successfully refer a new user to bitFlyer and treat yourself with the 10€ reward!

bitFlyer Referral Program - Invite friends, get free BTC!Today we launched our new Referral Program where you and your friends can earn rewards! Both you and your friend will get €10 worth of Bitcoin each when your friend creates an account and trades €100 of crypto or more.Happy Bitcoin Pizza Day 2021!bitFlyer EuropebitFlyer EuropeHappy Bitcoin Pizza Day 2021! Already a bitFlyer customer? Login!
New to bitFlyer? Register now!
Happy Bitcoin Pizza Day 2021! Happy Bitcoin Pizza Day 2021!
- bitFlyer Europe
The updated interface of Buy/Sell on the web is here!
The updated interface of Buy/Sell on the web is here!

We are happy to present you our new interface of Buy/Sell available on the web (both desktop and mobile). Let’s see what are the new functionalities:

The updated interface of Buy/Sell on the web is here!News articles - up to three the most important articles from the cryptocurrency industry daily.
Market Statistics - the highest and lowest movements of the prices and market capitalization in the last 24 hours.
Currency description of each coin available on the bitFlyer platform.
Trading History - clear overview of the history of your orders.

The web version of updated Buy/Sell functionality is also available on mobile:

The updated interface of Buy/Sell on the web is here!The updated interface of Buy/Sell on the web is here!

Trading crypto has never been easier! Check the new functionalities on your own today.

Already a bitFlyer customer? Login!
New to bitFlyer? Register now!
- bitFlyer Europe
New home screen for our iOS and Android app is now live!
New home screen for our iOS and Android app is now live!

Today, we present you our new home screen of the bitFlyer App for iOS and Android! Let’s take a look what changed:

1. New interactive home screen banners that will allow you to make a quick action:

New home screen for our iOS and Android app is now live!

2. Display of the coins with the biggest movements in the last 24 hours:

New home screen for our iOS and Android app is now live!

3. Direct banners to our special offers and blog so you don’t have to look for them inside the app!

New home screen for our iOS and Android app is now live!

If you’re curious to check the improvements by yourself, download now the bitFlyer App:

New home screen for our iOS and Android app is now live! New home screen for our iOS and Android app is now live!Start trading today!

Go further with the bitFlyer with our App, as you can setup recurring purchases and earn BTC with our referral program.

Set up regular crypto purchases with Recurring Buy, now live on our App!Today, we are launching a new “Recurring Buy” feature, which means our users can now purchase crypto automatically with as little as 10 EUR by a simple set up. You can use it from our mobile app “bitFlyer wallet”, available on both iOS and Android.New home screen for our iOS and Android app is now live!bitFlyer EuropebitFlyer EuropeNew home screen for our iOS and Android app is now live!bitFlyer Referral Program - Invite friends, get free BTC!Today we launched our new Referral Program where you and your friends can earn rewards! Both you and your friend will get €10 worth of Bitcoin each when your friend creates an account and trades €100 of crypto or more.New home screen for our iOS and Android app is now live!bitFlyer EuropebitFlyer EuropeNew home screen for our iOS and Android app is now live! Already a bitFlyer customer? Login!
New to bitFlyer? Register now!
- bitFlyer Europe
bitFlyer Referral Program - Invite friends, get free BTC!
bitFlyer Referral Program - Invite friends, get free BTC!

Today we launched our new Referral Program where you and your friends can earn rewards! Both you and your friend will get €10 worth of Bitcoin each when your friend creates an account, makes a deposit and trades €100 of crypto or more.

Our Referral Program now available on Web!Today we launched our Referral Program on Web!bitFlyer Referral Program - Invite friends, get free BTC!bitFlyer EuropebitFlyer EuropebitFlyer Referral Program - Invite friends, get free BTC!bitFlyer Referral Program - Invite friends, get free BTC! bitFlyer Referral Program - Invite friends, get free BTC!How does it work?

1. Make sure you have the latest version of the App on your phone or tablet.

2. Open your bitFlyer App and go to the “Invite Friends” section accessible from the Menu

bitFlyer Referral Program - Invite friends, get free BTC!

3. Get your own referral link from the “Send Invite” button.

bitFlyer Referral Program - Invite friends, get free BTC!

4. Choose a friend and send the link with an invitation.

5. Your friend needs to click on the link, then install the bitFlyer Wallet App and create a bitFlyer account*. They should fill out Invitation code which is in the invitation. Without the code, both you and your friends will not be eligible for the rewards.

bitFlyer Referral Program - Invite friends, get free BTC!

6. Your friend makes a deposit and trades €100 or more worth of any crypto. (Crypto deposit is not eligible for this program)

7. Both you and your friend receive €10 worth of Bitcoin!

* Currently, the referral program is only available through the bitFlyer Wallet app. If your friend creates an account on the web, you will not be eligible for the reward.

Details about the program

The rewards will be sent out within 24 hours after your referral deposits and trades €100 or more and there is no upper limit to the number of people that can be referred.

Your friends can trade crypto on Buy/Sell or using Instant Buy and Recurring Buy features. Trading activity generated on the bitFlyer Lightning platform is excluded.

If you have more questions, please visit our FAQ or contact us.

Ready to get started? Download the App!bitFlyer Referral Program - Invite friends, get free BTC! bitFlyer Referral Program - Invite friends, get free BTC!

Disclaimer:

• To be eligible to participate, individuals must be at least eighteen (18) years of age.

• To be eligible to participate, individuals must be residing within the European Economic Area.

• To be eligible to participate, individuals must be upgraded to Trade PRO on the bitFlyer platform

• bitFlyer accounts are limited to one account per person. Customers who already have a bitFlyer account before the initiation of this referral program can not create duplicate accounts.

• Customers who have closed their bitFlyer account at the time of granting the rewards are not eligible for this program

• If a referred user fails to complete the requirements to obtain a bonus within 90 days of opening his or her account, neither party will receive a bonus.

• To be eligible for the referral bonus payout, individuals must deposit 100EUR or more by bank transfer, Paypal or credit card. Crypto deposits are not eligible to qualify under this program.

• To be eligible for the referral bonus payout, all qualifying trades must be placed via bitFlyer’s Buy/Sell Marketplace options (Instant buy or Recurring buy). Lightning exchange orders are not eligible to qualify under this referral program.

• Opening an account through any method other than the invitation URL will forfeit eligibility for this program.

• Customers who had a bitFlyer account before the start of this program are not eligible to be referred.

• Customers who have frozen or restricted accounts before the start of this program are not eligible for this program.

• The rights acquired through the program cannot be transferred to another person.

• The BTC/EUR exchange rate will be based on the rate on our exchange platform at the time of rewarding.

• The purpose of this program is to attract new customers and reward those customers who genuinely intend to become our active  customers and use our services. Therefore if we detect certain behavior indicating that an individual is using this referral program for the sole purpose of collecting rewards without genuine intention to use our service, we may disquality eligibility for the program in such cases. For example, customers who meet the following criteria may forfeit their eligibility to receive rewards. Even if the rewards have already been granted, they may be recollected. Eligibility for further participation in this program may also be forfeited.

• If it has been identified that the customer has more than one account

• If the registered email address is unable to receive emails or does not receive the email sent for this program

• If the account was created using false information

• If we discover any fraudulent activity such as spoofing, affiliates, etc.

• Any other action that is deemed to violate our Terms of Use, illegal, or failure to meet our requirements

• Please note that the list is not exhaustive.

• In case of recollection, whichever is available and has the higher value of the below will be recollected from the customer's account. The crypto/EUR rate will be based on the rate on our exchange platform at the time of recollection.

• Amount of BTC granted as the reward;
• 10€ worth of other crypto held (in case there is no BTC available); or
• 10€

• We will not respond to any inquiries regarding customers eligibility.

• Please refer to our Privacy Policy for information on how we handle personal information. bitFlyer may change, suspend, cancel, or terminate some or all of the parts of this program without prior notice. bitFlyer is not responsible for any losses incurred due to changes, suspension, cancellation, or termination of this program.

• This program is subject to change, suspension, or cancellation without notice.

• If you have any questions about this program, please contact us info.eu@bitflyer.com.

- bitFlyer Europe
What is Lisk? (LSK) - A bitFlyer Academy Guide for Beginners
What is Lisk? (LSK) - A bitFlyer Academy Guide for Beginners

Lisk (LSK) is a blockchain-based, decentralised computational platform. It was founded in early May 2016, by Max Kordek and Oliver Beddows. As a fork of Crypti, a JavaScript-based platform for dApps, Lisk’s primary vision is to broaden and ease the accessibility of blockchain technology, both in development and usage. LSK is the name of the project’s utility token, used to pay for transaction fees on the Lisk blockchain.

What is Lisk? (LSK) - A bitFlyer Academy Guide for BeginnersThe Lisk Ecosystem: Elements & Features

Lisk is predominantly a platform for creating and deploying Decentralised Applications or dApps—applications hosted on globally distributed computer networks, rather than on centralized servers.

The platform’s users can create, publish, distribute, and monetise their dApps, as well as leverage the ecosystem’s native cryptocurrency, LSK. In other words, Lisk is a self-sustaining and integrated platform, supporting features such as smart contracts, blockchain-based storage, and so on.

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JavaScript Compatibility

Substantial learning curves associated with specific programming language requirements have been a major obstacle to the wide-scale adoption of blockchain-based solutions. Lisk addresses this problem by enabling dApp development in JavaScript (JS), which is especially appealing to developers with a traditional outlook.

Apart from JS, Lisk also works with TypeScript, which is another commonly-used language for web development. Consequently, unlike in the case of Ethereum, developers working with Lisk don't usually have to learn a new, platform-specific programming language.

The Delegated Proof of Stake Protocol (DPoS): Resource-Optimised Consensus

Despite watertight security, the Proof-of-Work (PoW) consensus protocol, implemented by Bitcoin, among others—has severe scalability and environmental trade-offs. As a scalable and eco-friendly alternative, Lisk adopts a Delegated Proof of Stake (DPoS) consensus mechanism.

Briefly put, every member of the network, that is LSK token holders, can vote for 101 delegates. In this context, casting a vote means ‘staking’ (locking) a predefined amount of LSK tokens in special wallets. In turn, the ‘active delegates’ are responsible for validating Lisk transactions and for creating blocks.

What is Lisk? (LSK) - A bitFlyer Academy Guide for Beginners

The Lisk blockchain is considerably fast, with new blocks being created roughly every 10 seconds, while each cycle of 101 blocks takes around 16 minutes for settlement—to compare, Bitcoin takes around 10 minutes for the creation of new blocks.

Complementing the network’s sidechain architecture, the said validation mechanism enhances scalability. Furthermore, delegates are incentivised through rewards, distributed in LSK tokens.

The Mechanisms of Lisk: Fostering Innovation with SDK

Extending blockchain’s accessibility to the general populace is Lisk’s primary mission. The platform is predominantly focused on decentralised software development, while the LSK token serves as the system’s internal mode of value exchange. In this context, Lisk’s Software Development Kits or SDKs play a crucial role.

The Lisk SDK

Lisk’s SDK represents a reliable, easy-to-use, and customisable toolkit, designed to assist the development of Lisk-compatible applications. Broadly, the kit has three components:

Framework: Establishes and maintains the interactions between modules on the Lisk network.Elements: A collection of libraries, used to implement various functionalities to custom dApps.Commander: A command line tool that enables Lisk users to interact with the underlying blockchain.Lisk & Ethereum: A Brief ComparisonWhat is Lisk? (LSK) - A bitFlyer Academy Guide for Beginners

In general, both Ethereum and Lisk are distributed computational platforms, in other words, decentralised super computers, that allow users to create blockchain-based applications. However, despite Ethereum being the most popular ecosystem of its kind, Lisk has certain distinctions which are better-suited for certain requirements.

Lisk has a sidechain architecture for greater scalability, while Ethereum does not.Ethereum has a platform-specific programming language, called Solidity, whereas Lisk is compatible with JavaScript and TypeScript.Ethereum’s execution environment, called Ethereum Virtual Machine (EVM), is secured using a PoW-PoS hybrid, while the Lisk Virtual Machine implements a Delegated Proof of Stake (DPoS).With a 10 second blocktime, as compared to Ethereum’s 15 second, Lisk is the faster one out of the two ecosystems.

Considering the above points, it’s evident that Lisk is a potent alternative to Ethereum, with a wider scope in certain regards. To participate on the network, users can buy, sell, and trade LSK on bitFlyer. Join bitFlyer today.

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Disclaimer:

The information contained in this article is for general information purposes only. bitFlyer EUROPE S.A. is in no way affiliated with any of the companies mentioned herein. Neither does bitFlyer assume any responsibility nor provide any guarantee for the accuracy, relevance, timeliness or completeness of any information provided for by these external companies.

You accept that you are responsible for carrying out your own due diligence when investing. bitFlyer shall in no way be responsible for any acts taken on account of this article nor does bitFlyer provide any investment advice for its users.

- bitFlyer Europe
What is Litecoin? (LTC) - A bitFlyer Academy Guide for Beginners
What is Litecoin? (LTC) - A bitFlyer Academy Guide for Beginners

Commonly known as the first successful altcoin, Litecoin is one of the early spinoffs of Bitcoin, started in 2011 as an attempt to make a cryptocurrency more appropriate for use as digital cash.

Created by developer Charlee Lee, Litecoin has some advantages over its other cryptocurrency competitors. For instance, compared to Bitcoin, Litecoin offers much lower transaction fees. It is consistently ranked in the top five and top ten cryptocurrencies, holding ground with a stable market share of around 5% since its creation, even as other coins rise and fall in popularity.

Despite introducing new possibilities for the world of finance and technology, Bitcoin’s core came with significant usability and scalability shortcomings Litecoin (LTC) was created as an alternative solution to these problems.

What is Litecoin? (LTC) - A bitFlyer Academy Guide for Beginners

Litecoin emerged out of a Bitcoin fork, proposed and developed by Charlie Lee, a renowned computer scientist. The project’s primary vision was to become the silver to Bitcoin’s gold, thereby widening people’s access to cryptocurrencies. Prior to incepting the Litecoin Foundation in 2017—a non-profit backing the Litecoin project—Lee worked at Google and Coinbase, among other firms.

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Distinguishing Features: How Does Litecoin Work?

In general, Litecoin’s primary ‘competitor’ is Bitcoin, although the two networks complement each other in several regards. For one, Litecoin inherited Bitcoin’s code, enhancing the same with many novel implementations.

On the other hand, Litecoin pioneered technologies like the Lightning Network and Segregated Witness (SegWit), which have eventually been adopted by Bitcoin.

Scrypt for Speed

In terms of transaction settlement, Litecoin is nearly four times faster than Bitcoin. To achieve this, Litecoin implements a modified version of Bitcoin’s Proof-of-Work (PoW) consensus mechanism, namely Scrypt.

The implementation aligns with Litecoin’s agenda of addressing concerns related to ASIC-based mining, in which it has been partially successful. Instead of using highly expensive ASIC hardware, Litecoin miners can work with more affordable Graphics Processing Units (GPUs).

Thanks to Scrypt, Litecoin successfully reduced the block confirmation time, the time taken to finalise new blocks, to 2.5 minutes, as compared to Bitcoin’s 10 minutes. As a result, while Bitcoin settles roughly 7 transactions per second, Litecoin completes around 56 transactions per second.

SegWit for ScalabilityWhat is Litecoin? (LTC) - A bitFlyer Academy Guide for Beginners

Blockchain-based transactions are cryptographically encrypted, meaning that they include signatures of the sender and/or receiver to ensure authenticity and so on. In the original Bitcoin Core, these signatures were included in the transaction, so to say, thus increasing the size of each transaction.

In 2017, Litecoin implemented Segregated Witness or SegWit, a solution proposed by Blockstream co-founder, Pieter Wuille. To put it simply, SegWit separates signatures from transactions, putting them into the associated input rather than in the transaction.

This effectively reduces the transaction’s size, and consequently, more transactions can be added to each block. Combined with Scrypt, SegWit imparts a heightened scalability to Litecoin, which in turn, makes the network more relevant for large-scale usage.

The LTC Token: Litecoin’s Native Cryptocurrency

Similar to Bitcoin, Litecoin is an open-source, peer-to-peer digital currency, based on the network’s native cryptocurrency, namely the LTC token. It can be used for a range of financial purposes and has a maximum supply of 84 million.

Litecoin’s fully decentralised payment network supports near ‘zero fee’ for transactions in LTC. Moreover, the token’s code architecture facilitates optimum efficiency in terms of storage. It also provides greater security against malware, viruses, and hacks.

What is Litecoin? (LTC) - A bitFlyer Academy Guide for Beginners

Rewarding miners to incentivise desirable behaviour is one of LTC’s primary internal functions within the Litecoin network. Initially, the block reward was 50 LTC. However, the algorithm halves the amount every 4 year (roughly, after every 840,000 blocks). At the time of writing, in early 2021, miners receive 12.5 LTC tokens for each block.

Backed by the network’s functionalities and inherent value, LTC’s market performance has progressed steadily over time. To know more about Litecoin, as well as to buy, sell, and trade LTC, join bitFlyer and follow our blog.

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Disclaimer:

The information contained in this article is for general information purposes only. bitFlyer EUROPE S.A. is in no way affiliated with any of the companies mentioned herein. Neither does bitFlyer assume any responsibility nor provide any guarantee for the accuracy, relevance, timeliness or completeness of any information provided for by these external companies.

You accept that you are responsible for carrying out your own due diligence when investing. bitFlyer shall in no way be responsible for any acts taken on account of this article nor does bitFlyer provide any investment advice for its users.

- bitFlyer Europe
The State of Investing & Crypto in different markets
The State of Investing & Crypto in different markets

2020 was a year of tremendous growth in the cryptocurrency industry. We saw Bitcoin reach new highs, as renowned financial institutions invested in this revolutionary asset class and enthusiasm across the market bounced back.

Last year, bitFlyer Europe conducted the survey in European countries measuring the awareness and faith in the future of crypto. Back then two thirds of Europeans admitted to having faith that cryptocurrencies will still exist in 10 years’ time, however the majority are still uncertain how they will be used.

In September 2020, when comparing our data from 2020 to 2018, we have seen a rise in accounts opened by users in their 20s in the first half of 2020 at group level.

As a global cryptocurrency exchange that has offices, among others, in San Francisco, CA, and Tokyo, Japan, this time we decided to dive deep into the current state of investing and cryptocurrencies in the US and Japan, and explore the differences between these two big and interesting markets. Our survey targeted 3000 participants aged 20-59 across Japan and the US.

Key findings from our research:Two-thirds of people in the US said they’re interested in investing more in financial assets in 2021.30% of Americans think Bitcoin/Cryptocurrencies will be an attractive investment this year, making it two times more popular than Gold and the 4th most selected asset. The most popular asset was stocks at 54%.82% of the US population has heard about cryptocurrencies.Roughly 20% of respondents in the US are currently using or have used cryptocurrencies in the past.76% of people in the US that have heard about crypto have a positive perception about cryptocurrencies as an investment. In Japan, 78% of the respondents have a negative perception, showing a pretty strong contrast between the two regions.Our research shows that the current market sentiment amongst American investors is very bullish compared to the Japanese, reinforcing the argument that the last run-up in price was mainly driven by US investors.The State of InvestingThe State of Investing & Crypto in different markets

Our research shows that 82% of people in the US invest in financial assets, with almost a third of the population allocating over a quarter of their net worth into investments. On the other hand, in Japan, 69% of people do not invest in financial assets, showing a significant contrast across the two regions.

In both the US and Japan, men tend to invest more than women, while also allocating a higher share of their net worth into their investments.

The State of Investing & Crypto in different markets

There is also a significant difference in the outlook for investing this year. 68% of respondents in the US are planning to invest or continue investing, whereas that figure is only 18% in Japan.

Why are people investing in 2021?

Across the globe, one of the most popular reasons people are looking to invest this year is to prepare for the future and increase their long-term net worth. A large share of respondents are looking to diversify their income through investments and believe that investing is the most powerful and quickest way to grow their capital.

“In order to build your wealth, you will want to invest your money. Investing allows you to put your money in vehicles that have the potential to earn strong rates of return. If you don't invest, you are missing out on opportunities to increase your financial worth.” — (male in his 30s, US)

After last year’s events, more people are paying attention to the market in hopes of capitalizing on a potential economic rebound this year.

“This is a great time to invest, hopefully things can only get better and go up.” (female in her 30s, US)

Low interest rates are also fueling people’s motivation to allocate their wealth into investment assets. We can see a similar trend in Japan.

“Interest is too low for deposits and savings. I think it is better to manage your capital with some risk” — (male in his 40s, Japan).Why are people not looking to invest in financial assets?

There’s an interesting contrast in why people are not looking to invest across the two regions. One of the most popular reasons why people in the US are not planning to invest this year is because of financial challenges created by the COVID-19 crisis.

“I have no job currently, so no income. Can't invest what you don't have” — (male in his 30s, US)“Money is very tight due to the pandemic” — (female in her 30s, US)

Our data shows that, logically, people with lower incomes are 40% less likely to invest. This, amidst the recent surge in COVID-19 cases and changes in power in the US, has elevated people’s uncertainty and fear of what’s going to happen next at the macroeconomic level.

What’s most interesting, however, is that the main reason why Americans do not invest isn’t because of the risks of losing money. They mainly don’t do it because they don’t have the necessary resources. In Japan, it’s a different story.

While the economic impact from the COVID-19 crisis also impacted many people’s ability to invest in Japan, the majority of those who said that they are not looking to invest highlighted the potential risks associated with investing, rather than a lack of resources to do so.

“I don't want to lose even 0.0001% of my money. I don't want to invest in anything that has the risk of losing even a small amount of money. However, if there is a no-risk, high-return investment, I will definitely do it” (male in his 40s in Japan)“I think investment is the same as gambling. I don't want to do dangerous things like losing money.” (Male in his 30s in Japan)“I don't know how to do it, and it seems that there is a high risk of loss.” (female in her 30s in Japan)

There’s a clear difference in the sentiment towards investing between the two regions. We see people in the US being a lot more open to investing and having a bigger desire to diversify their income through investing. In Japan people tend to have a much more cautious stance.

The State of CryptoThe State of Investing & Crypto in different markets

Cryptocurrency adoption is higher in the US than it is in Japan. In the US, 22% of respondents have invested in crypto at some point - over four times higher than Japan.

The State of Investing & Crypto in different markets

Similarly with investing, the sentiment towards cryptocurrencies is a lot stronger in the US than it is in Japan. 76% of the respondents in the US who have heard about cryptocurrencies have a positive perception about cryptocurrencies as an investment, while in Japan it was the complete opposite.

What is driving people’s positive perception about cryptocurrencies?

People like cryptocurrencies in the US and Japan for very similar reasons. One of the most popular ones is the increasing popularity of cryptocurrencies and its remarkable rise in price, which makes it a very attractive investment.

“Cryptos are growing at a fast rate and I feel they will keep growing and be very profitable” (male in his 20s, US)“I saw in the news that the value has increased recently” (male in his 20s in Japan)

But it’s not only its run-up in price that’s getting people’s attention. Many respondents highlighted crypto’s value propositions and believe in its long-term value.

“I feel [cryptocurrencies] put you in control as opposed to big Wall street firms. You can buy/sell 24/7. Some have fixed quantity as opposed to stocks that can always issue new shares etc” (male in his 50s, US)“Cryptocurrency seems to be gaining momentum with the fallout of global and national currency systems.” (female in her 20s, US)

Moreover, in 2020 we saw a wave of institutions coming into the cryptocurrency space, and people in the US noticed. Institutional participation solidified people’s long-term outlook for crypto, and even their perception of it.

“Large institutions have been starting to buy crypto, which could drive up scarcity and therefore the value. That, and after a decade it doesn’t seem like it’s going anywhere anytime soon.” (male in his 20s, US)“I chose positive because I definitely think it has leveled out now. In the beginning it was definitely negative (from what I heard). I think it’s a new way of investing.” (Female in her 20s, US)Why do people have negative perceptions about cryptocurrencies?

While the price of Bitcoin has increased over 250% in the last year, many people are still afraid of its extreme price volatility.

Additionally, after seeing many incidents such as hacks and reports from mass media, many are concerned about the crypto’s security risks and usage today. In Japan, where the vast majority of people have negative perceptions about crypto, these security concerns were paramount and deep-rooted into people’s perceptions.

“There was a virtual currency incident in the news a while ago.” — (male in his 40s, Japan)“There is a possibility of someone stealing it” — (male in his 30s, Japan)

Lastly, as with any new technology, there is a big learning curve.

“I don’t know enough about it to have a positive opinion” — (female in her 30s, US)

Many people do not understand cryptocurrencies well enough in order to make a proper judgment about them, which ultimately affects their perception. As people learn more about cryptocurrencies, we can expect this to change in the future.

Which investment assets do people think will be most attractive in 2021?The State of Investing & Crypto in different markets

54% of respondents think stocks will be an attractive investment in 2021, making it the most popular asset in the US.

Crypto was two times more popular than Gold and also the 4th most popular asset, as 30% of Americans believe it will be an attractive investment opportunity. In Japan, crypto was the 5th most popular asset, as people favored other investment vehicles such as Mutual Funds and FX.

Diving deeper into the different segments, we saw that for investors in the US with the highest level of experience crypto was the third most popular asset. This group highlighted the high growth that cryptocurrencies have experienced lately and believe it will be one of the most profitable investments.

“ETFs are easy and low cost basis, real estate will always produce profits and bitcoin is gaining steam and will continue to in 2021” — (male in his 40s with more than 10 years of investment experience, US)

On the other hand, crypto was the second most popular asset amongst the least experienced investors. Crypto’s run-up in price and increasing adoption spiked the interest of this group, which are looking to capitalize on the latest trends in the market.

Wrapping up

A significant share of Americans are looking to invest this year, as they view it as one of the most effective ways to increase their wealth. The opposite was true in Japan, where investors have a more conservative stance.

Moreover, the adoption of cryptocurrencies in the US has grown significantly over the last year, as we’ve seen an increasing number of American companies allocating capital into this new asset class and expanding their services to cover this revolutionary technology. The market sentiment is currently very positive, especially when compared to the Japanese market.

