Table of Contents
Bitcoin News:1st November 2021
- Trick or Treat: Will Halloween NFTs be hauntingly good or too spooky for crypto?
- Shiba Inu, Dogecoin, Floki Inu boom reveals this about crypto investors’ psyche
- Satoshi Nakamoto’s Bitcoin white paper is now a 13-year-old teenager
- Despite Bitcoin buying spree, Q3 wasn’t all that glittery for MicroStrategy
- Thousands of Bitcoin ATMs to be installed across America also studies show 2.3 Million Bitcoins Have not Moved in More Than 10 Years
- Industrial Bitcoin mining breathes new life into tiny Texan town
- Axie Infinity and dYdX Overtake NFT Platform OpenSea In DApps Revenue
- CryptoGames: The first-ever online crypto casino to support Solana deposits
Trick or Treat: Will Halloween NFTs be hauntingly good or too spooky for crypto?
This year, Halloween-themed NFTs are becoming more popular, but will the trend last and will they prove to be good investments?
Halloween is typically associated with costumes, sweets, and trick-or-treating, but as the metaverse develops, the event is shifting to the virtual realm. As a result, nonfungible tokens (NFTs) featuring Halloween themes are being developed in the hopes of attracting collectors looking for themed drops.
Despite the fact that Halloween-themed NFTs appear to be a novel concept, NFT creator Etsploit told Cointelegraph that the holiday has cultural significance that cannot be overlooked: “I believe people will collect NFTs for Halloween in the same way they collect NFT limited editions or other releases.”
Etsploit responded by launching the “Mango Heroes” project, a collection of NFTs based on the Solana blockchain and inspired by the decentralised trading platform Mango Markets. On Oct. 31, 7,000 “Mango Heroes” will be accessible, along with a special edition Halloween component of the collection, according to Etsploit. “To a member of our Mango Heroes discord who has contributed the most to growing our community,” Etsploit added, “we will be giving away a Mango Hero evocative of Jason from the Halloween Movie series.”
Will Halloween NFTs be a one-time event or a recurring one?
While Halloween-themed NFTs appear to be in abundance this year, some may ask if this is a one-time occurrence or just another chance to get on board the NFT hype train while it’s still hot.
Although it’s difficult to forecast the future of crypto, Kieffer feels there is room for additional Halloween-themed NFTs, particularly wearables that can be used as costumes. To Kieffer’s point, as the concept gains acceptance, a number of luxury fashion designers have produced NFT collections that can be worn virtually.
Etsploit agreed with Kieffer that Halloween-themed NFTs could acquire popularity in a few years. “I think most people are searching for what will be the next long-term blue-chip project right now,” he said. Shaw also stated that while the Halloween edition of Uncanny Ape may be too niche for the general market, he feels that the main Uncanny Ape line will pique collector interest.
Despite the fact that the Monster Bash collection was released in the days running up to Halloween, Davis stated that it is not a Halloween project:
“We believe monsters are for every holiday, they are year-round spooky friends! Just because Halloween ends, that doesn’t mean the functionality stops or the art gets worse. We think that though there will be an obvious holiday-specific correlation in the market, that won’t stop our community from existing and growing.”
Shiba Inu, Dogecoin, Floki Inu boom reveals this about crypto investors’ psyche
Shiba Inu has increased by about 150 percent in the last week, surpassing Dogecoin in market cap to take the ninth slot on the list. In fact, coins like
Floki Inu (FLOKI), which was unheard of just a few months ago, are up 298 percent, while Dogelon Mars is up nearly 4000 percent in October.
The irony is that most of these meme coins were created as a joke with no inherent worth, remaining true to their name and, at the end of the day, being a “meme.” Dogecoin was founded in 2013 as a parody of the Shiba Inu dog’s “Doge” meme. Shiba Inu was created in 2020 as a tribute to Dogecoin.
Elon Musk shared a photo of his new Shiba Inu dog Floki in September, prompting the creation of Floki Inu and Shiba Floki. A joke and a joke on a joke was the greater narrative that propelled the coinage.
So, how did some of these coins outperform projects like Avalanche, Chainlink, MATIC, Litecoin, and others with real-world applications? It’s all because of a huge shopping phenomena.
These coins’ triple-digit growth have generated ‘get rich quick’ storylines, which have attracted a lot of newcomers to their ecosystem. In particular, there are two schools of thinking when it comes to investing: long-term and short-term or rapid gains.
Most meme currencies have risen in value thanks to a wave of high social expectation and exhilaration, as well as their pop-culturally based narrative. Consider Shiba Inu, which has a high number of active addresses that coincide with significant social volumes.
