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Binance Coin (BNB) Bull Run: Analyst Makes Bold Case for $500

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” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>Coin should do to Ethereum what Bitcoin is doing to gold: eating a good portion of its market capitalization by acting as a better alternative.

That was pretty much what Changpeng Zhao, the founder/CEO of Binance cryptocurrency exchange, dictated in his series of tweets on February 28 as he pitted their Binance Smart Chain against Vitalik Buterin’s open-source blockchain Ethereum.

Mr. Zhao compared the second-largest public ledger with yesteryear social media platforms like Friendster and MySpace who had to shut down due to their inability to “handle the load.” Ethereum, he noted, is growing as a network, but its services remain sluggish yet expensive.

Read further: Binance Coin Spikes 100% After Threatening Ethereum's Dominance

In comparison, Binance Smart Chain (BSC), a centralized blockchain protocol with smart contract functionalities, can handle more transactions at a lesser fee.

“BSC is not an ETH killer,” the 44-year old business executive tweeted. “It is built with learnings from ETH and tries to help solve one key issue, high fees. It wasn’t designed that way, or at least, it wasn’t presented to me as such.”

Mr. Zhao’s sugar-coated warnings to Ethereum later got picked by an independent analyst. The pseudonymous entity provided five reasons why the Binance ecosystem’s native token BNB would surge to $500, almost twice its value from now, as traders choose it over Ethereum’s ETH cryptocurrency.

The Bullish Catalysts

BNB serves a de-facto currency on all the Binance platforms, including a cryptocurrency exchange, a crowdfunding platform for emerging blockchain projects, interest-yielding pools, and two separate blockchains (BSC one among them).

Traders use BNB to pay discounted fees for the said Binance services. Meanwhile, projects that want to list their tokens on the Binance exchange can also pay the firm via BNB.

Overall, growth for the Binance ecosystem loosely translates into more adoption for its native cryptocurrency, BNB. Meanwhile, the company used to burn 20 percent of its BNB revenue every quarter, ensuring scarcity against rising demand.

However, in March 2019, Binance changed their whitepaper so that the BNB in the treasury would be burned based on “volumes”.  Their treasury has 32 million and 16.5 million BNB frozen and circulating.

To many, BSC is a BNB demand booster because it directly challenges Ethereum’s status-quo.

The prospect has seen the BNB/USD exchange rate rise from $36.96 at the beginning of this year to as high as $348.69 on February 19. The pair reaped benefits from newfound attention in BSC as the Ethereum network experienced network clogging and higher gas fee issues.

Binance, Binance Coin, Binance Smart Chain, BNBUSD, BNBBTC, BNBUSDT, BNB
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” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>Coin attempts to reclaim record highs on booming BSC adoption. Source: BNBUSDT on TradingView.com

“BNB is at $250, 4.6X smaller than ETH in the cap. Growth potential is there,” the analyst noted. “Mark my words: $500 minimum very achievable with all the fundamentals and market conditions as is.”

BNB was trading at $252 at the time of this writing.

Source: https://www.newsbtc.com/news/binance-coin/binance-coin-bnb-bull-run-analyst-makes-case-for-500/

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Crypto Scam Watchdog Group Wants To Get Back At Vitalik Buterin

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A crypto scam watchdog group wants to get back at Ethereum’s creator after he got rid of all of his SHIB token holdings. Now, the group created a token that dumps ETH for rival BNB as we can see more in our latest Ethereum news today.

The market for SHIB collapsed after Buterin got rid of all of his tokens and now one crypto scam watchdog group wants revenge. The Telegram group War on Rugs hates rug pulls but now they are trying to rug pull Ethereum. The group says it’s composed of developers and auditors that created the Rug Ethereum token in retaliation for the ETH co-founder Vitalik Buterin’s decisions o transfer millions of his SHIB tokens to charity while at the same time he crashed the market for the token:

“Vitalik rug pulled Shiba, innocent investors have been hurt. He should never be shown as a hero for this.”