The outlook for cryptocurrencies this year looks very promising in the US as it continues growing in popularity, especially with the new generation of investors which favored the asset more than anyone else. This could also be a good sign for Europe as education about cryptocurrency and the will to diversify investment portfolios is always increasing.

Despite the bearish sentiment in Japan, it remains as one of the most important markets in the world and with one of the most structured regulatory frameworks globally.

Since 2014, our mission as a global company has been to offer the simplest and most secure way to access cryptocurrencies around the world. We plan to continue focusing on offering the highest level of security to our customers and new products to provide more value.

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Survey methodology

Survey period: January 5, 2021-January 11, 2021Target group: A total of 3,000 consumers (20-59 years old) living in the US and Japanese markets. Japan n = 2,000, USA n = 1,000The data of each market adjusts the composition of gender and age based on the census results so that the trends of consumers in the surveyed countries are correctly reflected.Survey method: WEB questionnaire survey

* When using the survey results of this release, please specify [Survey by bitFlyer USA.].

- bitFlyer Europe
Recurring Buy is now live on our App! Set up regular crypto purchases on bitFlyer
Recurring Buy is now live on our App! Set up regular crypto purchases on bitFlyer

Today, we are launching a new “Recurring Buy” feature, which means our users can now purchase crypto automatically with as little as 10 EUR by a simple set up.

You can use it from our mobile app "bitFlyer wallet", available on both iOS and Android.

The smartest and easiest way to invest in cryptoSimple SetupSchedule a recurring buy in a few stepsAutomatic PurchasesBuy crypto daily, weekly, biweekly or monthlyStart Small or Go BigSet up regular purchases as low as €10 or as high as €10,000

Interested? Download our App and start trading now !

Recurring Buy is now live on our App! Set up regular crypto purchases on bitFlyer Recurring Buy is now live on our App! Set up regular crypto purchases on bitFlyer

Get a chance to win 10 Euro worth of BTC with Recurring Buy!

Available crypto

Recurring buy can be used with all 7 types of cryptocurrencies currently handled on our platform:

Bitcoin (BTC)Ethereum (ETH)Ethereum Classic (ETC)Litecoin (LTC)Bitcoin Cash (BCH)Monacoin (MONA)Lisk (LSK)Purchase frequency

You can select from daily, weekly, biweekly and monthly.

Minimum purchase amount

It can be set from as little as 10 EUR.

Recurring Buy fee

There is no additional fee for Recurring Buy. Click here for details on other fees.

Available devices

The recurring buy feature is available on our mobile app "bitFlyer wallet" (iOS, Android)

* Web version will be supported in the future.

Get Started in MinutesRecurring Buy is now live on our App! Set up regular crypto purchases on bitFlyerRecurring Buy is now live on our App! Set up regular crypto purchases on bitFlyer Recurring Buy is now live on our App! Set up regular crypto purchases on bitFlyer

Important notes :

*Please ensure that there are sufficient funds in your bitFlyer account before the scheduled day of purchase. If there is an insufficient balance, the purchase will not be executed.

*Unless a purchase is not executed, the automatic purchase scheduling will not be cancelled.

*The time for purchase cannot be specified. bitFlyer will decide the time of purchase on the designated date.

*The rate used at the time of purchase will be based on the price on our Buy/Sell service.

*System troubles on the bitFlyer side may cause the purchase not to be executed. In that case, no automatic purchase will be executed until the next scheduled purchase.

- Oluwapelumi Adejumo

Cardano (ADA) founder Charles Hoskinson said the blockchain network will soon enter the Voltaire era, showing the industry “how to do decentralized governance.”

The Age of Voltaire will soon be upon us as an ecosystem. It's going to unlock the power of the millions of Cardano users and builders. It will also, once again, show the rest of the industry how to do decentralized governance just like we did with Staking. pic.twitter.com/HO8PgA5J2G

— Charles Hoskinson (@IOHK_Charles) October 3, 2022

What is Cardano’s Age of Voltaire?

The Voltaire era is when Cardano will become fully autonomous by introducing a voting and treasury system. The era will mark the complete decentralization of Cardano, which started with the introduction of distributed infrastructure in the Shelley era.

By then, the blockchain users will have more say in the direction of the network because they can submit Cardano improvement proposals.

The treasury will also be in place to fund any CIP passed by the community. A portion of the transaction fees will be pooled for the treasury.

According to Cardano’s roadmap, Voltaire will mark the end of IOHK’s management of Cardano and the beginning of its evolution into a “truly decentralized” blockchain network.

Cardano begins preparation for the Voltaire era

A blog post published by Bingsheng Zhang on the IOHK blog explained that Project Catalyst tests the concept of treasury and democratic voting.

“IOHK has now applied treasury mechanism capabilities in Project Catalyst, which combines research, social experiments, and community consent to establish an open, democratic culture within the Cardano community.”

Input Output stated that the “Project Catalyst will very soon be opened up to its first public beta program” after its closed summer group trial.

The firm also revealed the first public fund for the project, which contains up to $250,000 worth of ADA. The fund focuses on how the network can “encourage developers and entrepreneurs to build Dapps and businesses on top of Cardano in the next six months?”

Meanwhile, the community is beginning to see the effect of the latest upgrade. A Cardano user pointed out that the Vasil upgrade has reduced transaction fees by 50%.

CONFIRMED: #Cardano vasil hardfork has cut $ADA gas fees by nearly 50% and transaction space by 10x

— Michael Wrubel (@michaelwrub) October 2, 2022

The post Cardano’s founder Charles Hoskinson reveals ‘age of Voltaire’ appeared first on CryptoSlate.

- Christian Nwobodo

Cathie Wood-led ARK Invest has inked a partnership with Eaglebrook Advisors to offer the ARK Cryptocurrency and ARK Cryptoasset strategies available as a separately managed account (SMA) for financial advisors and wealth managers.

Since 2015, ARK Invest has been involved in crypto equity and security investments. Through the ARK Exchange Traded Funds (ETF), the investment adviser has provided investors exposure to crypto assets investments.

Eaglebrook offers separately management accounts (SMAs) for wealth managers and advisors to gain direct exposure to digital assets on behalf of their clients.

ARK CEO Cathie Wood said that the partnership with Eaglebrook will introduce a new asset class to the wealth management industry.

She added that::

“The strategies will be separately managed accounts (SMAs) designed to meet the needs of financial advisors, wealth managers, and their clients by offering direct ownership, low minimums, and portfolio reporting integration amongst other benefits.”

ARK Crypto Strategies coming to Wealth Managers

ARK Crypto Strategies are designed to leverage blockchain’s promise to bring revolution across money, finance, and the internet.

The ARK Cryptocurrency Strategy is a high conviction portfolio that invests primarily in bitcoin (BTC) and Ethereum (ETH). The strategy seeks to capitalize on the monetary revolution as the two flagship assets are expected to be uncorrelated to other asset classes or traditional systems in the long term.

On the other hand, the ARK Cryptoasset Strategy will invest only in the top 10-20 coins, which ARK has identified as having the potential to drive the financial and internet revolutions. The assets will be selected across smart contract networks, decentralized finance, web3, and infrastructure and scaling solutions.

Despite the global crypto market shedding over $2 trillion since its peak in Nov. 2021, ARK Invest Cryptoasset Analyst Yassine Elmandjra believes the time is right for investors to enter the market leveraging ARK’s Crypto Strategies.

“We’re thrilled to be offering actively managed crypto strategies to advisors during a time when, we believe, much of the speculative behaviors have died down. We believe this presents an attractive entry point for investors.”

The post ARK Invest’s crypto strategies to offer top 20 crypto assets to wealth managers appeared first on CryptoSlate.

- Oluwapelumi Adejumo
Bitcoin mining hashrate touches new all-time high, mining difficulty expected to rise

Bitcoin’s (BTC) hashrate has spiked to a new all-time high amid the current bear struggles of the broader crypto market.

According to Glassnode data, as analyzed by CryptoSlate, BTC’s hashrate touched 244.25 EH/s on Oct. 3.

Bitcoin mean hash rateBitcoin mean hash rate (Source: Glassnode)

In the seven days, the miners responsible for most of the hashrates were Foundry USA, AntPool, F2Pool, Binance Pool, ViaBTC, and others.

BitcoinIsaiah pointed out that the hashrate is already up 84% this year, despite a 72% drop in BTC price.

Hashrate when #BTC was $69k: 161 EH/s
Hashrate today when BTC is only $19k: 297 EH/s

Despite a 72% drop in price, hashrate has still exploded 84% within a single year. Unstoppable.

— ₿ Isaiah⚡ (@BitcoinIsaiah) October 1, 2022

Since Bitcoin’s hashrate dropped to 200 EH/s on Aug. 4, the data has steadily grown as more machines are online after the hot summer. Several miners have also upgraded their equipment to ensure better efficiency.

Meanwhile, the hashrate increase is happening at a time when Bitcoin’s price has considerably struggled. CryptoSlate research revealed the possibility of the asset dropping to $12,000 if its low volume persists.

Bitcoin’s mining difficulty is also expected to increase between 3% to 10%, according to Glassnode data. On Aug. 3, the difficulty was 27.69 T but rose to 32.05 T by Sept. 24. However, the mining difficulty dropped to 31.36 T last week.

Bitcoin mining difficultyBitcoin mining difficulty (Source: Glassnode) Bitcoin miners’ revenue takes a hit

Reports have revealed that Bitcoin miners’ revenue has dropped 72% in the last year. According to Blockchain.com data, revenue from bitcoin mining dropped to less than $20 million a day compared to the previous year, when miners were making around $62 million daily.

Miners have been considerably hit by the bear market and the global energy crisis that has led to a surge in electricity costs. A Bitcoin mining data center operator Compute North filed for bankruptcy after failing to meet its obligations to its creditors.

The post Bitcoin mining hashrate touches new all-time high, mining difficulty expected to rise appeared first on CryptoSlate.

- Oluwapelumi Adejumo
Binance burns $1.9M LUNC tokens

Binance announced that it has burned 5.5 billion Luna Classic tokens following its implementation of the burn mechanism.

#Binance completes the first $LUNC burn, burning all trading fees collected from LUNC spot and margin trading pairs.

For more details about the first burn and all future burns, please check the announcement linked below for weekly updates moving forward.https://t.co/Depz9nYDVO

— Binance (@binance) October 3, 2022

According to the announcement by the firm, it burned all the trading fees for LUNC spot and margin trading pairs. The burn program began on Sept. 21.

The burnt 5.5 billion LUNC tokens represent the fees the exchange got between Sept. 21 to Oct. 1.

Binance was previously reluctant about the implementation of the 1.2% burn tax mechanism, saying it was going to add an opt-in button for users. However, the community’s negative reaction to the idea forced the exchange to cancel the plan.

LUNC community confirms Binance burn

A Twitter account tracking Luna Burn confirmed that Binance has sent the tokens to the LUNC burn address. At the current price, it means that almost $1.9 million worth of LUNC was burned.

🔥 Burn alert! 5,595,907,838 #LUNC ($1,899,923) burned to Luna Burn Wallet! https://t.co/R5MZrDmz4a #LunaBurn #BurnLuna

— LunaBurnTracker (@LunaBurnTracker) October 3, 2022

The LUNC DAO also confirmed the development, adding that “this was a low volume week relative to the last few months. They’ll be burning all fees every week. More volume = more burned.”

Community divided on the effect of Binance burn

While many are excited about the burn, others believe it would take a while before enough tokens would be burnt to reduce LUNC’s total supply of almost 7 trillion.

A Twitter user pointed out that it will take 15 years to reduce the supply to 10 billion at this rate.

At this rate, we'll get to 10 billion in 15 years. I'm patient and I'm definitely not going to sell, but honestly…anything over 8 years doesn't make sense to me.

— Milan Jansa (@MilanJansa) October 3, 2022

FatMan Terra described the burn idea as “absurd,” saying a developer team could have been hired “to build a suite of useful products/tools instead.”

At the behest of the "LUNC army", Binance just threw $1.8 million dollars into the burn address. This will have a 0.09% impact on supply reduction.

Just think of how absurd this is. With that money, you could hire a dev team to build a suite of useful products/tools instead… https://t.co/3wnrzbdGum

— FatMan (@FatManTerra) October 3, 2022

Meanwhile, the burn is yet to affect LUNC’s price performance. The digital asset has shed roughly 5.6% of its value over the last 24 hours.

The post Binance burns $1.9M LUNC tokens appeared first on CryptoSlate.

- Liam 'Akiba' Wright
New Sushi Head Chef promotes asset-backed tokens, receives 83% of vote

Jared Grey, a blockchain consultant and former CEO of EONS, has been appointed as the new Sushi Head Chef following an on-chain vote.

Grey received support from 83% of Sushi token holders, with the runner-up, Andy Forman, achieving just 12.5% of the vote.

Grey has experience consulting for some of the largest natural mineral miners in the U.S. and is looking to use this expertise to reinvigorate the SushiSwap ecosystem.

Unlike other candidates, Grey spoke highly about asset-backed tokens. In an open mic session during his campaign, Grey stated that asset-backed tokens are “one of the largest untapped liquidity sources yet to come on chain… it’s going to be the next run on liquidity.”

Grey commented that the regulatory roadmap around asset-backed tokens is yet to be fully understood. However,

“Sushi has a very strong brand, they have a strong belief in the decentralized ethos of crypto… financial autonomy and being in control of our own destiny… censorship resistance… I think Sushi has a strong foothold on that ethos…”

Grey further commented on the “draconian approach to securities” within the U.S. regulatory ecosystem. As the structure for asset-backed tokens becomes clearer, Sushi should position itself to “capture liquidity and market share” as they become available.

The ability to offer such products is something that Grey believes can set Sushi apart from the rest of the DeFi ecosystem. The SUSHI token is down 70% against Bitcoin for the year compared to just 10% for Uniswap and 31% for Aave. As a result, a new path for the SushiSwap project is required to regain market share.

defi btcSource: TradingView

According to DefiLama, the total value locked (TVL) into SushiSwap was down 47% in September. Further, since January 2022, when the TVL was 1 million ETH, SushiSwap has seen a decline of 67% to 387K ETH.

Following his appointment, Grey took to Twitter to thank the community for their support and praise the “lean & tenacious” Sushi team, indicating that it is his role to “help them excel.”

I'm honored & excited to accept the Head Chef role at @SushiSwap. The trust the community & team have placed in me to help shape the next stage of the Sushi protocol gives me pause & reflection on what Sushi stands for, a community project for everyone. /1

— Jared Grey (@jaredgrey) October 3, 2022

 

The new Head Chef stated that the DeFi industry “is in flux, with increased scrutiny from regulators, bearish economic sentiment, & a strange post-COVID aura.” Grey believes that he will be able to leverage “two decades of engineering & consulting experience” to navigate Sushi through these obstacles and culminated his Twitter thread by stating that he is looking forward to the future of Defi and that “Sushi will be there – bigger & better than ever.”

According to the on-chain vote, Grey has the support of the majority of the SushiSwap ecosystem, which may be a bullish signal for Sushi as it looks to overhaul its offering under Grey’s leadership. However, the token price in Dollars remained essentially flat following his announcement as Head Chef, up 4% on the day, while the SUSHI-BTC chart is up just 2.4% at the time of press.

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- Samuel Wan

Polygon co-founder Sandeep Nailwal said he won’t be attending Devcon 2022 in Bogota, Colombia, “due to safety concerns.” He expressed regret over missing the opportunity to meet with friends from the ETH community.

Devcon, Bogota is a technically focused conference for Ethereum devs, researchers, and builders. It will run from October 11-14 and features talks from prominent figures, including Ethereum Foundation Researcher Danny Ryan and Ethereum Executive Director Aya Miyaguchi.

“Devcon is an intensive introduction for new Ethereum explorers, a global family reunion for those already a part of our ecosystem, and a source of energy and creativity for all.”

Polygon co-founder has safety concerns

Shortly after tweeting his original message, Nailwal retweeted a post from Rok Capital Researcher @Crypto_Mckenna, who mentioned rumors of a Solana engagement team member being mugged at Bogota airport.

He mentioned that the victim wore Solana branded clothing, implying he stood out as a cryptocurrency holder.

Heard someone from the Solana eng team got robbed at Bogota airport (they were wearing Solana merch lmao).

Think ETH devs should value safety for me bringing no crypto stuff at all.

Picking up and new laptop and phone tomorrow. Taking zero chances.

— McKenna (@Crypto_McKenna) October 3, 2022

@Crypto_McKenna cautioned conference attendees to exercise common sense when out and about while also requesting Devcon be held in a safer location next time.

The Solana Colombia Hacker House event takes place in Bogota between October 4-8. It is billed as an educational gathering focusing on DeFi, NFTs, and getting started with Solana.

How safe is Bogota, Colombia?

Regarding Colombia in general, the U.K. Foreign Office warned about the potential for political demonstrations to turn violent. It further added that the region suffers from high crime due to armed groups and criminal gangs that operate in the country.

“Illegal armed groups and other criminal groups are heavily involved in the drugs trade and serious crime including kidnapping (for ransom and political purposes), money laundering and running extortion and prostitution rackets.”

Bogota, Medellin, Cali, and the Caribbean coast were named as prevalent centers for street crime, including pickpocketing and violent robberies.

A Trip Advisor post from five years ago titled, “Bogota is NOT safe or a tourist destination,” which was removed at the OP’s request, contains a mixed response from commenters.

Some said Bogota is no different from big European cities, such as Paris, from a crime perspective. Others echoed the OP, with one poster claiming the murder rate is ten times that found in European capitals.

However, the same poster pointed out that statistically, things are moving in the right direction with improved security and a growing middle class.

Macro Trends showed a general decline in crime and murder rates from 2016 to 2019. Nonetheless, numbeo.com still ranks Bogota as a high-crime city with a score of 65 (out of 100) and low for safety, especially when walking at night.

The post Polygon co-founder gives Devcon 2022 Bogota a miss over safety concerns appeared first on CryptoSlate.

- Christian Nwobodo

American Celebrity Kim Kardashian has agreed to pay $1.26 million to the U.S. Securities and Exchange Commission (SEC) in settlement of claims that she promoted the sale of unregistered securities token EMAX.

According to the SEC, Kardashian was paid $250,000 by EthereumMAX to promote the EMAX token to her Instagram followers (now over 330 million).

As per securities law, any celebrity who promotes a crypto asset must disclose how much they received for the promotion.

“Investors are entitled to know whether the publicity of security is unbiased, and Ms. Kardashian failed to disclose this information.” said SEC Director Gurbir Grewal

Consequently, the SEC has asked Kardashian to pay back $260,000 received for her promotion and an additional $1 million for violating securities laws.

Kardashian has agreed to pay up the $1.26 million and will refrain from promoting any crypto securities token over the next three years.

SEC chairman Gary Gensler advised investors not to make their investment decisions based solely on promotions by influencers.

“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto-asset securities, it doesn’t mean that those investment products are right for all investors.”

Gensler added:

“Ms. Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities.” 

The SEC has an ongoing case against another influencer Ian Balina, who allegedly promoted unregistered SPRK securities tokens to his social media followers in 2018.

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- Christian Nwobodo
Tether reduces commercial paper exposure to below $50M, Treasury bills rise to 58.1% of reserve

Insider information on Tether’s reserve revealed that as of Sept. 30, the shadlecoin issuer had increased its U.S. Treasury bills to 58.1% of its reserves while reducing its commercial paper exposure to below $50 million.

According to the last official report on June 30, about 43.5% of Tether’s assets — roughly $28.8 billion — were held in U.S. Treasury bills, while less than 25% — around $8.4 billion — represented its exposure to commercial papers.

The stablecoin issuer had promised to reduce its commercial paper holdings down to zero while having more of its reserve assets in U.S. Treasury bills.

A recent portfolio update shared by Tether CTO  Paolo Ardoino suggested that the stablecoin issuer is keeping true to its promise.

#tether portfolio update. Tether as of 30 September 2022 holds ~58.1% of its assets in US t-bills. Up from 43.5% on June 30 2022.
CP exposure is < 50M now.@Tether_to

— Paolo Ardoino 🕳🥊 (@paoloardoino) October 3, 2022

A fact check against Tether’s public transparency page records its current U.S. Treasury bills at 54.57%, while its commercial paper exposure is approximately 16%.

According to Ardonia, it will usually take about 45 days for the official report to be reflected; however, the auditing team is working to reduce the timeline.

CryptoSlate reached out to Tether and confirmed that the update will be available in its next quarterly report. A Tether spokesperson said:

“Portfolio updates to look out for include a reduction in commercial papers, now making up less than $50M of its reserves and the holding of 58.1% of its assets in U.S. Treasury Bills.”

Tether added that it was moving away from commercial paper into Treasury bills as it needs a more conservative portfolio to remain the largest stablecoin by trading volume.

The post Tether reduces commercial paper exposure to below $50M, Treasury bills rise to 58.1% of reserve appeared first on CryptoSlate.

- Samuel Wan
Bitcoin stable as Credit Suisse, Deutsche Bank rumored to be on verge of collapse

Bitcoin is holding steady amid rumors of a banking collapse, trading between $18,900 and $20,200 over the past three days.

Investors are drawing parallels between the woes at Credit Suisse and Deutsche Bank and the collapse of the Lehman Brothers during the 2007-2008 financial crisis.

Lehman Brothers was the fourth largest U.S. investment bank at the time, but it filed for Chapter 11 bankruptcy following a drastic asset devaluation and sharp fall in its stock price. The primary driver of this was the firm’s subprime mortgage exposure.

Fast forward to the present, and several recent events, including the Bank of England (BoE) being forced to intervene with a £65 billion bailout of the bonds market, suggest the legacy finance system is on the brink of failing.

Investors turn to Bitcoin

Meanwhile, the price of Bitcoin has traded in a relatively stable pattern as stocks continue to dip amid the macro chaos.

During this period, Analyst Dylan LeClair pointed to a divergence between BTC  and the S&P 500 around mid-September.

Recently, with Bitcoin closely mirroring risk-on-price movements, the safe haven narrative has come unstuck. However, it has reasserted itself over the past few weeks.

On the day the BoE intervened in the U.K. bond market, the BTC/GBP trading pair saw a massive spike in trading volume, suggesting Brits were buying Bitcoin as the central bank reneged on cutting its balance sheet.

Bitcoin pound chartSource: TradingView.com

Proponents argue that Bitcoin, with its fixed supply of 21 million tokens, cannot be debased or inflated to zero.

Banking collapse

At the center of Credit Suisse’s problems are Credit Default Swaps (CDS). These refer to a financial derivative product enabling investors to swap or offset their credit risk with that of another investor.

Analysis per the latest Weekly MacroSlate Report likened the current CDS market to happenings during the 2008 subprime crash.

“CDS is a good indicator of potential defaults; when the price of the CDS rises, the insurance becomes more expensive (higher elevated chance of default).”

Currently, default insurance on Credit Suisse is approaching the same levels as seen during the collapse of Lehman Brothers.

However, the founder of Lyn Alden Investment Strategy, Lyn Alden, stated that while European banks have problems, bonds, currencies, and energy are the bigger flashpoints in 2022.

Seeing lots of social media chatter about bank contagion so I'll retweet this here.

The bigger economic and financial issues here in 2022 are centered in sovereign bonds, currencies, and energy. They're not centered primarily in banks like 2008, except for some areas. https://t.co/xxIoTHfZLK

— Lyn Alden (@LynAldenContact) October 2, 2022

@knowerofmarkets also chimed to downplay the severity of the Credit Suisse situation, saying the fact it is being widely discussed suggests it isn’t as “bad as ppl are making it out to be.”

With the U.S. payroll data to be released on October 7, this week will be critical for Bitcoin and its tentatively re-established safe haven narrative.

The post Bitcoin stable as Credit Suisse, Deutsche Bank rumored to be on verge of collapse appeared first on CryptoSlate.

- Christian Nwobodo
Transit Swap hacker returns $16.5M of stolen funds

Cross-chain DEX aggregator Transit Swap had a rough weekend after it lost over $21 million of users’ funds to a vulnerability attack.

An unknown hacker launched an attack against TransitSwap’s unverified smart contract on Oct. 1. Users who unknowingly approved their tokens for trading on Transit Swap had all their funds transferred directly to the hacker’s address.

Transit Swap users lost a cumulative $21 million to the vulnerability exploit across the ETH and BSC chain. The hacker lost about $1 million to an arbitrage bot as he moved the stolen funds.

Blockchain security firms SlowMist, PeckShield, and Bitrace, worked closely with the Transit Swap team to track the hacker’s IP, email address, and associated on-chain address. Their joint efforts saw the hacker return over 70% of the stolen funds.

📢📢📢Updates about TransitFinance
1/5 We are here to update the latest news about TransitFinance Hacking Event. With the joint efforts of all parties, the hacker has returned about 70% of the stolen assets to the following two addresses:

— Transit Swap | Transit Buy | NFT (@TransitFinance) October 2, 2022

As of press time, the returned funds totaling $16.5 million are held in Transit Swap’s ETH & BSC addresses. About 3180 ETH ($4.2 million), 1500 B-ETH ($2 million), and $10.4 million worth of BNB have been returned. However, $3,5 million in stolen BNB is still held in the exploiter’s BSC address.

The hacker reportedly moved 2,500 BNB (worth $715,000) into mixing protocol Tornado Cash and attempted to withdraw the funds through the LATOKEN crypto exchange.

TransitSwap hacker moved some stolen funds to Tornado Cash and said: I only exploited eth and bsc. If I attack other chains, I can get $100m. I should get a higher bounty than what I get now. It's hard not to suspect that this is your official backdoor. https://t.co/GNgDyG1FJD https://t.co/LxyUQOGXQg

— Wu Blockchain (@WuBlockchain) October 3, 2022

The Transit Swap team has updated that they are still working to recover more stolen funds and will soon reach out to users about the fund return process.

The post Transit Swap hacker returns $16.5M of stolen funds appeared first on CryptoSlate.

