$BTC On A Daily and Weekly Breakout Bottom confirmed.If you've been studying the Bitcoin chart for years you'd assume that we are in the middle of a bearish cycle that happens every few years. 1 Year Bullish 2 Years Bearish rinse and repeat every few years.
However that changed in 2021 when the Bearish cycle was suppose to begin in April of 2021 and continue for 2 years and didn't happen. Minds were blown because what we believed would happen was interrupted for the first time in 12 years.
Technical chartists and YouTube gurus were stomped, how could this be?
Well it was simple. We were thrown into the midst of a pandemic the likes of which we've not seen in almost a 100 years. The media raised the fear factor 10 fold and everyone stayed home and collectively realized something.
Life wasn't meant to be working a 9-5 job you hate, only to dread going to work again the next day to do the same thing you hate with only a two day break each week to recuperate.
Life wasn't meant to be work, bills and death. People were meant to enjoy the freedom of life, being able to spend time with family, work from home, not having to commute, but more importantly realize there are other sources of income out there besides your job.
People who had been living in the dark discovered that the millionaires and billionaires they read about were all doing the same thing, they didn't have one stream of income coming in, they had MULTIPLE streams.
Therein began the birth of a new era in Crypto and Stocks, newbies flocked to make accounts and discover this new (but really not that new) frontier.
The rules had changed, people talked about crypto on their Voice Chats and Zoom Calls. Believe it or not however we're still early, only about 5% of the entire world knows what Crypto is and only about .1% actually has invested in crypto.
The cycle has been broken and the world will never be the same. With that being said, imagine now when these same people begin telling another 1%-10% of the world about crypto and they begin investing. We could see a dramatic rise the likes of which we have never seen before.
The possibility of Bitcoin to hit $1,000,000 a coin within 10 years or less is now possible.
Something interesting happened last year also, the birth of the reflection token and NFTs became mainstream and now crypto has multiple utilities, multiple new sources of income, and new avenues of interest can now spring from one token.
I believe the transition to reflectionary tokens the LEGIT ones, (not these ShibaEverRainbowGorilla token offshoot rugs that have been popping up), I mean the ones with legit doxxed Certik certified projects with good communities will reach surmountable heights.
And I will be here for it.
Don't be surprised to see $BTC hit $100K this year and for Reflationary tokens and NFTs to make a lot of noise this year.
Nfts
NFTs and the Future of Cyberwarfare (Money vs Culture)The Russian invasion of Ukraine this week has prompted many people in Web3 to rethink what an NFT is and what it could potentially be used for. A look at what the CIA and Western powers did during the Cold War and how we could see another resurgence in "cultural production" methods in crypto-based projects in the wake of this crisis we see today.
URL to Vitalik's Tweet showing his support for the Ukrainian government:
twitter.com
High-profile athletes are spending huge amounts on NFTs: Here's Worldwide nonfungible token trading was worth around $40 billion in 2021, and it has since attracted some big names in the sports industry.
Athletes have been known to invest in a range of assets and businesses, but now they're also getting into cryptocurrency and blockchain.
Nonfungible tokens (NFTs) are a relatively new form of tokens that allows for the exchange, trade and ownership of unique digital assets. According to market data, worldwide NFT trading was worth around $40 billion in 2021, and now some professional athletes have joined the movement.
Luka Modric, a Real Madrid soccer player from Croatia, launched a line of NFTs, while Neymar, a Brazilian professional footballer with Paris Saint-Germain in the French league, recently paid over $1 million for two NFTs. Several professional athletes, including Alexander Ovechkin and Michael Bisping, have been known to be interested in the world of NFTs.
Buying NFTs appears to be a simple and lucrative investment for the rich, especially if they are well-known. However, Philip Gunwhy, partner and brand strategist at Blockassets, an athlete-focused NFT ecosystem, claims that there is considerably more to it than simply investing and cashing out. During a Q&A session with Cointelegraph, Gunwhy discussed why athletes have been drawn to NFTs.
Related: NFTs and DeFi are revolutionizing real-estate investing and homeownership — Here’s how
Cointelegraph: Why do you think athletes are drawn to the NFT world?
Philip Gunwhy: The ever-evolving world of NFTs and the technology behind them means that athletes can utilize them in a way to interact with fans. While it is a relatively new technology, there are clear examples of how fans can benefit from holding official athlete NFTs, such as meet and greets and even fully interactive metaverse interaction with 360 cameras.
CT: What’s beyond that? What would happen if everyone issued their own NFTs?
PG: How NFTs are being utilized changes every day. Ultimately it’s a smart contract, transparent transactions that will be permanently stored on the blockchain.
