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SameUSD vs DAI Stablecoin – Who wins the DeFi Battle?

Stablecoins became more popular over the past years as the need to secure your profits created a demand for cryptocurrencies pegged to USD. Tether (USDT) is currently the largest stablecoin by market cap as it has grown to almost $50 billion, ranking it in 5th place among all cryptocurrencies. This fact proves that there is […]

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Stablecoins became more popular over the past years as the need to secure your profits created a demand for cryptocurrencies pegged to USD. Tether (USDT) is currently the largest stablecoin by market cap as it has grown to almost $50 billion, ranking it in 5th place among all cryptocurrencies. This fact proves that there is a massive demand for stablecoins.

Therefore, let’s take a look at two more stablecoins – one being a well-established Dai and the other one being the newcomer – Samecoin.

What is DAI?

Dai (DAI) was released on December 18th, 2017, as another alternative for the rapidly increasing stablecoin demand. DAI is pegged to USD, its collateral accepted in the form of several most popular cryptocurrencies. It is run on Ethereum and managed by MakerDAO, a decentralized autonomous organization (DAO), with voting rights given to its governance token, MKR, holders.

As of April 2021, DAI has grown to a total market cap of $3.5 billion, ranking the cryptocurrency in 38th place overall. 24 hours trading volume frequently exceeds $500-$600 million, indicating that stablecoin is a popular option for reducing market risk among crypto investors and traders.

What is SameUSD?

SameUSD offers an easy-to-use stablecoin that is pegged to a basket of USD-based stablecoins. As part of a family of stablecoins linked to the Samecoin ecosystem, SameUSD becomes a stable store of value and easy online payments.

SameUSD price is kept stable by backing it up by a mix of other stablecoins pegged to USD. This method ensures SameUSD holders can count on their purchasing power being the same as if they were holding USD.

As SameUSD is part of a much larger Samecoin ecosystem, additional features that increase the usability of SameUSD are in place, with future features planned. Therefore, SameUSD is not just a stablecoin but also used for staking and participating in Samecoin ecosystem.

Since the overall Samecoin ecosystem uses Decentralized Finance practices, it does not have the issue of a single centralized exchange controlling its supply as with other stablecoins. Therefore, SameUSD users can be sure that their stablecoin is backed by an equal amount of cryptocurrency in reserve. 

SameUSD vs. DAI

Both DAI and SameUSD are stablecoins that run on the Ethereum blockchain. The main difference arises from how the stablecoins are collateralized. SameUSD can be traded 1:1 for fiat currency and other stablecoins, while DAI can be obtained by also exchanging Ethereum and other altcoins. Additionally, DAI and SameUSD have no maximum supply limit.

Comparative features of SameUSD vs. DAI

DAI SameUSD
Ticker DAI SUSD
Current Price $1.00 $1.00
Collateral Type Ethereum, Stablecoins and other altcoins Stablecoins
Blockchain Ethereum Ethereum and BSC
Maximum Supply No maximum limit No maximum limit
Base Currency USD USD
Conversion Amount $1.00 $1.00

Advantages of SameUSD

SameUSD’s SamePay wallet ensures that sending, buying, receiving, and exchanging your crypto is easy and fast while maintaining a high level of security. Transactions with SameUSD using the SamePay system have the lowest fees on the market. A high level of protection is ensured using SameID that verify every login and transaction on the blockchain. 

Additionally, staking SameUSD offers rewards, which differs from most stablecoins that do not have this feature. Rewards are distributed in the form of Samecoin, which, when held on SamePay wallet, offers a reduction for transaction and trading fees. Converting SameUSD back to other stablecoins can be done without any additional cost.

Conclusion

Overall SameUSD looks to become the leader of the next generations of stablecoins. A secure verification using SameID authenticates you on the blockchain, resulting in a high level of security. A single SameID account on several third-party sites allows you to use your SameUSD without needing to trust third-party sources. Further, you can protect your SameUSD by using a QR code to log in and disconnect your SameID from any third-party site not actively used.

Therefore, SameUSD and the overall Samecoin ecosystem offer a next-level stablecoin experience. 