- Anthonia Isichei
Tether Further Slashes Commercial Paper Holdings, Increases US Treasury Portfolio

Major stablecoin issuer Tether has further reduced its commercial paper holdings to less than $50 million, with more than half of its backing in US Treasury Bills.

The continuous reduction in Tether’s commercial debt holdings is in line with the firm’s plans revealed earlier in the year.

In an update posted on Twitter on Monday (October 3, 2022), Tether CTO Paolo Ardoino announced that the company’s total US Treasury portfolio is currently at 58.1% as of September 2022. This signals an increase from 43.5% on June 30. Ardoino also mentioned that the firm also slashed its commercial debt holdings to less than $50 million. The latest development comes shortly after a US District Court in New York in September ordered Tether to provide financial records to access USDT backing. The court order is in response to a lawsuit filed in 2019, which claimed that Tether and crypto exchange Bitfinex manipulated the market to issue USDT to inflate the price of Bitcoin. Tether responded, saying the court order was “a routine discovery order” and does not “in any way substantiate plaintiffs’ meritless claims.” The stablecoin issuer added that the company already planned to produce the documents concerning its USDT reserves. In August, Tether said it would provide attestation reports every month, a change from the former quarterly attestations, and hired the accounting firm BDO Italia.

The post Tether Further Slashes Commercial Paper Holdings, Increases US Treasury Portfolio appeared first on CryptoPotato.

- Chayanika Deka
Vitalik Buterin Proposes Ways to Mitigate ETH Censorship

Long before the Ethereum network’s transition to Proof-of-Stake (PoS), censorship concerns have been a bone of contention. To mitigate these risks, Vitalik Buterin has proposed “partial block auctions.”

In the latest blog post, the Ethereum co-founder suggested that builders should have a more limited amount of power to prevent ETH censorship post Merge. Instead of letting them have full rein to construct the entire block if they win an auction, builders would have a more limited amount of power.

Ways of Limiting Block Production Power

According to Buterin, builders will retain enough power to be able to capture almost all maximal extractable value (MEV), as well as other benefits of proposer/builder separation (PBS). But, the co-founder underscored that it should be weakened to “limit opportunities for abuse.”

As such, three potential ways of limiting block production power were presented, which entails: inclusion lists, proposer suffixes, and pre-commit proposer suffixes.

The Inclusion list paradigm is where the proposer provides an inclusion list essentially consisting of a list of transactions that they demand must be included in the block – unless the builder fills a block completely with other transactions. Despite the simplicity of the design, the builder can still engage in some abuse other drawbacks such as incentive compatibility issues and extra burdens on proposers also exist. Proposer suffixes are an alternative construction to enable the proposer to create a suffix for the block. The proposer’s intentions will not be visible to the builder when they build a block, and the proposer would be able to add to the end any transactions that the builder missed. This mechanism also has similar weaknesses. In Pre-commit proposer suffixes, the proposer pre-commits to a Merkle tree or KZG on the set of transactions they want to include in the block. The block is created by the builder while the proposer adds the suffix, thereby eliminating the latter’s MEV opportunities but fixing other drawbacks as well.

According to Buterin, both the proposer as well as the builder’s role should be ideally minimal. However, this leaves many other important tasks unallocated, meaning the introduction of a “third actor” in the block production pipeline is inevitable.

Centralization Concerns

Despite the debate surrounding centralization in the wider community, Ethereum’s core developers are not worried. In a pre-Merge developer call in August, the issue was scrutinized at length, and a majority reportedly agreed on the improvement of the current MEV designs to enhance PBS.

After the completion of the Merge, mining data highlighted Ethereum’s significant reliance on Flashbots, which happens to be a single server for building blocks. This was enough to spark centralization concerns over a single point of failure for the ecosystem. Data suggest that 83.5% of all relay blocks have been found to be built by Flashbots alone.

The post Vitalik Buterin Proposes Ways to Mitigate ETH Censorship appeared first on CryptoPotato.

- Andrew Throuvalas
BTC Miners Reserves Reach Their Lowest Level in a Decade

Bitcoin miners are now holding fewer than 2 million BTC on reserve, according to data from IntoTheBlock. 

That’s the lowest amount of Bitcoin held by all tracked pools and miners since 2010, following a steady decline over the past decade. 

Dwindling Miner Reserves

IntoTheBlock’s data tracks the Bitcoin belonging to the on-chain addresses of various major miners and mining pools – including Poolin, F2Pool, Binance, Bitfury, and others. 

In aggregate, total reserves numbered 1.92 million BTC as of October 2nd. Total reserves fell below 2 million BTC starting around June 13th, while Bitcoin’s price collapsed and industry heavyweights started going insolvent

Though that doesn’t tell the whole story: the platform’s data suggests that miner reserves have been steadily declining since September of 2012, from their peak of about 3.1 million BTC. Before 2022, the last time Bitcoin miners held fewer than this month’s reserves was in February of 2010.

Bitcoin Miner Aggregate Reserves. Source: IntoTheBlock



In general, the volatility of aggregate miner reserve balances has decreased over time. This may be related to Bitcoin’s supply issuance schedule. Every four years, the subsidy attached to each Bitcoin block is cut in half – meaning early miners could likely accumulate and sell the most Bitcoin within the shortest period of time. 

Furthermore, Bitcoin’s price has skyrocketed since its inception, meaning less Bitcoin needs to be sold over time to cover USD-denominated costs. As such, miner balances are still above $44 billion in USD terms – relatively close to its $59 billion all-time high in April 2021. 

Pressure on Miners

Despite declines in both Bitcoin’s price and miner reserves, the network hash rate continues to rise to new highs. Improvements in mining technology allow miners to produce hashes using less energy over time.

But a rising hash rate also means more competition for individual miners. Coupled with a bear market that’s ravaged miner revenues, this year’s environment has proven difficult for miners to stay profitable, or even afloat. 

Last month, the Bitcoin mining firm North Compute filed for bankruptcy, revealing debts upwards of $500 million. Back in June, the public miner Core Scientific sold the vast majority of its Bitcoin holdings. 

Last week, data from Glassnode showed that miners are still selling roughly 8000 BTC per month, while long-term holders, in general, are selling their coins at a loss. 

The post BTC Miners Reserves Reach Their Lowest Level in a Decade appeared first on CryptoPotato.

- CryptoVizArt
ETH Closes Third Red Week in a Row, is $1,000 Coming? (Ethereum Price Analysis)

Yesterday, Ethereum closed its third consecutive weekly red candle. A candlestick with a long upper wick indicates that increased selling pressure continues. In the last two weeks, the price has been trapped between two significant levels, and breaking out of this zone would likely determine the direction forward.

Technical Analysis

By Grizzly

The Daily Chart

The descending line on the daily chart highlights the creation of lower lows (in yellow). This structure is bearish. However, in order to reach lower levels, selling pressure must first drive the price below the horizontal support of $1,240 (in green).

This action corresponds with a break below the descending line, which could trigger multiple stop losses. Should this happen, $1,000 might be in sight.

Alternatively, the asset could discover strong support at around $1,240, followed by a push above the horizontal resistance at $1,420 (in red).

Key Support Levels: $1240 & $1000
Key Resistance Levels: $1420 & $1550

Daily Moving Averages:
MA20: $1355
MA50: $1527
MA100: $1488
MA200: $1945

eth_price_chart_0310Source: TradingView The ETH/BTC Chart

Following the Merge, the market structure against Bitcoin is showing a remarkable weakness. Investors are still hesitant to sell their Bitcoin for Ethereum.

ETH seems more likely to keep declining until the descending line (in yellow) intersects with the horizontal support at 0.065 BTC (in green). A break and close below this level greatly reduces the odds of retesting resistance at 0.073 BTC (in red).

The bearish stance stays strong as long as the price remains below 0.073 BTC.

Key Support Levels: 0.065 & 0.06 BTC
Key Resistance Levels: 0.073 & 0.08 BTC

eth_price_chart_03102Source: TradingView On-chain Analysis Active Addresses (SMA 14)

Definition: The total number of unique active addresses, inclusive of senders and receivers.

On-chain data reveals that network activity is diminishing. This might be due to investor uncertainty. Furthermore, macroeconomic data does not bode well for high-risk assets like equities and cryptocurrencies.

Because upward trends are frequently connected with an increase in the number of active addresses, it doesn’t seem very likely for the price to start increasing, barring any changes.

1Source: CryptoQuant

The post ETH Closes Third Red Week in a Row, is $1,000 Coming? (Ethereum Price Analysis) appeared first on CryptoPotato.

- Dimitar Dzhondzhorov
Stock-to-Flow Creator PlanB Bought More BTC and Explains Why Now

The creator of the bitcoin Stock-to-Flow (S2F) model – PlanB – admitted that recently he made his third BTC investment. At the time of the purchase, the primary cryptocurrency was hovering around $20,000.

Due to its significant price depreciation compared to the all-time high of $69,000 in November 2021, many people proclaimed bitcoin dead in the past several months. However, PlanB revealed that each of his crypto investments was at a time when pessimism was reigning.

PlanB Increases BTC Exposure

In a recent post on Twitter, the anonymous user operating under the pseudonym PlanB revealed the timeline of his bitcoin purchases over the years.

He first entered the ecosystem in 2015, when the leading digital asset was trading at approximately $400. Three years later, he bought more when BTC stood at about $4,000. His third investment was just recently, when the coin was worth $20,000.

My first bitcoin investment was in 2015 at ~$400 (yellow circle). Most people said bitcoin was dead.

My 2nd investment was in 2018 at ~$4000 when I published the S2F model. Most people said bitcoin was dead.

My 3rd investment is now at ~$20,000. Most people say bitcoin is dead. pic.twitter.com/oUWppoJgxo

— PlanB (@100trillionUSD) October 2, 2022

Interestingly, PlanB noted that the number of Google queries for “Bitcoin is dead” have been at a very high level every time he made a purchase.

The aforementioned narrative gets highly popular in times of a market crash. The phrase skyrocketed to an all-time high in June this year when bitcoin dipped to $17,500 (an 18-month low).

It is worth noting that the asset has been proclaimed “dead” over 450 times during its existence. Despite its previous price collapses, the negative tone from prominent individuals, and the devastating macro environment, it has always managed to overcome the issues and currently stands as an asset with a market capitalization of over $360 billion.

This number might not be as impressive as in November 2021, when BTC’s estimated value stood at over $1 trillion, but it is still more than the market cap of leading corporations such as Meta (formerly known as Facebook), Walmart, Nestle, and more.

PlanB’s STF Model and BTC’s Possible Optimistic Future

The analyst going by the Twitter handle – PlanB – is most famous for developing the bitcoin stock-to-flow model (S2F). It provides a plausible future USD valuation of bitcoin based on its circulating supply and the amount of mined coins each year.

At the beginning of 2022, PlanB said the analysis indicates that the cryptocurrency will reach $100,000 by the end of 2023, stating:

“It would really surprise me if bitcoin will have a lower market value than gold after next halving when BTC S2F 100+.”

It is worth mentioning that PlanB’s forecasts have not always been spot on. In April this year, he predicted that BTC is unlikely to drop below $24,500 ever again, and tapping the $100K milestone is possible in 2022.

In reality, though, the asset has been hovering around $20,000 for the past few months, while reaching the envisioned price tag before the year’s end seems rather unlikely.

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- Jordan Lyanchev
Kim Kardashian Settles With SEC, Pays $1.26M for Unlawfully Promoting EthereumMax

The US Securities and Exchange Commission brought charges against Kim Kardashian for promoting a crypto security – Ethereum Max.

The popular US media personality, model, and businesswoman agreed to pay $1.26 million to settle the charges.

CryptoPotato reported in January this year a lawsuit filed in California against Floyd Mayweather and Kim Kardashian, claiming that they misled investors by promoting a cryptocurrency security called EthereumMax (EMAX). The SEC announced on October 3 reaching an agreement with Kardashian, in which she will pay $1.26 million in penalties, disgorgement, and interest for failing to disclose the payment she received for promoting the token. The TV personality will also cooperate with the agency as the investigation continues. According to the Commission, Kardashian received $250,000 to promote the EMAX tokens on her Instagram page, which, as of today, has more than 330 million followers. SEC Chair Gary Gensler commented:

“This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors. We encourage investors to consider an invesment’s potential risks and opportunities in light of their own financial goals.”

The post Kim Kardashian Settles With SEC, Pays $1.26M for Unlawfully Promoting EthereumMax appeared first on CryptoPotato.

- Arun Srivastav
Celsius Ex-CEO Withdrew $10 Million Weeks Before Withdrawal Pause: Report

Celsius Network founder Alex Mashinsky, who resigned as the CEO of the embattled Defi platform on September 27, reportedly withdrew $10 million in May, just weeks before the company froze withdrawals on June 12.

Mashinsky voluntarily disclosed the information to the official unsecured creditors’ committee in the ongoing bankruptcy proceedings, the Financial Times quoted his spokesperson as saying.

Significance of $10 Million Withdrawal 

This revelation will likely be part of a larger disclosure of financial transactions by the company and its executives, including Mashinksy, expected to be submitted to the United States Bankruptcy Court for the Southern District of New York, where Celsius’ bankruptcy proceedings are currently being reviewed.

The spokesperson added that Celsius’ founder, who is the largest shareholder and creditor, spent $8 million out of $10 million to pay taxes and still had $44 million of crypto assets frozen with the lending platform. 

As per US law, payments made by a firm 90 days ahead of filing for bankruptcy protection can be called back. But sources insisted that the withdrawal was planned in advance, and Mashinsky had deposited the same amount in nine months leading up to it. 

Celsius: The Rise and Fall

Celsius was valued at $3 billion after a $600 million funding round in late 2021, led by US investment firm WestCap and Canada’s pension fund Caisse de dépôt et placement du Québec. The company’s business peaked at $25 billion in deposits in 2021, primarily due to high-interest rates being offered, which were as high as 18% on certain cryptocurrencies.

Faced with mass withdrawals in May following the collapse of UST and Luna coins, Celsius halted the withdrawals in June. It made a bankruptcy filing in July, where documents revealed that the lending platform’s balance sheet had a $1.2-billion gap between assets ($4.3 billion) and liabilities ($5.5 billion).

Hectic Developments

In a month packed with several important developments for Celsius, including the resignation of Mashinsky, the bankruptcy court ruled on September 15 that an independent examiner will look into various aspects related to the platform’s digital asset holdings.  

A day later, Celsius sought the permission of the bankruptcy court to sell its stash of nearly $23 million worth of stablecoins to fund its operations.  

Late last month, sources claimed that Sam Bankman-Fried, the FTX founder and CEO, is planning to bid for Celsius’ assets. The day Mashinksy stepped down as the CEO of the company, SBF won the bid for Voyager Digital for $1.4 billion. 

The post Celsius Ex-CEO Withdrew $10 Million Weeks Before Withdrawal Pause: Report appeared first on CryptoPotato.

- Chayanika Deka
Transit Swap Hacker Demands Higher Bounty After Returning Over $16M of Stolen Funds

Transit Swap’s project team was reportedly working on collecting “specific data” of the victims and chalking out a return plan as it focused on retrieving the remaining 30% of stolen funds.

However, it appears that the hacker is in no mood to let go of the rest.

Higher Bounty

As per blockchain security expert, Peckshield, the attacker left a message to the decentralized exchange aggregator and initiated the transfer of a part of the stolen funds into OFAC-sanctioned coin mixer Tornado Cash.

Referencing the recent high-profile security breaches of crypto bridge Nomad and market-making firm Wintermute, the attacker demanded a higher bounty and accused Transit Swap of not being “sincere.”

The note read,

“I don’t believe you because you are not sincere. I only exploited eth and bsc chains. If I attack other chains like FTM, TRON, POLYGON, I believe I can get $100 million. With reference to past Nomad and Wintermute events, I should get a higher bounty than what I get now. It’s hard not to suspect that this is your official backdoor, and you should be happy that the exploit was done by me and no one else.”

Aftermath of Hack

Transit Swap lost nearly $23 million worth of funds after a hacker exploited a bug in its code on Saturday. After confirming the attack, the platform revealed tracking the hacker’s IP, email address, and associated on-chain addresses.

Transit Swap managed to team up with blockchain security and technical teams – Peckshield, SlowMist, TokenPocket, and Bitrace, who were quick to determine the information of the attacker resulting in the return of 70% of stolen funds.

Sharing the progress update, the multi-chain DEX tweeted,

“At present, the security companies and project teams of all parties are still continuing to track the hacking incident and communicate with the hacker through email and on-chain methods. The team will continue to work hard to recover more assets.”

So far, approximately $16.2 million in funds were returned in the form of ETH, Binance-pegged ETH, and BNB. However, as the fate of the rest of the funds hangs in limbo, the victims of the attack have urged Transit Swap to compensate for the same, arguing that the exploit was due to a faulty code and would not have transpired otherwise.

The latest breach highlighted the significance of extensive security audits before deploying a code as skilled malicious entities continue to wreak havoc in the space.

The post Transit Swap Hacker Demands Higher Bounty After Returning Over $16M of Stolen Funds appeared first on CryptoPotato.

- Jordan Lyanchev
Bitcoin Flat at $19K Ahead of Fed’s Emergency Meeting: Market Watch

Bitcoin continues to trade at around $19,000, with little-to-no moves, but all of that can change later today as the US Fed is scheduled to host an emergency meeting.

The alternative coins, though, are mostly in the red, with XRP losing the most value in a day.

Bitcoin to Face Enhanced Volatility?

The past week or so went quite smoothly for BTC, which spiked to $20,400 on Tuesday to mark a 12-day high before dropping sharply to $18,600. However, it bounced off at that point and calmed around $19,000 for the next several days, aside from one brief pump toward $20,000.

The weekend was particularly calm as bitcoin stood close to $19,000. Monday starts on a similar note, with BTC trading a few hundred dollars above that line.

However, the landscape can change later today as the US Financial Stability Oversight Council will have a meeting presided by Treasury Secretary Janet Yellen.

“The preliminary agenda for the executive session includes an update from staff of the Federal Reserve and the Commodity Futures Trading Commission on financial stability and energy market developments.” – said the department.

Previously, such meetings from the US financial authorities brought enhanced volatility to the crypto market, and given the fact that today’s is an “emergency” one, there could be even more fluctuations.

BTCUSD. Source: TradingViewBTCUSD. Source: TradingView XRP Drops the Most

Ripple was among the best performers in the past few weeks, mostly fueled by positive developments in its legal case against the US SEC. Today, though, the situation is different, and XRP has declined by more than 7.5% to $0.44.

Ethereum, Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, MATIC, Tron, and Avalanche are also in the red now, albeit with less harmful percentages. Binance Coin is the only top 10 cryptocurrency slightly in the green.

More losses are evident from OKB, XLM, QNT, Chainlink, ATOM, and others. The crypto market cap is down by about $15 billion in a day but still stands north of $900 billion.

Cryptocurrency Market Overview. Source: Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

The post Bitcoin Flat at $19K Ahead of Fed’s Emergency Meeting: Market Watch appeared first on CryptoPotato.

- Jordan Lyanchev
Rich Dad, Poor Dad Author Believes Buying Bitcoin Now Will Make You Smile Later

The author of the best-seller believes the US Federal Reserve will continue to raise interest rates, which will ultimately push the prices of BTC, gold, and silver down even more.

However, this presents a good buying opportunity that could make investors smile in the future.

Buy BTC Now, Says Kiyosaki

Robert Kiyosaki used to be among the bitcoin critics, but the COVID-19-induced crisis changed his mind, and he has placed it next to commodities such as gold and silver ever since.

In his latest tweet on the matter, he touched upon the Fed’s monetary policy for the past several months, in which the central bank raises the interest rates in hopes of fighting the galloping inflation.

So far, bitcoin has met each interest rate hike with volatility, usually heading south. Stock prices have also plummeted in the past several months. Even more stable assets such as gold and silver are down from their recent peaks.

At the same time, the USD has been on the rise, reaching an all-time high against the euro and a multi-year peak against the British pound. Kiyosaki believes this trend will continue as long as the Fed keeps increasing the interest rates, meaning that BTC, as well as gold and silver, could lose even more value against the greenback.

However, he argued that this is a “buying opportunity,” which will make investors who purchase those assets now smile once the Fed “pivots and drops the interest rates as Englang just did.”

BUYING OPPORTUNITY: if FED continues raising interest rates US $ will get stronger causing gold, silver & Bitcoin prices to go lower. BUY more. When FED pivots and drops interest rates as England just did you will smile while others cry. Take care

— therealkiyosaki (@theRealKiyosaki) October 2, 2022

Peter Schiff Comes to Play

There’s rarely a case when someone as famous as Kiyosaki speaks out on Twitter about gold or bitcoin, and Peter Schiff, the ultimately BTC basher, doesn’t comment. Somewhat surprisingly, though, he didn’t use the opportunity to criticize bitcoin in this particular case.

Instead, Schiff argued that it’s possible “gold and silver prices have already bottomed. The first pivot domino already fell.” He added that the markets have not realized it yet, and advised people to “buy your gold and silver now, while prices are still cheap.”

Featured Image Courtesy of Suno

The post Rich Dad, Poor Dad Author Believes Buying Bitcoin Now Will Make You Smile Later appeared first on CryptoPotato.

- Cake DeFi
5 Alternative Ways to Earn Crypto
5 Alternative Ways to Earn Crypto

Did you know that you can earn cryptocurrency without having to participate in trading, staking, liquidity mining or any of the methods that are traditionally more known to crypto investors? It’s true. What’s more, these alternative methods not only allow you to earn crypto, but also do something that you enjoy at the same time.

What are these alternative methods of earning crypto? Read on and find out.

PLAY-TO-EARN

What’s better than being able to play highly-entertaining online games all the time? Earning crypto rewards while you’re at it, of course. If that sounds like an ideal setup for you, then you should definitely consider getting into play-to-earn (P2E) games.

What exactly are P2E games?

P2E games or crypto games allow participants to earn crypto rewards and take full ownership of other types of blockchain-based items such as NFTs if they win, level-up or achieve other gameplay-related progress.

And since participants have full ownership of these rewards and items, they may choose to trade them with other participants, sell them for a profit or rent them out for the case of virtual lands, clothing and other in-game items.

Indeed, the possibilities are endless for those seeking to enjoy and generate cash flow from P2E games - which is why they are extremely popular with crypto and gaming enthusiasts, and are set to become even more popular in the coming years.

5 Alternative Ways to Earn CryptoMOVE-TO-EARN

Not motivated to exercise or keep an active lifestyle? What if we told you that you can also earn crypto if you start working out or if you maintain your fitness routine?

Introducing move-to-earn (M2E) - a fast-growing concept or method of getting M2E app users or M2E game participants up to speed with getting fit by rewarding them with crypto for performing activities such as jogging and running, or by making progress in their fitness routines.

Similar to P2E, M2E participants can choose to trade their rewards or sell them for profit.

LISTEN-TO-EARN

So, you’re not into playing games or staying fit. You just love listening to music all day. Great! You can download a listen-to-earn app, enjoy your favorite music and get incentivized with crypto for doing so.

If you’re a musician, even better.

Some listen-to-earn apps not only provide the platform for you to share your music, but also receive direct support from fans. Generate revenue from your latest compositions or crowdfund support for your next music project - the possibilities are endless.

And, since these platforms are decentralized, there’s no middleman involved. You’re in full control of your music and, most importantly, your revenue.

BROWSE & EARN

For those who are not musically inclined, there is still an option left for you to earn crypto - given that you enjoy surfing the Internet or browsing videos and other online content. What option are we talking about? It’s called Browse & Earn.

As the name implies, the concept behind Browse & Earn is simple: get incentivized for browsing the web. And by browsing we mean participants need to interact with ads. On the flipside, if you’re a content creator or a website owner, you can receive (as one Browse & Earn company describes) “tips” from users for sharing amazing online content.

In any case, you get rewarded with crypto for doing something that you truly enjoy or otherwise do for free.

LEARN & EARN

On the other hand, if you want to know more about crypto or think that you already know a lot about this particular topic, you may check out our Learn & Earn courses to gain more crypto knowledge or put your crypto I.Q. to the test.

These courses not only include engaging lessons but also a series of quizzes that incentivizes you with crypto for getting the answers right.

5 Alternative Ways to Earn Crypto


If earning crypto knowledge and crypto rewards sounds appealing to you, you may click here to check out our available course (note that certain jurisdictions may be ineligible for bonuses).

Furthermore, if you want to generate cash flow from your crypto in a safe and transparent manner, you may click here to sign up for a Cake DeFi account.

5 Alternative Ways to Earn Cryptocertain jurisdictions may be ineligible for bonuses

You will get US$30 worth of DFI when you register successfully and make a deposit of US$50 or more, and allocate the amount for at least 28 days into either our Lending, Staking Freezer or Liquidity Mining Freezer service.*

You may start using our latest service, EARN, to further strengthen and diversify your crypto portfolio.

So, sign-up now and start generating cash flow with us now!

*certain jurisdictions may be ineligible for bonuses

- Cake DeFi
12 Crypto Investment Strategies That You Should Know About
12 Crypto Investment Strategies That You Should Know About

Whether you’ve just started your crypto investment journey or have been on it for quite some time now, it’s always good to familiarize yourself with the various investment strategies available for crypto investors to choose from.

In this article, we handpicked twelve of the most popular crypto investment strategies that you may consider to apply at any point of your crypto journey.

So, if you’re ready, let’s begin.

KEY TAKEAWAYS

Other than monetary gain, people invest in crypto because it is considered a reliable store of value and because of the many potentials of blockchain techCrypto investment strategies can be classified into two: short-term strategies and long term strategiesLong-term investment strategies offer more advantages than short-term strategiesWHY INVEST IN CRYPTO?

With many becoming instant millionaires from investing in bitcoin and other cryptocurrencies over the years, it is no surprise that more and more investors are turning to crypto as a viable investment option. That said, monetary gain is not the only reason why many consider investing in crypto. Other reasons for investing in crypto include:

A PROMISING TECHNOLOGY

Blockchain, the technology underlying bitcoin and other cryptocurrencies, has the potential to disrupt a number of industries such as shipping, supply chains, and banking. This potential, alone, makes for an attractive investment - especially to those who believe in the future of digital assets.

