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Ethereum Mining and PoS Activities Are ‘Prohibited’ Says Data Provider – BeInCrypto

As Ethereum (ETH) approaches the Merge, the debate over its shift to a proof-of-stake (PoS) network appears to be growing. Many people have expressed their worries regarding the current centralization of Ethereums validator nodes, claiming that moving to a PoS system would worsen matters.

This has led to rising concerns among crypto investors that the current proof-of-work (PoW) system might not be as secure as it should be, and that a switch to PoS would mean that a single entity could, with a possibility of 51%, attack the network.

For years, the switch to proof of stake for Ethereum has been delayed. We thought it would take one year to put POS in place, but its taken approximately six years, Ethereum co-founder Vitalik Buterin stated

According to a tweet by Maggie Love, the co-founder of Web Cloud, Ethereum cannot be decentralized if the stack is not decentralized. She points out the 69% of nodes that are hosted on the ETH mainnet, with over 50% of that coming from Amazon Web Services (AWS), over 15% from Hetzner, and 4.1% from OVH.

In anticipation of the upcoming Merge, various platforms that use the Ethereum blockchain have announced their contingency plans. Under the PoS system, crypto investors stake a specific quantity of their cryptocurrency on the standard network, rather than utilizing big amounts of electricity to generate more cryptocurrency.

Even if none of these issues come up, the future of stablecoins still represents a major challenge for the decentralized finance (DeFi) sector. With centralized stablecoins dominating decentralized protocols, many DeFi projects have been considering algorithmic stablecoins. But there are still potential regulations for stablecoins that could impact DeFi after the Ethereum merge.

The stablecoin market is huge, with more than a $100 billion market cap, and its use on public blockchains like Ethereum has grown significantly, making them integral to DeFi operations. But as the Ethereum network approaches the merge, the stability of these assets becomes more important than ever.

The Ethereum Merge, set for September 15th, could possibly affect the stability of digital assets that are pegged to real-world currencies. Most DeFi applications could be hosted on the Ethereum blockchain after it switches from its current PoW consensus mechanism to PoS. The upcoming Ethereum fork to replace the PoW consensus system with a PoS one is expected to speed up the development of Ethereum toward institutional-grade investment.

For Be[In]Cryptos latestBitcoin(BTC) analysis,click here.

DisclaimerAll the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Springer Nature becomes first publisher to partner with CiteAb – Research Information

Reagents - core components in chemical, biochemical and related lab work - are essential for researchers and academics to be able to plan their experiments and develop their research. However, many experiment reproducibility problems can be tied directly to reagents. It isestimatedthat up to $28 billion annually is wasted on irreproducibility in pre-clinical research - which has a large global impact on the development of high quality research to tackle medical, environmental problems, due to the time wasted in having to correct the reagents the work is based on.

The partnership between Springer Nature and CiteAb, the first with a publisher for the data company, will see selected journal and book citation data from the publisher integrated into CiteAbs search engine, helping researchers make more informed decisions when identifying the best reagent for their experiments. With over 3 million citations and 10 million+ reagents now included in the platform, researchers are provided with a more comprehensive view of the most commonly used products in their research field enabling them to: see how and where they are used and to what effect; search for what they need in one place; and have access to information on the suppliers of reagents, all which helps to save them time and money when identifying the products that are most appropriate for their own experiments.

Commenting on the partnership, Robin Padilla, PhD, director of product management, Digital Life Science Solutions at Springer Nature said: 'We are delighted to be the first publisher to partner with CiteAb, as we look to utilise the expertise of the Springer Nature Data Solutions team alongside CiteAbs fresh approach to the market, to help find solutions to some of the data and resource challenges that face researchers when conducting experiments.

We know that it is incredibly time intensive for researchers to find not only high quality content, but the most suitable resources - data and products - that they need for their lab, experiment and research work. This partnership seeks to address that challenge by combining our high quality data and content with CiteAbs innovative platform and search functionality, and using state of the art text and data mining APIs to streamline that search process.'

