Connect with us


Why I’m Not Mad At Elon Anymore




Look, let’s just say it straight out: the past week has been a VERY rough week for crypto markets everywhere.

More than $1T was wiped out, and nobody is happy about it. However, as fellow Cryptowriter Sylvain Saurel might say, it’s best to remember that there’s a silver lining to every cloud! Don’t forget to buy the fear.

The fundamentals of the massive appeal of cryptocurrency haven’t changed. However, a few other things have. Polygon has scored major blows against Ethereum by providing an L2 stack that’s compatible with ETH for a fraction of the price, and the Cosmos IBC is picking up steam, with GravityDEX just weeks away.

Elon’s inflammatory remarks against Bitcoin and apparent ignorance of how DOGE works aren’t as inexcusable as the crypto community would have it, either. As a writer who once wrote a piece imploring Elon to look into altcoins, I think there’s major upside possible here. It’ll take a deep dive, but why not? It’s been too long since I wrote a crypto market think piece.

MATIC is an L2 solution that appears to be capable of scaling. Not tomorrow, not next week, but today. NFTs, DeFi, DEXs… the whole world may be about to tip upside down. Everyone loves to talk about ETH exceeding Bitcoin’s market cap, but people are very quiet about MATIC possibly exceeding ETH’s.

The strange thing about the Ethereum marketplace at the moment involves a variety of L2 solutions including Cosmos, Polkadot, Cardano, and others-the thing all these newer blockchains share in common is the ability of each to run parts of transactions that currently live on ETH.

Viewed in this light, the drama surrounding EIP-1559 is all the more significant: ETH needs to scale more cost-effectively asap-each passing moment increases the existential risk to the network at the hands of barbarian hordes whose blockchains can seamlessly interoperate to drive transaction prices ever lower. MATIC has rebranded to Polygon, which seems a nod not to one particular shape but rather to a class of different ones. Perhaps the idea is that different shapes should be supported-recent announcements of support for BSC in the form of MATIC bridges would seem to support this notion.

Bitcoin and the alts get compared to one another frequently, but we must never forget the important distinction between them: bitcoin is primarily currency and Ethereum is primarily a platform built to support applications. Both are cryptocurrencies, but the distinct characteristics of each make it a comparison between apples and oranges.

Bitcoin will probably always be a Proof of Work system as long as electricity is scarce; the reason it works so well being that few if any people are willing (or able) to spend what it would cost to take it over.

Ethereum works far better in a Proof of Stake framework because it has more need to facilitate rapid throughput and less need to be unhackable. And the altcoin market has taken up this quest as well.

The ultimate quandary of “the flippening” isn’t, therefore, when ETH’s market cap will overtake that of BTC, but rather when the sum total of all altcoins will overtake BTC by market cap. And… well, that’s in the rear-view mirror. It’s happened a few times, and what it seems to represent is the hope that blockchain is more about applications than it is about money.

In fact, I might even be persuaded to entertain a claim like “when bitcoin exceeds 50% market cap dominance or better, the market thinks inflation will overpower technical progress with respect to applications built on public blockchains.” It’s a strange claim, and I do not endorse it. But looking at the charts the past week or so has made me very curious: what on earth is happening?

A bit more clarity can be had here. What’s at stake is clear: Do people really think money itself is more valuable than all the things blockchain makes possible? If the answer is yes, we should expect Bitcoin’s dominance to increase. If, however, the answer turns out to be no-a position supported by the meteoric ascent of first DeFi, then NFTs, and finally a DEX that will be able to support cross-chain swapping at a fraction of the prices we see for gas on ETH today-then BTC may be in for a rough upward ascent as more specialized tokens representing dAPP platforms with increasing user counts push it aside.

If the overall situation is that there needs to be global consensus on a cryptographic store of value and Elon is backing DOGE instead of BTC because of power consumption, it seems that we have been recommended the weaker horse.

Elon could be doing this to have a laugh, or to attempt to take over a minor cryptocurrency by publicly backing it, or he could intend simply to sow chaos. Whatever his reasoning is, even the might of Elon Musk probably won’t be enough to tip the scales here.

Bitcoin is environmentally pricey (but far less so than, say, the petrodollar!) as far as cryptocurrencies go, but there’s a lot of value in being able to trust the global reserve currency. At least Elon’s bringing publicity to the space-whether or not he swings his attention to cryptocurrencies that aren’t predominantly intended to “just be money,” some of the people who have followed him to DOGE may soon discover the appeal of the rest of the altcoins.