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Source: https://www.cryptopolitan.com/sameusd-vs-dai-stablecoin-who-wins-the-defi-battle/

Blockchain

12 Blockchain Industry Experts Offer Predictions For 2020

Nothing is more certain than the past, nor more uncertain than the future. That is why predictions are made. When it comes to a new and emerging technology like blockchain, making a prognosis on what’s to come for the next decade can improve your chances of being correct. Here are 12 predictions from industry experts … Continued

The post 12 Blockchain Industry Experts Offer Predictions For 2020 appeared first on CryptoCanucks.

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Nothing is more certain than the past, nor more uncertain than the future. That is why predictions are made. When it comes to a new and emerging technology like blockchain, making a prognosis on what’s to come for the next decade can improve your chances of being correct.

Here are 12 predictions from industry experts for 2020 and beyond. Predictions cover topics including enterprise adoption, market movements, next-generation blockchains, and regulation.

Enterprise Adoption

Chasker

Christian Hasker, Chief Marketing Officer of  Hedera Hashgraph, said:

“Blockchain and distributed ledger technology is currently squarely in the ‘trough of disillusionment’, as defined by the tried and true Gartner Hype Cycle. This is actually the most exciting time and place to be in the industry, as we are on the cusp of the slope of enlightenment when people and organizations really learn and begin to use the technology for practical, useful purposes that will change how companies, applications and users interact. We are so excited about the variety and reach of applications currently being built on top of Hedera and other parts of the DLT ecosystem, which go so far beyond what we’ve seen built on top of early generations of blockchain in the past.”

factom protocal

Greg Forst, Director of Marketing at the Factom Protocol, said:

 “This time last year, the industry said goodbye to 2018 and hoped that would mark the end of the crypto winter. 2019 has revealed numerous use cases, enterprise adoption, and advancements in the field of distributed ledgers. The most memorable thing about 2019 for the blockchain space will be the speed and sustainability with which it has regained legitimacy in the eyes of governments, enterprises, and institutional players. 

Moving into 2020, I believe this trend will continue. We are highly likely to see huge expansion as blockchain technology moves to enterprise production. We will start to see measurements of the value derived from blockchain being in production environments. The positive results of enterprise blockchain adoption will begin to reveal themselves and will encourage much broader uptake. 

I firmly believe that regulatory clarity is necessary for the industry to progress. In order for blockchain to mature, enterprises and individuals need to feel completely comfortable leveraging this technology, secure in the knowledge that their government and legal systems support them. Countries with trusted and proven regulatory frameworks will set themselves apart and provide a notable example for nations newer to the fold to also regulate the technology. Significantly, I believe 2020 will be a milestone year for advances in sentiment and regulation in the world’s larger and more powerful nations, such as the U.S, which arguably can no longer turn a blind eye to distributed ledger technology.”

pradeep

Pradeep Goel, CEO of Solve.Care said:

 “2019 was the year where the blockchain industry translated the hype of previous years into practical use cases, with a number of key players emerging to provide solutions for real business problems. In turn, this led to an overall improvement in the understanding and sentiment of blockchain, prompted in part by large-scale adoption by global enterprises, such as Facebook and JP Morgan. A Deloitte report revealed that 34% of companies have already initiated a blockchain deployment, while 86% of leaders are confident that its mainstream penetration is inevitable – results which are clearly indicative of the continued maturation of the market.

 Although governments around the world remain centralized, there is still an opportunity to incorporate decentralization into certain aspects. 2020 will certainly see further government integration of blockchain technology in order to process large quantities of data between agencies, services and administrative bodies. Distributed ledgers will be crucial to streamlining interaction and information sharing between these entities. Countries such as China and Estonia are already utilizing blockchain to manage citizens’ healthcare data and create digital identity systems respectively, and we’ll continue to see other governments pilot programs in welfare distribution, e-voting and fraud. 

 Existing businesses and enterprises have ultimately recognized blockchain’s dominance beyond digital currency and identified it as a critical priority for the future. Over the next 12 months, these companies will need to analyze their business models, and ask how, as opposed to whether, blockchain is going to disrupt their industries. Mindlessly integrating a new technology piecemeal brings its own specific risks, but those at the forefront of the revolution are creating solid strategies for holistic integration. More specifically, in the intersection of healthcare and blockchain, security balanced with accessibility should take precedent. Healthcare providers need to take advantage of blockchain technology to enrich care coordination while empowering individuals to take control of their health journeys and personal data. Allowing only those with the requisite permissions access to medical records will improve data security, trust and transparency.”

