Connect with us

Blockchain News

Op Ed: Pitching Bitcoin During the Holidays

Published

on

It’s that time of year again! When you can’t decide whether to get a pumpkin spice or eggnog-flavored latte, and your local mall reeks of cinnamon, pine needles and dirty fiat money. The HODLdays are a time for friends, family and gift-giving, but as good Bitcoiners, we already know that the best gift of all is bitcoin. But how do you convince your friends and family to go down the Bitcoin rabbit — uh, reindeer hole? 

The Bitcoin space has matured so much in the last few years, and as a result, giving bitcoin is easier than ever. It used to be difficult to give bitcoin to folks without worrying that they’d lose their private keys or worse … sell the BTC for a centralized shitcoin! I could name drop some of those shitcoins now, but in the spirit of the holidays… actually screw it. XRP. That’s what I meant to write. I said it. Take that, Brad Garlinghouse!

Anyhow, it used to be difficult to give bitcoin because of the steep learning curve. It will definitely still take time for your recipients to learn about key management or the value of self-sovereignty, but educational resources have improved drastically and there are even novel options like GiveBitcoin that time lock the BTC and provide education. If you want a more hands-on approach, you can always use a paper wallet or help your recipient set up her or his first hardware wallet.

But there’s still the problem of convincing your friends and family that Bitcoin matters. I think we’ve reached a turning point though. As “The Bitcoin guy,” at all the holiday parties (or any event for that matter), I’ve noticed that where people didn’t want to know about Bitcoin before, lately they’ve been asking me about it completely unprompted, almost to the point of me being sick of it. Sometimes I just want to crush some eggnogs in peace, ya know? 

But Bitcoin DOES matter, and if someone is genuinely curious and wants to learn, how can you not take the time to help them?

KYA: Know Your Audience

Not everyone is receptive though, and some folks may even ask you about Bitcoin just so they can poke fun at it. Honey badger don’t care about these scrooges, but remember that every single conversation about Bitcoin comes with the potential to change some hearts and minds. In order to do that though, you have to be ready. 

You have to understand Bitcoin well enough so that you can defend against the FUD, and you can’t just talk to someone and tell them why YOU think Bitcoin matters. You have to know your audience and tell them why THEY should think Bitcoin matters. You need to get on their level and remember what it was like before you had your Bitcoin epiphany.

To aid you in your efforts, let’s imagine that you’ve just walked in to your family’s annual holiday party…

The Wall Street Fat Cat

Pitching Bitcoin: Wall Street
Pitching Bitcoin: Wall Street

Oh no. There’s Uncle Jamie, the Wall Street fat cat. Why does he always wear that suit? And does he really think that red tie makes him seem more powerful? 

Life is good for Fat Cat Uncle Jamie. He’s worked hard to get where he is, and maybe he still does, but now he tells others what to do and how to do it. Heck, he might even use his fat-cat money to influence politicians. Why on earth would Uncle Jamie care about Bitcoin when his interests are so aligned with the legacy system? 

Pitching Bitcoin to folks like this may be tough, but there are a number of arguments that might catch their attention. The first of these is Bitcoin’s potential to be a safe haven asset. Bitcoin is demonstrating more and more that it is uncorrelated to traditional assets. With the advent of negative interest rates and the general sentiment of the world economy deteriorating by the day, bitcoin is starting to look pretty attractive. 

It doesn’t hurt that Fat Cat Uncle Jamie likely has plenty of money to burn and, as a result, has a higher risk tolerance than most. Getting a fat cat to go full bitcoin anarchist is probably out of the question, but to echo Anthony Pompliano, the goal here should be to get them off zero. Appeal to their bottom line and you can’t go wrong. 

Orange coin good. Number go up. And maybe wait till Uncle Jamie has had a few spiked eggnogs before pitching him on Bitcoin…

The Millennial Cousin

Pitching Bitcoin Millennial
Pitching Bitcoin Millennial

Look over there! It’s Cousin Savannah! This one should be pretty easy. Millennials like Savannah already make up a large portion of the Bitcoiner community. And if you look at what drives them, this should come as no surprise. Millennials may have a high time preference, but they also reject societal norms and hate being told what to do. They’ve lost faith in their governments and institutions, and Bitcoin may just be the answer they didn’t know they were looking for.

