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Every coin will eventually be a ‘Bitcoin’

By
John Mc Keown
-
0

Every coin will eventually be a ‘Bitcoin’

Bitcoin (BTC) is the most highly valued cryptocurrency that exists.

There is a couple of reasons for this. It was the first of its species. It’s been around, out of public view, for about a decade before ‘ blockchain ‘ became ‘a thing’ and before folk began to use ‘web 3’ as a label.

It’s ‘first adoption’ phenomenon is so strong, those that are completely clueless about the blockchain space have heard the word ‘bitcoin’ even if they don’t know exactly what it is.

The second thing.. while being the most expensive coin to buy, or architecture to build virtual assets on, it’s the most robust network – ‘available to everybody, owned by nobody’.

Before anything was ever ‘built’ on Bitcoin, the blockchain was famous for providing a solution as an alternative to sovereign controlled FIAT money.  Apart from its global free availability and its unparalleled security, it’s limited issue means no government, pressed by the political issues of the day, is going to randomly print more, devaluing a holders purchase power. It also removes sovereign boundaries and execution interests – one can go where they like, and use it on what they choose.

The blockchain built environment started with Ethereum.

 

The Ethereum blockchain however, began a journey into a centralization path, starting with ‘The Merge’ in 2022, moving from Proof of Work to Proof of Stake, and brought in other centralization elements subsequently.

Extra to Ethereum, other architectures were built, initially as ‘scaling solutions’. Inceasingly, other corporate cryptographic networks rose to, with Ethereum, complete the ‘EVM Compatible’ ecosystem or environment.

A token standard – ERC 20 initially began with Ethereum, but is executable right across the ‘EVM Compatible’ ecosystem, some of whose architectures are fast and cheap, but not necessarily secure or decentralized.

With the use of ‘Smart Contracts’ a cryptocurrency project based on ERC 20 tokens can be issued at a tiny fraction of the effort it takes to establish a blockchain like Bitcoin. Other projects, with slight variance on the model, have been issued off Solana.

Simply put, it’s just far too easy for any person with a worn out idea of a dog copying another dog, or a D list celebrity trying to rekindle a career that never was… to launch one of these silly token projects.

Very few of them even have a real intention from the start, of providing a genuine alternative to sovereign FIAT (money), which is where this whole journey began, in the wake of the 2008 global crash. ‘Intent to Shill’ could be a thing.

One way they could survive and endure, is if they were the native cryptocurrency for a vibrant, active and growing digital asset project environment, but for that, they would have to do a whole lot better than have a few silly PfP (Profile Picture NFT) series.

The future doesn’t look rosy for ERC 20 type digital money.

But what we may see with Bitcoin at some point is a tendency to become a victim of its own success.

Bitcoin answers the ramp, hype and subjectiveness of ‘Smart Contract’ digital money, with the cool, calm mathematical realities of its fixed issue coin with its Nakamoto Consensus, Sybil Defence, Byzantine Fault Tolerance.

But what happens if the value of BTC against bedrock FIATs like the $USD continues to rise?

One thing that can be shown through human history is that no invention that breaks the mould ever ends up with no direct competitor in the market very long.

Ford and their ‘Model T’ did not stay the only business to ever mass produce cars. ‘Coca Cola’ didn’t remain the only cola soft drink. IBM didn’t remain the only company to make the ‘PC’.  In fact, competitors copying the format, specified their product as an ‘IBM Compatible Computer’.

Apple didn’t retain exclusivity as the only phone manufacturer to produce a touchscreen phone.

As ‘Smart Contract’ digital money projects lose confidence completely, and Bitcoin price reaches hitherto unimaginable heights, new blockchains modelling themselves on Bitcoin become increasingly attractive as viable pursuits.

Bitcoin can argue its technical superiority trumping inferior, sentiment focused digital money.

But the mirror of that argument is, if Bitcoin can truly continue to command the Category King spot – being superior to others that come along, has to be measurable, with technically explainable facts that demonstrate why it is better.

Having the name ‘Bitcoin’ on its own, isn’t good enough.

To do so, its fans would be no better than the shill zone tokens they despise.

As market conditions become ideal for more Bitcoin like blockchains to emerge, Every coin will eventually be a ‘Bitcoin’

They just won’t use the same name.

 

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Crypto Market Summary for 16th through 22nd June 2024

By
Paul Ugbede Godwin
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0

The week of June 16th to 22nd, 2024, has been a period of significant activity in the cryptocurrency market. The market has seen a mix of recovery signs and cautious trading, reflecting the complex interplay of economic factors, regulatory developments, and investor sentiment.

