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Wikipedia Turns 20: How the Internet Encyclopedia Has Impacted Crypto

Wikipedia was founded with the idea of creating a free and accurate source of information on absolutely anything. “[…] written by volunteers, for everyone in the world, it seemed impossible,” states the birthday celebration page.  Fast forward twenty years, and the website now ranks thirteenth in the world in terms of traffic. The birthday post states … Continued

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Wikipedia, otherwise known as the free internet encyclopedia, turns 20 years old today. But what impact has the world’s most popular source of information had on the cryptocurrency industry?

Wikipedia was founded with the idea of creating a free and accurate source of information on absolutely anything. “[…] written by volunteers, for everyone in the world, it seemed impossible,” states the birthday celebration page

Fast forward twenty years, and the website now ranks thirteenth in the world in terms of traffic. The birthday post states that Wikipedia is “celebrating the power of human collaboration, creativity, and curiosity.”

However, has the rise of Wikipedia had any real impact on the growing cryptocurrency industry? 

Wikipedia – A History of Knowledge

Wikipedia now holds the largest collection of open knowledge in history. Thanks to open collaboration between internet users, it now has over 280,000 people editing every month.

As the biggest encyclopedia globally, the site should offer a large amount of information on the crypto industry. However, the history between the two has been marred with controversy. 

Cardano co-founder Charles Hoskinson recently accused the project of censoring his project’s paper as a citation. Wikipedia continually removed the citation, which stirred up controversy between Hoskinson and the community who labeled the move as commercial censorship.

Bitcoin Donations If You Must

Wikipedia has however been involved with bitcoin since as early as 2014. Even back then, the website added bitcoin as a method for accepting donations.

While it did receive some BTC donations, it appears the cryptocurrency has fallen out of favor as a donation method. Wikipedia still accepts cryptocurrency transfers, however, this isn’t mentioned on the donations page.

Popular methods now include PayPal and credit cards. Crypto specific donations seem to be relegated to a separate page as a last resort. Via the use of crypto payment provider BitPay, users can donate with bitcoin, bitcoin cash, ether, or xrp. 

Wikipedia founder Jimmy Wales has previously expressed his distaste for the Bitcoin fork, Bitcoin SV. Wales commented on the embroiled project, saying:

“BSV offers nothing for Wikipedia, there is zero chance we would ever use it.” 

Wales has also tweeted several times about Bitcoin. His most popular tweet relates directly to the king of crypto. He explains that he had purchased 0.1 BTC through Coinbase several months before Wikipedia added bitcoin as a donation method. 

Wikipedia may be the largest available knowledge portal on the web. However, it seems to have had a slim impact on the cryptocurrency industry as a whole. Perhaps in the future this will change as the industry begins to mature, and adoption continues to grow.  

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Source: https://beincrypto.com/wikipedia-turns-20-how-the-internet-encyclopedia-has-impacted-crypto/

Blockchain

Ethereum EIP-1559 Targeting Gas Fee Challenges to be Implemented in July

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The contentious Ethereum Improvement Proposal (EIP) 1559, will be included in its codebase in July this year. This became clear during the All Core Developers call today.

EIP 1559: What Does it Mean for Fees?

Ethereum’s Improvement Proposal 1559 is aimed at improving the overall Ethereum’s user experience when it comes to transaction fees.

Typically, a user would have to send a gas fee to a miner for their transaction to be included in a block. What EIP-1559 proposes, however, is to send that gas fee to the network itself. Called basefee, this is a sort of a “burn” and there would only be an optional tip that’s paid to the miners. The burnt fee would be set algorithmically, supposedly improving the UX.

The proposal was originally submitted by Eric Conner and its summary provides an overall outlook at what it attempts to achieve:

A transaction pricing mechanism that includes fixed-per-block network fee that is burned and dynamically expands/contracts block sizes to deal with transient congestion.

During today’s All Core Developers call, it was decided that it will be included in the so-called London hard fork coming this July.

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Some Miners Disagree

Despite the potential improvements on the entire network that could come with EIP-1559, some of the largest Ethereum mining pools have openly displayed division on where they stand.

F2Pool, the third-largest ETH mining pool with over 10% hashrate share, shared a post, in which it supported the initiative, claiming that it would ultimately have a positive impact.

The publication says that “the general community along with core developers are siding with evolving Ethereum to include EIP-1559. It is important to side with the users and core contributors.”

F2Pool’s statement also argued that the potential EIP-1559 implementation could be factored in ETH’s price, which is more than 100% from the start of the year.

In contrast, though, the largest mining pool with nearly 25% share of the hashrate, Sparkpool, didn’t feel the same way about the integration as it could reduce the profits. They took it to Twitter to emphatically assert that the mining pool “opposes EIP-1559.”

