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Cardano (ADA) Co-Founder: Crypto Space Will Replace the Traditional Financial System

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Cardano co-founder Charles Hoskinson has revealed he believes the cryptocurrency space will take over the traditional finance system and change the world in the near future thanks to the innovation within it.

In a video published on YouTube, Hoskinson explained why he believes the nascent industry will become a dominant force solving some of the problems that the traditional financial system currently deals with. He said the industry is the “antidote to the excesses, corruption, and nepotism that we found.”

To Hoskinson the traditional financial system has “now been replaced by an industry of creativity and innovation. We’re going to change the world; it’s just that simple.” To the co-founder of one of the largest cryptocurrency by market cap, there are simply too many people for the crypto space to be forgotten now, and the “markets are too large” while the “innovation is simply too vast.”

He added that it’s “no longer a question of if, it’s when, and how will these dinosaurs find a way to survive in this new world order.” Hoskinson also said that while cryptocurrencies may still be in their infancy, he sees the industry mature quickly and said that over the next 10 years “there’s going to be more advancement in monetary policy from our industry than the last 100 years of central banks.”

The co-creator of Cardano added that in the next decade he sees the cryptocurrency space become more advanced in financial engineering and the construction of financial products than there was in the last 100 years on Wall Street. Similarly, he sees more progress being made on the constant movement of wealth in crypto than through the Bank of International Settlements (BIS) and other fixed protocols.”

Hoskinson also believes that while the cryptocurrency market has largely been following BTC’s price movements, some projects may decouple from the flagship cryptocurrency this year. As the Daily Hodl reports, he said:

Unlike the past cycles in 2017 and 2018 compared to today where we’re at, we’re now in a situation where we’ve decoupled from Bitcoin, and people are starting to realize that while [Bitcoin] was a great experiment, it’s not the end-all-be-all and that there’s more to the story

As CryptoGlobe reported, Hoskinson has revealed in an ask me anything (AMA) session that he is now a cryptocurrency billionaire, even after the cryptocurrency market crash that saw the prices of some cryptoassets drop by as much as 40% and commented on the drop.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT
Featured image via Unsplash

Source: https://www.cryptoglobe.com/latest/2021/05/cardano-ada-co-founder-crypto-space-will-replace-the-traditional-financial-system/

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How Archer Swap Has Helped End Ethereum’s Bidding War

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Most DeFi users have heard of Ethereum’s high congestion issues, but few are aware of the controlling forces operating behind the scenes, and how badly they can be impacted by this single problem. When traders send a regular transaction via the Ethereum network, it is susceptible to attacks from bots or front-running software run by entities seeking to profit from trader activity.

Ethereum’s ecosystem is perhaps amongst the fastest growing in the crypto space. Thus, there are already many solutions that tackle this issue and operate for the benefit of the users and decentralized exchange (DEX) traders. Most of them have gone under the radar.

Archer Swap is part of the Archer DAO, a project with features designed to mitigate the risks associated with sending transactions on Ethereum. It protects users from Miner Extractable Value (MEV) strategies, sandwich attacks, and front-running bots while maintaining a connection with Uniswap and SushiSwap, two of the most popular DEXs on Ethereum.

In this sense, Archer Swap can be described as a DEX extension that enhances the trader experience on these dApps. This protocol combines two powerful sets of features that give traders improved operations on Ethereum – protecting them and making trades more cost-efficient.

The first set of benefits are called Archer MEV Shield. Besides protecting transactions from bot attacks, it allows users to eliminate failed transaction fees, a recurring problem on Ethereum. Traders can also cancel transactions at no additional cost.

The second feature is called Archer Trader Extractable Value (TEV), a proprietary and innovative concept introduced by Archer Swap. Operating within the Archer Relay, Archer TEV uses automated rebalancing transactions with bots to sync market prices when big market moves occur.

After a trade or a big swap, there is usually an arbitrage opportunity in a market. Archer TEV uses these opportunities to capture the value and redistribute it to Archer Swap users. In essence, Archer TEV takes revenue generated by Archer Swap and gives it back to one of the protocol’s core components, the traders.

Archer Swap Launches Campaign To Reward Traders

Following a community vote, Archer DAO recently launched a 6-week campaign to buy back and distribute its native token ARCH. In this way, the protocol can reward early adopters. The tokens will be acquired with the revenue generated by Archer TEV.