Bitcoin (BTC) has shown modest recovery, maintaining levels around $65,400, while Ethereum (ETH) has also displayed resilience. The U.S. Securities and Exchange Commission’s (SEC) unexpected rule change allowing the creation of spot Ethereum exchange-traded funds (ETFs) has been a notable development, potentially signaling a more accommodating regulatory stance. This follows the earlier approval of spot bitcoin ETFs, which had a positive impact on the market.

The launch of the VanEck Bitcoin ETF on the Australian Securities Exchange marks a significant milestone, introducing the first spot Bitcoin ETF to trade on Australia’s main stock exchange. However, the selling pressure from Bitcoin whales, with over $1.2 billion worth of BTC sold in the past two weeks, indicates a lack of demand from institutional investors and has contributed to Bitcoin’s price stabilization rather than a significant increase.

As of June 20, 2024, MicroStrategy, the company led by Michael Saylor, has increased its holdings to an impressive 226,331 Bitcoins. This acquisition, involving nearly 12,000 BTC, was valued at approximately $786 million.

This strategic investment comes at a time when Bitcoin’s volatility has been at the forefront of economic discussions. MicroStrategy’s consistent approach to buying the dip demonstrates a long-term confidence in the value of Bitcoin. The company’s aggressive investment strategy has not only solidified its position as a major corporate holder of Bitcoin but also reflects a larger trend of cryptocurrency adoption among institutional investors.

Shiba Inu (SHIB) has caught the market’s attention as it eyes a potential recovery after dipping into the oversold region. Analysts are projecting an upsurge towards the $0.0001 level, suggesting a possible rebound for the meme coin. Stablecoin transfers have surged, as reported by Glassnode, hinting at increased trading activity within the crypto markets.

The potential rebound of Shiba Inu (SHIB) in the cryptocurrency market can be attributed to several key factors. Firstly, SHIB is currently trading below its 50-day Simple Moving Average (SMA), which often signals a buying opportunity for investors anticipating a price correction upwards. Additionally, the meme coin’s growth is often driven by social media hype, which can lead to rapid price movements as sentiment shifts.

Another factor is the overall market sentiment, which can be influenced by broader economic conditions and regulatory changes within the cryptocurrency space. For instance, significant token accumulation in new wallets and recognition from leading exchanges can bolster investor confidence in SHIB’s resilience and recovery potential.

Furthermore, technological advancements and updates within the Shiba Inu ecosystem, such as the anticipated integration of Shibarum and the launch of Shiba Eternity, are expected to enhance the token’s utility and user experience. These developments can attract new users and investors, contributing to the token’s rebound. The actions of ‘whales’, or large holders of SHIB, can significantly impact the token’s price. If these whales decide to trade large volumes, it can lead to a surge in SHIB’s price, as seen in past market behaviors.

The broader regulatory environment remains a critical factor, with the SEC actively reviewing applications for spot Ethereum ETFs and increased scrutiny on major crypto firms. The timeline for approval of these ETFs remains uncertain, but the market is hopeful for a positive outcome by July 2024. The enforcement actions against high-profile executives and companies for alleged violations continue to shape the market’s regulatory landscape.

In terms of adoption, mainstream partnerships, such as those between crypto firms and major companies like Mercedes for Web3 initiatives, are driving the industry forward. The use of stablecoins is on the rise, indicating heightened trading activity and a growing acceptance of cryptocurrencies as a legitimate and valuable part of the financial ecosystem.

As the market navigates through volatility and price movements, investor caution is evident. The decline in crypto trading volumes suggests a wary approach amidst the broader market downturn. Despite this, the emergence of new sectors like real-world asset tokenization and data availability layers for blockchains points to the ongoing innovation and expansion of the cryptocurrency market.

The week has been a testament to the dynamic and evolving nature of the crypto market. With regulatory developments, investor behavior, and technological advancements continuing to influence the market, it remains an exciting time for participants and observers alike. The market’s resilience in the face of challenges and its capacity for innovation underscore the potential for continued growth and integration into the broader financial world.

SoftBank’s Missed Opportunity: The $160bn from Nvidia Stock Surge

By
Samuel Nwite
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0

In the volatile world of tech investments, even the most seasoned investors occasionally find themselves on the wrong side of a major market move. Masayoshi Son, founder of SoftBank Vision Fund and one of the world’s most influential tech investors, recently shared a poignant example of this reality.

Despite his impressive track record, Son missed out on what could have been his most lucrative investment—Nvidia.

The Painful Sale

Years ago, Son held a substantial 5% stake in Nvidia, the company now at the forefront of the AI revolution. Today, this stake would be valued at an astonishing $160 billion.

Nvidia had been thriving by selling graphics cards to cryptocurrency miners. The company was experiencing a period of financial prosperity, with demand for its products surging due to the cryptocurrency boom. However, this period of rapid growth was followed by a sharp decline.

Nvidia CEO Jensen Huang referred to this abrupt downturn as a prolonged “hangover.” The sentiment in the market shifted dramatically, leading to a steep 50% drop in Nvidia’s value over just four months. This rapid devaluation created a challenging environment for investors, including Son.