If everyone is issued their own NFTs outside of the world of celebrities, there still may be use cases for it even with a lack of overall public demand. For example, I could issue my CV as an NFT, employment history and references could all be verified.
Ultimately, the uses for NFTs are only limited by the limits of imagination.
CT: What benefits do you think athletes can get from being involved in the NFT world?
PG: Aside from all of the traditional levels of exposure that any traditional marketing method would bring, it is a way for them to engage with their fans in a way never before. With an athlete NFT collection and or token, the superfans become part of a super community.
I’m a big believer in the future of fan/social tokens and creating an eco-system that fans can benefit from acquiring their token; it’s a path and a journey that the fans can benefit from at the same time the athlete does, creating a win-win environment for both athlete and fan.
CT: How do you think the influx of athletes into the NFT world will change the industry?
PG: The influx of athletes into the NFT world will bring mass adoption and education to NFTs. But, at this point, we are only really touching the tip of the iceberg as to people’s general awareness of the power NFTs can bring to society. Throughout history, those with influence will be the ones that deliver awareness to the masses.
CT: Do you see any potential risks associated with athletes being involved in the NFT world?
PG: As with anything new that follows the path of hype, there will always be the unscrupulous minority who will try to take advantage of the situation. The creation of imitation NFTs and or phishing type scams will pop up. Therefore, people need to be vigilant. Work with only companies that you can be confident are official and make sure due diligence has been covered before making any investments.
CT: Which current processes in the sports industry can be eventually replaced with NFTs or blockchain in the future?
PG: I see a high probability that traditional ticketing will be entirely replaced by NFT ticketing. A season ticket, for example, could be transferred with complete transparency across the blockchain. There are so many more benefits to replacing old technology with the new, and tickets will never be lost; the ticket can and will be used in both digital and real-world scenarios. For example, a match day program can be airdropped to the holders’ wallet along with clips and highlights of the game.
CT: What advice would you give an athlete who is looking to get into the NFT world?
PG: For an athlete looking to get into the NFT world, I’d encourage them to discover their motives. Those simply looking to get an extra revenue stream can provide that, but fans will not necessarily be engaged with it. If the athlete wants to engage with their fan base and grow a true synergy, then find the right company to partner with that has proven to deliver this.
CT: Do you think there's more to it than just investing and cashing out?
PG: While there will always be many people looking at athlete NFTs as an investment, it’s not necessarily the view that I hold at all. Instead, I view the collection of NFTs and the acquisition of social tokens as a fun way to interact with the athlete. If you are a fan and want to benefit from that relationship, then the future is in digital smart contracts.
Related: Fan Controlled Football raises $40M to expand league with Bored Apes and Gutter Cats
CT: How do you see athletes' involvement in the NFT world affecting their careers in the long run?
PG: Athletes that become involved in the NFT world can benefit their careers by adding value to their IP. With social tokens, their market cap can directly determine their value as an athlete. Although, the past couple of decades, sponsorship deals have been a huge factor in decision making when it comes to negotiating sponsorship deals, the future of Web3 and social tokens empowering new forms of social media, an athlete market cap will quickly catch up and potentially overtake as a way to determine an athletes popularity and therefore, marketability.
An NFT ManualHello, Let us talk about 'NFT.'
In this post, we will read about NFTs, where to find them, and how to buy them. Furthermore, what are they really?
Indeed we have all read this sentence since this is the first thing that comes up when we Google NFT:
"A non-fungible token is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. Types of NFT data units may be associated with digital files such as photos, videos, and audio."
Well, it is not wrong. It is a non-fungible token that can be traded.
They are mainly formed in 2D and 3D art forms.
You can profit from hundreds to thousands of dollars by buying and selling NFTs.
However, you need to be careful because there are too many scams out there. Many people get hacked, phished, or follow bad projects and lose their money.
Before answering the most FAQs, have in mind that NFTs can be built on many blockchains, traded on many platforms, and bought with different types of cryptocurrencies.
However, we will focus on the main, primarily used methods in this post.
Where should we find NFT projects?
Twitter, Instagram, and public/private chat rooms provide this information.
Nevertheless, Twitter is where it all happens. All NFT projects advertise on Twitter, and we can see by the number of their followers, likes, and comments, how genuine their community is and if it is a worthy project or not.
Where can we get access to mint/buy?
Once we find our desired project, we should find them on discord and join their server.
Different projects have different methods to White-List us to get us early access to mint/buy. Some require invites, some require being active and being helpful to their community, and some have their own unique rules.
Once we get past those requirements, we will be White-Listed to mint earlier than other people.