 Market Movements

GSX

Nick Cowan, CEO of the Gibraltar Stock Exchange (GSX) Group, said: 

“This year has been a steady year for the blockchain industry, with a continued arc of growth being powered by wider reach and development across numerous business sectors. Regulation has been a major focal point for many governments seeking to create some clarity, with the UK jurisdiction task force most recently concluding that Cryptoassets, including but not restricted to, virtual currencies, can be treated in principle as property. We have also seen many Central Banks looking into the creation of their own digital currencies and implementation of blockchain technology in their legacy financial ecosystems. 

As we enter into 2020, we can foresee further recognition and understanding of blockchain solutions permeating capital markets. Larger institutions are turning their attention to blockchain, so it’s safe to say that new use-cases will emerge from ongoing DLT exploration at the highest level of industry. These efforts will be geared towards the implementation of securities using the blockchain, playing towards a significantly larger market. The traditional landscape’s legacy system is outdated, inefficient and costly, a system which DLT solutions could completely redefine. 

For us, the integration of DLT solutions into the capital markets is the key priority to drastically improve the efficiency and cost-effectiveness of the current legacy platforms and T+2 model. This vision will ensure the democratisation of the markets and the generation of new, affordable avenues for entities to gain access to capital in a compliant manner.”

CROSS

Vaibhav Kadikar, CEO and Founder of CloseCross, said:

“After the tumultuous 2019, the digital asset market will mature and bitcoin prices will continue to stabilize. In the new decade, the high volatility of the asset will become a distant memory. Price stabilization will spur a renewed interest from institutional investors to enter the space. Should 2020 bring with it another economic recession, interest in Bitcoin will grow, however, this does not guarantee further adoption contrary to some crypto fanatics. A severe global or national recession could have negative reverberations for the entire crypto ecosystem, as ultimately, it could deter or exclude certain individuals from investing their wealth in the asset class. The long-term future success of Bitcoin needs to be driven by positive fundamentals, as opposed to negative forces.”

 

heckerhut

Florian Glatz, Co-Founder of Fundament Securities, said: 

 “The digitization of national currencies will continue its momentum into 2020 as more central banks and governments warm to the idea. Benoît Cœuré, head of the Innovation Hub at the Bank for International Settlements recently asserted the benefits of digital currency and strong appetite among central banks and the European Central Banks (ECB) with regard to their role in financial intermediation. 2020 will see the People’s Bank of China launch its digital yuan, and the debate for digitizing the Euro will become more acute.

Hype and contention around Libra will not abate but actually, help to strong-arm governments into developing an alternative. The benefits of Libra certainly won’t be felt on a global level as purported but likely launch in some backwaters where the immediate impact will actually be felt. 

The G7 will continue to hold steadfast against Libra and the privatization of money throughout 2020 but eventually will cower to central bank digital currencies and stablecoins. Breaking its previous peak, Bitcoin will surpass $20,000 in the new year and growing concerns over the surveillance economy drive people to its anonymity and privacy.”

Next-Generation Blockchain

jaekwon

Jae Kwon, CEO, and Co-Founder of Tendermint Inc (Behind Tendermint and Cosmos) said:

“The next generation of blockchains will naturally be a system of independent yet cooperative entities. The ecosystem will be flexible — a multitude of interoperable systems able to fit the contours of the real world rather than the previous one chain to rule them all mentality. Multiple, sovereign blockchain with different applications, political philosophies, and validator sets will be able to interoperate. An open, sovereign, secure network of interconnected blockchains, or “Internet of Blockchains,” will emerge from interoperability protocols like Inter-Blockchain Communication. In the decade ahead, there exists not one monopoly or an oligopoly but a vast federation of networks speaking a common protocol for interoperability. Distributed ledgers will support a new global economy and decentralized finance will reach every corner of the globe. Tokenized derivatives, synthetic instruments, and as-yet unimagined financial instruments stemming from cross-chain collaboration will become realized.”

Lane

Lane Rettig, Developer Evangelist at Spacemesh, said:

“2019 was primarily a year of refocus for the industry, as we moved further away from the ICO craze and the opportunistic, quixotic use cases that dominated over the past couple of years. The announcement of Libra was the year’s watershed moment, creating a lot of noise and piquing the interest of the general public. But in the background, a lot of progress was made on important, foundational technologies such as zero-knowledge proofs, and we also saw the rapid growth of the Ethereum DeFi ecosystem through the success of projects such as Maker and Compound.

