Crypto Sale

2022-04-20 19:00:06 ​​Here's why Bitcoin is a solution to inflation, according to M. Saylor

Michael Saylor is a well-known proponent of Bitcoin (BTC), and one of his primary reasons in support of the flagship digital currency is that he believes it is a critical hedge against the dangers of inflation.

Speaking with Bloomberg Technology, the MicroStrategy Chairman and CEO shared his thoughts on why he believes BTC is a viable solution to inflation, the potential of wider Bitcoin adoption, and what Twitter under Elon Musk may imply for the cryptocurrency community.

It was noted Bitcoin has been trading in a narrow range for quite some time and the fact that it is not really moving on from the $40,000 price bracket. According to Saylor, it is all a question of perspective in terms of the timeframe.

“If you go back two years when MicroStrategy first bought in, it’s up to 400% and has dramatically outperformed the Nasdaq or gold or any other asset you could have bought. If you are looking at it in a matter of days or weeks or months, the traders control it,” he said.

Saylor pointed out that there are three types of investors in Bitcoin, traders, technocrats, and maximalists.

He added:

“The maximalist’s are all in. Myself, Jack Dorsey, we think Bitcoin is an instrument of economic empowerment. <..> The market price is set by a tug-of-war between the technocrats – the people who are pro-technology and think it is the next big tech network like Google or Amazon for money, and the traders, who are looking at and uncorrelated asset.”

Bitcoin’s correlation with risk assets
Furthermore, Saylor and Emily Chang also discussed when Bitcoin could break the correlation with risk assets.

The CEO opined that being a maximalist or a tech investor would be more advantageous in the long run. However, he believes that traders will continue to have a dominant position in the market as long as there is a highly turbulent market, uncertainty about Fed policy, and panic in the short term.

With that being said, he revealed that Bitcoin will break the correlation sometime in the next four years but couldn’t be specific on the date.

Saylor revealed:

It will happen “on a day that is unexpected, the correlation will go from 70% correlated to 0% risk assets. And when that happens, traders will reverse the polarity of their trade and technologists will start to double down and the maximalists will enjoy the ride.”

Given that there is a considerable crypto community on Twitter, Saylor doesn’t think that there will be much impact on the crypto community if Musk takes over or that it will become decentralized regardless of the outcome of all of these discussions right now. Open / Comment

2022-04-18 14:35:00 ​​SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale

Grayscale Investments’ CEO explains that the U.S. Securities and Exchange Commission (SEC) could potentially violate the Administrative Procedure Act by not approving a spot bitcoin exchange-traded fund (ETF).

SEC Approving Spot Bitcoin ETF Is ‘a Matter of When and Not If’

The U.S. Securities and Exchange Commission (SEC) has now approved not one but two different structures of bitcoin futures exchange-traded funds (ETFs). This has led to the optimism in the crypto industry that the securities watchdog is closer to approving a spot bitcoin ETF.

The first structure utilizes the Investment Company Act of 1940 (40 Act). Most proposed bitcoin futures ETF to date are filed under this Act. The second uses the Securities Act of 1933 (33 Act). The Teucrium Bitcoin Futures ETF was approved earlier this month using the latter structure.

Grayscale Investments CEO Michael Sonnenshein explained to CNBC last week: “From the SEC standpoint, there were several protections that 40 Act products have that 33 Securities Act of 1933 products don’t have, but never ever did those protections address the SEC’s concern over the underlying bitcoin market and the potential for fraud or manipulation.”

He continued: “So the fact that they’ve now evolved their thinking and approved a 33 Act product with Teucrium really invalidates that argument and talks to the linkage between the bitcoin futures and the underlying bitcoin spot markets that give the futures contracts their value.” Sonnenshein opined:

If the SEC can’t look at two like issues, the futures ETF and the spot ETF, through the same lens, then it is, in fact, potentially grounds for an Administrative Procedure Act violation.

The Administrative Procedure Act (APA) governs the process by which federal agencies develop and issue regulations.

Grayscale filed with the SEC on Oct. 19 last year to convert its flagship bitcoin trust (GBTC) into a bitcoin ETF. GBTC is Grayscale’s largest product with almost $26 billion in assets under management as of April 15. If approved by the SEC, GBTC will be listed on the New York Stock Exchange, instead of on OTCQX.