Where does it all happen?
Mostly on Opensea. When we buy or mint an NFT, we need to list it to trade it or sell it again.
That is when we need to pay Opensea for making a listing. Then we can list our NFTs on that listing and either take offers or set a fixed price for them.
What wallet do we need?
MetaMask is the wallet that is being mainly used in order to buy or mint NFTs. It is a safe wallet, and we can easily create one for free without identification.
What browser should we use?
Yes, Safari for Mac users and Chrome/Edge for Windows users is the preference we are familiar with.
However, when talking about NFTs and MetaMask and much money, we need to switch to something safer and more compatible.
Brave Browser is the one for this use. It also provides its own wallet, but we can always connect our MetaMask.
What is minting?
Most simply:
When we decide to buy an NFT, we have to produce it, validate it into existence, create a new block for it, and set its information.
Do not worry, it all happens automatically, we only need to pay the Gas fees.
Important tips:
Turn your DMs off on Discord.
Do NOT connect your wallets to unknown websites.
Use Brave Browser.
Have you ever traded NFTs? What do you think the pros and cons are?
Let us know your ideas.
Good luck.
An NFT ManualHello, Let us talk about 'NFT.'
In this post, we will read about NFTs, where to find them, and how to buy them. Furthermore, what are they really?
Indeed we have all read this sentence since this is the first thing that comes up when we Google NFT:
"A non-fungible token is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. Types of NFT data units may be associated with digital files such as photos, videos, and audio."
Well, it is not wrong. It is a non-fungible token that can be traded.
They are mainly formed in 2D and 3D art forms.
You can profit from hundreds to thousands of dollars by buying and selling NFTs.
However, you need to be careful because there are too many scams out there. Many people get hacked, phished, or follow bad projects and lose their money.
Before answering the most FAQs, have in mind that NFTs can be built on many blockchains, traded on many platforms, and bought with different types of cryptocurrencies.
However, we will focus on the main, primarily used methods in this post.
Where should we find NFT projects?
Twitter, Instagram, and public/private chat rooms provide this information.
Nevertheless, Twitter is where it all happens. All NFT projects advertise on Twitter, and we can see by the number of their followers, likes, and comments, how genuine their community is and if it is a worthy project or not.
Where can we get access to mint/buy?
Once we find our desired project, we should find them on discord and join their server.
Different projects have different methods to White-List us to get us early access to mint/buy. Some require invites, some require being active and being helpful to their community, and some have their own unique rules.
Once we get past those requirements, we will be White-Listed to mint earlier than other people.
Where does it all happen?
Mostly on Opensea. When we buy or mint an NFT, we need to list it to trade it or sell it again.
That is when we need to pay Opensea for making a listing. Then we can list our NFTs on that listing and either take offers or set a fixed price for them.
What wallet do we need?
MetaMask is the wallet that is being mainly used in order to buy or mint NFTs. It is a safe wallet, and we can easily create one for free without identification.
What browser should we use?
Yes, Safari for Mac users and Chrome/Edge for Windows users is the preference we are familiar with.
However, when talking about NFTs and MetaMask and much money, we need to switch to something safer and more compatible.
Brave Browser is the one for this use. It also provides its own wallet, but we can always connect our MetaMask.
What is minting?
Most simply:
When we decide to buy an NFT, we have to produce it, validate it into existence, create a new block for it, and set its information.
Do not worry, it all happens automatically, we only need to pay the Gas fees.
Important tips:
Turn your DMs off on Discord.
Do NOT connect your wallets to unknown websites.
Use Brave Browser.
Have you ever traded NFTs? What do you think the pros and cons are?
Let us know your ideas.
Good luck.
Redditor stashes away BTC worth $100 to public library In a fun and fortune-finding experiment, a Redditor has locked away $100 worth of Bitcoin in a public library “somewhere in Europe” until 2122.
There’s never a dull day in Bitcoin (BTC) land. Despite that markets calling for a lull, the creative Bitcoin community always has cause for amusement.
Yesterday, a Redditor by the name of Optimal-Dentistador (henceforth, OD) queried the longevity of the Bitcoin network with a time-lapse challenge.
In a post made to the Bitcoin subreddit, OD “wrote a letter and also put the private keys for $100 worth in BTC.” In private communication with Cointelegraph, they disclosed they “put 0.003 BTC on a new address, put the private and public key together with the letter in the envelope, and here we are.”
The life-long experiment was inspired by recent events put on by the public library in OD’s city–which will remain secret at OD’s request. They told Cointelegraph that in their cit:
“There was an event where you could write something like a letter, poetry or a diary which will be stored for 100 years. If you write some personal info on the envelope, they will try to find some living relatives to give them.”
