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COPA’s rhetorical cope: Serving techno-feudalism and the anarchist-crime industrial complex – CoinGeek

Sorry to be a wet blanket. Writing a description for this thing for general audiences is bloody hard. Theres nothing to relate it to. Satoshi Nakamoto, July 5, 2010

The currentCOPAet al.vs. Dr. Craig Wright trialat the Chancery Division of the U.K. High Court is ostensibly a simple commercial civil trial, but the stakes are high, and there are wide-ranging implications. There is no substantive evidence that provesDr. Wright is not Satoshi Nakamoto, so the strategy deployed by COPA and BTC Core developers is throwing mud, hoping some will stick, using their cunning to try and persuade the Judge that Dr. Wright is simply not credible.

Meanwhile, U.K. commercial law requires proof based on the balance of probabilities, whereas criminal law requires the bar of beyond a reasonable doubt. This trial is highly unusual, and it may be argued thatcorrectly understoodthis is not simply a commercial, civil dispute but a trial that has existential implications for the U.K. (and beyond) in relation to economic policy, human rights, and national security issues.

What is at stake?

Much is at stake in this trial. In the prospectus for the Blackrock BTC ETF, lawyers for the worlds largest asset manager note that Bitcoin being controlled by a largely unregulated group of developers is an inherent risk to the survival of the protocol. They also cite the current court case and note that:

If a court decides to grant the relief requested, it is possible that wide-ranging and fundamental changes to the source code, operations, and governance of, and basic principles underlying, the Bitcoin network might be required, and a loss of public confidence in the Bitcoin network could result.

The trial may well result in a loss of public confidence in the Bitcoin network, but this is the BTC Core network, and a loss of confidence in BTC Core could well be argued to be a good thing for society at large. It is worth noting that the BTC ETF sponsor reserves the ongoing right to choose which is the correct protocol of bitcoin to invest in:

The Sponsor [iShares Delaware Trust Sponsor LLC] may also disagree with Shareholders, the Bitcoin Custodian, other service providers, the Index Administrator, cryptocurrency platforms, or other market participants on what is generally accepted as bitcoin and should therefore be considered bitcoin for the Trusts purposes.

The Bitcoin Legal Defense Fund (part of whose job is to raise money anonymously to pay U.K.-based lawyers) also cites legitimate concerns in relating claims that:

Should the developers fail to defend this claim vigorously, or should Mr. [sic] Wright otherwise be successful, it would, in the eyes of the law, allow Craig Wright ultimate control over the Bitcoin network as we know it. He would be permitted to decide who uses the Bitcoin network, the terms of use for the Bitcoin network, and could also control the client software for interacting with the blockchain.

In this evolving, brave new world ofblockchain, Bitcoin, as a generic phenomenon, represents what may be argued as both an existential threat and a profound opportunity for how society currently operates on commercial and political levels. This is no small beer. This is not simply a run-of-the-mill commercial, civil dispute; the sensiblestewardship of Bitcoinis of profound importance.

Rhetoric, not logic, to argue bizarre, hence not-credible

In trying to discredit Dr. Wright, barristers are arguing essentially that he is an imperfect human being who exhibits bizarre and (what they seek to present as) dubious or questionable behavior. Common sense tells us this adds nothing to a case that he is not Satoshi. It seems highly likely that Satoshi was an imperfect human being who would exhibit bizarre and questionable behavior.

We should assume thatSatoshi was likely an autodidact polymath inventor for whom anonymitywas important because he had secretly worked over many years inventing apublicly distributed network server information transaction system(parts of which could be used as a form of digital cash).

This permissionless ledger he invented (if scaled successfully) would somehow ultimately need to be integrated into the worlds legal jurisdictions, something that could potentially set off alarms at the worlds regulators, tax authorities, and intelligence agencies, as well as likely create many commercial rivals who would likely seek to disable, discredit, or shut down this invention and steal the intellectual property pertaining to it.

If you had envisioned, nurtured, and invented this, you would be a bit weird. Assuming that Satoshi would be normal is absurd. In a world like this, the standardOckhams Razor assessment (assuming that the simplest explanation is the most likely) is nave and misleading. Satoshis life would likely look very strange, contradictory, and complicated if we were flies on the wall.

It is clear that Dr. Wright has been (as any identified Satoshi would be) targeted by corporate, criminal, and quasi-criminal entities and individuals(if not state entities) for harassment and discrediting for many years. A campaign to which an ignorant media has been happy to comply. COPAs case has been to try and pretend that none of this is true. However, rather than pretend that simple explanations are the most reasonable and logical, the logic of Machiavelli would be a more informative framework.

Holding up a measuring stick of normal behavior to discredit someone against the kind of person Satoshi was/is likely to be is not logical, but it is a well-worn rhetorical trick to seek to discredit an individual and then infer what are unjustified, paralogical conclusions which may somehow be manufactured into a narrative which seems persuasive.

This is a social media strategy, but it is also driving legal battles. This has been seen in previous legal battles with Dr. Wright, as the opposition case (if they bother to present one) is inevitably manufactured based on the same ingredients put together by professional character assassins and Anarchy-Justice-Warriors and their corporate fronts (such as COPA) in the shadowy echo-chamber ofBTC Corepromotion. Mantras, dogmas, and simple (but convenient) errors of basic understanding are repeated as if they are truth and woven into familiar, disingenuous narratives: calculated acts of sophistryrhetoric with an intent to deceive.