Reacting to this unexpected and severe drawdown, Son decided to sell SoftBank’s shares in Nvidia. The shares, worth less than $4 billion then, were sold to protect his fund’s performance. In hindsight, this move proved premature, as Nvidia’s value and prospects recovered over time.

“I had to tearfully sell the shares,” Son revealed to SoftBank shareholders at the firm’s annual meeting, according to the Wall Street Journal. “The fish that got away was big.”

Had Son held onto his Nvidia shares, the value would have far exceeded his legendary investment in Alibaba, which saw a $20 million investment grow to $60 billion by the time the e-commerce giant went public.

Nvidia has since emerged as the most valuable company in the world, riding the wave of AI advancement. Its GPUs are crucial for AI applications, data centers, and autonomous technologies. Nvidia’s strategic shift from a focus on gaming to AI and data centers has propelled its market value, solidifying its position as a cornerstone of modern technology infrastructure.

SoftBank Vision Fund – A Mixed Bag

The SoftBank Vision Fund, under Son’s leadership, has experienced both significant successes and notable missteps. Launched with a bold $100 billion, the fund aimed to revolutionize tech investment. It backed major companies like Uber and Slack, and controversially, WeWork. Nvidia was among its early investments, thriving initially on sales to crypto miners before a severe downturn slashed its value by 50% within four months.

In February 2019, SoftBank disclosed it had exited its Nvidia position entirely, recovering around $3.6 billion. The decision, while understandable given the circumstances, meant missing out on the subsequent explosive growth of Nvidia’s stock.

“It’s frustrating to remember the ones that I missed,” Son admitted.

Focus on the Future with The Izanagi Fund

Undeterred by past missteps, Son is now channeling his efforts into a new $100 billion fund dedicated to artificial superintelligence (ASI). Named after the Shinto god of creation, Izanagi, this fund reflects Son’s grand vision for the future. While details remain sparse, Son assured that the fund’s scope and ambition would be as monumental as its name implies.

“I seriously believe the reason why Masayoshi Son was born is to make ASI come true,” he said, speaking with confidence.

Attempting to time the market can sometimes be costly for investors — and in the case of SoftBank founder and CEO Masayoshi Son, the price tag comes to $150 billion. That’s how much Son missed out on after selling a stake in Nvidia in 2019, more than five years before the AI chip-making powerhouse surged to briefly become the world’s most valuable public company, according to The Wall Street Journal. But it wasn’t all bad news. Selling the 4% stake netted Softbank a $3.3 billion return. Still, Son refers to the sale as “the fish that got away.”

Crypto News: BlockDAG Announces $2 Million Giveaway While Cardano Triggers Rally & Ethereum ETFs Await Approval

By
TI Partners
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0

While Cardano is enhancing its scalability and governance to spark a significant rally, and Ethereum awaits ETF approval promising wider market access, BlockDAG steals the show. With a $2 million giveaway and high-profile presence in places like Shibuya Crossing and the Las Vegas Sphere, BlockDAG leverages its innovative decentralization approach and successful $52.6 million presale to eclipse its rivals, shaping up as a leading cryptocurrency for 2024.

Cardano Aims for Scalability Amid Price Volatility

Cardano is set to deploy major protocol enhancements, focusing on scalability and governance through the integration of Ouroboros, Leios, and Hydra. Despite a recent downturn in its market price to $0.43, reflecting a 5.77% weekly fall, Charles Hoskinson remains bullish about Cardano’s prospects. With a market capitalization of $15.4 billion and substantial daily trading volumes, Cardano continues to show potential despite its current bearish market position, indicated by an RSI of 40.93.

Ethereum Eyes ETF Approval Amid Regulatory Ambiguity

The SEC is nearing a decision on Ethereum ETFs, anticipated by September, which could broaden investor access similar to existing bitcoin spot ETFs. Despite the progress, SEC Chair Gary Gensler’s comments remain non-committal on Ethereum’s classification as a security or a commodity, a stark contrast to the CFTC’s view of Ethereum as a commodity. This ongoing regulatory dialogue aims to streamline digital asset oversight.

BlockDAG Dominates with a $2M Giveaway and Global Exposure

BlockDAG is capturing attention with its remarkable $2 million giveaway, targeting 50 fortunate members of its community. By interacting on BlockDAG’s social media, entering wallet details, tackling various challenges, and bringing in friends, participants enhance their odds of winning. Holding at least $100 in BDAG coins is necessary to enter, and each additional task or referral significantly raises the likelihood of success. This initiative not only energizes the community but also showcases BlockDAG’s dedication to appreciating its early backers.