OD decided to put “something special” in the time capsule, namely the public and private key details to 0.003 BTC, roughly $100 at today’s rate. They told Cointelegraph, “I will tell my family about this,” however, OD also jokes they may “eventually forget this whole thing, who knows what will happen in the next decades.”
The Reddit community was quick to note that while 0.003 BTC may be a trifling sum in 2022, it could be considered a market-moving amount in one hundred years:
OD was quick to joke that in today’s world, it’s a bit like finding the “Bitfinex hack amount of money” in a letter. The Department of Justice recently seized $3.6B as part of the debacle associated with crypto exchange Bitfinex.
Related: Reddit is testing out NFT profile pics, but ‘no decisions have been made’
Given that the letter will not be opened until 2022, one Redditor, “fontinuos” commented that it’s “sad to think every single of us will be dead and won´t see the outcome.” OD agrees that while it’s a fun experiment, ultimately the outcome is “a grim feeling.”
Still, the meme value is strong, and OD’s offspring may enjoy riches. OD signed off to Cointelegraph saying, “see you in 2122, the ultimate diamond hands :)”
The evolution of DAOs and why they are expected to take hold in The formation of DAOs and a look ahead to 2022 and how DAOs are on a path towards mainstream adoption.
In 2021, crypto has been one of the biggest trends shaping tech and finance, and according to mainstream news headlines, decentralized autonomous organizations (DAOs) are set to be a force to be reckoned with in crypto in 2022. Mark Cuban called them the “ultimate combination of capitalism and progressivism.” Yet, while DAOs are relatively easy to understand conceptually, they’re a segment of the crypto market in a state of rapid flux, with many innovative use cases emerging. However, setting up and running a DAO also comes with its own set of unique challenges, which are also changing and developing over time.
What is a DAO?
The purest definition of a DAO is inherent in the name. An organization is a group of people and entities with a common goal or idea. It’s decentralized, so there is no CEO or board of executives responsible for decision-making, and it’s autonomous, meaning it’s self-governing. Self-governing means that there are governance rules programmed into blockchain-based smart contracts, and members of the DAO vote on matters affecting the DAO according to those rules.
One of the earliest DAOs, a project called The DAO, illustrates one of the most straightforward use cases of a DAO and also happens to be pivotal in the history of DAOs. The Genesis DAO, as it was also known, was an investment contract allowing Ether (ETH) holders to deposit their funds. Projects could apply to The DAO for funding, and if DAO token holders agreed to the investment terms, the smart contract would disburse funds. However, in June 2016, within weeks of launch, a hacker found a bug in the underlying smart contract code and managed to drain The DAO of around $70 million worth of ETH.
At the time, the incident wreaked havoc in the Ethereum community, and as a result, DAOs made little progress over the subsequent two or three years. However, once the touch paper of the DeFi movement was lit, the idea of DAOs took off once again.
Related: DAOs are meant to be completely autonomous and decentralized, but are they?
DeFi and the return of DAOs
DeFi emerged from the desire among the blockchain community to create an open, permissionless, decentralized financial system. As such, DAOs offered an attractive way for projects to demonstrate their commitment to decentralization through community governance.
As a result, during 2020, when DeFi began to gain rapid ground, governance tokens became vastly popular. Flagship DeFi apps including Compound (COMP), Uniswap (UNI) and Aave (AAVE) launched tokens allowing users to participate in decentralized governance, while newcomer DeFi projects have taken to launching their governance tokens from the start.
Current and emerging trends
So why are DAOs now making such a splash even among mainstream news outlets? Part of the reason is the surge in popularity of nonfungible tokens (NFTs), which are set to play a more significant role in DAO governance and who gets to participate.
In September, Andreessen Horowitz invested $5 million into “Friends with Benefits,” a Discord chat comprised of various crypto enthusiasts, artists and NFT collectors. The group raised a total of $10 million when it decided to operate as a DAO, demonstrating the value to be generated from the vast online communities that have formed — even without economic incentives — on platforms like Facebook and Telegram.
In November, things took an even more intriguing turn when “ConstitutionDAO” raised more than $40 million to bid on the rights to acquire an official copy of the U.S. constitution document in a Sotheby’s auction. It was the first time Sotheby’s had worked with a DAO, which had managed to gather support from over 17,000 donors in advance of the auction. Although ConstitutionDAO was ultimately outbid by Citadel CEO, Ken Griffin, the experiment itself was arguably a success in that it demonstrated its intended concept.