Furthermore, there appears to be nothing meaningful when it comes to institutional interest in Shiba Inu inflows. So, is there any reason to suppose that retail enthusiasm was a major factor in the rise of these coins?
Even though coins may subsequently acquire use cases and institutional interest, they were not initially backed by anything. In addition, surveys show that crypto newcomers don’t conduct much study before plunging in head first.
According to a new Cardify research, only 16.9% of investors who have purchased cryptocurrencies “truly grasp” its value and potential. While 33.5 percent of customers have no awareness of the space or would describe their knowledge as “developing.”
So, does this ‘get rich quick’ mentality constitute a danger to the crypto industry’s wider storey and legitimate projects? No, not at all.
While meme tokens’ market valuations may have risen, a survey found that the majority of crypto investors intend to keep their holdings for the long run. Around 58 percent of individuals polled who had purchased cryptocurrency in the previous six months intended to keep it as a long-term investment.
Satoshi Nakamoto’s Bitcoin white paper is now a 13-year-old teenager
After a progressive increase of 7,749,999,900 percent since its debut, Bitcoin now trades at a consistent market value far above $60,000.
After being initially published on Oct. 31, 2008, by an unnamed person or organisation known only as Satoshi Nakamoto, the iconic Bitcoin (BTC) white paper is celebrating thirteen years of financial disruption.
The white paper, titled Bitcoin: A Peer-to-Peer Electronic Cash System, anticipated the need for a self-governing, secure, and limited-quantity peer-to-peer online payment system. On January 3, 2009, the Bitcoin network was created, with each Bitcoin costing $0.0008.
While traditional financial institutions initially saw Bitcoin as a danger, thirteen years of community support and a growing user base have turned Bitcoin into one of the most profitable internet-era enterprises.
The Bitcoin white paper suggests a way to avoid double-spending without relying on a third party. It mentions the usage of “honest” nodes that confirm transactions by outnumbering malicious actors in terms of raw computer central processing unit (CPU) power.
Intriguingly, the Bitcoin white paper contains 15 “honest” and one “dishonest” mentions, indicating the importance of honest nodes in ensuring transaction credibility. Satoshi Nakamoto said it this way:
“We have devised an electronic transaction system that does not rely on trust.” They [honest nodes] vote with their CPU power, accepting legitimate blocks by working on extending them and refusing to work on incorrect blocks by refusing to work on them.”
Block 707542 was mined on the Bitcoin network, with a mining reward of 6.25000000 BTC.
As the Bitcoin ecosystem approaches its hard limit, or maximum supply of 21 million BTC, the developer community will need to change the rules in order to reward miners who confirm Bitcoin transactions on the blockchain. According to the white paper:
“With this consensus method, any necessary rules and incentives can be implemented.”
Anthony Pompliano, a well-known Crypto Twitter entrepreneur, joins in the celebrations.
Despite continued opposition from a number of governments and institutions, El Salvador will be the first country to recognise Bitcoin as legal cash this year. The long-term impact of Bitcoin on El Salvador’s bloated economy will determine whether the asset becomes popular in other countries.
Also Elon Musk is said to believe that “cryptocurrency is basically geared at undermining the power of a centralised government,” which could be one of the reasons for Bitcoin’s sluggish widespread adoption.
Despite Bitcoin buying spree, Q3 wasn’t all that glittery for MicroStrategy
MicroStrategy, the largest institutional Bitcoin investor, has continued its
pattern of purchasing the most valuable crypto token. In the third quarter, it added about 9,000 Bitcoin to its holdings. This increased the value of its overall BTC holdings to roughly $7 billion.
There is, however, another side to it. Look at the graph on your screen:
Despite the fact that the company had a strong overall performance, making large investments in Bitcoin had a negative impact on the income statement. The world’s largest corporate Bitcoin holder suffered financial losses as a result of keeping digital assets on its books.
A “paper loss” occurs when the worth of something falls below the price paid for it in accounting terms.
According to a report by Bloomberg,
“MicroStrategy booked a $65 million write-down, leading to an unprofitable quarter. That accounting hit brings the total writedowns tied to its digital-asset strategy to $684 million for the first nine months of the year, nearly double the revenue generated by MicroStrategy’s software business.”
Despite this, the value of the company’s Bitcoin hoard surged by almost $1.3 billion in the third quarter. MicroStrategy’s stock has risen by 24% this month, confirming the company’s choice to diversify its business beyond software and invest in the hot digital asset.
Bitcoin and volatility, after all, are inextricably linked. There’s no way around it. With some price consolidation, the prime token was trading in the red zone. The coin was trading under the $62k level at press time, down about 1% in the last 24 hours.