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Source: https://cryptopotato.com/ethereum-eip-1559-targeting-gas-fee-challenges-to-be-implemented-in-july/

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Uniswap, Crypto.com Coin, Compound Price Analysis: 07 March

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Uniswap broke out past the $29.3 level of resistance, while Crypto.com Coin was in a phase of consolidation. Compound bounced off the $450 level of support to touch $500 but could see a pullback to $470.

Uniswap [UNI]

Uniswap, Crypto.com Coin, Compound Price Analysis: 07 March

Source: UNI/USDT on TradingView

UNI broke out and went past the $29 area of resistance, where the 23.6% retracement level and the $27.3 level of resistance lay. The upward move had extraordinary volume as UNI touched $31.54 but some selling pressure was seen in the subsequent trading session.

The Doji candle represented short-term exhaustion from the bulls, and the breakout could see UNI pullback to test the $29.3 level to confirm its flip from resistance to support.

The MACD showed strong bullish momentum behind UNI. Bearish divergence on the hourly chart between momentum (MACD) and the price could be seen in the coming hours, which would likely see UNI pullback to $29.4. This can be used to enter long positions, with a stop-loss just at $28.7.

Crypto.com Coin [CRO]

Uniswap, Crypto.com Coin, Compound Price Analysis: 07 March

Source: CRO/USDT on TradingView

The Bollinger bands showed that CRO was in a phase of consolidation at and around its 38.2% retracement level at $0.152. The RSI moved back above neutral 50 to indicate that momentum was swaying towards the bulls’ side.

The defense of the 50% retracement level at $0.127 and the immediate bounce-off was a show of strength from bulls – the $0.146-$0.152 region can be used to accumulate CRO in expectation of another move upwards. The $0.173 and $0.189 levels are levels of resistance to watch.

Compound [COMP]

Uniswap, Crypto.com Coin, Compound Price Analysis: 07 March

Source: COMP/USDT on TradingView

Compound saw a strong bounce-off at the $450 mark which represents a 23.6% retracement for COMP’s move from $205 to $573. At the time of writing, COMP faced some resistance at the $500 area.

Moreover, the Awesome Oscillator on the hourly chart displayed a bearish twin peak set up and gave a sell signal. This development, followed by the AO registering bearish bars on its histogram, is likely to see the price dip to $470. Bulls would need to show some strength at $470, or bears can drive the prices lower to $450 once more.


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Source: https://ambcrypto.com/uniswap-crypto-com-coin-compound-price-analysis-07-march

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Pakistan: Arrests made in Bitcoin extortion case

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The world of finance has never been able to protect itself from the fraudulent activities going around in the world. The cryptocurrency market, which itself is a growing space has also had its fair share of such fraudulent activity being associated with it. However, unlike traditional finance, regulators have been enforced stringent measures when it comes to tackling such offenses.

A recent case has been reported in Pakistan, where the police have arrested several people part of the country’s first extortion case via crypto. According to reports, the police arrested the owner of an outhouse where the complainants, two foreign nationals, were held hostage along with two other suspects.

One of the suspects was identified as Rana Irfan Mahmood and a case has been registered against him and an unidentified accomplice. The hostages were Swiss national Maria Spari and German citizen Stephen [last name remains unknown] who were kidnapped by three men in police uniform along with another person.

After threatening the hostages with a fake drug smuggling case, the victims paid 6,300 euros in cash and made an online transfer of 1.8 Bitcoin which was close to $9k. The suspects made a fake video demanding an additional Rs 300 million [$1.91 million].

According to SSP Investigation Abdul Ghaffar Qaisrani, the police have managed to recover the amount paid to the facilitator apart from the Bitcoin. The crypto has already been transferred to another account and the team was taking assistance from the intelligence agencies to recover it.

Although the regulators in Pakistan have been taking note of Bitcoin and crypto, illicit activities have been a growing concern in the region. In November 2020, the Central bank clarified that it was not banning crypto, contrary to the prevailing fear within many in the crypto-community.

In fact, Pakistan’s Securities and Exchange Commission [SEC] published a paper on the regulation of cryptocurrency trading platforms. This paper outlined the regulatory approach to crypto and included recommendations given by the Financial Action Task Force [FATF], as well as regulations presented by Malaysia, Hong Kong, and the U.S.

However, the police in the country have warned users and the government about the rising cases of ransom and extortion related to crypto. Bitcoin has been at the center of these cases and such fraud activities will only instill fear with the lack of regulation among crypto users in the region.


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Source: https://ambcrypto.com/pakistan-arrests-made-in-bitcoin-extortion-case

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