Related: Decentralized autonomous organizations: Tax considerations
Another emerging trend is investment DAOs, as some believe that DAOs are set to disrupt the traditional VC model of funding entirely. These DAOs are allowing groups of Web3 natives to pool and deploy capital in such a way that now allows individuals to compete with traditional finance entities.
So it’s understandable that with such a wide range of applications out there, DAOs are causing considerable excitement and could prove to be as big as NFTs have been in 2021. However, there will be challenges along the way.
The path to DAO adoption isn’t smooth
Firstly, education is still a considerable gap. Even within the cryptocurrency community, the DAO concept is still gaining traction, and implementation is far from advanced. There are still relatively few “user interfaces” for DAO governance, although more and more tools are coming online to help organize and overcome the challenges that traditional organization structures have wrestled with for years.
Regulation can be another challenge that DAOs will have to grapple with as they transition into the mainstream. Laws around incorporation and tax structuring are ambiguous and often outdated, leaving DAOs to make their interpretation to fill in the gaps.
It’s also worth noting that decentralization is a spectrum and not binary. Although DAO governance tokens allow users to participate in decentralized governance, most projects still operate with a degree of centralization.
Related: Decentralization vs. centralization: Where does the future lie? Experts answer
Finally, decentralized governance is hard, particularly at scale. It’s a large challenge with multiple obstacles that have plagued blockchain developers since the early days. How do you keep voters engaged once the community becomes large enough, and votes need to be conducted with increasing frequency?
How do you stop wealthy whales from buying their way to power by scooping up a majority of tokens? To what extent should code be law, and shouldn’t there be fail-safes in place in case a malicious entity manages to wrest majority control? If so, who controls the fail-safes?
There are no easy answers to these questions, but now that crypto, NFTs and DeFi have found a foothold to reach the mainstream consciousness, it seems natural that DAOs will follow. Furthermore, as they become more mainstream, it should become easier to identify smother means by which communities can decentralize governance.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Analysts say Bitcoin price sets for 45BTC bulls want to confirm this week’s trend reversal, but analysts warn that Bitcoin price is in a “profit-taking” zone where $45,000 is expected to stand as resistance.
The price action for Bitcoin (BTC) continues to tantalize investors and once again, concerns over the state of the global economy and rising inflation have prompted warnings that the Fed's upcoming interest rate hikes could do more damage then good to the state of the market.
Data from Cointelegraph Markets Pro and TradingView shows that the price of BTC has hovered near the $43,000 support level in trading on Feb. 11 after rallying 20% from the $37,000 leve over the past week.
Here’s a look at what analysts expect next for BTC and the wider cryptocurrency market.
“Expecting a move to $40,000”
Insight into the bullish and bearish scenarios related to Bitcoin price was offered by crypto trader and pseudonymous Twitter analyst ‘Crypto_Ed_NL’, who posted the following chart outlining two possible BTC price trajectories
Crypto_Ed_NL said,
“Checking my latest chart with the current situation. Nothing changed. Expecting a move towards $40,000. Bullish scenario indicates a bounce to $48,000. Bearish comes in play when we break $40,000.”
A confluence of resistance levels for BTC
Bitcoin now finds itself trading in an increasingly tighter rage at these current levels in large part due to “the sharp $12,000 move off the lows” of Feb. 4, according to a recent report from Delphi Digital, which noted that BTC is now “heading into resistance on multiple timeframes.”
As the price action for BTC heads toward a confluence of daily, weekly and monthly resistance, Delphi Digital analysts suggest that “market participants of all kinds will be looking at this as a potential price ceiling” and that it represents “a logical place to expect profit-taking/risk reduction activity due to the confluence of resistance zones and the speed and magnitude of the move off recent lows.”
As for the key areas to keep an eye on moving forward, Delphi Digital highlighted a significant amount of support for BTC in the $40,000 to $41,000 range with the next level of support below that at $38,500.
When it comes to the possibility of a move higher for BTC, Delphi Digital listed the zone from $46,000 to $48,000 as a heavy resistance area.
The report noted that,
“This is the daily, weekly and monthly supply zones that will likely be a heavy level of resistance. Above this level and we likely see a squeeze towards $50,000.”
On a positive note, Delphi Digital also highlighted the recent uptick in institutional flows over the past couple of weeks “as the market started to stage a comeback.”
Monthly fund flows for select digital asset investment product groups. Source: Delphi Digital
According to Delphi Digital, Grayscale is the biggest player in the institutional game with “roughly 65% of Institutional AUM,” but there are signs emerging that sentiment is beginning to shift.
Delphi Digital said,
“Excluding BTC and ETH, Binance Coin (BNB), and BNB-based products, have continued to attract the most AUM, but institutional sentiment is starting to favor alternative names like SOL.”
