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Comedian Jim Jefferies talks Bitcoin but faces backlash for the depth of discussion with expert

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Jefferies discussed Bitcoin on his podcast with author Kiana Danial; who has a questionable reputation in the blockchain community

Australian comedian Jim Jefferies owns more Bitcoin than Elon Musk, according to a recent podcast where Jefferies talked blockchain with author Kiana Danial. He spent around $10k for one bitcoin as a way to get to know the technology better.

Part of the problem with wider acceptance of cryptos in the rampant misinformation about the sector and technology. Danial’s views have appeared on major news outlets, such as Forbes, CNN and other prominent outlets — to the frustration of some in the crypto community.

Mixed views on blockchain

After the podcast, many crypto users on YouTube were not impressed by the author’s grasp of blockchain. Misinformation about blockchain and crypto could be damaging to the future of the technology.

Some commenters also called into question the duo’s knowledge of global economics, including the monetary history of Iran.

In response, Daniel commented on the YouTube video, saying:

“I know I didn’t explain the basics of cryptocurrency the way I normally do that is digestible for all[…] I wrote the Cryptocurrency Investing For Dummies book (WILEY) 2 years ago, and while you’d expect I know my whole book by heart, my real focus at the moment is on the investing side, and not the explanation side.”

A question of trust

Much like the ongoing debate that surrounds the influence of the futures market on Western precious metal prices, it has been openly admitted by the former Chairman of the CFTC that the regulatory body allowed the invention of the CME and CBOE Bitcoin futures to end the 2017 bull run.

Since that action, the role of central banks and regulators has increased, and now the financial markets are more or less being propped up by central bank programs that have created trillions in new money.

If major investors and institutions begin to question the value of the fiat currency that is backing up the global economy, they may no longer be satisfied to hold paper promises for Bitcoin, gold and silver.

Earlier this year, billionaire trader and investor Paul Tudor Jones began to build a position in Bitcoin futures, which may explain why the price action of Bitcoin hasn’t been lifted by institutional interest.

The type of futures that Jones bought are cash-settled, which means that the actual Bitcoin market only acts as a means of price setting for the contract. If Jones had deployed actual fiat into the Bitcoin market, the price could be much higher today.

Source: https://coinjournal.net/news/comedian-jim-jefferies-talks-bitcoin-but-faces-backlash-for-the-depth-of-discussion-with-expert/

Blockchain

Mode Adds Bitcoin to Reserves, Joining Microstrategy and Square

A UK-based fintech firm has just announced a large purchase of bitcoin using its cash reserves. Mode Global Holdings, an already bitcoin-friendly financial company, has become the first UK publicly traded firm to allocate part of its reserves to the cryptocurrency. The announcement follows those of Microstrategy and Square. As many cryptocurrency industry observers suspected, […]

The post Mode Adds Bitcoin to Reserves, Joining Microstrategy and Square appeared first on BeInCrypto.

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A UK-based fintech firm has just announced a large purchase of bitcoin using its cash reserves. Mode Global Holdings, an already bitcoin-friendly financial company, has become the first UK publicly traded firm to allocate part of its reserves to the cryptocurrency.

The announcement follows those of Microstrategy and Square. As many cryptocurrency industry observers suspected, Microstrategy’s August revelation appears to now be inspiring others.

Currency Debasement Prompts Mode to Invest 10% of Cash Reserves

First, there was Michael Saylor’s Microstrategy. Then, came Jack Dorsey’s Square. The two companies adding BTC to their balance sheets reveal an emerging appetite for bitcoin as protection against inflation and economic crises.

Mode is the latest publicly-listed company to realize bitcoin’s importance. The UK fintech firm announced the decision via press release on Wed 21 Oct.

Mode has reportedly allocated 10% of its cash reserves on its balance sheet to bitcoin. Motivating the decision is the uncertain global macro-economic outlook in the wake of the coronavirus pandemic.

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The firm says that the bitcoin allocation is an effort to protect the assets of investors from currency debasement. It mentions record low UK interest rates of 0.1% in its justification.

The company recently completed an IPO in which it raised £7.5 million. The press release states that the decision to invest in bitcoin is an effort to “maximize the value of returns” from its IPO.

Despite its recent investment foray into bitcoin, Mode is no stranger to the digital asset. It describes itself as “the bitcoin banking app.” It also sells BTC, as well as the ability to generate interest from holdings.

Another Public Company Finds Refuge in BTC

As mentioned, Mode is by no means the first publicly-listed company to take on exposure in bitcoin. Illustrating this shift is Microstrategy CEO, Michael Saylor. In 2013, Saylor publicly dismissed bitcoin on Twitter:

After eventually doing some research into the cryptocurrency this year, Saylor completely changed his mind.

Recent appearances on various industry podcasts, along with passionate tweets like that below, have quickly elevated the CEO to legendary status in Bitcoin circles:

Whereas Bitcoin previously appeared to represent a tool for criminals, it’s now emerging as a hedge against macro uncertainty. Like Mode, both Microstrategy and Square cited their own concerns about fiat currency debasement in the wake of unprecedented coronavirus stimulus packages around the world.