I’ve been trying to write up the Cosmos IBC for months now. I’ve gotten involved in some projects, and as a decisionmaker I see the biggest upside in Cosmos and Polygon of any cryptos on the market today because I am biased and see the most value for my projects in these up-and-coming technologies.

Still, the biggest question now is the adoption curve. Crypto has been fighting to get into the mainstream for a decade now, and with interoperability arising and the GravityDEX just around the corner it appears that Bitcoin’s place at the head of the cryptocurrency universe may for the first time be seriously questioned. As NFTs drive consumer adoption, though, it’s anyone’s guess as to whether MATIC or one of the other major contenders will supplant the beleaguered Ethereum blockchain as the primary place to build decentralized applications.

Speculation may fuel investments into BTC or DOGE just as easily as ETH, but in addition to speculative plays BTC and DOGE may be used as a store of value with minimal interference from technical issues, whereas ETH is the predominant king of transactions for goods and services and thus finds itself potentially more beholden to particular markets and their interested parties. Vitalik and co. may soon find themselves inhabiting a position more perilous than Bitcoin’s if ETH2 doesn’t come soon enough to prevent the NFT and DeFi markets from branching out into Cosmos, Polygon, and other L2 solutions which appear likely to beat ETH2 to market by a rather wide margin.

I’m not mad at Elon anymore because I realized he probably has rather little to do with the present turbulence in the markets. Whether we’ve reached our local bottom in this turbulent market cycle or not, it seems that more turbulence is about the only thing we can expect for sure. If the market goes sideways from here, we may see new growth-but new growth means new investments, the bulk of which, for the first time, may well not occur in the BTC and ETH markets primarily.

The altcoin case only seems capable of getting stronger, but will these new technologies stand the test of time? It appears the best way to find out will be to HODL and see.



How Archer Swap Has Helped End Ethereum’s Bidding War





Most DeFi users have heard of Ethereum’s high congestion issues, but few are aware of the controlling forces operating behind the scenes, and how badly they can be impacted by this single problem. When traders send a regular transaction via the Ethereum network, it is susceptible to attacks from bots or front-running software run by entities seeking to profit from trader activity.

Ethereum’s ecosystem is perhaps amongst the fastest growing in the crypto space. Thus, there are already many solutions that tackle this issue and operate for the benefit of the users and decentralized exchange (DEX) traders. Most of them have gone under the radar.

Archer Swap is part of the Archer DAO, a project with features designed to mitigate the risks associated with sending transactions on Ethereum. It protects users from Miner Extractable Value (MEV) strategies, sandwich attacks, and front-running bots while maintaining a connection with Uniswap and SushiSwap, two of the most popular DEXs on Ethereum.

In this sense, Archer Swap can be described as a DEX extension that enhances the trader experience on these dApps. This protocol combines two powerful sets of features that give traders improved operations on Ethereum – protecting them and making trades more cost-efficient.

The first set of benefits are called Archer MEV Shield. Besides protecting transactions from bot attacks, it allows users to eliminate failed transaction fees, a recurring problem on Ethereum. Traders can also cancel transactions at no additional cost.

The second feature is called Archer Trader Extractable Value (TEV), a proprietary and innovative concept introduced by Archer Swap. Operating within the Archer Relay, Archer TEV uses automated rebalancing transactions with bots to sync market prices when big market moves occur.

After a trade or a big swap, there is usually an arbitrage opportunity in a market. Archer TEV uses these opportunities to capture the value and redistribute it to Archer Swap users. In essence, Archer TEV takes revenue generated by Archer Swap and gives it back to one of the protocol’s core components, the traders.

Archer Swap Launches Campaign To Reward Traders

Following a community vote, Archer DAO recently launched a 6-week campaign to buy back and distribute its native token ARCH. In this way, the protocol can reward early adopters. The tokens will be acquired with the revenue generated by Archer TEV.

The protocol won’t have to touch its treasury reserves to attract new users to the platform. The protocol and the users will benefit – as more users trade on Archer Swap, the campaign will have more resources to acquire and distribute ARCH. Therefore, the token will most likely see an increase in buying pressure during the coming weeks, and the platform will see a surge in the number of users.

Archer DAO will distribute rewards every Friday from June 11th to July 16th, 2021. The platform will calculate rewards for each user based on their transacted volume for each week. The rewards will be delivered automatically and with basically 0 risk for the users, all they need to do is trade.