Related: Bitcoin stuck in a tight range as BTC price moving averages prepare key bullish cross
Bulls could exploit this classic trading pattern
A final bullish perspective for BTC moving forward was offered by crypto analyst and pseudonymous Twitter user ‘IamCryptoWolf’, who posted the following chart outlining one possible Bitcoin price trajectory.
IamCryptoWolf said,
“Everyone calling for $46,000, what if $50K --> $46K --> $60K, printing an inverse head and shoulders?”
The overall cryptocurrency market cap now stands at $1.97 trillion and Bitcoin’s dominance rate is 41.9%.
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.
Naga Coin Tenbagger Dream IIChart painting from the early 21st century, artist Maxi Scalibusa. No investment advice or a recommendation to buy or sell any securities. This is entertainment. Start 0.60018810 USD
Please also look at the 1st part. You can find this in the ideas linked below.
ALOHA
SOLBTC in Bull Flag - upside PT of 0.023 or $1,587This translates to a PT of nearly $1,500 for 1 SOL token. You can see the flagpole extrapolation in red and then the 2nd half push PT in orange (both align very nicely which suggest we are halfway through our entire flagpole move right now with another half to go).
Last time this happened, SOL moved higher by 724% in 99 days!Just like my last major call in SOL back on August 7th, 2021, here again SOL is at a nexus point where the CC SMA 50 will turn green in the coming weeks. I'm currently projecting that this turns green by beginning of March. Once this occurs, SOL will enter a new impulsive surge higher which will likely be in conjunction with major catalysts such as scaling, mainnet release, NFTs, and DeFi drivers. Star Atlas is a AAA game that is being launched as well on Solana's ecosystem so I expect there to be renewed optimism in the coming weeks as more updates are released. Solana is without a fact the most bullish network atm due to its scaling potential that is happening in front of our eyes. Having the backing of SBF helps quite a lot as well.
See my prior major call on SOL below to see how well that played out. Accumulating here prior to the CC SMA 50 turning green would allow you to make higher returns, but of course you can wait until the signal is confirmed later this month or in early March.
Allbridge to become the first token bridge for the Stacks tokenSoon after the launch of the Stacks Bridge, more token and NFT transfers will be supported so users can benefit from the security of Bitcoin and the speed of other chains.
Multi-chain token bridge Allbridge will become the first to offer Stacks (STX) transfers as part of a partnership with Bitcoin software developer Daemon Technologies.
STX is the native token for the Stacks Layer-1 blockchain which settles transactions on the Bitcoin (BTC) network. It currently has a market cap of $1.7 billion. Allbridge currently serves 12 blockchains including Ethereum, various Ethereum-compatible sidechains, Solana, Terra, and others.
A token bridge allows crypto from one blockchain to be transferred to another one. The new bridge will allow transfers between Stacks and all chains served by Allbridge.
The Stacks Bridge will go live in Q2 2022. It will initially only support transfers of STX, but is planned to support transfers of other Stacks protocol SIP010 tokens such as ALEX and the USDA stablecoin. There are also plans to enable NFT transfers between chains.
In a Feb. 10 announcement, Allbridge co-founder Andriy Velykyv expressed how the partnership will help serve the crypto community’s need for access to the Bitcoin ecosystem.
“Creating a bridge that allows for people to interact with Bitcoin-powered applications will help streamline processes that were previously only limited to a single chain and ecosystem.”
Daemon Technologies is providing a $140,000 grant to Allbridge to help facilitate growth of the bridge. Daemon Technologies founder Xan Ditkoff told Cointelegraph that partnering with Allbridge to create the Stacks Bridge will “allow users to come and use the assets within the network for whatever the use case is.”
Ditkoff illustrated what he sees as the beneficial interplay between Stacks’ utilization of the Bitcoin network’s security for transaction settlement and separate blockchains for higher throughput. He said: “It’s good for people who want to transact on faster networks, then bring their assets onto Bitcoin for security.”
The security of token bridges has been in the spotlight this month. In the past 2 weeks, there have been three hacks of token bridge smart contracts. On Feb. 3, $321 million in wETH was minted through the exploit of a bug on Wormhole’s smart contracts on Solana, which created an inorganic surplus of tokens on the blockchain.
Related: Major crypto firms and groups form coalition aimed at promoting 'market integrity'
Ditkoff brushed off security concerns related to the Allbridge token bridge. He said, “We have a lot of confidence in the Allbridge team.”
“It’s easy for people to forget that these bridges are so new. How long have people been coding with Solana’s VM? Everything is still at the bleeding edge.”