I predict that 2020 will see the launch of multiple ‘third generation’ blockchain projects, an exciting prospect even if only a fraction of these projects go live next year. The next 12 months will be about continuing to generate momentum with a focus on building essential infrastructure for consumer-facing apps that possibly won’t launch for another few years.

Going forward, in order for blockchain platforms and the apps built on top of them to stand a chance of making their mark, improving usability and finding product-market fit must be prioritized far more than they have been to date. This can and, I believe, will engender a significant shift in how users perceive and interact with blockchain. Similarly, blockchain communities will recognize the importance of good governance and will increasingly prioritize it in order to stay competitive and stand out from an increasingly crowded field of competing platforms. As blockchain technology continues to become more prevalent and impacts more industries, I hope that, as a community, we don’t lose sight of the potential for this technology to have a profoundly positive impact on human society at large.”

Paris Blockchain Week

Nicolas Cantu, Co-Host of Paris Blockchain Week Summit and Co-Founder of Chain Accelerator, said:

“A number of significant milestones emerged regarding the state of the blockchain industry in 2019.The launch of Ethereum 2.0 in 2020 will hopefully benefit from the lessons of version 1, in which we learned that developing strong technical foundations are essential to the success of a chain. The industry has also learned some tough lessons regarding the difficulties surrounding widespread adoption, finding a stronger echo in the daily lives of people will be key to solving this issue–something a corporate model might effectively achieve.

Several notable trends stand out as ones to watch in 2020. The ecosystem of private blockchains will most likely concentrate around IBM. The shift towards decentralized finance (DeFi) projects will likely encounter their first roadblock in the need to show evidence of both resilience and scalability, while such networks provide significant potential to open access to financing, the practicalities require considerable development.

I hope to see 2020 bring a renewed focus on the fundamentals of the industry. Education must be prioritized in every facet of the industry from cybersecurity to business management. On a broader level, I would like to see self-governance move beyond its theoretical roots in the blockchain industry to concrete application in a variety of use-cases and domains.”

Regulation of the Industry

Alexander

Alexander Schell, Executive Director of the Crypto Valley Association, a leading global blockchain and cryptographic technology ecosystem, said: 

“With new announcements expected from the Financial Action Task Force (FATF) regarding Virtual Asset Service Providers (VASPs) in Summer 2020 and the impending Bitcoin halving, the first half of next year will see momentum building around key developments such as these. 

The CVA recognizes that the FATF’s updated guidance on the treatment of VASPs, which lays out due diligence measures to prevent money laundering and terrorist financing, has posed significant challenges to its members. Increased clarity from the FAFT on its position relating to VASPs globally will be particularly helpful. As the industry focuses on innovation and enterprise adoption, it is imperative that regulators do not implement policy that will create obstacles and stifle the development of the industry.

To ensure the longevity of the blockchain and crypto industry into the next decade and beyond, key players need to work together to prioritize education, ensuring adoption continues to occur on a wider scale. Further, the industry must work to find new use cases that will allow easier access to crypto assets as opposed to the current cumbersome and insecure laptop and hardware wallet combination. Existing products are not sustainable long term and building better user interfaces to provide end-users with safe and easy access to digital assets is critical at this point.” 

dave hodgson

Dave Hodgson, Director and Co-Founder of NEM Ventures, said: 

“In 2019, we have seen an increase in governments, regulators and central banks engaging with blockchain and crypto in general – sometimes positively and sometimes not so positively. Notably, the Financial Action Task Force (FATF) recommendations around Know Your Customer (KYC) continues to have an impact on how crypto exchanges operate; the Libra association continues to divide regulators, customers and the crypto industry, and the launch of the first Security Tokens by both major institutions (Societe Generale) and national markets, such as Germany (BitBond), is making waves. Altogether, these movements prove that the industry as a whole is evolving, and, with it, various parties are forced to ask some difficult questions as we gain more regulatory clarification. 

Looking forward to 2020, there are many trends and movements to look out for. Previous Bitcoin halving events have grabbed the public’s attention and the technical analysis is lining up to make sure this one is no different. As well, multiple large chains will be releasing significant technology upgrades – Ethereum with ETH2.0 and NEM with Catapult – both in early 2020. I believe we will also witness continued innovation in the DeFi space which is accelerating every quarter now, coupled with increased security token issuance and maturation across the board, and, if the market returns to fundraising, it will be a more well-structured mechanism than last time. We are seeing the fruits of many projects’ labour coming to fruition – with a particular focus on using blockchain for climate-impacting solutions – improving efficiency while decreasing carbonisation and power consumption.” 

