Table of Contents
Bitcoin News: 12th November 2021
- Miami to give Bitcoin to its citizens, allows usage for payments [LINK]
- Dog Coin Shiba Inu Looks to Resume Its Uptrend [LINK]
- Discord Halts Crypto Plans, But For How Long? [LINK]
- ‘Invisible Aether’: World’s largest museum launches NFT art exhibition [LINK]
- Mastercard Forges Partnership In Asia for Bitcoin Payment Cards [LINK]
- Singapore grants Binance, Coinbase this exemption for a specified period [LINK]
- United Nations Showcases NFTs Meant to Foster Climate Change Awareness [LINK]
- Crypto Exchange FTX US to Double-Down on Miami Presence [LINK]
Miami to give Bitcoin to its citizens, allows usage for payments
Miami’s mayor, Francis Suarez, said in a CoinDesk TV interview on Thursday morning that the city will soon start handing bitcoin to its residents. Suarez definitely acknowledged such ambitions when asked if he saw bitcoin being utilised as cash, even as a tax payment option.
“I imagine a scenario when the Satoshi system is utilised to process payments really swiftly; we need to make that leap,” stated the mayor. “We need people to realise that bitcoin’s value is rising, and yes, we want you to hold bitcoin.” But, at the same time, we need to expand Bitcoin’s utility, which will increase its worth even higher and add more functionality, allowing people to use it as a better currency.
Suarez has been a vocal proponent of establishing a robust Bitcoin ecosystem in Miami, and he revealed last week that he will be paid entirely in bitcoin. The mayor also wants people to be able to pay city fees and taxes in BTC.
Later, the mayor stated that the city intends to establish a digital wallet in collaboration with bitcoin exchanges in order to airdrop bitcoin earned by staking MiamiCoin in the Stacks protocol to its people. Suarez eventually wants individuals to be able to use bitcoin and MiamiCoin as they want, whether it’s to HODL or to spend at regular retailers on the street.
“MiamiCoin is based on the Stacks protocol, which stacks on top of the Bitcoin blockchain, so there are a lot of nexuses and interactions between the two,” Suarez explained.
However, the mayor’s belief that Stacks and Bitcoin are inextricably linked is incorrect. Stacks is its own blockchain with its own mining algorithm and consensus rules. At most, the initiative can be regarded a sidechain, and it departs significantly from the Bitcoin project’s original spirit and what it seeks to achieve in society. Stacks also has its own token, which is mined as its holders get bitcoin through a method called “proof of transfer” by the company.
As a result, Stacks is reliant on bitcoin holders’ willingness to exchange their BTC for Stacks Tokens in a one-way transaction, expecting for future gains as a result of their “stacking” – a procedure that isn’t quite aligned with Bitcoin’s incorruptible proof-of-work mechanism.
Dog Coin Shiba Inu Looks to Resume Its Uptrend
After registering big gains, Shiba Inu appears to be decoupling from the rest of the market. Although SHIB appears to be poised for additional gains, it nevertheless faces a number of challenges.
Shiba Inu appears to have enough strength to break through a key resistance level and reach new all-time highs.
Despite the rest of the market battling to recover from Wednesday’s flash crash, the Dogecoin clone, which is part of a new breed of so-called “dog tokens,” has surged by more than 15% in the last 16 hours. SHIB has pushed over the upper trendline of a bull flag that appeared on its six-hour chart as a result of the strong bullish impulse.
If buy orders continue to pile up, Shiba Inu might climb another 200 percent, according to this bullish continuation pattern. A six-hour candlestick close above the flag’s upper trendline at $0.000055 might kickstart a new bull run toward $0.000175.
Breaking past the $0.000055 resistance level, according to transaction history, may be difficult. Based on IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, over 18,000 people have already purchased over 26 trillion SHIB around this price level. As prices climb, these token holders may try to break even on their long positions, slowing the uptrend. A persistent breach of the supply wall, on the other hand, might corroborate the bull flag pattern’s upbeat outlook.
It’s worth noting that if Shiba Inu manages to break through the $0.000055 barrier, it’ll have to clear another hurdle at $0.000059 to reach its full upside potential. SHIB will have no competition if it clears both supply obstacles on its way to a new all-time high of $0.000175.
Discord Halts Crypto Plans, But For How Long?
Jason Citron, the CEO and founder of social messaging network Discord, tweeted a snapshot just three days ago, implying an impending connection with crypto wallets MetaMask and Wallet Connect. The unfavourable responses to the tweet, on the other hand, are more than enough for the CEO to reconsider. And now, just three days after the initial tweet, any crypto intentions the company had may have been put on hold.
There was an extraordinary rush of hostile responses when CEO and founder Jason Citron tweeted the seemingly harmless post. One such response that stands out amid the rest is this one:
Artists will no longer be able to share their work online, let alone in a hostile environment. Reposters were bad enough, but this takes it to a whole new level. What’s the point of having someone be able to right-click and sell your artwork for “ownership” when you spent dozens of hours developing it?
