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Blockchain

Saturday Sats: Saturday Sats: Goldman, Yearn, and Ledger

Republished by Plato

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Please share and grow the BitPinas community.

Good morning. We highlight three important stories of the last 24 hours: an about face from Goldman, Yearn founder’s rant, and the continued disastrous after-shocks of the Ledger database hack.

Welcome to Saturday Sats, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad. 

Market Price as of January 16, 2021:

Bitcoin $36,788 -6.23%
Ethereum $1,171.86 -3.7%
Tether $1.00 1.01%
Polkadot $13.20 -8.27%
XRP $0.280337 -5.28%
SLP $0.012 -7.69%

Bitcoin closed January 15, 2021, at $36,788 per BTC. We’re down 9% in the last 7 days and up 35% since the year began. This is 12.28% below the previous all-time high of $41,940, which was hit on Jan. 8, 2021.

Bitcoin’s market capitalization stands today at $730,651,308,099 which is 67.65% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,077,570,167,161.

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Table of Contents.

Corporate

Goldman Sachs to enter crypto market ‘soon’ via custody play: source

A source inside Goldman Sachs has told Ian Allison of Coindesk that it will soon explore digital asset custody and that this plan would be “evident soon.”

The source said this is part of Goldman’s underlying strategy citing the recent missives from the U.S. Office of the Comptroller of the Currency. Goldman, apparently, is talking to JPMorgan, Goldman, and Citi regarding crypto custody.

Why not crypto prime brokerage? The Goldman source said it’s because Anchorage, BitGo, and Coinbase already have big plans in that space so they do not look to duplicate those.

This is significant, considering that in May 2020, just after the Bitcoin halving, Goldman’s analysts said cryptocurrencies are not an asset class, saying “We believe that a security whose appreciation is primarily dependent on whether someone else is willing to pay a higher price for it is not a suitable investment for our clients.”

At that time, Bitcoin was around $10,000. The dominant cryptocurrency almost reached $42,000 last week.

Opinions change.

Ripple Effect

Kraken to halt XRP trading

“Given the recent SEC filing against Ripple Labs Inc., we are halting XRP trading for U.S. residents no later than January 29, 2021 at 5pm PT (January 30, 2021 at 1:00 UTC). We may begin implementing this process at any time on January 29, 2021, so all U.S. clients are strongly encouraged to resolve their positions prior to that day.”  (Kraken Post)

DeFi 

DeFi founders empathize with Cronje’s “Rant”

Yearn Finance founder continued his rant about why building in DeFi sucks. According to him:

  • “Your value is only as good as your token, token go up? You built an amazing protocol, it’s the future of finance, blah blah. Token goes down? You are a scammer, fake project, bad coder, blah blah,”
  • Your success belongs to your “community”, but your failure is 100% your own. Token goes up in value? No one is going to be giving profits to you or thanking you for their profits. Some exploit occurs? You are 100% to blame and need to refund or figure out ways to make them whole again. You have 0% of the reward, 100% of the risk.
  • When I decided to distribute YFI 100% it was because I believed it would allow me to exit to the community. However, I am still blamed if the price goes down, I am still constantly plagued by “when next release”, “when update”, etc messages. I still have all the responsibility and expectation, except I have 0 of the reward or upside. Don’t do this, I was an idiot.

Check Andre’s post here.

Owen Fernau from The Defiant wrote about other DeFi founders sympathizing with Andre and or offering possible solutions or alternatives.

  • Kain Warwick, Synthetix: “You are always going to have pressure from stakeholders. It’s important to filter it though. And one of the best ways is establishing good community norms early.”
  • Stani Kulechov, Aave on funding alternatives: “DeFi community should look more into DAICOs, a model that Vitalik Buterin proposed where the governance goes directly to the community without unfair advantage where whales are receiving free tokens.”

Byh the way, there’s a proposal to 1000 more YFI tokens. The current max supply of YFI is 30,000 tokens. This new proposal andthe ensuing community discussion appears to be the motivation for the “rant”

Ledger

Ledger users continue to get phishing phone calls, threats after database leak

Ever since it was revealed that Ledger’s customer database was leaked, these users have received phishing emails, threats to their lives and their families, and now phishing phone calls. To say that this massive data breach is unprecedented is actually an understatement. It is disastrous, more than to Ledger’s reputation, but to the lives of these customers as well.  