Ethereum creator Vitalik Buterin made an eerily well-timed warning to the crypto community by writing in an early January Reddit post that there are “fundamental security limits of bridges.”
Ditkoff refuted Vitalik’s statement in saying, “I have a hard time seeing a future when bridges are not a huge part of the ecosystem,” and continued:
“The logic behind Vitalik’s words would be that everything settles on one chain that is optimized for the one thing that (Proof-of-Work) is made for: byzantine fault tolerance. Bitcoin doing that better than anything in human history will have an impact on whether one chain eventually dominates.”
The Strange Parallels Between NFTs/Metaverse and Real-EstateThere's a strange similarity in the way people trade and talk about NFT/metaverse assets and real-estate assets -- they're both measured in terms of "projected wealth", not cash. Anyone who has tried to sell a house before knows that finding a buyer isn't an instantaneous transaction -- it takes some time and planning to find someone willing to pay for it.
Some people are arguing that despite cryptocurrency markets being down right now, the NFT market has largely remained untouched. Is this a bullish signal? Or is it just because we're in a holding pattern of people not wanting to lower their appraisals?
Some similarities and differences between digital and analog assets (i.e. real-estate):
Similarities:
- Both markets are "hot" right now, but a cool-down is likely to come soon (NFTs likely to follow the dip in the general crypto markets, real-estate likely to get hurt by interest rate hikes)
- The value of both NFTs and real-estate are largely "unrealized" until the actual sale
- Relies on appraisals and network effects (e.g. neighborhoods, communities) to determine its value
- Both assets are seen as a tool for building wealth/status
Differences:
- Real-estate has a better supply/demand dynamic (demand currently outpaces supply) but is largely concentrated in urban centers, which has been struggling to maintain its standards of quality and status in recent years (NFTs, on the other hand is an emerging status symbol with an uncertain trajectory)
- Real-estate has limited supply but is bound by physical locations, NFTs have an unlimited (but not infinite) supply but is ubiquitous
So What?
There is a competition going on right now between "analog" and "digital" assets, in the fight over which is deemed more "status worthy". Whether or not an NFT is seen as "cool" or an abomination largely depends on which circles you happen to be running with. Both markets are likely to shift very rapidly in 2022 so it's important to keep tabs on which way things are moving. (Real-estate is currently losing its ground as a status symbol, whereas NFTs are gaining.)
Crypto people sometimes joke that they're "NFT rich, cash poor", but there are plenty of homeowners out there right now who are drowning in mortgage and property tax payments that are in the same boat. A lot of the anti-crypto sentiments you see in public discourse seems to be originating from those demographics, currently. (It takes one to know one, after all.)
Bitcoin price down Twenty percent January gives no relief to hodlers, but it’s been eight years since Bitcoin had a double-digit “red” February.
Bitcoin (BTC) is heading for its worst January performance in four years — could all not be what it seems?
Data from on-chain analytics resource Coinglass shows January 2022 to be the least profitable since the peak of Bitcoin’s last halving cycle. Investors, however, are still waiting for a “blow-off top.”
Will Bitcoin see a rare “red” February?
Against practically all expectations, BTC price action has continued to underperform this month.
At current spot prices of $36,800, BTC/USD is down 20.1% versus the start of the year, compounding misery that began in November, data from Cointelegraph Markets Pro and TradingView shows.
BTC/USD 1-month candle chart (Bitstamp). Source: TradingView
Historical figures show that January is conversely often a “green” month for Bitcoin — 2021, by comparison, delivered gains of more than 21%.
The same can be said for November and December, however, making this year especially painful for bulls. Those two months in 2020 saw price increases of 43% and 47%, respectively.
The last “red” January for Bitcoin, meanwhile, was in 2018, as the fervor surrounding the trip to then all-time highs of $20,000 rapidly cooled.
That halving cycle peak, coming roughly 18 months after the previous block subsidy halving event, should have played out again in late 2021. The reality was quite different, and Bitcoin’s underperformance saw time-tested price apparatus come in for criticism.
While Cointelegraph is considering what could break the downtrend next month, February still has history on its side when it comes to Bitcoin price strength.
Last year, BTC/USD gained nearly 37% in four weeks, while serious downside last occurred far back in February 2014. In 2018, by contrast, Bitcoin hardly moved.
Bitcoin monthly returns chart (screenshot). Source: Coinglass
Shorters in the mood this week
As Cointelegraph reported, the out-of-character price behavior since November has got analysts wondering whether Bitcoin is in a bull or a bear market.