In the second half of the third quarter, BTC’s dominance continued to dwindle, concluding at 42 percent. Other indicators painted a similar picture. Nonetheless, it had no effect on the claimed company’s BTC spending binge. It doesn’t matter if it’s now or in the past. Consider the graph on your screen
Regardless of the commotion, MicroStrategy CEO Michael Saylor has stuck to his pro-BTC stance.
Overall, MicroStrategy’s bet on BTC comes both as a win and a loss at the same time.
It recently came to news that thousands of Bitcoin ATMs were installed in the US, dude wow, I wonder how many people possess it, weird but okay, and at my place it won’t make a difference because crypto is still not good at micro transactions is it? Sad but did I just tell indirectly that I’m too broke in terms of bitcoin, well mhm
Also studies have shown that almost 2.3 Million bitcoins haven’t moved for 10 years, dude I even get moved from motivational speeches,
Shit that was lame.
Well I guess we should move forward with our inscription.
Thousands of Bitcoin ATMs to be installed across America
Bitcoin ATMs have the ability to help the king coin become more widely accepted. If that’s the case, one country stands out as the clear leader. After all, the US currently has the most Bitcoin ATMs and teller machines in the world. However, a new alliance could bring thousands more in the near future.
Bitcoin Latinum announced a three-year partnership with OSO ATMs to build cryptocurrency ATMs across the United States.
According to a press release from Bitcoin Latinum,
“As part of the partnership, OSO ATM will help Bitcoin Latinum install 100,000 ATMs across all 50 US states, where users can easily buy LTNM tokens by using their fiat currencies.”
OSO ATMs reportedly wanted to deploy 25,000 ATMs by the end of January 2022, according to the press release. Bitcoin Latinum [LTNM] and Bitcoin are listed as available currencies. It’s worth mentioning, though, that Bitcoin Latinum was untracked at the time of publication, and there was little information on Coin Market Cap regarding it.
It’s crucial to remember that crypto ATMs must be safeguarded after they’ve been deployed.
Cryptocurrency’s decentralised and largely unregulated nature makes it tough to track down misplaced funds. Furthermore, as previously reported, there have been instances of double-spending transactions. So guys, be cautious enough.
Lex Moskovski, the CIO of Moskovski Capital, said:
“As people lose their Bitcoins, your Bitcoins automatically become more valuable. 2,336,996 BTC has never moved in 10+ years. Effectively lost.”
He admitted that this is a blessing in disguise because the lost coins create a supply shortage, increasing the value of circulating Bitcoins.
Meanwhile, MicroStrategy’s BTC holdings have risen another notch, with the premier business intelligence firm increasing its Bitcoin holdings by 8,957, valued at $550 million, in the third quarter of 2021.
Its portfolio had grown to 114,042 BTC by September. MicroStrategy is one of the most well-known corporations to have entered the Bitcoin market.
Meanwhile, Economist Alex Kruger recently stated that the Bitcoin market is less leveraged than observers believe, citing the CME as the catalyst for the current rise in open interest (OI).
Furthermore, on-chain expert Will Clemente stated that the BTC market’s turbulence should not damper the crypto community’s spirits because Bitcoin whales have been spending like crazy in the last two weeks.
Industrial Bitcoin mining breathes new life into tiny Texan town
In the little Texas town of Rockdale, major Bitcoin miners have set up shop in a disused aluminium smelting factory.
In a small Texas town, two Bitcoin mining behemoths are squabbling over inexpensive electricity.
Bitdeer, a mining company split out of Chinese giant Bitmain, and Riot Blockchain, one of the most well-known publicly traded Bitcoin mining companies in the United States, are both using data centres in the Texas town of Rockdale.
The town’s aluminium smelting factory was formerly the world’s largest, but it was shut down in 2008 by the company that ran it, Alcoa. The facility’s energy capacity was squandered from Alcoa’s departure until the miners set up shop, according to Lee Bratcher, president of the Texas Blockchain Council.
Despite being a small rural town with a population of only 5,600 people, Rockdale offers all of the advantages sought by industrial-scale miners: crypto-friendly politicians, large plots of land with abandoned industrial infrastructure ripe for repurposing, and dirt-cheap electricity thanks to Texas’ deregulated market.
The partnership between the local grid operator, the Electric Reliability Council of Texas (ERCOT), and miners, according to Rockdale Mayor John King, is mutually beneficial. He stressed that miners use electricity that would otherwise be wasted on a regular basis, and that they can quickly shut down operations if power is required elsewhere. He continued, “
“Miners agree to purchasing a set amount of power, which they then sell back for a profit at market [value].” They have a contract for two or three cents per kilowatt hour, which they can sell for $9 per kilowatt hour.”