We have articles on how to stay away from scams here in BitPinas, and here’s another excellent one

#CryptoPH

Colin Goltra’s Year in Review

“Overall, I think I am just more excited about the home grown PH crypto scene really coming into its own this cycle and having a much more collaborative tone than in prior bull market years.  It’s a great community and I think it can do a great job spreading the word about crypto throughout the Philippines.” 

Check out Colin’s Year in Review here.

What else is happening

  • Cryptocurrencies face greater oversight under Gensler-led U.S. SEC (Olga Kharif, Bloomberg)
  • Big institutions are only interested in bitcoin, says NYDIG CEO (Frank Chapparo, The Block)
  • On inflation, treasuries, incentive alignment, and fair launches in DeFi (Ryan Watkins, Messari)

This article is published on BitPinas: Saturday Sats: Goldman, Yearn, and Ledger

Please share and grow the BitPinas community.

Source: https://bitpinas.com/price-analysis/saturday-sats-saturday-sats-goldman-yearn-and-ledger/

Blockchain

All Eyes on Ethereum

Republished by Plato

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One Ether now costs more than US$3000. Did you ever think you’d see the day?

You gotta hand it to the crypto markets: in some ways they’re comically predictable. A month ago, Ethereum was everyone’s favourite whipping boy, a bloated, expensive under-achiever that couldn’t even double its 2017 all-time high. Lol what a weakling.

And with competitors like Cosmos, Solana, Polygon and Polkadot nipping at its heels, perhaps this was the beginning of the end for the network that gave us smart contracts, ICOs, ERC-20 tokens, DeFi, yield farming, NFTs and, to be honest, the entire idea that blockchain was a multi-functional and era-shaping technological breakthrough that you ignored at your peril.

How things have changed. On Monday Ethereum blasted through the US$3000 mark like it was barely there, throwing on an extra 15% while it was at it. The network is now worth a shade under US$400 billion, putting it on par with Mastercard and Walmart, and officially making Vitalik Buterin, the 27-year-old prodigy who created Ethereum, a bona fide billionaire. So, is this how the Flippening begins?

Network to net worth

Due to the speed with which things move in crypto, we tend to underestimate some of the metrics that actually speak to a technology’s success. The new shiny thing is almost always more exciting than some dusty old contraption built in the positively prehistoric year of 2015. Did they even have electricity back then?

But Ethereum stands out from almost all other blockchains in that it’s already being used, at scale, by millions of people and companies. While that may seem like Business 101 – get more customers, be more successful – when it comes to blockchain usage is a particularly powerful factor because of the way it harnesses network effects to improve the value of the system itself. Use it more and the whole system becomes more valuable, both financially and practically, for the network’s users, miners, stakers, investors and developers. Oh, and Vitalik, of course.

How far we’ve come

Ethereum’s issue has always been its inability to scale. If you can’t handle hundreds or even thousands of transactions a second, then you’re not really fit for purpose as a global computer. The result for Ethereum has been a year of increasing network congestion and brutally high transaction fees. Yet the fact that so much continues to be built and transacted on Ethereum tells you exactly how strong these network effects already are.

There’s also an increasing focus on three major changes to the Ethereum network due to arrive before the end of the year:

  • EIP-1559: Lifts one of DeFi’s major innovations in the field of ‘tokenomics’ by implementing a token burn system on every transaction. You use the Ethereum network, you burn some ETH, never to be seen again.
  • Optimism: due for a full launch in July, the Optimism sidechain should significantly improve the speed of Ethereum by leveraging largely incomprehensible processes such as ZK-Rollups and Sharding. It’s already being used by the Synthetix protocol, where it has saved users over $10 million dollars in transaction fees.
  • Ethereum 2.0: This is the big one, Ethereum’s transition from Proof-of-Work to Proof-of-Stake. It’s been coming for years, but the importance of the change cannot be overstated. Already more than 4 million Ethereum are being staked on the Ethereum 2.0 contract, offering an insight into how much ETH might fall out of circulation once the entire thing goes live (potentially in November).

