Connect with us


Dogecoin Review: The Original Meme CryptoCurrency



Referred to by its creator as “the spare change you throw in the jar when you get home”, Dogecoin is one of the most unique cryptocurrencies in existence.

It recently made the news when TikTok user James Galante posted a video on July 7th explaining that if people invested 25$USD in Dogecoin, they could make over 10 000$USD if the price reached 1$ per DOGE (it was worth a quarter of a cent at the time). This led to a sudden bull run that saw the price of DOGE increase over 2x to a whopping half cent over a 2-day period.

Dogecoin has been in and out of the news ever since its creation. Prior to the recent TikTok hype, it was revealed to be Tesla CEO Elon Musk’s favorite cryptocurrency. This subsequently made him the top pick for the fictious role of Dogecoin’s CEO by its active community.

Jay Hao, CEO of cryptocurrency exchange OKEx also recently stated that he believes Dogecoin to be quite a serious asset and “not a joke”, citing impressive marketing and understanding of user psychology by the Dogecoin community. This begs the question: is there more to Dogecoin that meets the eye? The answer is yes, and the details might surprise you!

Origin Story of Dogecoin

Dogecoin began as a joke started by Australian marketer and software developer Jackson Palmer. On November 27th of 2013, he had two tabs open side-by-side on his computer screen. One was CoinMarketCap and the other was a news article about the best meme of 2013, Doge.

For those unfamiliar, the original Doge meme features an image of a Japanese Shiba Inu dog named Kabosu (and there are of course variations of these memes which feature different Shiba Inu dogs). Doge memes often contain broken English in comic sans text.

Jackson Palmer Doge
Dogecoin founder Jackson Palmer in 2014. Image via YouTube

When switching between the two tabs, Palmer had the funny idea of putting the two elements together and sent out a spontaneous tweet about a hot new cryptocurrency called Dogecoin. Palmer, who is also an avid purchaser of website domains, purchased which featured the Doge meme superimposed on a gold coin.

Shortly afterwards, an IBM developer from Portland, Oregon named Billy Markus reached out to Palmer via Twitter asking him if he would be willing to create an actual Dogecoin cryptocurrency. By December 6th, 2013, Dogecoin was officially launched and available for virtually anyone to mine.

On December 25th, multiple Dogecoin wallets were hacked. The Dogecoin community responded by coming together and refunding all affected users. This marked the first of many large-scale initiatives by the Dogecoin community. Although Dogecoin was founded by Palmer and Markus, the project has been almost entirely community driven since its inception.

Dogecoin Twitter
All Dogecoin social media accounts were created spontaneously by the community . Image via Twitter

Palmer claims to have never held any Dogecoin (though he does hold Bitcoin). Markus mined roughly 1 million Dogecoin within the first 24 hours of launch, after which the mining difficulty rose so quickly that it not profitable and nearly impossible to mine using a regular computer.  A few months later, Markus left Dogecoin and handed all development duties over to Palmer.

Palmer left Dogecoin in 2015 after an incident involving a now-defunct “cryptocurrency exchange” called Moolah. While it is an epic tale in itself, the short of it is that Alex Green, the CEO of Moolah became famous within the Dogecoin community for randomly tipping users thousands of dollars worth of DOGE.

He was also heavily involved in the community funding of NASCAR driver Josh Wise, who sported the Dogecoin icon on his car and jacket at the 2014 Talladega All-Star race. Green began promising dividends to those who willingly gave him their DOGE which he claimed would be used to fund projects such as a Dogecoin ATM.

Dogecoin Nascar
Dogecoin branding on Josh Wise’s racecar in 2014. Image via Reddit

Palmer was skeptical of Moolah from the outset which landed him scrutiny from the Dogecoin community. A few months later, Alex Green stepped down as CEO of Moolah and ran off with millions of dollars worth of cryptocurrency. He was eventually arrested after it was revealed that his real name was Ryan Kennedy and had a long history of run-ins with the law related to scams.

Fed up, Palmer took an “extended leave of absence” from cryptocurrency. He continued to make YouTube videos about cryptocurrency until 2018 and continued doing interviews. In 2019 he quit all social media entirely, leaving only his website which features nothing more than a black screen with his email.