Based on filings and the first two weeks of the trial, there is a strong argument that the legal representatives of COPA/BTC Core developerssimply do not understand theBitcoin System,and that the entire trial is being driven on the basis of evidence being drip-fed to them by ideological fantasists who believe that alongside their desire to win monopoly rents, they are going to bring down governments with their denatured derivative of the original Bitcoin protocol.

Begging the question

With the possible exception of politicians, barristers are the worlds leading professional exponents of the art of rhetoric. While good rhetoric is a noble art, more often than not when important and confusing matters are at hand or expediencies are required, legitimate rhetoric degenerates into a form of sophistry. Even without conscious ill intent, logic is ignored or distracted from.

One of the rhetorical tactics being used in this trial is that of begging the question. The phrase begging the question (or begs the question) is used in colloquial speech, usually referring to the simple notion of asking a question or that a situation gives rise to a question to be answered. However, the informal rhetorical fallacy of begging-the-question is a form of circular reasoning (as handily defined by Wikipedia):

In classical rhetoric and logic, begging the question or assuming the conclusion (Latin: petti principi) is an informal fallacy that occurs when an arguments premises assume the truth of the conclusion. Historically, begging the question refers to a fault in a dialectical argument in which the speaker assumes some premise that has not been demonstrated to be true. In modern usage, it has come to refer to an argument in which the premises assume the conclusion without supporting it. This makes it more or less synonymous with circular reasoning.

COPAs circular reasoningwhich their entire case rests onis based upon their premise (assumed truth) not just that Dr. Wrightcannotbe Satoshi, but also that BTCrepresents the cryptocurrency Bitcoin. More specifically, this secondary premise contains at least three separate premises: (1) cryptocurrency is the sole purpose of the Bitcoin System; (2) the BTC Core system is economically viable and sustainable while serving no other purpose than as a cryptocurrency; and (3) that BTC is the unique, legitimate manifestation of the Bitcoin cryptocurrency.

Anyone who deeply understands the Bitcoin System knows that these premises are false. They should not be given the weight of assumed truth, but COPA and the BTC Core developers want these premises entered into court records as truths, and they are actively seeking to exclude any conversation which would demonstrate the falsity of their negligently ignorant/deceptive premises.

COPA also resorts to the additional well-known fallacy,argumentum ad populum, in their evidence to try and give rhetorical credence to their false premises:The most popular cryptocurrency based on the White Paper and Genesis Block is Bitcoin [re BTC Core]. Further hard forks have created the cryptocurrencies Bitcoin Cash and Bitcoin Satoshi Vision.[see Skeleton Argument paragraph 112]

COPA is arguing a case making assertions based on unprovenhighly disputable if not outright falsepremises which are asserted to be true merely because they are popular! COPAs entire case fails because it is based on flawed reasoning and failed logic. Any notion of ultimate truth is not the purpose of this process. While being fed by a philosophy of anarchy, ultimately, the only logic driving COPAs lawsuit is self-serving commercial logic.

Sorry to be a wet blanket, but expertise is bloody hard

This problem of begging the question was notable during the first week of the trial in relation to the notion of the expertise and independence of expert witnesses. Much of the evidence being provided is ostensibly from people termed independent experts about cryptocurrency or forensics. While the words independent and expert have natural language meanings, in the court process, independent and expert have specific meanings outlined in the rules. A good barrister will know how to work the system to get these two technical terms to work in favor of their client.

The need for independence applies to both expert and lay witnesses. The rules about independence in U.K. courts are more stringent for expert witnesses than they are for lay witnesses: expert witnesses are required to be unconnected to the people and issues in the case, while lay witnesses are (almost) inevitably connected, so all the potential conflicts of interest need to be noted and weighed in the process of gathering testimony.

Dr. Wright repeatedly called into question the level and appropriateness of the qualifications and expertise of those being presented as expert witnesses by COPA (and indeed those chosen by his own solicitors), as well as the lack of rigor in the processes. Dr. Wright noted that he himself is better (and more appropriately) qualified and experienced than the expert witnesses.

Dr. Wright also questioned the independence of both expert and lay witnesses. While his critics (including COPAs barrister) try to dismiss this as fanciful and to portray him as a paranoid fantasist, in something as big as the multi-trillion-dollar cultural phenomenon known as cryptocurrency and Bitcoin, it is a legitimate question as to whetheranyonecan be considered truly independent.

If witnesses are, for instance, happy to be labeled cryptocurrency expert [a nonsensical label] without kickback, or receive grant funding, or if their employers receive significant revenues from large tech companies, one is right to question if they may have prejudiced views. If journalists and commentators are too ego-driven, rendering them incapable of recognizing the errors in their reasoning and understanding, they lack credibility regardless of which media organization they may work for.

While individuals may regard themselves as independent, evaluating this independence is down to the process of the trial. This is another issue where COPAs legal representatives are begging the question. As outlined earlier, COPAs case is based on their premise (assumed truth) that BTC represents the cryptocurrency Bitcoin. This means that anyone who rejects their premise cannot be deemed independent and filtered out of the process, whereas anyone who agrees with the premise is allowed to be independent.

COPA is thus questioning the independence of Dr. Wrights expert witness,ZeMing Gao, because his research identifiesBitcoin SV(BSV) as the blockchain, which best represents the original intention of the Bitcoin System as described in thewhite paperand subsequent Satoshi writings. He rejects their premises; therefore, he cannot be independent! This defies reason and common sense.

What is really neededlogicallyis an expert on theBitcoin System: a system which, while ostensibly just aboutpeer-to-peermicropayments, demands a far more comprehensive understanding of the theoretical and real-world economics of aproof-of-work(PoW) distributed ledger/database, as well as a grasp of legal implications for its legitimate integration into the global economic system. This requires a polymath, and polymaths are rarely experts in the narrow but convenient silos created by the academic and corporate world. Indeed, this is the history of Bitcoin that it necessarily evolved outside the silos of the corporate and academic worlds.

