Table of Contents
Bitcoin News: 11th November 2021
- Robinhood COO praises Shiba Inu as crypto wallet waitlist grows to 1.6M [LINK]
- Tether launches USDT stablecoin on the Avalanche blockchain [LINK]
- Indian Central Bank Governor Calls Cryptocurrencies a Very Serious Concern [LINK]
- Bitcoin to hit $250K in January 2022 but ‘invalidate’ S2FX BTC price model — New prediction [LINK]
- Twitter officially hires Crypto team, here’s what to expect [LINK]
- Is EverGrow Coin’s ‘Tax-free’ Move a True Masterstroke? [LINK]
- Bitcoin miners look toward nuclear power for sustainable energy [LINK]
- Beeple’s Discord compromised, timed to coincide with Christie’s auction [LINK]
Robinhood COO praises Shiba Inu as crypto wallet waitlist grows to 1.6M
Christine Brown, Robinhood’s chief operating officer, praised the Shiba Inu community, but said the platform’s focus was safety over the “short-term advantage” of adding more currencies.
Brown made the remarks during a live-streamed interview for the Crypto Goes Mainstream event on YouTube on Tuesday. She said the following when questioned about Shiba Inu (SHIB):
“Seeing the community around these currencies actually engage with us and let us know what they want is one of my favourite things.”
Brown, on the other hand, refused to say if Shiba Inu will be listed on the American stock and cryptocurrency trading platform. With a market valuation of $30 billion, SHIB is the 11th largest cryptocurrency.
A community-led movement to persuade Robinhood to list SHIB has gathered more than half a million signatures on a Change.org petition.
Robinhood, according to Brown, is a “safety-first company” that carefully considers the regulatory feasibility of its offerings.
“We have a different approach than a lot of the other players out there right now, who are rushing to list as many assets as possible,” she explained.
“We believe the short-term benefit to us is not worth the long-term cost to our users.”
Brown also announced that the waitlist for Robinhood’s crypto wallet has topped 1.6 million people. Users will be able to move cryptocurrency on and off the network once the crypto wallet is introduced. Users are eager to regain control of their money, as seen by the increasing demand.
On CoinGecko, SHIB is valued at $0.00005430 and has been in a downward trend since Nov. 3, when a wallet containing nearly $5.7 billion in the token resurfaced.
Tether launches USDT stablecoin on the Avalanche blockchain
After announcing its support for the Avalanche blockchain in May, Tether has released its USDT stablecoin.
The introduction comes at a time when Avalanche’s ecology is rapidly expanding. According to tracker DeFi Llama, the total value locked (TVL) in Avalanche-based DeFi protocols has surged considerably over the last three months, from roughly $300 million in August to over $10 billion now.
USDT on Avalanche might encourage this growth even more, as stablecoins are crucial in the DeFi business. Stablecoins are used by traders to swap tokens and lend them out for high yields on DeFi platforms.
The debut of the USDT on Avalanche, according to Emin Gün Sirer, head of the Avalanche Foundation, is “an vital building element for DeFi users.”
USDT has seen remarkable growth this year, coinciding with the crypto market’s surge. According to The Block’s Data Dashboard, the stablecoin’s total supply has increased from roughly $22 billion at the start of this year to around $78 billion now.
USDT, which is built on Avalanche, is now directly connected with Bitfinex, allowing users to access the stablecoin through the crypto exchange. Users can also deposit USDT on other blockchains and swap them for USDT on Avalanche, according to Tether CTO Paolo Ardoino.
USDT now supports the ninth blockchain, Avalanche. Algorand, Bitcoin Cash’s Simple Ledger Protocol, Ethereum, EOS, Liquid Network, Omni, Tron, and Solana are the other eight blockchains.
Tether announced earlier this year that USDT would be available on the Polkadot and Kusama networks. Ardoino stated the company is looking into supporting more blockchains in the near future, but did not mention any specific ones.