Related: ‘Stop panic selling’ — Bitcoin whales bag spare BTC as exchange balances fall
At the height of this month’s losses last week, hodlers were down 52% against all-time highs, and so opinions favor further downside to come.
Data shows opportunist traders’ resolve — the dip below $37,000 that followed the weekly close was heavily utilized by shorters betting on weakness continuing.
MANA in the 2nd wave till the end of Januaryit is on the $3.51 support but has the potential to lose this support. it could have a fake break of $2.3 to $1.6. the fake break of $37 is possible in the 3rd wave till $60.
crab harmonic pattern:
X=$6.48
AB=0.38 XA
BC=0.38 AB
1.6 BC=$1.61
2 BC=$2
2.24 BC=$2.36
2.6 BC=$2.97
0.78 XA=$3.51
088 XA=$4.68
3.6 BC=$5.47
4.23=$7.98
1.13 XA=$9.4
1.27 XA=$14.11
1.41 XA=$20.94
1.6 XA=$37
HPB/BTC - The easiest 100x potential coin for 2022?High Performance Blockchain is an old and forgotten coin from 2017. 99% of the community has already capitulated. Nonetheless, the project surprisingly actually lives up to its name.
With extremely low fees (as low as $0.000000001 per transaction), an extremely high number of TPS, NFTs being minted almost for free, DEXs being built on the blockchain and the community considering to rebrand the project and bring it back to life, High Performance Blockchain already has everything it needs to become a top 50 project. The only thing it's missing right now is a large, active community (since the old community has capitulated) and exposure / hype / marketing / brand awareness, which I hope to see in the future after we have rebranded and draw in a whole new crowd.
As far as technical analysis goes, it is difficult to say whether we have already bottomed out at 200 sats or if we have yet to make a new all time low in sats as Bitcoin begins to recover and eventually hits new highs. HPB has one of the most rekt charts in all of crypto, with its ATH at 80k sats and its ATL at 200 sats.
This is a very high risk / high reward coin to trade because not only has it been in a steady downtrend for years, it is also extremely illiquid, meaning it is important to use the right strategy. In this case, the right strategy is to start Dollar Cost Averaging (DCA) down from 400 sats and under, and aim to hold it for the long-term. So buy a little bit under 400 sats, and then just wait and see for a while. If it gets to around 300 sats or under, put in some serious money. After that if it still keeps on dropping, wait for it to make a new ATL in sats before buying any more.
The potential gains on this one are absolutely ridiculous if it manages to revive like SNX, BQX and AAVE did. As you can see, even 100x or more against Bitcoin isn't all that spectacular since the chart is so rekt.
In the case that we get a big random pump, the first target is around 2500 sats, after that ~8000 sats. If the project actually revives like I think it eventually will, targets are set at 20k sats +.
So yeah, don't FOMO into this one. Start off with a very small bag and slowly DCA over the next few months. Then sit back and hold it for the next year or so to possibly get 100x returns or more.
Good luck to you all and fingers crossed that HPB manages to rise from the ashes like many others have already done!
Royalties, The Hidden Gold Mine in CryptoDecentraland (MANA) has recently added royalties payments to their wearables market -- it might seem like a small thing right now, but testing out economies in "for fun", low-risk products like avatars pave the way towards more serious applications like NFTs, copyright, and asset markets later on.
Right now, the crypto community is still unlearning the bad habits of Web 2, which is one-off NFT sales boosted by marketing and/or celebrity status in exchange for short-term gains. But that is not where the real money is -- the combined amount of the small business communities will outshine any of the current projects a 100x (literally) if they can get the ecosystem running correctly. The secret to crypto mainstream adoption is figuring out how partnership/distribution deals can be automated in a fair, clear way and the ones that figure it out will take the whole pie, imo.
Also a reminder that fair royalty deals usually work in favor of small businesses, which is 99% of the market.
More detailed post, here:
mirror.xyz
Royalties, The Hidden Gold Mine in CryptoDecentraland (MANA) has recently added royalties payments to their wearables market -- it might seem like a small thing right now, but testing out economies in "for fun", low-risk products like avatars pave the way towards more serious applications like NFTs, copyright, and asset markets later on.
Right now, the crypto community is still unlearning the bad habits of Web 2, which is one-off NFT sales boosted by marketing and/or celebrity status in exchange for short-term gains. But that is not where the real money is -- the combined amount of the small business communities will outshine any of the current projects a 100x (literally) if they can get the ecosystem running correctly. The secret to crypto mainstream adoption is figuring out how partnership/distribution deals can be automated in a fair, clear way and the ones that figure it out will take the whole pie, imo.
More detailed post, here:
mirror.xyz