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Shyft Network’s Joseph Weinberg on the meaning of Bitcoin (and DEXs for 8 billion people)

The DeFi market has boomed in 2020, attracting billions of dollars across use cases like lending, derivatives, decentralized exchanges, and others.

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The DeFi market has boomed in 2020, attracting billions of dollars across use cases like lending, derivatives, decentralized exchanges, and others.

But along with that came outsized risks. Scams and rugpulls became as common as 2017 during a short period in 2020, with even storied projects like Eminence, Harvest Finance, and others suffering from poor smart contract execution and losing millions of dollars in the process.

It’s something Joseph Weinberg has a thing or two to share about. Weinberg, who heads Shyft Network, is a long time crypto veteran known for his previous work with Coinsetter and Paycase.

Joseph Weinberg. Image: Cryptonites

In case you wondered: Shyft Network is an infrastructure that allows for self-regulation, digital identity, and the secure sharing of personal data. Its live network is an identity, consent, and self-regulation framework that grants users transparency into and control over their engagement with public networks, decreasing individual risk and greatly improving UX.

In this week’s Cryptonites episode — a crypto edutainment platform powered by Swissborg that brings inside stories, serious alpha and insights, and critical considerations of the crypto market — Weinberg sat down with host Alex Fazel to discuss the major topics of the crypto market today, such as DeFi, decentralized exchange risks, and other crypto trends.

Here’s what they said.

Bitcoin, the anonymity and privacy

Fazel kicked off with what Bitcoin really meant to Weinberg. “Bitcoin is not inherently an anonymized system, right? And it gets really lost in translation. And there’s different sects of you know, the community that have different beliefs,” Weinberg said, echoing a popular sentiment of Bitcoin actually having different use cases for various groups and serving each in its own way.

He added:

“That’s my perspective, at least. It’s about how do you allow people to have more freedom and give them the ability to have a choice, an option, whether that’s more private, whether it’s just your choice of privacy.”

Weinberg noted that, furthermore, the most fundamental (and realist) thing was that the world is not totally going to be in an anonymized system all the time, as people have different trade offs. “The majority of the world is comfortable with a different type of system,” he remarked.

“And that’s the reality, there’s trade offs in the system, but having a base system and a base layer that ensures privacy first, to then opt out of that privacy is I think, the most important piece of what Bitcoin is, Bitcoin is a lot of things, and many things to different people. And that’s what I love about it so much,” he said.

The rise (and risks) of DEXs

Towards the next part of the interview, the conversation shifted towards how DEXs operated and have gained popularity in recent times. And for Weinberg, the innovation is one to stay.

“I think [DEXs] are going to flourish over the next few years. And I think it has, it’s an amazing place in the world, right? centralization is good in some things, but it’s also bad and other things, right? 

“Whether you’re looking at regulation, we’re starting to see a lot of changes and, and like, my view has always been like, you have to have optionality, right?,” he remarked.

He added:

“Scalability has always been an issue. There’s a lot of problems and liquidity and slippage is and how you get those things right. And if we can get them right, I am sure this ecosystem can. And I think it just provides a really good option to a certain set of people.”

Weinberg added his current focus is more on allowing the largest majority of the world to start getting access to digital assets and crypto, for which DEXs become a good contender. “How do you onboard the next 8 billion people? And so I think that as these things evolve, you know, we need these options.”

What does Wienberg, who has worked closely with policymakers think of stablecoins, DeFi, and crypto in the broader sense? What happens to Bitcoin then? Check out the entire interview available for streaming right below to find out!

Posted In: Bitcoin, Videos

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Source: https://cryptoslate.com/videos/shyft-networks-joseph-weinberg-on-the-meaning-of-bitcoin-and-dexs-for-8-billion-people/

Blockchain

Hosting the Bitcoin Whitepaper

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In solidarity with other leading companies in the cryptocurrency community, we are posting the Bitcoin white paper to our official blog. 

We believe that Bitcoin is open-source software, and that maintaining access to this document is essential to educating others about the financial freedoms the technology offers. 

We stand opposed to the legal threats made against two primary hosts of the white paper, and hope this page will stand as a reminder of the spirit in which Satoshi Nakamoto first wrote his ground-breaking message over 12 years ago. 

The Bitcoin Whitepaper

Source: https://blog.kraken.com/post/7615/hosting-the-bitcoin-whitepaper/

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Blockchain

Flow (FLOW) Trading Starts January 27

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We are pleased to announce that Flow (FLOW) trading will launch Wednesday January 27 at approximately 15:30 UTC. 

At launch, only FLOW tokens that have been earned through staking rewards can be traded. Clients who purchased FLOW in the ICO and claimed their tokens through Kraken in October have been earning FLOW rewards and will now be able to trade only these rewards. 

Clients can also deposit FLOW rewards earned elsewhere to trade on Kraken. 

However, FLOW tokens from the ICO cannot be traded yet, because they are subject to a network holding period of one year during which they are not transferable.

FLOW trading is not available in the US or Canada

FLOW trading is not available for citizens or residents of the US or Canada.

What is Flow (FLOW)?

Flow is a blockchain designed for a new generation of games and digital collectables. Built to be fast, developer-friendly and easy to use, Flow is designed to be attractive to mainstream consumers.

