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Hyperbitcoinization Comes into Focus During the Bitcoin Halving

The third-ever Bitcoin Halving was a chance to celebrate and explore one of Bitcoiners’ favorite topics: hyperbitcoinization.

The post Hyperbitcoinization Comes into Focus During the Bitcoin Halving appeared first on Bitcoin Magazine.

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Though the applications and adoption rate have a long way to go if Bitcoin is going to achieve its maximum potential, the third-ever subsidy Halving was an opportunity for Bitcoiners to celebrate its more than 11 years of life. In addition to hosting technical demonstrations, discussions with leaders of Bitcoin’s premier Layer 2 protocol and high-level presentations, Bitcoin Magazine’s BitcoinHalving.com live stream was a chance to focus on one of the community’s favorite topics: hyperbitcoinization.

Further Reading: What Is The Bitcoin Halving?

Fundamental Bullishness and the Bitcoin Halving

In one of its most lively and extensive sessions, the BitcoinHalving.com live stream was host to “Fundamental Bullishness,” featuring Robert Breedlove of Parallax Digital, Matt D’Souza and Sam Chwarzynski of Blockware Solutions, Plan B and Preston Pysh of the Investor’s Podcast Network. The group was assembled to discuss the specifics around why bitcoin is poised to become one of the most valuable assets in history.

In addition to the Halving, which significantly reduces the subsidy that miners receive for contributing their fundamental efforts to the network, this was a particularly fruitful time to discuss bitcoin’s role in the world economy, as uncertainty abounds in the wake of the novel coronavirus.

“Going into the Halving, the supply side economics improve significantly,” D’Souza explained during the panel. “That’s a positive catalyst. And then just what’s developed over the past three or four months with central bankers, the Federal Reserve, how there’s discretionary, undisciplined spending or manipulation — really the ability to create your own artificial monetary policies. I think these radically impact the demand side.”

Despite (or because of) the turmoil in traditional financial markets, the third-ever Bitcoin Halving was a time of celebration for the original cryptocurrency and its community. This excitement buzzed and crackled throughout the live stream and was a natural part of the conversation during the “Fundamental Bullishness” panel.

“Bitcoin is the first incarnation, or the closest thing we have, to perfect economic information,” Breedlove said. “We know it’s supplied perfectly forever. You can’t say that for any physical commodity on earth. And again, another product of that is it’s absolute scarcity… As Mark Twain said, I think I’m paraphrasing, ‘To make something valuable, you just have to make it scarce.’ And Bitcin sort of perfects that once and all for money.”

How Do We Imagine the Bitcoin Moon, Post Halving?

Beyond seeing bitcoin adopted as the world’s preeminent asset, hyperbitcoinization will eventually involve fundamental changes to the ways we live, interact and tap into the vast potential of human ingenuity. To explore these lofty impacts, the BitcoinHalving.com live stream hosted “Define Your Moon,” a discussion among Bitcoin Magazine’s Brandon Green and David Bailey, author Gigi and hyperbitcoinization philosopher BitcoinTINA.

“If you’re wondering why I’ve assembled you guys here, it’s because I think we have three of the most bullish people on this call right now in Bitcoin,” Green, who was moderating the panel, said in his introduction. “What does Bitcoin’s ultimate success look like to you? What is Bitcoin’s ‘moon’? What are the societal and economic implications of that success?”

The resulting conversation was wide ranging, exploratory and reflective. After establishing why they believed hyperbitcoinization appears inevitable, the panelists each touched on the wide ranging implications that new status quo will bear. It was about much more than the personal riches early bitcoin investors may reap.

“Imagine when you bring two, three billion people into the global production of ideas, goods and services, what that is going to do to lift the wealth and the ability of humanity to harness existing resources and to do more with those resources than they were currently able to do,” BitcoinTINA said. “Bitcoin, because of what it is and because of its unique qualities, will encourage man to better use the resources that we have.”