Kevin Sekniqi, Co-Founder and Chief Protocol Architect at AVA Labs, said: 

 “In 2019, there has been a lot of talk about regulation in the industry – and while this has made headlines globally and caught the attention of several governments, the industry is evidently ripe for regulation granted the number of projects operating in the space. There have been a number of U.S. government bodies that are focusing on creating frameworks, including FinCEN, IRS, SEC and CFTC. While there have been efforts to control the industry in terms of backlash on unclear intentions of projects and lawsuits from different government agencies, it would ultimately be helpful to see frameworks/guidelines made to help foster innovation within the U.S.

 In 2020, I believe we will see a resurgence of Security Token Offerings (STOs), that are done at scale and in a manner that is regulatorily sound. I also expect to see a growing trend towards increased tokenization and growth in the issuance, trading and settlement of digital assets using blockchain. 

 Our priority moving forward should be making sure we have firm and compliant foundations that foster the creation of new markets. It is imperative that the tech stack is compliant from the ground up in order to be synonymous with market regulatory frameworks. Blockchain can act as a means to democratize trading, by streamlining the creation of new markets, creating more accessibility to assets, to enabling more liquidity for historically illiquid assets. Ultimately, I look forward to seeing this technology being leveraged to create an even playing field for everyone.”

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Source: https://cryptocanucks.com/12-blockchain-industry-experts-offer-predictions-for-2020/

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Bitcoin crisis, Elon Musk criticized, Ether thrives, Dogecoin survives: Hodler’s Digest, May 9–15

Bitcoin crashes after Tesla abandons the cryptocurrency as a payment method, the crypto world criticizes Elon Musk and DOGE staves off competition from a furry rival.

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Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Bitcoin loses 6% in an hour after Tesla drops payments over carbon concerns

Already losing dominance in the crypto rankings as altcoins were gaining strength, things went from bad to worse for Bitcoin this week as Elon Musk made a shock announcement.

On Twitter, the billionaire CEO declared that purchases of Tesla cars using BTC had been stopped amid concerns about the cryptocurrency’s impact on the environment.

Although Musk said Tesla had no plans to sell any more of its Bitcoin, he confirmed that the company is looking at other cryptocurrencies that are much less reliant on energy.

BTC went into freefall following the sudden statement, which appeared to take traders by surprise. It tumbled as low as $46,980.02 and has struggled to remain above $50,000 since.

Backlash to Elon Musk’s bombshell as traders start to buy the dip

Unsurprisingly, Musk’s statement was met with a barrage of fury from the crypto community.

Given that this blockchain’s energy use is nothing new, many were confused as to what’s changed since Tesla invested $1.5 billion in Bitcoin just a few months ago.

Some have accused the CEO of engaging in a “pump and dump” scam by manipulating the market with his 280-character missives. Others insisted that miners primarily use renewable energy — but data suggests this might be a slight embellishment. While 76% of miners use renewable energy some of the time, the University of Cambridge estimates just 39% of total power consumed by proof-of-work cryptocurrencies is eco-friendly.

Barstool Sports founder David Portnoy also ripped into Musk, accusing him of “playing with people’s futures and their fortunes.”

Others pointed out that proof-of-work is crucial for Bitcoin, and attempted to reassure investors that the cryptocurrency is proving resilient to criticism.

Saifedean Ammous, author of The Bitcoin Standard: The Decentralized Alternative to Central Banking, also didn’t mince his words, telling Musk: “Unless you’ve also switched your rockets and battery manufacturing to ‘more sustainable energy’ you’re going to look like a clueless big hypocrite here. The world needs sound money far more than it needs your rockets & government-subsidized electric cars.

Ether breaks $500 billion market cap for the first time

ETH inevitably got caught up in the crypto market tanking. But prior to the Tesla drama unfolding, it was stealing the show by reaching a slew of astronomical milestones.

The world’s second-biggest cryptocurrency surged as high as $4,362.35 — briefly propelling its market cap above $500 billion for the very first time. This came hot on the heels of ETH entering unprecedented territory by surpassing the $4,000 mark on Monday.