Binance CEO Changpeng Zhao agreed to list the token on Binance’s Innovation Zone and called SHIB high risk. War on Rugs which looked at the smart contract said that this year Buterin had a huge stake in the token which meant it could be vulnerable. A rug pull is a type of scam where developers leave a project and take investors’ money with them. They are most common in the DeFi space where people can go to get crypto loans, earn interest, and trade assets without getting the help of a financial intermediary or insurance that intermediaries provide.

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Buterin didn’t develop the token so now the creators of the meme token sent trillions of the asset to Buterin who is reversed among ETH acolytes for his intellectual capacity and lack of concern for the things money can buy. Sending the funds to Buterin’s wallet lent the project a veneer of legitimacy while also decreasing the supply because he wouldn’t touch the funds. DeFi researcher Chris Blec said:

“If you consider a ‘rug pull’ to be quickly, without notice, removing a damaging amount of liquidity from a pool, then I guess that’s what Vitalik did. The fact that he never asked for the liquidity in the first place definitely changes things though.The SHIB token project was originally deployed with a specific set of risks and a whole lot of inherent problems. Vitalik didn’t change any of that. He simply exposed the token for what it was.”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

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Source: https://www.dcforecasts.com/ethereum-news/crypto-scam-watchdog-group-wants-to-get-back-at-vitalik-buterin/

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Bitcoinist Book Club: “The Bitcoin Standard” (Prologue and Chapter 1)

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To lay the foundation for everything we’ll learn in the Bitcoinist Book Club, we had to start with “The Bitcoin Standard” by Saifedean Ammous. A fair amount of experts in the field recommend it as the first Bitcoin book people should read. Does that mean it’s too basic for the Bitcoinist audience? Not at all. Our readers might already be familiar with these concepts, but seeing them used as building blocks to construct a case for Bitcoin is a thing of beauty.

Here’s an introductory deep dive into The Bitcoin Standard and the first iteration of the Bitcoin Book Club.

But first…

About The Coolest Club On Earth

The Bitcoinist Book Club has two different use cases: 

1.- For the superstar-executive-investor on the run, we’ll summarize the must-read books for cryptocurrency enthusiasts. One by one. Chapter by chapter. We read them so you don’t have to, and give you just the meaty bits. 

2.- For the meditative bookworm who’s here for the research, we’ll provide liner notes to accompany your reading. After our book club finishes with the book, you can always come back to refresh the concepts and find crucial quotes. 

Everybody wins.

That’s it. Let’s get into it.

Related Reading | Gold Begins Breakdown Against Bitcoin, Triggering 90% Decline On Per Oz Basis

“The Bitcoin Standard” – Prologue

The book is divided into three parts. The first one discusses the concept of money and everything it implies. The second part goes back in time and analyzes the use of “sound and unsound forms of money throughout history.” The third, finally, gets into Bitcoin and the possibilities it brings to the table, “and analyzes the possible uses of Bitcoin as a form of sound money.”

The prologue also provides a solid definition of what Bitcoin is: 

In essence, Bitcoin offered a payment network with its own native currency, and used a sophisticated method for members to verify all transactions without having to trust in any single member of the network. The currency was issued at a predetermined rate to reward the members who spent their processing power on verifying the transactions, thus providing a reward for their work.

That means Bitcoin is, “the first demonstrably reliable operational example of digital cash and digital hard money.” This is huge. This is what the world needs. And, as we go through this book, we’ll find out exactly why.

The prologue cannot end without a familiar disclaimer: “This book does not offer investment advice.” Of course it doesn’t, and everybody involved resents the implication.

BTCUSD chart for 05/15/2021 - TradingView

BTC price chart on Bitstamp | Source: BTC/USD on TradingView.com

“The Bitcoin Standard” – Chapter 1: Money

The main function of money is as a medium of exchange. The second is as a store of value, and the third is as a unit of account. We need money because barter is not an efficient enough system for a complex society. So, “A good that assumes the role of a widely accepted medium of exchange is called money.” It doesn’t matter what it is and it doesn’t have to be “government paper.

What the market looks for in potential money is salability. That is, “the ease with which a good can be sold on the market whenever its holder desires, with the least loss in its price.” If that characteristic persists across time, then the asset displays an “ability to hold value into the future.” So, it becomes a store of value.

