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Weekly Update #27: $10,000 For a Bitcoin

$10,000 For a Bitcoin - Blockchain24.coThis was a generous week for Bitcoin and an exciting time for the industry. Check the last updates from the crypto world! Back in the last Weekly Update, we have commented about the blockchain industry’s reaction for the Brexit and some news concerning famous crypto-related lawsuits. Let’s see what stories this week has brought. $10,000 …

Artykuł Weekly Update #27: $10,000 For a Bitcoin pochodzi z serwisu Blockchain24.co | portal with cryptocurrency bitcoin & blockchain news.

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This was a generous week for Bitcoin and an exciting time for the industry. Check the last updates from the crypto world!

Back in the last Weekly Update, we have commented about the blockchain industry’s reaction for the Brexit and some news concerning famous crypto-related lawsuits. Let’s see what stories this week has brought.

$10,000 achieved

First, let’s start with a price update. Bitcoin managed to reach the cap of $10,000 per coin, proving that the current bull run is a serious business. Since the beginning of the year, the leading cryptocurrency performed very well. There are various theories pointing to reasons for this price growth. Most of them are seeking them in the last international events, like the coronavirus outbreak or tense situation between the USA and Iran. Nevertheless, the market appears to be in excellent condition – and let’s hope it will last long.

Charity against coronavirus

Since we mentioned the infamous disease, it is good to mention that the blockchain industry is also trying to help fight the outbreak of the coronavirus. Hyperchain, a Chinese company specialized in blockchain application, announced the launch of a charity initiative devoted to that goal. Alongside with Fuxing Group and Xiongan Group, they are going to gather funds for medical supplies

The coronavirus outbreak coincided with the proclamation of the Chinese shift toward the blockchain. Decentralized technologies are believed to be a solution for better management of many systems, including healthcare. But Chineses government probably didn’t expect that the usage of blockchain may be useful in practice so quickly.

More details about Telegram’s blockchain

Messaging platform Telegram is already strictly connected with the blockchain technology, with many cryptocurrency firms actively communicating through its app. But Telegram’s relation with the industry doesn’t end here. Since 2017, the company is working on its own project called TON Blockchain, alongside with related currency, gram. 

The project, however, has already caused some controversies, mostly by a lawsuit by the U.S. Securities and Exchange Commission. The reason for the legal fight was the alleged selling of unregistered securities during a pre-sale of grams. However, it doesn’t stop Telegram from the development of TON. Last works on it concerned tests over the blockchain and resulted in a white paper summarizing present progress.

Does Wright defend himself with defunct companies?

The case of Craig Wright’s legal problems is still pending, and every week brings some new updates. First, a short reminder: Wrights got sued over the rights to the $10 billion in bitcoin by the family of his former, deceased partner, Dave Kleiman. According to the lawsuit, Wright defrauded Kleiman of money and intellectual property.

New concerns are about the 11,000 documents, which could shed some light on the case. The papers are, according to Wright, unavailable to be provided in court due to attorney-client privilege. It caused a reaction of Kleiman lawyers, who believed that documents are considered privileged without any legal basis, since they come largely from defunct companies, and called for the court for a reaction.

North Korea stole funds on the realistic-looking website

The Democratic People’s Republic of Korea, widely-known as an international troublemaker, is frequently trying to use blockchain and cryptocurrencies to its advantage. The range of North Korean actions consists of both hackers’ operation and a blockchain conference, which caused some problems to former Ethereum developer, Virgil Griffith.

This time, Kim Jong-un’s regime managed to steal coins via a highly sophisticated method. As Chainalysis has reported, a well-known hackers group called Lazarus managed to create a realistic-looking trading bot, which fraudulently obtained about $7 million from traders. The sum may not seem big, but the website used to steal it is definitely worth attention. 

A fake firm named WFC Proof had everything that a proper blockchain company should have: a legitimate website with a professional look and active social media, ironically pointing on the importance of the security. Such a high-level of fraud should be alarming.

Half a billion transactions on a Bitcoin blockchain

Reaching the $10,000 wasn’t the only Bitcoin’s success last week. The cryptocurrency has achieved a historical milestone of half a billion transactions. Since the first transaction between Satoshi Nakamoto and Hal Finney, the first cryptocurrency was pushing forward to reach this impressive number. You may find more details about the half a million Bitcoin transactions in our article dedicated especially for this event. And we hope there will be even more positive news like this one in the incoming weeks.

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Source: https://www.blockchain24.co/weekly-update-27-10000-for-a-bitcoin/

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Fund Manager Bashes Bitcoin: An Extreme Form of Libertarian Anarchism

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As Bitcoin price makes headlines across mainstream and financial media, skeptics of cryptocurrencies have come out of the woodwork in droves.

The latest skepticism comes from Tim Bond, partner and portfolio manager at Odey Asset Management, who claims that Bitcoin has very little benefit to society, and instead is an extreme form of Libertarian anarchism. But could there actually be truth in the bold, blanket statement?

Tim Bond Bashes Bitcoin As Pointless, Vile, And Damaging To The Environment

Bitcoin is a subject that most economists, tech enthusiasts entrepreneurs, and fund managers alike are asked about these days, as the asset has ballooned from under $10,000 to more than $50,000 per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin in less than one year.

Depending on who you ask, it is the most important technological revolution since the internet, while others might claim it is a bubble wait to burst.

Tim Bond, fund manager at Odey Asset Management, instead calls it “particularly vile,” “pointless,” and “damaging to the environment.”