The Dogecoin Foundation

The Dogecoin Foundation is a non-profit corporation registered in Colorado, USA. It was created by the Dogecoin community to facilitate the philanthropic initiatives of the community, of which there are many. The two most notable involved the funding of the Jamaican bobsled team so it could afford to compete at the Sochi winter Olympics in 2014, and Doge4Water, a project which successfully funded the creation of a clean water well in Kenya.Dogecoin Foundation

The Dogecoin Foundation website home page

Interestingly enough, the Dogecoin Foundation was apparently led by Eric Nakagawa (at least during the Doge4Water campaign). Nakagawa is a best-selling author, public speaker, and the head of open-source for Libra, Facebook’s cryptocurrency project. There has been no visible activity from the Dogecoin Foundation since 2015.

What is Dogecoin?

Dogecoin is a cryptocurrency that is primarily used for tipping users on Reddit and Twitter. It is also accepted as a method of payment by a few dozen merchants around the world. You can use Dogecoin to buy food, household supplies, and even website domains. Dogecoin was created as an attempt to break the stigma surrounding cryptocurrency, which carried negative connotations at the time.

Dogecoin Money
Dogecoin is a decentralized digital currency. Image via Steemit

It was also introduced as a response to the opportunistic greed Palmer saw in much of the cryptocurrency community. As such, Dogecoin was intentionally designed to be unattractive to investors by keeping a permanently low value due to its mining algorithm.

How does Dogecoin work?

Dogecoin is a version of Luckycoin, which is itself a fork of Litecoin (and for those unfamiliar, Litecoin is a fork of Bitcoin). The Dogecoin blockchain can process roughly 30 transactions per second (TPS). Each DOGE transaction costs roughly 1 cent USD.

Shortly after Dogecoin’s launch, Dogecoin developers worked with Digibyte developers to implement Digishield, a protocol which modifies Dogecoin’s mining difficulty every block to prevent it from being taken over by a large mining pool. Dogecoin had no ICO and no pre-mine. In contrast to many other cryptocurrencies, Dogecoin’s function and design is quite simple and has remained so since it was created.

Dogecoin Consensus

Dogecoin uses a proof of work consensus algorithm called Auxiliary Proof of Work which allows those who mine other proof of work cryptocurrencies (primarily Litecoin) to simultaneously mine DOGE at no additional cost in a process known as merged mining.

Dogecoin Merged Mining
Dogecoin is dependent on Litecoin. Image Source

This was integrated after Litecoin founder Charlie Lee approached Palmer and the Dogecoin community, suggesting that the feature be added to bolster the network and protect it from a 51% attack. Palmer has noted that Dogecoin is now “merged at the hip” with Litecoin – Dogecoin’s survival literally relies on Litecoin’s.

Like Luckycoin, Dogecoin’s initial block rewards were designed to be random and vary between 0 and 1 million DOGE. This continued until DOGE hit a supply of 100 billion (a reference to an Austin Power’s film), which occurred in February of 2018. Since then, each mined block yields a reward of 10 000 DOGE.

One block is mined every minute and Dogecoin has no supply cap. Palmer has stated that this was a mistake, and that the supply cap was supposed to be set at 100 billion. This was left “unfixed” on purpose as it keeps the cost of DOGE low. Like Litecoin, Dogecoin uses Scrypt technology.

How to mine DOGE

Dogecoin was designed to be mineable by basically anyone with a computer and can be done using a CPU or GPU. However, as noted earlier the Dogecoin mining difficulty increased substantially within the first day of the coin’s release. Mining with either a CPU or GPU is not recommended, especially not the former as it can cause your computer to overheat.

Mining alone using either a CPU or GPU would give you an average return of less than 1 DOGE per hour or even per day depending on what hardware you are using. As such, it is instead recommended to join a Dogecoin mining pool.

Dogecoin Mining
A visual representation of Dogecoin mining created by the Dogecoin community: . Image Source

You can also mine DOGE using an application specific integrated circuit (ASIC) miner. This is essentially a fancy term for specialized hardware designed specifically for mining cryptocurrencies. ASIC miners come in all shapes, sizes, and price tags. You can use this handy Dogecoin mining calculator to get a sense of how much money you could make with the ASIC miner you have in mind (hint: make sure it is a Scrypt miner). You can also participate in Dogecoin mining pools with an ASIC miner.