To see more of the BitcoinHalving.com live stream content, visit our YouTube page.

The post Hyperbitcoinization Comes into Focus During the Bitcoin Halving appeared first on Bitcoin Magazine.

Source: https://bitcoinmagazine.com/articles/hyperbitcoinization-comes-into-focus-during-the-bitcoin-halving?utm_source=rss&utm_medium=rss&utm_campaign=hyperbitcoinization-comes-into-focus-during-the-bitcoin-halving

Blockchain

U.S. Treasury Targets Stablecoins in Latest Regulatory Risk Assessment

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As regulatory pressure mounts in the U.S., policymakers are putting stablecoins at the top of their agendas.

Citing “people familiar with the matter,” Bloomberg has reported that officials are crafting a policy framework set to be released in the coming weeks. Their primary concern is ensuring that investors can reliably move money in and out of tokens, it added.

The anonymous insiders are worried that a “fire-sale run on crypto assets could threaten financial stability and that certain stablecoins could scale up dangerously fast.”

Strengthening Regulatory Efforts

The Financial Stability Oversight Council is also preparing a formal review into whether stablecoins pose an economic threat.

The officials are focusing on how stablecoin transactions are processed and settled and whether market conditions have an impact, it added. Tomicah Tillemann, global head of policy at a crypto fund run by venture capital giant Andreessen Horowitz, commented:


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“It is significant and very consequential that we are witnessing early steps to create a regulatory framework around digital assets. That’s a big deal.”

The report, when released, will go to the President’s Working Group on Financial Markets. The body includes key agency heads such as Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and Securities and Exchange Commissioner Chair Gary Gensler.

In late July, Yellen called for urgency in regulating stablecoins after stating that they are not adequately supervised. Gary Gensler echoed the sentiment in early August, stating that regulators must act to protect investors from fraud.

Also, in late July, Acting Comptroller of the Currency, Michael Hsu, said regulators are looking into Tether’s commercial papers to see whether each USDT token was really backed by the equivalent of one U.S. dollar.

Tether has repeatedly issued assurances that its reserves are fully backed but has yet to produce a full independent audit.

Stablecoin Ecosystem Update

Tether remains the market leader with a current supply of 69.4 billion, according to the Tether Transparency report. This is close to the all-time high for USDT, which tapped 70 billion earlier this week.

Of that total, 36 billion or 51.8% is based on the Tron network, with 33.8 billion or 48.7% running on Ethereum. USDT supply has grown by 232% since the beginning of the year.

Rival stablecoin, USDC, from Circle currently has 29.3 billion in circulation after gaining 651% in terms of supply growth so far in 2021.

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Source: https://cryptopotato.com/u-s-treasury-targets-stablecoins-in-latest-regulatory-risk-assessment/

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Cardano, Chainlink, MATIC Price Analysis: 19 September

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Most altcoins in the market have been consolidating or recording losses over the last 24 hours. Cardano fell by 3% and inched closer to the support line of $2.20. Chainlink also depreciated by 5% and was trading closer to its three-week low price. Lastly, MATIC was seen moving closer to its one-week low price of $1.29 after registering a loss of 5% over the past day.

Cardano (ADA)

Cardano, Chainlink and MATIC Price Analysis: 19 September

ADA/USD, TradingView

Cardano lost 3% of its valuation over the last 24 hours. The altcoin was priced at $2.33. Over the last few days, ADA has been consolidating. The nearest support line for the coin stood at $2.20 and then at $1.72. 

On the four-hour 20-SMA the alt’s price was seen below it, indicating that the momentum belonged to the sellers. The Relative Strength Index was below the 50-mark. The Chaikin Money Flow also was seen below the half-line as capital inflows were low.

MACD witnessed a bearish crossover and flashed red bars on its histogram. If ADA moved on the upside, the first resistance mark stood at $2.49, toppling which it could retest $2.79. The other price ceiling stood at the multi-month high of $3.04. 

