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Robinhood Stocks Closed First Week Of Trading Down By 7.5%

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Robinhood stocks closed the first week of trading down by 7.5% and it seems that it had the worst debut for an IPO of its size ever, as we can see more in our latest cryptocurrency news today.

A successful IPO day doesn’t mean that there will be future access because things like this happened to Facebook in the past. Robinhood could have driven the frenzy around the meme stocks like AMC, GameStop, and meme-coin Dogecoin but the investors were less interested in buying shares of the brokerage app itself. Robinhood’s IPO got off to a bad start when HOOD shares closed their first day of trading at $34.82 marking an 8.4% drop from their opening price of $38. HOOD clawed back one percent to close the week at $35.15, down by 7.5% from the IPO opening price.

robinood debuted, stocks, price

The Robinhood stocks closed with a closing price for the week concluded a huge public debut for the company which was central to the retail investor revolution of 2020. Robinhood had the worst IPO debut and it even underperformed Pepsi, Uber, and MF Global. Back in 2019, Uber closed its day with shares down 7.6%, and in 2007, MF Global closed the debut session 8.2% down. Ahead of the IPO, Robinhood and some of the existing investors sold $55 million shares at the price between $38 and $42. For the IPO, the shares were priced at the bottom of the range and Wall Street Journal blames a huge part of the chilly debut on the company’s democratizing strategy.

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Before the IPO, Robinhood earmarked 35% of shares for the Robinhood existing customers and in an IPO of this kind, the number is actually under 10%. The allocation fell to 20-25% when Robinhood went public and according to reports, many of the app’ users decided to pass on the offer of the company. Robinhood waived the six-month lockup for employees and allowed them to sell some of the shares right away and some did. The app’s disappointing debut doesn’t determine the future of the company because, with 18 million funded accounts, 9.5 million traded crypto in the app during the first quarter of the year, and Robinhood is still thriving.

vlad tenev
Robinhood CEO, Vlad Tenev

The online brokerage company, Robinhood stocks debuted but saw a drop in share price in the 15 minutes after the launch. The initial price was set at $38 which put Robinhood at $32 billion valuations and thanks to the fast recovery, $HOOD is now sitting at $36. Today’s debut is the culmination of a long journey for Robinhood which became the trading app of choice for investors in the past few years.

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Source: https://www.dcforecasts.com/altcoin-news/robinhood-stocks-closed-first-week-of-trading-down-by-7-5/

Blockchain

Live Coin Watch Releases iOS App

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Live Coin Watch is a popular cryptocurrency index and portfolio tracker launched in 2017. For years, users from all over the globe have enjoyed our highly customizable website to help them navigate the wild west of crypto. Today we are pleased to announce the perfect companion to this platform – the Live Coin Watch mobile application. Available now on the Apple App Store, and coming soon to Google Play, it’s a must-have for traders looking for the fastest, most reliable data on the go.

With almost 10,000 cryptocurrencies and over 300 exchanges, the LCW platform is the last app you’ll need for real-time prices. To name just a few features

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  • Up to 8+ years of historical data
  • Use our unique base currency feature to compare historical data for any two cryptos
  • Build a watchlist of your favorite coins so they’re never out of reach
  • Create a free account to sync your watchlists, portfolios, and personalized settings between all your devices.

Just like the website, the mobile app will give you access to unlimited portfolios with multiple tracking options to suit all your needs. Looking for a quick way to track your current bags?  We got you! Need an advanced platform to log each and every transaction? No problem! We have all the tools you need to track your investments, profit and more, with new features being added regularly. In fact, we’re so confident that you’ll love our portfolios, we even make it easy to leave. Export your portfolio and all its transactions with one click – nobody else does that!

But it’s not all just numbers! That’s why we’ve added a built-in news feed right alongside the portfolios. Now you can always stay up to date with the latest stories from top news sites like NullTX. See a story that piqued your interest? Pop into our chat and discuss! We took the popular trend of crypto price bots in telegram and built an entire platform of our own. Tag coins to discuss investment strategies and buying options with other members. Or just hang out and have fun!

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Source: https://nulltx.com/live-coin-watch-releases-ios-app/

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Blockchain

Size matters! Speed Matters! NuGenesis patented NFT Tech to filter the winners

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Marketing propaganda by major chains has tended to minimise the significance of scalability limitations and gas fees.  The marketing dollars by major projects poured into distracting us from these fatal flaws in the state of blockchain tech, cannot continue in the light of the NFT revolution.  