Archer Swap has had famous trades. In May, during the high of the dog meme coins, the inventor of Ethereum, Vitalik Buterin, used Archer Swap to dump his supply of Shiba Inu (SHIB), AKITA, MIRI, ELON, and others into the market.

The dump served a good cause, as Vitalik used this money to send over $1 billion to different charity organizations. The most notable is the Covid-19 relief campaign for India started by Polygon’s co-founder, Sandeep Nailwal. This trade could be among the most famous in 2021 and was enabled by a protocol whose main objective is to shield its users and give them back the power to operate safely within the Ethereum dark forest.


Continue Reading


Crypto Crash Trends On Twitter As Bitcoin Falls Below $30,000





Twitter has gone into a frenzy after bitcoin fell below $30,000 this morning. The hashtag #cryptocrash is currently trending on the platform. This is after the coin broke the $30,000 stronghold and fell below it. A price that has been a stronghold for bitcoin for a while now. Speculations were that as long as the asset didn’t fall below $30,000, then there would be a recovery.

Related Reading | Galaxy Digital CEO: Bitcoin Dips Should Be Bought Despite BitMEX News

Bitcoin has been in a downtrend for a couple of days now. News of mining rigs closing down in China pushing the price even further down. Falling below $30,000 means bitcoin is about to erase its gains for 2021. The coin was trading at $29,001 n December 2020. Only breaking the $30,000 barrier in 2021. Now bitcoin is trading at only 3% gains for the year 2021.

Bear Market Trends

Richard Bernstein was on Trading Nation two weeks ago to talk about the trends in bitcoin. The CEO called bitcoin a bubble. He pointed out that bitcoin was currently in a bull market. Noting that people were leaving the markets that were actually in a bull market behind.

Chart showing bitcoin crash below $30,000

Bitcoin crashes below $30,000 before recovering back up to $32,000 | Source: BTCUSD on

Bitcoin has been struggling for the past two months. This was after the coin finally hit the all-time high of $64k in April. There was a lot of speculation that the coin was headed for $100k. But it seems the asset had other plans.

Analysts have compared this to the 2018 crash. When bitcoin hit a new ATH of nearly $20k and then proceeded to lose 80% of its value. At one point trading at a little over $3k.

There Is Still Hope For Bitcoin

Mike Novogratz was on CNBC earlier to talk about the price drop below $30,000. Novogratz said that while he was less happy than he was at $60,000, he still hopeful about the coin.

Novogratz further explained that calling a bottom on the crash is hard to do. This he attributed to the large liquidations currently taking place across a number of assets.

With regards to the $30,000 price level, Novogratz said, “We’ll see if it holds on the day. We might plunge below it for a while and close above it.”

Related Reading | Over 3 Metric Tons Of Bitcoin Mining Rigs Airlifted Out Of China

The co-founder of Galaxy Digital noted that he wasn’t worried about the price crash. Explaining that he does not expect another crash of the 2017 magnitude to occur again. This he chalked up to the maturity of the ecosystem. Pointing out that much more mature players are now moving into the system.

“Every single bank is working on their own crypto project, how they can get bitcoin to their wealthy clients. I think a lot of clients that didn’t buy it the first time will see this as an opportunity to buy it and get involved.

– Mike Novogratz, CEO of Galaxy Digital

Twitter users have taken to the platform to express their opinions on the current market movements. There are countless tweets asking people to not panic. That the market is going to recover. And right now, it is starting to look like they’re right as the market has gone back into the green. Bitcoin is currently back up to $32k, after a dramatic price drop below $30k.

Featured image from Forbes, chart from


Continue Reading


Asia Broadband Forays into Crypto with Gold-backed Token and Exchange





Asset-backed tokens have long offered significant promise to transform the world of finance and investing. 24/7 trading, instant settlement, and fractionalization are just a few of the benefits offered when assets are recreated as cryptocurrencies on a blockchain. From the perspective of the cryptocurrency investor, tokens backed by real-world assets may also offer an opportunity to hedge a portfolio against some of crypto’s notorious volatility, which has once again been in evidence over recent weeks.

The traditional hedging instrument of choice, gold, is ripe for tokenization. Owning physical gold comes with issues such as storage and security, not to mention that it’s a relatively illiquid asset. Instruments such as ETFs may not offer the same direct exposure to gold prices. In contrast, gold-backed tokens are directly linked to gold prices and provide a fast and easy way to buy and sell gold, introducing new liquidity to the markets.

Over recent years, several firms have attempted to launch a version of tokenized gold; however, there has been an absence of operators from within the gold sector itself. Now, Asia Broadband, Inc. (OTC: AABB), a resource company focused on the production, supply, and sale of precious and base metals, has released its own gold-backed token.