Positioned prominently in strategic global spots like Shibuya Crossing in Tokyo and the Sphere in Las Vegas, BlockDAG cements its status as a powerhouse in the cryptocurrency world. These eye-catching displays highlight BlockDAG’s robust international marketing push, aiming to surpass giants such as Ethereum and Cardano. Its commitment to expanding and decentralizing is evident through its use of a cutting-edge Directed Acyclic Graph (DAG) and a Proof-of-Work (PoW) consensus mechanism, enhancing its appeal in the market.

This spectacular $2 million giveaway and its prominent international presence amplify the buzz around BlockDAG’s successful presale, which has already amassed over $52.6 million up to batch 18. This success demonstrates strong investor confidence and support. Each successive batch has seen notable price increases, with the 18th batch reaching $0.0122—a surge of 1120% from the initial batch. With such momentum, experts foresee a potential 30,000x ROI as BlockDAG advances, positioning it as a highly attractive investment opportunity.

BlockDAG Sets the Stage for Market Leadership

BlockDAG is not just participating in the cryptocurrency evolution; it is leading it with bold initiatives like the $2M giveaway and significant global marketing. As it continues to outperform with innovative strategies and community-focused initiatives, BlockDAG positions itself as a prime investment opportunity, especially with its presale success signaling strong investor confidence and substantial market growth potential for 2024.

Join BlockDAG Presale Now:

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetworkOfficial

Discord: https://discord.gg/Q7BxghMVyu

 

The Next Big Thing in Crypto: 3 AI Platforms Set to Dominate 2024

By
TI Partners
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0

The AI crypto sector is currently running on a bullish schedule, and Internet Computer (ICP) and Injective (INJ) have joined the high-performing coins in the market. The coins leverage development and innovation on their platforms to land profits, making them very stable sources of income in the crypto market.

Now, we have a new token that is bringing action to the DeFi sector. RCO Finance (RCOF) has AI solutions ready, and traders will experience a different side of trading in the crypto-verse.

The RCOF presale is also ongoing, and that’s what the investors are pulling over for.

RCO Finance Is Matching Up with the Fast-Growing AI Market

The RCO Finance platform has seen potential in the AI sector, and the project is already well-positioned to become a key player in the industry. Its Robo Advisor is a game-changer for traders, as the algorithms are designed to enhance profitable trading in a bullish market.

Robo Advisor’s main feature is the machine learning setup that allows it to familiarize itself with users’ unique trading preferences. The AI then leverages its insights and in-depth analysis of the market to provide traders with better-informed tips instead of offering generic trading advice.

For instance, you might be locked in on an ETH/DOGE pair while the Robo Advisor drops tips on a derivative option, entering bullish patterns. Traders can even set Robo Advisor to execute certain trades on their behalf after evaluating predictions from the assistant.

In addition to having a phenomenal trading assistant, RCO Finance removes regional restrictions, allowing users to trade in markets that might have been unavailable to them on other platforms. Also, there is no need for a KYC verification.

Internet Computer Gets Bullish Forecasts

Not many tokens are looking bullish at the moment. The crypto bull run has hit a pause for the past two weeks, as Bitcoin’s decline and a massive sell wave have left the top crypto coins in a slump.

The ICP price was also hit, but their price predictions and market sentiments remain high. Also, the recent news of NVIDIA becoming the most valuable company in the world has caused a spike in the Internet Computer network. Even amid bears and sellers, analysts still believe ICP is on its way to closing 2024 on net gains.

Some analysts’ predictions put Internet Computer in line for a maximum valuation of $17.45 before the year ends. There will be a lot of volatility in the next few months, but Internet Computer has the experts’ backing to land profits.

Injective Lands Web3 Milestone Despite Token Dip

INJ has been on quite the low for a while, succumbing to six-month lows on Wednesday. Injective sports is an interesting chart, as the token is trading at 30% losses, but the investors still demand more.

The reasons might be plausible. Injective recently sealed a deal with DEGA, a Web3 game builder platform that operates across the top blockchains. Injective’s developer-friendly network will allow builders to launch Web3 apps from the INJ chain.

With the Web3 gaming sector set to spike significantly shortly, Injective could benefit from the development. This and the potential airdrops to be launched on the blockchain are the major drivers of greed on Injective.

Don’t Miss the RCOF Presale!

RCO Finance has even more features in store, but you can only access them by owning some RCOF. And the presale is the best time to get your RCOF.

RCOF tokens cost just $0.0127, as they are still in Stage 1 of the presale. If you need more push, the tokens will come with 3000% profit, which will be cashed when RCO Finance goes live. This means a $1000 investment would give you $30,000.

The project will continue to attract users with its game-changing AI technology and SolidProof-audited smart contract, making it a viable investment in the long term.

Again, make sure to take advantage of RCOF today!

For more information about the RCO Finance Presale:

Visit RCO Finance Presale

Join The RCO Finance Community

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