CiteAbs CEO, Dr Andrew Chalmers added: 'We are extremely excited to be partnering with Springer Nature. Their commitment to publishing research of the highest quality aligns with our commitment to generating the highest quality data. Accessing their content will allow us to generate unique data and use it to inform researchers and suppliers, ultimately helping them to advance science more quickly.'

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The global automotive artificial intelligence market size is projected to grow from USD 2.3 Billion in 2022 to USD 7.0 Billion by 2027, it is expected…

ReportLinker

The key factors contributing to the growth of the automotive artificial intelligence market include the growing adoption of ADAS technology by OEMs and the increasing use of AI to make buying decisions.

New York, Sept. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Artificial Intelligence Market by Offering, Technology, Process, Application, Component and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05090296/?utm_source=GNW Safety is becoming a prime concern in terms of vehicle features. A majority of accidents occur because the driver is either distracted or has lost focus due to drowsiness. The World Health Organization (WHO) estimates that approximately 1.3 million road traffic deaths occur globally each year. Several driver assistance systems have been developed to assist the driver and significantly reduce the number of accidents. Such systems will warn inattentive drivers of approaching danger and help increase safety. Driver assistance systems have gained significant importance over the past few years. Hence, the demand for adaptive cruise control (ACC) and ADAS is increasing. The trend is estimated to continue for the next five years. The improving infrastructure, the increasing struggle of automobile manufacturers to offer improved features, and the changing lifestyles worldwide have boosted the overall sale of premium passenger cars. However, beyond a certain degree, these factors will not influence the demand for driver assistance systems with automotive AI in the overall market.

Increasing use of AI to make buying decisionsAI is not only used in the production of cars and the delivery of improved user experiences but also makes the process of buying and selling cars incredibly easy.Future customer interface systems with AI capabilities may potentially provide recommendations for the best cars based on the drivers insurance, health, and penalties received.

Next-generation automobiles can also receive real-time information on traffic jams or any other emergency, and they can use AI to build detailed 3D images of actual roadways.

APAC is the fastest-growing region in the automotive artificial intelligence marketThe automotive artificial intelligence market in the Asia Pacific is expected to grow at the highest CAGR from 2022 to 2027 owing to technological advancements and financial support from the government is expected to propel the growth of this market.Increasing population, improving lifestyles, and growing economies have accelerated the pace of passenger car demand in the Asia Pacific.

China, Japan, India, and South Korea are the key countries in the Asia Pacific region for the automotive artificial intelligence market. Toyota (Japan), Hyundai Motor Company (South Korea), and Honda Motor Company (Japan)are among the top companies in the region operating in the automotive artificial intelligence market.

The breakup of primaries conducted during the study is depicted below: By Company Type: Tier 1 55 %, Tier 2 25%, and Tier 3 20% By Designation: C-Level Executives 60%, Directors 20%, and Others 20% By Region: North America 40%, Europe 30%, APAC 20%, Rest of world10%

Research CoverageThe report segments the automotive artificial intelligence market and forecasts its size, by volume and value, based on region (North America, Europe, Asia Pacific, and RoW), Offering (Hardware, Software), Technology (Deep Learning, Machine Learning, Computer Vision, Context-aware Computing and Natural Language Processing), Offering (Hardware, Software), Process (Signal Recognition, Image Recognition, and Data Mining), Application (Human-Machine Interface, Semi-autonomous Driving, Autonomous Vehicle, Identity Authentication, Driver Monitoring, and Autonomous Driving Processor Chips), and Components (GPU, Microprocessors (Incl.ASIC), FPGA, Memory and Storage Systems, Image Sensors, Biometric Scanners, and Others).

The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the automotive artificial intelligence market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.

Key Benefits of Buying This Report1 This report includes market statistics pertaining to the offerings, technology, process, application, components, and region.2 An in-depth value chain analysis has been done to provide deep insight into the automotive artificial intelligence market.3 Major market drivers, restraints, challenges, and opportunities have been detailed in this report.4 Illustrative segmentation, analyses, and forecasts for the market based on offerings, technology, process, application, components, and region have been conducted to provide an overall view of the automotive artificial intelligence market.The report includes an in-depth analysis and ranking of key players.Read the full report: https://www.reportlinker.com/p05090296/?utm_source=GNW

About ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

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IQM Quantum Computers and QphoX Partner to Develop Optical Interface for Scaling Superconducting Quantum Processors – Business Wire

DELFT, The Netherlands--(BUSINESS WIRE)--Dutch based quantum transduction startup QphoX and Finnish quantum computer manufacturer IQM Quantum Computers have announced a new collaboration to develop a next generation interface for scaling quantum computers.