DogeChain, Dogecoin’s native wallet required for mining. Image Source

Once you have decided what you are going to use to mine, you will have to find the appropriate software. If you want mine Dogecoin using your CPU (not recommended), you will need to download CPUMiner. If you want to mine Dogecoin using your GPU you can download either CGminer or EasyMiner.

These two softwares are also compatible with Scrypt ASIC miners. Now, you need to find a Dogecoin mining pool. You should be able to find one on Aikapool or Multipool. Besides that, all you need is a computer, an internet connection, and a Dogecoin wallet address on Dogecoin’s native wallet, DogeChain.

Dogecoin Roadmap

Dogecoin has no definitive roadmap and no whitepaper. The closest thing to a roadmap for Dogecoin appears to be this Reddit post from 2017, which outlined a series of minor fixes and improvements to Dogecoin. In truth, there have been virtually no major developments since Palmer left in 2015 and the Dogecoin Github confirms that most “developments” since then have been security patches and other network maintenance.

Palmer has noted that this is primarily because Dogecoin was only ever a fun side project for him and basically every other developer involved with Dogecoin. Most of Dogecoin’s goals have involved community-based charity or stunts, such as sending a Dogecoin-themed rover to the moon (for real).

Dogecoin Vitalik
Ethereum creator Vitalik Buterin is a long time fan of Dogecoin: Image Source

One interesting thing to note is that Dogecoin almost became compatible with Ethereum in 2018. Someone (allegedly Ethereum founder Vitalik Buterin, who is pro-Dogecoin) offered a 372 Ethereum bounty (roughly 100 000$USD at the time) to developers who could successfully create a Dogecoin-Ethereum bridge.

This would see Dogecoin become an ERC-20 token on the Ethereum network and allow users to swap their DOGE for ERC-20 equivalents (and vice versa). The Dogecoin-Ethereum bridge was abandoned after the Dogecoin community noted that DOGE’s primary use case of tipping would not be feasible in an ERC-20 form given Ethereum’s high gas fees.

DOGE Price Analysis

Dogecoin’s price history is as wild as its origin story. When it first debuted on the crypto market in December 2013, DOGE was worth around 0.0002 USD. By January of 2014, its value had risen almost 10x to a price of roughly 0.002 USD. In 2015, the price of DOGE dropped all the way down to 0.0001 USD.

During the historic cryptocurrency bull market of 2017-2018, the price of Dogecoin skyrocketed to almost 2 cents USD. Now, we know these valuations are quite low, but take a second to realize that this was a 100x gain from DOGE’s initial market price!

DOGE Price Performance
DOGE Price Performance: Image Source

There is one more important thing to note about the price action of DOGE. It appears to follow a relatively predictable cycle that seems to be quite independent of other major cryptocurrencies such as Bitcoin. Some have speculated to be evidence of price manipulation by whales (pump and dump).

In any case, seasoned traders have taken advantage of this predictable cycle to make some serious profits. Although the recent price pump was fundamentally due to the TikTok hype, it was almost exactly in line with what was expected to happen based on Dogecoin’s previous price cycles.

Where to get DOGE

Dogecoin is extremely easy to get. Once upon a time, large airdrops were common within the Dogecoin community and users could even go to designated websites called “Dogecoin Faucets” to claim free Dogecoin. Although not as frequent, Dogecoin giveaways still occur from time to time. You can still receive tips in Dogecoin for actively participating in the Dogecoin subreddit. Admittedly, the amounts tipped and given away are not worth very much in USD.

Binance DOGE
Register at Binance and Buy DOGE Tokens

If you want to buy Dogecoin there is no shortage of options. There are over 250 trading pairs listed on CoinMarketCap with at least 3 dozen exchanges supporting DOGE. These include the likes of Binance, OKEx, Huobi, and Kraken.

As of May of this year, you can even buy Dogecoin directly using popular crypto platform Bitpanda. If you decide to get your DOGE from an exchange, you will not have any issues doing so as there is plenty of volume to go around. That being said, Dogecoin’s 24-hour volume is suspiciously low compared to its total market cap, which may leave it susceptible to price manipulation.

DOGE Wallets

When it comes to storing your Dogecoin, you likewise have quite a few options. As far as hardware wallets go, Dogecoin is supported by both Ledger and Trezor. Digital wallets for DOGE include Coinomi (mobile), Exodus (desktop/mobile), Atomic Wallet (desktop/mobile), and of course Dogecoin’s very own Dogechain wallet.