Unfortunately, while Dr. Wrights expert witness, ZeMing Gao, may well approximate the autodidact polymath, the only person whoreallyhas expertise on the Bitcoin System is Satoshi Nakamoto himself. The court process does not allow Dr. Wright to be directly considered independent, as the judge noted that the court ultimately decides who is to be deemed expert and independent.

If it were later to be demonstrated that people who were deemed expert and independent by the court were, in fact, making errors and/or demonstrating bias in their testimony, then the route to appeal to a higher court is opened.

The UKs public policy objectives against anarchy and techno-feudalism

The judge must rule based on weighing the appropriate evidence that he regards as having been legitimately elicited in the legal process. It is not impossible that he may ultimately be minded to rule that neither side has proven their case. It is also likely that either side would seek to appeal any adverse ruling.

It would certainly make Mr. Justice Mellors job easier if Dr. Wright ultimately decides he is able to provide specific, conclusive, irrefutable evidence thatonlySatoshi would know/have. However, Dr. Wright has been clear historically (and continues to be clear) that establishing identity in law requires a time-based PoW process. The ongoing trial itself is the culmination of this decades-long PoW process.

It may not be well appreciated that in reaching a ruling, any U.K. judge is bound not just by the procedural technicalities on display in the trial but also by the wider principles and responsibilities of the U.K. legal system. These include the need to serve truth and justice based on common sense and reason. This is tricky when Satoshis action would likely be very unreasonable and, superficially at least, defy common sense.

While serving the interests of truth, justice, common sense, and reason, the U.K. legal system must also balance the need to be consistent with U.K. public policy interests. Such policies may include social, ethical, as well as economic, and national security goals. Such issues tend to become increasingly pivotal as cases go up through the Court of Appeal and the Supreme Court of the United Kingdom.

This is a commercial case of extraordinaryexistentialimportance, a direct contest between two sides:

(1) Dr. Wright, who continues to argue for law and the need to stamp out international cyber-crime, money laundering, people trafficking, etc., and touse blockchain technologyspecifically for the betterment of society while creating more transparent and accountable government; versus

(2) a toxic combination of U.S.-based Silicon Valley techno-feudalists, well-resourced anarchists, and anarchy-promoting global quasi-criminal entities: an uncomfortable combination of people seeking global control of monopoly rent and commercial reward, and the right to abrogate law and regulations, not just in the U.K., but throughout the world.

Western political systems are increasingly captured, and it is a matter of constitutional principle that the separation of powers exists to ameliorate the tendency for political capture by monied interests. As COPAsargumentum ad populumfallacy reminds us, BTC Core is the most popular (hence most valuable) derivative of the original Bitcoin protocol. This has ensured that its supporters are very well-resourced. Their ability to continue to be well-resourced is a function of their ability to maintain ade facto, unjustified monopoly on Bitcoin. It must be presumed that the presiding judge, and certainly any appeals court, understands the potential public policy implications of the ruling of this case.

Blackrock BTC ETF Prospectusstream document (blackrock.com)

Watch: BitcoinThe electronic cash system

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20% Altcoin Surge Tied to Asset Manager’s Privacy ETF Bid – BeInCrypto

Grayscale, a crypto asset management giant, has submitted a proposal to the US Securities and Exchange Commission (SEC) for an innovative privacy-focused exchange-traded fund (ETF).

Meanwhile, governments worldwide are tightly scrutinizing privacy tokens.

Grayscale designed the privacy ETF to echo the performance of five key privacy and security sectors. These sectors range from data protection and privacy services to cybersecurity. They also encompass innovations in blockchain, artificial intelligence, and edge computing, as outlined in the SEC filing.

Furthermore, the ETF keeps tabs on digital currencies, prioritizing user privacy through encryption. Significantly, this includes the Grayscale Zcash Trust (ZCSH).

The Index intends to allocate 10% to the Privacy-Preserving Protocol sub-theme, which seeks to capture investment exposure to privacy and security-focused digital assets via ZCSH, a publicly quoted and SEC reporting vehicle that is solely and passively invested in Zcash, Grayscale explained.

Zcash is distinguished by its focus on privacy and anonymity, enabling transactions without exposing crucial details such as the identities of the sender and recipient or the transaction volume. The Grayscale Zcash Trust, which passively backs Zcash, seeks to simplify investor access to Zcash. This bypasses the hurdles associated with direct cryptocurrency transactions.

This initiative has catalyzed a notable rise in Zcash (ZEC), with a 20% uptick in the past day.

Read more: Zcash (ZEC) Price Prediction 2023/2025/2030

To qualify for the ETF, companies must meet rigorous standards, including being publicly traded in the US with a minimum market cap of $250 million and meeting liquidity requirements. This ensures the inclusion of robust and credible firms, enhancing the ETFs attractiveness to investors.

Grayscales move is noteworthy for its focus on privacy and its influence in crypto management. Boasting approximately $27 billion in assets under management, Grayscale has been pivotal in promoting Bitcoin ETFs.

Read more: Anonymity vs. Pseudonymity: Understanding the Key Differences

If the SEC approves the privacy ETF, it would be the USs first and would expand investment opportunities in the privacy and security domain.

However, the enthusiasm for privacy coins like Zcash faces challenges such as global regulatory hurdles. Nations such as Dubai, Japan, South Korea, and Australia have banned privacy coins. They argue that the anonymity provided by these coins could facilitate illegal activities. Hence, there is an ongoing struggle to balance privacy rights with regulatory oversight in the crypto arena.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.

