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Blockchain

Wednesday Watch: Should Corporate Treasurers Consider Bitcoin?

I can imagine a stream of more bullish news in the coming days.

The post Wednesday Watch: Should Corporate Treasurers Consider Bitcoin? appeared first on BitPinas.

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Good morning. After the Tesla price pump, the market turned to a frenzy. I can imagine a stream of more bullish news in the coming days.

Welcome to Wednesday Watch, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad. 

Market Price as of February 10, 2021:

Bitcoin $46,570 +0.57%
Ethereum $1,769.05 +1.03%
Tether $0.99 -1%
DOT $23.18 +0.35%
Cardano $0.70 +2.94%
SLP $0.031 +13.7%

Bitcoin closed February 9, 2021, at $46,570 per BTC. We’re up 31% in the last 7 days and up 60% since the year began. This is 3% below the previous all-time high of $48,025 which was hit on Feb 9. 2021.

Bitcoin’s market capitalization stands today at $866,567,008,739 which is 60% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,427,445,588,957 (+3.1%).

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Table of Contents.

Corporate

CNBC Host: Every Corporate Treasurer Should Be Thinking Bitcoin

“Every treasurer should be going to boards of directors and saying, ‘Should we put a small portion of our cash in bitcoin?’ It seems to be an interesting way to hedge against the rest of the environment,” Jim Cramer, CNBC host said.

“I think it’s an alternative to having a cash position where you make absolutely nothing,” Cramer said. The verdict on bitcoin: “Nice hedge against fiat currency.”

Ethereum

Ethereum Reaches $1,800, Passes $200B market cap

The latest gains could be attributed to expectations that Chicago Mercantile Exchange’s (CME) regulated ether futures would boost institutional participation. The CME futures contracts went live on Monday.

The bullish sentiment may have received a boost from the recent GameStop saga and turmoil in legacy markets underscoring what some say is a need for more democratization of finance. Ethereum’s blockchain dominates the decentralized finance (DeFi) space. (Omkar Godbole, Coindesk)

Bitcoin

MicroStrategy CEO Launches Free Crypto Course

Grayscale

Grayscale Says ETH is Money, Commodity, and Interest-Bearing Asset

  • In the report titled “Valuing Ethereum” Grayscale cites the digital asset’s necessity as payment for transactions like smart contract deployment and trade execution as akin to money.
  • As a consumable commodity: The necessity to use the cryptocurrency in order to change the blockchain’s state demonstrates the choice to use the word “gas” to denominate transaction fees was not a mistake. A person must pay to use the network.
  • As an interest bearing asset: Grayscale is pointing to the cryptocurrency’s use in the much-anticipated Ethereum 2.0 upgrade, which allows users to stake the digital asset to secure the network in exchange for an ETH-based reward.

(By Owen Fernau, The Defiant)

What else is happening

  • DeFi platform Yearn moves to restore exploited ‘vault’ less than a week after $11 million loss
  • As Tesla Shareholders, JP Morgan and Goldman Sachs Are Now Exposed to Bitcoin
  • DeFi wars heat up as Curve Finance TVL hits $3.99B, surpassing Uniswap

This article is published on BitPinas: Tuesday Trades: Elon Musk’s Tesla Invests $1.5 B in Bitcoin

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Source: https://bitpinas.com/price-analysis/wednesday-watch-should-corporate-treasurers-consider-bitcoin/

Blockchain

Meet Blockchain Pioneer Dr. Scott Stornetta

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September 27-28, 2021/ Washington DC. The GBA, along with an assembly of blockchain associations, will present Blockchain & Infrastructure. During the recent Infrastructure legislation debate, one thing became crystal clear: policymakers need to have a solid understanding of blockchain and cryptocurrency if they are going to regulate it. And who better to teach the history of blockchain than Dr. Scott Stornetta? The works of the Doctor and his colleague, cryptographer Stuart Haber, were referenced three times in Satoshi Nakamoto’s 2009 bitcoin whitepaper. One could argue that Stornetta taught Satoshi how to blockchain. Trained as a theoretical physicist, Stornetta has been surmised to be Satoshi himself, which Dr. Stornetta denied from a GBA stage in Japanese, which he speaks. This exceptional man will be one of the instructors at Blockchain & Infrastructure, 9/27-28/2021, conducted live in Washington DC and virtually around the world.