NuGenesis has 4 patents pending on key aspects of its blockchain infrastructure.  NuGenesis stand out innovations will shine a light on some fundamental technical hurdles to blockchain evolution.  To meet the needs that the NFT Tech revolution represents and capatalise upon the mass adoption by the tsunami of new users to crypto space NFTs are bringing, mean existing project need to jump insurmountable hurdles.  

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The pressure to deal with rate of innovation will be cauldron where superior tech will outshine the marketing spin.  

According to NuGenesis’ game plan, their Interactive NFTs will quickly evolve from the static versions we associate with today.  As they interact with other NFTs, become part of a collection, and become a multi-dimensional medium that is an aesthetic, a utility instrument, and, official record all in one. Boundaries between NFTs and games, official and business records will be transcended.  NuGenesis expects NFTs to evolve into a seamless interaction between physical, digital, and virtual reality metaverses.  That will involve billions of extrinsics and transactional data darting between nodes and coming blocks with instant finality.  It will involve a storage chain capacity where that data is valued and relied upon.  Only the NuGenesis blockchain systems can facilitate this mass adoption requirement the NFT revolution will bring.  

We take a look at the state of blockchain technology to meet the needs of the wave of NFT evolutionary needs as the mass adoption which it brings, crashes on the crypto space.  As crypto newbs flock to market places to buy $1b in NFT in Open Sea in one month alone; where Cryperpunk NFT fetch $11.8m, and Sorare raised $522m for further developments, the stakes are high.  

Any analysis has to start with Ethereum.  We keep hearing the mantra-like repletion of the Ethereum gas fees being prohibitive.  However, Ethereum devs’ mere acknowledgement of the problem, isn’t a satisfactory answer.  $300 is heard often; but even up to $1,400 to mint an NFT is not uncommon.   This won’t do, even if the NFT were to retard in its current static form.  For NFTs to evolve, to interact and become dynamic, requires a large number of extrinsics and transactions.  Events which gas fees make prohibitive.  The experimentation necessary to spur innovation is repelled by these fees. 

Scalability limitations are more inhibitive.  Even Vitalik Buterin, the creator of Ethereum, doubts its current ability to scale, saying, “Scalability [currently] sucks; the blockchain design fundamentally relies on bottlenecks where individual nodes must process every single transaction in the entire network.”

He’s correct. The Ethereum blockchain keeps getting bigger, and exhibits an increasingly large footprint for the hardware of miners and users alike. Additionally, its relatively outdated algorithmic programming makes inefficient use of the chain’s processing power, and returns a dismal number of transactions per second.   Even those transactions speeds we hear about often disguise and distract from the even less impressive speeds that apply to smart contracts.  The use of smart contacts with NFTs have coding restriction incompatibility problems that limit the applications and uses that can be invented.

Tezos’s liquid proof of stake model has improved the speed and brough the transactions costs down to 30cents to mint.  Cardano, using a proof stake model, is major improvement; or so it is promised to be.  Cardano NFTs are still expensive to create, and therefore an obstacle to any interactivity for NFTs to evolve.  NFTs are minted on Cardano’s layer 1 are treated as ADA, making them more compatible and therefore easier to develop smart contract applications.  However much of the metadata are not on-chain. You cannot store an NFT movie on the Cardano blockchain.  This gives rise to security concerns and the need for file storage solutions such as Filecoin.    Cardano’s 7 to 200 transactions per second is uninspiring.  However Cardano spruiks the promise of “hydra” to be the layer 2 scaling solution theoretically achieving 1m transactions per second.  Each staking pool can have a hydra head, and each hydra head, can process 1,000 transactions per second.  Hence 1,000 pools is a 1m transactions.  These transaction speeds however are not block finality.   Indeed, the mere fact of so many validators needing to interact before a block is finalised, can never meet the demands NuGenesis says are necessary for NFT’s evolution.  