Ether’s parabolic surge gave it a valuation that was bigger than the likes of Visa and JPMorgan too.

While any lasting impact from Tesla’s announcement remains to be seen, analysts believe that ETH hitting $5,000 is still a matter of if, not when.

DOGE surges as Elon Musk says he’s working with devs to “improve efficiency”

Musk’s fingerprints haven’t just been on Bitcoin this week. It seems like a lifetime ago that he hosted Saturday Night Live — and sent DOGE’s price tumbling after the eccentric entrepreneur described the joke cryptocurrency as a “hustle.”

Dogecoin lost 40% of its value in a 24-hour period from last Saturday to Sunday, hitting lows of $0.43. Whereas some analysts had been expecting that the altcoin would rally after the broadcast, the opposite ended up being true.

However, warnings of a devastating crash reminiscent of XRP’s fall in 2018 have been unfounded… at least for now. In recent days, DOGE has headed back up above $0.50 on the back of two pieces of good news.

The altcoin reacted enthusiastically after Musk revealed that he is working with Dogecoin’s developers to improve the cryptocurrency’s efficiency. A few days earlier, he had released a Twitter poll asking whether Tesla should accept DOGE as a payment method. The markets were also cheered by Coinbase, confirming that it plans to list Dogecoin in the next six to eight weeks. All of this resulted in DOGE being one of the few gainers in a sea of red.

This wasn’t the only drama to face DOGE this week, with a number of “Dogecoin killers” bursting their way onto the scene. One of them was Shiba Inu, which surged dramatically after being listed by a number of high-profile exchanges.

Unfortunately, Shiba Inu’s bark turned out to be much worse than its bite. The coin’s website said 50% of token supply had been sent to Ethereum co-founder Vitalik Buterin as a “burn” gesture given how he was unlikely to use it. But in a shock twist, Buterin made full use of the uninvited donation — giving a large chunk of his SHIB tokens to a fund providing relief to India as it battles COVID-19. Prices have since collapsed.

Coinbase revenue triples in Q1 as exchange plans to add bank-like services

Fresh from listing on the Nasdaq, Coinbase released Q1 revenues on Thursday — and, as expected, the bull market helped the exchange secure a very healthy set of numbers.

Total revenues came in at $1.8 billion or $3.05 per share, slightly less than the $3.07 per share that analysts had been expecting. Nonetheless, this is three times higher than the $585 million generated in the preceding quarter.

Net profits also surged to $771 million, quadruple what was seen in Q4 and 24 times higher than the first quarter of 2020.

Coinbase stopped short of providing detailed guidance for future performance, warning: “It is important for investors to remember that our business is inherently unpredictable.”

Unfortunately, none of this translated into a boost for COIN’s share price, which has drifted closer and closer to the reference price of $250 seen when it made its debut in mid-April.

Veteran Wall Street analyst and New Constructs CEO David Trainer expects Coinbase’s stock to decline to $100 or even lower as increasing competition bites, warning, “The company is unlikely to meet the future profit expectations baked into the stock price.”

Winners and Losers

At the end of the week, Bitcoin is at $49,594.02, Ether at $4,028.01 and XRP at $1.40. The total market cap is at $2,329,213,762,738.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Shiba Inu, Polygon and Revain. The top three altcoin losers of the week are Dogecoin, Holo and Siacoin.

For more info on crypto prices, make sure you read Cointelegraph’s market analysis.

Most Memorable Quotations

“We see Web3 as the future of the internet, where everyone has ownership and control of their own content.”

Matthew Gould, Unstoppable Domains CEO

“We know that replacing Gold as a store of value will help the environment […] and shrinking big bank and coin usage will benefit society and the environment.”

Mark Cuban, billionaire investor

“These moments have historically been good buying opportunities as they indicate panic on the market.”

Whalemap

“The emergence of digital property rights, whether via Bitcoin or NFTs, is perhaps the greatest opportunity for financial inclusion for the bottom three billion frontier and emerging market consumers.”

Manuel Stotz, Kingsway CEO

“The world needs sound money far more than it needs your rockets & government-subsidized electric cars.”

Saifedean Ammous, Bitcoin Standard: The Decentralized Alternative to Central Banking author

“Coinbase will likely not be able to sustain blowout earnings going forward as competition enters the market.”

