Connect with us
[crypto-donation-box]

Blockchain

Optimism abounds for crypto and blockchain adoption at virtual Blockchain Africa

Republished by Plato

Published

on

The first-ever virtual version of Blockchain Africa delivered an optimistic outlook for the cryptocurrency and blockchain space in the continent as the world settles into a new normal dictated by COVID-19.

The conference featured a number of well-known industry commentators, participants and thought leaders from around the world who addressed a completely virtual audience. The event attracted around 4,000 attendees online, according to organizer Sonya Kuhnel, despite going virtual in light of the ongoing COVID-19 pandemic.

A major highlight of the conference was an insightful keynote address from Cardano founder Charles Hoskinson on Africa’s burgeoning position as a hotbed for cryptocurrency and blockchain adoption and development. Hoskinson outlined his belief that the continent would drive innovation in the space and highlighted Cardano’s ongoing investment and work in various African countries.

Well-known podcast host Peter McCormack moderated a thought-provoking fireside chat focused on the arrival of institutional investments in the cryptocurrency space. This featured Dan Held from Kraken, Bybit co-founder and CEO Ben Zhou, MineBest senior vice president Peter Tylczynski and Crypto.com U.K. general manager Teana Baker-Taylor, who all weighed in on the changing cryptocurrency landscape from a global perspective. Stani Kulechov, founder of popular decentralized finance platform Aave, gave an overview of the growing DeFi protocol’s role in the greater ecosystem.

Some prominent individuals from the African cryptocurrency and blockchain space tackled the industry’s progress on the continent in various presentations and panel discussions. Regulation and adoption was a major talking point that will be expanded upon later in this summary.

“All-you-can-eat buffet of progress”

Hoskinson’s address at Blockchain Africa painted a bright future for the continent, likening Africa’s position as an emerging economy to that of China in the 1980s. In the space of three decades, China became a global powerhouse, and Hoskinson asserted his belief that Africa could follow in its footsteps and even surpass the Asian powerhouse.

Key to this accelerated development is Africa’s position as a marketplace for completely new systems like blockchain technology, which will bring efficiency and lower costs, resulting in what Hoskinson described as a huge competitive advantage to nations that adopt them first:

“The first countries to hold national elections online that are credible, free, fair and auditable will likely be African nations. The first countries to have an end-to-end digital identity and economy, there’s a great potential for that to be African nations — not Germany, not France, not England, not the United States, not China or Japan. This is an all-you-can-eat buffet of progress and new systems.”

Cardano has actively invested and built digital infrastructure in Ethiopia and other African countries that are being used to service large-scale government deals. The rationale behind this, according to Hoskinson, is the fact that citizens in those countries will begin using this new technology and its tools.

The hope is that Africans take advantage of Cardano’s Catalyst funding system, which has over $250 million of grants for individuals and businesses to build infrastructure, applications, services and products in the Cardano ecosystem. Cardano will also look to establish multiple headquarters across Africa, and Hoskinson hopes to see the firm’s staff on the ground in Africa grow into the hundreds and even thousands. He also stressed the need to develop the right tools and systems that will make a difference:

“It would be a travesty if those systems allowed that wealth to only aggregate in one place. In my view, it’s incredibly important that we remember the first principle: that we are truly equal and there is no centralized power.”

Africa’s blockchain and crypto teething problems

While Hoskinson painted a bright picture of Africa’s potential to drive innovation in the cryptocurrency and blockchain ecosystem, the continent still has some teething problems to address as it begins to adopt this new technology.

A panel of speakers with intimate experience working in an African blockchain and cryptocurrency context dissected the most pertinent challenges currently facing countries and businesses that are forging a path in the space.

This included Marius Reitz, general manager Africa at cryptocurrency exchange Luno; Marvin Coleby, co-trustee of the African Digital Asset Foundation; Roselyne Wanjiru, director of digital wallet Pesabase; Brenton Naicker, business development manager for South Africa and Kenya at Binance; Buchi Okoro, CEO and co-founder of Nigerian cryptocurrency exchange Quidax; and moderator Farzam Ehsani, co-founder and CEO of South African crypto exchange Valr.

Luno has become a popular option for South African, Nigerian, Ugandan and Zambian cryptocurrency users. Given that it operates in these African countries, Reitz addressed some of the pain points for crypto users on the continent and highlighted the simple fact that acquiring cryptocurrency safely remains a significant hurdle: “It’s still very much the early days. Exchanges often think that most people know about crypto and know how to buy and sell it safely — but that is really not the case.”

He went on to add: “One of the main challenges for us still is that we don’t have enough safe access points for people to use their local currency to buy crypto and vice versa across Africa.” He concluded, saying: “Infrastructure is still a challenge for us Africans.”

Wanjiru reiterated the fact that so many individuals across the world are completely uninformed about cryptocurrencies and that trust will be another stumbling block for adoption in Africa: “You can’t bypass trust. On the tech side of crypto, we could argue how mature it is, how ideal it is, how much of a yield it has, but on the people side of things, we have to build trust.”

Regulation, or lack thereof, is another challenge for cryptocurrency exchanges and service providers in Africa. Reitz highlighted the fact that banks are having to play the role of regulator at this nascent stage of cryptocurrency use in Africa:

“We’re seeing very little regulatory guidance across Africa and the result of that is that banks are being made the de facto regulators, and that’s a big risk to crypto businesses because customers can’t use your products effectively.”