The protocol won’t have to touch its treasury reserves to attract new users to the platform. The protocol and the users will benefit – as more users trade on Archer Swap, the campaign will have more resources to acquire and distribute ARCH. Therefore, the token will most likely see an increase in buying pressure during the coming weeks, and the platform will see a surge in the number of users.

Archer DAO will distribute rewards every Friday from June 11th to July 16th, 2021. The platform will calculate rewards for each user based on their transacted volume for each week. The rewards will be delivered automatically and with basically 0 risk for the users, all they need to do is trade.

Archer Swap has had famous trades. In May, during the high of the dog meme coins, the inventor of Ethereum, Vitalik Buterin, used Archer Swap to dump his supply of Shiba Inu (SHIB), AKITA, MIRI, ELON, and others into the market.

The dump served a good cause, as Vitalik used this money to send over $1 billion to different charity organizations. The most notable is the Covid-19 relief campaign for India started by Polygon’s co-founder, Sandeep Nailwal. This trade could be among the most famous in 2021 and was enabled by a protocol whose main objective is to shield its users and give them back the power to operate safely within the Ethereum dark forest.

Source: https://bitcoinist.com/how-archer-swap-has-helped-end-ethereums-bidding-war/?utm_source=rss&utm_medium=rss&utm_campaign=how-archer-swap-has-helped-end-ethereums-bidding-war

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Crypto Crash Trends On Twitter As Bitcoin Falls Below $30,000

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Twitter has gone into a frenzy after bitcoin fell below $30,000 this morning. The hashtag #cryptocrash is currently trending on the platform. This is after the coin broke the $30,000 stronghold and fell below it. A price that has been a stronghold for bitcoin for a while now. Speculations were that as long as the asset didn’t fall below $30,000, then there would be a recovery.

Related Reading | Galaxy Digital CEO: Bitcoin Dips Should Be Bought Despite BitMEX News

Bitcoin has been in a downtrend for a couple of days now. News of mining rigs closing down in China pushing the price even further down. Falling below $30,000 means bitcoin is about to erase its gains for 2021. The coin was trading at $29,001 n December 2020. Only breaking the $30,000 barrier in 2021. Now bitcoin is trading at only 3% gains for the year 2021.

Bear Market Trends

Richard Bernstein was on Trading Nation two weeks ago to talk about the trends in bitcoin. The CEO called bitcoin a bubble. He pointed out that bitcoin was currently in a bull market. Noting that people were leaving the markets that were actually in a bull market behind.

Chart showing bitcoin crash below $30,000

Bitcoin crashes below $30,000 before recovering back up to $32,000 | Source: BTCUSD on TradingView.com

Bitcoin has been struggling for the past two months. This was after the coin finally hit the all-time high of $64k in April. There was a lot of speculation that the coin was headed for $100k. But it seems the asset had other plans.

Analysts have compared this to the 2018 crash. When bitcoin hit a new ATH of nearly $20k and then proceeded to lose 80% of its value. At one point trading at a little over $3k.

There Is Still Hope For Bitcoin

Mike Novogratz was on CNBC earlier to talk about the price drop below $30,000. Novogratz said that while he was less happy than he was at $60,000, he still hopeful about the coin.

Novogratz further explained that calling a bottom on the crash is hard to do. This he attributed to the large liquidations currently taking place across a number of assets.

With regards to the $30,000 price level, Novogratz said, “We’ll see if it holds on the day. We might plunge below it for a while and close above it.”

Related Reading | Over 3 Metric Tons Of Bitcoin Mining Rigs Airlifted Out Of China

The co-founder of Galaxy Digital noted that he wasn’t worried about the price crash. Explaining that he does not expect another crash of the 2017 magnitude to occur again. This he chalked up to the maturity of the ecosystem. Pointing out that much more mature players are now moving into the system.

“Every single bank is working on their own crypto project, how they can get bitcoin to their wealthy clients. I think a lot of clients that didn’t buy it the first time will see this as an opportunity to buy it and get involved.

– Mike Novogratz, CEO of Galaxy Digital

Twitter users have taken to the platform to express their opinions on the current market movements. There are countless tweets asking people to not panic. That the market is going to recover. And right now, it is starting to look like they’re right as the market has gone back into the green. Bitcoin is currently back up to $32k, after a dramatic price drop below $30k.