A RELIABLE STORE OF VALUE

Many people invest in cryptocurrencies because they serve as a reliable and secure store of value. Unlike fiat currency, most cryptocurrencies have a limited supply. This means that it would be difficult to devalue cryptocurrencies through inflation. You can also send them to anyone, anywhere in the world without having to ask permission from a third party.

Bitcoin, for example, has a limited supply of 21 million and has attracted many investors due to its deflationary and censorship-resistant properties.

LOW BARRIER TO ENTRY

Crypto is relatively easy to access. You only need a laptop (or a mobile phone) and an internet connection to start investing in crypto.

CRYPTO INVESTMENT STRATEGIES & CHOOSING THE BEST ONE FOR YOU

Given that there are many crypto investment strategies available for you to choose from, the process of identifying which one suits you can be daunting. However, this process can be simplified by asking one question: are you a short-term investor or long-term investor?

If you’re a short-term investor, then crypto trading probably suits you.

12 Crypto Investment Strategies That You Should Know About

What is crypto trading? Simply put, crypto trading is the act of buying and selling crypto for short-term profit. The most common method or types of trading are:

Day Trading - also known as intraday trading, involves entering and exiting a market position within the same day. The goal? To generate profits from market movements - which crypto traders consider viable given the volatility of the crypto market.Scalping - the idea behind scalping is to make small but frequent profits, and then combine them later on with the hope of making a substantial profit by the end of trading day.Arbitrage Trading - is a trading method in which a trader purchases cryptocurrency in one market and sells it in another. The goal is to make a profit based on the difference between the buy and sell prices.High-Frequency Trading - also known as HFT is a strategy that involves the creation of algorithms and trading bots that aid in the speedy entry and exit of a crypto asset.Crypto Futures Trading - this method involves entering into a contract agreement between two parties to buy and sell a particular amount of an underlying cryptocurrency like BTC at a predetermined future price on a predetermined date and time.Contract for Difference Trading - also known as CFD trading, is a method that allows investors to trade and invest in a crypto asset through an agreement with a broker, instead of opening a position directly on a certain market.12 Crypto Investment Strategies That You Should Know About

On the other hand, if you’re a long-term investor, you may consider the following strategies:

HODL - which is an intentional misspelling of the word HOLD, simply involves buying crypto and then keeping them for a long period of time. HODLers are, generally, not concerned or affected by short-term price movements and market conditions. They are more focused on the long-term value appreciation of their crypto assets.Dollar Cost Averaging - also known as DCA, is a strategy that involves allocating a particular amount of capital to an investment in a consistent and periodic manner (e.g. consistently invest US$100 in crypto every month).Lending - lending occurs when a crypto asset is given by a lender to a borrower with the expectation that it will be returned at a specified time and with interest. For more information on lending, you may click here.Borrowing - is a strategy preferred by crypto investors who do not wish to sell their crypto assets but want to receive funds to support their lifestyle or generate cash flow by using them as collateral. For more information on borrowing, you may click here.Staking - is the act of committing your cryptocurrencies to support a blockchain network by contributing to its security and efficiency. For more information on staking, you may click here.Liquidity Mining - is a blockchain-based investment mechanism that allows crypto investors to participate as Liquidity Miners and generate passive income or cash flow as they receive Liquidity Mining rewards and fees. For more information on liquidity mining, you may click here.

FINAL THOUGHTS

Regardless of which crypto investment you choose to apply, a good rule of thumb is to always do your research and to understand the potential risks involved before investing in cryptocurrency.

Also, it is always beneficial to focus on long-term results and avoid having a short-term mindset. As iconic investor Warren Buffet once said, “Do not take yearly results too seriously. Instead, focus on four or five-year averages.”

Short-term results are rarely a good measure of an investment’s success. On the other hand, long-term results are a good source of insights and data for making comparisons and necessary adjustments to your overall strategy.

If you agree and would like to start investing in crypto for the long-term, you may click here to register a Cake DeFi account and kickstart your crypto journey.

12 Crypto Investment Strategies That You Should Know About


You will get US$30 worth of DFI when you register successfully and make a deposit of US$50 or more, and allocate the amount for at least 28 days into either our Lending, Staking Freezer or Liquidity Mining Freezer service.

You may start using our latest service, EARN, to further strengthen and diversify your crypto portfolio.

So, what are you waiting for? Sign-up now and start generating returns for the long term.

- Cake DeFi
INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.
INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.

Are you looking for a DeFi service that offers all the benefits of liquidity mining without having to worry about its known risks? If the answer is “Yes!”, then you’re in luck.

Introducing EARN – a revolutionary service that offers a new way of generating returns on your cryptos.

What makes it revolutionary and how does it compare with other Cake DeFi services? Read on and find out.

INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.1. What is EARN in simple terms?

EARN is a new Cake DeFi service that allows users to generate cash flow with just one type of crypto and in a more stable manner.

Simply put, EARN can be described as a one-sided liquidity mining service that offers more stability and security.

2. How does EARN compare with other DeFi services? What makes it unique?

Similar to other Cake DeFi services, EARN is also easy-to-use, transparent and secure. It also combines all the known benefits of liquidity mining and lending, some of their processes and the concepts behind them.  

That said, what makes EARN exceptionally unique is that it addresses risks that are usually associated with its contemporaries - particularly volatility loss risk and counterparty risk. Moreover, EARN allows you to participate in liquidity mining with just one type of crypto.

3. What crypto can I use to participate in EARN?

You may use EARN if you own either BTC or DFI. Soon, more cryptos will be added to the list. So, keep posted.

4. How does EARN protect users from impermanent loss?

To address risks associated with the crypto market’s volatility, EARN has a volatility protection pool which aims to cover users’ volatility loss linked to EARN.

How extensive is the coverage?

Users get 1% coverage after every 24 hours of participation in the EARN product, full protection to be provided after 100 calendar days of continuous participation. Hence, the longer a customer is invested in EARN, the more extensive their coverage will become (example: a user who allocates and keeps assets in EARN for 100 days will get 100% coverage on those same assets). This coverage is capped at 100% of your invested amount.

That said, it should be noted that the volatility protection pool is entirely dependent on the balance in the pool. This means that even if a user manages to achieve 100% coverage based on the conditions stated above, the said coverage is not guaranteed.

5. How does EARN protect users from counterparty risk?

There are no institutional partners involved in EARN. This means that your assets are allocated into pools that are directly located on the DeFiChain blockchain.

INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.6. In summary, what are the main advantages or benefits of using EARN?


As mentioned earlier, EARN is easy-to-use, transparent and secure. It also combines all of the known benefits of liquidity mining, particularly the following:

Competitive Returns: Rate of returns are highest in the industry.Autocompound Returns: With regular liquidity mining, this is not possible - but it is now, with EARN.Hassle-Free: Allocate just one type of crypto and receive rewards in the native coin.No Counterparty Risks: No institutional partners are involved. Your assets are directly allocated on the blockchain.Market Volatility Protection: A volatility protection pool is put in place to protect users from risks associated with the crypto market’s volatility.INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.7. What are the basic steps to using EARN?


Again, it’s similar to how liquidity mining works:

User allocates one type of crypto.User’s crypto will be paired with another crypto (depending on the type and amount of crypto allocated) and then invested into a Liquidity Mining pool.Rewards will be paid out every 24 hours, minus Cake DeFi’s fees and a fixed percentage of which will be contributed to the volatility protection pool, and are automatically reinvested for the user's convenience. These rewards will be in the same type of cryptocurrency that the user allocates. 8. How do I start using EARN?


Getting started with EARN is easy. Just follow these simple steps:

a) Click here to go to the EARN page on the mobile app.

b) Once inside the app, click on EARN.

INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.

c) Allocate either BTC or DFI by clicking on “START EARNING”.

INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.

d) On the next page, you will be provided with information on volatility protection. For additional details, you may click on “About Volatility Protection”

INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.

e) A summary of your allocated assets will then be provided to you on the next page.

INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.

f) Next, you will be taken to the FAQs page where you can check more details about EARN before proceeding.

INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.

g) On the following pages, you can indicate the exact amount of assets and type of crypto that you wish to allocate.

INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.

h) A summary of your entry will be provided on the next page. Upon checking the details, you may proceed by clicking on “CONFIRM”.

INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.

i) After reading and agreeing to the terms and conditions, you are done.

INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.

j) You have now completed making an EARN entry.

INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.

k) Last but not least, you can check how many rewards you have earned so far. You'll get rewards every 24 hours, so make sure you update your screen regularly 😉

INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.

And that’s it! So, what are you waiting for? Use EARN, sit back and watch your cash flow increase without having to worry about the crypto market’s volatility.

INTRODUCING “EARN” BY CAKE DEFI – A revolutionary way of generating stable returns on your cryptos.
- Cake DeFi
4 Reasons To Be Bullish During This Month of Ethereum September
4 Reasons To Be Bullish During This Month of Ethereum September

If the upcoming “Ethereum merge” isn’t exciting enough for you, here are four announcements and activities that are sure to make any Cake DeFi user super bullish during this month of September and onwards.  

REASON # 1: CREATE AN ETHEREUM ADDRESS WITHOUT FEES

Have you been wanting to create an Ethereum address but are not keen on paying for the $10 fee? Don’t worry, we’ve got you covered. We will shortly announce that Cake DeFi users will be able to create ETH, USDC and USDT addresses and have the fee reimbursed to their wallets.

To have the fee reimbursed, simply deposit US$500 (or above) worth of ETH, USDC or USDT. And that’s it! The fee shall be reimbursed directly to your Cake DeFi wallet.

This offer starts on 13 September 2002 and ends of  06 October 2022.

REASON #2: JOIN OUR LM FREEZER PROMO AND EARN UP TO US$2,800 WORTH OF CRYPTO REWARDS

Generate more crypto rewards by joining our upcoming ETH / USDC / USDT Liquidity Mining Promo. Which Liquidity Mining pool can you allocate funds, how much should you allocate and how much are the rewards? Check the table below:

4 Reasons To Be Bullish During This Month of Ethereum September



For further clarification, you may also refer to the examples below:

Example #1: if a user allocates US$50 on day 1 and allocates another US$1,000 on day 2, the rewards are calculated based on US$50

Example #2: if a user allocates US$30 on day 1 and allocates another US$50 on day 2, the rewards are calculated based on US$30, which is zero rewards

Promo starts on 20 September 2022 20 (6pm SGT) and ends on 06 October 2022 (6 pm SGT).

REASON #3: ANSWER QUESTIONS ABOUT ETHEREUM AND RECEIVE CRYPTO REWARDS

So, you think you’re an Ethereum and ETH expert? Check out our Learn and Earn online course on Ethereum and test your knowledge on the world’s second leading blockchain. New users will receive crypto rewards if they get the answers right!

So, are you up for the challenge? If yes, then click here to take course now.  

REASON #4: STAKE AND GENERATE CASH FLOW WITH YOUR ETH

What’s better than just HODLing your ETH? Staking them and putting them to work so they can generate cash flow for you, of course. And if that sounds like a better option for you, then you’ll be happy to know that you can do exactly that via our Staking page.  

Yes, you heard right. Cake DeFi users can soon stake their ETH in a secure and transparent manner using our platform. Not familiar with staking? You can read this article for more information on how crypto investors generate returns through staking.

AND ONE MORE THING...


Due to Ethereum's scheduled transition to proof-of-stake, please be informed that deposits and withdrawals for all ETH pairs will be temporarily suspended for approximately 10 hours on 15 September 2022 at 10:30 UTC / 19:30 SGT.

For status updates, you may visit https://status.cakedefi.com.

If all these sound exciting to you but are not a Cake DeFi user yet, you may click here to register a Cake DeFi account.

4 Reasons To Be Bullish During This Month of Ethereum September


You will get US$30 worth of DFI when you register successfully and make a deposit of US$50 or more, and allocate the amount for at least 28 days into either our Lending, Staking Freezer or Liquidity Mining Freezer service.

So, what are you waiting for? Sign-up now and start generating cash flow during this month of Ethereum September.

- Cake DeFi
How to Spot and Avoid a Crypto Scam
How to Spot and Avoid a Crypto Scam

In crypto investing, you can make a lot of money if you know what you’re doing and lose a lot if you don’t. Hence, in this article, we share valuable information on some of the most common scams in the crypto space, and tips on how to avoid them.

Types of crypto scams and how they work

Generally, there are two types of crypto scams:

Fraudsters attempt to obtain private keys or other access information associated with your digital wallet. This allows them to steal your coins by accessing your crypto wallet.Fraudsters trick crypto investors into transferring cryptocurrency to them

Specifically, however, these crypto scams can be categorized as follows:

Social engineering scam

Social engineering scams can fool you easily because they get information on your profile or your current situation, and use it against you.

In most cases, the social engineer will contact the victim out of the blue and ask for urgent help, placing an emotional appeal in order to get the victim to act out of empathy.

Attackers who have done their research will know how to trick victims into handing over their info. Once the attack is successful, the scammer disappears forever. It is impossible to persuade social engineers to return stolen crypto, since they don't use their real identities.

There have been recent incidents in which hackers have stolen verified Twitter profiles of trusted public figures and started posting spam messages on them. It appears to be a sophisticated attack at first glance, but many security analysts believe these hackers are simply bent on exploiting vulnerable people.

Imposter and giveaway scams

On social media, it is not uncommon for celebrities and public figures to share a lot of videos about cryptocurrencies in their feeds. Fraudsters have been known to organize fake giveaways using their names and likenesses. To make it seem more legitimate, they might reply with other fake accounts. They would also post images of QR codes that would lead people to a website where they can enter and, supposedly, win a prize. If you win, however, you will have to confirm your crypto wallet address by sending payments.

Don't trust giveaways that ask you to send money to confirm your wallet address! Always be cautious of any unsolicited message, and remember that a legitimate company would never try to obtain your login information or funds.

Remember: whenever something seems too good to be true, it probably is.

How to Spot and Avoid a Crypto ScamWhat are the crypto red flagsPhishing scams

In phishing, criminals 'fish' for people's personal information in order to trick them into handing it over. Attacks on emails and websites are becoming more common as hackers become more sophisticated. An attack of this type typically involves a pop-up or a phishing email, with the goal of stealing your financial information and money.

Traditionally, phishing scams try to obtain your bank or credit card information, whereas crypto thieves might want to access your crypto wallet.

You may receive an email that looks genuine and tempting, but when you click on the link inside, harmful programs may be installed. Depending on the link you clicked, you might have to provide login credentials or personal information. But beware! This is a scam and one of the sneaky ways scammers defraud people of their money.

Blackmail and Extortion Scams

Scammers also use blackmail emails as a social engineering technique. Such emails claim to have records of adult sites you've visited and threaten to expose you if you don't share your private keys. A case such as this represents an exorbitant criminal attempt to extort money and should be reported to a law enforcement agency such as the FBI for further investigation.

Business opportunity scams

The goal of business opportunity scams is to lure victims by promising them large returns through crypto, which does not materialize. Scammers usually ask victims to send small amounts of crypto, with the promise of receiving something in return, but most of the time victims do not receive anything in return.

Crypto investments can certainly provide real returns, but only if you stick with the legit ones, so make sure you do your research before investing. The signs that an opportunity is too good to be true are usually obvious to experienced cryptocurrency investors, but less experienced investors may be more susceptible to such schemes.

One of the biggest scams was the BTC Global crypto scam. It has been widely publicized, not only because they have defrauded over 27,000 investors, but also because their scheme lasted several months. In many cases, victims were scammed into depositing money into a pool that was supposedly managed by a "master trader” but the master trader vanished with the money.

If someone wanted to withdraw money from their cryptocurrency investment account, they were told the "master trader" couldn't provide the service for some reason, and they never saw a dime again.

Rug Pull

A rug pull happens when a team pumps its token before disappearing with the funds - leaving investors with worthless tokens. Rug pulls occur when fraudsters create new crypto tokens, pump up their prices, and then pull as much value out of them as possible before abandoning them.

Here are some tips to help you avoid crypto scams1) NEVER share your financial information and private keys

No matter how trustworthy a company appears, don't reveal information such as bank account details or private keys because criminals may be able to dupe you. Keep these details private if you need them to complete a transaction or access an account.

2) Be careful when considering offers that sound too easy or too good to be true.

Generally speaking, if you're promised a return on an investment that sounds too good to be true, then it's likely to be a scam. While cryptocurrency investments can be a great opportunity, no one can guarantee that you will be able to make money instantly. A person who makes such promises is not to be trusted.

3) Be careful about where you send crypto to

In the same way that you wouldn't transfer money to a random bank account, you should only send crypto to wallets that you or trusted third parties control. To determine whether the other party is legitimate, ask yourself if they seem trustworthy.

If they claim to be a business, do a quick Google search to verify their legitimacy. You can see how long they've been in business, if they've got a good reputation, and if they have good reviews.

4) Double-check the URL

Make sure you verify the domain name of the website and the social media handle of the person before sending money or other personal information to them. Make sure there is no obvious misspelling, and if there is, verify the account's authenticity.

In some cases, it may be a good idea to contact the official social media channel to ask if the account in question is authentic, and to alert them to any suspicious copycat accounts on the platform.

5) Don’t feel pressured to reply to threatening messages

Someone who is messaging you with threats or warnings may be trying to convince you to send cryptocurrency quickly without properly thinking it over. When you act based on fear, you are more likely to make rash decisions and not consider all the factors.

You can also enable two-factor authentication on almost all cryptocurrency exchanges and digital wallets. Adding this layer of security can help protect your funds and authentication credentials in case you lose your trusted device.

6) Don't respond to any strangers that contact you out of the blue.

Unsolicited opportunities aren't always scams, but you should always be cautious about those made without prior contact. In general, it's a good idea to make transfers through official channels that have customer service or fraud reporting capabilities.

The Internet and social media are easy places for scammers to contact you, offering trading returns, special promotions, and other scams. Therefore, whenever you contact customer support or send an email, remember to use official channels only.

If you want to generate cash flow with your crypto in a secure and transparent manner, you may click here to register a Cake DeFi account.

How to Spot and Avoid a Crypto Scam

You will get US$30 worth of DFI when you register successfully and make a deposit of US$50 or more, and allocate the amount for at least 28 days into either our Lending, Staking Freezer or Liquidity Mining Freezer service.

So, what are you waiting for? Sign-up now and start generating cash flow safely.

- Cake DeFi
DOWN BUT NOT OUT - Why BTC And DeFiChain Are Still On Track for New Record Highs
DOWN BUT NOT OUT - Why BTC And DeFiChain Are Still On Track for New Record Highs

With the crypto market’s recent decline and with many predicting a long crypto winter, it's really tempting to panic. Here’s a quick piece of advice, though: don’t. Although the crypto market is going through a rough patch now, cryptocurrencies such as bitcoin (BTC) and DeFiChain (DFI) are - based on their price history - still on track for new highs.

Don’t believe us? Let's zoom out and take a look at what happened with these investments in previous years.

KEY TAKEAWAYS:BTC’s price increased from US$0 in 2009 to around US$63k in 2021DFI’s price increased from US$0 in 2020 to around US$5.47 in December 2021Downtrends are normal - especially in a relatively new market such as the crypto market. It’s always best to invest for the long-term

From Zero to Hero

When Bitcoin was introduced in 2009, its price was zero, and it took a year for its price to jump to around $.09. However, on 13 April 2011, its price rose from $1 to a peak of around US$29.60 by 07 June 2011 - a gain of 2,960% within three months.

In mid-November, bitcoin's price bottomed at about US$2.05 amid a sharp decline in the crypto market. The following year, however, its price rose from US$4.85 on 9 May to US$13.50 by 15 August.

Over the course of 2016, prices slowly climbed to over US$900 by year's end. During 2017, BTC's price hovered around US$1,000 until mid-May when it broke US$2,000, then skyrocketed to US$19k on 15 December.

By this time, BTC had caught the attention of mainstream investors, governments and economists - prompting various entities to develop other cryptocurrencies to compete with it.

However, by mid-December, BTC's price had fallen again to approximately $6,000.

In 2020, with the global economy shutting down due to the COVID-19 pandemic, BTC’s price rose to kickstart the year at above US$6k. During the last two months of 2020, it traded at just under US$29k, down from US$19k on 23 November.

BTC surpassed US$40,000 on 07 January 2021. By mid-April, BTC prices reached new all-time highs of over US$60,000 and reached a peak of around US$63k on 12 April 2021.

At the time of writing, BTC is trading at around $20k.

DOWN BUT NOT OUT - Why BTC And DeFiChain Are Still On Track for New Record HighsNot Bad for a Rookie

The cryptocurrency known as DFI is an integral unit of account in the DeFiChain blockchain. Among its many utilities are:

Used for paying for transactions, smart contracts and other DeFi activitiesUsed for crypto lending or borrowingUsed to spin up a new DeFiChain nodeUsed to create a non-refundable personalized DCT (DeFi Custom Token)Used for submitting a community fund proposal for 10 DFI (non-refundable)Used for providing liquidity for the decentralized exchange between crypto assets

The DeFiChain Foundation issued roughly 600 million DFI on 11 May 2020. Initially valued zero dollars, it went up to approximately 4.86 dollars the following year in the same month. In December of that same year, its price shot up to US$5.47 from US$1.82 on 19 July 2021.

In May 2022, DFI’s price was around US$4.62. At the time of writing, it is currently trading at around US$0.91.

DOWN BUT NOT OUT - Why BTC And DeFiChain Are Still On Track for New Record HighsWhat History Has Taught Us

If history has taught us anything, it is that long-term investments pay off. This is echoed by world-famous investors Warren Buffett and Shelby M.C. Davis, who respectively said “Always invest for the long term” once “Invest for the long haul. Don't get too greedy and don't get too scared”.

Why invest for the long term? As you can see from the charts that we shared earlier, instant gratification is almost non-existent with investing. It takes years for returns to be realized. Also, downtrends are normal - especially in a relatively new market such as the crypto market.

Despite the current dip in the crypto market, history shows - particularly in BTC and DFI's case - that this is a temporary state. It is common for the market to go through periods of volatility, then return to its normal growth trajectory.

Moreover, the above charts show that both BTC and DFI keep breaking records year after year.

So, what’s the best approach to investing during a downturn?

While we do not provide financial advice, we find that dollar cost averaging and diversification are highly effective ways to maintain a healthy portfolio.

Also, as our Co-Founder and CEO Julian Hosp stated before, “At Cake, we see this crypto winter as the time to consolidate, recalibrate and build.” So, take this opportunity to review your portfolio and to learn more about the market or investing.

In any case, If you want to generate cash flow despite the crypto market’s current condition, you may click here to sign up and use our highly transparent and secure DeFi services.

DOWN BUT NOT OUT - Why BTC And DeFiChain Are Still On Track for New Record Highs

You will get US$30 worth of DFI when you register successfully and make a deposit of US$50 or more, and allocate the amount for at least 28 days into either our Lending, Staking Freezer or Liquidity Mining Freezer service.

So, sign-up now and start generating cash flow with us now!

- Cake DeFi
The Cake DeFi Community: 
31K+ Crypto Experts at your fingertips
The Cake DeFi Community: 
31K+ Crypto Experts at your fingertips

If you're new to Cake DeFi and are wondering where to ask tips on how to use our services or where you can say “Hello!” to other bakers, then you should definitely check out these online channels and platforms to receive updates and assistance from our team, and to “bake” conversations with other members of our fast-growing online community.

TELEGRAM The Cake DeFi Community: 
31K+ Crypto Experts at your fingertips

Telegram is currently our go-to app when it comes to relaying real-time updates and notifications to our users in a fast and reliable way. Thanks to its ease-of-use, storage capacity, and security features.

Furthermore, we use this app to receive and reply to both enquiries and comments sent by over 31K members of our Telegram channels. And since our Telegram channels are available in different languages, members can easily start or join conversations with ease.

Try joining one of our channels and say “Hi!” to receive a warm welcome from our channel moderators and fellow members.

English TelegramGerman TelegramItalian TelegramChinese TelegramTurkish TelegramREDDIT The Cake DeFi Community: 
31K+ Crypto Experts at your fingertips

If you're looking for a more detailed breakdown of the latest company updates or to contribute in-depth reviews and comments, our Reddit page is definitely worth a look.

Additionally, you can read our latest blogs from there or get advice and tips directly from our team. You can also share your favorite articles, videos, photos or memes, and also make a vote on your favorite content submissions from over 6K fellow bakers.

Indeed, the possibilities are endless on our Reddit page. So, why not give it a visit today?

SOCIAL MEDIA ACCOUNTS The Cake DeFi Community: 
31K+ Crypto Experts at your fingertips

Of course, our communication channels wouldn’t be complete without our official social media accounts. Depending on the type of content that you’re looking for and how you wish to interact with us, feel free to like, follow and / or subscribe to these official Cake DeFi social media accounts:

Facebook (over 30K followers) - need your daily dose of Cake DeFi articles, images, videos and updates? Like and follow our official Facebook, so you won’t miss out on our daily Facebook content.

Instagram (over 33K followers) - get to see Cake DeFi through a different lens by checking out the amazing visuals on our official Instagram account. We’re sure that you’ll enjoy our Instagram stories, reels and live videos as well, so make sure to follow us.

LinkedIn (over 22K followers) - if you’re an avid reader, then you should view and follow our LinkedIn page. We share editorials, opinion pieces and other exclusive write-ups that are only available on our LinkedIn page, so make sure to give it a follow.

Twitter (over 38K followers) - for highly-engaging content, follow our official Twitter page and receive real-time tweets on company updates and promos. Make sure to check out our weekly Twitter space live broadcasts as well for informative discussions with our CEO and Co-Founder Julian Hosp, Head of Community Fabio Andreatta and our occasional special guests.

YouTube (over 20K subscribers) - if you’ve missed an episode of our Twitter space live broadcast, don’t worry. You can find them on our official YouTube channel together with other educational videos on crypto investing. We also share exclusive video content on there, so make sure to subscribe and tap the notification bell icon, so you won’t miss any of our new uploads.