Starting off with the sound money argument isn’t always recommended, but for Millennials who lived through the 2008 financial crisis and are still dealing with student loans and a less-than-favorable job market, this argument may just work. 

Millennials like Cousin Savannah are also well suited for the environmental argument. Bitcoin consumes a lot of energy but for good reason. Energy is the digital fortress that protects Bitcoin. And as Bitcoiners, we know that Bitcoin actually encourages the growth and development of renewable energy sources, ostensibly by fixing the root problem of destructive consumption, i.e., easy money. Parker Lewis writes that “Bitcoin Does Not Waste Energy,” and for the ultimate energy-FUD-dispelling article, see “PoW is Efficient” by Dan Held

Finally, if Cousin Savannah is too busy thinking about her college loans to care about the environment, you can always appeal to her greed. Bitcoin may be 10 years old, but things are just getting started. Even the most conservative models point to the potential for asymmetric returns, the likes of which the world has never seen. Use that to your advantage. Cousin Savannah already thinks she’ll be working long past the current age of retirement. Bitcoin fixes this. 

Great-Uncle Goldbug

After catching up with Cousin Savannah you look over to see Great-Uncle John the Goldbug beckoning you over. Here we go again … Just like last year, he’s probably going to regale you with all of his latest doomsday preparations. But wait! This year you’re going to fire back and teach him about Bitcoin!

pitching bitcoin goldbug
pitching bitcoin goldbug

Oh, the goldbugs. Peter Schiff aside, goldbugs like Great-Uncle John should be our best friends. So why aren’t they? Goldbugs already understand the principles of scarcity and sound money, but they tend to be from an older generation that isn’t as comfortable with the idea of a natively digital asset. This is where you come in. 

To start with, maybe even get yourself one of these ugly Bitcoin sweaters to help lead you into the conversation. And don’t be pushy. Engage with Great-Uncle John in an intelligent debate. Ask him why he is so bullish on gold. Then you can start to bring up some of gold’s drawbacks such as its low salability across space, the high costs associated with securing and assaying it, as well as the difficulty in dividing it up into usable amounts. 

But the key here is not to talk negatively about gold’s drawbacks, but rather to speak positively about how Bitcoin solves these drawbacks. And it wouldn’t hurt to remind Great-Uncle John that the United States centralized gold when they made buying, selling and owning gold a criminal offence in 1933. U.S. citizens couldn’t freely transact in the shiny, yellow metal again until 1975. Once again, Bitcoin fixes this.

The Foreign Exchange Student

Pitching bitcoin foreign exchange
Pitching bitcoin foreign exchange

Who’s the new girl? Oh right, Aunt Nancy is hosting a foreign exchange student from Venezuela. Well this should be interesting…

You grab some eggnogs and go over and introduce yourself to Manuela. She seems pretty cool and turns out she’s even heard of Bitcoin. She has some friends back home who are using it to help them get by, but she doesn’t really understand what it’s all about or how to use it herself. What a perfect opportunity here to teach Manuela how Bitcoin can act as a hedge against the instability she knows all too well! 

Ask her about the hardships she’s faced back home. Speak to her on a personal level. Bitcoin doesn’t fix everything directly, but it can certainly help. Tell Manuela how, when properly secured, Bitcoin can’t be confiscated or censored. It’s a neutral currency that no government can control. Tell her about the 21 million BTC hard cap and known supply schedule. Tell her how Bitcoin’s monetary policy is secured by code and not by greed-prone humans like Maduro. Orange coin good. 

It’s important to note though, if you’re sipping eggnog and singing carols with someone like Manuela (and you’re not doing so in Venezuela), these folks are probably doing OK. They’re not dealing with hyperinflation directly, but it’s likely they have family and friends who might be able to benefit from Bitcoin. I would highly recommend reading this article from Matt Ahlborg to better your understanding of how some people are using Bitcoin and gift cards to send remittances.