The company is waiting to hear back from the SEC in early July about whether the filing will be approved. The CEO has hinted that suing the SEC is a possible option the company will take if the agency does not approve the GBTC conversion.

Commenting on whether the SEC will approve a spot bitcoin ETF, Sonnenshein stressed: Open / Comment

2022-04-17 16:25:00 ​​The world doesn’t need banks, policymakers or NGOs — It needs DeFi

Where I grew up, on the southern border in Texas, a tremendous number of people have come to the United States to work and send money back home. They don’t make much money, but they pay considerable fees on their transfers. Their focus is not on getting rich, but on supporting those back home in their native country. They support their families as they do hard labor day in and day out. It costs them too much to do so.

Truth be told, my father was a migrant worker. He picked fruit in the fields. We sent money back to our family in Mexico. But the remittance providers chipped away at what little money he was able to make so that they had no hope of achieving the American Dream and prospering.

The world needs DeFi due to corruption. Big governments and international corporations are controlled not in the interest of the people, but the interest of their bottom line. Credit cards and personal loans have tremendous fees, as do remittances. Open / Comment

2022-04-16 19:10:00 ​​New Collateral Assets on Binance Loan

Find out what collateral assets has Binance added to the Binance loan program. Also, in this article, we will talk more about Binance loans.

In yesterday’s tweet, Binance announced new collateral assets on Binance Loans. These new assets are:

ASTR
ASTR is native token of Astar network. Astar network is a scalable and interoperable Web3.0 infrastructure. Because Astar Network is built on Parity’s Substrate framework, it has the potential to become a future Polkadot parachain that also serves as a scalable smart contract platform. Polkadot Relaychain does not support smart contracts. Thus, this gives Astar the opportunity to fill the gap. Scalability is one of the most important requirements for dApp developers. Ideally, developers can build any apps they want on Astar Network without worrying about scalability.

IOTX
IOTX is an Ethereum token that powers IoTeX network. IoTeX is a decentralized network of users, developers, and businesses that govern and use the platform collectively. This is a one-of-a-kind blockchain network. As an EVM compatible Layer 1 blockchain, it provides blockchain benefits to smart devices, Dapps, and NFTs. In its decentralized ecosystem, IoTeX aims to ensure that individuals and businesses may own and control their data and devices. Its goal is to democratize access to machine-backed DApps, assets, and services in order to connect the physical and digital worlds and drive the new machine economy.

KNC
KNC is a native token of Kyber network. The Kyber Network is a protocol that seeks to provide liquidity to decentralized products and simplify ERC-20 token swaps. This protocol collects liquidity from many sources (reserves, exchanges, etc.) and uses it to enable instant swaps of ERC-20 tokens. Open / Comment

2022-04-14 19:25:00 ​​Elon Musk endeavors to buy Twitter but will reconsider position if rejected

In a letter sent to the chairman of Twitter’s board Bret Taylor on Thursday, entrepreneur Elon Musk, best known for founding and heading Tesla and SpaceX, has offered to purchase the entire Twitter company for $54.20 a share, stating that the social media platform has “extraordinary potential” that he will “unlock.”

Published by the U.S. Securities and Exchange Commission in a 13D filing, Musk stated that “Since making my investment, I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company.”

Following this, Musk categorically states that this offer is his “best and final”, and if not accepted, he “would need to reconsider his my position as a shareholder.” Open / Comment

2022-04-13 12:15:00 ​​Fashion brand Zara launches first solo collection in the metaverse

Fast fashion brand Zara has launched a brand new collection called Lime Glam, designed to be worn both inside and outside the virtual world. The garments and accessories can be worn inside the Zepeto metaverse and are also available in physical stores.

As wearables quickly become the latest fashion trend and steer their way into the minds of the fashion-conscious public, mainstream brands like Zara are keen to get involved.

With metaverses like Decentraland, Somnium Space, Zilliqa, and others now providing a home for brands to cater to avatars, there are more wearables being designed with dual roles, one for your in real life (IRL) appearance and the other for your virtual self.

So how can our avatars merge with our physical personalities? The easiest way to showcase your personality in the metaverse is to choose the wearables that reflect your style.

If a buyer opts for the physical version they will also get access to the digital version, streamlining the buying process. The dedicated section on the Zara website showcases avatars wearing the new Lime Glam collection, providing inspiration for those who wish to purchase any of the items.