IQM is the European leader in building quantum computers and provides on-premises quantum computers for supercomputing data centres and research labs and offers full access to its hardware. IQM delivers these machines as a full-stack system integrator with its own quantum processors using superconducting qubits.

QphoX specializes in photon wavelength conversion for quantum technologies and is working to create the worlds first quantum modem which will allow quantum processors to be networked together. This will unlock new applications like distributed quantum computing between remotely entangled quantum processors, solving one of the biggest scaling challenges facing the industry.

The companies will combine their respective expertise in quantum information processing to create a new, scalable interface for communicating with quantum processors via optical interconnects.

Todays quantum processors will need to substantially grow in size in order to tackle real-world applications. One of the main obstacles is that microwave quantum processors must operate in a demanding cryogenic environment while being controlled via microwave lines and cryogenic amplifiers that generate substantial heat, thus limiting the size of the processor. As manufacturers push towards larger chips it is critical to find scalable approaches that will ultimately allow for computers with hundreds of thousands of qubits.

By leveraging our unique microwave to optical conversion technology, signals can instead be routed through the cryostat via optical fibers. As a result, both the spatial and heat load constraints placed on the cryostat will be reduced, allowing larger processors to be built in a single cryostat. We are very excited about embarking on this new partnership. Over the past several months we have already been working with IQMs processors and have been very impressed with the quality and performance said Frederick Hijazi, COO and Co-Founder, QphoX.

The future large scale quantum computers require technologies for optical communication or cryogenic signal generation, or both. We found QphoXs expertise and technology plans as a promising alternative to communicate the control and readout signal of quantum computer to the qubit chip using optical fiber. This collaboration will become an enabler for systems beyond 1000 qubits through simplifying the cabling and new product innovation said Dr. Juha Vartiainen, COO and Co-founder, IQM Quantum Computers.

ENDS

About IQM Quantum Computers:

IQM is the pan-European leader in building quantum computers. IQM provides on-premises quantum computers for supercomputing data centres and research labs and offers full access to its hardware. For industrial customers, IQM delivers a quantum advantage through a unique application-specific, co-design approach. IQM is building Finlands first 54-qubit quantum computer with VTT, and an IQM-led consortium (Q-Exa) is also building a quantum computer in Germany. This computer will be integrated into an HPC supercomputer to create a quantum accelerator for future scientific research. IQM has over 190+ employees with offices in Paris, Madrid, Munich and Espoo.

About QphoX:

QphoX is developing the worlds first Quantum Modem, a breakthrough device that will allow the quantum computing industry to scale through connectivity and parallelization and unlock the potential of the Quantum Internet. QphoX also provides optical readout and control solutions for quantum processors to address intermediate scaling challenges within single cryostats. QphoX is based in Delft, the Netherlands.

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IQM Quantum Computers and QphoX Partner to Develop Optical Interface for Scaling Superconducting Quantum Processors - Business Wire

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10 Breakthrough Technologies That Is Going To Change The Future – Postoast

2020 has been a hectic year with the coronavirus pandemic affecting our lives in an unprecedented manner. However, with scientists and researchers working tirelessly, it was a great year for technological advancements and achievements. The breakthrough technologies mentioned in the article will surely affect our lifestyle in the years to come.

These are gifts of technology that have been the highlight of the first year of this decade:

You may be aware of the fact that the internet we use today is extremely vulnerable to hacks and exploits by people with questionable intentions. For the past few years, data scientists and analysts have been working on creating the first quantum internet that would be completely secure from hackers.

The Delft University of Technology, one of the big organizations working on this project, has successfully developed this technology. In a presentation, Physicist Ronald Hanson at the Delft University of Technology along with his collaborators linked three devices in such a way that any two devices in the network ended up with mutually entangled quantum bits.