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Is Altcoin Season Upon Us? Here’s What Bitcoin’s Performance Shows – TradingView

There is reason to believe that the altcoin season is imminent based on Bitcoins recent price action. Altcoin season is known to be a period when other crypto tokens begin to outperform the flagship crypto token.

Bitcoin To Cool Off For Altcoin Season

Crypto analyst Rekt Capital stated in an X (formerly Twitter) post that Bitcoin has only one last Pre-Halving retrace before it goes on a parabolic move post-halving. Crypto analyst Sjuul also highlighted in an X post how the funding rate is mildly high for Bitcoin at the moment, something which hints that a correction was on the horizon.

With Bitcoin likely to face a significant correction, this presents the perfect opportunity for altcoins to make a run of their own. Ethereum, the second-largest crypto token by market cap, looks set to lead the pack, hitting $3,000 for the first time in nearly two years. Meanwhile, some analysts have noted indicators that confirm that the Altcoin season is not far off.

Crypto analyst Crypto Prof noted that the Gaussian channel on the Altcoins chart has turned green after almost 4 years. Also, these altcoins are said to have broken through the previous resistance from the last weekly close. Crypto Prof further stated that the same thing happened in 2016 and 2020, the period in which the Altcoin bull run started.

Stockmonkey Lizards, another crypto analyst, also mentioned on his X platform that the altcoin is close. In the accompanying chart on his post, he highlighted how the altcoin market cap was going to run to $10 trillion from its current market cap of almost $900 billion.

Investors Increasing Their Risk Appetite

On-chain intelligence platform Glassnode noted in a recent report that their Altseason Momentum indicator has shown a growing appetite from investors to move capital further out on the risk curve. This suggests that crypto investors are more willing to deploy a significant amount of their capital to altcoins in anticipation of greater returns.

Interestingly, this altcoin indicator is said to have signalled positive momentum since October 2023 before briefly cooling off during the sell-the-news event that occurred after the Spot Bitcoin ETFs approval. However, the indicator is once again signalling this positive momentum having been retriggered on February 4.

Glassnode further revealed that, while Bitcoin dominance remains significant, there are signs that capital is being rotated into other ecosystems like Ethereum, Solana, Polkadot, and Cosmos.

Data from Blockchain Center also shows that the market is gearing closer to an altcoin season. The altcoin season index currently stands at 61%, with a rise to 75% still needed before it can be said that the altcoin season is in full swing.

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Bitcoin might correct after hitting $50k; AI altcoin attracts investors – crypto.news

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

The recent surge of Bitcoin (BTC) to $50,000 has caused excitement and, at the same time, caution among investors and fans. However, with this achievement, a fear of a prompt correction from the market arises. At the same time, a promising AI altcoin, Borroe Finance (ROE), is attracting investors and emerging as a substitute for Bitcoins monopoly.

Analysts have been pondering the chance of Bitcoin facing a correction after hitting $50,000, an achievement not recorded since December 2021.

They give several reasons for the surge of Bitcoin to $52,000. First, expectations of interest rate cuts derived from analysts and financial market speculations suggest possible rate reductions commencing May this year.

Further, the decision by the U.S. Securities and Exchange Commission (SEC) to approve the first U.S. spot Bitcoin exchange-traded funds (ETFs) in January has also resulted in increased inflows of capital.

Instead, the forward-looking regarding the fourth Bitcoin halving is expected to trigger additional Bitcoin price growth.

However, analysts warn of a retracement in the cards for Bitcoin after a bold move past $50,000. Several indicators favored such a reserved perspective. For example, the price retracted by more than 2% after the United States Consumer Price Index (CPI) report showed recent market movements indicating higher-than-expected inflation.

Glassnode data insights provide long-term Bitcoin holder behavior. These holders have sold more than 300,000 BTC since November 2023, implying that they tend to capitalize on gains, perhaps as a profit-taking action.

A study of short-term holder conducts also emphasizes a critical reset. In the rally about approving spot Bitcoin exchange-traded funds (ETFs), short-term holders saw their profit supply hit 100%. Nevertheless, following the return of Bitcoin to $38,000, this number dropped to 57.5%, which implies a reallocation of positions.

Deep analysis of the on-chain data by CryptoRank has revealed bearish signs within the broad bullish sentiment. These signals indicate the probability of a substantial correction in the near term, which should make market participants cautious.

Borroe Financeis emerging as a pioneer in web3 financing. Using the power of artificial intelligence (AI) and blockchain technology, Borroe Finance has created a native web3 fundraising marketplace to support startups and small businesses faster.

The platform not only eases the required funding for scaling purposes but also enables businesses to thrive within the Web3 ecosystem.

Per the Borroe Finance whitepaper, the team foresees a matrix in which web3 businesses can tap even future recurring revenue to get cash upfront.

In contrast to hype-driven coin offerings that dominate the market, Borroe Finance is centered on its AI-driven web3 blockchain invoice discounting NFT marketplace. This model speeds up the web3 evolution, enabling a rise in finances from the active community.

Web3 businesses can obtain upfront funds based on continuous future money flows, for example, subscriptions and royalties, through their marketplace.

Moreover, the platform creates a well-functioning financial ecosystem where enterprises can obtain capital swiftly and at a low cost while ensuring that investors receive better returns than they would have on conventional investment paths.

The ongoing presale of ROE is at the fourth stage, with each token selling for $0.019. Importantly, the presale funding has already surpassed $2.9 million.