Avalanche and Polkadot are among the blockchains that the CENTRE Consortium is apparently looking to support for its USDC stablecoin. Algorand, Ethereum, Hedera, Solana, Stellar, and TRON are the six networks on which USDC is now available.
CENTRE, in fact, wants to create a “global network of stablecoins,” CEO David Puth told The Block recently.
Indian Central Bank Governor Calls Cryptocurrencies a Very Serious Concern
Shaktikanta Das, the governor of the Indian Central Bank, has highlighted concerns about the integration of cryptocurrencies in the financial system once again. Cryptocurrencies, according to Das, are a major problem for the country’s macroeconomics as well as financial stability. The governor is notorious for making such pronouncements and has previously expressed similar worries.
With billions spent in the crypto market, India has become one of the world’s fastest crypto adopters. Despite the fact that the status of regulations surrounding the crypto market is still unknown, Indian citizens have not shied away from investing in the digital asset market. This bull market has also benefited Indian crypto startups and exchanges, with many of them raising millions of dollars and companies like CoinDCX and CoinSwtich Kuber achieving unicorn status.
The Indian crypto market has flourished in recent years, with some Indian crypto projects becoming market leaders, but self-regulation can only endure so long. There had been talk of a blanket ban, but it appears to be dead in the water now that the government has stated that crypto would be regulated like a commodity.
What is the current state of the Crypto Bill?
During the Monsoon parliamentary session, Indian finance minister Nirmala Sitharaman stated that the crypto law is ready to be debated in parliament. However, due to a lack of time during the covid crisis, the bill was never introduced. Another parliament session, set for the 15th of this month, may provide further clarification on the government’s plans to regulate the budding market.
The central bank governor’s statements during the pinnacle of the bull market appear out of place, but it’s not surprising given his consistent position throughout.
Bitcoin to hit $250K in January 2022 but ‘invalidate’ S2FX BTC price model
According to well-known analyst Matthew Hyland, Bitcoin (BTC) will invalidate one of its most well-known price models this cycle, as $1 million becomes a focus for 2025.
Hyland, who has built a loyal following for his Bitcoin comments over the years, projected that only one of the two Bitcoin Stock-to-Flow models would survive until 2022 in a series of tweets on Nov. 9.
With $100,000 still a hefty but feasible end-of-year price for 2021, all eyes are on what lies beyond.
New large-volume investors, according to Hyland, will be critical in determining how BTC price movement unfolds over the current halving cycle, which is expected to expire in 2024.
“The target price will be $288K, but it will fall short at $250K.”
The effort will not end now that S2FX has been effectively “invalidated”; but, for 2025 — the year after the start of the second halving cycle, which is ostensibly due to see a new parabolic run — the $1-million-per-Bitcoin narrative will be replicated.
“The S2X ($288k) model will be invalidated, while the S2F ($100k) model, which projects Bitcoin reaching $1 million by 2025, will remain intact,” Hyland wrote.
“This will be used by the major players in the next years!”
He believes that a massive public relations campaign by these big players will entice regular investors, and that it will begin as soon as $100,000 is reached, supporting quantitative analyst PlanB’s Stock-to-Flow (S2F) model.
Hyland concluded by reiterating a price projection for January 2022, which at current levels appears impossible to comprehend: Bitcoin has surpassed the quarter-million-dollar mark.
Others, too, are already looking beyond the current cycle.
Bobby Lee, the former CEO of the BTCC exchange and now the developer of the Ballet Bitcoin wallet service, suggested that a $1 million Bitcoin price is all but certain by the 2030s.
“Bitcoin will go through three more block reward halvings in the next ten years, by the end of 2031.” This reduces the block reward to just 0.78 BTC each block, resulting in a total daily fresh issuance of only 112.5 BTC. It’ll be really hard to come by. On November 10, he wrote, “Hold on and HODL!”