The Gen-Z Cousin

pitching bitcoin gen-z
pitching bitcoin gen-z

Oh wow! Cousin Jenny is growing up so fast! And apparently she has over a million followers on TikTok now? What the heck is TikTok anyway? Whatever, not important. Time to shill some bitcoin!  

According to The Economist“Generation Z is stressed, depressed, and exam-obsessed.” Gen-Zers like Cousin Jenny are similar to their Millennial forebears, but they’re the first generation to grow up in a fully digital world. They’re also the first generation to have been born after 9/11, and they’ve never known a world without war. But these delicate Christmas snowflakes are tougher than they look and they’re resolved to change the world for the better. 

If you can manage to pry the phone out of their hands and get them to look you in the eye for a conversation, Gen-Zers like Cousin Jenny should be highly receptive to what Bitcoin is all about. As internet natives, Gen-Zers understand the concept of digital money better than any of us. Turns out Cousin Jenny is also an avid Fortnite player, so you can explain to her that Bitcoin is just like V-bucks, except there’s no one controlling where and when you can spend them. 

Then you remember that Cousin Jenny is always talking about how she wants to change the world and make it a better place, so you tell her all about Bitcoin’s potential to effect positive change in the world. Gen-Zers may not be thinking about their retirement yet, but they are thinking about all the injustice in the world. Bitcoin, with its sound money principles, can take away the power of the fiat printing press, thus making the prospect of never-ending war far less likely. 

And just like Millennials, perhaps more so, Cousin Jenny and the rest of Gen-Z cares passionately about the environment. Use the same arguments as mentioned in the section on Millennials. Bitcoin consumes a lot of energy, but focus on how it’s all for a good reason. 

Worried about the environment? Bitcoin fixes this.

Cousin Jenny finally looks up from her phone. She informs you that she just made you go viral on TikTok. Oh, and, to your amazement, she already knows all about Bitcoin…

Grandpa, the Baby Boomer

Pitching bitcoin grandpa boomer
Pitching bitcoin grandpa boomer

Next, you go in for a strong handshake with Grandpa Russell the baby boomer. 

This is gonna be tough. While baby boomers like Grandpa Russell may have ushered in great societal change in their youth, they have since become a much more conservative group of people. Like Grandpa Russell, many baby boomers were hippies who thought they could change the world, and when that didn’t come to pass, they became disillusioned and regretful, or worse, became standard-bearers for the political and economic status quo. These are the folks who will spend months planning their extravagant Christmas lights and then flippantly say that Bitcoin is wasteful. 

But not all boomers are alike, and this is where knowing your audience is key. Sit down with Grandpa Russell and talk to him. Ask him about what it was like living through various financial crises, the Vietnam and Cold wars, and what it’s been like seeing the rise of Big Government. If you can tap into those memories and get him to remember how he felt back then, you might be able to make him see that with Bitcoin, positive societal change is still possible. 

Turns out that Grandpa Russell doesn’t have any imagination whatsoever, and he flat out refuses to think back to the days of his youth. Not to worry! There is always the savings argument. After the 2008 financial crisis, Grandpa Russell was forced to continue working and delay his retirement for a few more years. Like him, many boomers are still working, trying desperately to grow their retirement funds and praying that their pensions will be a reality when the time comes. These folks may be risk averse when it comes to their future plans, but in a world where pension funds are drying up, Bitcoin may just fill the gap. Talk to people like Grandpa Russell about bitcoin’s potential for asymmetric returns. Urge them to dollar cost average each week, even if it’s just a small amount. Number go up.

The Evangelical Cousin

Pitching bitcoin evangelical
Pitching bitcoin evangelical

Uh oh. It’s Cousin Clyde. After living it up in college, drinking away the limited number of brain cells he had to begin with, Cousin Clyde was BORN AGAIN, HALLELUJAH! He’s probably going to try to convince you to attend Midnight Mass like he always does. You could decline, like you always do — or maybe you agree to go, provided he listens to your Bitcoin pitch?

