Ethereum’s Price Has a ‘Chance to Blow up’ Even More, Says Billionaire Mark Cuban
Billionaire investor and entrepreneur Mark Cuban has recently revealed the price of the second-largest cryptocurrency by market capitalization, Ethereum, has a “chance to blow up” even more as we have “yet to really see business applications built on ETH smart contracts start to happen.” Cuban’s words came while replying to a tweet from TheBlock’s director […]
Billionaire investor and entrepreneur Mark Cuban has recently revealed the price of the second-largest cryptocurrency by market capitalization, Ethereum, has a “chance to blow up” even more as we have “yet to really see business applications built on ETH smart contracts start to happen.”
Cuban’s words came while replying to a tweet from TheBlock’s director of news, Frank Chaparro, who claimed that when the price of Ethereum first surpassed $3,000, he asked traders at the market’s largest over-the-counter (OTC )desks whether they believed the rally could keep going and was told that corporate treasuries “were ramping up allocations.”
In response, the billionaire pointed out that when business applications are built on Ethereum smart contracts “every company will be ETH literate.” Layer-two scaling solutions, he added, will also have “an important role to play.”
When asked whether other blockchains supporting smart contracts could also see business applications be built on top of them, including Cardano and Polkadot, Cuban replied that it’s “hard to keep up with all the different options and there really aren’t many hedging mechanisms for others.”
The billionaire also pointed out that layer-two scaling solutions will nevertheless be important. The price of Ethereum, it’s worth noting, has significantly been outperforming bitcoin. Over the last 30 days, BTC’s price dropped by nearly 6%, while ETH is up over 89%.
As CryptoGlobe reported, Cuban revealed last month he has “a lot of Ethereum” and wishes he “had bought it sooner.” In an interview, he said he started buying the cryptocurrency four years ago “simply because I think it’s as close as we have to a true currency.”
DISCLAIMER The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
The Securities and Exchange Commission(SEC) delayed its approval of VanEck’s Bitcoin ETF in a Wednesday filing for a second time. Meanwhile, the CEO of VanEck urged the commission to fast-track the approval of an exchange-traded fund as customer appetite for Bitcoin ETFs grows.
SEC Should Approve a Bitcoin ETF Before Its Too Late
During an interview with CNBC’s ETF Edge, VanEck Associates CEO Jan van Eck asserted that the SEC needs to act promptly and approve an ETF because customers don’t have feasible alternatives to seek exposure to Bitcoin.
The firm has filed for a few ETFs already. However, earlier this year, it withdrew its previous attempts and filed a fresh application, which has been pushed back twice by the SEC.
While the firm awaits the commission’s final decision, it has also filed another draft prospectus for a proposed subsidiary called “Bitcoin Strategy Fund” that will invest in BTC futures contracts, exchange-traded products with exposure to the cryptocurrency, and pooled investment vehicles.
Speaking on the need for a more efficient instrument that provides access to Bitcoin, van Eck said, “We really think the SEC should approve a Bitcoin ETF.” Although, he also indicated that the Chairman of the commission was not “putting it high on his agenda. It is what it is. The SEC is just not moving fast on this.”
VanEck Will Keep an Eye on Global Embrace of Digital Assets
In the meantime, VanEck will watch out for crypto-related banking regulations and how institutions such as State Street react to digital assets.
Ric Edelman, the founder of Edelman Financial Engines, believes that these trends may be more crucial than a Bitcoin ETF itself. The investment advisor appeared in the same interview as van Eck and said that Bitcoin is “the first major new asset class in 150 years.” And he expects the asset to become a regular feature on many portfolios over the next few years but before that, an investor should understand how it works and how it fits in an “asset allocation strategy”.
Edelman encourages investors to pursue other Bitcoin opportunities rather than waiting for the SEC approval of ETFs. “It’d be so much easier and simpler if there was a bitcoin ETF. That’s not here and it’s not going to be in the foreseeable near future, so you can’t continue to sit on the sidelines waiting for it because, by the time the SEC says yes to it, bitcoin might be 100,000,” he told the channel.
As Dogecoin was down 74.69% from its ATH 45 days ago, all eyes turned to the self-proclaimed Dogefather for some price-pumping tweets. Musk had single-handedly taken a meme-coin and placed it on a pedestal as one of the top ten cryptocurrencies. However, his bullishness on this joke coin couldn’t keep its value up for too long.