It therefore follows that for something to assume a monetary role, it has to be costly to produce, otherwise the temptation to make money on the cheap will destroy the wealth of the savers, and destroy the incentive anyone has to save in this medium.

If it’s difficult to produce new “monetary units,” that’s “hard money.” If it isn’t, then it’s “easy money.” Over time, people who use hard money will tremendously outperform people who use easy money. A constant increase in the supply will erode the purchasing power of the easy money, it’s as simple as that. The law of supply and demand never fails.

The ratio between the stock and flow is a reliable indicator of a good’s hardness as money, and how well it is suited to playing a monetary role.

With flow being the “extra production that will be made in the next time period.” These core concepts are the basis for PlanB’s Stock-To-Flow model. And this is the main reason that model works, “The higher the ratio of the stock to the flow, the more likely a good is to maintain its value over time.” Or to, you know… augment its value. 

It’s time to talk about liquidity, “the more people accept a monetary medium, the more liquid it is.” And acceptance throughout a community is the characteristic that allows for pricing to be, “expressed in its terms, which allows it to play the third function of money: unit of account.

So, money plays “the roles of medium of exchange to allow specialization; store of value to create future-orientation and incentivize individuals to direct resources to investment instead of consumption; and unit of account to allow economic calculation of profits and losses.

So simple, and yet it eludes even the smartest of us. 

Related Reading | A new year – new opportunities in crypto

A Critique, Because It Can’t All Be Positive

This sentence should’ve been heavily edited, it sounds like a bad joke:

Producers can specialize in producing capital goods that will only produce final consumer goods after longer intervals, which allows for more productive and superior products.

Five product-related words in a row? Come on! And, as a bonus, in the same paragraph:

The production of these tools stretches the duration of the production process significantly while also increasing its productivity.

Three more product-related words? That’s a total of eight in the same paragraph. Too much.

*

Stay tuned for the next installment of the Bitcoinist Book Club.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/bitcoinist-book-club-the-bitcoin-standard-prologue-and-chapter-1/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoinist-book-club-the-bitcoin-standard-prologue-and-chapter-1

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Walking on sunshine: Top crypto summer vacation destinations in 2021

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Even though the ongoing coronavirus pandemic has yet to fully recede, an increasing number of countries are beginning to open up their borders to tourists once again. Furthermore, with large-scale vaccination drives taking place all over the world, it appears as though by the time summer rolls around again, it will become possible for many individuals to travel to certain holiday destinations once again.

In fact, according to the president of the European Commission, Ursula von der Leyen, American tourists will be able to pay a visit to their favorite European Union countries during summer 2021, given that they are able to fulfill the EU’s vaccination requirements.

In this regard, it should be pointed out that according to a tracker made available by the United States Centers for Disease Control and Prevention, over 35% of all American citizens have already been fully vaccinated, while 46% have received at least one shot.

Lastly, these vaccination numbers seem to be growing at a rapid rate, thereby hinting at the possibility that by the onset of June, a vast majority of the U.S. population — which includes many cryptocurrency enthusiasts — will be able to travel abroad.

It’s time to pack your bags

Though the last year and a half have been quite a rough ride for pretty much everyone across the planet, there is no denying that the crypto industry has recently been on the receiving end of some insanely bullish market action, especially over the course of the last six to twelve months.

To put things into perspective, since the start of 2021 alone, the total market capitalization of the digital asset sector has risen from approximately $780 billion to $2.4 trillion, exhibiting insane growth of over 200%. As a result, many crypto investors have seen their portfolios increase manyfold, giving them access to spare capital that they can use to take a much-deserved break.

So, here is an outline of some of the top destinations that crypto HODLers can visit to unwind. The list takes into account factors such as the ease of visa procuration, internet accessibility and low COVID-19 infection rates.

The Bahamas

The picturesque island nation of the Bahamas has been a go-to holiday destination for many Americans and Canadians for decades now, thanks in large part to its proximity to the Americas. In fact, around 92% of all tourists visiting the West Indian nation are from either North or South America.