Before we heard of NuGenesis, Solana was considered the dazzling blockchain for speed.   50-60,000 transactions per second, even theoretically, with smart contracts.  This is nearly at VISA card speeds. The innovation was a break through.  Adding proof of history to proof of stake consensus mechanism, the chatter amongst validator nodes in respect of agreeing on time, is eliminated.  Gas fees are pennies in the dollar.  However, again, these speeds do not equate with block finality.  Block finality is longer because of its elaborate consensus mechanism.  It takes 2 minutes to get your Solana confirmed if sent to your Binance wallet.  The speeds again rely on storing data off-chain and Solana outsources its data to Arweave.  

The NuGenesis Difference 

Whilst NuGenesis blockchains run at 200milliseconds, that is also its block finality.  5G blocksizes are packed by system validators through blockchain load balancers with a variety of consensus mechanism depending on which chain in the multi-chain network system is available and relevant to process.  The main chain uses Proof of Authority with useful work AI, Grandpa randomness from Substrate, delegated revenue proof of stake and consensus before packing.  Randomness and integrity of nodes is secured by NAVIS, ( NuGenesis Artificial Verification Intelligence System).

Scalability is unlimited, as more parallel processing blockchains can be added. Indeed, the more users, the faster and more efficient the entire network.  

Storage is not outsourced. Data is cherished.  NuGenesis believes ‘data is the new gold’ and puts a lot of virtue on its data analytics capacity through its explorer.  Movie NFTs are supposed to be on chain.  NuGenesis has built a system to accommodate the virtual reality metaverse, Parallel Worlds, where it expects that NFTs will evolve into.   It is gas less.  

Interactive NFTs, according to NuGenesis, will become increasingly more dynamic.  The boundaries between an NFT, a game, and augmented reality will be transcended on this road to the metaverse. NFTs will be part of a collection that are interactive and ‘layer up’ with each addition.  NFTs can play against each other, and their improvements upgraded through their meta-data.  NFTs will hold your personal, business and health records, being updated through your daily interactions.  

Why is NuGenesis so different in approach

There was no ICO.  NuCoin, the native coin on the NuGenesis blockchain network system, is not traded.  The inability to buy NuCoin is feature of cartoon parody.   NuGenesis is a fully functional blockchain and ecosystem involving: a fully-fledged cryto-fiat exchange; venture capital platform – V2R; and, crypto-centric social media platform – just Social- to maximise community participation.   Listing is imminent by not hurried.  NuGenesis’ origins are in the context of working with Governments, of especially developing economies, on platforms to raise infrastructure investment raising and CBDCs (Central Bank Digital Currencies).  These countries are also looking to blockchain technologies for the promise of permissionless access to global capital markets.  More than 2/3 of the world countries do not have banking giants that are part of the Bank of International Settlements.  These countries also hope for the same benefits of the crypto space as we all do.  

However, Governments cannot rely on human validators; require the serialisation of each crypto asset and coin; and, unlimited scalability as a minimum.  With CBDCs, each coin is in effect an NFT, through which NuGenesis developed its USI system for serialising crypto assets.  

Hence, NuGenesis Smart Contract DNC (Digital Notarised Contracts) are the next generation of smart contracts.  This system makes collateralising your NFT in borrowing to fund a collection easier.   The ability to charge/encumber the USI of the NFT means that you do not have to vault your NFT to borrow against.  You can enjoy it whilst grows in value. 

Solana dreams of ‘sea level’, parallel processing in its hope to be introduced smart contract platform.  NuGenesis, however, already has parallel processing vertical side chains in its smart contract DNCs and is not limited to liner time ordering processing.  

Interoperability 

Solana has a bridge to Eth and Cardano claims ERC 20 interoperability.  Solana does not use an EVM, and any smart contract dApps cannot simply be ‘cut and paste’ into Solana.  They have to be re-written using RUST from the beginning.  

NuGenesis also uses RUST for the power of the language, but also retains an EVM pallet.  It approaches interoperability in several ways.  

Firstly, it is a cross chain, multi chain system and one of the chains is an Ethereum chain precisely to enable seamless interoperability with the Ethereum ecosystem.  Secondly, it selected the substrate framework to benefit from easy interoperability with chains such as Polkadot, Cosmos, Chainlink and layer 2 dApps.  Thirdly, through its Ledger X chain, itself a parallel processing chain of tri blockchain configuration, it brings to its layer 1 the settlement speed and interoperability of a fully fledged exchange. With 28 hyper-bridges, any language format can be incorporated.    