If you want to learn more about Dogecoin cryptocurrency wallets or just want more details about the ones mentioned, you can check out our article about Dogecoin wallets.

Our stance on Dogecoin

Dogecoin is one hell of a project. Its history, its community, and its oddly high ranking in CoinMarketCap (36th at the time of writing) reveals it to truly be the product of an unholy union between decentralized currency and internet culture.

Doge Logo Design
Dogecoin’s original logo/design: Image Source

This is of course what it was always meant to be – a lighthearted icon to remind those both inside and outside of cryptocurrency not to take things too seriously. In this sense, Dogecoin has achieved practically everything it set out to do. Despite a concerning lack of development, DOGE continues to exist without any major issues and may even be around for many years to come.

The recent price spikes driven by TikTok were a nice laugh but anyone who took two seconds to do the math would realize that it is virtually impossible that DOGE could be pushed to reach a price of 1$. With a current supply of 125.5 billion, at 1$ per coin, Dogecoin would be a close second to Bitcoin in terms of market cap.

Not only that, but it would be worth more than the next top 10 cryptocurrencies combined. The likelihood that a cryptocurrency that has had next to no development and has an extremely weak use case and low TPS (by current standards) would outperform a cryptocurrency like Ethereum is zero.

Doge Top Wallets
The top 12 largest Dogecoin wallet addresses: Image Source

There is one last thing we need to note and that’s price manipulation. Although Dogecoin’s native blockchain explorer does not make it possible to see a list of the wallets which hold the most Dogecoin, BitInfoCharts does. Not only that, but it also shows us how much Dogecoin has gone in or out of those wallets over the past week and over the past month.

As you can see, there are some accounts with billions of DOGE worth tens of millions in USD. The number of transactions going in and out are conveniently listed on the righthand side, which makes it easy to identify which of those addresses probably belong to cryptocurrency exchanges.

Doge To Moon
Another iconic Dogecoin meme: Image Source

There appears to be a handful of accounts in that top 100 list that have been recently dumping large amounts of DOGE. Could one or all of them be responsible for DOGE’s price cycles?

While we may never know, one thing sticks out in this top 100 list: the majority of these top 100 accounts seem to have received their first transaction in 2019 or 2020. That is very strange and could be further evidence of price manipulation by various individuals or even an organization.

It is also possible that Dogecoin has been “compromised” from the start. All of its social media accounts were created spontaneously by its community and could therefore be used as a tool by the individuals who manage those accounts to create and/or facilitate pump and dump cycles.


All in all, Dogecoin was, and is, fun. It is questionable how long this memorable cryptocurrency will last, but it seems that so long as Litecoin continues to breathe, so too will the Shiba Inu of Dogecoin. It seems like a bit of a shame that Palmer stepped away from Dogecoin.

It would have been incredible to see just how far the cryptocurrency could have come and could go if its creator had directed its active and die-hard community.

Dogecoin could still be and hopefully will be a force in driving cryptocurrency adoption in the years to come. It has certainly done a good job of that so far!

Featured Image via Shutterstock & Dogecoin

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.



DeFi in style? Here’s how women can break into the game




There are many things to think about when entering this field: what inspires someone to do so; how blockchain technology, crypto and DeFi match with your overall personal or professional philosophy; and how one can change the life of others through promoting DeFi adoption, breaking the stigma surrounding this industry. Have you ever considered entering the decentralized world of blockchain technology? Is there anything holding you back?

In the DeFi industry, the above questions could be very intimidating, but the many women who have cracked into the space are changing the way decentralization is perceived. Getting women involved in an industry that has a preconceived idea of who should be the leaders is difficult, but women every day are breaking the already-established boundaries to perpetuate the industry in all aspects, including education, technological advancements and accessibility.

Their drive to change how education and implementation surrounding accessible finance reaches the masses will hopefully inspire some who have just dipped their toes in this seemingly cold water, showing that the water might actually be warmer than it looks.

Figure out your career goals

For many, the crypto and DeFi industries line up with their career and personal goals and can be used to their advantage professionally. Even if the world of blockchain and crypto falls upon you by accident, this could be an opportunity to explore it and discover how your experiences could benefit from blockchain and DeFi, or vice versa.