Twitter officially hires Crypto team, here’s what to expect
Twitter moved a step ahead with the official announcement of its Crypto team formation, following the introduction of the Bitcoin tipping tool and the NFT drop. This project, according to Tess Rinearson, the leader of Twitter’s crypto team, intends to serve as a “centre of excellence” for all things blockchain at Twitter. She stated that the team’s goal will not be limited to cryptocurrencies, but that its reach will extend “beyond cryptocurrencies,” and that they will seek to expand and improve crypto, blockchains, and other decentralised technologies on Twitter.
“I’m ecstatic to announce that I’ve joined Twitter to manage a new team focusing on cryptocurrencies, blockchains, and other decentralized technologies, including but not limited to cryptocurrency.”
said Tess Rinearson (@_tessr)
While Rinearson claimed that Twitter “gets” crypto, citing the company’s previous Bitcoin tipping and NFT accomplishments, she also stated that there are several other layers to uncover, and that the new Crypto Team will be tasked with figuring out “what crypto can do for Twitter, as well as what Twitter can do for crypto.” Twitter’s goal is to “push the frontiers” of the decentralised industry on its platform, from creators’ efforts to use the decentralised sphere to promote their interests through NFTs and cryptocurrencies to bringing in the community perspective on ownership and identity. In addition, the Crypto team will work with the Blue Sky team to bring social media up to speed with decentralization’s future.
“First, we’ll look into how we might support creators’ rising interest in using decentralised apps to manage virtual products and currencies, as well as to support their work and communities… We’ll be looking into how concepts from crypto groups might help us push the frontiers of what’s possible in terms of identity, community, ownership, and more in the future… According to Tess Rinearson’s Twitter thread, “Of course, we’ll be working closely with the Blue Sky team to help build the future of decentralised social media (and to ensure that Twitter stays on the cutting edge of this new terrain, too!”).
Is EverGrow Coin’s ‘Tax-free’ Move a True Masterstroke?
During the EverGrow Coin team’s conference call on Sunday, they revealed details on how their planned centralised exchange listings will work in terms of tokenomics. EverGrow’s unique rewards system is part of the appeal that has driven them to break all prior crypto records in the first 6 weeks after debut. Many cryptos now provide rewards to holders, but EverGrow was the first major project to give stable, Binance pegged US dollar payouts, and EverGrow Coin holders have already collected more over $20 million in rewards in a short period of time.
The distribution of incentives on controlled exchanges like Binance and Bitmart is a significant challenge because these platforms lack the infrastructure required to facilitate tokenomics. Over the previous two weeks, EverGrow has been working on this problem with a variety of exchanges, and it appears that their answer has baffled investors, but it could be the ultimate economic masterclass.
EverGrow revealed that customers who invest on centralised exchanges will be able to buy and sell EverGrow without paying taxes, but will not be eligible for rewards. These ‘traders’ might then transfer some or all of their tokens into an approved wallet if they chose to become ‘investors.’ The initial reaction to this news was a mix of befuddlement and panic selling, resulting in a dramatic drop in the EverGrow Coin price.
However, now that investors have had time to examine the full consequences of this move, many analysts are predicting that this will be one of EverGrow’s best moves ever.
To properly comprehend the advantages of this strategy, a lot of layers must be dismantled. For starters, centralised exchanges have tens of millions of customers who historically exclusively trade on the exchange, which means they aren’t used to paying taxes to acquire or sell a coin in 99 percent of circumstances. Despite the fact that currencies with taxes and rewards are now the fastest-growing section of the cryptoverse, the vast majority of the world’s estimated 50 million crypto traders trade on centralised exchanges through projects with no taxes or benefits.
As a result, EverGrow’s strategy was to tap into a massive market that previous similar companies had failed to tap into. The “no tax, no incentives” approach is perhaps the most reasonable way to offer more traditional consumers access to EverGrow. More traders and investors would logically lead to a growth in market cap, since demand for the token is predicted to explode once these listings go live, as cryptos cannot be effectively shorted, i.e. you cannot gamble on the price falling. When looking at the larger picture, it appears that what many consider a compromised answer is actually the best possible solution for all investors.