As things stand, the Bahamas has a relatively low number of active COVID-19 cases. Furthermore, because the country already boasts of an infrastructural framework that is tailor-made for Westerners — i.e., high-speed internet and premium living locales — the Bahamas stands to be the perfect getaway for many tourists this summer.

To enter, American passport holders can forgo testing — a requirement that is applicable for other visitors — if they are able to provide legitimate proof of vaccination. That said, before flying, they are required to fill out a simple “Travel Health Visa” application that can be processed online.

Lastly, for crypto enthusiasts, it should be pointed out that the Bahamas was one of the first countries in the world to roll out its very own central bank digital currency, the Sand Dollar. In fact, it is the world’s first CBDC to go beyond a pilot phase and achieve an official launch. Moreover, regulators will be actively pushing to increase adoption of the CBDC this summer, so crypto participants traveling there could witness a historic event unfolding right before their eyes.

Cyprus

Situated in the Mediterranean Sea, Cyprus is another island nation that draws in millions of tourists annually. One of the main reasons that hordes of visitors flock to the country is its incredible weather, with both the summer and winter months remaining mildly warm and dry when compared with other parts of Europe.

Cyprus’ stance toward the crypto sector is quite friendly, despite the government recently warning its citizens against investing in Bitcoin (BTC). It is possible to convert various cryptocurrencies into local fiat via a number of exchanges that operate in the country, such as BitPanda and eToro, making it an ideal getaway for HODLers.

To enter, travelers simply need to share their vaccination documents with the Cypriot government via its “Flight Pass” tool. That being said, it should be pointed out that as per the Cypriot government’s recent guidelines, even vaccinated travelers may be asked to take random tests during their stay.

Greece

The southeastern European nation of Greece is one of the most popular tourist destinations in the world, attracting millions of people to its many islands across the Aegean and Ionian Seas.

This is, in large part, due to the country boasting of some of the most scenic beaches in Europe — like the black sand beaches of Santorini — as well as some of the most elite party resorts in the world, which are situated primarily in and around Mykonos.

Furthermore, since it is possible to buy/sell/convert a wide array of cryptocurrencies in Greece using established platforms such as Coinbase and eToro, crypto holders have even more incentives to pay a visit to the country.

In terms of traveling to the European nation, Greece has started opening its doors to American visitors who have gotten their recommended COVID-19 vaccine shots. However, it should be mentioned that in order to seamlessly enter the country, the second shot should have been administered at least two weeks prior to the trip. Travelers from all other nations are required to produce a COVID-19 negative test result upon arrival.

Georgia

Though many in the West may not be familiar with Georgia, as the nation is tightly wedged between Europe and Asia, the country boasts of a highly picturesque landscape and affords its travelers a high degree of safety. In fact, Tbilisi, Georgia’s capital, is consistently cited as one of the safest cities in the world.

For crypto enthusiasts in particular, Georgia is an excellent travel destination, as it provides digital-asset owners with seamless access to multiple crypto-fiat gateways. In addition, individuals in Georgia are exempt from income tax on any profits received from the sale of cryptocurrencies. Not only that, but any crypto-to-fiat transactions are not subject to value-added tax (VAT). This includes the lari, Georgia’s fiat currency.

To enter, travelers are required to furnish their COVID-19 vaccination records. Furthermore, U.S. residents who are not vaccinated are also allowed to enter, provided they have only traveled through certain nations and are carrying a negative test result with them.

Grenada

The tiny nation of Grenada is situated in the Caribbean and is the southernmost island in the Antilles archipelago. It offers unsoiled scenic landscapes and provides tourists with access to all of the amenities that they may be looking for in their ideal holiday destination.

The local crypto market is unregulated at the moment, and crypto enthusiasts can make use of many prominent exchanges such as Binance, CEX.IO and Coinmama to seamlessly switch between various cryptocurrencies and the Eastern Caribbean dollar — the national currency of Grenada — making shopping and payments a breeze.

Currently, the Grenadian government is allowing all vaccinated Americans to enter its borders. However, upon arrival, all entrants — even those who have been vaccinated — have to quarantine for 48 hours while officials conduct a COVID-19 test.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/walking-on-sunshine-top-crypto-summer-vacation-destinations-in-2021

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