So, what are you waiting for? Check out these channels and online platforms, and start baking conversations with our team or other Cake DeFi users.

We look forward to catching you online and welcoming you as the latest member of the fastest-growing community in the crypto space!

- Cake DeFi
The Ethereum Merge: Everything You Need to Know And How it Affects Cake DeFi Users
The Ethereum Merge: Everything You Need to Know And How it Affects Cake DeFi Users

Around 15 September, Ethereum, the second largest cryptocurrency by market capitalization, will undergo one of its biggest upgrades in history – the current Ethereum Mainnet will merge with the Beacon Chain proof-of-stake network. With this merge, Ethereum transitions from proof-of-work to proof-of-stake and sets the stage for future scaling upgrades.

The question you might ask as someone holding Ether on Cake DeFi is, what does this mean for me? Will it be business as usual, or are there any other steps you have to take?

Why is there a merger taking place?

Initially launched with a proof-of-work (PoW) consensus algorithm in 2015, the vision for Ethereum has always been to become an energy-efficient proof-of-stake (PoS) network.

The early years were marked by the search for a POS mechanism with the necessary security and efficiency. In 2017, the focus shifted to a well-structured transition – a crucial step, since upgrading the entire system is comparable to an open-heart surgery, where the blockchain cannot be held during this process.

The solution: The Beacon Chain. The Beacon Chain is an independent network that has a PoS consensus layer. It runs in parallel with the current Ethereum Mainnet, where the consensus layer remains PoW. The Beacon Chain's main aim is to keep the PoS chain independent of the Ethereum Mainnet so that all accounts, balances, and smart contracts cannot be compromised.

The Ethereum Merge: Everything You Need to Know And How it Affects Cake DeFi Users

At the approaching Merge, proof-of-work will be permanently replaced by proof-of-stake, and these two systems will come together. As a result of the Merge, the Beacon Chain will be used officially as the engine for producing blocks. It will no longer be possible to produce valid blocks through mining. This role will instead be taken on by proof-of-stake validators, that will check all transactions and propose blocks.

The best thing about the Merge is that no history is lost. With the merge of Mainnet and Beacon Chain, Ethereum's entire transaction history will also be merged. The process is automatic, so you don't have to worry about anything.

Is it possible for me to choose which chain to stay with?

It is actually not possible to choose the chain, since the entire network will switch to the new proof-of-stake consensus mechanism after the Merge. All Ethereum related services on the Cake DeFi platform will support the new Ethereum proof-of-stake chain.

In the event that nodes continue to mine PoW versions of Ethereum, this would then be on a minority fork, where the operational costs would be much higher than a potential coin value.  However, miners are incentivized to operate at a profit, so it is expected that all PoW participants will begin mining on other non-Ethereum PoW blockchains that are simply much more lucrative and cost-efficient.

Will Cake DeFi support a potential PoW version of Ethereum?

In the unlikely event that PoW coins are released after the Merge, Cake DeFi will evaluate how to distribute the forked tokens. If Cake DeFi decides to distribute the forked tokens, customers with ETH in their Cake DeFi wallets will receive forked tokens based on their ETH balances at the time of the fork snapshot. Consequently, Lending batches will not be affected when they go live on 19 August.

Is the gas price going to drop?

Merging does not expand network capacity, it simply changes the consensus mechanism and as a result does not lower gas fees. With future Ethereum roadmap updates, such as sharding, this problem will be addressed and gas prices will be reduced. However, sharding is currently considered a lower priority than the Merge.

Will the Merge impact the address creation fee?

No, there is no direct link between the cost to create a new Ethereum address and the transition over to a proof-of-stake blockchain. Cake DeFi customers with no active Ethereum addresses are already benefiting from a significant reduction to just $10; this is independent of the Merge.

Do note that the fee is taken at the time of confirmation. If your deposit is $1,000 or more, the gas fee will be refunded. There is no fee for subsequent deposits. As part of our commitment to strive for the best rates in the industry, Cake DeFi constantly adjusts its fees to reflect market conditions.

- Cake DeFi
What is TradFi, CeFi and DeFi? Is CeDeFi going to rule the crypto world?
What is TradFi, CeFi and DeFi? Is CeDeFi going to rule the crypto world?

When it comes to purchasing, acquiring and storing your hard-earned cryptocurrencies and crypto assets, you have the choice between CeFi and DeFi – centralized and decentralized finance.

CeFi currently dominates cryptocurrency trading and investing. However, DeFi is quickly gaining popularity as investors move away from the control, uniformity, and authority of centralized exchanges. Are there any other options in between that might also be worth considering? The current landscape of finance will provide a good starting point for our analysis.

What is TradFi?

The traditional finance ecosystem (TradFi) was invented several thousand years ago in ancient Mesopotamia, and since then it has grown to become a bloated beast no one understands and knows how to control. Whenever we refer to TradFi, we are referring to the banks and financial services we interact with every day. TradFi's entire ecosystem, however, remains opaque and incomprehensible to most people, since it lacks any clear and transparent rules or agreements that govern the transfer, investment, and creation of financial assets and goods.

What is DeFi?

The other end of the spectrum is Decentralized Finance (DeFi). DeFi carries crypto's core concept of decentralization - in which anyone anywhere in the world can conduct transactions without the involvement of middlemen - to its logical conclusion. It is a web of interconnected protocols that are governed by smart contracts, facilitating the lending, saving, and trading of decentralized financial products and services without relying on a bank or payment processor.

What is CeFi?

Centralized Finance, or CeFi, refers to a financial practice in which users can earn interest and obtain loans on their cryptocurrencies through centralized exchanges and platforms. To process crypto orders, you must entrust your private keys to a third party, in most cases an exchange or a lending platform. Compared to DeFi, CeFi facilitates faster, more cost-effective transactions while keeping TradFi's ease of use and security. In practice, though, separating CeFi from DeFi may not always be straightforward for the average user.

What’s the difference between CeFi and DeFi?

CeFi and DeFi differ primarily in how they approach the topic of trust. Using DeFi has the advantage that no trust is required from the user, since the private keys are managed by the investors themselves. CeFi platforms, on the other hand, store private keys in their database and theoretically have access to any funds entrusted to them. Consequently, centralized platforms are also more likely to be able to recover account access and assets if something goes wrong.

But that doesn't mean you can blindly trust centralized platforms. Before signing up, always conduct your own research about the platform, its transparency, and its history. Likewise, investors should check out DeFi protocols and smart contracts in order to avoid surprises such as rug pulls and smart contract exploits.

CeFi platforms’ customer support and engaging community may be a major reason why new customers sign up for the service. This kind of support is not available to DeFi investors at all, since no central entity has oversight over the protocol, the keys or the identity of the users.

What about CeDeFi? Is there any room for that?

Imagine a world where CeFi and DeFi's best features are combined to create a new user experience that empowers customers to not only trust, but to verify services. Recently, more and more so-called CeDeFi services have appeared. In contrast to CeFi platforms, a CeDeFi platform such as Cake DeFi is not a black box where processes remain hidden, but rather a platform that establishes trust through transparency, where customers receive regular cash flow reports and full transparency regarding blockchain nodes, liquidity mining pools, and rewards.

TradFi services cannot replicate this approach since rails aren't open, most contracted parties aren't transparent, and trade secrets hinder effective collaboration. It occurs because there is no cryptographic security, such as publicly verifiable fund management and multisignature wallets.

What is TradFi, CeFi and DeFi? Is CeDeFi going to rule the crypto world?

CeDeFi providers, on the other hand, with transparency-first approaches can use the vast amounts of data derived from transparent blockchains for deep risk modeling. In addition, these platforms allow users to verify smart contracts in use, comprehend the underlying takenomics, and as such access and model DeFi risk. These things aren't possible with CeFi platforms, since most processes remain unclear to users.

The hype cycle curve shows that CeDiFi's potential is still in its infancy, but continued application and expansion through platforms like Cake DeFi will pave the way for its widespread adoption. In the light of the recent CeFi turmoil, this novel approach to focusing on transparency and security aspects will greatly benefit retail investors as well as make the whole ecosystem more resilient to shocks in the future.

What is TradFi, CeFi and DeFi? Is CeDeFi going to rule the crypto world?

As more CeFi platforms shutter or become illiquid, you should consider moving your funds to a CeDeFi platform such as Cake DeFi, where all services are transparent. In addition, new users will also receive a $30 welcome bonus if they allocate at least $50 to the Freezer or Lending product (terms and conditions apply).

Register for Cake DeFi directly here: :root{--button-bg: rgba(91,16,255,.08);--disable-button-bg: rgba(0, 0, 0, 0.2) }@media(prefers-color-scheme: dark){html:not([data-theme=light]){--button-bg: rgba(91,16,255,0.3);--disable-button-bg: rgba(255, 255, 255, 0.2) }}html[data-theme=dark]{--button-bg: rgba(91,16,255,0.3);--disable-button-bg: rgba(255, 255, 255, 0.2) }.btn,#RegisterSubmitBtn,#ResendConfirmationEmailBtn{display:inline-block;font-size:1.6rem;font-weight:500;line-height:2.4rem;text-decoration:none;margin:0;padding-right:15px;padding-left:15px;padding-bottom:7px;padding-top:7px;border-radius:4px;border:1px solid rgba(91,16,255,.08) !important;letter-spacing:0;text-align:center;background-color:var(--button-bg);color:#5b10ff;transition:all .3s 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.animated-from-top,.modal.in .animated-from-bottom{transform:translateY(0)}.modal-content{position:relative;max-width:992px;width:calc(100% - 32px);margin:32px auto;padding:2em;border-radius:4px;background:#fff;box-shadow:0 5px 15px rgba(0,0,0,.5);transition:all .3s cubic-bezier(0.36, 0.66, 0.04, 1)}.animated-from-top{transform:translateY(-200%)}.animated-from-bottom{transform:translateY(200%)}.mt-3{margin-top:12px}.mb-6{margin-bottom:24px}.my-6{margin-top:24px;margin-bottom:24px}.flex{display:flex}.justify-center{justify-content:center}.justify-between{justify-content:space-between}.flex-1{flex-grow:1}.text-black-60{color:rgba(0,0,0,.6)}.hidden{display:none !important}.uppercase{text-transform:uppercase}.l-content .float-control-select-arrow{display:none}@media(min-width: 1024px){.sign-up-name{display:grid;gap:16px;grid-template-columns:repeat(2, minmax(0, 1fr))}}/*# sourceMappingURL=main.css.map */ Confirm Your Email Address

A confirmation email has been sent to . Click on the confirmation link in the email to activate your account.

Resend confirmation email First name Last name Email Password Country of residence Cake DeFi is only available for listed countries Promo or referral code (optional)