Because of the tremendous opposition from the Discord community, the company may be putting any plans for a crypto component on hold for the time being. As a result, Citron stated that Discord has “no present plans to ship” the cryptocurrency wallet feature.
This is when things start to get interesting. ‘No current intentions,’ says Citron. At most, this may be interpreted as “we would revisit this” or “futuristic plans.” Whatever perspective one takes, it’s easy to see why the most recent tweet was required.
To begin with, the Discord community’s crypto opponents have a valid justification for threatening to terminate their Nitro subscriptions. Nitro is Discord’s premium subscription, which costs $9.99 per month and includes animated avatars, a larger upload limit, and other features. It’s also the company’s main source of income. According to Wall Street Journal projections, the Nitro service alone will bring in $130 million in 2020 and $45 million in 2019.
In addition, the firm is now valued at $15 billion, thanks to a $500 million investment headed by Dragoneer Investment Group in September.
‘Invisible Aether’: World’s largest museum launches NFT art exhibition
The Russian State Hermitage Museum has debuted its first totally virtual exhibition of digital art, continuing its foray into the nonfungible tokens (NFTs) business.
The Hermitage is organising a free exhibition of NFT artworks that exist entirely in virtual space, the so-called “celestial hermitage,” or the museum’s digital avatar, just a few months after raising over $400,000 via its inaugural NFT auction on Binance in September.
The Hermitage’s “Invisible Aether” exhibition, which opened on November 10, is based on the metaverse concept, allowing people to create digital avatars and navigate the virtual site using PCs, smartphones, virtual reality glasses, and other devices. According to a senior curator of the project, the virtual site simulates the interiors of the local landmark Old Saint Petersburg Stock Exchange, although the actual display has nothing to do with trade.
“The artworks in the exhibition are not for sale.” “We avoid all topics linked to the price of these items in order to focus on displaying what digital art truly is, because the cost of art is secondary to its value,” said Dimitri Ozerkov, the Hermitage’s head of contemporary art.
Following the exhibition’s conclusion on Dec. 10, Ozerkov stated that the Hermitage will return all of the artworks to their original owners, including artists and collectors. “Further events are beyond the museum’s remit,” he added.
Ozerkov stated at a press conference on Thursday that the Hermitage has “no financial interest” in hosting the free display, and that the museum is working to determine the true value of NFTs. “We want to examine what’s left of the NFT after the money part is removed,” he stated.
Two curators, including Ozerkov and Anastasia Garnova, a member of the Hermitage contemporary art branch, chose the artists and works for the “Invisible Aether” exhibition.
The whole list of artworks may be found on the exhibition’s official website, which includes Schrödinger’s Cat by CryptoKitties, a popular Ethereum-based blockchain game created by Canadian firm Dapper Labs. Darkzuu, a Saint Petersburg-based artist, has an artwork on the list as well.
Snark.art, Masters digital, The Art Exchange, Rarible, Superrare, KnownOrigin, ArtBlocks, Alterhen.art, and OpenSea are among the NFT platforms and prominent industry participants featured in the event.
Mastercard Forges Partnership In Asia for Bitcoin Payment Cards
Mastercard has partnered with three digital asset platforms in Asia to allow consumers in the region to rapidly convert cryptos to fiat for use at any Mastercard-accepting store. Mastercard, the global payment solutions provider, announced its Crypto Card Program cooperation with Amber Group in Hong Kong, Bitkub in Thailand, and CoinJar in Australia in a press statement.
Rama Sridhar, Executive Vice President, Digital & Emerging Partnerships and New Payment Flows, Asia Pacific, Mastercard said, “In collaboration with these partners that adhere to the same core principles that Mastercard does – that any digital currency must offer stability, regulatory compliance and consumer protection – Mastercard is expanding what’s possible with cryptocurrencies to give people even greater choice and flexibility in how they pay.”
According to a Mastercard survey, 45 percent of consumers in the region are considering utilising cryptocurrencies in the coming year, which is higher than the global average of 40%. The Crypto Card Program aims to make it easier for crypto companies to bring secure and compliant payment cards to market, addressing consumers’ demand for digital currency transactions.
The crypto bull cycle has sparked an increase in interest in cryptocurrencies across Asia. Two major elements drive consumer demands. Consumers require two things: first, a payment gateway that converts their cryptos to fiat automatically, and second, a cashless payment solution. It’s a good time to launch cryptocurrency-linked credit, debit, and prepaid cards.
In many jurisdictions, the service of providing crypto exchange and custodial services is regulated. As a result, in order to efficiently provide such services, Mastercard must work with regulated businesses to ensure the safety of its customers.
Payment solution providers are taking proactive measures to adapt to shifting consumer habits. Some customers think of crypto assets as a way to protect themselves from inflation. However, the difficulty of manually converting crypto assets to fiat becomes a practical hurdle for many people, preventing them from maintaining their money in crypto assets. Payment solution providers can overcome this problem by launching initiatives like Mastercard’s Crypto Card Program.
Singapore grants Binance, Coinbase this exemption for a specified period
Earlier it was revealed by MAS that, Coinbase and Binance are among the 70 crypto firms awaiting licensing.
