Fidelity Investments’ subsidiary, Fidelity Digital Assets, which stands as a multi-trillion dollar worth business reported that Bitcoin is an “Insurance Policy” and also an “Aspirational Store of Value”.
In essence, Bitcoin is a good option to use as a hedge against a distressed economic and financial system. In October 2018, the firm, which is worth over $8 trillion introduced its virtual assets department and in their Report titled “Bitcoin Investment Thesis: An Aspirational Store of Value”, they highlighted that Bitcoin has been able to scale the basic conditions that will allow it to be termed a store of value. Nevertheless, they noted that the world is yet to deem the digital asset as such.
The Report urged people to disregard Bitcoin naysayers who argue that the virtual asset is extremely volatile. They encouraged the masses to pay attention to the fact that Bitcoin is enabled by a trustworthy technology- Blockchain, a decentralized settlement network.
In fact, it was highlighted that Bitcoin’s high volatility rate is a boon which facilitates growth, development, and creativity. They insisted that people should really pay attention to the asset. John Pfeffer, of Pfeffer Capital LP showed regrets that a sizeable majority of the masses do not view Bitcoin as the digital gold. He expounded that once the masses accept it as such, its price will adjust appropriately.
The Report went on to show how the world is waking up to lose faith in the conventional economic and financial system. The COVID-19 pandemic has showed how flimsy the traditional financial system can be especially seeing as the government’s immediate response is to print more money so as to be able to extinguish the effects of the sudden pandemic.
The end result of this is that fiat money as we know will progressively devalue and of course, the world will be faced with inflation.
John Vincent, the manager of Wakem Capital reiterated the above by showing what he noticed when money was continually being printed by the government – simultaneous halving in BTC. He stated that “you don’t need a fancy degree to know that BTC’s supply halved while the USD doubled in supply”.
Bitcoin Prices Took an Unexpected Plunge by $1.4k In Minutes!
It appears that Bitcoin endured a decline in value worth $1,458 just in an hour on the 2nd day of August 2020. This unexpected price decline caught Bitcoin dealers unawares. Smart buyers quickly cashed into the opportunity by buying off a substantial amount of Bitcoin.
Prior to now, Bitcoin has been enjoying a luscious value of $12,118 for about 11 months. But just yesterday, the most valuable Crypto fell from $11,969 to $10,659 in the space of 10 minutes. Bybt Derivative Data Analysts explained that essentially, about $1.4 billion worth positions throughout major exchanges has been extinguished by this decline in the price of Bitcoin.
Skew, a data source reported that this price slide elicited the immediate closure of long positions on BITMEX; this appears to be the highest since May 10 of 2020. This closure of positions on BitMEX is worth about $144 million. BitMEX also recorded the extinguishment of $7.6 million worth of short positions.
Although generally, about 72,422 positions went to blazes in the last 72 hours,the largest liquidation occurred on the Seychelles-based exchange, BitMEX.
A closer observation showed that approximately 95% of BitMEX liquidations were long positions. Apparently, the leverage tilted more to the bullish side.
Ether, the second biggest cryptocurrency also plunged more than 20% after scaling a whopping $415.71 in eleven months.
EOS & TRON’s Fate Hangs on the Balance, research report shows
EOS, a $4 Billion Dollar ICO Funded Project
The EOS blockchain may be in serious trouble according to a recent report by Outlier Ventures. EOS, the blockchain platform led by Dan Larimer and which raised $4 billion in a yearlong Initial Coin Offering according to the research report may be in jeopardy as the research revealed developers working on the platform have fallen by 86% compared to a year ago.
The implication of this decline in developers has resulted in code updates reduction by about 94% over the same period.
The research report pointed out that the decline in Active Developers could be as a result of core developers moving away from the protocol post mainnet launch.
A report on the analysis on smart contracts and dapps puts EOS on 9% each for both categories. The usage of dapps daily on the DPOS blockchain platform is rated at 14k.
Based on the same report from Outlier Ventures, TRON over the last 12 months has also experienced a 51% decline in developer activities and a whopping 96% decline over the same period of time. Tron’s decline may be due to negative price actions over time.
Though the research paper disclosed that the decline in the both EOS and TRON could have to do with protocol issues and negative price actions, both chains has been known for some ‘interesting’ issues.