For example, while working at a central bank, UNICEF blockchain lead Christina Lomazzo used her institutional perspective to develop a connection. “I’ve been intrigued by the concept because of its power to redistribute traditional power dynamics and create opportunities for groups traditionally excluded from systems,” she told Cointelegraph, adding:

“I stayed in the industry because blockchain and crypto presented an opportunity to work with a foundational technology that offered many ways that systems could be rethought and redesigned.”

Working from the inside and trying to change the traditional power dynamic is a great example of how to use your previously acquired knowledge in DeFi. Changing the process of one institution is sure to make significant changes, profoundly developing the need to push boundaries of the industry and your career.

If one of your interests aligns with education, then perhaps a great thing to think about is how to organize meetups with the goal of educating. Elena Silenikova, co-founder of CryptoChicks, did just that. Studying Ethereum has always been a passion of hers, and after trying and successfully troubleshooting it on Windows, she decided to organize a meetup with other women to discuss Ethereum and share what they know. Silenikova explained:

“We eventually created a meetup group for women to teach them about different blockchains, various wallets and, most importantly, about the security precautions they need to pay attention to while working with crypto. Our meetup group grew; we started doing bigger events and ended up organizing CryptoChicks worldwide blockchain hackathon for women.”

From all over the world, women were traveling to Toronto for hackathons; major companies such as Deloitte and Microsoft were inviting them for seminars; and even women-led educational groups were asking for a CryptoChicks chapter to be established in various countries around the world. Silenikova believes that “many women needed help turning their projects into startups after these hackathons.”

A passion for education is so important to the industry, especially in a space that feels like a closed-off subculture, and that’s exactly what SheFi founder Maggie Love thought. After hearing about blockchain in a meeting, Love decided to read up on the topic, and that’s how she decided that this industry was for her:

“I wanted to figure out a way to kind of create a model like [the NCAA playoff bracket] or to get women excited to play with money in some sort of way and put it in DeFi protocols. There’s a problem that no women are putting their money in DeFi protocols and experimenting with them and earning money on their money.”

Knowing your strengths and interests is key to understanding how you can utilize your past experiences within the DeFi and crypto space, especially if there is a begging call that is pushing you toward the industry. Love added, “I was curious. I read about [blockchain], then I had to be a part of it. It was one of the best decisions I’ve made in many ways to date.”

Why was crypto created?

Well-known within the community, the creator(s) of Bitcoin and a co-founder of Ethereum, two established cryptocurrencies defining crypto and thus DeFi in ways that complement each other, created a new industry that many did not realize its full potential and usefulness — until it happened to be exactly what they were looking for.

After noticing how this industry has so many different ways for people to “poke at the edges” of creativity, Love believes that there is always a way to expand what is there, to push the limits of this boundless industry: “​​With Satoshi and with Buterin, they reimagined the way that the world could be organized for value creation — whether it is money, whether it is a metaverse or in art and creators — in the way that they earn money and get discovered. And so, it’s hard not to live in this world of new imagination once you’re introduced to it.”

With SheFi, Love is able to continue to express the creativity and imagination from the founders of the space without adhering to the perceived status quo of the industry. She added, “Decentralization became possible only because of Satoshi and Vitalik’s work, and now would be the time when people can benefit from it on many levels.”

For Silenikova, it was important for her to start something that is “building borderless businesses on a scale, freedom of implementing your hopes and dreams without any fear that someone can deny, prohibit or block them.” One would be able to access the industry from anywhere in the world, as well as access remote financing and investing, regardless of where you are located because there are “possibilities and yield that you could not even imagine before.”

With Lomazzo, her passion for building ways in which underbanked communities can be fairly represented has crossed over well into the decentralized industry. “Decentralized technologies, particularly blockchain and crypto, introduce opportunities to address cross-cutting societal challenges,” she said. In her work with UNICEF, she used these philosophies to her advantage, funding eight blockchain companies in seven countries to start paving the way toward financial inclusion.

These women used the philosophies of the respective white papers of Bitcoin and Ethereum to their advantage, developing a way to change the world and build a better and borderless system. And this was because of their interpretation of how their professional and personal philosophies can be integrated with the foundation of the space.

How to break down the centralized barriers

Decentralization in the crypto industry has many goals, one of which is to place privacy and control back in the hands of the people. Whether that is by using cryptocurrency or helping your community utilize blockchain technology for data storage, decentralized technology can bring forth freedoms that are otherwise unavailable for many.