For the 25-year-old US firm, it’s the first foray into the world of digital assets. And for the cryptocurrency space, it’s the first time an established player has emerged with a vertically integrated “Mine-to-Token” concept.

About Asia Broadband and AABBG

Asia Broadband was established in 1996, producing and supplying precious and base metals from Mexico to clients based in Asia. It’s now a US-listed company, delivering value to shareholders through its vertical integration approach to its value chain. In 2020, the company achieved an all-time high annual gross profit of $16.8 million, and over $100 million in assets for its first quarter of 2021.

The shift into cryptocurrency has come about thanks to the direction of the company’s president, CEO, COO, and Director, Chris Torres. Despite being a long-established business and finance leader, he has an aptitude for technology and possesses extensive knowledge of cryptocurrency investing. As a result, Asia Broadband has now released the AABB Gold (AABBG) token.

The company believes there’s a significant market for investors interested in owning cryptocurrencies as a digital store of value but who are likely to be put off by the inherent volatility in the crypto markets.

AABBG is backed by the gold mines owned and operated by Asia Broadband, along with $30 million in physical gold reserves. The company has made a public pledge to back 100% AABBG by gold reserves, supplied uniquely by its own mining operations, with third-party sources used only as a backup.

This vertically integrated “mine-to-token” concept is completely unique. Investors can benefit from knowing that they’re dealing with an established, US-listed firm and gain exposure to gold without any of the existing challenges.

Price and Demand

The minimum token price is pegged to the current spot price of gold, which means the token benefits from the lower volatility of gold relative to the cryptocurrency space, offering a sense of stability. Given fears of devalued fiat currencies, the bull case for gold remains intact, and AABBG could also rise as a function of increasing gold prices. As the price of gold fluctuates, the floor for AABBG tokens can change, but the potential upside price of the token will be driven by market demand.

It’s also worth noting that Asia Broadband’s experience and network in the gold sector also offer significant potential to drive demand. As the company has put extensive focus on the vertical integration of its own sales network in Asia, these global relationships provide the potential for cross-selling and deeper liquidity.

AABBG launched in March and, within two weeks, had sold $1 million worth of tokens. It’s now developing a proprietary exchange to allow AABBG holders to trade their tokens for various cryptocurrencies.

The entry of established professional firms to the asset-backed token sector could be just what it needs to get kick-started. With industry expertise, global networks in the business, and innovative business models, it’s evident that they’d have plenty to bring to the table.

Image by Daniel Dino-Slofer from Pixabay


Continue Reading
Uncategorized3 days ago

Sichuan Shutdown Order Cripples Chinese Bitcoin Mining Pools

Blockchain3 days ago

Coin Cloud Set to Operate 2000 Crypto Kiosks This Year

Blockchain4 days ago

Paraguayan Official Confirms: In July We Legislate Bitcoin

Blockchain4 days ago

Global Financial Indexes Provider MSCI Plans to Launch Crypto Indexes

Blockchain5 days ago

Call of Duty Warzone Season 4: Satellite Crash Sites, Red Doors

Blockchain4 days ago

This Bitcoin HODLer Metric Has Just Flipped Green For The First Time In 8 Months – Here’s What This Means

Blockchain4 days ago

Ethereum On-Chain-Analyse: Interesse trotz Drop groß

Blockchain4 days ago

U.K’s crypto-users are growing in number, but do they even understand the asset class?

Blockchain4 days ago

The End of NFTs? NFT Sale Transaction Volume Down 95% Since Early May

Blockchain4 days ago

WAVES Technical Analysis: Price Can Move Either Ways

Blockchain3 days ago

Tezos, Algorand, Zcash Price Analysis: 19 June

Uncategorized4 days ago

When does Naraka: Bladepoint release?

Blockchain3 days ago

What governments don’t realize is going to happen with Bitcoin

Blockchain3 days ago

Top DeepMind AI Products Revolutionizing The World

Uncategorized4 days ago

Alstef Group launches new software suite

Blockchain3 days ago

Sichuan province in China asks crypto miners to shut down operations

3 days ago

Alinity talks ASMR meta, Amouranth and indiefoxx Twitch bans

Blockchain3 days ago

Banks Afraid Of the Risks Associated With Crypto Assets Call for Regulation

Blockchain1 day ago

Legends: The premium NFT minting platform

4 days ago

Call of Duty League Stage 4 Major Standings