These quantum bits are used for transmitting information and communicating with other devices the use of entanglement makes it almost impossible for hackers to snoop around the user devices.

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In this digital age, the use of cash is continuously declining. Cash transactions need intermediaries and in each stage, there is a considerable markup. On the other hand, digital money, like Libra by Facebook exists only in its digital form, which can lead to a breach of financial privacy.

Digital money can be beneficial for instantaneous transactions and may also mean that parties would have to go through minimal or no intermediaries at all. Like cryptocurrencies using blockchain technology, which is decentralized, digital currency can potentially break the global financial system into small fragments.

Though many have dreamed of it, using a quantum computer to outperform classical computers cannot be implemented daily just yet. Google has developed a Sycamore quantum processor, which can be used to achieve quantum supremacy.

In a test, Sycamore could determine a set of randomly distributed numbers in three minutes and 20 seconds, which would have taken 10,000 years for a classical computer. Even though the results of the tests and calculations were impressive, we are still years away from using quantum computers to solve problems that classical computers cannot handle.

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Differential privacy can help organizations collect and share collected user data while keeping their identities private. The 2020 US Census, which is the largest-scale application would use differential privacy while distributing population data.

This technology aims to maximize data usage without disclosing the user identity. Differential privacy ensures the unavailability of raw data to database managers or data scientists and allows organizations to tackle privacy-related problems and build trust.

With the help of improved computing capabilities of newly developed processors, scientists can now make proper reports of how climate changes can affect severe weather events. Civilians and the military can now prepare in advance in case of natural disasters due to weather conditions.

Further, it also gives enough evidence to hold responsible authorities and the government responsible for not taking necessary steps when needed. Climate change can cause immeasurable loss of lives and properties, and proper climate change attributions would help the people take proper and necessary precautionary measures.

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With thousands of people worldwide having unique ailments and disorders, traditional medication cannot help them all. Have you ever wondered how this problem can be solved by producing medication for a particular case? This way, scientists and doctors can help cure rare genetic disorders and rare diseases.

The dream of achieving hyper-personalized medication is not too far and will bring hope and joy to several people all over the world. Medicines tailored to the exact needs of a single patient will treat and cure ailments that went untreated earlier. This was without a doubt, one of the best technological advancements in the field of medicine.

Aiming to provide high-speed internet services all over the world, satellite mega-constellations projects were a great success. It is the much-awaited solution to unreliable WiFi signals and fluctuating cellular networks. Satellite mega-constellations would enable global connectivity for almost everyone with a proper device.

However, the development and implementation of this technology bring a few major concerns. Space will be littered with several small satellite mega-constellations to bring unhindered connectivity to everyone.

Also, in the absence of a set of international rules and regulations and authority to enforce them, major industry leaders can end up exploiting its uses. This would lead to major problems and lead to unbridled chaos.

Long gone are the days when users would have to depend on heavy computer setups to use powerful AI algorithms. Nowadays, handheld devices like mobile phones and household appliances are capable of using AI programs without even interacting with the cloud.

With the development of tiny AI, developers and software enthusiasts can work to shrink the size of existing and new AI models without losing their efficiency and functionalities. Accessing AI models from our devices involve no latency due to the lack of interaction with the cloud and hence there are fewer privacy-related concerns.

Currently, big tech companies like Google, Apple, Amazon as well as IBM are leading the market with the application and implementation of tiny AI technology.

Since ancient times, adventurers, researchers, and philosophers have spent their lives finding the answer to their aging problems. The wait is almost over as doctors and scientists have developed drugs that can help slow down your aging.

These drugs can be very useful for patients suffering from diseases like cancer, dementia, and heart-related problems by slowing down the aging process. Though a lot of research has not been conducted yet, initial trials have proved these drugs to be safe for humans.

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Working with technologies like machine learning and artificial intelligence, scientists and data scientists are using AI to discover molecules that can affect the healthcare industry greatly.