The Zepeto application also offers a photo booth, digital walls, and a floor for this particular collection. Zepeto is the same virtual site where Gucci launched Gucci Villa in August 2021.

The 3D designs are simple in style, reflecting the current fashion demands across the high street — short, green ruched dresses, oversized denim jackets, woven shoulder bags and platform sandals are the main pieces in the limited edition collection.

Virtual fashion gains momentum

Fashion and beauty brands are busy experimenting with virtual versions of their products as the industry embraces the potential of the metaverse. As consumers are consciously spending increasing amounts of time immersed in digital worlds, brands are interested in building unique experiences that add to their physical goods and may even in time replace the need for as many physical purchases.

According to Morgan Stanley, the digital luxury fashion industry has the potential to reach $50 billion in market size by 2030. As more household fashion brands dip their toes into the metaverse there will be more opportunities for avatars to choose from a diverse range of fashionable items and show off their style. Open / Comment

2022-04-12 14:40:00 ​​Polker Returns from NFT L.A. Event, While PKR Staking Gets Extended

If there is one project that everyone should be keeping a close eye on, it’s Polker. While it is true that the game has already gone live, there is still plenty to talk about regarding its progress nonetheless. In fact, not only had the Polker team previously given access to an early version of the game to 500 lucky people, but rare editions of the ‘Beta’ NFT were also up for grabs (500 only).

Moreover, 1,000 additional members are reportedly being added to further promote the game, which is a vital component of the roll out plan. Anyone who possesses decent specs and a Windows PC should also get in touch with the Polker team as soon as possible if these people weren’t originally chosen as part of the initial 500 groups.

On March 21st, at 1:00 p.m. UTC, the Polker NFT sale (FCFS) on the GenShards Market officially concluded. Fans would be delighted to know that each NFT purchased is fully functional within the game and contributes to the project’s overall goal of further growing the Polker ecosystem. The Polker team was also in attendance during the recent NFT Los Angeles event, held from March 28th to March 31st.

Understanding What Polker Actually Is
Naturally, it is important to know as much about any project beforehand. In terms of what Polker is, this is a game that utilizes next-level graphics via the highly popular Unreal Engine 4. It is the world’s inaugural blockchain-oriented poker NFT and a highly interactive and dynamic game. It is founded on tried-and-true fair methodology and TRNG technology.

Polker is also not operating by itself, having created alliances with Polygon for its non-fungible tokens and working with reputable companies like Chainlink and Master Ventures. Polker was also shouted out by Akon, further highlighting its mainstream popularity.

As such, Polker plans to partner with many reputable platforms and be linked to various streaming channels with superior VR capabilities and amazing 3D characters, aesthetics, and digital environments. It has also partnered with Refinable, and the official Polker NFT marketplace will undoubtedly serve a crucial part of its overall ecosystem.

In a nutshell, Polker aims to be the first blockchain NFT game with metaverse elements that are entirely free to play and play to earn. Polker will also start developing new games within a year, with the main focus resting on virtual reality and mobile development.

PKR Staking Is Now Extended
Polker made it possible for anybody to stake their PKR on Ethereum on September 25th, 2021, and via BSC on December 25th, 2021. Polker has chosen to prolong the two staking pools for several additional months due to the team’s sustained growth regarding early access. Polker has also accomplished numerous goals listed in its official roadmap, having finished four Beta’s and is now in the final stages of production.

Users who have previously staked their PKR in the Ethereum or Binance Smart Chain pools would not need to withdraw or redeposit because the staking contract will be updated every day. They will continue to get PKR coins no matter what. This is fantastic since it implies that consumers are not required to do anything and may continue to stake as much as possible.

Polker, needless to add, has done exceedingly well thus far. There has already been a lot of progress, and more will be made as the year goes on. Overall, Polker is a project that everyone should keep an eye on in the future. Open / Comment

2022-04-11 13:40:00 ​​Crypto Industry's Growing Sway in Shaping US States' Laws: NY Times

Crypto executives and lobbyists, in the absence of federal regulations, are working with state lawmakers across the country to craft favorable legislation, the New York Times reported.

Many states, eager to attract the jobs they think the industry will bring, are rushing to grant the legislative wishes of the crypto companies.

The article cited new money-transmission legislation in Florida as just the latest example of crypto industry officials working side-by-side with legislators to craft industry-friendly measures.