Led by web3 and fintech industry professionals Maxim Prishchepo and Michael Price, Borroe Finance is known for its commitment and excellent leadership in achieving its objectives.

Borroe Finance aims to solve fundraising issues associated with traditional financings, such as lengthy waiting times, cumbersome approval processes, and others that make accessing funds almost impossible for web3 projects.

The platforms smart contracts have been fully audited by BlockAudit, with its address open to the general public, fostering transparency.

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

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Former BitMEX CEO Names Eight Hot Altcoins To Watch Out For – The Crypto Basic

The former CEO of crypto derivatives exchange BitMEX has outlined the altcoins he will be turning his attention to ahead of the coming bull run.

Former BitMEX CEO Arthur Hayes is considered an influential figure in the cryptocurrency scene, given his adventures in the industrys early years and his wealth accumulation from accurate calls on key projects.

Going into another potential bull market, Hayes has outlined the altcoins he will be adding to his portfolio to achieve maximum returns.

In his latest blog post, the BitMEX founder set a backdrop for his altcoin picks by highlighting how crypto projects form strong narratives. According to Hayes, the most successful projects combine an appealing story and strong tech.

However, he argues that the tech does not matter as much as the story. He next revealed seven key stories and the altcoins he will be banking on to succeed if the narratives take off in the upcoming bull run.

According to Arthur Hayes, one story that will most likely be driven in the next few months is that retail derivatives trading volume would shift from centralized exchanges to decentralized ones.

While he does not necessarily believe this, Arthur Hayes believes the story will be strong enough that it gains traction. Therefore, he is investing in leading derivative DEXes, dYdX, GMX, and any other project that challenges the incumbents.

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Still on retail volume moving to DEXes, the former BitMEX CEO picked Krav as an altcoin that will grow significantly as the platform will make it possible for users to enjoy quanto derivatives trading volume powered by low-cap cryptocurrencies (or so-called shitcoins).

Another coin that comes into the DEX conversation is Elixir, which Arthur Hayes speculates will disrupt the market. The project could potentially take on the role of market makers on decentralized exchanges by being the primary source of on-chain liquidity.

The last altcoin play named by Arthus Hayes for the DEX sector is Flare, a project that provides on-chain oracles. Hayes notes that as DEXs become the primary venue for price discovery, on-chain oracles will become more important for their role in liquidation and settlements.

The last three projects on the BitMEX founders list are Pendle, Ethena, and Axelar. Hayes tips Pendle to capture interest by powering interest rate swap trading on-chain, while Ethena will dominate the stablecoin narrative by delivering a stablecoin that does not rely on traditional finance (TradFi).

Lastly, Axelar will make cross-chain bridging seamless by letting users move assets across networks in a manner different from the current bridges in the crypto space.

It is noteworthy that while the former BitMEX CEO is picking potential winners in the altcoin market, he has recently been dunking on other more popular altcoins such as Cardano (ADA).

In a recent exchange, Hayes described Cardano as lacking utility, and outlined that none of the leading decentralized applications (dApps) in the crypto space were originally built on the network.

Meanwhile, Hayes remains bullish on Bitcoin and Ether hitting higher prices off the back of ETF launches. However, he looks to shift his focus to altcoins, and will provide further insights into his favorite plays as the cryptocurrency bull run takes shape.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Data points to approaching altcoin season even as Bitcoin dominance holds – Cointelegraph

Bitcoin (BTC) experienced a sharp correction on Feb. 20, sinking as much as 4% from an intra-day high of $53,019 to a low of $50,812, threatening to wipe out the gains of the past seven days.

This pullback led traders to re-evaluate the general condition of the crypto market, initiating a debate on whether the altcoin season (altseason) is here.

Traders and market analysts believe the ongoing price crash is part of the five phases of the Bitcoin halving cycleand that BTC might be experiencing a pre-halving retrace before entering a widely expected post-halving parabolic uptrend.

Crypto trader and analyst Rekt Capital shared the following chart in a Feb. 15 post on X, saying that Bitcoin has one last Pre-Halving Retrace left before resuming the uptrend.

Independent market analyst Sjuul noted funding rates were high for BTC, warning traders to expect some correction across the board.

Market intelligence firm Santiment pointed outsignificant moves in mid-tier traders often work as excellent signals for profit-taking and dip buys.

This is an indication that they could be getting ready to buy the dip in case of a pullback.

Altcoins have displayed great performance over the last 12 months, posting double- and triple-digit gains, with some outperforming Bitcoin. Some of them have demonstrated better performance in shorter timeframes.

According to data from CoinMarketCap, Bitcoin has rallied 107% over the last 12 months, Solanas SOL (SOL)has gained 308%, Avalanches AVAX (AVAX) 80% and Chainlinks LINK (LINK) 136%.

The latest data from on-chain analytics firm Glassnode shows that while BTC and ETH are leading the pack, with year-to-date gains of 17.6% and 18.2%, respectively, Bitcoins year-to-date (YTD) performance surpasses aggregate altcoin market capitalization.

Glassnode analyst Alice Kohn said, The aggregate Altcoin market cap has not experienced the same performance, with YTD growth being less than half of the two majors.

Glassnode notes that although Ether (ETH) began to outperform BTC following the approval of the spot Bitcoin ETFs in January, its performance fell below Bitcoins on Feb. 8.

According to Glassnode, the performance of digital assets can also be tracked by using Realized Cap for each sector, a metric that aggregates the cost basis value of all coins transferred on-chain.

Glassnode notes that Bitcoin continues to display dominance seeing approximately $20B in capital inflows per month at present. As the chart below highlights, Bitcoins dominance has continued to grow with a 1,000% surge in relative market cap since October 2023.