With the discovery of the antibiotic Halicin using Artificial Intelligence, medical science has gained a golden opportunity to develop exponentially. Though using AI for healthcare is not new, this was the first time AI has identified a completely new antibiotic variety without any human intervention or assumptions.

Though this may be a very expensive process due to the rarity of the molecules in question, AI can help bring down the cost of production to a great extent. It can evaluate and use molecules effectively and efficiently, which might not be possible for human scientists.

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Resolving the ancient question of age vs experience – RedShark News

David Shapton on how an understanding of the modern world can often need an appreciation of the ancient one from all of, oh, a few decades ago.

While you're reading this, you might have a reasonable expectation that I've written about something I understand. Sorry to disappoint you, but this week, I'm writing an entire article about something I don't understand at all. But stay with me, because I'm hoping by the end of the article, you won't understand it either.

Am I alone in thinking that the last few years - no, scratch that; the last fewdecades- have whizzed past almost unnoticed? It's not that nothing has happened in that time span; it's just that it's gone past so quickly. I'm not aware of a gold standard to measure this against, and it's undoubtedly subjective, but by the time you get to my age, there's a sense of "What happened? Where did all those years go?".

In a way, this is new. With longer lifespans thanks to antibiotics, vaccines, better sewage, etc., you're statistically likely to live longer after retirement and in good health and mobility. That's a huge benefit for individuals but a societal problem as the median age shifts towards higher numbers. Eventually, we get old, and then we need, on average, more help from others than we can give (although that's a complex equation).

I'm increasingly aware that I have friends who have reached their late 50s and early 60s who can't get jobs anymore. Many have worked hard for their entire lives but haven't built up a solid retirement income for diverse reasons. So they want to keep working. And my question is: why shouldn't they? After all, they come pre-loaded with massive experience.

So I'm going to play devil's advocate here. What might be the objections?

Paradigm change could be one of them, perhaps the biggest. There are multiple versions of this argument, but one might be that we're in a state of constant change. Whatever experience an older person comes with, it will be out of date.

First, if paradigm changes come so frequently, then the same could be said to apply to anyone over thirty (an arbitrary figure, but humour me). What if you've spent the last ten years learning how to operate professional editing suites based on tape-to-tape and an edit controller? Of course, I'm not talking about the present day. But this was an actual situation when non-linear editing came along. A 30-year-old who'd never used a computer before isn't much different from a 55-year-old who's never used a computer before, except that the more mature person would have been through several paradigm changes previously.

Some would say that younger people are likely to have had a more relevant education. But I don't think that's an argument that has much force. Many, if not most, in our industry didn't study anything relevant to their current jobs. Most of us learn as we go along, and older people will have spent more time learning astheywent along.

There's a stereotype, perhaps even a prejudice, which says that older people don't understand new technology: that they're not so good at computers. To which I'd say, "look at the timeline". People much older than me not only understand computers, theyinventedthem, for heaven's sake. It's true that desktop PCs - mass-market computers affordable by ordinary people (as opposed to those who worked in universities etc.) didn't come along until around thirty years after the first viable computers. But that was 40 years ago! People retiring now are very likely to have routinely shovelled a pile of thirty-two floppy disks into their computer while installing Microsoft Office.

Don't sneer. If that sounds primitive, don't be tempted to suggest that any skills acquired back then aren't helpful now simply because we don't have to do that anymore. It's easy to forget that computing back then was incredibly difficult, especially if it was anything to do with audio or video. PCs weren't media savvy in those days. Even editing a stereo audio track was a monumental technical and logistical challenge - not to mention a financial one. You'd have to install extra hardware into your computer at a time when "plug and play" wasn't even a rumour. You'd need to know the vagaries of early versions of SCSI, when the cables were as thick as a hosepipe. And to format a disk, you'd have to understand hard disk architecture in a way that's long been abstracted out of reach.

If you could figure out how to do this stuff, you'd have no trouble with today's technology, which is typically easier to configure. But you would also bring decades of fault-finding and hands-on problem-solving experience to the table. It doesn't matter how advanced media tech has become; a bad cable is still a bad cable. Dropped samples or frames are still likely to be a clock issue. Even the most advanced network architectures aren't too hard to grasp, especially since anyone approaching conventional retirement is expected to have spent the last two decades at least helping other people fix their computer and network problems.

