Bitcoin Industry

2022-09-15 19:00:07 ​Ambrosus Launches New Company Offering User-Friendly Web3 Products

Ambrosus Ecosystem, a company that specializes in supply chain and DeFi solutions built on its unique EVM-compatible Layer-1, announces the launch of its new company and official website, www.airdao.io.

With easy-to-navigate design, AirDAO is an intuitive dashboard for decentralized finance built on the Ambrosus blockchain.

“Innovation leads to world-changing technology. The technology is changing at breakneck speed—faster than we can keep up. Discrepancy between products and users is a gap we aim to bridge, to empower the freedom of interactions. We have united our direction, teams and products,” says Lang Mei, founder of AirDAO.

To reinforce this integrated approach, AirDAO is the first Layer-1 to be governed by a Decentralized Autonomous Organization, where community and team members collaborate in new ways.

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2022-09-12 20:00:05 ​​'We’re not giving crypto a pass' on enforcement action, says SEC's Gurbir Grewal.

The SEC enforcement director said the commission "will continue to bring actions regardless of what label is used or technology is involved," including cryptocurrencies.

Gurbir Grewal, the enforcement director for the United States Securities and Exchange Commission, said the financial regulator will continue to investigate and bring enforcement actions against crypto firms, despite the narrative of “picking winners and losers” and “stifling innovation.”

In written remarks for a Friday program hosted by the Practising Law Institute, Grewal pushed back against criticism that the SEC “somehow unfairly targeted crypto” in its enforcement actions when compared with those against financial products or traditional markets. He also hinted that the SEC had a responsibility to many “non-White and lower-income investors” drawn to crypto projects, who may feel as though the financial system and its regulators “failed, or simply ignored, them."

“It often seems critics are upset because we’re not giving crypto a pass from the application of well-established regulations and precedents,” said Grewal. “Were we not to investigate and bring appropriate cases just as we always have simply to duck criticism or difficult questions, we’d be acting with both fear and favor.”

The SEC enforcement director added:

“Non-enforcement of the most fundamental rules underlying our regulatory structure would be a betrayal of trust and not an option for us. We will continue to bring actions regardless of what label is used or technology is involved (or not). Failure to do so would constitute an abdication of our responsibilities.”

Officials appointed Grewal as the SEC’s enforcement chief in July. Representative Brad Sherman later criticized the regulatory body, saying before the House Financial Services Committee that Grewal needed to show “fortitude and courage” by going after major crypto exchanges in his role as enforcement director and not “small fish." The SEC subsequently filed a complaint against a former Coinbase employee, labeling nine tokens as “crypto asset securities” in a seeming effort to regulate digital assets through enforcement actions. Open / Comment

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2022-09-09 20:00:05 ​​Bitcoin is a ‘wild card’ set to outperform —Bloomberg analyst.

The commodity strategist has pegged Bitcoin to rebound strongly from the bear market despite headwinds for high-risk assets.

Bloomberg analyst Mike McGlone has labeled Bitcoin (BTC) a “wild card” which is “ripe” to outperform once traditional stocks finally bottom out.

In a Wednesday post on Linkedin and Twitter, McGlone explained that while the United States Federal Reserve tightening will likely determine the direction of the stock market, Bitcoin remains a “wildcard” that could buck the trend, stating:

“Bitcoin is a wild card that’s more ripe to outperform when stocks bottom, but transitioning to be more like gold and bonds.”
The commodities strategist shared more details in a Wednesday report, which noted that Bitcoin was primed to rebound strongly from the bear market despite a “strong headwind” toward high-risk assets:

“It’s typically a matter of time for the fed funds gauge to flip toward cuts, and when it does, Bitcoin is poised to be a primary beneficiary.”

The report notes that while Bitcoin would follow a similar trend to treasury bonds and gold, Ether (ETH) “may have a higher correlation with stocks.”

The Federal Reserve’s increased quantitative tightening comes amid several major interest rate hikes throughout 2022, with the most recent spike accounting for a 75 basis points increase on July 27.

While it is not known exactly when the Fed’s quantitative tightening will end, some economists predicted the endpoint will begin “at some point in 2023” according to a Bloomberg article published in August.

Quantitative tightening is a contractionary monetary policy tool that is used by central banks to reduce the level of money supply and liquidity in an economy, which can reduce spending across markets such as stocks.

Despite Bloomberg’s bullish take, however, other experts believe that Bitcoin and equity markets have actually become more correlated than before.

Cointelegraph contributor Michaël van de Poppe recently said the correlation between the S&P 500 index and BTC was approaching 100%, while a number of IMF economists claimed to have seen a 10-fold increase in correlation between crypto and equity markets in some regions of the world. Open / Comment

2022-09-06 20:00:08 ​​Sept. 22 is the date for Cardano’s Vasil hard fork launch, 3 months after target date.

The latest upgrade, which is the blockchain’s fifth, will include improvements to the Plutus programming language and promises greater scalability for lower fees.

