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Adoption

Jan 22 2021

Harvard crypto skeptic calls Bitcoin a ‘hedge against dystopia’

Often touted as a store of value or hedge asset, Bitcoin (BTC) has gained significant mainstream adoption over the past several months. Kenneth Rogoff, a public policy and economics professor at Harvard University, doubts the asset’s success, however. 

“I can see Bitcoin being used in failed states,” Rogoff said in a Bloomberg interview on Thursday, adding:

“It’s conceivable, you know, it could have some use in a dystopian future, but I think the governments are not going to allow pseudonymous transactions on a big scale. They’re just not going to allow it. The regulation will come in. The government will win. It doesn’t matter what the technology is.”

Bitcoin has weathered its fair share of criticisms throughout its 12-year history. Gold advocate Peter Schiff often comments against the technology, investor Warren Buffett once referred to the asset as “probably rat poison squared” and financial commentator Dennis Gartman expressed skepticism toward Bitcoin in late 2020, just to name a few examples.

Bitcoin adoption has continued to grow despite the skeptics, however. The asset broke past previous all-time price highs, hitting a recent peak near $42,000 after multiple large mainstream companies publicized their BTC purchases in 2020.

“I certainly think I agree that it’s speculative,” Rogoff said of Bitcoin.

He added:

“I’ve been a Bitcoin skeptic, and certainly, the price has gone up, but there’s sort of an ultimate question of what’s the use. Is it just valuable because people think it’s valuable? That is a bubble that would blow up.”

“I think, over the long run, if there’s not a use, yes, the bubble will burst,” Rogoff posited. “I hope there’s not such a valuable use, but I suppose it’s a hedge against dystopia.”

In contrast, leaders in the crypto industry have presented Bitcoin as a hedge under less abnormal circumstances.

Harvard crypto skeptic calls Bitcoin a ‘hedge against dystopia’

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: 2020, Adoption, bitcoin, Bitcoin Regulation, btc, bubble, crypto, economics, Future, going, gold, government, Harvard University, interview, investor, Peter Schiff, Regulation, said, Technology, Transactions, Warren Buffett, youtube

Jan 21 2021

Ignoring Bitcoin, Hedera Hashgraph, Reef and Perpetual Protocol rally higher

Bitcoin (BTC) price tumbled more than 10% today to hit a low near $31,000 and at the time of writing it looks like the sell-off has a bit further to go. In a weekly report from crypto fund provider, CoinShares, some institutional investors seem to be booking profits and the analysts also cited the strengthening (trade-weighted) U.S. dollar.

Another indicator that points to professionals selling Bitcoin is the drop in “Coinbase Premium.” As markets continue lower, an increasing number of investors may dump their positions with the intent to buy again at lower levels.

Crypto market data daily view. Source: Coin360

Guggenheim Partners chief investment officer Scott Minerd has turned bearish on Bitcoin for the year. In an interview with CNBC, Minerd said that Bitcoin may have topped out and could “see a full retracement back toward the 20,000 level.”

If Bitcoin plunges, altcoins are also likely to witness selling pressure. Although this may be the case, during sell-offs, tokens backed by strong fundamentals may outperform.

Let’s have a look at three tokens which have held steady during the current market correction.

HBAR/USD

Hedera Hashgraph (HBAR), the enterprise-grade distributed ledger, has been entering into various partnerships to leverage blockchain technology in real-world use cases in several sectors. If these initial projects are successful, it will open a plethora of future possibilities around the globe. Some of the recent collaborations are highlighted below.

Hedera and content services provider Hyland recently presented a proof of concept to the Texas Secretary of State to secure and verify government-issued records using electronic Apostilles, which will be recognized universally.

Fighting against money laundering and combating terrorism financing are critical regulatory requirements for every financial institution and these obligations are closely monitored by governments. TRM Labs has integrated with the Hedera public ledger to provide robust compliance and risk management solutions to the developers building on Hedera.

The team also has partnered with Everyware to monitor the cold storage equipment used to store COVID-19 and other vaccines at Stratford Upon Avon and Warwick hospitals.

Along similar lines, AVC Global and its Subsidiary MVC’s Track-and-Trace Platform have chosen to collaborate with Hedera to develop intelligent supply chains to reduce risk and fraud and enable the right product to reach the right place at the right time.

Hedera’s strength can be found in its diversified enterprises and the organizations that are part of the Hedera Governing Council. As the number of use cases for the protocol increase, it’s possible that HBAR will also continue to perform well.

HBAR has risen from an intraday low of $0.04151 on Jan. 12 to an intraday high at $0.12467 today, a 200% rally within a short span. The sharp rally on Jan. 20 cleared the overhead hurdle at $0.083.