You can't just "become experienced" overnight. Older professionals have lived through so many changes (Valves/Tubes to transistors, transistors to Integrated Circuits (ICs), ICs to microprocessors and so on). Today, we're on the threshold of an AI-dominated creative workflow and, after that, quantum computing - and there's no reason why a younger person would find quantum computing more intuitive than an older person. They're all challenges; they're all disruptive. But it's easier to cope with this kind of change if you've been through changes of a similar magnitude before.

Experience is not just about knowing how to plug this into that. It's about taking a perspective on the current issues, being able to take a more expansive view of a company, and it's about the confidence to deal with whatever your professional life throws at you.

I'm not sure quite how it happened, but I spend some of my time giving advice and writing about the metaverse. I find that I sometimes literally know more about it than people working in the field (because I'm a generalist and not a specialist). But I wonder if it's because, for 40 years, I've been watching the antecedent technologies growing in capability and relevance. Without that historical perspective, and with a subject as significant, all-embracing and potentially disruptive as the metaverse, it's harder to understand the implications - and the practical measures needed to make it work - if you're entirely new to all of this.

I'm lucky, and happy with my work life. But so much talent is being washed down the drain because of an arbitrary perception of usefulness versus age.

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Bitcoin Falls Below $19K for the First Time In 2 Months – Decrypt

For the first time since U.S. Independence Day, Bitcoin has fallen below $19,000.

The biggest cryptocurrency by market cap was trading for $18,841 at the time of writing, according to CoinMarketCap.

The last time the asset dipped below $19,000 was on July 4, when it hit $18,600. Prior to that, Bitcoin hit $18,900 in November 2020 as part of its run-up to its all-time highs over $60,000 the following year.

Investors appear to be shedding Bitcoin for a number of reasons. As usual, the assets sell-off is closely correlated with the U.S. stock market: stocks were down today following a volatile trading sessionpartly due to fears that the Federal Reserve will continue to hike interest rates.

The Feds monetary policy of keeping interest rates high to combat four-decade high inflation has led investors to sell riskier assetslike stocks and Bitcoin.

Bitcoins sell-off has intensified following news last week that Russia shut down the Nord Stream 1 pipeline, halting gas to Europe and spooking markets, according to experts. Of course, Bitcoin fans remain undeterred.

Russias government said Monday that it would restore gas supplies if sanctions were lifted.

Out of the top ten biggest cryptocurrencies, Bitcoin is one of the worst performers today. Its nearly 5% 24-hour loss has only been surpassed by Polkadot and Cardano, which are down 5.7% and 6.1% respectively in the same time frame.

Ethereum, the second biggest cryptocurrency by market cap, is only down 1.79% in the past 24 hours, priced at $1,568.

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Glassnode Discusses 4 Phases Of Bitcoin Accumulation & Distribution During Past Year | Bitcoinist.com – Bitcoinist

Glassnode has talked about the four phases of Bitcoin accumulation and distribution during the past year in their latest report.

As per this weeks edition of the weekly Glassnode report, the market has observed four distinct phases in the last twelve months.

The relevant indicator here is the accumulation trend score, which tells us about whether market participants are accumulating or not right now.

Not only does the metric check how much investors are buying/selling, but it also takes into account the size of holdings of these participants. As such, the score provides a higher weightage to larger holders accumulating/distributing.

When the value of this metric is closer to 1, it means that big participants or a large part of the network has been accumulating during the past month.

On the other hand, the indicators value being near zero implies large holders have either not been accumulating recently, or outright distributing their coins.

Now, here is a chart that shows the trend in the Bitcoin accumulation trend score during the last year:

As you can see in the above graph, the market seems to have gone through four phases of the Bitcoin accumulation trend score over this period.

Following the all-time high back in November, investors aggressively accumulated the dip as the value of the indicator was almost exactly 1. This marked the first of these phases.

Next, as the price slowly came down, these recent accumulators went into significant loss. This lead to the holders shifting to a trend of distribution.