The team behind Flow is Dapper Labs, the company that created the CryptoKitties game on the Ethereum blockchain. In fact, the original inspiration for Flow was to build a platform better suited for games like CryptoKitties, and specifically designed for onboarding many users. 

Flow has grown far beyond CryptoKitties, however, and has gathered a list of partners that includes leading brands and game developers like the NBA (the game NBA Top Shots), UFC, Samsung, Warner Music, Ubisoft and many others. 

Project website: https://www.onflow.org/ 

What time will funding and trading start?

  • Funding: Funding is already enabled
  • Trading: Trading will be enabled on Wednesday January 27 at approximately 15:30 UTC
  • Updates will be posted on the status page near launch time

Trading Pairs

  • FLOW/USD
  • FLOW/EUR
  • FLOW/GBP
  • FLOW/XBT
  • FLOW/ETH

How to deposit

  1. Navigate to “Funding” > Select FLOW. To find FLOW, tick “Show all assets” or search (e.g for “FLOW”).
  2. Click “Deposit” next to FLOW and follow the on-screen instructions.

Confirmations required before deposits credit

  • 30 (about 1 minute)

Trading Minimum

Fees and Funding Minimums 

Which services will be available for FLOW?

Available

Not (yet) available

Will Kraken list more assets?

Yes! But our policy is to never reveal any details until shortly before launch – not even about which assets we are considering. Our client engagement specialists cannot answer any questions about which assets we may be listing in the future.

Trade with caution

Limit orders are recommended when trading starts since the markets may be illiquid initially. Be extremely careful with market orders and orders that trigger market orders (e.g. stop loss).

Invest with caution

Listing an asset or token for trade is not a recommendation to buy, sell, or participate in the associated network. Do your own research and invest at your own risk.

Source: https://blog.kraken.com/post/7605/flow-flow-trading-starts-january-27/

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Blockchain

2020 Crypto-In-Review: The Year of The ₿ull

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Prices are soaring, innovation is breaking ground, opportunities are flourishing and cryptocurrency adoption is relentless. As we begin a new year with unbridled enthusiasm, Kraken examines the
past year — one that won’t be soon forgotten. 

The year 2020 will be remembered for economic and humanitarian catastrophe. It will also be recognized by the crypto community as the beginning of a new bull market. 

The COVID-19 pandemic sent shockwaves through the financial markets and cryptocurrencies were not spared from the carnage. The “Black Thursday” market selloff was one of the worst days for bitcoin as price dropped 41% – the second worst intraday loss in its history. 

Since the $3,911 low on March 13, 2020, bitcoin has produced over 700% returns and institutional demand for the premier cryptocurrency has surged as those companies seek a store of value. Favorable legislative action such as Wyoming establishing a path for digital asset banks and institutional adoption from major companies such as Square, PayPal, MicroStrategy, MassMutual, and others have set the stage for a promising future in the cryptocurrency industry. 

Kraken Intelligence has compiled a comprehensive report exploring all of the fundamental factors that have influenced the cryptocurrency industry in 2020. Our team provides insight on developments like the DeFi markets, institutional adoption, legislative and regulatory changes, industry innovation, price action and so much more to help market participants for the year ahead.

By downloading this report, we anticipate you will have a greater understanding of where the growth opportunities are emerging in cryptocurrencies, which projects you should consider and an understanding of market dynamics.

We cover:

  • What’s Influencing Adoption – Institutional buying has surged as nearly 6% of the total bitcoin supply is now held in corporate treasury. Wallets holding over 100 BTC grew significantly since the beginning of March and wallets with less than 1 BTC saw double digit growth in that same time period. 2020 is the year when we witnessed a groundbreaking uptick in institutional investor interest. 
  • The Halving – Provable scarcity is one of the main appeals of bitcoin. The hard-coded event to reduce the block reward subsidy and further enforce the disinflationary trend of bitcoin’s supply growth has often foreshadowed each new bull cycle. On May 11, 2020, the latest halving event occurred and by the end of the year, nearly 90% of all of bitcoin’s 21 million supply had been mined. With demand rising for a limited supply, price has once again shown to be on the rise. 
  • Yield Farming – The emergence of Decentralized Finance has not only helped growth in stablecoins, but has created a new opportunity for crypto investors – a yield curve. DeFi has provided crypto holders yield in exchange for offering their coins into liquidity pools. The emergence of yield in cryptocurrency is another step in the direction towards challenging the existing financial infrastructure as it provides an opportunity to earn for those holding long term.
  • Stablecoin Growth – Stablecoin adoption exploded in 2020 with the rise in  Decentralized Finance as traders began utilizing them for yield farming. The total market supply for stablecoins rose nearly 400% to $27.7 billion by end-of-year. As Visa announced that it will connect their global payment network to USDC, it appears this may just be the beginning of a stablecoin paradigm shift. Stablecoins are proving to be an on-ramp for individuals that may have difficulty accessing traditional financial products as well as safe havens in periods of volatility, thus increasing their appeal in a growing industry.

Download Our Full Report

Source: https://blog.kraken.com/post/7496/2020-crypto-in-review-the-year-of-the-%e2%82%bfull/

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