Chainlink (LINK)

Cardano, Chainlink and MATIC Price Analysis: 19 September

LINK/USD, TradingView

Chainlink was priced at $27.80 after it recorded a loss of 5% over the last 24 hours. LINK’s nearest price floor was at $27.78. Falling below which the coin could trade near its three-week low of $24.45. 

Parameters pointed towards negative price action. On the four-hour chart, LINK’s price was below the 20-SMA. This reading suggested price momentum was inclined towards the sellers. The Relative Strength Index was below the half-line.

Awesome Oscillator flashed red signal bars. MACD also displayed red bars on its histogram. On the flipside, once buying pressure revives, the altcoin could attempt to retest the $32.37 resistance mark and then revisit $35.83. 

Polygon (MATIC)

Cardano, Chainlink and MATIC Price Analysis: 19 September

MATIC/USD, TradingView

MATIC depreciated by 5% and was trading at $1.39. The altcoin’s immediate support line was at $1.29 which also is the one-week low price level. The other price floor was at its over a month-long low price point of $1.07. 

Bollinger Bands converged, indicating that price volatility would remain low over the upcoming trading sessions. MACD was bearish with red bars on its histogram. The Relative Strength Index was also seen below the half-line. 

MATIC’s movement on the upside could mean that the coin would meet with its first resistance at $1.42 and then at $1.54. Toppling over these levels, the coin could revisit its multi-month high of $1.76.

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Source: https://ambcrypto.com/cardano-chainlink-matic-price-analysis-19-september

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The Crypto Mining Fight in China Is Not Over

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It looks like China is still not done clamping down on the crypto mining space. Another region known as the Hebei province has agreed to comply with Beijing’s ruling that all crypto mining should be omitted from China’s workforce. The province is now claiming that the practice is illegal and must end within its borders no later than September 30.

China Is Still Kicking Miners Out

China shocked the world not too long ago when it decided that all crypto mining should cease. The idea was that energy used for crypto mining purposes was hazardous to the planet, and that it was setting humans on the wrong path. Thus, regulators stated that it was time to bring things to an official end.

What was most surprising about the ruling is that the country, at the time, was home to nearly 75 percent of the world’s total crypto mining operations. Thus, it stood to lose a lot of money and tax revenue by initiating the clampdown. In addition, the country is home to two of the world’s biggest developers and distributors of bitcoin mining equipment in Bitmain and Canaan Creative.

Nevertheless, China has moved forward in its decision. Many mining operators were forced to shut down their businesses and move elsewhere, and quite a few have popped up in countries such as Kazakhstan and in states like Texas and Florida. Both these regions in America have stated they are open to crypto mining projects given that they can potentially lead to healthier local and state economies, and they will create jobs for interested workers.

The Hebei province issued the following statement:

Cryptocurrency mining consumes an enormous amount of energy, which is against China’s ‘carbon neutral’ goal.

The arguments against crypto mining have become rather prominent in recent months. One of the most notable stemmed from Elon Musk, the South African entrepreneur behind billion-dollar companies such as SpaceX and Tesla. He stated early in the year that he was willing to permit bitcoin payments for electric vehicles. A few weeks later, however, he rescinded this decision, claiming that miners were not utilizing their energy correctly, and he could not condone bitcoin unless carbon emissions were brought down.

Too Much Bad Energy in the Air!

Another argument came from Kevin O’Leary of “Shark Tank” fame. The billionaire investor claimed that he would no longer be purchasing any BTC mined in China given that the country was not known to utilize green energy for mining purposes. China later took this issue to heart, it seems.

Starting in October of this year, bitcoin and crypto mining in China will be completely illegal. Regulators in the nation have stated that they will keep a close eye on the mining space and will work to punish all those who disobey the rules.

Tags: china, Crypto Mining, Hebei province
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Source: https://www.livebitcoinnews.com/the-crypto-mining-clampdown-in-china-is-not-over/>

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