David Trainer, New Constructs CEO

“Long-term, I’m still very bullish on Bitcoin and don’t believe that this announcement will significantly impact price or adoption.”

Adrian Przelozny, Independent Reserve CEO

“Barring some black swan event, I don’t see this rally ends any time soon.”

Lex Moskovski, analyst

“DOGE is a fad, within a growing movement that is here to stay.”

Nick Spanos, Zap Protocol founder

“There are thousands of coins, and DOGE is in that category that really are useless. They’re just utility tokens that have no underlying value or use case, and they’ll eventually disappear.”

Mark Yusko, Morgan Creek Digital Management founder

Prediction of the Week

BTC could trade for $250,000 within five years: Morgan Creek Capital CEO

Although there has been a short-term shock for Bitcoin, there’s no shortage of optimism when it comes to the long-term forecast.

Just look at Morgan Creek’s Mark Yusko, who believes BTC has a strong chance of trading at $250,000 per coin by 2025.

His prediction is based on an assumption that Bitcoin will rival gold by “monetary value.”

Yusko’s appearance on CNBC did come with a sting in the tail for investors who prefer altcoins. He added: “There are thousands of coins, and DOGE is in that category that really are useless. They’re just utility tokens that have no underlying value or use case, and they’ll eventually disappear.”

FUD of the Week

Binance is reportedly under investigation by the IRS and the Justice Department

Binance is reportedly under investigation by both the United States’ Department of Justice and Internal Revenue Service.

According to Bloomberg, the two government agencies are looking into Binance Holdings Ltd. as part of an investigation into U.S. residents using cryptocurrencies for illegal transactions.

Officials are reportedly seeking information from Binance employees and customers, but not all their inquiries are necessarily tied to allegations of wrongdoing.

A Binance spokesperson said the company took their legal obligations “very seriously and engage with regulators and law enforcement in a collaborative fashion.”

The IRS will seize your crypto if you can’t pay back taxes

The U.S. Internal Revenue Service, or IRS, is prepared to seize the holdings of cryptocurrency owners who are struggling to pay their unpaid tax debts, sending a strong signal that the agency is treating digital assets the same as any other type of property that can be confiscated.

Robert Wearing, deputy associate chief counsel for the IRS, told a virtual conference held by the American Bar Association that the government classifies digital assets as property. As such, these assets may be confiscated to satisfy outstanding tax debt that hasn’t been repaid.

According to Bloomberg, he said: “The IRS will seize that property and will attempt to follow its usual procedures to sell it and use it to satisfy collection.”

BTC and other cryptocurrencies are classified as property from the perspective of U.S. federal tax law.

Turkish customs confiscates over 500 smuggled Bitcoin mining rigs

Turkish customs enforcements brought down a smuggling operation in what is said to be a record bust against illegal Bitcoin mining equipment in the country.

After receiving a tip, Turkey’s Customs Protection’s anti-smuggling and intelligence teams raided a warehouse earlier this week in İzmir, where they found 501 ASIC Bitcoin mining rigs in closed cardboard boxes.

Customs enforcement reported the estimated value of the seized equipment at $600,000. Four suspects were detained as part of the investigation.

Best Cointelegraph Features

I spy with my laser eye: A Twitter phenomenon to make Bitcoin mainstream?

An increasing number of high-profile celebrities have continued to adopt the “laser eye” meme on Twitter in recent months.

Quiet down, Elon: 5 crypto stories that didn’t need Musk’s Twitter antics to move markets

Yeah, yeah, we get it: Elon loves attention. Meanwhile, let’s take a look at five crypto news stories this month that didn’t require us to fawn over his influence…

When dollars meet the hype: The biggest NFT hits from celebrities

Nonfungible tokens continue to drive millions of dollars in sales. Here are the biggest NFT earners of 2021 so far.

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Source: https://cointelegraph.com/news/bitcoin-crisis-elon-musk-criticized-ether-thrives-dogecoin-survives-hodler-s-digest-may-9-15

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Elon Musk On Why Dogecoin is Superior to Bitcoin

Elon Musk On Why Dogecoin is Superior to Bitcoin

The Dogecoin saga with Elon Musk is one that continues giving. The market also seems to continually be swayed by the hot takes from the cryptocurrency community, and with Elon Musk responding to critics back to back, giving little to no room for critics to create misconceptions, it becomes easier to see where the Billionaire […]

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Elon Musk On Why Dogecoin is Superior to Bitcoin

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The Dogecoin saga with Elon Musk is one that continues giving. The market also seems to continually be swayed by the hot takes from the cryptocurrency community, and with Elon Musk responding to critics back to back, giving little to no room for critics to create misconceptions, it becomes easier to see where the Billionaire is coming from.