On the flip side of the coin, heavy-handed regulation can completely stifle adoption as has been evident in Nigeria in recent months. The country’s central bank effectively banned local banks from servicing cryptocurrency exchanges in recent weeks. Operating in Nigeria, Quidax’s Okoro said the move has robbed citizens from enjoying the benefits of the ongoing rally in the cryptocurrency markets:

“Nigerian’s have been excluded from economic prosperity. When all of this happened, Bitcoin was sitting around $38,000, and people were saying: ‘hey, I want to get into Bitcoin.’ Now Bitcoin is sitting around $60,000, and all of that prosperity that someone might have received getting into BTC at that time has been missed.”

Binance’s Naicker identified a number of prominent use cases for cryptocurrencies in an African context. In comparison to first-world countries where demand for crypto is driven by investment purposes, Naicker noted issues such as currency devaluation and strict capital controls lending a hand to new use cases for cryptocurrencies across the continent:

“We see such an aggressive uptake in Africa because, in addition to the investment case, cryptocurrencies also solve some of our pain points — inefficiencies in payment systems, expensive and long remittances, being able to make and receive micropayments. We’re seeing a lot of these things occurring in the African market.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/optimism-abounds-for-crypto-and-blockchain-adoption-at-virtual-blockchain-africa

Blockchain

Crypto Scam Watchdog Group Wants To Get Back At Vitalik Buterin

Republished by Plato

Published

on

ADVERTISEMENT

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.

ADVERTISEMENT

Luxury Condos, doge, ada, lisabon, real estate

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]

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.dcforecasts.com/ethereum-news/crypto-scam-watchdog-group-wants-to-get-back-at-vitalik-buterin/

Continue Reading

Blockchain

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

Republished by Plato

Published

on

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

Continue Reading

Blockchain

Twitter CEO Jack Dorsey says he would forever work to make bitcoin better.

Republished by Plato

Published

on

Twitter CEO Jack Dorsey expressed his support for the leading cryptocurrency bitcoin on his microblogging platform Twitter, in response to a tweet by the Square chief financial officer, Amrita Ahuja. “Our bitcoin strategy hasn’t changed. We’re deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy Initiative,” Ms Ahuja wrote on Twitter. These comments came a few days after Elon Musk’s Tesla suspended bitcoin payments. 

Square’s Bitcoin asset is valued at $410m. 

Square is a digital payments company founded by Twitter chief executive and Jim Kelvey and launched in 2020. The company valued at over $100 billion in 2020 is evaluating Bitcoin as an investment opportunity. Square has purchased a total of $220 million Bitcoin to date. Its Bitcoin asset is valued at $410m. Bitcoin was trading at $48,523.20 on Saturday and is down 13 percent over the past five days since Tesla announced to drop the cryptocurrency as a payment method. “Square is doing exactly this for bitcoin with @SqCrypto,” Jack Dorsey had tweeted last year. 

Tesla suspends the bitcoin payment option citing environmental reasons. 

Less than two months after Elon Musk had announced to accept the leading cryptocurrency bitcoin payments for Tesla vehicles, the company discontinued its support. Elon Musk announced that the reason they are suspending bitcoin payments is because of environmental concerns. Bitcoin mining uses specialized computers that use massive energy for the process of mining. However, Tesla would continue to retain bitcoin holdings that it acquired sometime in January this year. The leading electric car maker had purchased $1.5 billion worth of bitcoins earlier this year, sending the price of the leading cryptocurrency to new highs. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinnounce.com/twitter-ceo-jack-dorsey-says-he-would-forever-work-to-make-bitcoin-better/

Continue Reading
Blockchain4 days ago

Palantir Accepts Bitcoin for Payments and Considers Adding BTC to Balance Sheet

Blockchain3 days ago

Billionaire Druckenmiller says ledger-based system could replace USD worldwide

Blockchain4 days ago

Justin Sun Offers $50M Dogecoin For TRX And BTT SpaceX Satellite Launch

Blockchain4 days ago

Bitcoin Vault inks major deal with ESE to co-produce Gaming & Esports Talent Show in five countries

Blockchain4 days ago

XRP Lawsuit ramifications: Is the SEC hurting the same community it vows to protect?

Blockchain3 days ago

Raze Network Kicks Off Testnet Phase With UI Community Voting

Blockchain4 days ago

Sigmax.io introduces an innovative trading bot that simplifies arbitrage trading

Blockchain3 days ago

First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US

Blockchain4 days ago

Binance Lists SHIB, Will It Become The Next DOGE?

Blockchain4 days ago

Dfinity’s ICP token sees violent first day of trade on major exchanges

Blockchain4 days ago

The challenges with designing a CBDC, explained

Blockchain5 days ago

Data Agnostic Oracle Network ORAO Chooses TRON’s Blockchain Over Ethereum’s

Blockchain3 days ago

dotmoovs Raises $840,000 From Strategic Investors and Partners

Blockchain3 days ago

How did Internet Computer (ICP) become a top-10 cryptocurrency overnight?

Blockchain3 days ago

Casper Network’s CSPR Spot Trading Now Open on OKEx

Blockchain4 days ago

AI-powered crypto trading app BlockBank to use API3’s data feeds

Blockchain4 days ago

Block.one and partners raise $10B to launch EOS-based crypto exchange: Bullish Global

Blockchain3 days ago

When dollars meet the hype: The biggest NFT hits from celebrities

Blockchain3 days ago

PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain

Blockchain3 days ago

Uniswap flips Bitcoin on daily revenue… and it’s more impressive than you think

Trending