“And he causes all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: and that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.” (Revelation 13:16–17 KJV)

Whether you’re religious or not, the Bible does contain some oddly prescient passages. The one above, from the Book of Revelation, could be interpreted to predict the government and tech company driven panopticon that is a distinct possibility in our near future. Whether it’s China’s social credit system or the ever-growing invasion of privacy by companies like Google and Facebook, if we don’t act to protect our privacy, there won’t be any privacy left to protect. Bitcoin fixes this. 

To be fair, Bitcoin will hopefully fix this. Bitcoin is currently pseudonymous, CoinJoining methods aren’t perfected yet, and there are various methods of linking bitcoin transactions to careless or ignorant users. But privacy is a major concern for Bitcoin developers and many of us Bitcoiners are hopeful that developments like the Lightning Network, Taproot and Schnorr signatures will help to bring us the privacy we so desperately need. Santa Claus will somehow always be able to stalk us and know whether we’ve been naughty or nice, but the lack of privacy we have seemingly welcomed with open arms isn’t helping.

But back to Satosh— I mean, Jesus. When pitching Bitcoin to devout Christians like Cousin Clyde, it’s best to appeal to their concern for their fellow humans. What better time to do this than during the holidays? Remind Cousin Clyde about the panopticon that is emerging and tell him how Bitcoin has the potential to return our privacy back to us. Tell him about its sound money characteristics and how, with a Bitcoin standard, governments would no longer be able to inflate away the savings of the poor, nor would they be able to continue printing money to fund violent wars overseas. Violence and inequality may be on the rise, but Bitcoin fixes this. 

Charity is also a huge part of Cousin Clyde’s life, so definitely urge him to start dollar cost averaging into bitcoin. If number go up, then so does the purchasing and donation power of that bitcoin. You could even point him to the BitGive Foundation, an American nonprofit organization that solicits bitcoin donations for use in charitable causes.

Your Jewish Great-Grandma

pitching bitcoin jewish grandma
pitching bitcoin jewish grandma

Oi vey. It’s the moment you’ve been dreading. You’ve had some eggnog, so that’s good, but now Great-Grandma Ruth is calling you from Florida so she can wish you a happy Chanukah. For some reason you never remember to call Great-Grandma Ruth. Even when you do call her, it’s never often enough. Not to mention, she always wants to know why you’re not married yet and when you’re going to give your mother some grandchildren. What is that horrible guilt you’re feeling for no apparent reason?

As mentioned in the goldbugs section, some older folks find new forms of technology hard to keep up with. But that doesn’t mean they can’t understand the need for a decentralized, censorship-resistant sound money. You just have to talk to them in a way that resonates. 

This pitch is catered to Great-Grandma Ruth, who comes from the Jewish side of the family, but it can just as easily be used for anyone who has lived through great tragedy, societal upheaval, a diaspora, and/or hyperinflation and government confiscation of wealth. How many people have had to escape their home countries in the middle of the night, with nothing but the clothing on their backs? By creating a brain wallet and memorizing a mnemonic recovery, or seed phrase, it’s possible to escape in the middle of the night with the clothes on your back and the entirety of your wealth. No bills, jewels or gold to hide from would-be confiscators. Bitcoin fixes this.

The Central Banker Party Crasher

Pitching bitcoin central banker
Pitching bitcoin central banker

Well, crap. Your Aunt Nancy has a new boytoy, Jerome, and he wants to wish you happy holidays too even though you’ve never met the guy before. And it turns out he used to work for the Federal Reserve. Of course he did. 

Is it even worth trying to talk to this putz about Bitcoin?

The gospel of Keynes is strong with central bankers. They have bailouts in their blood. If you and Jerome happen to end up talking about Bitcoin, perhaps it would be best to simply comment on how interesting it is that we are living in a time with actively competing monetary systems. Then smile, back away slowly and stack some more sats… 


Thank you all for reading and I hope you found this amusing and hopefully a little helpful. And I hope you have a joyous HODLday season!

Special thanks again to those who shared their thoughts and suggestions on this piece: Nik BhatiaBitcoin TinaPhil GeigerGigiMarc WeinsteinBrett Morrison, and Russell LaCour. And further thanks to Bitcoin Magazine as well as their managing editor, Christie Harkin, for her helpful guidance!