What his beliefs are, and what Cryptocurrency he finds promising and worthy of his support in the long term.

For Elon Musk, Doge has already won the battle

There have been questions poking at Musk’s decision to prioritize DOGE over Bitcoin. Top Bitcoin proponents are surprised by the fact that Musk is willing to dump the most valued cryptocurrency, with a fixed supply, for an altcoin like DOGE. We can see Anthony Pompliano mirroring the sentiments of other Bitcoiners in the trending tweet which reads:

“The richest guy in the world bought billions of dollars in the best performing asset in the world for the last decade but is now spending time trying to make an internet joke become more technically efficient. Unreal.”

However, Musk is not swayed by the unending criticism from the Bitcoin community. The unconventional Billionaire has stuck with his decision to build upon Dogecoin and transform it into what he believes the asset should be.

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However, beyond what Musk is preparing Dogecoin to become in the future, the Billionaire seems to be clear on the fact that Bitcoin is not a DOGE competitor, as far as network efficiency is concerned. Musk has just set the records straight on why he believes Bitcoin doesn’t come close to Doge at all, in terms of performance.

When one Twitter user wrote:

“Elon is choosing DOGE because Dogecoin is better than Bitcoin in many fundamental ways. Dogecoin has faster transaction speeds, lower fees, and less environmental impact than BTC. DOGE is affordable for regular folks because of its high supply.” 

Elon Musk responded in affirmation to the above claims that he chooses Doge for being a superior asset saying “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.”

It is clear that for Musk, Bitcoin’s structure is more important than the asset’s price value and adoption rate. Meanwhile, the free PR Doge continues to get from Musk has continued to pump the price of Doge as the asset, at press time, is one out of the few that has accumulated gains, to now hit a price of $0.512.

Elon Musk On Why Dogecoin is Superior to Bitcoin
DOGEUSD Chart By TradingView

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/elon-musk-on-why-dogecoin-is-superior-to-bitcoin/

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Blockchain

Tech Mogul Jack Dorsey Doubles Down on Bitcoin As BTC Faces Wave of Criticisms

Jack Dorsey, the CEO of Twitter and Square, is coming to Bitcoin’s defense after Elon Musk announced that Tesla will no longer accept BTC as payment. In a string of tweets, Musk tells his more than 50 million followers that Tesla is suspending Bitcoin payments, citing concerns over the flagship cryptocurrency’s harmful impact on the […]

The post Tech Mogul Jack Dorsey Doubles Down on Bitcoin As BTC Faces Wave of Criticisms appeared first on The Daily Hodl.

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Jack Dorsey, the CEO of Twitter and Square, is coming to Bitcoin’s defense after Elon Musk announced that Tesla will no longer accept BTC as payment.

In a string of tweets, Musk tells his more than 50 million followers that Tesla is suspending Bitcoin payments, citing concerns over the flagship cryptocurrency’s harmful impact on the environment.

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Musk’s changed stance on Bitcoin renews long-time concerns that the cryptocurrency is an energy hog. According to a report from the Cambridge Center for Alternative Finance, Bitcoin mining consumes more energy than small countries like Sweden.

Amid a wave of criticisms surging toward Bitcoin, Dorsey unveils his stance on the leading crypto asset by replying to a tweet by Square CFO Amrita Ahuja, which addresses concerns that the payment platform no longer plans to buy more BTC for its Bitcoin holdings currently worth over $400 million.

Dorsey says his firm will continue to help improve the Bitcoin network.

“Bitcoin changes *everything*…for the better.

And we will forever work to make bitcoin better.”

Square already committed $10 million for the Bitcoin Clean Energy Initiative to support companies that help drive the use of clean energy sources. In April, the firm released the paper “Bitcoin Is Key To An Abundant, Clean Energy Future,” which discusses how Bitcoin can encourage the transition to renewables.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/gyn9037

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://dailyhodl.com/2021/05/16/tech-mogul-jack-dorsey-doubles-down-on-bitcoin-as-btc-faces-wave-of-criticisms/

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