The Tesla CEO’s favorite cryptocurrency shed tens of billions of dollars in value since he publicly plugged it on mainstream TV. Musk’s appearance on Saturday Night Live (SNL), which was bound to push the coin’s price up was in fact followed by some late-night dumping, after which DOGE’s price began its southward movement. Unfortunately, the DOGE community couldn’t see the $1 mark benchmark they had set for it.
Amid this price dip, many eyes turned to the Dogefather and former Bitrefill executive John Carvalho joked about Musk’s absence from the scene:
“To lazy passers-by, I’m not a dogecoiner, I’m asking him (Elon Musk) to own up to being a colossal dou*** nozzle.”
However, to the relief of the Dogearmy, Musk’s absence from the DOGE dip was not prolonged as he was seen Tweeting about ecosystem updates related to the meme-coin. Replying to Dogecoin developer, Ross Nicoll’s Tweet about the fee reduction code and a possible run-through of it, live on the Dogecoin testnet, Elon applauded by calling it “an important improvement”
Dogecoin started as a joke and can field very little criticism of its rise and fall, apart from the viral promotional stunts by the likes of Musk and others. Many have argued that those who bought DOGE based on his efforts have lost money while others have pointed out some genuine use-case for the alt.
Recently, pseudonymous analyst Tyler Durden highlighted a “Head and Shoulder” pattern and hinted that the alt’s price has a tendency to crash once it breaks below the $0.299 support level (which it did). He further claimed this time even the Tesla CEO can’t save DOGE:
“Even Elon can’t save this with his tweets. He’s tried and each time he just created another lower high. 0.05 is programmed.”
Can’t say that Tyler’s claims were wrong as Musk’s return to the scene did almost nothing for the alt other than slight gains which didn’t hold for long. At the time of writing, DOGE traded at $0.18 and its ROI over the past 7 days, vs USD, was down by 40.8%. The asset had tested its lower-key support at $0.17 and bounced back after the same.
NetFlowCoin: The World’s First Decentralized Internet Application Platform
The NetFlowCoin Project provides users with a decentralized network resource that turns key Internet infrastructure elements into an algorithmic market. Made possible by combining Blockchain technology with a Software Defined Network, NetFlowCoin is the world’s first decentralized Internet application platform. NFC’s underlying architecture operates by optimizing the bandwidth, storage, edge computing, and data resources of […]
The NetFlowCoin Project provides users with a decentralized network resource that turns key Internet infrastructure elements into an algorithmic market. Made possible by combining Blockchain technology with a Software Defined Network, NetFlowCoin is the world’s first decentralized Internet application platform.
NFC’s underlying architecture operates by optimizing the bandwidth, storage, edge computing, and data resources of its global network.
With its native protocol NFC (also “NetFlowCoin”) token, the NetFlowCoin Project provides users with a dApp marketplace and a circulating digital asset ecosystem.
The NetFlowCoin Project’s vision is one where every user participates and every user profits while engaging in the ecosystem. The platform is decentralized and made for the benefit of all users, producers, and consumers.
The NetFlowCoin Advantage
NetFlowCoin ensures that the value generated by data flow is wholly owned and earned by the producer. This is a privilege that users on centralized platforms do not enjoy. The NetFlowCoin Project offers the following perks to all users, miners, developers, and partners:
Access to Network Layer Capabilities: Provides open-source interfaces for developers to build dApps (blockchain browser, wallet, DEX, decentralized IM, NRC20 token, NFT, etc.)
Innovative DataFlow Mining: Everyone can participate in NFC mining thanks to NFC’s novel dual consensus mechanism. Block Mining and DataFlow Mining allow for a custom approach to creating value. The NFC token has multi-dimensional applications within the marketplace.
Green Energy: the personal server consumes extremely low amounts of energy.
Ultra Secure & Super Fast Performance: NFC’s combined Blockchain technology and SDN layer make for an efficient and secure data communication value network.
Innovation Consensus: ultra-high processing capacity designed for enterprise use. Made to adapt to various scenarios, rapid growth, and hyper scalability.
Seamless access: to the NFC network-enabled dApp marketplace.
NetFlowCoin’s blockchain architecture solves many of the issues plaguing the crypto mining industry. This is enabled by NFC’s hybridized consensus mechanism, which consists of Delegated Proof of Stake (DPoS) and Proof of Valuable Flow (or PoVF). The purpose of these mechanisms is to welcome both established and new miners to the blockchain.