A list of 70 platforms that have applied to provide digital asset services in Singapore has been provided by the Monetary Authority of Singapore (MAS). Coinbase Global Inc.’s Singapore arm and Binance Holdings are among the notable applicants.
Apart from Binance Asia and Coinbase Singapore, Upbit Singapore, OKCOIN, Ripple Labs Singapore, Gemini Trust Company, and Bitstamp are among the major brands that have registered for digital payment token service.
According to the notice,
“Please note that these entities are not licensed under the PS Act to provide the specific payment services, but are allowed to continue to provide the specific payment services.”
Entities that have been “given an exemption from holding a licence under the Payment Services Act” were listed on the list. It does, however, state that the exemption is only valid for a limited time, after which a licence will be required.
According to Bloomberg, 30 of the 170 individuals who had previously applied had pulled out of the process. In addition, two petitions were denied by MAS, while just three were approved. DBS Vickers, DBS Bank’s enterprise arm, FOMO Pay, and Australian bitcoin exchange Independent Reserve had already been approved.
Meanwhile, for the others, the exemption limit is a stopgap measure until the MAS approves or rejects an application, or the business withdraws it.
In a recent interview with Bloomberg, Ravi Menon, Managing Director of the Monetary Authority of Singapore, stated that the country aims to win the crypto race.
In addition, unlike in other jurisdictions, the MAS director has stated that the agency will not impose any restrictions or bans on cryptocurrency. Instead, the country is attempting to gain a competitive advantage in the area.
In the context of the applications, MAS’s Menon had stated,
“We don’t need 160 of them to set up shop here. Half of them can do so, but with very high standards, that I think is a better outcome.”
United Nations Showcases NFTs Meant to Foster Climate Change Awareness
Through its UN-Habitat programme, the United Nations collaborated with Unique Network, Exquisite Workers, and IAAI GLOCHA to use NFTs to raise awareness about the global climate catastrophe through a project called DigitalArt4 Climate.
The UN displayed the results of the NFT art during the United Nations Climate Change Conference, or COP26, in Glasgow, Scotland, with Philippian digital artist Bricx Martillo Dumas taking first place.
Unique Network’s CEO, Alexander Mitrovich, praised the decision, saying:
“We believe that the future of human expression will be through NFTs, and we are dedicated to showing the whole world how it can unite our disparate communities in the fight to save our planet.”
He went on to say that the DigitalArt4Climate initiative exemplified the open data and distributed ledger technology ethos in taking cooperative climate action.
Because NFTs are based on the blockchain, they have intrinsic value due to their restricted quantity. The non-fungible token (NFT) industry continues to take the globe by storm, with secondary sales exceeding $10 billion lately.
The United Nations hopes that the programme will enable activists, designers, and artists to produce digital art that will motivate people around the world to take action to address the climate catastrophe. As a result, they are able to monetize their work in novel ways.
Blockchain technology has also proven instrumental in addressing the environment catastrophe. For example, Acciona, a renowned Spanish renewable energy firm, partnered with Climate Blockchain Initiatives (CBI), a Valencia-based startup, to increase the selling of carbon offsets through the latter’s blockchain-powered trading platform.
Carbon offsets help to mitigate climate change by requiring compensation for reducing carbon dioxide or other greenhouse gas emissions.
In addition, in 2020, the World Economic Forum (WEF) launched a unique proof of concept employing distributed ledger technology to measure greenhouse gas emissions across the value chain.
Crypto Exchange FTX US to Double-Down on Miami Presence
The rapidly expanding crypto exchange is aiming to hire more people in Miami, where it already owns the name rights to the Miami Heat’s home stadium.
The crypto exchange FTX US is growing its business in Miami, Florida, where it already has a strong presence.
According to a recent Bloomberg interview with FTX US’s vice president of business development, Avinash Dabir, the firm is establishing permanent office space for 16 to 18 employees in Miami’s financial sector.
Dabir also believes there is a big possibility in crypto and real estate, though it is still in its early phases. He apparently envisions a future in which property titles are NFTs and escrow accounts are managed by smart contracts.
“I can’t think of a more appropriate location for that.” Outside of crypto, it seems like everyone I talk to is in real estate,” he told Bloomberg.
He also mentioned that the company’s existing Miami-related agreements, such as one with Property Markets Group, will aid in the establishment and facilitation of cryptocurrency-based real estate transactions.
This is the latest development in FTX’s efforts to make Miami a crypto-friendly metropolis.
The FTX Arena, the NBA franchise’s home stadium, was renamed the FTX Arena earlier this year after the exchange completed a deal with the Miami Heat. The contract, which has been in effect for 19 years, is part of FTX’s aggressive marketing campaign.
“We’ve discovered that when people are wanting to come into crypto for the first time, they haven’t heard of FTX,” the CEO stated. “We’ve been around for two and a half years.” He went on to say, “That’s a lot less than some of the other big brands in the crypto exchange sector.”
Read Yesterday’s News Here.