Ethereum Still the King of Smart Contracts and Dapps
Based on the report from Outliers Venture, Ethereum over the period of the last 12 months currently dominates the smart contracts section by 79% and for Decentralized applications (DAPPS) by 82%. For daily Dapp daily active users, Ethereum currently sits over EOS by more than 200% standing at 32k users.
According to the report, Theta and Cardona saw the largest increases in core development code updates. Theta saw an incredible 931% increase while Cardano was a 580% increment.
Polkadot and Cosmos saw a substantial developer activity growth of 44% and 15% respectively while Maker experienced a 98% decline in core development activities.
Paxful Users Can Now Sell Their Bitcoin For Gold
Paxful has released a new update allowing millions of its users to acquire Gold by selling Bitcoin.
As one of the most known and valuable precious metal globally, Gold has positioned itself as a good store of value for investors, businesses and nations of the world. Over time, the precious metal has grown in value and has been noted to be a safe haven.
The new update allows users of the peer-to-peer exchange platform to sell their bitcoin for the acquisition of Gold. This works by having users search for offers that can accept bitcoin as payment for gold.
Users can also create their own offer which allows them to determine the terms of the business arrangement and published.
When an offer is matched, and a buyer is expected to deliver the gold within a time frame of 21 days (three weeks) immediately the buyer marks the trade as Paid. Once a seller receives the gold, he is expected to release the bitcoin from the escrow to the seller.
Paxful encourage users to use trackable shipping methods delivery by mail and the use of public places for users who wish to trade in person. Users are expected to provide ID and Address verification before are able to trade with gold.
Giving reason for this Paxful said “This verification is important to protect our bitcoin sellers from any fraudulent activity. Therefore, it is not possible to trade bitcoin for gold or vice versa without being fully verified on Paxful.”
For the best of transactions, Paxful encourage users to ensure the quality of the gold before making payment and determining the means of delivery of the gold.
Users are to request for proof of purchase (a receipt), certificate of authenticity for the gold item, photo of ID and any other additional documentations.
Missing Bitcoin Mystery Solved, Mistook Wallet Pin for Password – Peter Schiff
Peter Schiff has revealed the mystery behind his corrupt wallet causing him to lose his bitcoin has been solved. The crypto critic took to his Twitter account to tweet the mistake was his, as he mistook the wallet pin for his wallet password.
On the 19th of January, 2020, Peter Schiff made a tweet abusing the leading cryptocurrency by market capitalization saying it intrinsically worthless, it has no market value. This was because he at the time couldn’t access his wallet.
According to Peter, “I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad!.”
While others offered to help, both well known names in the space and less known, others were less bothered, this however was due to his position on crypto .
A costly Mistake
According to Schiff, when Blockchain updated their app, he got logged out. Thereafter, he tried attempted logging in using his pin, the only “password” he had ever known or used. He said he never had a copy of the wallet seed phrase. And it was a costly mistake.
My #Bitcoin mystery is solved. I mistook my pin for my password. When Blockchain updated their app I got logged out. I tired logging back in using my pin, which was the only "password" I had ever known or used. I also never had a copy of my seed phrase. Honest but costly mistake!
— Peter Schiff (@PeterSchiff) January 23, 2020
Responding to a post bashing him of his ignorance on the basic of things about crypto, Peter Schiff said the most basic thing about Bitcoin is that it’s not money. It also will not succeed as either a medium of exchange or store of value.
He further expressed his displeasure on the complexity of crypto. He said “the episode does show is how easy it is to lose your Bitcoin if you are confused about how wallets work.”
Wrong. The most basic thing about Bitcoin is that it's not money. It will not succeed as either a medium of exchange or a store of value. What the episode does show is how easy it is to lose your Bitcoin if you are confused about how wallets work.
— Peter Schiff (@PeterSchiff) January 23, 2020
The complexity of crypto was a subject which creator of Ethereum Vitalik Buterin talked about a few days ago as reported by CryptoTVPlus. Vitalik said “We can and should create better wallet tech to make security easier.”
Bitcoin Lost Forever
Despite efforts made to help him recover the Bitcoin in his wallet, Peter Schiff reveals that the bitcoin is lost forever.
In his words he said, “I did not get it back. I don’t know the password or the seed phrase. I never did. So unless I can just guess the password I can never access the Bitcoin in that wallet.”
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