The NetFlowCoin blockchain runs on NFC tokens, which miners earn by providing network resources (idle storage, bandwidth, edge computing) to the network’s users. The NFC token can be used for business transactions, currency within dApps, and other uses defined within the NFC ecosystem.
NetFlowCoin’s blockchain provides token rewards to the nodes involved in maintaining the security of the system and safeguarding its operation through a consensus mechanism while penalizing malicious nodes. In the NetFlowCoin ecosystem, miners operate nodes to direct traffic and check transactions.
Some of NFC’s mining advantages include:
More Ways to Mine: Through the PoVF consensus, any user with a server can mine NFC by providing network services such as bandwidth or storage.
Landable Application: With SDN, NetFlowCoin can maintain a flexible marketplace, where users can transact with dApps, businesses, and others using the NFC token. While NFC tokens are digital assets with trade potential, they work to bind business, mining, and users into one ecosystem.
Mine for Utility: Gone are the days of mining for the sake of mining. Avoid the Mining pool mafias who dominate BTC, ETH, or even CHIA and FIL. Everyone can participate in mining NFC tokens.
Built to Scale: NFC token holders play a huge role in the governance of the hybrid DPoS/PoVF consensus mechanism
For specific details on NetFlowCoin’s mining data, blockchain data query, pledge lock data, DPoS consensus data, and one-click coin issuance services, visit NFCScan.
Develop New Applications Like Never Before
The capacity of dApps to interact with smart contracts on the blockchain brings an infinite amount of possibilities when it comes to creating value for NetFlowCoin users.
The NetFlowCoin network enables users to create dApps that validate transactions in storage, bandwidth, and other computing resources into NFC tokens. This can translate into a countless number of dApps within the NFC platform.
NFC provides diversified open source interfaces, and developers can build various application scenarios for users as needed on the application layer, such as:
Distributed lottery/sports betting
Decentralized IM/video/media platform
Decentralized data trading platform
Distributed charity platforms
Imagine a decentralized security camera streaming network or a distributed storage application that allows users to access and transmit confidential workspace data from anywhere. Create tools without the burden of having data stolen, individuals censored, or precious information exposed.
Join NetFlowCoin Today!
NetFlowCoin is a solution for users looking to liberate their data and footprint from the intrusive, centralized Internet.
Getting connected to NetFlowCoin is easy! Visit NetFlowCoin.io to join the NFC community today.
Central Bank of Nigeria says CBDC pilot will come before the year ends
The Central Bank of Nigeria (CBN) has revealed its plans to launch a digital currency pilot as soon as the end of this year, according to some reports. While previously, the CBN came to a consensus to restrict the cryptocurrency sector by imposing regulatory sanctions on monetary businesses that serviced crypto exchanges, Governor Godwin Emefiele, […]
The Central Bank of Nigeria (CBN) has revealed its plans to launch a digital currency pilot as soon as the end of this year, according to some reports.
While previously, the CBN came to a consensus to restrict the cryptocurrency sector by imposing regulatory sanctions on monetary businesses that serviced crypto exchanges, Governor Godwin Emefiele, in a complete U-turn on bitcoin and other cryptocurrencies, said he will allow them.
In what is being regarded as a reversal of fortunes, it now looks that the Nigerian officials are gearing to embrace blockchain technology.
Already years in the making
As it turns out, despite Nigeria’s skepticism of fintech, its central bank has already been working on a digital currency for the past two years.
Rakiya Mohammed, the CBN Director of Information Technology, re-echoed the sentiments of other nations as far as a digital currency is concerned. That is, their country will not be left behind in this technological revolution.
The director said, “We’re all aware that about 80% of central banks in the world exploring the possibility of issuing central bank digital currencies, and Nigeria cannot be left behind.”
Only trying to protect citizens
It is public knowledge that CBN was adamant about its previous anti-bitcoin position. In explaining this, the financial institution said it was only trying to protect the citizens of Nigeria.
It also pointed out that there is no legal remedy if things go wrong in an unregulated market such as that of cryptocurrencies like bitcoin.
CBN did not also spare the usual concept that links the crypto and other digital currencies to criminal activities such as money laundering and terrorist financing.
Meanwhile, hopefuls are waiting for additional updates on the progress of the works the financial institution has already done to make the issuance of a CBDC in the country a possibility.