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Bitcoin: Would Nietzsche Approve?

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Bitcoin: Would Nietzsche Approve?

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Welcome to the age of corporate socialism, where “we” socialize losses but privatize gains. In the words of David Cay Jonson, “Companies that have failed in the marketplace stick the taxpayers with their losses,” yet “when they make money they get to keep it.”

This is not a bug; it’s a feature. This is not a glitch in the system; it’s specifically designed, replete with pre-determined winners and losers. 

The unfortunate losers are the small business owners, school teachers, and taxi drivers, otherwise known as the perennial fall guys, of PFGs. In a society based on the Cantillion principle of benefiting from the money creation market, the people who provide meaningful goods and services are continuously overlooked. Trickle-down economics doesn’t seem to work. Who knew?

So, faced with kleptocrats and kakistocracies, what is one to do? Well, if the rules of the game are unfair, why are we still playing?

In other words, why play by their rules, especially when no rules exist?

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Bitcoin provides the answer. Even Ray Dalio, once a firm unbeliever, is beginning to see the light. Erik Finman, the man who became a bitcoin millionaire at the age of 18, has always been a believer. He saw the light many years ago. His millions came not from cheating or pure luck, but from calculated, pragmatic thinking. In a fairer society, which Satoshi envisioned, pragmatism is rewarded, not rebuked.

When it comes to financial propriety, if governments were built on more solid foundations, like truth and fiscal integrity, perhaps logicality and rationality would prevail. Alas, that is not the case.

Friedrich Nietzsche, one of the founding fathers of philosophical pragmatism, recognized the importance of logical, level-headed thinking. Without it, he warned, progress is impossible.

The German viewed society as a dichotomy, firmly split between heightened levels of calm and chaos. The Roger Federers of the world on one side, otherwise known as the Apollonians. On the other side, we have The Charlie Sheens of the world, more commonly referred to as Dionysians. The former is rational and reasonable. The latter are slaves to impulse and instant-gratification, blinded by chronic myopia.

As Scotty Hendricks notes, Nietzsche saw an “enduring dichotomy inside all of us which emerges from nature itself and can be applied to art, psychology, ethics, and politics.”

The Nietzschean framework can also be applied to economics.

In the United States, for example, we see the Dionysian principle exerting a nefarious influence, especially when it comes to fiat currency. With or without Trump in power, the United States is in a complete state of disarray. If in doubt, just look at the dollar.

With high levels of unemployment, stagnant wages, and rising prices, the purchasing power of the dollar has been decreasing for years. Joe Biden can appeal for unity, but banal platitudes won’t heal financial sclerosis. 

As the dollar problem is symptomatic of a broader problem, non-Americans should also be concerned. After all, when America sneezes, the world catches a cold. And right now, the United States is explosively sneezing, super-spreading a virulent strain of fiduciary negligence across the world.

Central banks of the world are on life support. The value of the euro continues to decrease. The Canadian dollar, too. The same goes for the yen, the British pound, and the Australian Dollar. The writing is on the wall. It has been for years. It reads, “Fiat out. BTC in.”

On an individual level, a Dionysian approach to life is a minor issue. At a societal level, however, it is not. When government officials continue to act recklessly, a line has been crossed. Especially when taxpayers are left to foot the bill. 

The Apollonians of society, many of whom have embraced bitcoin, see through the charade. Governed by rational thought, Apollonians abhor unprincipled recklessness, the central tenant of Dionysian. With the next economic collapse just around the corner, a move towards hyperbitcoinization cannot come fast enough. 

And, with one of the biggest transfers of wealth in history about to take place, that day could be upon us sooner than we think. As Matt McCall recently asked, after the “unprecedented wealth transfer” from baby boomers to millennials occurs, “where will that money go? To the one asset class that is truly in the hands of the young: virtual currencies.”

Which brings us back to Nietzsche, who once said, “all things are subject to interpretation; whichever interpretation prevails at a given time is a function of power, not truth.”

Right now, world governments, through centralized currencies, have more of the power.

What they don’t have is the truth. Without this truth, the greatest transfer of financial power in history – from centralized banks to decentralized currencies – will take effect.

With confidence in traditional institutions at an all-time low, has there ever been a greater need for change?


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/bitcoin-would-nietzsche-approve/

Blockchain

Polkadot Gears Up for Parachains Launch: Unveils ‘Common Good’ Parachains

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Polkadot, the interoperable blockchain protocol spearheaded by Ethereum co-founder Gavin Wood, has announced its forthcoming parachain launch.

Parachains – application-specific blockchains that connect to the main network and benefit from its security and computing capacity – are viewed as the building block of Polkadot’s ecosystem. Initially, the plan was for 100 parachain slots, with an auction process determining who gets to ‘lease’ parachains for defined time periods.

However, according to a blog post published by the team on February 25, some slots will be made available for ‘governance-allocated parachains,’ also known as common good parachains. These common good parachains have been conceived to address the so-called “free rider” problem, wherein parachains can forgo contributing to elements (such as bridges) that may benefit the ecosystem as a whole.

Solving the Free-rider Problem

The free-rider problem is best understood with reference to an analogy. Supposing a levy is imposed on car manufacturers to offset pollution: in turn, vehicles’ cost is increased, and all drivers are forced to pay extra.

Although everyone will subsequently benefit from a less toxic atmosphere, only those who actually buy a car will have contributed: the others (cyclists, for example) are considered free riders.