Illustrations created using Pixton.com.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading
Advertisement

Bitcoin News

NEO Price Prediction: Long-term (NEO) Value Forecast – June 2

Published

on

  • The long-term outlook is in a bullish trend.
  • The 1.618 in the fibs at $19.17 is the bulls target in the long-term.

NEO/USD Long-term Trend: Bullish

Supply zone: $20.00, $30.00, $40.00
Demand zone: $2.00, $1.00, $0.50

NEO continues in the uptrend in its long-term outlook. The strong pressure on the cryptocurrency by the bulls’ comeback at the 61.8 on 18th May has kept price up with new high each week. $12.59 and $15.04 in the supply area were the highs on 20th and 30th May respectively.

The new week is started on a bullish note with today’s opening candle at $13.72 higher than last week opening price at $11.45, an indication that the bulls are more in the market.

Price is above the two EMAs that are fanned apart which suggest strength in the trend and in this case the uptrend.

The journey to 1.618 of the fib extension with price at $19.17 in the supply area is the bulls target in the long-term as the bullish momentum increase and more bullish candle open and closed above the two EMAS.

The views and opinion as expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Argentina Using Bitcoin To “Skirt Capital Controls” – Economist Alex Kruger

Published

on

  • One BTC’s trading at $9,143 USD in Argentine exchange Ripio
  • Argentina’s black market peso fell 4.56% to an all-time low of 76.75 against USD
  • President Alberto Fernandez says Argentina is in virtual default, compares its economic solution to the 2001 crisis

Argentina is recording its highest volume week ever on LocalBitcoin, a peer-to-peer Bitcoin exchange platform. Although it has been at the highest volume in terms of the Argentine peso, the volume in terms of BTC is still small versus 2016.

In early April 2016, it hit its peak at 228 BTC, however, at that time, the value of 1 BTC was around $420. Today, 1 BTC is worth more than $7,365.

Source: Usefultulips.org

As per crypto exchange Ripio, the current value of 1 BTC is $548,197 Argentine peso which equals over $9,143 USD, trading at a premium of 23.5%.

On LocalCrypto, however, this is not the case as there are only about one hundred traders in Argentina in the past month. The Argentine peso is 25th by volume on the platform, reported LocalCryptos, but last month they added Bitcoin and could see these low volumes changing soon.

Capital Controls driving the need for Bitcoin?

Matt Ahlborg of UsefulTulips said, “Argentina had its highest volume day ever on Localbitcoins yesterday as capital controls on dollars increased earlier this week.”

Today, Argentina’s black market peso fell about 4.56% to an all-time low of 76.75 against the US dollar, pushing it further away from the official spot rate, which has been held steady by strict capital controls imposed in September.

Argentina’s new Cabinet chief, Santiago Cafiero said a new bill that is sent to Congress will hike taxes on goods and services purchased in US dollars to as high as 30%.

The move aims to stabilize peso that has lost over 80% of its value over the past four years, that fanned high levels of inflation, under former president Mauricio Macri.

On Sunday, new president Alberto Fernandez said Argentina is in virtual default, comparing its economic solution to the 2001 crisis. The country is currently in recession and its economy is expected to shrink by 3.1% in 2019.

“It is not the same as 2001, but it is similar. At that time poverty was at 57 percent, today we have 41 percent poor people; then we had a debt default, today we are in virtual default,” Fernández said in an interview.

Economist Says, That’s Not the case

Could it be that Argentineans are finding safety in Sats? According to economist and trader Alex Kruger, this is not the case.

“Bitcoin in Argentina is not used for safety, but as a temporary vehicle to skirt capital controls,” he said.

In September, he pointed out how the LocalBitcoin chart showing “exploring volumes” has been in the local term that has been because of the peso devaluation and not because Argentines are using the flagship cryptocurrency to “escape the economic crisis.”

In one of his recent tweets, he shared the findings of a poll he ran where he asked Argentine bitcoiners the reason behind their BTC purchase.