It is evident that capital moves down the risk curve into Altcoins at a slower pace compared to the rotation between the two major cryptocurrencies, a trend which appears to be in play once again, notes the report. Bitcoin continues to lead with over 52% market share of the total digital asset market cap.

Related: Bitcoin holdings on Coinbase reach lowest level since 2015 as whales withdraw $1B BTC

On Feb. 18, independent analyst Stockmoney Lizards told his followers on the X social media platform that he believes many Altcoins are about to skyrocket in the next Altseason.

The analyst shared a chart showing that the altcoin market cap had scaled above a significant support area and entered into a bull run similar to the 10x returns experienced in 2021.

Even though some signs are there, it may still be too early to confirm the altcoin season. Glassnodes altseason indicator has shown positive momentum since October last year and turned positive on Feb. 4 after taking a pause during the sell-the-news event triggered by the Bitcoin ETFs approval in January.

Interestingly, the indicator has remained positive since then, an indication that the market is now in a risk-on mode, showing the confidence that investors have in altcoins right now.

Data from Blockchain Center shows that only 59% of the top 50 altcoins have outperformed BTC during the last 90-day period. Although this index has been increasing over the last few days, it is still not enough to declare an altcoin season. For an altseason to be declared, this percentage has to move above 75%.

Glassnode concludes, our Altcoin Indicator suggests a more mature and possibly sustained uptick in Altcoin markets, however, it remains relatively concentrated in higher market cap assets at this time.

This means that signs of an altcoin season are starting to emerge, but it might be too early to make the call.

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.

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Data points to approaching altcoin season even as Bitcoin dominance holds - Cointelegraph

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Altcoins And BTC Halving: What Happens To Tokens Amid Bitcoin Mining Difficulty Changes – CCN.com

Key Takeaways

The Bitcoin halving event every four years (approximately) is a self-induced supply shock that not only reshapes the mining landscape in Bitcoin but also triggers significant volatility and trends within the broader cryptocurrency market or the altcoin market.

As Bitcoin undergoes its programmed reduction in mining rewards, the ripple effects of its halving extend beyond its own ecosystem, influencing the valuation and dynamics of numerous altcoins.

Every four years, the Bitcoin network undergoes a halving event, slashing the rewards for mining new blocks by half. The reduction in mining rewards directly influences Bitcoins economic model by constricting the supply of new Bitcoins entering the market, potentially leading to an increase in Bitcoins price if demand remains constant or grows.

As Bitcoins price climbs, post-halving, this upward trajectory in asset valuation encourages investors and speculators to reallocate capital and resources towards altcoins, triggering an influx of new investment into the altcoin sector.

This new capital typically results in short-term increases in altcoin valuations and amplified market volatility. Historical data, particularly following Bitcoins second and third halvings, illustrates a significant shift in market dynamics where the altcoin market is seen to rise versus Bitcoin.

After the second halving, illustrated in the chart above, Bitcoin dominance, a metric that measures Bitcoins market capitalization as a proportion of the total cryptocurrency market cap, declined by 63%, finding a bottom 552 days later.

Similarly, Bitcoin dominance dropped by 42% after the third halving, reaching a bottom 848 days post-halving.

Bitcoin dominance is an essential indicator in the cryptocurrency market. When Bitcoin dominance increases, it often signifies that capital flows more into Bitcoin relative to altcoins, suggesting a stronger market preference or confidence in Bitcoin.

Conversely, a decrease in Bitcoin dominance indicates that capital is being distributed more broadly across the altcoin market, reflecting growing investor interest and investment in cryptocurrencies beyond Bitcoin.

In the six to twelve months following a halving, as Bitcoins price stabilizes at new highs and may further appreciate, the interest in the broader cryptocurrency ecosystem naturally spills over into the altcoin market.

This effect, coupled with the historical declines in Bitcoin dominance post-halving, induces a rally in altcoins, marking a period of peak performance for the altcoin market post-halving of BTC. An illustration below depicts how an investment in Ethereum with Bitcoin would have increased value by 300%. The day marked for a sell coincided with the BTC dominance chart bottoming.

The significant reductions in Bitcoin dominance after the second and third halvings, being 63% and 42% respectively, underscore a pattern where, despite Bitcoins appreciation, a substantial portion of capital is reallocated into altcoins, fusing more life into the broader cryptocurrency landscape market. However, when BTC dominance after a Bitcoin halving does reach a low, it might be a wise time to sell the altcoin hedge for Bitcoin.

The halving can lead to increased speculation and investment in Bitcoin because it promises increased scarcity of BTC, implying that prices will increase after the halving. However, if computational power in Bitcoin mining increases, the mining difficulty will re-adjust, making it harder to mine. This difficulty adjustment implies that miners need to reassess profitability.

At this point, some of the capital may move from Bitcoin to altcoins, either as a diversification strategy as more miners go offline and the difficulty adjustment gets more straightforward to be profitable or miners choose to deploy resources into the altcoin market in search of higher returns. This reallocation of capital can increase demand for altcoins, driving up prices during this period.

As Bitcoin becomes more complex and potentially less profitable to mine, post-halving, the liquidity allocated to BTC might shift towards altcoins, enhancing altcoin market activity and possibly altcoin value to the upside.

As Bitcoin undergoes mining difficulty adjustments, the broader market sentiment can shift, with investors and speculators looking to altcoins as alternative investment opportunities.

This speculative interest can drive up altcoin prices, especially if these assets are perceived as undervalued or poised for growth.