Featured image from Forbes, chart from TradingView.com

Source: https://bitcoinist.com/crypto-crash-trends-on-twitter-as-bitcoin-falls-below-30000/?utm_source=rss&utm_medium=rss&utm_campaign=crypto-crash-trends-on-twitter-as-bitcoin-falls-below-30000

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Asia Broadband Forays into Crypto with Gold-backed Token and Exchange

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Asset-backed tokens have long offered significant promise to transform the world of finance and investing. 24/7 trading, instant settlement, and fractionalization are just a few of the benefits offered when assets are recreated as cryptocurrencies on a blockchain. From the perspective of the cryptocurrency investor, tokens backed by real-world assets may also offer an opportunity to hedge a portfolio against some of crypto’s notorious volatility, which has once again been in evidence over recent weeks.

The traditional hedging instrument of choice, gold, is ripe for tokenization. Owning physical gold comes with issues such as storage and security, not to mention that it’s a relatively illiquid asset. Instruments such as ETFs may not offer the same direct exposure to gold prices. In contrast, gold-backed tokens are directly linked to gold prices and provide a fast and easy way to buy and sell gold, introducing new liquidity to the markets.

Over recent years, several firms have attempted to launch a version of tokenized gold; however, there has been an absence of operators from within the gold sector itself. Now, Asia Broadband, Inc. (OTC: AABB), a resource company focused on the production, supply, and sale of precious and base metals, has released its own gold-backed token.

For the 25-year-old US firm, it’s the first foray into the world of digital assets. And for the cryptocurrency space, it’s the first time an established player has emerged with a vertically integrated “Mine-to-Token” concept.

About Asia Broadband and AABBG

Asia Broadband was established in 1996, producing and supplying precious and base metals from Mexico to clients based in Asia. It’s now a US-listed company, delivering value to shareholders through its vertical integration approach to its value chain. In 2020, the company achieved an all-time high annual gross profit of $16.8 million, and over $100 million in assets for its first quarter of 2021.

The shift into cryptocurrency has come about thanks to the direction of the company’s president, CEO, COO, and Director, Chris Torres. Despite being a long-established business and finance leader, he has an aptitude for technology and possesses extensive knowledge of cryptocurrency investing. As a result, Asia Broadband has now released the AABB Gold (AABBG) token.

The company believes there’s a significant market for investors interested in owning cryptocurrencies as a digital store of value but who are likely to be put off by the inherent volatility in the crypto markets.

AABBG is backed by the gold mines owned and operated by Asia Broadband, along with $30 million in physical gold reserves. The company has made a public pledge to back 100% AABBG by gold reserves, supplied uniquely by its own mining operations, with third-party sources used only as a backup.

This vertically integrated “mine-to-token” concept is completely unique. Investors can benefit from knowing that they’re dealing with an established, US-listed firm and gain exposure to gold without any of the existing challenges.

Price and Demand

The minimum token price is pegged to the current spot price of gold, which means the token benefits from the lower volatility of gold relative to the cryptocurrency space, offering a sense of stability. Given fears of devalued fiat currencies, the bull case for gold remains intact, and AABBG could also rise as a function of increasing gold prices. As the price of gold fluctuates, the floor for AABBG tokens can change, but the potential upside price of the token will be driven by market demand.

It’s also worth noting that Asia Broadband’s experience and network in the gold sector also offer significant potential to drive demand. As the company has put extensive focus on the vertical integration of its own sales network in Asia, these global relationships provide the potential for cross-selling and deeper liquidity.

AABBG launched in March and, within two weeks, had sold $1 million worth of tokens. It’s now developing a proprietary exchange to allow AABBG holders to trade their tokens for various cryptocurrencies.

The entry of established professional firms to the asset-backed token sector could be just what it needs to get kick-started. With industry expertise, global networks in the business, and innovative business models, it’s evident that they’d have plenty to bring to the table.

Image by Daniel Dino-Slofer from Pixabay

Source: https://bitcoinist.com/asia-broadband-forays-into-crypto-with-gold-backed-token-and-exchange/?utm_source=rss&utm_medium=rss&utm_campaign=asia-broadband-forays-into-crypto-with-gold-backed-token-and-exchange

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