Senator Ted Cruz described mining as a way to capture natural gas that the state now burns, and Texan lawmakers are pushing for a larger expansion of the state’s Bitcoin mining industry.
Cruz claimed that natural gas is now being flared in West Texas because “there is no transmission equipment to get that natural gas where it might be used the way natural gas would typically be employed,” during the Texas Blockchain Summit on Oct. 10.
“Mine Bitcoin with that power.” “Part of the beauty of it is that you’re immediately benefiting the environment because instead of flaring natural gas, you’re putting it to good use,” he added.
Moreover gaming and crypto together have been increasing in the news lately, hasn’t it, do tell me in the comments if you’ve ever played any blockchain or crypto game.
Axie Infinity and dYdX Overtake NFT Platform OpenSea In DApps Revenue
As the frenzy surrounding NFT fades, decentralized gaming platforms have begun to gain popularity. Over the last month, gaming platforms like Axie Infinity have seen the most revenue from Dapps. Colin Wu, a well-known crypto-journalist, observes:
“Axie Infinity continued to lead the way with $190.9 million in Dapp revenue in the last 30 days. With the NFT market cooling, dYdX topped OpenSea in agreement income with 30d $66.9 million.”
Axie Infinity (AXS) has had a tremendous increase in value over the last three months, increasing more than 200 percent. As Facebook revealed its rebranding for an aggressive push to Metaverse, AXS hit an all-time high of $162 last week.
Azie Infinity, a blockchain-based game platform, has recently garnered a lot of traction. Users purchase Axie characters as NFTs to play the Axie Infinity blockchain game. It allows players to acquire, breed, grow, battle, and trade Axies, which are token-based animals. Users can play against other users after they have a set of three Axies.
Several crypto currencies associated with gaming and the metaverse have recently experienced a surge in popularity. Following Facebook’s rebranding, Decentraland (MANA) has risen 300 percent in the last four days.
This year has seen a strong NFT craze, with trading volumes reaching multi-year highs. Despite the fact that volumes and revenue earned have decreased, the metaverse’s advances may fuel increased demand for NFTs.
NFTs, according to William Quigley, co-founder of stablecoin Tether and a cryptocurrency pioneer, can create a robust business model for the metaverse. Quigley stated in a Bloomberg interview that metaverse will drastically alter how we engage in the virtual world. He added
“When it happens, it really is hard to imagine and hard to overstate the impact. I’m betting that the revenue model for the metaverse is going to be NFTs. In video gaming the revenue model now is virtual items, and that’s a $175 billion business annually. I think the metaverse should be orders of magnitude more than that because it’s everything, it’s not just gaming.”
This is the start of a new universe, and we may see good synergies between the crypto and metaverse worlds in the near future.
CryptoGames: The first-ever online crypto casino to support Solana deposits
The rise in popularity of cryptocurrencies has had a significant impact on the online gaming sector in recent years. While the benefits of cryptocurrency are a significant part of the culture, the dependability of digital platforms is just as important in bringing it to light and utilising it effectively. To provide the greatest services, online casinos, particularly those focused on cryptocurrency, must stay up with the latest developments or trends in the digital world. CryptoGames is an excellent example of a well-run online crypto casino.
The cryptocurrency-based online casino is the first of its kind in the gambling industry to accept Solana as a form of payment. CryptoGames has gained the trust of tens of thousands of people all around the world by consistently providing unbreakable digital security, reliability, and user efficiency. CryptoGames has announced a game-changing change at the casino to elevate their service to a whole new level.
Solana is the tenth cryptocurrency introduced by CryptoGames, which can be used to play Dice and other games. Solana may now be used to make deposits, withdrawals, and bets at the casino.
The ability to scale is a must-have feature for all cryptocurrencies on the market. In addition to scalability, new blockchains must demonstrate protocol compatibility and cheap transaction costs.
Solana, thankfully, fulfils all of the aforementioned requirements. Solana can perform 50000 transactions in a single second because to its optimistic concurrency control technique.
On its website, CryptoGames offers a total of 9 casino games, including Dice, which can all be played with Solana. It has also been completely enabled for flexible fund transfers at any time.
Each Solana transaction requires a minimum deposit of 0.001 Solana. Any sum less than this will be deducted from the account of the user. The system will require at least one network confirmation for a Solana deposit, which will take a few seconds.
Because of its ability to create smart contracts and huge scalability, the blockchain has acquired the moniker “Ethereum-killer.” Furthermore, Solana’s network security is ensured by cryptographic timestamping, commonly known as Proof of History, which implies that crypto gambling on Solana will be not only efficient and safe, but also quick and environmentally friendly. Visit CryptoGames to be among the first to experience Solana in the gambling industry!
Read Yesterday’s news here.