Bitcoin miners look toward nuclear power for sustainable energy
As pressure rises to become green, many companies in the Bitcoin (BTC) mining business have their sights set on nuclear energy.
GRIID vice president Harry Sudok remarked at the ‘Bitcoin & Beyond Virtual Summit’ on Nov. 10 that nuclear energy might present a “tremendous opportunity” to deliver “enormous volumes of pure, carbon-free” energy to the base load. GRIDD is an American startup that develops vertically integrated Bitcoin mining operations using low-cost, renewable energy.
According to Sudock, previous renewable energy subsidy programmes and rhetoric have mostly concentrated on solar and wind power, ignoring the potential benefits of nuclear energy.
“Right now, the growth rate is mostly focused on solar and wind, and this is simply the reality of the plans that have been implemented over the last 8-10 years.” But we’d want to see nuclear power expanded,” he remarked.
Along with Sudock, Blockstream chief strategy officer Samson Mow was a panellist to discuss the complexity of Bitcoin mining and energy use.
‘FUD’ has a domineering role in talks on Bitcoin mining, according to Mow, which might lead to misunderstandings not only about Bitcoin mining, but also about energy production in general.
“The wider picture is often overlooked because Bitcoin mining accounts for such a small percentage of global energy use — like a fraction of a percent,” Mow explained. “If we’re filthy, everything must be filthy, right?”
Mow is also a supporter of using nuclear energy to mine Bitcoin. “The problem is, as a society, we’ve degraded to the point where we’ve rejected nuclear power in favour of alternatives like wind and solar, which are more expensive, more difficult to create, and don’t always work,” said Mow.
The Bitcoin Mining Council (BMC) conducted a survey of about 33% of the existing global Bitcoin network last month. According to BMC, the worldwide mining industry’s sustainable electricity mix increased by nearly 3% to 55.9% in the third quarter of this year.
At the summit, Amanda Fabiano observed, “Bitcoin miners will go to the lowest type of electricity they can find.” Fabiano is the head of mining for Galaxy Digital, a digital asset investment management organisation, and a founder member of BMC.
“I believe that capital with a long-term focus will thrive in Bitcoin mining.”
Beeple’s Discord compromised, timed to coincide with Christie’s auction
Overnight, an admin account for Beeple’s official Discord group was hacked, resulting in a fraudulent NFT dump that cost consumers almost 38 ETH.
On November 10, an admin named “Multi” from Beeple’s Discord revealed to the group that their account had been compromised despite having 2FA. The offender then impersonated Multi and the Beeple Announcements Bot on Nifty Gateway to promote a phoney NFT drop from Beeple.
The incident is the most recent in a long line of Discord hacks that have resulted in significant losses for users.
Beeple has done it previously, with raffles that saw people snap up his NFTs for as little as $1, so Discord fans were expecting a cheap drop on the heels of his most recent sale. Fans kept an eye on Beeple’s Twitter and the Discord channel all day for a chance to get some cheap NFTs.
“NFT Simon,” a Discord user, told Cointelegraph that he had set up his Metamask wallet and was ready to pounce just in case.
“I didn’t blink twice when the verified Beeple Bot and the verified Administrator posted on the Official Beeple Discord with a link to a Nifty Gateway website. “I went over there and started minting as much as I could as quickly as I could,” he explained
NFT Simon had six Beeple NFTs in his possession — or so he believed — but he couldn’t see them on his Nifty account. When he returned to Discord, he was shocked to discover the bogus admin was writing in all caps.
“I was welcomed by a slew of obscene GIFs of naked men from a variety of individuals. It was obviously a ruse, and Beeple’s Discord had been hacked.”
In reaction to the lack of communication, one user suggested that a “calming and understanding announcement” instead of a pinned message might make things easier to swallow.
“This was not a simple DM with a link, but a massive security breach that lasted for about an hour with no mods present.”
Read Yesterday’s News Here.