In the third phase, even though the price plunged down even harder as the LUNA collapse took place, investors once again started accumulating as if attempting to catch the bottom.

After this months of accumulation, the market finally saw a rally above $24k. However, instead of continuing to buy more, holders quickly latched onto this opportunity of exit liquidity and engaged in profit-taking.

As a result of this distribution, this new fourth phase has observed Bitcoin accumulation trend score values close to zero.

At the time of writing, Bitcoins price floats around $19.8k, down 2% in the past week. Over the last month, the crypto has lost 15% in value.

The below chart shows the trend in the price of the coin over the past five days.

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Glassnode Discusses 4 Phases Of Bitcoin Accumulation & Distribution During Past Year | Bitcoinist.com - Bitcoinist

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How Bitcoin Educates The World About Finance – Bitcoin Magazine

This is an opinion editorial by Pierre Corbin, the producer and director of The Great Reset And The Rise of Bitcoin documentary.

In his book, William N. Goetzmann describes that there have been periods in history during which people had greater financial education than the general public has today.1 One such period was during the great times of Ancient Greece, particularly in Athens.

Athens in 400 BCE was very special, and remains special to our history, because this is where democracy was invented. Their democracy was different from our modern democracy, though. In particular, when it comes to the involvement their citizens had in the day to day activities of the government. Athens had created a complex system of bankers and insurers to simplify the trade of grain and increase the security of investors portfolios. Many ships sunk in the Aegan sea during these times, and these financial instruments allowed them to protect ones investment and share the risk of their business with the industry, through insurance.

Of course, there were often disputes around these topics that needed to be settled in court. The court system in Athens was built to accommodate this particular type of issue, and was used for every other topic, too. Here are a few rules on how their court system worked that Goetzmann shares in his book1 :

Athens, at its peak around the 4th century BC, had 30,000 adult male citizens entitled to vote in the assembly (there were an additional 70,000 citizens that were women, children and other men that were not allowed to vote. There were also 150,000 aliens and slaves living within the city walls who were not counted as citizens and did not take part in the decisions of the city), so 500 people involved in each trial represented 1.6% of the population.

Imagine this in todays world: 5.3 million Americans would have to be part of each jury. Or 22 million Chinese citizens would be involved. Sounds impossible, although we do have one technology that didnt exist in Athens that could simplify the matter: the internet. Maybe this kind of jury could be re-adapted today? The outcome of trials wouldnt be the source of such debate because 1.6% of randomly selected individuals can be considered a big enough sample to represent society as a whole for a given trial. Beyond leading to a fair trial system, it also leads to more transparency and lowers the powers of influence that sometimes exist for the important trials.

In his lifetime, the average Athenian attended multiple trials, including the complex ones, and faced topics such as finance, risk, long term investment, compounding, etc. Today, we still have records of such trials. One example is the story of Demosthenes, an Athenian that had his heritage stolen by his uncles because he was too young when his father died. As an adult, he took his uncles to trial. Here is an extract of his depiction of the situation:

My father, men of the jury, left two factories, both doing a large business. One was a sword-manufactory, employing thirty-two or thirty-three slaves, most of them worth five or six minae each and none worth less than three minae. From these my father received a clear income of thirty minae each year. The other was a sofa-manufactory, employing twenty slaves, given to my father as security for a debt of forty minae. These brought him in a clear income of twelve minae. In money he left as much as a talent loaned at the rate of a drachma a month, the interest of which amounted to more than seven minae a year... Now, if you add to this last sum the interest for ten years, reckoned at a drachma only you will find that the whole, principal and interest, amounts to eight talents and four thousand drachmae".1

How many average citizens of our modern world would be able to follow such an argument? It mentions two businesses, loans, interest rates and their compounding effects. Today, most people dont understand what compound interest is, and it is one of the most simple long-term thinking concepts in finance.