Polkadot’s governance process will essentially earmark parachain slots for consideration outwith the auction process, with a Council and Technical Committee representing passive stakeholders and supplying technical guidance. Both groups will then decide whether to accept or reject the direct registration of certain parachains.

According to the blog post, both system-level chains and public-utility chains may emerge as blockchain categories that qualify as common good chains.

Any parachain, in other words, that the Polkadot team deem beneficial for the overall ecosystem – bridges, identity projects, and smart contract platforms and governance would all theoretically be under consideration.

Chains that help remove transactions from the Relay Chain and enable more efficient parachain processing seem the likeliest to be considered ‘common good.’

As noted in Polkadot’s blogpost:

“By allocating a subset of parachain slots to common good chains, the entire network can realize the benefit of valuable parachains that would otherwise be underfunded due to the free-rider problem.

Polkadot’s governance system is on the bleeding edge of social coordination and it will be exciting to see how it helps the network evolve to meet the needs of its constituent parachains and stakeholders.”

Polkadot Gears Up for Parachain Launch

The Polkadot team recently published a roadmap noting that all upcoming parachains will be tested on regular parachain testnets, like Rococo and on Kusama Network. The latter being Polkadot’s canary network.

Kusama is a proving ground for parachains, allowing developers to build and deploy them and experiment with Polkadot’s governance, staking, nomination, and validation functionality.

Once parachains are live, community members will have their say on which additional features and network upgrades should be incorporated over time.

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Source: https://cryptopotato.com/polkadot-gears-up-for-parachains-launch-unveils-common-good-parachains/

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Blockchain

Cardano Price Analysis: 28 February

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While a majority of the assets are still trying to recover from the recent price drop, Cardano managed to record a new all-time high over the past week. Clocking in a value of $1.48 yesterday, Cardano is currently one of the top three assets in the world and while the asset has registered a 10% drop over the past few hours, it has maintained its 3rd position with a market cap of $38 billion.

Cardano 6-hour chart

Source: ADA/USD on Trading View

The 6-hour chart of Cardano continued to indicate a rising price but the asset was moving within the trendlines of an ascending channel. With a couple of higher highs witnessed, the asset has dipped over the past 24-hours, and the correction may go even further in the charts. A bearish breakout should allow the asset to recover its position at a previously held range before addressing the higher range again in the future.

At press time, the 50-day Moving Average has continued to act as underlying support but a possible move below $1.12 is likely.

According to the VPVR range, the support range at $0.90-$0.95 could be tested since the trading volume at the price point has been significant over the past few weeks.

Market Indicators

Source: ADA/USD on Trading View

Market Indicators appeared a little on the neutral side at press time but considering the pattern was bearish, the indicators may head in the same direction.

Relative Strength Index or RSI is currently holding a position above 50 but the indicator suggested an increasing selling pressure in the chart. Stochastic RSI is exhibiting a bearish pullback at press time, with the signal line hovering the bullish line.

MACD appeared bullish at press time, but a potential trend reversal is in the charts, with the MACD line converging towards the bearish line.

Important levels to watch out for

Resistance: $1.48
Support: $1.30, $0.92-$0.90
Entry Position for Short: $1.325
Stop-Loss: $1.48
Take Profit: $0.90-$0.92
Risk/Reward Ratio: 2.43x

Conclusion 

Cardano’s price action has been within the ascending channel formation and a bearish breakout in the coming week should not be discounted.


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Source: https://ambcrypto.com/cardano-price-analysis-28-february

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Blockchain

Bitcoin Cash, Uniswap, Zcash Price Analysis: 28 February

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Bitcoin Cash looked uncertain to flip its press time resistance as the indicators gave mixed signals regarding its future trajectory. Uniswap could move southbound from its descending triangle pattern as momentum rose on the selling side. Zcash showed some indecision in its market as the price continued to trade within a range, with a breakout unlikely over the coming sessions.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

With weekly losses of over 33%, Bitcoin Cash slipped to the 12th position on the crypto-rankings with a market cap of $8.6 billion. On the 4-hour timeframe, the price slipped below $464 support but the bulls eyed a comeback on the charts. The RSI avoided the oversold territory but pointed lower from the 35-mark at the time of writing. The MACD was bullish-neutral as the fast-moving line floated just above the Signal line.

It was doubtful whether the aforementioned resistance mark could be flipped over the next few sessions as trading volumes and buying activity remained muted.

Uniswap [UNI]

Source: UNI/USD, TradingView

A descending triangle formed on Uniswap’s 4-hour chart after the price formed lower highs post record levels. Prices usually tend to break downwards from this pattern on low trading volumes. The Awesome Oscillator showed that momentum rested with the selling side as the red bars rose below the half-line. A fall below the lower trendline could see UNI move towards the $15 mark.

The Stochastic RSI disagreed with the AO and suggested that UNI could be up for some gains after a bullish crossover in the oversold zone. However, a move above the upper trendline was unlikely considering the state of the broader market.

Zcash [ZEC]

Source: ZEC/USD, TradingView

Zcash continued to move within a fixed channel on the 4-hour chart as equilibrium was maintained between the buyers and sellers. The Bollinger Bands also reflected the consolidation as volatility remained low in the market. The MACD line was superimposed on the signal line, reflecting the indecision in the market.

However, a sharp move in either direction could see the market tilt strongly in the favor of the side that enforces the breakout. A bullish scenario could see ZEC move towards the next resistance mark at $138.4. Conversely, a fall could see the price move towards $98.1 support.


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Source: https://ambcrypto.com/bitcoin-cash-uniswap-zcash-price-analysis-28-february

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