The nature of these businesses lends themselves to such investments. Both Square and Mode are well-accustomed to the cryptocurrency industry, having both offered BTC exposure for some time.

In the case of Microstrategy, the board of directors is just five-strong with Michael Saylor controlling around 72% of the voting power. It, therefore, would have been much more likely for Microstrategy to invest in BTC compared to other publicly-listed companies.

Some industry observers believe that this is just the beginning of a steepening institutional adoption curve.

Source: https://beincrypto.com/mode-adds-bitcoin-to-reserves-joining-microstrategy-and-square/

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Has Bitcoin met its match with this altcoin?

The feud between Bitcoin and Ethereum is a long-standing one. ‘Feud’ isn’t exactly the right word for it. Perhaps, the communities have fought over which is the superior coin for quite some time. Howe

The post Has Bitcoin met its match with this altcoin? appeared first on AMBCrypto.

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The feud between Bitcoin and Ethereum is a long-standing one. ‘Feud’ isn’t exactly the right word for it. Perhaps, the communities have fought over which is the superior coin for quite some time. However, comparing BTC and ETH is like comparing apples to oranges, while both may be fruits, both are different and alike in their own way.

Here are a few examples:

  1. Bitcoin is more ‘money’ than Ethereum. Bitcoin’s major focus was to be an alternative payment system to the US dollar. Hence, payment/value transfer is the main focus of Bitcoin, while with Ethereum, there are a plethora of use cases that range from smart contracts, building dapps, the world computer, etc.
  2. Bitcoin is an asset that has higher s2f  which is its main attraction/selling point to the global audience. Bitcoin can hold value [aka store of value] and is digital gold, hence, this narrative is quite alluring to the investors. As for ETH, people may find it hard to grasp Ethereum as a blockchain.

While fundamental differences are many and can be elaborate, here are comparisons of an on-chain metric that tries to show the differences between the two.

  1. Bitcoin addresses worth $1 hit a new high of 24 million, and so is the same with ETH addresses holding $1 ETH at 21.4 million.

Source: Coinmetrics

While ETH isn’t far away it still needs to catch up with BTC.

2. BTC addresses that hold less than $10 is at a whopping 16.45 million whereas, for ETH, this number is at 6.51 million. The gap is huge but is not out of the purview of Ethereum.

Source: Coinmetrics

Conclusion

This is both good and bad, depending on how one views it.

On the bright side, Bitcoin has had the 1st mover advantage, however, ETH has almost caught up with bitcoin even though it was launched in 2015, 2016. Considering ETH’s much-awaited and much-delayed ETH 2.0, these numbers could easily be overpassed, should ETH successfully move to ETH 2.0.

To conclude, comparing these coins is counter-cyclical. Bitcoin’s goal is much different than what Ethereum intends to do, so comparing them would be a wasted effort. While the two, as mentioned, are different from each other, trying to build a gateway between the two would benefit both the ecosystem better.

Source: https://eng.ambcrypto.com/bitcoin-and-ethereum-is-one-better-than-the-other

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Yearn Finance Adds GUSD Vaults and Updated Keep3r Network Details

Yearn Finance, one of the leading Defi protocols has recently made an addition on Gemini Dollar (GUSD) vaults to its platform.

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Yearn Finance, one of the leading DeFi protocols, has recently made an addition on Gemini Dollar (GUSD) vaults to its platform. The firm has not yet revealed any strategies or potential earnings from this new addition to the platform. It is recently reported that the other four stablecoin pools on the platform have seen some yearly growth.

This new addition by Yearn Finance is appreciated by Cameron Winklevoss, founder of Gemini exchange. He seems to be quite delighted by this move and believed that the future belongs to the DeFi sector.

Yearn Finance Founder’s Github Updated With More Details

It is also reported that Github of the founder of Yearn Finance recently got updated with the additional details on the Keep3r network. It is believed that this is going to act as a smart contract job platform for all the projects that require some extra operations. Here the job is used for smart contracts that require an entity to perform actions. It is also mentioned that the network will be powered by KPR tokens and these tokens are issued as rewards against job completion. 

Daniel Lehnberg Explored How Protocol Should be Considered 

There has been a lot of discussion regarding this protocol by the Yearn Finance and Daniel Lehnberg has also explored how this protocol needs to be considered.  In the end, it is specified that it is actually not even a company and is not having any shareholders. It indicates that this protocol is not in a good position at present. It is reported that Yearn Finance has again slumped by 14% this week and is currently around the $13,000 mark. This position is still seen as a loss because it is 63% less the all-time weekly high of YFI which was around $37,000 back in September.

READ  BCH Proponent Releases Stamp Chat, Prototype Of Layer-2 On Bitcoin Cash

#Cameron Winklevoss #Daniel Lehnberg #GitHub #GUSD vaults #Keep3r network #KPR tokens #yearn.finance

Source: https://www.cryptoknowmics.com/news/yearn-finance-adds-gusd-vaults-and-updated-keep3r-network-details

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