Breaking the stigma that crypto is only for a certain group of people is important in order for the industry’s full potential to come to fruition.

Related: Adopting a decentralized way of life, from small steps to giant leaps

However, starting the process can be challenging, and Lomazzo advises to participate in seminars, hackathons and groups dedicated to changing and educating, as well as donating to hedge funds that will help broaden technology because according to her, “More product choices and more institutional adoption will widen the impact of cryptocurrency and create opportunity and choice where they may not otherwise exist.”

The crypto and decentralized world is creative and motivating, but it is important to remember why this industry exists in the first place. Breaking the stigma starts with implementing ways to think about how people are affected by being outside of the centralized financial system and what could be thought to actually open DeFi systems to those communities.

Love stated, “Think about what are the ways we can onboard more people and get more perspectives about what is challenging in the traditional financial system for people who do not have access and privilege,” as she added further:

“Crypto is still pretty homogenous in many ways, and we still need to do the work to think about who our neighbors are that are hurting because they are not in the traditional financial system where it’s not easy for them.”

The decentralized industry still has ways to go, and making sure that you stay educated and curious, without forgetting what has started it all, is a surefire way to start moving toward real-life implementation.

As Silenikova said, “We live in the exciting time of endless possibilities that the blockchain technology has opened up for us, so let’s embrace all of its benefits!” DeFi and crypto have so many possibilities for innovation and implementation, so despite the uncertainties, doubts or the glass ceiling that this industry appears to have, there is always a way that could push the industry forward and beyond.

In an industry that may seem intimidating and inaccessible to many, the inspiration, philosophies and advice that industry pioneers can give to newcomers shed light on the importance of decentralized finance (DeFi) and the utilization of blockchain to store data and protect one’s privacy. 

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.


Continue Reading


Bitcoin sellers in ‘disbelief’ or BTC price wouldn’t still be at $41K — Analyst




Bitcoin (BTC) closed July above $41,000 in a “bullish engulfing” candle that dramatically upends its previous downtrend.

In a tweet on Aug. 1, investor and entrepreneur Alistair Milne joined many celebrating a classic return to form for BTC price action.

Bitcoin refuses to flip bearish

After seeing three straight monthly red candles in a row, BTC/USD held onto late gains to post a monthly close that few had anticipated.

Despite the dip to $29,000, bears failed to stay in the driving seat as July drew to a close as resistance levels fell and sentiment improved. 

“Bullish engulfing on the monthly chart for Bitcoin,” Milne summarized. 

A bullish engulfing pattern is a chart pattern that forms when a small red candle is followed by a large green candle, i.e. July, the body of which completely covers or engulfs the body of the previous candle (June).

BTC/USD 1-month candle chart (Bitstamp). Source: TradingView

The move up — and its staying power — have been so surprising that even seasoned hodlers appear confused about what to do next.

On-chain data shows that some long-term holders (LTHs) are in fact selling as BTC/USD rises, something that analyst Lex Moskovski believes corresponds to the “disbelief” stage of a classic market cycle.

Moskovski highlighted the long-term holder spent output profit ratio indicator (LTH-SOPR), which this weekend hit its lowest levels in 2021.

SOPR looks at the value of coins moved in a particular time period to get an impression of profitability of coins being sold. A downtrend towards the neutral 1 value, host Glassnode explains, suggests that profitability among the coins in question is low.

“Some long-term bitcoin holders are selling into this bounce with minimal profit as indicated by LTH-SOPR hitting this year’s low for two days straight,” Moskovski commented.

“This is one of the reasons we’re still at 41k. Disbelief.”

Bitcoin LTH-SOPR annotated chart. Source: Lex Moskovski/ Twitter

“Like clockwork”

Bulls meanwhile continue to look for triggers that could send BTC/USD past $42,000 resistance for good, this having seen two tests in the past 24 hours.

Related: Bitcoin ‘supercycle’ sets up Q4 BTC price top as illiquid supply hits all-time high

Beyond there, as Cointelegraph noted, little lies in the way until $45,000 and $47,000.

Equally enthusiastic for upside on Saturday was PlanB, the creator of the stock-to-flow price model family, who described Bitcoin’s July close as being a recovery “like clockwork.”

Stock-to-flow, while currently demanding a Bitcoin price of nearly $100,000, remains valid, with PlanB giving a minimum August close requirement of $47,000.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.