HBAR/USDT daily chart. Source: TradingView

However, the sharp rally of the past few days has pushed the relative strength index (RSI) deep into the overbought territory, which may have attracted profit booking from traders. This has resulted in the formation of a Doji candlestick pattern today, suggesting indecision among the bulls and the bears about the next directional move.

The HBAR/USD pair could retest the recent breakout level at $0.083. If the price rebounds off this support, the bulls will again try to resume the uptrend. A breakout and close above $0.12467 could resume the uptrend, with the next target objective at $0.16616.

This bullish view will invalidate if the bears sink the price below the $0.083 support. Such a move could drag the pair to the 20-day exponential moving average ($0.06) as a deep fall tends to delay the resumption of the uptrend.

REEF/USD

The growing popularity of the DeFi space shows no signs of slowing down. Several new platforms promising innovative products pop up every other day and this makes it increasingly difficult to keep track of all new developments.

Reef’s (REEF) AI and Machine Learning powered algorithms attempt to address this problem by aggregating liquidity from various sources in order to offer users the most profitable option.

To achieve this objective, Reef has entered several partnerships in the past few weeks. The platform added support to Avalanche, enabling Reef’s clients to directly access the products available on Avalanche without leaving Reef’s platform.

Similarly, a partnership with bZx Protocol offers clients several trading and lending opportunities. The addition of a bZx farming pool to Reef’s AI and Machine Learning powered analytics engine will further widen the options available to Reef’s clients.

Reef’s collaboration with OpenDeFi allows users to invest in synthetic versions of real-world assets that are held by a custodian. Traders can invest in physical assets such as gold, silver, or even real estate and they can stake them to receive loans.

Reef finance was recently listed on Binance Launchpool, increasing its accessibility and a recent code audit by Halborn is likely to increase investors’ confidence in the project.

REEF rallied from an intraday low at $0.006516 on Jan. 13 to an intraday high at $0.023 today, a 252% rally within a short period. Due to the short trading history, a 4-hour chart has been used for the analysis.

REEF/USDT 4-hour chart. Source: TradingView

The REEF/USD pair is currently trading inside an ascending channel, with both moving averages sloping up and the RSI in the positive territory. This suggests that the bulls have the upper hand.

If the pair rebounds off the 20-EMA, the uptrend could resume its up-move inside the channel. A breakout and close above the channel will suggest a pick up in momentum. The critical level to watch on the upside is $0.031 and then $0.042.

Contrary to this assumption, if the bears sink the price below the support line of the channel, the pair could drop to the 50-simple moving average. A break below this support could signal that bears have taken control.

PERP/USD

Perpetual Protocol (PERP) is a relatively new entrant in the DeFi space, listing on the Ethereum mainnet on Dec 14. The recent crypto bull run could have accelerated its adoption as traders have been using perpetual contracts to profit from the speeding market.

Even though the platform supports only three trading pairs, Perpetual said their 7-day volume puts them in the top 10 on the DEX Metrics highlighted by Dune analytics.

After its initial success, Perpetual plans to add a fourth trading pair and then follow it up with more additions in due course. The staking pool may launch in February, which will allow PERP token holders to stake and earn rewards on fees generated by trading on the platform. The team is currently working to integrate limit orders sell options to the platform and the feature is expected to go live before the end of Q1.

PERP rallied from $1.844 on Jan. 12 to an intraday high at $6.055 on Jan. 17, a 228% rally within a week. After a three-day correction, the bulls are currently attempting to resume the uptrend.

PERP/USD daily chart. Source: Beta.Dex Vision

The shallow correction of the past three days suggests that the bulls are not closing their positions in a hurry. If the buyers can push the price above $6.055, the next leg of the up-move could begin. The next target objective on the upside is $9.41.

On the contrary, if the price turns down from $6.055, the PERP/USD pair may correct to $4.275 and remain range-bound between these two levels for a few days.

A break below $4.275 may intensify selling with the next support at the 50% Fibonacci retracement level. A breakdown and close below the 20-day EMA ($3.19) will signal a possible trend change.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Ignoring Bitcoin, Hedera Hashgraph, Reef and Perpetual Protocol rally higher

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: Adoption, AI, algorithms, altcoins, analysis, Analysts, author, avalanche, Binance, bitcoin, Bitcoin Price, blockchain, coinbase, compliance, covid-19, crypto, crypto bull run, data, defi, DEX, Dollar, ethereum, Fees, finance, fraud, fund, Future, Global, Go, gold, Hedera Hashgraph, index, institutional investors, interview, investment, Ledger, lending, LINE, machine learning, Mainnet, market, markets, money, Money Laundering, more, opinions, other, partnership, Perpetual Protocol, platforms, Price Analysis, product, Products, Real Estate, Reef, report, research, risk, Risk Management, said, silver, Space, staking, storage, target, Technology, Texas, token, tokens, trading, u.s., upside, view

Jan 17 2021

IOHK, which Supports Cardano (ADA) Development, has Announced 11 Winning Proposals to Receive Funding, as part of Project Catalyst

IOHK (or Input Output Hong Kong), an organization focused on supporting open-source projects such as Cardano (ADA), a major platform for building decentralized applications (dApps), has announced the first winning proposals for Project Catalyst.