I agree with the Cake Terms and Conditions

Sign up /* * ATTENTION: The "eval" devtool has been used (maybe by default in mode: "development"). * This devtool is neither made for production nor for readable output files. * It uses "eval()" calls to create a separate source file in the browser devtools. * If you are trying to read the output file, select a different devtool (https://webpack.js.org/configuration/devtool/) * or disable the default devtool with "devtool: false". * If you are looking for production-ready output files, see mode: "production" (https://webpack.js.org/configuration/mode/). */ /******/ (() => { // webpackBootstrap /******/ var __webpack_modules__ = ({ /***/ "./assets/js/components/api.js": /*!*************************************!*\ !*** ./assets/js/components/api.js ***! \*************************************/ /***/ ((__unused_webpack_module, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"api\": () => (/* binding */ api)\n/* harmony export */ });\n/* harmony import */ var _babel_runtime_helpers_asyncToGenerator__WEBPACK_IMPORTED_MODULE_0__ = __webpack_require__(/*! @babel/runtime/helpers/asyncToGenerator */ \"./node_modules/@babel/runtime/helpers/esm/asyncToGenerator.js\");\n/* harmony import */ var _babel_runtime_regenerator__WEBPACK_IMPORTED_MODULE_1__ = __webpack_require__(/*! @babel/runtime/regenerator */ \"./node_modules/@babel/runtime/regenerator/index.js\");\n/* harmony import */ var _babel_runtime_regenerator__WEBPACK_IMPORTED_MODULE_1___default = /*#__PURE__*/__webpack_require__.n(_babel_runtime_regenerator__WEBPACK_IMPORTED_MODULE_1__);\n/* harmony import */ var _config__WEBPACK_IMPORTED_MODULE_2__ = __webpack_require__(/*! ../config */ \"./assets/js/config/index.js\");\n\n\n\nvar baseURL = _config__WEBPACK_IMPORTED_MODULE_2__.appConfig.API_ENDPOINT;\n\nvar fetcher = /*#__PURE__*/function () {\n var _ref = (0,_babel_runtime_helpers_asyncToGenerator__WEBPACK_IMPORTED_MODULE_0__.default)( /*#__PURE__*/_babel_runtime_regenerator__WEBPACK_IMPORTED_MODULE_1___default().mark(function _callee(input) {\n var options,\n response,\n error,\n _args = arguments;\n return _babel_runtime_regenerator__WEBPACK_IMPORTED_MODULE_1___default().wrap(function _callee$(_context) {\n while (1) {\n switch (_context.prev = _context.next) {\n case 0:\n options = _args.length > 1 && _args[1] !== undefined ? _args[1] : {};\n _context.next = 3;\n return fetch(input, options);\n\n case 3:\n response = _context.sent;\n\n if (response.ok) {\n _context.next = 9;\n break;\n }\n\n _context.next = 7;\n return response.text();\n\n case 7:\n error = _context.sent;\n throw error;\n\n case 9:\n return _context.abrupt(\"return\", response.json());\n\n case 10:\n case \"end\":\n return _context.stop();\n }\n }\n }, _callee);\n }));\n\n return function fetcher(_x) {\n return _ref.apply(this, arguments);\n };\n}();\n\nvar api = function () {\n function fetchLandingPageData() {\n return fetcher(\"\".concat(baseURL, \"/landing-page\"));\n }\n\n function register(payload) {\n return fetcher(\"\".concat(baseURL, \"/register\"), {\n headers: {\n 'Content-Type': 'application/json'\n },\n method: 'POST',\n body: JSON.stringify(payload)\n });\n }\n\n function resendVerify(email) {\n return fetcher(\"\".concat(baseURL, \"/verify\"), {\n method: 'POST',\n body: email\n });\n }\n\n return {\n fetchLandingPageData: fetchLandingPageData,\n register: register,\n resendVerify: resendVerify\n };\n}();\n\n//# sourceURL=webpack://cakedefi.com/./assets/js/components/api.js?"); /***/ }), /***/ "./assets/js/components/floating-label.js": /*!************************************************!*\ !*** ./assets/js/components/floating-label.js ***! \************************************************/ /***/ ((__unused_webpack_module, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"floatingLabel\": () => (/* binding */ floatingLabel)\n/* harmony export */ });\nvar floatingLabel = function () {\n var init = function init() {\n document.querySelectorAll('.float-control').forEach(function (control) {\n control.addEventListener('focus', function () {\n this.parentNode.classList.add('focus');\n });\n control.addEventListener('blur', function () {\n this.parentNode.classList.remove('focus');\n });\n });\n initPasswordToggle();\n };\n\n var initPasswordToggle = function initPasswordToggle() {\n document.querySelector('#PasswordOn').addEventListener('click', function () {\n this.classList.add('hidden');\n document.querySelector('#PasswordOff').classList.remove('hidden');\n this.closest('.float-control-container').querySelector('input').setAttribute('type', 'text');\n });\n document.querySelector('#PasswordOff').addEventListener('click', function () {\n this.classList.add('hidden');\n document.querySelector('#PasswordOn').classList.remove('hidden');\n this.closest('.float-control-container').querySelector('input').setAttribute('type', 'password');\n });\n };\n\n return {\n init: init\n };\n}();\n\n//# sourceURL=webpack://cakedefi.com/./assets/js/components/floating-label.js?"); /***/ }), /***/ "./assets/js/components/signup-form/country-dropdown.js": /*!**************************************************************!*\ !*** ./assets/js/components/signup-form/country-dropdown.js ***! \**************************************************************/ /***/ ((__unused_webpack_module, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"initCountryDropdown\": () => (/* binding */ initCountryDropdown)\n/* harmony export */ });\n/* harmony import */ var _babel_runtime_helpers_toConsumableArray__WEBPACK_IMPORTED_MODULE_0__ = __webpack_require__(/*! @babel/runtime/helpers/toConsumableArray */ \"./node_modules/@babel/runtime/helpers/esm/toConsumableArray.js\");\n/* harmony import */ var _cakedefi_cake_sdk_assets_allowed_countries_en_json__WEBPACK_IMPORTED_MODULE_1__ = __webpack_require__(/*! @cakedefi/cake-sdk/assets/allowed-countries-en.json */ \"./node_modules/@cakedefi/cake-sdk/assets/allowed-countries-en.json\");\n\n\nfunction initCountryDropdown() {\n var options = [{\n label: \"\",\n value: \"\"\n }].concat((0,_babel_runtime_helpers_toConsumableArray__WEBPACK_IMPORTED_MODULE_0__.default)(_cakedefi_cake_sdk_assets_allowed_countries_en_json__WEBPACK_IMPORTED_MODULE_1__)).map(function (country) {\n return \"\").concat(country.label, \"\");\n });\n document.getElementById('CountrySelect').insertAdjacentHTML('beforeend', options);\n}\n\n//# sourceURL=webpack://cakedefi.com/./assets/js/components/signup-form/country-dropdown.js?"); /***/ }), /***/ "./assets/js/components/signup-form/form-validation.js": /*!*************************************************************!*\ !*** ./assets/js/components/signup-form/form-validation.js ***! \*************************************************************/ /***/ ((__unused_webpack_module, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"isValidPromoCode\": () => (/* binding */ isValidPromoCode),\n/* harmony export */ \"initFormValidation\": () => (/* binding */ initFormValidation),\n/* harmony export */ \"setSubmitButton\": () => (/* binding */ setSubmitButton),\n/* harmony export */ \"isFormValid\": () => (/* binding */ isFormValid)\n/* harmony export */ });\n/* harmony import */ var _cakedefi_cake_sdk_util_isValidEmail__WEBPACK_IMPORTED_MODULE_0__ = __webpack_require__(/*! @cakedefi/cake-sdk/util/isValidEmail */ \"./node_modules/@cakedefi/cake-sdk/util/isValidEmail.js\");\n/* harmony import */ var _term_condition_checkbox__WEBPACK_IMPORTED_MODULE_1__ = __webpack_require__(/*! ./term-condition-checkbox */ \"./assets/js/components/signup-form/term-condition-checkbox.js\");\n/* harmony import */ var _utils_serialize_form_value__WEBPACK_IMPORTED_MODULE_2__ = __webpack_require__(/*! ../../utils/serialize-form-value */ \"./assets/js/utils/serialize-form-value.js\");\n\n\n\nvar MIN_PASSWORD_LENGTH = 12;\nvar MAX_PASSWORD_LENGTH = 128;\nvar MIN_NAME_LENGTH = 1;\nvar MAX_NAME_LENGTH = 30;\nfunction isValidPromoCode(value) {\n return new RegExp(/^[A-Z0-9]{6}$/).test(value);\n}\nvar validationMap = {\n firstName: {\n validate: function validate(value) {\n return value.length >= MIN_NAME_LENGTH && value.length = MIN_NAME_LENGTH && value.length = MIN_PASSWORD_LENGTH && value.length <= MAX_PASSWORD_LENGTH;\n },\n errorMsg: \"Password length must be at least 12 characters.\"\n },\n country: {\n validate: function validate(value) {\n return !!value;\n },\n errorMsg: \"Country is required.\"\n }\n};\nfunction initFormValidation() {\n ['firstName', 'lastName', 'email', 'password', 'country'].forEach(function (formField) {\n function onKeyUpValidation() {\n var formValue = (0,_utils_serialize_form_value__WEBPACK_IMPORTED_MODULE_2__.serializeFormValue)(document.getElementById(\"SignUpForm\").elements);\n var fieldValue = formValue[formField];\n var isValid = validationMap[formField].validate(fieldValue);\n var errorMsg = isValid ? '' : validationMap[formField].errorMsg;\n var floatContainer = this.closest(\".float-container\");\n var floatControlContainer = this.closest(\".float-control-container\");\n\n if (errorMsg) {\n floatControlContainer.classList.add(\"error\");\n\n if (!floatContainer.querySelector('label.error')) {\n floatContainer.insertAdjacentHTML('beforeend', \"\".concat(errorMsg, \"\"));\n }\n } else {\n var _floatContainer$query;\n\n floatControlContainer.classList.remove(\"error\");\n (_floatContainer$query = floatContainer.querySelector('label.error')) === null || _floatContainer$query === void 0 ? void 0 : _floatContainer$query.remove();\n }\n\n setSubmitButton();\n }\n\n ['keyup', 'change'].forEach(function (evt) {\n document.querySelector(\"#SignUpForm [name=\\\"\".concat(formField, \"\\\"]\")).addEventListener(evt, onKeyUpValidation);\n });\n });\n}\nfunction setSubmitButton() {\n document.getElementById('RegisterSubmitBtn').disabled = !isFormValid();\n}\nfunction isFormValid() {\n var reCaptchaToken = _term_condition_checkbox__WEBPACK_IMPORTED_MODULE_1__.termAndConditionCheckbox.getToken();\n\n if (!reCaptchaToken) {\n return false;\n }\n\n var formValue = (0,_utils_serialize_form_value__WEBPACK_IMPORTED_MODULE_2__.serializeFormValue)(document.getElementById(\"SignUpForm\").elements);\n var isValid = Object.keys(validationMap).every(function (key) {\n var fieldValue = formValue[key];\n\n if (!validationMap[key]) {\n return true;\n }\n\n return validationMap[key].validate(fieldValue);\n });\n return isValid;\n}\n\n//# sourceURL=webpack://cakedefi.com/./assets/js/components/signup-form/form-validation.js?"); /***/ }), /***/ "./assets/js/components/signup-form/index.js": /*!***************************************************!*\ !*** ./assets/js/components/signup-form/index.js ***! 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@babel/runtime/helpers/asyncToGenerator */ \"./node_modules/@babel/runtime/helpers/esm/asyncToGenerator.js\");\n/* harmony import */ var _babel_runtime_regenerator__WEBPACK_IMPORTED_MODULE_1__ = __webpack_require__(/*! @babel/runtime/regenerator */ \"./node_modules/@babel/runtime/regenerator/index.js\");\n/* harmony import */ var _babel_runtime_regenerator__WEBPACK_IMPORTED_MODULE_1___default = /*#__PURE__*/__webpack_require__.n(_babel_runtime_regenerator__WEBPACK_IMPORTED_MODULE_1__);\n/* harmony import */ var _shared_alert__WEBPACK_IMPORTED_MODULE_2__ = __webpack_require__(/*! ../../shared/alert */ \"./assets/js/shared/alert.js\");\n/* harmony import */ var _api__WEBPACK_IMPORTED_MODULE_3__ = __webpack_require__(/*! ../api */ \"./assets/js/components/api.js\");\n/* harmony import */ var _utils_show_error_message_api__WEBPACK_IMPORTED_MODULE_4__ = __webpack_require__(/*! ../../utils/show-error-message-api */ \"./assets/js/utils/show-error-message-api.js\");\n/* harmony import */ var _shared_spinner__WEBPACK_IMPORTED_MODULE_5__ = __webpack_require__(/*! ../../shared/spinner */ \"./assets/js/shared/spinner.js\");\n\n\n\n\n\n\nfunction handleResendEmailConfirmation() {\n document.getElementById('ConfirmYourEmailForm').addEventListener('submit', /*#__PURE__*/function () {\n var _ref = (0,_babel_runtime_helpers_asyncToGenerator__WEBPACK_IMPORTED_MODULE_0__.default)( /*#__PURE__*/_babel_runtime_regenerator__WEBPACK_IMPORTED_MODULE_1___default().mark(function _callee(e) {\n var email, response;\n return _babel_runtime_regenerator__WEBPACK_IMPORTED_MODULE_1___default().wrap(function _callee$(_context) {\n while (1) {\n switch (_context.prev = _context.next) {\n case 0:\n e.preventDefault();\n email = document.getElementById('ResendConfirmationEmail').getAttribute('email');\n _context.prev = 2;\n (0,_shared_spinner__WEBPACK_IMPORTED_MODULE_5__.showSpinner)();\n document.getElementById('ResendConfirmationEmailBtn').disabled = true;\n _context.next = 7;\n return _api__WEBPACK_IMPORTED_MODULE_3__.api.resendVerify(email);\n\n case 7:\n response = _context.sent;\n (0,_shared_alert__WEBPACK_IMPORTED_MODULE_2__.showSuccessAlert)('Verification email has been sent');\n _context.next = 14;\n break;\n\n case 11:\n _context.prev = 11;\n _context.t0 = _context[\"catch\"](2);\n (0,_utils_show_error_message_api__WEBPACK_IMPORTED_MODULE_4__.showApiError)(_context.t0);\n\n case 14:\n _context.prev = 14;\n document.getElementById('ResendConfirmationEmailBtn').disabled = false;\n (0,_shared_spinner__WEBPACK_IMPORTED_MODULE_5__.hideSpinner)();\n return _context.finish(14);\n\n case 18:\n case \"end\":\n return _context.stop();\n }\n }\n }, _callee, null, [[2, 11, 14, 18]]);\n }));\n\n return function (_x) {\n return _ref.apply(this, arguments);\n };\n }());\n}\n\n//# sourceURL=webpack://cakedefi.com/./assets/js/components/signup-form/resend-email-confirmation.js?"); /***/ }), /***/ "./assets/js/components/signup-form/term-condition-checkbox.js": /*!*********************************************************************!*\ !*** ./assets/js/components/signup-form/term-condition-checkbox.js ***! 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\******************************************/ /***/ ((__unused_webpack_module, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"PROMO_CODE\": () => (/* binding */ PROMO_CODE),\n/* harmony export */ \"REFERRAL_CODE\": () => (/* binding */ REFERRAL_CODE),\n/* harmony export */ \"UTM_SOURCE\": () => (/* binding */ UTM_SOURCE),\n/* harmony export */ \"UTM_MEDIUM\": () => (/* binding */ UTM_MEDIUM),\n/* harmony export */ \"UTM_CAMPAIGN\": () => (/* binding */ UTM_CAMPAIGN)\n/* harmony export */ });\nvar PROMO_CODE = 'promo';\nvar REFERRAL_CODE = 'ref';\nvar UTM_SOURCE = 'utm_source';\nvar UTM_MEDIUM = 'utm_medium';\nvar UTM_CAMPAIGN = 'utm_campaign';\n\n//# sourceURL=webpack://cakedefi.com/./assets/js/shared/params-const.js?"); /***/ }), /***/ "./assets/js/shared/spinner.js": /*!*************************************!*\ !*** ./assets/js/shared/spinner.js ***! \*************************************/ /***/ ((__unused_webpack_module, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"showSpinner\": () => (/* binding */ showSpinner),\n/* harmony export */ \"hideSpinner\": () => (/* binding */ hideSpinner)\n/* harmony export */ });\nfunction showSpinner() {\n document.querySelector('.global-spinner').style.display = 'block';\n}\nfunction hideSpinner() {\n document.querySelector('.global-spinner').style.display = 'none';\n}\n\n//# sourceURL=webpack://cakedefi.com/./assets/js/shared/spinner.js?"); /***/ }), /***/ "./assets/js/shared/storage.js": /*!*************************************!*\ !*** ./assets/js/shared/storage.js ***! \*************************************/ /***/ ((__unused_webpack_module, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"SessionStorage\": () => (/* binding */ SessionStorage),\n/* harmony export */ \"storage\": () => (/* binding */ storage)\n/* harmony export */ });\n/* harmony import */ var _babel_runtime_helpers_classCallCheck__WEBPACK_IMPORTED_MODULE_0__ = __webpack_require__(/*! 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\*********************************************/ /***/ ((__unused_webpack_module, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"getQueryParam\": () => (/* binding */ getQueryParam)\n/* harmony export */ });\nfunction getQueryParam(query) {\n try {\n var params = new URLSearchParams(window.location.search);\n return params.get(query);\n } catch (error) {\n return null;\n }\n}\n\n//# sourceURL=webpack://cakedefi.com/./assets/js/utils/get-query-params.js?"); /***/ }), /***/ "./assets/js/utils/serialize-form-value.js": /*!*************************************************!*\ !*** ./assets/js/utils/serialize-form-value.js ***! \*************************************************/ /***/ ((__unused_webpack_module, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"serializeFormValue\": () => (/* binding */ serializeFormValue)\n/* harmony export */ });\nfunction serializeFormValue(elements) {\n var data = {};\n\n for (var i = 0; i { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"getErrorMessage\": () => (/* binding */ getErrorMessage),\n/* harmony export */ \"showApiError\": () => (/* binding */ showApiError)\n/* harmony export */ });\n/* harmony import */ var _shared_alert__WEBPACK_IMPORTED_MODULE_0__ = __webpack_require__(/*! ../shared/alert */ \"./assets/js/shared/alert.js\");\n\nvar DEFAULT_ERROR = 'Unexpected error';\nfunction getErrorMessage(err) {\n try {\n var _json$message;\n\n var json = JSON.parse(err);\n return (_json$message = json.message) !== null && _json$message !== void 0 ? _json$message : DEFAULT_ERROR;\n } catch (error) {\n return DEFAULT_ERROR;\n }\n}\nfunction showApiError(err) {\n var errorMessage = getErrorMessage(err);\n (0,_shared_alert__WEBPACK_IMPORTED_MODULE_0__.showErrorAlert)(errorMessage);\n}\n\n//# sourceURL=webpack://cakedefi.com/./assets/js/utils/show-error-message-api.js?"); /***/ }), /***/ "./node_modules/@babel/runtime/regenerator/index.js": /*!**********************************************************!*\ !*** ./node_modules/@babel/runtime/regenerator/index.js ***! \**********************************************************/ /***/ ((module, __unused_webpack_exports, __webpack_require__) => { eval("module.exports = __webpack_require__(/*! regenerator-runtime */ \"./node_modules/regenerator-runtime/runtime.js\");\n\n//# sourceURL=webpack://cakedefi.com/./node_modules/@babel/runtime/regenerator/index.js?"); /***/ }), /***/ "./node_modules/@cakedefi/cake-sdk/util/isValidEmail.js": /*!**************************************************************!*\ !*** ./node_modules/@cakedefi/cake-sdk/util/isValidEmail.js ***! \**************************************************************/ /***/ ((__unused_webpack_module, exports) => { "use strict"; eval("\n\nObject.defineProperty(exports, \"__esModule\", ({\n value: true\n}));\n\nfunction isValidEmail(email) {\n const emailRegEx = /^(([^()[\\]\\\\.,;:\\s@\"]+(\\.[^()[\\]\\\\.,;:\\s@\"]+)*)|(\".+\"))@((\\[[0-9]{1,3}\\.[0-9]{1,3}\\.[0-9]{1,3}\\.[0-9]{1,3}\\])|(([a-zA-Z\\-0-9]+\\.)+[a-zA-Z]{2,}))$/;\n return emailRegEx.test(String(email).toLowerCase());\n}\n\nexports.default = isValidEmail;\n\n//# sourceURL=webpack://cakedefi.com/./node_modules/@cakedefi/cake-sdk/util/isValidEmail.js?"); /***/ }), /***/ "./node_modules/regenerator-runtime/runtime.js": /*!*****************************************************!*\ !*** ./node_modules/regenerator-runtime/runtime.js ***! \*****************************************************/ /***/ ((module) => { eval("/**\n * Copyright (c) 2014-present, Facebook, Inc.\n *\n * This source code is licensed under the MIT license found in the\n * LICENSE file in the root directory of this source tree.\n */\nvar runtime = function (exports) {\n \"use strict\";\n\n var Op = Object.prototype;\n var hasOwn = Op.hasOwnProperty;\n var undefined; // More compressible than void 0.\n\n var $Symbol = typeof Symbol === \"function\" ? Symbol : {};\n var iteratorSymbol = $Symbol.iterator || \"@@iterator\";\n var asyncIteratorSymbol = $Symbol.asyncIterator || \"@@asyncIterator\";\n var toStringTagSymbol = $Symbol.toStringTag || \"@@toStringTag\";\n\n function define(obj, key, value) {\n Object.defineProperty(obj, key, {\n value: value,\n enumerable: true,\n configurable: true,\n writable: true\n });\n return obj[key];\n }\n\n try {\n // IE 8 has a broken Object.defineProperty that only works on DOM objects.\n define({}, \"\");\n } catch (err) {\n define = function (obj, key, value) {\n return obj[key] = value;\n };\n }\n\n function wrap(innerFn, outerFn, self, tryLocsList) {\n // If outerFn provided and outerFn.prototype is a Generator, then outerFn.prototype instanceof Generator.\n var protoGenerator = outerFn && outerFn.prototype instanceof Generator ? outerFn : Generator;\n var generator = Object.create(protoGenerator.prototype);\n var context = new Context(tryLocsList || []); // The ._invoke method unifies the implementations of the .next,\n // .throw, and .return methods.\n\n generator._invoke = makeInvokeMethod(innerFn, self, context);\n return generator;\n }\n\n exports.wrap = wrap; // Try/catch helper to minimize deoptimizations. Returns a completion\n // record like context.tryEntries[i].completion. This interface could\n // have been (and was previously) designed to take a closure to be\n // invoked without arguments, but in all the cases we care about we\n // already have an existing method we want to call, so there's no need\n // to create a new function object. We can even get away with assuming\n // the method takes exactly one argument, since that happens to be true\n // in every case, so we don't have to touch the arguments object. The\n // only additional allocation required is the completion record, which\n // has a stable shape and so hopefully should be cheap to allocate.\n\n function tryCatch(fn, obj, arg) {\n try {\n return {\n type: \"normal\",\n arg: fn.call(obj, arg)\n };\n } catch (err) {\n return {\n type: \"throw\",\n arg: err\n };\n }\n }\n\n var GenStateSuspendedStart = \"suspendedStart\";\n var GenStateSuspendedYield = \"suspendedYield\";\n var GenStateExecuting = \"executing\";\n var GenStateCompleted = \"completed\"; // Returning this object from the innerFn has the same effect as\n // breaking out of the dispatch switch statement.\n\n var ContinueSentinel = {}; // Dummy constructor functions that we use as the .constructor and\n // .constructor.prototype properties for functions that return Generator\n // objects. For full spec compliance, you may wish to configure your\n // minifier not to mangle the names of these two functions.\n\n function Generator() {}\n\n function GeneratorFunction() {}\n\n function GeneratorFunctionPrototype() {} // This is a polyfill for %IteratorPrototype% for environments that\n // don't natively support it.\n\n\n var IteratorPrototype = {};\n define(IteratorPrototype, iteratorSymbol, function () {\n return this;\n });\n var getProto = Object.getPrototypeOf;\n var NativeIteratorPrototype = getProto && getProto(getProto(values([])));\n\n if (NativeIteratorPrototype && NativeIteratorPrototype !== Op && hasOwn.call(NativeIteratorPrototype, iteratorSymbol)) {\n // This environment has a native %IteratorPrototype%; use it instead\n // of the polyfill.\n IteratorPrototype = NativeIteratorPrototype;\n }\n\n var Gp = GeneratorFunctionPrototype.prototype = Generator.prototype = Object.create(IteratorPrototype);\n GeneratorFunction.prototype = GeneratorFunctionPrototype;\n define(Gp, \"constructor\", GeneratorFunctionPrototype);\n define(GeneratorFunctionPrototype, \"constructor\", GeneratorFunction);\n GeneratorFunction.displayName = define(GeneratorFunctionPrototype, toStringTagSymbol, \"GeneratorFunction\"); // Helper for defining the .next, .throw, and .return methods of the\n // Iterator interface in terms of a single ._invoke method.\n\n function defineIteratorMethods(prototype) {\n [\"next\", \"throw\", \"return\"].forEach(function (method) {\n define(prototype, method, function (arg) {\n return this._invoke(method, arg);\n });\n });\n }\n\n exports.isGeneratorFunction = function (genFun) {\n var ctor = typeof genFun === \"function\" && genFun.constructor;\n return ctor ? ctor === GeneratorFunction || // For the native GeneratorFunction constructor, the best we can\n // do is to check its .name property.\n (ctor.displayName || ctor.name) === \"GeneratorFunction\" : false;\n };\n\n exports.mark = function (genFun) {\n if (Object.setPrototypeOf) {\n Object.setPrototypeOf(genFun, GeneratorFunctionPrototype);\n } else {\n genFun.__proto__ = GeneratorFunctionPrototype;\n define(genFun, toStringTagSymbol, \"GeneratorFunction\");\n }\n\n genFun.prototype = Object.create(Gp);\n return genFun;\n }; // Within the body of any async function, `await x` is transformed to\n // `yield regeneratorRuntime.awrap(x)`, so that the runtime can test\n // `hasOwn.call(value, \"__await\")` to determine if the yielded value is\n // meant to be awaited.\n\n\n exports.awrap = function (arg) {\n return {\n __await: arg\n };\n };\n\n function AsyncIterator(generator, PromiseImpl) {\n function invoke(method, arg, resolve, reject) {\n var record = tryCatch(generator[method], generator, arg);\n\n if (record.type === \"throw\") {\n reject(record.arg);\n } else {\n var result = record.arg;\n var value = result.value;\n\n if (value && typeof value === \"object\" && hasOwn.call(value, \"__await\")) {\n return PromiseImpl.resolve(value.__await).then(function (value) {\n invoke(\"next\", value, resolve, reject);\n }, function (err) {\n invoke(\"throw\", err, resolve, reject);\n });\n }\n\n return PromiseImpl.resolve(value).then(function (unwrapped) {\n // When a yielded Promise is resolved, its final value becomes\n // the .value of the Promise result for the\n // current iteration.\n result.value = unwrapped;\n resolve(result);\n }, function (error) {\n // If a rejected Promise was yielded, throw the rejection back\n // into the async generator function so it can be handled there.\n return invoke(\"throw\", error, resolve, reject);\n });\n }\n }\n\n var previousPromise;\n\n function enqueue(method, arg) {\n function callInvokeWithMethodAndArg() {\n return new PromiseImpl(function (resolve, reject) {\n invoke(method, arg, resolve, reject);\n });\n }\n\n return previousPromise = // If enqueue has been called before, then we want to wait until\n // all previous Promises have been resolved before calling invoke,\n // so that results are always delivered in the correct order. If\n // enqueue has not been called before, then it is important to\n // call invoke immediately, without waiting on a callback to fire,\n // so that the async generator function has the opportunity to do\n // any necessary setup in a predictable way. This predictability\n // is why the Promise constructor synchronously invokes its\n // executor callback, and why async functions synchronously\n // execute code before the first await. Since we implement simple\n // async functions in terms of async generators, it is especially\n // important to get this right, even though it requires care.\n previousPromise ? previousPromise.then(callInvokeWithMethodAndArg, // Avoid propagating failures to Promises returned by later\n // invocations of the iterator.\n callInvokeWithMethodAndArg) : callInvokeWithMethodAndArg();\n } // Define the unified helper method that is used to implement .next,\n // .throw, and .return (see defineIteratorMethods).\n\n\n this._invoke = enqueue;\n }\n\n defineIteratorMethods(AsyncIterator.prototype);\n define(AsyncIterator.prototype, asyncIteratorSymbol, function () {\n return this;\n });\n exports.AsyncIterator = AsyncIterator; // Note that simple async functions are implemented on top of\n // AsyncIterator objects; they just return a Promise for the value of\n // the final result produced by the iterator.\n\n exports.async = function (innerFn, outerFn, self, tryLocsList, PromiseImpl) {\n if (PromiseImpl === void 0) PromiseImpl = Promise;\n var iter = new AsyncIterator(wrap(innerFn, outerFn, self, tryLocsList), PromiseImpl);\n return exports.isGeneratorFunction(outerFn) ? iter // If outerFn is a generator, return the full iterator.\n : iter.next().then(function (result) {\n return result.done ? result.value : iter.next();\n });\n };\n\n function makeInvokeMethod(innerFn, self, context) {\n var state = GenStateSuspendedStart;\n return function invoke(method, arg) {\n if (state === GenStateExecuting) {\n throw new Error(\"Generator is already running\");\n }\n\n if (state === GenStateCompleted) {\n if (method === \"throw\") {\n throw arg;\n } // Be forgiving, per 25.3.3.3.3 of the spec:\n // https://people.mozilla.org/~jorendorff/es6-draft.html#sec-generatorresume\n\n\n return doneResult();\n }\n\n context.method = method;\n context.arg = arg;\n\n while (true) {\n var delegate = context.delegate;\n\n if (delegate) {\n var delegateResult = maybeInvokeDelegate(delegate, context);\n\n if (delegateResult) {\n if (delegateResult === ContinueSentinel) continue;\n return delegateResult;\n }\n }\n\n if (context.method === \"next\") {\n // Setting context._sent for legacy support of Babel's\n // function.sent implementation.\n context.sent = context._sent = context.arg;\n } else if (context.method === \"throw\") {\n if (state === GenStateSuspendedStart) {\n state = GenStateCompleted;\n throw context.arg;\n }\n\n context.dispatchException(context.arg);\n } else if (context.method === \"return\") {\n context.abrupt(\"return\", context.arg);\n }\n\n state = GenStateExecuting;\n var record = tryCatch(innerFn, self, context);\n\n if (record.type === \"normal\") {\n // If an exception is thrown from innerFn, we leave state ===\n // GenStateExecuting and loop back for another invocation.\n state = context.done ? GenStateCompleted : GenStateSuspendedYield;\n\n if (record.arg === ContinueSentinel) {\n continue;\n }\n\n return {\n value: record.arg,\n done: context.done\n };\n } else if (record.type === \"throw\") {\n state = GenStateCompleted; // Dispatch the exception by looping back around to the\n // context.dispatchException(context.arg) call above.\n\n context.method = \"throw\";\n context.arg = record.arg;\n }\n }\n };\n } // Call delegate.iterator[context.method](context.arg) and handle the\n // result, either by returning a { value, done } result from the\n // delegate iterator, or by modifying context.method and context.arg,\n // setting context.delegate to null, and returning the ContinueSentinel.\n\n\n function maybeInvokeDelegate(delegate, context) {\n var method = delegate.iterator[context.method];\n\n if (method === undefined) {\n // A .throw or .return when the delegate iterator has no .throw\n // method always terminates the yield* loop.\n context.delegate = null;\n\n if (context.method === \"throw\") {\n // Note: [\"return\"] must be used for ES3 parsing compatibility.\n if (delegate.iterator[\"return\"]) {\n // If the delegate iterator has a return method, give it a\n // chance to clean up.\n context.method = \"return\";\n context.arg = undefined;\n maybeInvokeDelegate(delegate, context);\n\n if (context.method === \"throw\") {\n // If maybeInvokeDelegate(context) changed context.method from\n // \"return\" to \"throw\", let that override the TypeError below.\n return ContinueSentinel;\n }\n }\n\n context.method = \"throw\";\n context.arg = new TypeError(\"The iterator does not provide a 'throw' method\");\n }\n\n return ContinueSentinel;\n }\n\n var record = tryCatch(method, delegate.iterator, context.arg);\n\n if (record.type === \"throw\") {\n context.method = \"throw\";\n context.arg = record.arg;\n context.delegate = null;\n return ContinueSentinel;\n }\n\n var info = record.arg;\n\n if (!info) {\n context.method = \"throw\";\n context.arg = new TypeError(\"iterator result is not an object\");\n context.delegate = null;\n return ContinueSentinel;\n }\n\n if (info.done) {\n // Assign the result of the finished delegate to the temporary\n // variable specified by delegate.resultName (see delegateYield).\n context[delegate.resultName] = info.value; // Resume execution at the desired location (see delegateYield).\n\n context.next = delegate.nextLoc; // If context.method was \"throw\" but the delegate handled the\n // exception, let the outer generator proceed normally. If\n // context.method was \"next\", forget context.arg since it has been\n // \"consumed\" by the delegate iterator. If context.method was\n // \"return\", allow the original .return call to continue in the\n // outer generator.\n\n if (context.method !== \"return\") {\n context.method = \"next\";\n context.arg = undefined;\n }\n } else {\n // Re-yield the result returned by the delegate method.\n return info;\n } // The delegate iterator is finished, so forget it and continue with\n // the outer generator.\n\n\n context.delegate = null;\n return ContinueSentinel;\n } // Define Generator.prototype.{next,throw,return} in terms of the\n // unified ._invoke helper method.\n\n\n defineIteratorMethods(Gp);\n define(Gp, toStringTagSymbol, \"Generator\"); // A Generator should always return itself as the iterator object when the\n // @@iterator function is called on it. Some browsers' implementations of the\n // iterator prototype chain incorrectly implement this, causing the Generator\n // object to not be returned from this call. This ensures that doesn't happen.\n // See https://github.com/facebook/regenerator/issues/274 for more details.\n\n define(Gp, iteratorSymbol, function () {\n return this;\n });\n define(Gp, \"toString\", function () {\n return \"[object Generator]\";\n });\n\n function pushTryEntry(locs) {\n var entry = {\n tryLoc: locs[0]\n };\n\n if (1 in locs) {\n entry.catchLoc = locs[1];\n }\n\n if (2 in locs) {\n entry.finallyLoc = locs[2];\n entry.afterLoc = locs[3];\n }\n\n this.tryEntries.push(entry);\n }\n\n function resetTryEntry(entry) {\n var record = entry.completion || {};\n record.type = \"normal\";\n delete record.arg;\n entry.completion = record;\n }\n\n function Context(tryLocsList) {\n // The root entry object (effectively a try statement without a catch\n // or a finally block) gives us a place to store values thrown from\n // locations where there is no enclosing try statement.\n this.tryEntries = [{\n tryLoc: \"root\"\n }];\n tryLocsList.forEach(pushTryEntry, this);\n this.reset(true);\n }\n\n exports.keys = function (object) {\n var keys = [];\n\n for (var key in object) {\n keys.push(key);\n }\n\n keys.reverse(); // Rather than returning an object with a next method, we keep\n // things simple and return the next function itself.\n\n return function next() {\n while (keys.length) {\n var key = keys.pop();\n\n if (key in object) {\n next.value = key;\n next.done = false;\n return next;\n }\n } // To avoid creating an additional object, we just hang the .value\n // and .done properties off the next function object itself. This\n // also ensures that the minifier will not anonymize the function.\n\n\n next.done = true;\n return next;\n };\n };\n\n function values(iterable) {\n if (iterable) {\n var iteratorMethod = iterable[iteratorSymbol];\n\n if (iteratorMethod) {\n return iteratorMethod.call(iterable);\n }\n\n if (typeof iterable.next === \"function\") {\n return iterable;\n }\n\n if (!isNaN(iterable.length)) {\n var i = -1,\n next = function next() {\n while (++i = 0; --i) {\n var entry = this.tryEntries[i];\n var record = entry.completion;\n\n if (entry.tryLoc === \"root\") {\n // Exception thrown outside of any try block that could handle\n // it, so set the completion value of the entire function to\n // throw the exception.\n return handle(\"end\");\n }\n\n if (entry.tryLoc <= this.prev) {\n var hasCatch = hasOwn.call(entry, \"catchLoc\");\n var hasFinally = hasOwn.call(entry, \"finallyLoc\");\n\n if (hasCatch && hasFinally) {\n if (this.prev < entry.catchLoc) {\n return handle(entry.catchLoc, true);\n } else if (this.prev < entry.finallyLoc) {\n return handle(entry.finallyLoc);\n }\n } else if (hasCatch) {\n if (this.prev < entry.catchLoc) {\n return handle(entry.catchLoc, true);\n }\n } else if (hasFinally) {\n if (this.prev = 0; --i) {\n var entry = this.tryEntries[i];\n\n if (entry.tryLoc <= this.prev && hasOwn.call(entry, \"finallyLoc\") && this.prev < entry.finallyLoc) {\n var finallyEntry = entry;\n break;\n }\n }\n\n if (finallyEntry && (type === \"break\" || type === \"continue\") && finallyEntry.tryLoc <= arg && arg = 0; --i) {\n var entry = this.tryEntries[i];\n\n if (entry.finallyLoc === finallyLoc) {\n this.complete(entry.completion, entry.afterLoc);\n resetTryEntry(entry);\n return ContinueSentinel;\n }\n }\n },\n \"catch\": function (tryLoc) {\n for (var i = this.tryEntries.length - 1; i >= 0; --i) {\n var entry = this.tryEntries[i];\n\n if (entry.tryLoc === tryLoc) {\n var record = entry.completion;\n\n if (record.type === \"throw\") {\n var thrown = record.arg;\n resetTryEntry(entry);\n }\n\n return thrown;\n }\n } // The context.catch method must only be called with a location\n // argument that corresponds to a known catch block.\n\n\n throw new Error(\"illegal catch attempt\");\n },\n delegateYield: function (iterable, resultName, nextLoc) {\n this.delegate = {\n iterator: values(iterable),\n resultName: resultName,\n nextLoc: nextLoc\n };\n\n if (this.method === \"next\") {\n // Deliberately forget the last sent value so that we don't\n // accidentally pass it on to the delegate.\n this.arg = undefined;\n }\n\n return ContinueSentinel;\n }\n }; // Regardless of whether this script is executing as a CommonJS module\n // or not, return the runtime object so that we can declare the variable\n // regeneratorRuntime in the outer scope, which allows this module to be\n // injected easily by `bin/regenerator --include-runtime script.js`.\n\n return exports;\n}( // If this script is executing as a CommonJS module, use module.exports\n// as the regeneratorRuntime namespace. Otherwise create a new empty\n// object. Either way, the resulting object will be used to initialize\n// the regeneratorRuntime variable at the top of this file.\n true ? module.exports : 0);\n\ntry {\n regeneratorRuntime = runtime;\n} catch (accidentalStrictMode) {\n // This module should not be running in strict mode, so the above\n // assignment should always work unless something is misconfigured. Just\n // in case runtime.js accidentally runs in strict mode, in modern engines\n // we can explicitly access globalThis. In older engines we can escape\n // strict mode using a global Function call. This could conceivably fail\n // if a Content Security Policy forbids using Function, but in that case\n // the proper solution is to fix the accidental strict mode problem. If\n // you've misconfigured your bundler to force strict mode and applied a\n // CSP to forbid Function, and you're not willing to fix either of those\n // problems, please detail your unique predicament in a GitHub issue.\n if (typeof globalThis === \"object\") {\n globalThis.regeneratorRuntime = runtime;\n } else {\n Function(\"r\", \"regeneratorRuntime = r\")(runtime);\n }\n}\n\n//# sourceURL=webpack://cakedefi.com/./node_modules/regenerator-runtime/runtime.js?"); /***/ }), /***/ "./plain-sign-up/main.js": /*!*******************************!*\ !*** ./plain-sign-up/main.js ***! \*******************************/ /***/ ((__unused_webpack_module, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony import */ var _assets_js_components_signup_form__WEBPACK_IMPORTED_MODULE_0__ = __webpack_require__(/*! ../assets/js/components/signup-form */ \"./assets/js/components/signup-form/index.js\");\n\n\nfunction initModal() {\n var _document$querySelect, _document$querySelect2;\n\n (_document$querySelect = document.querySelector(\".btn-open-modal\")) === null || _document$querySelect === void 0 ? void 0 : _document$querySelect.addEventListener('click', function (e) {\n var target = this.getAttribute('data-target');\n document.getElementById(target).classList.add(\"in\");\n });\n (_document$querySelect2 = document.querySelector(\".modal\")) === null || _document$querySelect2 === void 0 ? void 0 : _document$querySelect2.addEventListener('click', function (e) {\n if (e.target !== this) return;\n this.classList.remove(\"in\");\n });\n}\n\nfunction moveFixedElementsToBody() {\n if (document.getElementById('GlobalAlert')) {\n document.body.appendChild(document.getElementById('GlobalAlert'));\n }\n\n if (document.getElementById('GlobalSpinner')) {\n document.body.appendChild(document.getElementById('GlobalSpinner'));\n }\n}\n\n(function () {\n _assets_js_components_signup_form__WEBPACK_IMPORTED_MODULE_0__.signUpForm.init();\n moveFixedElementsToBody();\n initModal();\n})();\n\n//# sourceURL=webpack://cakedefi.com/./plain-sign-up/main.js?"); /***/ }), /***/ "./node_modules/@babel/runtime/helpers/esm/arrayLikeToArray.js": /*!*********************************************************************!*\ !*** ./node_modules/@babel/runtime/helpers/esm/arrayLikeToArray.js ***! \*********************************************************************/ /***/ ((__unused_webpack___webpack_module__, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"default\": () => (/* binding */ _arrayLikeToArray)\n/* harmony export */ });\nfunction _arrayLikeToArray(arr, len) {\n if (len == null || len > arr.length) len = arr.length;\n\n for (var i = 0, arr2 = new Array(len); i { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"default\": () => (/* binding */ _arrayWithoutHoles)\n/* harmony export */ });\n/* harmony import */ var _arrayLikeToArray_js__WEBPACK_IMPORTED_MODULE_0__ = __webpack_require__(/*! ./arrayLikeToArray.js */ \"./node_modules/@babel/runtime/helpers/esm/arrayLikeToArray.js\");\n\nfunction _arrayWithoutHoles(arr) {\n if (Array.isArray(arr)) return (0,_arrayLikeToArray_js__WEBPACK_IMPORTED_MODULE_0__.default)(arr);\n}\n\n//# sourceURL=webpack://cakedefi.com/./node_modules/@babel/runtime/helpers/esm/arrayWithoutHoles.js?"); /***/ }), /***/ "./node_modules/@babel/runtime/helpers/esm/asyncToGenerator.js": /*!*********************************************************************!*\ !*** ./node_modules/@babel/runtime/helpers/esm/asyncToGenerator.js ***! \*********************************************************************/ /***/ ((__unused_webpack___webpack_module__, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"default\": () => (/* binding */ _asyncToGenerator)\n/* harmony export */ });\nfunction asyncGeneratorStep(gen, resolve, reject, _next, _throw, key, arg) {\n try {\n var info = gen[key](arg);\n var value = info.value;\n } catch (error) {\n reject(error);\n return;\n }\n\n if (info.done) {\n resolve(value);\n } else {\n Promise.resolve(value).then(_next, _throw);\n }\n}\n\nfunction _asyncToGenerator(fn) {\n return function () {\n var self = this,\n args = arguments;\n return new Promise(function (resolve, reject) {\n var gen = fn.apply(self, args);\n\n function _next(value) {\n asyncGeneratorStep(gen, resolve, reject, _next, _throw, \"next\", value);\n }\n\n function _throw(err) {\n asyncGeneratorStep(gen, resolve, reject, _next, _throw, \"throw\", err);\n }\n\n _next(undefined);\n });\n };\n}\n\n//# sourceURL=webpack://cakedefi.com/./node_modules/@babel/runtime/helpers/esm/asyncToGenerator.js?"); /***/ }), /***/ "./node_modules/@babel/runtime/helpers/esm/classCallCheck.js": /*!*******************************************************************!*\ !*** ./node_modules/@babel/runtime/helpers/esm/classCallCheck.js ***! \*******************************************************************/ /***/ ((__unused_webpack___webpack_module__, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"default\": () => (/* binding */ _classCallCheck)\n/* harmony export */ });\nfunction _classCallCheck(instance, Constructor) {\n if (!(instance instanceof Constructor)) {\n throw new TypeError(\"Cannot call a class as a function\");\n }\n}\n\n//# sourceURL=webpack://cakedefi.com/./node_modules/@babel/runtime/helpers/esm/classCallCheck.js?"); /***/ }), /***/ "./node_modules/@babel/runtime/helpers/esm/createClass.js": /*!****************************************************************!*\ !*** ./node_modules/@babel/runtime/helpers/esm/createClass.js ***! \****************************************************************/ /***/ ((__unused_webpack___webpack_module__, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"default\": () => (/* binding */ _createClass)\n/* harmony export */ });\nfunction _defineProperties(target, props) {\n for (var i = 0; i { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"default\": () => (/* binding */ _defineProperty)\n/* harmony export */ });\nfunction _defineProperty(obj, key, value) {\n if (key in obj) {\n Object.defineProperty(obj, key, {\n value: value,\n enumerable: true,\n configurable: true,\n writable: true\n });\n } else {\n obj[key] = value;\n }\n\n return obj;\n}\n\n//# sourceURL=webpack://cakedefi.com/./node_modules/@babel/runtime/helpers/esm/defineProperty.js?"); /***/ }), /***/ "./node_modules/@babel/runtime/helpers/esm/iterableToArray.js": /*!********************************************************************!*\ !*** ./node_modules/@babel/runtime/helpers/esm/iterableToArray.js ***! \********************************************************************/ /***/ ((__unused_webpack___webpack_module__, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"default\": () => (/* binding */ _iterableToArray)\n/* harmony export */ });\nfunction _iterableToArray(iter) {\n if (typeof Symbol !== \"undefined\" && iter[Symbol.iterator] != null || iter[\"@@iterator\"] != null) return Array.from(iter);\n}\n\n//# sourceURL=webpack://cakedefi.com/./node_modules/@babel/runtime/helpers/esm/iterableToArray.js?"); /***/ }), /***/ "./node_modules/@babel/runtime/helpers/esm/nonIterableSpread.js": /*!**********************************************************************!*\ !*** ./node_modules/@babel/runtime/helpers/esm/nonIterableSpread.js ***! \**********************************************************************/ /***/ ((__unused_webpack___webpack_module__, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"default\": () => (/* binding */ _nonIterableSpread)\n/* harmony export */ });\nfunction _nonIterableSpread() {\n throw new TypeError(\"Invalid attempt to spread non-iterable instance.\\nIn order to be iterable, non-array objects must have a [Symbol.iterator]() method.\");\n}\n\n//# sourceURL=webpack://cakedefi.com/./node_modules/@babel/runtime/helpers/esm/nonIterableSpread.js?"); /***/ }), /***/ "./node_modules/@babel/runtime/helpers/esm/toConsumableArray.js": /*!**********************************************************************!*\ !*** ./node_modules/@babel/runtime/helpers/esm/toConsumableArray.js ***! \**********************************************************************/ /***/ ((__unused_webpack___webpack_module__, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"default\": () => (/* binding */ _toConsumableArray)\n/* harmony export */ });\n/* harmony import */ var _arrayWithoutHoles_js__WEBPACK_IMPORTED_MODULE_0__ = __webpack_require__(/*! ./arrayWithoutHoles.js */ \"./node_modules/@babel/runtime/helpers/esm/arrayWithoutHoles.js\");\n/* harmony import */ var _iterableToArray_js__WEBPACK_IMPORTED_MODULE_1__ = __webpack_require__(/*! ./iterableToArray.js */ \"./node_modules/@babel/runtime/helpers/esm/iterableToArray.js\");\n/* harmony import */ var _unsupportedIterableToArray_js__WEBPACK_IMPORTED_MODULE_2__ = __webpack_require__(/*! ./unsupportedIterableToArray.js */ \"./node_modules/@babel/runtime/helpers/esm/unsupportedIterableToArray.js\");\n/* harmony import */ var _nonIterableSpread_js__WEBPACK_IMPORTED_MODULE_3__ = __webpack_require__(/*! ./nonIterableSpread.js */ \"./node_modules/@babel/runtime/helpers/esm/nonIterableSpread.js\");\n\n\n\n\nfunction _toConsumableArray(arr) {\n return (0,_arrayWithoutHoles_js__WEBPACK_IMPORTED_MODULE_0__.default)(arr) || (0,_iterableToArray_js__WEBPACK_IMPORTED_MODULE_1__.default)(arr) || (0,_unsupportedIterableToArray_js__WEBPACK_IMPORTED_MODULE_2__.default)(arr) || (0,_nonIterableSpread_js__WEBPACK_IMPORTED_MODULE_3__.default)();\n}\n\n//# sourceURL=webpack://cakedefi.com/./node_modules/@babel/runtime/helpers/esm/toConsumableArray.js?"); /***/ }), /***/ "./node_modules/@babel/runtime/helpers/esm/unsupportedIterableToArray.js": /*!*******************************************************************************!*\ !*** ./node_modules/@babel/runtime/helpers/esm/unsupportedIterableToArray.js ***! \*******************************************************************************/ /***/ ((__unused_webpack___webpack_module__, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"default\": () => (/* binding */ _unsupportedIterableToArray)\n/* harmony export */ });\n/* harmony import */ var _arrayLikeToArray_js__WEBPACK_IMPORTED_MODULE_0__ = __webpack_require__(/*! ./arrayLikeToArray.js */ \"./node_modules/@babel/runtime/helpers/esm/arrayLikeToArray.js\");\n\nfunction _unsupportedIterableToArray(o, minLen) {\n if (!o) return;\n if (typeof o === \"string\") return (0,_arrayLikeToArray_js__WEBPACK_IMPORTED_MODULE_0__.default)(o, minLen);\n var n = Object.prototype.toString.call(o).slice(8, -1);\n if (n === \"Object\" && o.constructor) n = o.constructor.name;\n if (n === \"Map\" || n === \"Set\") return Array.from(o);\n if (n === \"Arguments\" || /^(?:Ui|I)nt(?:8|16|32)(?:Clamped)?Array$/.test(n)) return (0,_arrayLikeToArray_js__WEBPACK_IMPORTED_MODULE_0__.default)(o, minLen);\n}\n\n//# sourceURL=webpack://cakedefi.com/./node_modules/@babel/runtime/helpers/esm/unsupportedIterableToArray.js?"); /***/ }), /***/ "./node_modules/@cakedefi/cake-sdk/assets/allowed-countries-en.json": /*!**************************************************************************!*\ !*** ./node_modules/@cakedefi/cake-sdk/assets/allowed-countries-en.json ***! \**************************************************************************/ /***/ ((module) => { "use strict"; eval("module.exports = JSON.parse('[{\"label\":\"Albania\",\"value\":\"AL\"},{\"label\":\"Algeria\",\"value\":\"DZ\"},{\"label\":\"Andorra\",\"value\":\"AD\"},{\"label\":\"Angola\",\"value\":\"AO\"},{\"label\":\"Anguilla\",\"value\":\"AI\"},{\"label\":\"Antigua & Barbuda\",\"value\":\"AG\"},{\"label\":\"Argentina\",\"value\":\"AR\"},{\"label\":\"Armenia\",\"value\":\"AM\"},{\"label\":\"Aruba\",\"value\":\"AW\"},{\"label\":\"Australia\",\"value\":\"AU\"},{\"label\":\"Austria\",\"value\":\"AT\"},{\"label\":\"Azerbaijan\",\"value\":\"AZ\"},{\"label\":\"Bahrain\",\"value\":\"BH\"},{\"label\":\"Barbados\",\"value\":\"BB\"},{\"label\":\"Belgium\",\"value\":\"BE\"},{\"label\":\"Belize\",\"value\":\"BZ\"},{\"label\":\"Benin\",\"value\":\"BJ\"},{\"label\":\"Bermuda\",\"value\":\"BM\"},{\"label\":\"Bhutan\",\"value\":\"BT\"},{\"label\":\"Bolivia\",\"value\":\"BO\"},{\"label\":\"Bosnia & Herzegovina\",\"value\":\"BA\"},{\"label\":\"Brazil\",\"value\":\"BR\"},{\"label\":\"British Virgin Is.\",\"value\":\"VG\"},{\"label\":\"Brunei\",\"value\":\"BN\"},{\"label\":\"Bulgaria\",\"value\":\"BG\"},{\"label\":\"Burkina Faso\",\"value\":\"BF\"},{\"label\":\"Cambodia\",\"value\":\"KH\"},{\"label\":\"Cameroon\",\"value\":\"CM\"},{\"label\":\"Canada\",\"value\":\"CA\"},{\"label\":\"Cape Verde\",\"value\":\"CV\"},{\"label\":\"Cayman Islands\",\"value\":\"KY\"},{\"label\":\"Chad\",\"value\":\"TD\"},{\"label\":\"Chile\",\"value\":\"CL\"},{\"label\":\"China\",\"value\":\"CN\"},{\"label\":\"Colombia\",\"value\":\"CO\"},{\"label\":\"Comoros\",\"value\":\"KM\"},{\"label\":\"Congo, Repub. of the\",\"value\":\"CG\"},{\"label\":\"Cook Islands\",\"value\":\"CK\"},{\"label\":\"Costa Rica\",\"value\":\"CR\"},{\"label\":\"Cote d\\'Ivoire\",\"value\":\"CI\"},{\"label\":\"Croatia\",\"value\":\"HR\"},{\"label\":\"Cyprus\",\"value\":\"CY\"},{\"label\":\"Czech 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/******/ () => (module['default']) : /******/ () => (module); /******/ __webpack_require__.d(getter, { a: getter }); /******/ return getter; /******/ }; /******/ })(); /******/ /******/ /* webpack/runtime/define property getters */ /******/ (() => { /******/ // define getter functions for harmony exports /******/ __webpack_require__.d = (exports, definition) => { /******/ for(var key in definition) { /******/ if(__webpack_require__.o(definition, key) && !__webpack_require__.o(exports, key)) { /******/ Object.defineProperty(exports, key, { enumerable: true, get: definition[key] }); /******/ } /******/ } /******/ }; /******/ })(); /******/ /******/ /* webpack/runtime/hasOwnProperty shorthand */ /******/ (() => { /******/ __webpack_require__.o = (obj, prop) => (Object.prototype.hasOwnProperty.call(obj, prop)) /******/ })(); /******/ /******/ /* webpack/runtime/make namespace object */ /******/ (() => { /******/ // define __esModule on exports /******/ __webpack_require__.r = (exports) => { /******/ if(typeof Symbol !== 'undefined' && Symbol.toStringTag) { /******/ Object.defineProperty(exports, Symbol.toStringTag, { value: 'Module' }); /******/ } /******/ Object.defineProperty(exports, '__esModule', { value: true }); /******/ }; /******/ })(); /******/ /************************************************************************/ /******/ /******/ // startup /******/ // Load entry module and return exports /******/ // This entry module can't be inlined because the eval devtool is used. /******/ var __webpack_exports__ = __webpack_require__("./plain-sign-up/main.js"); /******/ /******/ })() ;
- Cake DeFi
Record Growth and US$58M in Rewards Paid Out in Q2
Record Growth and US$58M in Rewards Paid Out in Q2