Out of the 3,000 people contacted, only 100 reverted that revealed only 10% bought BTC to protect themselves from the devaluing Argentine peso. The majority 80% is in it just for long or short term speculation.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Here’s Why the Bitcoin Price Has Crypto Traders Railing at Bart Simpson

Published

on

Bitcoin’s contemporary worth actions have crypto buyers in all places railing at Bart Simpson for roiling the marketplace. Below, we’ll provide an explanation for why, however first, let’s check out the flagship cryptocurrency’s actions lately.

Bitcoin Price Trades Sideways

Bitcoin worth motion has now not modified a lot since our previous analysis. The virtual forex continues to pattern within a slender channel. Whether or now not this channel is a bull flag can’t be decided simply but. The best certain factor within the present pattern is bitcoin’s talent to carry onto positive aspects it made all through February 8’s spectacular bull run.

As of Thursday afternoon, the bitcoin-to-dollar rate (BTC/USD) used to be buying and selling at $3,576, down a modest 0.02 % because the Asian consultation open. Both the amount and volatility are decrease because the earlier upside run. That reasonably hints that the bitcoin worth is last in in opposition to its subsequent large transfer. Nevertheless, the intervening time bias struggle has made it tricky to are expecting which course bitcoin would pursue within the coming days: downward, sideways, or upward.

Bitcoin Divided Between Bart Simpson and Bull Flag

[embedded content]

[embedded content]

The ongoing bitcoin worth motion has first introduced us earlier than the very well-known Bart Simpson. Yep, that Bart Simpson who may be our bearish indicator for lately – no pun meant. But earlier than we reside additional, let’s take a look on the symbol within the tweet beneath:

Technically talking, a Bart Simpson development happens when a sideways motion follows an sudden spike in worth, after which the fee drops again once more – all of sudden. The worth motion suits the form of Bart Simpson’s head.

In the present bitcoin worth motion, the BTC is midway becoming the definition of the Bart Simpson development. A complete Bart will broaden if the cryptocurrency undergoes a unexpected bearish correction, such that it erases its earlier positive aspects. Should that occur, bitcoin is taking a look at a drawback goal in opposition to $3,355. That’s what a immediately Bart Simpson head can do.

bitcoin, Btc USD, bitcoin price

BITCOIN 4H CHART | SOURCE: COINBASE, TRADINGVIEW.COM

But the glass is part complete. The bitcoin worth has now not fully invalidated the bull flag formation, which turned into a central level of debate in our earlier research. The BTC/USD price remains to be consolidating within just a little descending channel, which might imply there’s nonetheless an opportunity that the pair would lengthen its upside momentum.

A retest of the descending channel resistance, coupled with an building up in quantity, will ascertain a bull flag. Then, bitcoin will be capable of ruin above the mentioned resistance to set the following upside goal in opposition to the crimson line at the most sensible (within the chart above). From a broader standpoint, this higher crimson trendline makes the resistance of a medium-term symmetrical triangle. Have a glance:

bitcoin, Btc USD, bitcoin price

BITCOIN 4H CHART | SOURCE: COINBASE, TRADINGVIEW.COM

 Bitcoin Price Intraday Targets

As lengthy because the bitcoin worth remains within the descending channel, we can stay our bets within the vary. That being mentioned, a jump from strengthen would have us open a protracted place in opposition to resistance. Simultaneously, a pullback from resistance would have us input a brief order in opposition to strengthen.

We will keep away from putting breakout goals for lately.

Instead, we’ll go away you with one thing to chunk on:

[embedded content]

[embedded content]

Bart Simpson Image from Shutterstock. Charts from TradingView.

<![CDATA[

]]>

Like what you learn? Give us one like or proportion it for your pals
original post…