The community has spoken and 11 initiatives are now expected to acquire funding in order to further enhance the Cardano ecosystem.

As explained by IOHK, Project Catalyst is “an ongoing experiment” in exploring or looking into different ways that “decentralized” innovation and collaboration can be carried out “at its highest level.” As the initial stage in the Voltaire roadmap, it aims to challenge ecosystem participants to “pool their ingenuity, creativity and passion to identify ground-breaking projects that support Cardano’s growth,” the IOHK team noted.

Fund2 was reportedly the first time that Project Catalyst participants had the opportunity to pitch, debate, refine, and vote on various proposals using “real” ADA, which is the native cryptocurrency for Cardano’s distributed ledger technology (DLT) network. As confirmed by IOHK, this was “aimed at enhancing and bringing new value to Cardano.”

As mentioned in blog post published by IOHK:

“We challenged Fund2 participants to come up with ways to encourage Cardano ecosystem development in the next six months. With an available initial ADA fund worth $250,000, we are able to fund 11 proposals.”

The IOHK team confirmed the following funded proposals as part of Fund2:

PoolTool platform upgrade: This project aims to open up “avenues to build businesses and applications on Cardano that differentiate between stake pool operators by offering additional products.” This update is aimed at promoting infrastructure “diversity” across the Cardano ecosystem.

Ouroboros over RINA: Deploying a proof of concept (PoC) stake pool and relay solution of Ouroboros over RINA by using “Ethernet/WDM at two sites in Tokyo, Japan.”

Haskell/Plutus/Marlowe education: Developing educational material or content that aims to convey complex ideas and information in a structured manner, “supplemented with examples that inspire ideas.” This proposal aims to “make it easier for new developers and entrepreneurs.”

Create a message-signing standard: “Generating a message-signing standard to prove reserves, identity, and stake pool delegation. “

Liqwid: Cardano lending markets for decentralized finance or DeFi: Developing an open-source, non-custodial liquidity protocol to “earn interest on deposits and borrow assets on Cardano.”

Cardano for mobile (decentralized application) dApp developers: “Turning mobile platforms into the first-class citizens of the DApp world with mobile SDKs, mobile-first DApp experience and app store compatibility.”

GimbaLabs – starter kits and tools: GimbaLabs is a startup platform “providing free and open source APIs, lessons, and project-based learning resources to help people bring their ideas to life on Cardano and so drive adoption of the blockchain.”

Lovelace Academy for Marlowe and Plutus: Establishing an online academy “to attract, inspire and educate individuals and companies to create applications on Cardano’s smart contract and native assets platform.”

Sign Tx Arduino: Starting a library for code written in the C programming language that is “compatible with the Arduino development environment.” Sign local Cardano transactions in advance of smart contracts “being available to enable applications for the internet of things (IoT).”

Pet Registry DApp with ₳Pay: Helping developers “accept ADA payments on websites.” The Pet Registry DApp, built on ₳Pay, will “service a global audience in a cheaper, better way.” Devs are “inspired by successful apps and the tools needed to build them, By creating both, we can inspire and accelerate devs and their solutions.”

Japan Cardano Governance Association: Meetings & Communities & Podcasts: “supporting online/offline meetups, governance podcasts etc. for our Japanese community.”

As confirmed by IOHK, each funded team will get their ADA tokens by the end of this month, so that they’re able to start on their projects and hopefully bring them to life in the foreseeable future. IOHK also mentioned that they’re now looking forward to seeing the impact of these initiatives on the evolving Cardano ecosystem.

While 11 ideas or projects have acquired funding for now, there are several other legitimate contenders that managed to meet the community voting threshold. However, these initiatives still missed out on funding this time around. As noted by IOHK, certain projects were able to secure “community funding.” There were also some initiatives that had been approved for funding by the community, however, the treasury didn’t have enough funding needed to support their proposals for the time being.

IOHK added:

“We’ll be encouraging these proposers to resubmit their ideas for the just-launched Fund3 where relevant (with its focus on the DApp ecosystem) and we hope to see the best of these funded by the community next time. We have bold and ambitious plans for Project Catalyst in 2021, with ADA worth millions of dollars being made available to fund innovation on Cardano. Submission for proposals for Fund3 [reportedly opened on January 13, 2021].”