In short, Ethereum is just getting started. The price might seem gaspingly high right now, but remember that Ethereum isn’t trying to be Walmart or Mastercard. It wants to be the thing that Walmart and Mastercard are built on – and that’s a prospect worth having a stake in.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blog.coinjar.com/all-eyes-on-ethereum/

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Blockchain

CARBON: A perfect avenue for showcasing talent

Republished by Plato

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Creative professionals sometimes find themselves figuring out where to showcase their creations and profit from them. 

It’s a tough situation to be in. But with CARBON, the dilemma is lessened. 

CARBON creates an avenue that gives creators both a place to show off their talents and a chance to earn money.

CARBON features an ecosystem of a global scale that integrates open finance, fashion, art, music, and non-fungible tokens (NFTs).

One of its objectives is to enable a community that can inspire, support, and reward professionals.

What the CARBON marketplace looks like

As what an ideal marketplace should be, CARBON has a lot to offer, helping emerging brands and artists have a shot even at the highest levels of competition they have to deal with.

Items related to fashion, art pieces, music, and digital assets such as NFTs are offered in the CARBON marketplace. A dedicated team will carefully select these products.

The market will also see exclusive collaborations featuring various artists and brands for physical commodities and digital items that will be dropped on a weekly basis.

As for its audience, they should prepare for a diverse experience brought by a market evolving into a global ecosystem.

About CARBON

CARBON was founded by Chad Pickard who also acts as its Chief Executive Officer (CEO). It is an open finance wallet and super ecosystem that is built for the whole world of fashion, art, music, and culture while also integrating digital assets through NFT offerings.

It has its native token, the $GEMS, and its wallet integrates Neobank functions like the financial technology company Revolut and a non-custodial smart wallet for decentralized finance (DeFi) and cryptocurrencies.

This integration allows users to hold fiat (government-backed) and digital currencies as well as NFTs in a single platform.

The wallet is linked to the market, giving users the ability to directly select items that they desire.

CARBON doesn’t just work as a marketplace where purchases can be made, but also as an avenue where professional creators get to showcase their talents and inspire others to promote their own. It provides them with a winning environment.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/bitcoin/carbon-a-perfect-avenue-for-showcasing-talent/

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Blockchain

How Tokenplace can help crypto traders get the best buy and sell prices

Republished by Plato

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Any seasoned crypto trader knows that the price of a digital currency can vary across different exchanges worldwide.

Thus, one of the basic strategies for investing in digital currencies is to scout for the best buy or sell price and that’s where Tokenplace comes in.

Access to different crypto exchanges via one platform

To take full advantage of the price variance across exchanges, some traders often resort to opening accounts on different platforms. But Tokenplace eliminates this need because the platform allows one to access different exchanges worldwide.

This means that a user will only need his Tokenplace account and password to gain access to the entire crypto market. This is a lot simpler compared to having to main multiple accounts and passwords for other exchanges for different trading pairs.

Tokenplace is basically an online trading platform and exchange aggregator. With its automated order-splitting, orders are automatically broken up to ensure that traders get the best price for every coin they want to trade.

Easy to use and features-packed trading terminal

Tokenplace is also very appealing to newer investors because it is very easy to use. For instance, users will only need to access a single window for their deposits, withdrawals, trading, and exchanging.

The platform can be accessed from both desktop and mobile devices. Tokenplace’s onboarding and one-time registration process are also one of the quickest in the industry.

Tokenplace uses advanced algorithms for its multi-exchange order splitting feature. With this high-tech tool, users can get the best buy and sell price every time they trade.

Website: https://tokenplace.com/
Twitter: https://twitter.com/TokenplaceTOK
LinkedIn: https://www.linkedin.com/company/tokenplace

IMPORTANT NOTE: This is a paid press release, which BitcoinerX has posted as part of a commercial agreement. BitcoinerX is not responsible for producing this content and does not endorse the products or services mentioned. It is the responsibility of the company posting the press release to ensure the material is credible and accurate. BitcoinerX is not responsible for any damage or loss caused to anyone who chooses to use the company, product or services mentioned in the press release. BitcoinerX does not recommend using the information in the press release to form the sole basis of investment decisions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/blockchain/how-tokenplace-can-help-crypto-traders-get-the-best-buy-and-sell-prices/

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