Continue Reading

Bitcoin News

Early Bitcoin Adopter Throws Cold Water On Halving Narrative; Here’s Why

Published

on

As NewsBTC has covered over the past few weeks, a debate has erupted around Bitcoin’s impending block reward reduction. Informally known as the “halving” or the “halvening,” every four years the number of BTC issued per block (every 10 minutes or so) gets cut in half, resulting in a negative supply shock on the market.Analysts are currently divided over whether or not it will affect the underlying BTC price in a positive way — we just published another report on why the halving isn’t priced in from a derivatives perspective.While bulls have a good argument due to the Stock to Flow model popularized by pseudonymous quantitative analyst PlanB, a prominent early Bitcoin adopter recently came out in the side of bears, arguing that the halving will not help BTC investors.Related Reading: Bitcoin Price Likely to Jump After Christmas; Here’s Why“First Bitcoin Startup Investor” Bashes Halving NarrativeRoger Ver, an early Bitcoin evangelist who invested in Blockchain.com, Bitcoin.com, BitPay, amongst other crypto companies, recently remarked that he sees a “very real possibility the price of Bitcoin Core (BTC) does not go up after the halving.” This comment was made echoing a remark made by Melem Demirors of CoinShares, who cited financial derivatives as a potential dampener on the positive effects of the halving.The now Japan-based Ver, trying to build out his own thesis on the matter, remarked that he thinks the price won’t up because ” the blocks are full and there is no room for additional commerce to take place on chain.” With this, he is seemingly referring to the sentiment that the economic activity of a chain will affect the price of the asset that is based on top of it.There is a very real possibility the price of Bitcoin Core does not go up after halving.For the first time, the blocks are full and there is no room for additional commerce to take place on chain.Bitcoin Cash on the other hand, has
an amazing future ahead. https://t.co/z4tC7jij7d
— Roger Ver (@rogerkver) December 26, 2019 Related Reading: Why Did Youtube Crack Down on Crypto Channels? Lawyer Weighs InVer Thinks BCH Will Beat BTCVer’s latest comments on the Bitcoin halving come shortly after he remarked in two mainstream media interviews that he expects for BCH to rapidly appreciate against BTC.Per previous reports from NewsBTC, the cryptocurrency entrepreneur and investor told CNBC in an interview that he thinks the market capitalization of Bitcoin Cash is poised to appreciate by over a “thousands of times where it currently is because it’s looking to become peer to peer electronic cash for the entire world.” For some context, BCH would be trading $191,000 apiece if it was trading 1,000 times higher than what it is trading at now.He doubled down on this opinion in an interview with Forbes, saying that he expects for BCH’s market capitalization to supplant that of BTC:“Bitcoin.com is partnering with more household names to bring BCH usage to actual commerce for real people and real businesses. As that adoption of BCH-based commerce grows, so will its market cap.”While Ver has belief in this sentiment, not everyone is convinced that Bitcoin Cash will outperform BTC by that much, if at all.In the wake of his aforementioned interview on CNBC, the crypto community erupted, pledging not to take Ver’s rhetoric lying down. Dan Hedl, a long-time Bitcoiner and industry executive/entrepreneur, wrote on Twitter:“Hey @JoeSquawk whats up with this reporting on bcash by CNBC? Roger is saying factually incorrect information about adoption and identity.”Related Reading: Is the Bitcoin Halving Priced In? No Way, and Here’s WhyFeatured Image from Shutterstock

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Canaan’s New 5-Nanometer Chips to Escalate ASIC Arms Race With Bitmain

Published

on

Chinese mining application-specific integrated circuit (ASIC) manufacturer Canaan will launch new, improved mining machines with 5-nanometer chips in Q1 2020.

Chinese industry news outlet 8BTC reported on Dec. 24 that the new ASICs will have significant advantages compared to the previous generation. The new firm’s 5nm manufacturing process is expected to improve performance, power and area scaling.

A significant development

The company expects to scale the production of this new product series faster than it did with its 7nm chips. The number of nanometers refers to the size of the features of the silicon chip, 5nm approaches what is possible with conventional electronics. For scale, 1nm is approximately equivalent to the width of two silicon atoms.

As the features in chips become smaller, it becomes possible to fit more transistors in a silicon die of the same size. At the same time, the electric current has to travel less distance in the circuit to perform a calculation, which means that efficiency is improved and the amount of heat is decreased when the features are smaller.

Canaan is one of the few cryptocurrency-related companies that managed to go public with a $90 million Initial Public Offering (IPO) held in November. As Cointelegraph recently reported, the firm’s shares have seen a 40 percent drop in value since the IPO.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Copyright © 2022 The Crypto Report