Continue Reading


Digitizing charity: We can do better at doing good




Charity fundraising risks being left behind in the shift to online activity. But taking inspiration from the COVID-19 pandemic trends, and new payment technology, could open doors.

Change comes whether you’re ready or not, but being ready means you can seize the opportunity. The past year has accelerated the pace of digital transformation dramatically — sure, personal contact was already moving online, and contactless payments were slowly replacing cash, but the pandemic did not so much push as shove the world faster and farther than anyone expected. This creates specific challenges for the nonprofit sector — and with those, some exciting possibilities.

Related: Philanthropy: A missing catalyst of blockchain adoption

Bring the message home

Charity events and street fundraising — two major traditional revenue streams — have been sharply curtailed by the pandemic. However, lockdown has unlocked some inspirational creative thinking, such as the 2.6 Challenge, in which sports and fundraising agencies asked the public to come up with their own private challenges to fill the gap left by the London Marathon. The brilliance of such personal fundraising efforts is that, well, they’re personal.

Consider how Captain Tom Moore raised over 32 million euros ($44 million) by walking around his garden! This shows rather dramatically how an individual effort can drive far stronger engagement than might be achieved by, say, a marathon team: When supporters can see the motivation behind each challenge, they are inspired. It’s all about storytelling and authenticity. To stand out among a host of issues vying for public attention, and to restore the path to the positive feelings of giving, it’s important to reinforce the “why” — keep it personal, keep it relatable.

But while big moments like this capture the imagination and attract a flood of impulse contributions, charities need repeat donations and peer-to-peer fundraising for their financial health. It is crucial that organizations convert one-time donors into engaged supporters who are committed to sharing their message.

Related: The future of philanthropy lies in blockchain technology

Online fundraising can be particularly effective at this task, thanks to the power of storytelling.According to research, 57% of the people who watch a fundraising video go on to make a donation, but think about how much more could be done. A charity or activist website can become a place for helpers and the helped alike to share their experiences, their motivations and the impact of their actions. How can individual online actions translate into greater change? How can online social tools build community? And how can we mobilize a demographic that no longer trusts established groups to do the right thing once the donations have been made, or accepts that the agenda should be set only by the biggest donors?

Transparency and accountability are in increasing demand in all aspects of life. So it is with social causes: Young people want to know they make a difference. Show them a track record of effective action coupled with responsible stewardship, and they will spread the word for you. Explain what resources are needed, and how they will and have been put to use. Groups who make use of social networks and universal tools that are easy to access and understand will be best placed to win the trust and loyalty of the generations that are coming of age now.

Embedded payments open new doors

Let’s talk about the nuts and bolts of payments. The actual process of making a donation online can be a significant hurdle. Donors usually need to complete a detailed form, providing their name and several methods of contact, even before going into the details of payment. A moment of generosity and a true desire to participate might sour as more and more demands are made of people who imagine that their personal details are being stockpiled in a database.

Blockchain technology could simplify this step dramatically. If a charity website implemented a micropayment layer that allowed donors to give any amount with the click of a button — no forms to fill, no personal data to give up — wouldn’t you expect that to unlock goodwill, not to mention giving? This is a real possibility. Once the tech has gained widespread acceptance, it won’t just make online donations easier, it will pave the way for exciting new forms of fundraising.

Remember the Ice Bucket Challenge? Donations from that social media phenomenon reached $115 million, enabling the beneficiary, the ALS Association, to nearly double its funding for research into the disease. During lockdown, TikTok and Instagram challenges spread like wildfire, although few were linked to a cause. Imagine what might be achieved if you could craft a viral social media challenge that harnessed that energy, tied it to an action that held meaning — and embedded the donation mechanism directly in the posts created. If viewers were asked to donate a few pennies to watch the video, and a few pennies more to upload their own, viral campaigns could achieve more than just spreading awareness.

The trivia game Freerice has raised around $1.4 million (through advertising) for the United Nations World Food Program — it works because players are motivated partly by the addictiveness of the simple game but also by the sense of doing good. Making giving easy through an embedded, decentralized micropayment system could be deployed to combine small donations to fund any manner of positive, transparent, effective efforts. One could even imagine a free marketplace of information that drives funds toward the most valued causes.