During Bitcoin halving events, altcoin investors should consider strategies that capitalize on the anticipated market volatility and potential shifts in investment flows. One effective approach is to closely monitor the market leading up to and following a halving, ready to adjust positions based on emerging trends.

It might benefit investors to hedge the amount of BTC they hold by strategically purchasing altcoins with BTC held. Purchasing strong altcoins versus BTC that show promise or are likely to appreciate during the post-halving surge often seen in Bitcoin is one kind of hedge that can be strategized.

Investors can increase Bitcoin gain by deploying BTC to buy strong altcoins that will appreciate faster than Bitcoin, thereby maintaining a more stable investment portfolio following a Bitcoin halving.

This means that when Bitcoin dominance finds a bottom after the halving, investors can circulate out of altcoin positions and rotate back into Bitcoin with more BTC than they had at the halving date.

Identifying altcoins with strong fundamentals involves thorough research and analysis of various factors that indicate the potential for long-term success and some form of resilience against market volatility.

Key aspects to consider include the projects technology and its unique value proposition, the strength and activity of the development team, and the level of community and developer support.

Additionally, evaluating the tokens market liquidity, historical price performance, online communities, and adoption rate across relevant industries can provide insights into its stability and growth prospects.

Investors should also pay close attention to the regulatory environment and potential legal challenges that could impact the altcoins future. Prioritizing altcoins with solid fundamentals and a clear use case can lead to more informed investment decisions, especially during the turbulent periods surrounding Bitcoin halving events.

The Bitcoin halving significantly influences both Bitcoin and the wider cryptocurrency market, including altcoins. This event, which halves Bitcoins mining rewards, can lead to increased Bitcoin value due to its reduced supply.

Historically, this has resulted in shifts in investment from Bitcoin to altcoins, as investors seek higher returns, leading to increased altcoin valuations and market volatility.

Post-halving, as Bitcoins price stabilizes, capital often flows into altcoins, causing their prices to rally. This cycle is evidenced by decreases in Bitcoin dominance post-halving, indicating a redistribution of investment towards altcoins.

For investors, this period offers opportunities to hedge and reallocate investments, focusing on altcoins with strong fundamentals to maximize returns amidst the market shifts caused by Bitcoin halving events.

Bitcoin halving often leads to increased altcoin valuations as capital shifts from Bitcoin to altcoins seeking higher returns.

Increased Bitcoin mining difficulty post-halving can drive investment towards altcoins, potentially boosting altcoin prices due to perceived better returns by investors based on history.

Decreases in Bitcoin dominance post-halving suggest capital flow towards altcoins, often indicating upcoming rallies in the altcoin market.

Investors should monitor market trends closely, consider hedging strategies, and focus on altcoins with strong fundamentals for potential gains.

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Altcoins And BTC Halving: What Happens To Tokens Amid Bitcoin Mining Difficulty Changes - CCN.com

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Analyst backs Worldcoin price to hit $26 in 2024, new altcoin poised for more gains – crypto.news

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Worldcoin (WLD) has seen impressive growth recently, with prices surging 170% in the past week alone. According to one prominent analyst, WLD could continue rallying and reach $26 by the end of the year if conditions remain bullish.

While Worldcoin continues rising, theres another altcoin, Bitcoin Minetrix (BTCMTX), that some experts think would spike at the end of its presale.

Worldcoins recent run has made it one of the most talked-about cryptocurrencies on social media.

The coins surge has been fueled by a massive increase in trading volumes, which reached $1.4 billion in the past 24 hours.

This makes WLD the 8th most-traded cryptocurrency globally although its still only the 81st largest (as measured by market cap).

According to prominent analyst Ali Martinez, Worldcoins powerful rally is a result of a breakout from an ascending channel pattern on the daily chart.

In a recent tweet, Martinez pointed out that Worldcoin has broken out of this technical pattern, setting the stage for further upside.

He believes that if the breakout can be sustained, WLD could march towards $15 in the near term.

Looking ahead, Martinez thinks WLD could even extend as high as $26 later this year if the coins momentum continues.

Should Worldcoin reach Martinezs upper target, it would represent gains of 266% for those who invest at the current price point.

Much of Worldcoins rally can be attributed to the project crossing the monumental threshold of one million daily active users last week.

As Worldcoin announced in a blog post, its crypto wallet app, World App, has now onboarded one million people a 10x increase from just 100,000 users in November.

This rapid user growth validates Worldcoins goal of providing financial services to unbanked populations.

Worldcoin is also benefiting from the broader hype around AI this week, with OpenAI unveiling its groundbreaking text-to-video generator, Sora.

This heightened interest in AI has lifted most tokens in the space, and Ethereum co-founder Vitalik Buterin even tweeted about the potential for AI to audit smart contracts.

With solid fundamentals and a small dash of hype, Worldcoin was able to capitalize on the discussions around AI and rally over 170%.

Although some believe WLDs price is now overextended, the broader market interest in AI suggests there could still be room for growth.

As Worldcoin continues to gather momentum, another crypto asset, Bitcoin Minetrix, is also posting sharp gains.

Still in its presale phase, Bitcoin Minetrix has already raised over $11.2 million and attracted almost 22,000 followers on Twitter.

The projects key innovation is tokenizing cloud mining power to open up Bitcoin mining to the masses.

Bitcoin Minetrix does this through its stake-to-mine model.

Using this model, BTCMTX holders can stake their tokens and earn cloud mining credits, which can be burned for hash power.

As a result, those who wish to participate in Bitcoin mining dont need to buy expensive equipment or pay high electricity bills.

The stake-to-mine feature will also pay out yields of up to 60% per year in BTCMTX with over 690 million staked already.