Cardano has set September 22 as the date for its Vasil mainnet upgrade, founder of the blockchain Charles Hoskinson announced on his YouTube vlog Friday. The hard fork was originally scheduled for June of this year and rescheduled twice.

According to Cardano-associated R&D company Input Output Hong Kong (IOHK), which worked on the update, three necessary critical mass indicators have been reached:

“1. 75% of mainnet blocks being created by the final Vasil node candidate (1.35.3) 2. approximately 25 exchanges upgraded (representing 80% of ada liquidity) 3. top 10 DApps by TVL confirming they have upgraded to 1.35.3 on PreProduction and are ready for mainnet.”

IOHK wrote that, of the top 12 crypto exchanges, MEXC and Bitrue are “ready” for the upgrade, while Binance is “nearly there” and Upbit, Coinbase, WhiteBit, BKEX and HitBTC are “in progress.”

Developers have promised greater scalability and lower fees from the hard fork, which will incorporate the first major upgrade to the Plutus script — the programming language used for smart contracts on the Cardano blockchain. Plutus was introduced in the previous upgrade, named Alonzo, which took place in September of last year.

“If we’ve all done our job right, we will wake up on Sept. 22, and it will be just another day,” Hoskinson said on his YouTube vlog. Later he added:

“We started and knew that, over time, we could get to what Ethereum has done, but we understood a road map to get there. There’s a lot of things on the horizon, especially in 2023.”

The fork is named in honor of Vasil Dabov, a Bulgarian member of the Cardano community who died in 2021. Cardano’s ADA is priced at $0.454 on Friday, up 0.98% over the last week. Open / Comment

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2022-09-03 20:00:05 ​​Will Ethereum 2.0 be vulnerable to censorship? Industry professional explains.

Ryan Berckmans, an Ethereum community member and investor, discussed the potential consequences that the Tornado Cash ban could have on the future of the network.

The Ethereum network will be able to withstand censorship risks both in the short and long term, according to Ethereum community member and investor Ryan Berckmans.

The ban of Ethereum-based privacy tool Tornado Cash by U.S. authorities earlier this month left many wondering whether Ethereum transactions could be also at risk of censorship, especially after Ethereum’s imminent transition to a proof-of-stake system.

A widespread concern is that entities controlling a large chunk of staked Ether (ETH), such as Coinbase or Kraken, would start censoring transactions to comply with U.S. sanctions. That is an unlikely scenario, according to Berckmans, who sees the high centralization of staked ETH as a temporary issue.

With time, the costs of entry to the staking business will drop due to the “maturity of open-source tools and industry expertise as well as the generally reduced risk profile,” said Berckmans. That will allow more and more players to enter the staking business, thus reducing the dominance of large staking pools.

“The idea that these will be able to somehow sustainably censor user transactions or affect the fork choice in Ethereum, it’s just not a credible idea,” Berckmans pointed out.

Moreover, according to Berckmans, the Tornado Cash ban in the United States was a policy mistake that is unlikely to result in more government sanctions. He said that U.S. policymakers are likely to acknowledge the mistake and take a more favorable approach to Ethereum, which is “inherently aligned with America’s interests.”

“Ethereum is about permissionless innovation, free enterprise, property rights, globalization,” Berckmans explained. Open / Comment

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2022-08-31 20:00:05 ​​GameFi investors are now prioritizing fun factor over money.

While roughly half of the investors joined the GameFi space initially for profits, 89% of GameFi investors succumbed to Crypto Winter 2022.

GameFi, the fusion of gaming and decentralized finance (DeFi), attracts a set of investors that tend to choose projects based on their use case rather than money-generating potential.

The GameFi ecosystem attracts GenZ investors and gaming enthusiasts. As a result, it stands as an entry point for numerous first-time investors. A ChainPlay survey participated by 2428 GameFi investors revealed that 75% of the respondents joined the crypto space solely because of GameFi.

While roughly half of the investors joined the GameFi space initially for profits, 89% of GameFi investors succumbed to Crypto Winter 2022 — with 62% of them losing more than 50% of their profits.

However, investors believe that poor in-game economy design was the main reason for their losses. In accordance with this sentiment, the survey revealed that, in 2022, investors worldwide spent an average of 2.5 hours per day participating in GameFi, which is down 43% to 4.4 hours from last year.

The fear of rug pulls and Ponzi schemes coupled with sub-par graphics are some of the biggest drivers preventing investments in new GameFi projects. As a result, 44% of investors believe that the involvement of traditional gaming companies can be key to GameFi's growth.

Moreover, when it comes to future GameFi projects, 81% of GameFi investors are moving away from the traditional mindset and prioritizing the fun factor over profit-making as they seek positive in-game experiences.

Blockchain gaming and the Metaverse were the least affected ecosystems by the Terra (LUNA) debacle, confirmed a DappRadar report.

In addition, a sustained institutional investment was seen in both blockchain gaming and the Metaverse, highlighting that many top companies see the potential for strong economic growth in both sectors moving forward. Open / Comment