Our financial system has been layered with many levels of complexity and is presented as a complex topic, including when it comes to personal finance. I believe this has been done through time by the people working in the industry for two reasons:

Today, people are starting to understand the impact inflation can have on their lives. They dont necessarily understand where it comes from, but they understand that they need to do something about their personal finances or their savings will slowly be crushed by inflation. This inflationary way of thinking has always been there. This is part of the reason why people invest in real estate and has pushed the prices so high. Today, it is pushing people towards even riskier investments. This is part of the reason why the cryptocurrency world has seen such a boom and seems so attractive to many high reward, but also high risk.

People entering the cryptocurrency space will slowly start making the distinction between bitcoin and altcoins at some point (often because of a shitcoin losing 99% of its value or a hack making them lose their funds). We will write a follow-up article about this topic in particular: Bitcoin is not crypto.

Because of the way Bitcoin is built, people gain their financial independence. You are the sole owner of your assets and no-one can take control of your assets unless you give access to them. This is extremely empowering, but can also be a scary endeavor: it has the potential of opening users up to more risk. This means that people need to take responsibility for their financial decisions. Every decision is their own, and in order to avoid mistakes, people need to educate themselves.

This education starts with understanding bitcoin wallets, but quickly moves on to more complex topics:

And many more that one by one open up the mind to the way our financial system works. There are many great thinkers and contributors in the space that help understand these points.

People are now forced to take control of their own funds and take responsibility for their personal finance. The veil that has always laid on the world of finance is slowly being lifted, and what used to be seen as very complex topics are becoming day-to-day topics for many. This is due to the fact that the trust that we once had in centralized financial institutions is now gone because of decades of abusing customers, bailouts and more.

The Athenian system was not able to scale with the growing number of people in cities and in countries. But given our current technologies, is a similar system so hard to imagine today? Maybe bitcoin can be the asset that leads the way in this direction, thanks to its cryptographic properties, but also thanks to the added benefit of its passive properties, including the fact users need to educate themselves, which can only benefit them and our society.

This is a guest post by Pierre Corbin. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

The rest is here:
How Bitcoin Educates The World About Finance - Bitcoin Magazine

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Mysterious Bitcoin Whale Cashes out $95 Million in Gains After Years of "Hodling" – U.Today

A mysterious Bitcoin whale has managed to cash out $95 million in gains from 5,000 BTC bought at $698per coin by "hodling" over the years. On-chain data trackerWhalemapreports, ''Someone cashed out 5000BTC yesterday, making a whopping a $95,000,000 profit. Original price of acquisition was $698 for him, which is a 2800% increase atcurrent price.''

As reported by U.Today, a Bitcoin whale address that was created back in 2013 moved 5,000 BTC worth nearly $100 million yesterday.

There are still questions about the reactivation of such wallets and whether or not the owner had the conviction necessary to hold onto the coins for nearly nine years.

The most plausible explanation is that someone unintentionally discovered their long-lost private keys and gained access to an enormous fortune. It is also possible that the wallet was reactivated after its owner succeeded in unlocking it. Also, it cannot be ruled out that the holder might have such strong convictions.

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In recent weeks, some identical Bitcoin wallets have come to life after years of dormancy. The addresses that were generated during the time of the enigmatic Bitcoin creator, Satoshi Nakamoto, often garner the most public curiosity.

Ki Young Ju, the CEO of CryptoQuant, stated that people who own "older" coins, particularly in considerable amounts, probably need to avoid calling attention to their recently increased fortune.

A CryptoQuant research piece into old fund movements uncovers who these ''mysterious'' Bitcoin whales could be; these whales were likely early visionaries who accumulated Bitcoin via mining and trading or coins coming from the Cryptsy Bitcoin exchange just before it was "hacked."

A large chunk of the Bitcoin supply has remained unmoved in the last year, which remains a worrying signal. According to information from on-chain analytics platformGlassnode, "The volume of Bitcoin supply that has remained unspent for at least 1 year has reached a new ATH of 12.589 million BTC. This is equivalent to 65.77% of the circulating supply. Increasing dormant supply is a characteristic of Bitcoin bear markets."

Bitcoin was marginally up at $19,970 after touching the $20K mark earlier.

Link:
Mysterious Bitcoin Whale Cashes out $95 Million in Gains After Years of "Hodling" - U.Today

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