Dear Community, Partners and Investors!

Even though Q2 of 2022 has been one of the worst quarters for the cryptocurrency industry and entire investment sector, Cake DeFi has seen its strongest quarter yet when it comes to customer growth, funded accounts and payouts! Your continued trust and support are what have enabled us to accomplish all of these things. Thank you very much for that!

Before I go into the last quarter’s outcomes and reflections, I would like to provide a glimpse into a recurring situation my co-founder U-Zyn and I had faced over the past three years. Cake DeFi might not be here today had we made a single different decision. As with any crypto company, we always needed external partners, either for aggregation or simply access to deals. We can’t think of a single company that has been in the news the past few months that had not approached us with a business opportunity. They always offered us some of the most attractive opportunities ever, and there were many times U-Zyn and I just sat there asking ourselves: “Are we the idiots here, or is everyone else?”. We stuck to our guns and rejected any offer where we did not know where the users' funds were placed or if we did not receive more collateral than what we provided. This cautious approach may have slowed us down in the short term but paid off in the long run. With all this madness unfolding around us, Cake DeFi remains one of the few yield generation aka CeDeFi platforms still standing.

Reflecting on Q2, the team worked hard and stayed focused to achieve the best results possible. Our very first OKR was to be a multichain service provider and to add more coins to the platform. The goal appeared to be easily achievable at first. Unfortunately, in the wake of the Terra Luna debacle, many CeFi platforms became insolvent. As a result, Bitcoin lost almost 70% of its value from its highs in 2021, while many altcoins lost 80-90%. Consequently, it wasn't the easiest quarter for any crypto company to scale. Several product launches had to be put on hold as we focused on stabilizing the existing infrastructure. In particular, this meant launching a transparency page (www.cakedefi.com/transparency) to reassure our customers and ensuring we had close to zero uncollateralized exposure to external parties.

Our second OKR was to maintain a positive cashflow. Not only did we accomplish this, but we also had our strongest growth in customer numbers ever. It was largely due to our fully developed marketing team, which invested heavily in social media and referral strategies. Our week-over-week growth was higher than some quarters in the past, despite the negative market sentiment. In spite of the massive growth, we were able to maintain the proportion of active customers, and we never saw a single week with declining funded accounts. Switching to an automated KYC system with 3-minute approval times and improving the user experience in our mobile app also helped greatly. 99% of all withdrawals are now processed within just a few hours, as our operations team has worked hard to improve withdrawal times while still prioritizing security. In Q2, we paid out a total of US$58 million in customer rewards. The goal remains to stay cashflow positive going forward. Even in the unlikely event that revenue would dry up completely, our treasury provides for at least 4 years of runway.

Our third OKR was to complete the PCAOB audit, which our finance team completed right at the beginning of Q3. As a result of the current market conditions, we decided to delay any plans to go public and instead are keeping our options open. After the audit has been completed, it's all about finding the right partners and the right timing. We may release the audit independently to the public as it underlines how well-governed the company is. It will also reaffirm statements made in the past around our finances and growth, and give our customers, partners, and investors assurance of our operational soundness. This will help us attract further talent, customers, and if strategically needed, investors.

Record Growth and US$58M in Rewards Paid Out in Q2

Building on the company’s financial strength, our Board has signed off on diversifying our treasury even further, and we will be publicly investing 15 million dUSD into decentralized assets such as dTSLA, dTLT, and a few others. This will ensure a strong diversification of our treasury. Also, considering how far prices have dropped in the general markets, this may provide great potential upside. We will make this completely public, so people can actually monitor this progress.

Aside from OKRs, our team is growing rapidly. We started the quarter with 110 team members. While we had to let a few go due to performance reasons, we did hire 34 new team members, finishing the quarter with a headcount of 140 people. Over half of them are based in Singapore, where we are looking to move into a new office at the beginning of Q4. Cake therefore remains one of the few crypto companies still hiring. In Q3, we expect to hire a VP of people, a VP of Design, and a Chief Marketing Officer. We are planning to hold our next company-wide retreat in Singapore in October, after the success we had with our Dubai retreat in May. In addition, we are simplifying the ESOP structure and portal, which will boost our employees’ upside in tandem with the company's growth. Check out our job openings at www.cakedefi.com/jobs if you want to be part of this rocket ship.  

Because of the crypto market uncertainty, we did not launch many products in Q2. We instead focused on streamlining our customer experience. For sign-ups and log-ins, we added single sign-on options for Google, Facebook, and Apple accounts. We also implemented a new chatbot (Coco) on our web app to improve our customer support. On the product front, we launched the Borrow feature exclusively on the mobile app to enable customers to borrow against their crypto assets. There are two major releases scheduled for Q3: Multichain by implementing other blockchains and providing even more DeFi services, and Earn which splits up existing DeFi protocols and allows for easier usability to make yield generation even more accessible.

Despite market conditions, we have seen growth across all social media channels. During Q2, Instagram was one of our strongest growth channels as we shifted from long-form blogs to social-driven snackable videos. Our influencer marketing efforts have achieved 5.8 million impressions on various video platforms: Wolf of Dubai (video 1, video 2), Cryptonaut (video 1, video 2),  Monte Kripto, Topraktan Altcoin, Chainbreaker. With that, we saw the strongest customer growth in Asia in Q2.

Our PR and Communications efforts got us great exposure worldwide: Tech In Asia, CoinMarketCap, Yahoo Finance, Investing.com, Crypto Daily UK, Coin Journal, Mein Stuttgart, EsportsAsia, Sports Business Journal, BTC Echo, Coin Quora, The Edge, Asia TechDaily, Tatler Asia, Nasdaq, Tech Startups, Crypto Daily UK, Mashable, Blockchain Reporter, Straits Times, Blockhead, Welt TV, Stern roundtable discussion among many others. As Singapore eased its COVID-19 restrictions, we have started to organize regular local company meet-ups as a way to build our thought leadership in the market on crypto, DeFi and Web3, while also been speaking at various industry events such as Blockchain Festival and APAC Bloomberg Crypto Forum. Our partnership with Razer is going well and we expect to see even greater results in Q3.

In light of Q2 being a tough quarter for anyone involved in crypto, here are a few thoughts on why we do what we do. We hope this helps you stay with us on this journey! We believe the root of all evil is not the lack of money, but rather a lack of purchasing power. Due to high inflation and the current economic uncertainty, crypto has become pretty much the only place to get capital gains and a good yield. This is our WHY or MOTIVE. We provide financial freedom to anyone, and we started by proving cashflow and financial rewards on cryptocurrency! We call this our MISSION or HOW. Our goal is to build the world's best plug-and-play Web3 infrastructure. We call this our WHAT or VISION.

Thank you for your continued support and trust. We will never take this lightly and constantly step up our game to provide you the best service imaginable.

Julian

- Cake DeFi
INTRODUCING CAKE DEFI's NEW LM POOLS - Allocate funds now and earn rewards at around 30% APR
INTRODUCING CAKE DEFI's NEW LM POOLS - Allocate funds now and earn rewards at around 30% APR

Beginning today, 4 August 2022, users of Cake DeFi’s Liquidity Mining service will be able  to allocate funds into our first-ever DUSD stablecoin paired liquidity mining pools: USDT-DUSD and USDC-DUSD.

How much yield can users potentially generate from these pools?

Allocated funds can yield at around 30% APR. However, it is important to note that the APR percentage may change as more users participate and more funds are allocated into these pools.

Since each pool has a stablecoin pairing, does it mean that the funds allocated in these pools are less exposed to impermanent loss risk?  

Impermanent loss is a risk that is associated with liquidity mining, and one that participants should always consider before deciding to allocate funds into any pool.  Although it’s fair to assess that impermanent loss risk is quite low in liquidity mining pools that have stablecoin pairings, participants should acknowledge the fact that the risk is still present due to DUSD’s algorithmical stablecoin nature.  

INTRODUCING CAKE DEFI's NEW LM POOLS - Allocate funds now and earn rewards at around 30% APR



To know more about impermanent loss, you may click here.

Is it safe to use Cake DeFi’s Liquidity Mining service?

As a technical intermediary, Cake DeFi is able to provide transparency throughout its platform when it comes to deposits, withdrawals and investment decisions.

Users of our Liquidity Mining service, specifically, benefit from the fact that their assets are deposited and locked in liquidity pools on the DeFiChain blockchain. All transparency reports, protocols and features are available  via our transparency page. Users may also use tools such as DeFiScan – which provides transparent information on the latest transactions, blocks, liquidity pools, vaults and others.

For more information on how we ensure security and provide transparency to our users, you may click here.

I’m a new user. Can you explain liquidity mining in simple terms?

It is a blockchain-based investment option that allows crypto investors to participate as liquidity miners and generate passive income or cash flow as they receive Liquidity Mining rewards and fees.

What’s the main advantage and disadvantage of participating in liquidity mining?

Liquidity Mining can be a lucrative means of generating cash flow, especially if you participate in it for the long-term. However, the processes involved can be complex and you need to have technical knowledge if you choose to do it on your own. Also, there are risks involved, such as impermanent loss.

As such, Liquidity Mining is normally participated in only by those with advanced technical knowledge and skills, high risk tolerance and huge funds.

What are the advantages of using Cake DeFi’s Liquidity Mining service?

By using our Liquidity Mining service, you don’t need to have technical skills or advanced knowledge in crypto investing. With just a click of a button, you’ll have access to a wide selection of Liquidity Mining pools on the DeFiChain blockchain, and be able to participate without having to worry about the complex processes involved.

Also, you can determine the amount of funds that you want to allocate. There is no requirement or limit. It all depends on you. In addition, our platform is highly secure and transparent.

How Often Do Users of Cake DeFi’s Liquidity Mining Service Receive Their Rewards?

Liquidity Mining rewards are paid out every 12 hours, which means users of our Liquidity Mining service receive rewards twice a day.

That said, it should be noted that the Liquidity Mining yield displayed on our platform is an estimated APR value based on the 7 day average (14 reward cycles) and is subject to change. As explained earlier, Cake DeFi simply provides access to the Liquidity Mining pools and has no control over the prices or yields.

For more information on Liquidity Mining rewards, you may click here.

Where Can I Get More Information About Liquidity Mining?

For more information on our Liquidity Mining service, you may click here. For additional information, you may click here.

To start allocating funds into the USDT-DUSD and USDC-DUSD liquidity mining pools, click here.

- Cake DeFi
METAVERSE 101 - A Beginner's Guide to Exploring the Metaverse
METAVERSE 101 - A Beginner's Guide to Exploring the Metaverse

What is the Metaverse? Since Facebook CEO Zuckerberg changed the name of the social media company to Meta back in October 2021, the term quickly became a buzzword among tech enthusiasts.

But what exactly is it? Can it deliver on its promises? And why are big businesses investing in it? If you’re interested in knowing the answers to these questions but want to spare yourself from the technical jargons and boring explanations, you’re in luck: here’s an easy-to-understand guide on the basic facts and most recent updates about the Metaverse.

Who came up with the term Metaverse?

“Metaverse” is a term coined by author Neal Stephenson and which first appeared in his 1992 science fiction novel “Snow Crash”. It combines the word “meta” (which means beyond) and “universe”, and was used in the novel to describe a 3D virtual world inhabited by avatars of real people.

Are there other moments in pop culture history that predicted or imagined the Metaverse?

Yes. Many films, including Avatar, Ready Player One, and The Matrix, make reference to the Metaverse. Second Life, an online game launched in 2003 by Linden Lab, is also credited with being the first metaverse.

What is the modern-day definition of the Metaverse?

Today, the term Metaverse is used to describe “a simulated digital environment that uses augmented reality (AR), virtual reality (VR), and blockchain, along with concepts from social media, to create spaces for rich user interaction mimicking the real world.”