Currently, you cannot see, in one wallet, all your NFTs. NuGenesis changes that with its cross chain capability that promises to deliver your NFTs to be comparable side by side, wherever created.  NuGenesis’ AI (NAVIS –has role that is quite handy.  It reads market data, social sentiment and learns from the experiences of all users to predict prices of crypto assets.  NAVIS will be useful in tracking authenticity cross chain as learns exponentially and is able to give theoretical valuations that help compare.  

“The” Ethereum Killer?

NuGenesis CEO, Hussein Faraj dismisses the whole notion of competition with other blockchains:

“We have put so much effort into seamless interoperability.  The challenge is to meet the tsumani from mass adoption.  The best tech should be liberated from information silos and be available for the whole industry to develop upon.  Composability, using proven robustness from the iteration of working applications should be our goal.  NuGenesis’ focus is the crypto-newcomers.  We have made the user experience paramount.  They do not need crypto to start their NFT journey, fait and paypal will do.  Off chain NFT displays for maximum useability.  We removed fear from being hacked or losing mnemonic phrases.  We want them to have the confidence that their crypto assets can be restored.  The pie is only getting bigger and the industry is best served combining its talents and focus on increasing innovation.”


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Source: https://nulltx.com/size-matters-speed-matters-nugenesis-patented-nft-tech-to-filter-the-winners/

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Morgan Stanley’s Executive Likens Bitcoin’s Resilience to Kenny Who Dies in Every South Park Episode

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Morgan Stanley Investment Management’s Dennis Lynch, says that bitcoin’s resilience is like Kenny from the popular TV series South Park. In almost every episode, Kenny comically died but always came back, just like how bitcoin bounces back every time after a bear market.

Bitcoin Is Similar to Kenny in South Park, Says Morgan Stanley’s Executive

Morgan Stanley’s Dennis Lynch talked about bitcoin’s resilience at Morningstar’s annual investment conference Thursday. Lynch is head of the Counterpoint Global team at Morgan Stanley Investment Management, the bank’s asset management arm. He joined Morgan Stanley in 1998 and has 27 years of investment experience. The Morgan Stanley Counterpoint Global team “invests primarily in established and emerging companies globally,” the firm’s website describes.

Lynch compared the cryptocurrency’s ability to recover and bounce back from bear markets and massive sell-offs to Kenny, a character from the popular TV cartoon series South Park, stating:

I like to say that bitcoin’s kind of like Kenny from South Park — he dies every episode, and is back again.

The South Park show follows the stories of four boys: Stan Marsh, Kyle Broflovski, Eric Cartman, and Kenny McCormick. During the show’s first five seasons, Kenny died in nearly every episode before returning in the next with little-to-no definitive explanation given.

The Morgan Stanley executive said that like Kenny of the Comedy Central franchise, bitcoin just keeps coming back.

According to “Bitcoin Obituaries” by 99 Bitcoin, BTC has died 430 times, including 37 times so far this year. By comparison, the cryptocurrency only died 14 times in 2020 and 41 times in 2019.

Lynch added that bitcoin “demonstrates some ‘anti-fragile’ qualities,” elaborating:

It kind of sits in the portfolio in a small manner, that it possibly is something that can go right when the rest of our portfolios having something go wrong … Ten years from now, given bitcoin’s persistence, is worth a small speculation.

The executive said he can envision bitcoin “benefiting from different environments, whether people look at it as a digital gold, or people start to really question fiat currency, given all the stimulus and the policy there,” citing the Fed’s “accommodating” policies and the low-rate environment.

Morgan Stanley was among the first major banks to embrace bitcoin. The firm made bitcoin funds available to clients back in March and added bitcoin to 12 mutual funds‘ investment strategies the following month. In addition, the global investment bank recently launched a dedicated cryptocurrency research team.

What do you think about comparing bitcoin to Kenny from South Park? Let us know in the comments section below.

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bitcoin death, death of bitcoin, kenny, morgan stanley, morgan stanley bitcoin, morgan stanley crypto, morgan stanley cryptocurrency, morgan stanley south park, south park, south park bitcoin, south park btc, south park crypto, south park cryptocurrency, south park kenny

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Source: https://news.bitcoin.com/morgan-stanleys-bitcoins-resilience-kenny-dies-every-south-park-episode/

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