Related Reading | Summing Up The Case For Crypto As The Future Of Collateral

Bond claims that Bitcoin isn’t only emitting more CO2 than most small economies, but that it is spearheading “a particularly extreme form of libertarian anarchism,” which he says is why the cryptocurrency is so popular amongst Silicon Valley types.

“If bitcoin starts to displace fiat currencies [government-issued currency that is not backed by a commodity], governments’ ability to tax, spend and redistribute will be severely impaired,” Bond continued.

bitcoin btcusd

As Bitcoin grows in value, the more disruptive power it wields | Source: BTCUSD on TradingView.com

Crypto Anarchist Future Prefers Consensus Over Forced Taxation

Bond, however, is absolutely right about at least one thing: Bitcoin could severely impact a “governments’ ability to tax, spend and redistribute” – a system that is arguably broken already.

Governments like the United States establish control over society through their money, and without that leverage, society won’t be as compelled to comply with taxation and other forms of control.

While much of this infrastructure was designed for the benefit of civilized society, governments have abused this control and how they redistribute wealth is a major ongoing economic problem that only Bitcoin has the potential to fix.

Related Reading | Why March Is The Bloodiest Month In Bitcoin History

By removing the government from the equation, it will require community consensus – something the crypto industry does well – to handle redistribution in the future.

Bitcoin has several key benefits that give the unique cryptocurrency its underlying value. It cannot be counterfeited, there are only 21 million BTC available ever, and much more. However, the greatest benefit of all could be the fact that governments can control it – something that Bond clearly can’t comprehend.

Featured image from Deposit Photos, Charts from TradingView.com

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Source: https://www.newsbtc.com/news/bitcoin/bitcoin-libertarian-anarchism/

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Chiliz (CHZ) rallies 60% to a $1B market cap as fan token offerings expand

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Nonfungible tokens (NFTs) and decentralized finance (DeFi) are two of the hottest concepts in the crypto sector, and each is altering the way projects and companies interact with the public on a wide scale. 

One project that is looking to apply these concepts into a framework for sports fan engagement is Chiliz, a blockchain platform created by the Socios fan engagement platform. The project is designed to allow fans to purchase branded Fan Tokens that let them influence their teams through the popular vote.

According to the project website, all Fan Tokens are minted on the Chiliz blockchain with on-platform voting being executed through a series of smart contracts.

Data from Cointelegraph Markets and TradingView shows that over the past month, the price of Chiliz (CHZ) has increased 760%, going from $0.022 on Feb. 8 to a new all-time high of $0.189 on March 8. CHZ trading volume also hit a 24-hour record at $1.92 billion.

CHZ/USDT 4-hour chart. Source: TradingView

The platform currently offers Fan Tokens for some of the most popular sports teams in the world, including FC Barcelona, Juventus, Paris Saint-Germain, AS Roma, Galatasaray and Atletico de Madrid.

Token launch sparked a strong rally

Momentum for Chiliz began to gather steam at the end of 2020 when the platform partnered with Binance to launch the ACM Fan Token for AC Milan on Feb. 24. The launch generated $6 million in revenue for the CHZ ecosystem.

ACM is part of a network of 23 major sporting and esports organizations that also have plans to work with Chiliz on launching Fan Tokens.

CHZ price received an added boost on March 2 when CEO Alexandre Dreyfus announced that the project would allocate $50 million to expand operations to the United States, and there are already plans to start working with local leagues and sports franchises.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for CHZ on March 1, prior to the recent price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. CHZ price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ score hit a high of 66 on March 1, less than 5 hours before the price of CHZ began to break out above $0.06. Following the price rise and consolidation above $0.11, the VORTECS™ score climbed to 69 on March 6, two days before the price surged to a new all-time high.

Currently, Chiliz is in ongoing talks with Formula One, and if the team is able to onboard popular U.S. sporting teams, the project could be well positioned to see further growth as blockchain technology and NFTs become more ingrained into the sports industry.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Source: https://cointelegraph.com/news/chiliz-chz-rallies-60-to-a-1b-market-cap-as-fan-token-offerings-expand

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Decentralized esports tournament series looks to bring traditional gamers to crypto

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Non-fungible token-focused investment firm Polyient Games is launching a new online tournament to introduce mainstream gamers to the crypto space.

In an announcement today, Polyient Games said it would be partnering with esports tournament platform Community Gaming for a $100,000 series featuring games using non-fungible tokens, or NFTs. The esports games will reportedly “function as a method of introducing mainstream gamers to the world of cryptocurrency and blockchain assets” by allowing players to acquire digital collectibles and use NFTs as in-game items.

“The marriage between decentralized technology and gaming will be one of the most significant themes of the coming decade,” said Craig Russo, co-founder of Polyient Games. “Our work with Community Gaming on this brand new decentralized tournament series serves as a major step towards bringing mainstream adoption to this new industry.”

In addition to esports games, the tournament will reportedly feature blockchain games including trading and battling game Axie Infinity and Ethereum-based digital trading card game SkyWeaver. All games will reportedly utilize Polyient Games’ decentralized exchange for in-game currencies.

The first event of the $100,000 tournament will begin on March 29, with prizes paid out in U.S. dollars and Polyient Games’ native token, PGU. 

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Source: https://cointelegraph.com/news/decentralized-esports-tournament-series-looks-to-bring-traditional-gamers-to-crypto

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