METAVERSE 101 - A Beginner's Guide to Exploring the Metaverse

However, during an interview, Facebook CEO Mark Zuckerberg explained that “​A lot of people think that the Metaverse is about a place, but one definition of this is it's about a time when basically immersive digital worlds become the primary way that we live our lives and spend our time".

What’s the connection between Web3 and the Metaverse?

A simple definition of Web3 is that it is the third generation of the evolution of web technologies –– so to say, an evolutionary next step of the internet we know today. Certainly, the Metaverse is a result of that evolution, and it's a new technology that focuses on how users will experience Web3.

Is there only one Metaverse or many?

There are many Metaverses (platforms) and different types of Metaverse:

Traditional Centralized Metaverse: these are Web2 metaverses that do not integrate blockchain technology and are centralized. As such, it is simply a virtual space that is controlled by a central organization. Some examples are Roblox and Minecraft.Centralized Blockchain Metaverse: these metaverses integrate blockchain and allow users to interact and monetize their creations or acquisitions creations. However, it is still controlled by a centralized organization. An example is Meta’s Horizon Worlds.Decentralized Blockchain Metaverse: these metaverses are based on a system called DAO (Decentralized Autonomous Organization) and where users have decision-making power and administrational roles. Some examples are Decentraland and Axie Infinity. What promises does the Metaverse hold?

Experts and proponents argue that the Metaverse could transform the way we work,  socialize and conduct business as it holds promise for the next generation of digital experience, immersion and connectivity.

As for the specific benefits that the Metaverse offers, data company Statista created a list in 2021 of how it can benefit the world, which includes overcoming obstacles to daily living (such as disabilities), enhancing creativity and imagination, and increasing technological literacy and skills.

What does the future hold for the Metaverse?

In a recent study, economic consulting firm Analysis Group predicted that if the Metaverse takes off like mobile technology has, it could contribute $3 trillion (€2.8 trillion) to the global economy within a decade.

The study also said that “the metaverse is expected to have far-reaching applications to society: transforming economic sectors such as education, health care, manufacturing, job training, communications, entertainment, and retail.”

As a result, companies continue to invest in the Metaverse. In the same way, many countries have expressed excitement over its development.  

Cake DeFi’s Metaverse ambitions

As a company that prides itself as being highly-innovative, forward-looking and at the forefront of shaping the future of the crypto space, we at Cake DeFi recognize the potential benefit of the Metaverse to the world and the amazing opportunities that it presents to forward-thinking individuals and institutions.  

As such, we announced earlier this year the launch of Cake DeFi Ventures –– our venture capital arm, with US$100 million, earmarked for metaverse projects and other tech startups to support Cake DeFi’s mission to bring DeFi services to the masses.

Cake DeFi Ventures is also looking to invest in startups that are involved in Web3, gaming, fintech, NFT, blockchain, e-sports and relevant industries that will bring synergistic value to Cake DeFi’s core business.

So, if you have a cool project to recommend or have enquiries about Cake DeFi Ventures, please visit cakedefi.vc. We look forward to hearing from you and seeing everyone soon in the Metaverse!

- Cake DeFi
CRYPTO HAVENS - A Quick Look at Some of The World’s Most Crypto-Friendly Countries
CRYPTO HAVENS - A Quick Look at Some of The World’s Most Crypto-Friendly Countries

From having crypto-friendly regulations to recognizing cryptocurrency as a legitimate currency, these countries stand out as the best go-to places for crypto investors to visit, conduct business or permanently live in today.

Where are these crypto havens? What advantages or incentives do they offer to crypto companies, investors or enthusiasts?

Click through the image gallery below and find out.

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Do you agree with our list? Which crypto-friendly country would you visit?

If you’re interested in visiting any of these countries or would just like to take a break from the ongoing crypto winter, we invite you to join our “dAsset Liquidity Mining Promo” for a chance to win a FREE holiday worth $3,000.

The promotion ends on 15 August 2022, 10:00 UTC (18:00 SGT), so don't waste any time and hurry up.

How to participate?

It’s simple. Just follow the steps below.

1) CLICK HERE to go to our Liquidity Mining service page.

2) ALLOCATE a new entry of at least $50 worth of funds into any of the DUSD-dAsset Liquidity Mining pools (excluding DUSD-DFI). To be eligible, participants must not withdraw those same funds for at least 7 days after the promo ends.

3. WAIT for the announcement on 23 August 2022. One lucky winner will be randomly selected to win the prize (Marriott gift cards worth $3,000).

So, what are you waiting for? Join our “dAsset Liquidity Mining Promo” and get a chance to win a FREE holiday in your favorite destination.

- Cake DeFi
WIN A FREE HOLIDAY WORTH $3,000! Join Our “dAsset Liquidity Mining Promo”
WIN A FREE HOLIDAY WORTH $3,000! Join Our “dAsset Liquidity Mining Promo”

Stressed out about global inflation? Want to get your mind off the ongoing “crypto winter”? Take a break. Join our “dAsset Liquidity Mining Promo” for a chance to win FREE holiday vouchers worth $3,000!  

The promo starts today and ends on 15 August 2022, 10:00 UTC (18:00 SGT).

How To Participate?
CLICK HERE to go to our Liquidity Mining service page.
ALLOCATE a new entry of at least $50 worth of funds into any of the dAsset Liquidity Mining pools (excluding DUSD-DFI). To be eligible, participants must not withdraw those same funds for at least 7 days after the promo ends.
WIN A FREE HOLIDAY WORTH $3,000! Join Our “dAsset Liquidity Mining Promo”

3. WAIT for the announcement on 23 August 2022. One lucky winner will be randomly selected to win the prize (Marriott gift cards worth $3,000).

WIN A FREE HOLIDAY WORTH $3,000! Join Our “dAsset Liquidity Mining Promo”Any suggestion on which DUSD-dAsset Liquidity Mining pool to allocate funds in?

As mentioned, you may allocate at least $50 worth of funds into any of the DUSD-dAsset Liquidity Mining pools (excluding DUSD-DFI).

Some users, however, make a decision based on the expected returns or APR. Just remember that big rewards, most often, come with big risks. So, choosing which pool you want to allocate funds in may all depend on your risk appetite.

What is Liquidity Mining in simple terms?

It is a blockchain-based investment mechanism that allows crypto investors to participate as Liquidity Miners and generate cash flow as they receive Liquidity Mining rewards and fees.

What’s the main advantage and disadvantage of participating in Liquidity Mining?

Liquidity Mining can be a lucrative means of generating cash flow, especially if you participate in it for the long-term. However, the processes involved can be complex and expensive if you choose to do it on your own. Also, there are risks involved - such as impermanent loss.

Users of Cake DeFi’s Liquidity Mining service should also take note of the DEX stabilization fee, which you can read more about by clicking here.

As such, Liquidity Mining is normally participated in only by those with advanced technical skills and knowledge, as well as those with high risk tolerance.

Why should I use Cake DeFi’s Liquidity Mining service?

By using our Liquidity Mining service, you don’t need to have technical skills or advanced knowledge on crypto investing. With just a click of a button, you’ll have access to a wide selection of Liquidity Mining pools that are located in the DeFiChain blockchain, and be able to participate without having to worry about the complex processes involved.

Also, you can determine the amount of funds that you want to allocate. There is no requirement or limit. It all depends on you. In addition, our platform is highly secure and transparent.

For more information about our security protocols and transparency features, you may click here.

How often do users of Cake DeFi’s Liquidity Mining service receive their rewards?

Liquidity Mining rewards are paid out every 12 hours, which means users of our Liquidity Mining service receive rewards twice a day.

That said, it should be noted that the Liquidity Mining yield displayed on our platform is an estimated APR value based on the 7-day average (14 reward cycles) and is subject to change. As explained earlier, Cake DeFi simply provides access to the Liquidity Mining pools and has no control over the prices or yields.

For more information on Liquidity Mining rewards, you may click here.

What are dAssets?

In simple terms, dAssets are decentralized assets that reside on the DeFiChain blockchain. They can be held as an investment, traded on the DeFiChain DEX or used for Liquidity Mining on the DEX.

It is important to note that dAssets are not issued by any external company or business entity. They are created or “minted” by DeFiChain users. Hence, owning a dAsset does not mean you own an actual stock or company share.

For information about dAssets, you may click here.

Where can I get more information about Liquidity Mining?

For more information on our Liquidity Mining service, you may click here or here.

WIN A FREE HOLIDAY WORTH $3,000! 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A confirmation email has been sent to . Click on the confirmation link in the email to activate your account.

Resend confirmation email First name Last name Email Password Country of residence Cake DeFi is only available for listed countries Promo or referral code (optional)

I agree with the Cake Terms and Conditions

Sign up /* * ATTENTION: The "eval" devtool has been used (maybe by default in mode: "development"). * This devtool is neither made for production nor for readable output files. * It uses "eval()" calls to create a separate source file in the browser devtools. * If you are trying to read the output file, select a different devtool (https://webpack.js.org/configuration/devtool/) * or disable the default devtool with "devtool: false". * If you are looking for production-ready output files, see mode: "production" (https://webpack.js.org/configuration/mode/). */ /******/ (() => { // webpackBootstrap /******/ var __webpack_modules__ = ({ /***/ "./assets/js/components/api.js": /*!*************************************!*\ !*** ./assets/js/components/api.js ***! \*************************************/ /***/ ((__unused_webpack_module, __webpack_exports__, __webpack_require__) => { "use strict"; eval("__webpack_require__.r(__webpack_exports__);\n/* harmony export */ __webpack_require__.d(__webpack_exports__, {\n/* harmony export */ \"api\": () => (/* binding */ api)\n/* harmony export */ });\n/* harmony import */ var _babel_runtime_helpers_asyncToGenerator__WEBPACK_IMPORTED_MODULE_0__ = __webpack_require__(/*! 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\**************************************************************/ /***/ ((__unused_webpack_module, exports) => { "use strict"; eval("\n\nObject.defineProperty(exports, \"__esModule\", ({\n value: true\n}));\n\nfunction isValidEmail(email) {\n const emailRegEx = /^(([^()[\\]\\\\.,;:\\s@\"]+(\\.[^()[\\]\\\\.,;:\\s@\"]+)*)|(\".+\"))@((\\[[0-9]{1,3}\\.[0-9]{1,3}\\.[0-9]{1,3}\\.[0-9]{1,3}\\])|(([a-zA-Z\\-0-9]+\\.)+[a-zA-Z]{2,}))$/;\n return emailRegEx.test(String(email).toLowerCase());\n}\n\nexports.default = isValidEmail;\n\n//# sourceURL=webpack://cakedefi.com/./node_modules/@cakedefi/cake-sdk/util/isValidEmail.js?"); /***/ }), /***/ "./node_modules/regenerator-runtime/runtime.js": /*!*****************************************************!*\ !*** ./node_modules/regenerator-runtime/runtime.js ***! \*****************************************************/ /***/ ((module) => { eval("/**\n * Copyright (c) 2014-present, Facebook, Inc.\n *\n * This source code is licensed under the MIT license found in the\n * LICENSE file in the root directory of this source tree.\n */\nvar runtime = function (exports) {\n \"use strict\";\n\n var Op = Object.prototype;\n var hasOwn = Op.hasOwnProperty;\n var undefined; // More compressible than void 0.\n\n var $Symbol = typeof Symbol === \"function\" ? Symbol : {};\n var iteratorSymbol = $Symbol.iterator || \"@@iterator\";\n var asyncIteratorSymbol = $Symbol.asyncIterator || \"@@asyncIterator\";\n var toStringTagSymbol = $Symbol.toStringTag || \"@@toStringTag\";\n\n function define(obj, key, value) {\n Object.defineProperty(obj, key, {\n value: value,\n enumerable: true,\n configurable: true,\n writable: true\n });\n return obj[key];\n }\n\n try {\n // IE 8 has a broken Object.defineProperty that only works on DOM objects.\n define({}, \"\");\n } catch (err) {\n define = function (obj, key, value) {\n return obj[key] = value;\n };\n }\n\n function wrap(innerFn, outerFn, self, tryLocsList) {\n // If outerFn provided and outerFn.prototype is a Generator, then outerFn.prototype instanceof Generator.\n var protoGenerator = outerFn && outerFn.prototype instanceof Generator ? outerFn : Generator;\n var generator = Object.create(protoGenerator.prototype);\n var context = new Context(tryLocsList || []); // The ._invoke method unifies the implementations of the .next,\n // .throw, and .return methods.\n\n generator._invoke = makeInvokeMethod(innerFn, self, context);\n return generator;\n }\n\n exports.wrap = wrap; // Try/catch helper to minimize deoptimizations. Returns a completion\n // record like context.tryEntries[i].completion. This interface could\n // have been (and was previously) designed to take a closure to be\n // invoked without arguments, but in all the cases we care about we\n // already have an existing method we want to call, so there's no need\n // to create a new function object. We can even get away with assuming\n // the method takes exactly one argument, since that happens to be true\n // in every case, so we don't have to touch the arguments object. The\n // only additional allocation required is the completion record, which\n // has a stable shape and so hopefully should be cheap to allocate.\n\n function tryCatch(fn, obj, arg) {\n try {\n return {\n type: \"normal\",\n arg: fn.call(obj, arg)\n };\n } catch (err) {\n return {\n type: \"throw\",\n arg: err\n };\n }\n }\n\n var GenStateSuspendedStart = \"suspendedStart\";\n var GenStateSuspendedYield = \"suspendedYield\";\n var GenStateExecuting = \"executing\";\n var GenStateCompleted = \"completed\"; // Returning this object from the innerFn has the same effect as\n // breaking out of the dispatch switch statement.\n\n var ContinueSentinel = {}; // Dummy constructor functions that we use as the .constructor and\n // .constructor.prototype properties for functions that return Generator\n // objects. For full spec compliance, you may wish to configure your\n // minifier not to mangle the names of these two functions.\n\n function Generator() {}\n\n function GeneratorFunction() {}\n\n function GeneratorFunctionPrototype() {} // This is a polyfill for %IteratorPrototype% for environments that\n // don't natively support it.\n\n\n var IteratorPrototype = {};\n define(IteratorPrototype, iteratorSymbol, function () {\n return this;\n });\n var getProto = Object.getPrototypeOf;\n var NativeIteratorPrototype = getProto && getProto(getProto(values([])));\n\n if (NativeIteratorPrototype && NativeIteratorPrototype !== Op && hasOwn.call(NativeIteratorPrototype, iteratorSymbol)) {\n // This environment has a native %IteratorPrototype%; use it instead\n // of the polyfill.\n IteratorPrototype = NativeIteratorPrototype;\n }\n\n var Gp = GeneratorFunctionPrototype.prototype = Generator.prototype = Object.create(IteratorPrototype);\n GeneratorFunction.prototype = GeneratorFunctionPrototype;\n define(Gp, \"constructor\", GeneratorFunctionPrototype);\n define(GeneratorFunctionPrototype, \"constructor\", GeneratorFunction);\n GeneratorFunction.displayName = define(GeneratorFunctionPrototype, toStringTagSymbol, \"GeneratorFunction\"); // Helper for defining the .next, .throw, and .return methods of the\n // Iterator interface in terms of a single ._invoke method.\n\n function defineIteratorMethods(prototype) {\n [\"next\", \"throw\", \"return\"].forEach(function (method) {\n define(prototype, method, function (arg) {\n return this._invoke(method, arg);\n });\n });\n }\n\n exports.isGeneratorFunction = function (genFun) {\n var ctor = typeof genFun === \"function\" && genFun.constructor;\n return ctor ? ctor === GeneratorFunction || // For the native GeneratorFunction constructor, the best we can\n // do is to check its .name property.\n (ctor.displayName || ctor.name) === \"GeneratorFunction\" : false;\n };\n\n exports.mark = function (genFun) {\n if (Object.setPrototypeOf) {\n Object.setPrototypeOf(genFun, GeneratorFunctionPrototype);\n } else {\n genFun.__proto__ = GeneratorFunctionPrototype;\n define(genFun, toStringTagSymbol, \"GeneratorFunction\");\n }\n\n genFun.prototype = Object.create(Gp);\n return genFun;\n }; // Within the body of any async function, `await x` is transformed to\n // `yield regeneratorRuntime.awrap(x)`, so that the runtime can test\n // `hasOwn.call(value, \"__await\")` to determine if the yielded value is\n // meant to be awaited.\n\n\n exports.awrap = function (arg) {\n return {\n __await: arg\n };\n };\n\n function AsyncIterator(generator, PromiseImpl) {\n function invoke(method, arg, resolve, reject) {\n var record = tryCatch(generator[method], generator, arg);\n\n if (record.type === \"throw\") {\n reject(record.arg);\n } else {\n var result = record.arg;\n var value = result.value;\n\n if (value && typeof value === \"object\" && hasOwn.call(value, \"__await\")) {\n return PromiseImpl.resolve(value.__await).then(function (value) {\n invoke(\"next\", value, resolve, reject);\n }, function (err) {\n invoke(\"throw\", err, resolve, reject);\n });\n }\n\n return PromiseImpl.resolve(value).then(function (unwrapped) {\n // When a yielded Promise is resolved, its final value becomes\n // the .value of the Promise result for the\n // current iteration.\n result.value = unwrapped;\n resolve(result);\n }, function (error) {\n // If a rejected Promise was yielded, throw the rejection back\n // into the async generator function so it can be handled there.\n return invoke(\"throw\", error, resolve, reject);\n });\n }\n }\n\n var previousPromise;\n\n function enqueue(method, arg) {\n function callInvokeWithMethodAndArg() {\n return new PromiseImpl(function (resolve, reject) {\n invoke(method, arg, resolve, reject);\n });\n }\n\n return previousPromise = // If enqueue has been called before, then we want to wait until\n // all previous Promises have been resolved before calling invoke,\n // so that results are always delivered in the correct order. If\n // enqueue has not been called before, then it is important to\n // call invoke immediately, without waiting on a callback to fire,\n // so that the async generator function has the opportunity to do\n // any necessary setup in a predictable way. This predictability\n // is why the Promise constructor synchronously invokes its\n // executor callback, and why async functions synchronously\n // execute code before the first await. Since we implement simple\n // async functions in terms of async generators, it is especially\n // important to get this right, even though it requires care.\n previousPromise ? previousPromise.then(callInvokeWithMethodAndArg, // Avoid propagating failures to Promises returned by later\n // invocations of the iterator.\n callInvokeWithMethodAndArg) : callInvokeWithMethodAndArg();\n } // Define the unified helper method that is used to implement .next,\n // .throw, and .return (see defineIteratorMethods).\n\n\n this._invoke = enqueue;\n }\n\n defineIteratorMethods(AsyncIterator.prototype);\n define(AsyncIterator.prototype, asyncIteratorSymbol, function () {\n return this;\n });\n exports.AsyncIterator = AsyncIterator; // Note that simple async functions are implemented on top of\n // AsyncIterator objects; they just return a Promise for the value of\n // the final result produced by the iterator.\n\n exports.async = function (innerFn, outerFn, self, tryLocsList, PromiseImpl) {\n if (PromiseImpl === void 0) PromiseImpl = Promise;\n var iter = new AsyncIterator(wrap(innerFn, outerFn, self, tryLocsList), PromiseImpl);\n return exports.isGeneratorFunction(outerFn) ? iter // If outerFn is a generator, return the full iterator.\n : iter.next().then(function (result) {\n return result.done ? result.value : iter.next();\n });\n };\n\n function makeInvokeMethod(innerFn, self, context) {\n var state = GenStateSuspendedStart;\n return function invoke(method, arg) {\n if (state === GenStateExecuting) {\n throw new Error(\"Generator is already running\");\n }\n\n if (state === GenStateCompleted) {\n if (method === \"throw\") {\n throw arg;\n } // Be forgiving, per 25.3.3.3.3 of the spec:\n // https://people.mozilla.org/~jorendorff/es6-draft.html#sec-generatorresume\n\n\n return doneResult();\n }\n\n context.method = method;\n context.arg = arg;\n\n while (true) {\n var delegate = context.delegate;\n\n if (delegate) {\n var delegateResult = maybeInvokeDelegate(delegate, context);\n\n if (delegateResult) {\n if (delegateResult === ContinueSentinel) continue;\n return delegateResult;\n }\n }\n\n if (context.method === \"next\") {\n // Setting context._sent for legacy support of Babel's\n // function.sent implementation.\n context.sent = context._sent = context.arg;\n } else if (context.method === \"throw\") {\n if (state === GenStateSuspendedStart) {\n state = GenStateCompleted;\n throw context.arg;\n }\n\n context.dispatchException(context.arg);\n } else if (context.method === \"return\") {\n context.abrupt(\"return\", context.arg);\n }\n\n state = GenStateExecuting;\n var record = tryCatch(innerFn, self, context);\n\n if (record.type === \"normal\") {\n // If an exception is thrown from innerFn, we leave state ===\n // GenStateExecuting and loop back for another invocation.\n state = context.done ? GenStateCompleted : GenStateSuspendedYield;\n\n if (record.arg === ContinueSentinel) {\n continue;\n }\n\n return {\n value: record.arg,\n done: context.done\n };\n } else if (record.type === \"throw\") {\n state = GenStateCompleted; // Dispatch the exception by looping back around to the\n // context.dispatchException(context.arg) call above.\n\n context.method = \"throw\";\n context.arg = record.arg;\n }\n }\n };\n } // Call delegate.iterator[context.method](context.arg) and handle the\n // result, either by returning a { value, done } result from the\n // delegate iterator, or by modifying context.method and context.arg,\n // setting context.delegate to null, and returning the ContinueSentinel.\n\n\n function maybeInvokeDelegate(delegate, context) {\n var method = delegate.iterator[context.method];\n\n if (method === undefined) {\n // A .throw or .return when the delegate iterator has no .throw\n // method always terminates the yield* loop.\n context.delegate = null;\n\n if (context.method === \"throw\") {\n // Note: [\"return\"] must be used for ES3 parsing compatibility.\n if (delegate.iterator[\"return\"]) {\n // If the delegate iterator has a return method, give it a\n // chance to clean up.\n context.method = \"return\";\n context.arg = undefined;\n maybeInvokeDelegate(delegate, context);\n\n if (context.method === \"throw\") {\n // If maybeInvokeDelegate(context) changed context.method from\n // \"return\" to \"throw\", let that override the TypeError below.\n return ContinueSentinel;\n }\n }\n\n context.method = \"throw\";\n context.arg = new TypeError(\"The iterator does not provide a 'throw' method\");\n }\n\n return ContinueSentinel;\n }\n\n var record = tryCatch(method, delegate.iterator, context.arg);\n\n if (record.type === \"throw\") {\n context.method = \"throw\";\n context.arg = record.arg;\n context.delegate = null;\n return ContinueSentinel;\n }\n\n var info = record.arg;\n\n if (!info) {\n context.method = \"throw\";\n context.arg = new TypeError(\"iterator result is not an object\");\n context.delegate = null;\n return ContinueSentinel;\n }\n\n if (info.done) {\n // Assign the result of the finished delegate to the temporary\n // variable specified by delegate.resultName (see delegateYield).\n context[delegate.resultName] = info.value; // Resume execution at the desired location (see delegateYield).\n\n context.next = delegate.nextLoc; // If context.method was \"throw\" but the delegate handled the\n // exception, let the outer generator proceed normally. If\n // context.method was \"next\", forget context.arg since it has been\n // \"consumed\" by the delegate iterator. If context.method was\n // \"return\", allow the original .return call to continue in the\n // outer generator.\n\n if (context.method !== \"return\") {\n context.method = \"next\";\n context.arg = undefined;\n }\n } else {\n // Re-yield the result returned by the delegate method.\n return info;\n } // The delegate iterator is finished, so forget it and continue with\n // the outer generator.\n\n\n context.delegate = null;\n return ContinueSentinel;\n } // Define Generator.prototype.{next,throw,return} in terms of the\n // unified ._invoke helper method.\n\n\n defineIteratorMethods(Gp);\n define(Gp, toStringTagSymbol, \"Generator\"); // A Generator should always return itself as the iterator object when the\n // @@iterator function is called on it. Some browsers' implementations of the\n // iterator prototype chain incorrectly implement this, causing the Generator\n // object to not be returned from this call. This ensures that doesn't happen.\n // See https://github.com/facebook/regenerator/issues/274 for more details.\n\n define(Gp, iteratorSymbol, function () {\n return this;\n });\n define(Gp, \"toString\", function () {\n return \"[object Generator]\";\n });\n\n function pushTryEntry(locs) {\n var entry = {\n tryLoc: locs[0]\n };\n\n if (1 in locs) {\n entry.catchLoc = locs[1];\n }\n\n if (2 in locs) {\n entry.finallyLoc = locs[2];\n entry.afterLoc = locs[3];\n }\n\n this.tryEntries.push(entry);\n }\n\n function resetTryEntry(entry) {\n var record = entry.completion || {};\n record.type = \"normal\";\n delete record.arg;\n entry.completion = record;\n }\n\n function Context(tryLocsList) {\n // The root entry object (effectively a try statement without a catch\n // or a finally block) gives us a place to store values thrown from\n // locations where there is no enclosing try statement.\n this.tryEntries = [{\n tryLoc: \"root\"\n }];\n tryLocsList.forEach(pushTryEntry, this);\n this.reset(true);\n }\n\n exports.keys = function (object) {\n var keys = [];\n\n for (var key in object) {\n keys.push(key);\n }\n\n keys.reverse(); // Rather than returning an object with a next method, we keep\n // things simple and return the next function itself.\n\n return function next() {\n while (keys.length) {\n var key = keys.pop();\n\n if (key in object) {\n next.value = key;\n next.done = false;\n return next;\n }\n } // To avoid creating an additional object, we just hang the .value\n // and .done properties off the next function object itself. This\n // also ensures that the minifier will not anonymize the function.\n\n\n next.done = true;\n return next;\n };\n };\n\n function values(iterable) {\n if (iterable) {\n var iteratorMethod = iterable[iteratorSymbol];\n\n if (iteratorMethod) {\n return ite