Related: Your crypto taxes can be donated to charity instead

What can you offer?

Fundraisers need to employ some sharp marketing thinking to broaden their revenue base. Asking for donations, in many ways across multiple platforms, is a must. But apply the bake sale principle: What can you give, in order to get?

Any nonprofit is likely to have specialist knowledge. If it can leverage that to create an online course or e-book, or offer expert lectures, that’s a valuable product. Online donors typically give less, so fundraisers need to work harder on cultivating them and providing different channels for donation. Online or hybrid events are another option, less risky than traditional fundraising events (which are vulnerable to weather and other unpredictable factors) and with greater reach. Embedded payments make it possible to offer this extra value in a frictionless way, without compromising data protection or investing any overhead in payment processing contracts.

Target the next generation

Remember that, above all, younger donors are likely to engage with online content and offerings — and younger donors can deliver a full lifetime of support. So, fundraisers need to pay attention to young people’s online behavior. We know that Generation Z is active online, especially on mobile devices, and is turned off by out-of-date websites. Social media is a big part of their lives, so online community building is crucial. And they rarely use cash.

As cash payments become a rarity, small change donations have gone the way of the dinosaur, arguably leaving more than just a financial gap. Dropping a few coins in the charity jar by the till, or in the “take a penny, leave a penny” plate familiar in some United States regions, generated a sense of solidarity. Could micropayments offer a way to recapture the social and economic benefits that came from the anonymous circulation of small amounts of money? And could they help to engage young people at a level that works for them, opening the door to increasing levels of support in the future?

The leap forward in remote networking in 2020 could combine with emerging payment technologies to bring transformative possibilities for charities. We can see now that far from being a poor substitute for in-person activities, online engagement can be hugely powerful in its own right. New digital payments could prove to be a similarly great step-up on cash. Now, it’s over to fundraisers to apply the lessons learned and build new models for the future.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Stephanie So is an economist, policy analyst and co-founder of Geeq, a blockchain security company. Throughout her career, she has applied technology within her specialist disciplines. In 2001, she was the first to use machine learning on social science data at the National Center for Supercomputing Applications. More recently, she researched the use of distributed networking processes in healthcare and patient safety in her role as a senior lecturer at Vanderbilt University. Stephanie is a graduate of Princeton University and the University of Rochester.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.


Continue Reading
Blockchain5 days ago

Understanding Bitcoin profitability in the current market

Blockchain5 days ago

Mastercard Unveils New Start Path Initiative for Blockchain and Cryptocurrency Companies

Blockchain5 days ago

Monero Bug May Impact Transaction Privacy: Team Reveals

Uncategorized5 days ago

Orion Pool Users to Gain Access To Trading, Swapping, Staking, & Voting From A Single Dashboard

Blockchain5 days ago

Goldman Sachs Submits ‘DeFi And Blockchain Equity ETF’ Application To The SEC

Blockchain5 days ago

MATIC, Filecoin and Solana Price Analysis: July 27

Uncategorized3 days ago

Binance Labs invests in NFT creatives and production company NFKings

Blockchain5 days ago

Dash Rolls Out Instant Savings Retail App to Boost Adoption 

Uncategorized5 days ago

ZKSwap’s V2 mainnet is set to go live tomorrow

Blockchain4 days ago

CertiK Completes Successful Audit of hi Dollar Smart Contract

Blockchain5 days ago

Is this the right time to enter Bitcoin derivatives market

Uncategorized4 days ago

Top Scam: What Does It Take to Promise and Deceive?

Blockchain3 days ago

What The Original Wolf of Wall Street Thinks Of Bitcoin, Tether, Defi and the Crypto Space

Blockchain5 days ago

Is this a sure-shot sign of a Bitcoin bull market

Uncategorized4 days ago

Ethereum pares gains, Bitcoin pushed under $40K as the Fed is set to reveal tapering plans

Uncategorized5 days ago

Crypto app Valora raises $20M, becomes independent from Celo

Uncategorized3 days ago

TA: Ethereum (ETH) Topside Bias Vulnerable If It Struggles Below $2.3K

Blockchain5 days ago

Bitcoin: Making the most of this bull run

Uncategorized5 days ago

Here’s why DinoSwap’s (DINO) TVL rose above $330M a week after launch

Blockchain5 days ago

Dogecoin, Binance Coin and Chainlink Price Analysis: July 27