With its fresh take on crypto mining and well-timed market entry, analysts like Jacob Bury believe BTCMTX could surge after its presale ends.

Bury highlighted Bitcoin Minetrixs potential to disrupt the traditional mining industry by lowering the barriers to entry for everyday crypto enthusiasts.

Burys prediction was backed up by Uche Crypt, who also believes BTCMTX is poised to rally post-listing.

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

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Dont Count on Significant Altcoin Correction, According to Analyst Jason Pizzino Heres Why – The Daily Hodl

A widely followed crypto analyst is warning traders not to bank on a significant correction in the altcoin market to scoop up at lower prices.

In a new video update, crypto strategist Jason Pizzino tells his 311,000 YouTube subscribers that recent history indicates an upcoming altcoin crash isnt a likely scenario.

Pizzino says hes looking at the monthly chart of TOTAL3, which tracks the total market cap of crypto assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins. According to the trader, TOTAL3 is now in the midst of a consolidation phase in preparation for a burst to the upside, suggesting that a severe correction in the altcoin market is unlikely.

Its the sixth straight month now for the altcoin market cap to be up. Of course, eventually, we do have some sort of corrections but when were looking at the monthly chart, the corrections in the past, they have not broken down on the swing chart.

Youve had the lows holding out similar to what we just saw last month and then needing one, two, three maybe two or three months to reaccumulate after such a strong move before it then pumps again.

So if we are in the midst of something similar to whats happened in previous cycles, after this period, then again that reinforces to me that hoping and waiting for bigger pullbacks is unlikely. They probably will come, at least one in the cycle, but it doesnt seem like now is that timing.

According to Pizzino, Ethereums (ETH) relatively tame bear market is hinting that altcoins are in a strong spot and that ETH could be ready to ignite its next leg up.

ETH is also in a very similar trajectory were heading up into the 50% [retracement level at $2,917]. It looks like were a few bucks away from that right now and these pullbacks on Ethereum, crazily enough, have only been about 28%. We take it from the first bounce that it had out of its low that was 47%.

That was from the low in June and it bottomed much much sooner than Bitcoin. You had a June low for ETH and a November low for Bitcoin, so ETH has had a better run at that point in terms of the gains.

Ethereum is trading for $2,925 at time of writing, above Pizzinos 50% retracement level.

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Challenging The Status Quo: Can SocialFi Altcoin Kangamoon (KANG) Topple Pepe (PEPE) and BONK (BONK)? – Analytics Insight

SocialFi platforms are gaining momentum, presenting new opportunities for investors and enthusiasts alike. Among the rising stars is Kangamoon (KANG), a SocialFi altcoin aiming to redefine the meme coin genre by integrating social-fi and play-to-earn elements. As it seeks to carve out its niche, Kangamoon is pitted against established players like Pepe (PEPE) and BONK, challenging the status quo and sparking curiosity about its potential to lead the meme coin market.

Despite the fluctuating fortunes of meme coins, Pepe (PEPE) continues to hold its ground in the crypto market. With a current price of $0.000001215 and a notable 18.44% increase over the past week, PEPE showcases the enduring appeal of meme-based digital assets. Originating from the iconic internet meme, Pepe the Frog, this token has transcended its humorous beginnings to become a significant player in the cryptocurrency arena.

The recent uptick in its value reflects a growing community of supporters and speculators betting on its resurgence. As part of the broader Ethereum ecosystem, PEPE leverages the security and versatility of the blockchain, offering investors a mix of meme culture and digital finance.

The meme coin sector, known for its volatility and community-driven momentum, has a new contender making waves: Bonk (BONK). With its price standing at $0.00001301 and witnessing a 16.13% growth over the last month, BONK is not just another participant in the crowded meme coin market; its a symbol of the vibrant and dynamic nature of cryptocurrency communities. Born from the playful spirit that characterizes meme coins, Bonk is capturing the attention of investors and enthusiasts alike, eager to partake in the next big crypto phenomenon.

Bonks ascent reflects a broader trend of meme coins that leverage social media and community engagement to fuel their growth and visibility. Unlike traditional cryptocurrencies that often focus on technical advancements or utility, BONK banks on the strength of its branding and the active participation of its community. This strategy has allowed it to carve out a niche within the competitive landscape, challenging established players by fostering a unique identity and a loyal following.

Kangamoon (KANG) emerges as a formidable contender in the meme coin space, aiming to revolutionize the community-driven cryptocurrency world. By intertwining social-fi and play-2-earn mechanisms, Kangamoon not only offers a platform for engaging competitions and activities but also cultivates a robust community of meme enthusiasts. This innovative approach enables $KANG holders to earn tokens and rewards right from the start, amplifying the communitys engagement and loyalty.

Fostering a vibrant community is at the heart of Kangamoons strategy. The projects unique social-fi model rewards active participation through weekly, monthly, and quarterly challenges, alongside special giveaways, further incentivizing community interaction. Kangamoons play-to-earn features allow players to create characters with unique abilities, battle against global competitors, and even spectate and bet on outcomes, creating a comprehensive ecosystem that rewards every level of participation.

Kangamoons ambitious roadmap and tokenomics reflect its potential to not only compete with but possibly surpass established meme coins like Pepe (PEPE) and Bonk (BONK). With a total supply of 1 billion $KANG tokens and a commitment to zero buy or sell taxes, Kangamoon is positioned for rapid growth.

If you wish to find out more, go to the official website.

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Challenging The Status Quo: Can SocialFi Altcoin Kangamoon (KANG) Topple Pepe (PEPE) and BONK (BONK)? - Analytics Insight

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