On Tuesday evening, September 28, GBA will host a catered reception at the Whittemore House in Washington DC. During this reception, Working Groups will gather in the various Parlor Rooms for targeted conversations on Healthcare, Voting, Regulations, FinTech, and more. Wander through the splendid mansion, steeped in history, and meet Dr. Scott Stornetta. Mingle with legislators, embassy personnel, and innovators, who are putting this technology into play. The Blockchain & Infrastructure Evening Reception is one Soirée not to miss for anyone who is interested in learning, contributing to, and influencing the trajectory of blockchain and cryptocurrency around the world. All participants may opt into a conference networking app for ongoing connection, communication, and collaboration.

Event details are at www.governmentblockchainfoundation.org

Source:Plato Data Intelligence

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Blockchain

For the love of the loot: Blockchain, the metaverse and gaming’s blind spot

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The speed at which gaming has proliferated is matched only by the pace of new buzzwords inundating the ecosystem. Marketers and decision makers, already suffering from FOMO about opportunities within gaming, have latched onto buzzy trends like the applications of blockchain in gaming and the “metaverse” in an effort to get ahead of the trend rather than constantly play catch-up.

The allure is obvious, as the relationship between the blockchain, metaverse, and gaming makes sense. Gaming has always been on the forefront of digital ownership (one can credit gaming platform Steam for normalizing the concept for games, and arguably other media such as movies), and most agreed upon visions of the metaverse rely upon virtual environments common in games with decentralized digital ownership.

Whatever your opinion of either, I believe they both have an interrelated future in gaming. However, the success or relevance of either of these buzzy topics is dependent upon a crucial step that is being skipped at this point.

Let’s start with the example of blockchain and, more specifically, NFTs. Collecting items of varying rarities and often random distribution form some of the core “loops” in many games (i.e. kill monster, get better weapon, kill tougher monster, get even better weapon, etc.), and collecting “skins” (e.g. different outfits/permutation of game character) is one of the most embraced paradigms of micro-transactions in games.

The way NFTs are currently being discussed in relation to gaming are very much in danger of falling into this very trap: Killing the core gameplay loop via a financial fast track.

Now, NFTs are positioned to be a natural fit with various rare items having permanent, trackable, and open value. Recent releases such as “Loot (for Adventurers)” have introduced a novel approach wherein the NFTs are simply descriptions of fantasy-inspired gear and offered in a way that other creators can use them as tools to build worlds around. It’s not hard to imagine a game built around NFT items, à la Loot.

But that’s been done before… kind of. Developers of games with a “loot loop” like the one described above have long had a problem with “farmers”, who acquire game currencies and items to sell to players for real money, against the terms of service of the game. The solution was to implement in-game “auction houses” where players could instead use real money to purchase items from one another.

Unfortunately, this had an unwanted side-effect. As noted by renowned game psychologist Jamie Madigan, our brains are evolved to pay special attention to rewards that are both unexpected and beneficial. When much of the joy in some games comes from an unexpected or randomized reward, being able to easily acquire a known reward with real money robbed the game of what made it fun.

The way NFTs are currently being discussed in relation to gaming are very much in danger of falling into this very trap: Killing the core gameplay loop via a financial fast track. The most extreme examples of this phenomena commit the biggest cardinal sin in gaming — a game that is “pay to win,” where a player with a big bankroll can acquire a material advantage in a competitive game.

Blockchain games such as Axie Infinity have rapidly increased enthusiasm around the concept of “play to earn,” where players can potentially earn money by selling tokenized resources or characters earned within a blockchain game environment. If this sounds like a scenario that can come dangerously close to “pay to win,” that’s because it is.

What is less clear is whether it matters in this context. Does anyone care enough about the core game itself rather than the potential market value of NFTs or earning potential through playing? More fundamentally, if real-world earnings are the point, is it truly a game or just a gamified micro-economy, where “farming” as described above is not an illicit activity, but rather the core game mechanic?