Source

Written by bizbuildermike · Categorized: Crowdfunding · Tagged: 2021, ada, Adoption, App Store, Apps, blockchain, Blockchain & Digital Assets, blog, Businesses, cardano, Community, cryptocurrency, dapps, decentralized, Decentralized Applications, decentralized finance, defi, distributed ledger technology, dlt, Education, Entrepreneurs, Environment, finance, fund, funding, Future, Global, Hong Kong, ideas, identity, information, Infrastructure, innovation, Internet, iohk, iot, japan, Ledger, lending, markets, Mobile, open source, other, payments, platforms, Products, project catalyst, smart contract, smart contracts, startup, Technology, tokens, Tokyo, Transactions, voting, websites, world

Jan 15 2021

Africa to bring 100 million users to DeFi in three years from now, says founder of Cardano

Charles Hoskinson predicts that the Decentralized Finance sector will acquire 100 million users within the next three years by tapping into the developing world’s market potential.

“Who’s actually going to do peer-to-peer loans? Who’s actually going to do peer-to-peer insurance? Who’s actually gonna do peer-to-peer payments? I got news for you, not a guy living in New York”, pointed out Hoskinson in an exclusive interview with Cointelegraph. 

Cardano, the decentralized cryptocurrency network founded by Hoskinson, intends to take the lead in the DeFi space by developing partnerships in the African continent.

According to Hoskinson, DeFi products lack a significant customer base and the field has no chance at gaining traction in the West because of a cumbersome regulatory environment.

On the contrary, developing countries offer a much more flexible regulatory framework which facilitates crypto innovation.

“There’s no JPMorgan Chase. There’s no big massive legacy financial system that dominates and controls”, he pointed out.

Ultimately, according to Hoskinson, DeFi can “create liquidity for the poorest people in the world and allow them to build wealth and protect the wealth that they’ve acquired”.

“We built Cardano for this purpose”, he concluded.

To find out more about our conversation with Charles Hoskinson, check out the full interview on our Youtube channel and remember to subscribe!

Africa to bring 100 million users to DeFi in three years from now, says founder of Cardano

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: Adoption, africa, cardano, crypto, cryptocurrency, decentralized, decentralized finance, defi, Developing Countries, Environment, finance, Financial Systems, founder, going, innovation, insurance, interview, jpmorgan, market, more, news, payments, Products, Space, Traction, Wealth, world, youtube

Jan 12 2021

Goldman Sachs says Bitcoin is on the path to maturity

In an interview with CNBC, Currie said Bitcoin’s remarkable run has attracted greater institutional interest, but noted that smart-money investors are still a tiny fraction of the overall market. They will need to come in droves for Bitcoin to become a stable asset and avoid a flash crash like we saw earlier this week, he said.

“I think the market is beginning to become more mature,” Currie said of Bitcoin, adding that “volatility and those risks that are associated with it” are common for nascent assets.

He continued:

“The key to creating some type of stability in the market is to see an increase in the participation of institutional investors and right now they’re small […] roughly 1% of it is institutional money.”

Some of Wall Street’s biggest names have thrown their weight behind Bitcoin over the past year. Legendary investors Paul Tudor Jones and Stanley Druckenmiller have already invested in the digital asset, and firms like MassMutual and Ruffer Investment Company have acquired sizable positions in BTC.

Last month, Anthony Scaramucci’s hedge fund, SkyBridge Capital, submitted an application with the Securities and Exchange Commission to launch a new Bitcoin fund.

That’s on top of the tens of billions invested by MicroStrategy, Grayscale, PayPal and Square combined.

Goldman Sachs has even changed its tune on Bitcoin and cryptocurrencies more generally. The firm has not only beefed up its human resources to include digital currency experts, but it has also issued guidance on the peaceful coexistence of Bitcoin and gold as macro hedges.

Coinbase, one of the world’s largest crypto exchanges, has also reportedly tapped Goldman for its forthcoming IPO.

After more than a decade of extreme price volatility, Bitcoin (BTC) is finally starting to mature as an asset class, according to Jeffrey R. Currie, Goldman Sachs’ global head of commodities research. 

Goldman Sachs says Bitcoin is on the path to maturity

Source

Written by bizbuildermike · Categorized: cryptocurrency · Tagged: Adoption, bitcoin, Bitcoin Price, Commodities, company, crypto, cryptocurrencies, Currency, digital, digital asset, digital currency, exchange, Exchanges, fund, Global, gold, goldman-sachs, Grayscale, html, human, institutional investors, interview, investment, market, MassMutual, Microstrategy, money, more, PayPal, research, said, securities, Securities and Exchange Commission, Skybridge Capital, square

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