Some consumer advocates are worried that an accommodative attitude on the part of the states will lead to regulations without adequate protection from crypto scams and risky practices.

More than 150 pieces of crypto-related legislation are currently pending before state legislatures and Puerto Rico, the Times said, citing an analysis by the National Conference of State Legislatures. In some cases, legislators have used industry-suggested language almost verbatim.

In New York, the industry is spending more than $140,000 per month, the Times said, state records show.

While the article is notable for its overview of the growing power of the crypto industry at the state level, its publication, coming less than a month after the Times published a sophisticated and well done introduction to cryptocurrencies, it also speaks to the mainstreaming of cryptocurrency in the U.S. and a growing interest of traditional media in covering it. Open / Comment

2022-04-10 19:25:00 ​​Ripple (XRP) Excluded From CME CF Cryptocurrency Reference Rate, See Why

U.S.-based crypto companies continue to ignore Ripple following ongoing lawsuit.

The United States global markets company CME Group, which is planning to launch real-time metrics and reference rates for 11 cryptocurrencies, has excluded Ripple (XRP) from the list despite the token’s popularity in the cryptosphere.

Details of CME CF Crypto Reference Rates

The CME cryptocurrency real-time metrics for 11 cryptocurrencies will be calculated on a daily basis by CF Benchmark beginning April 25, 2022.

Prior to the announcement to add 11 new cryptocurrencies to the CME CF reference rates, the U.S.-based company already tracks the prices of Bitcoin (BTC) and Ethereum (ETH).

According to the Frequently Asked Question (FAQ) on CME, the cryptocurrencies that will be tracked include Bitcoin Cash (BCH), Cosmos (ATOM), Litecoin (LTC), Stellar Lumens (XLM), Chainlink (LINK), Cardano (ADA), Uniswap (UNI), Polygon (MATIC), Algorand (ALGO), Polkadot (DOT), and Solana (SOL).

Pros of the Tracker

It is worth noting that the CME CF cryptocurrency reference rate is an important feature that fosters institutional adoption of tokens and coins under coverage.

Starting April 25, 2022, each of the newly added cryptocurrencies will display the market price of the assets in the United States dollar at 4 PM London time daily.

Aside from tracking each cryptocurrency’s price at the CME CF reference rate, the supported digital currencies will also have regular expert oversight.

Reason for Ripple’s Exclusion

With these numerous benefits associated with the tool, it would be disheartening to the Ripple community to know that the XRP cryptocurrency is not included in the list.

However, the reason is not far-fetched given that Ripple is in the middle of a lawsuit with the United States Securities and Exchange Commission (SEC).

Recall that Ripple found itself in hot waters after the SEC charged the company and two of its executives for conducting an unregistered security offering in the United States that saw it raise $1.3 billion.

The charges prompted several U.S.-based cryptocurrency exchanges to halt XRP trading, forcing the price of the token to plummet.

Since Ripple is still facing a lawsuit with U.S. authorities, it is expected that companies based in the United States will continue to distance themselves from the cryptocurrency to avoid being scrutinized by the SEC. Open / Comment

2022-04-07 13:25:00 ​​Near Protocol Raises $350M

Near Protocol said Wednesday it raised $350 million in a funding round led by hedge fund Tiger Global in a bid to “accelerate the decentralization of the NEAR ecosystem.” The raise comes less than three months after Near announced a $150 million funding round.

The price of the NEAR token starting inching up on the news, trading at $15.82 as of press time.

Crypto-native investors in the new round included Republic Capital, FTX Ventures, Hashed and Dragonfly Capital, among others.

New York-based Tiger Global had $86 billion in assets under management at the end of last year and has a growing footprint in crypto investments, having backed funding rounds for blockchain infrastructure platform Blockdaemon, crypto exchange FTX, payment processor Moonpay and blockchain intelligence provider TRM Labs, among others.

Since its October 2020 mainnet launch, Near has focused on creating a user-friendly platform for developers of decentralized applications (dapps). The speedy proof-of-stake blockchain is meant to serve as an alternative to Ethereum, which has scalability issues that can cause transaction fees to spike.

The increasingly cash-rich Near ecosystem has benefited projects building on the blockchain. Last October, Near’s Aurora raised $12 million to bring Ethereum Virtual Machine compatibility to the network. Open / Comment