The technology culture around blockchain has elevated solving for very hard problems that very few people care about. The solution (like many problems in tech) involves reevaluation from a more humanist approach. In the case of gaming, there are some fundamental gameplay and game psychology issues to be tackled before these technologies can gain mainstream traction.

We can turn to the metaverse for a related example. Even if you aren’t particularly interested in gaming, you’ve almost certainly heard of the concept after Mark Zuckerberg staked the future of Facebook upon it. For all the excitement, the fundamental issue is that it simply doesn’t exist, and the closest analogs are massive digital game spaces (such as Fortnite) or sandboxes (such as Roblox). Yet, many brands and marketers who haven’t really done the work to understand gaming are trying to fast-track to an opportunity that isn’t likely to materialize for a long time.

Gaming can be seen as the training wheels for the metaverse — the ways we communicate within, navigate, and think about virtual spaces are all based upon mechanics and systems with foundations in gaming. I’d go so far as to predict the first adopters of any “metaverse” will indeed be gamers who have honed these skills and find themselves comfortable within virtual environments.

By now, you might be seeing a pattern: We’re far more interested in the “future” applications of gaming without having much of a perspective on the “now” of gaming. Game scholarship has proliferated since the early aughts due to a recognition of how games were influencing thought in fields ranging from sociology to medicine, and yet the business world hasn’t paid it much attention until recently.

The result is that marketers and decision makers are doing what they do best (chasing the next big thing) without the usual history of why said thing should be big, or what to do with it when they get there. The growth of gaming has yielded an immense opportunity, but the sophistication of the conversations around these possibilities remains stunted, due in part to our misdirected attention.

There is no “pay to win” fast track out of this blind spot. We have to put in the work to win.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://techcrunch.com/2021/09/16/for-the-love-of-the-loot-blockchain-the-metaverse-and-gamings-blind-spot/

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Blockchain

Crypto’s networked collaboration will drive Web 3.0

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Web 1.0 was the static web, and Web 2.0 is the social web, but Web 3.0 will be the decentralized web. It will move us from a world in which communities contribute but don’t own or profit, to one where they can through collaboration.

By breaking away from traditional business models centered around benefiting large corporations, Web3 brings the possibility of community-centered economies of scale. This collaborative spirit and its associated incentive mechanisms are attracting some of the most talented and ambitious developers today, unlocking projects that were previously not possible.

Web3 might not be the final answer, but it’s the current iteration, and innovation isn’t always obvious in the beginning.

Web3, as Ki Chong Tran once said, is “The next major iteration of the internet, which promises to wrest control from the centralized corporations that today dominate the web.” Web3-enabled collaboration is made possible by decentralized networks that no single entity controls.

In closed-source business models, users trust a business to manage funds and execute services. With open source projects, users trust the technology to perform these tasks. In Web2, the bigger network wins. In Web3, whoever builds the biggest network together wins.

In a decentralized world, not only is participation open to all, the incentive structure is designed so that the greater the number of participants, the more everybody succeeds.

Learning from Linux

Linux, which is behind a majority of Web2’s websites, changed the paradigm for how the internet was developed and provides a clear example of how collaborative processes can drive the future of technology. Linux wasn’t developed by an incumbent tech giant, but by a group of volunteer programmers who used networked collaboration, which is when people freely share information without central control.

In “The Cathedral & The Bazaar,” author Eric S. Raymond shares his observations of the Linux kernel development process and his experiences managing open source projects. Raymond depicts a time when the popular mindset was to develop complex operating systems carefully coordinated by a small, exclusionary group of people — “cathedrals,” which are corporations and financial institutions.

Linux evolved in a completely different way. Raymond explains, “Quality was maintained not by rigid standards or autocracy, but by the naively simple strategy of releasing every week and getting feedback from hundreds of users within days, creating a sort of Darwinian selection on the mutations introduced by developers. To the amazement of almost everyone, this worked quite well.” This Linux development model, or “bazaar” model as Raymond puts it, assumes that “bugs are generally shallow phenomena” when exposed to an army of hackers without significant coordination.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://techcrunch.com/2021/09/16/cryptos-networked-collaboration-will-drive-web-3-0/

Continue Reading

Blockchain

Crypto’s networked collaboration will drive Web 3.0

Published

on

Web 1.0 was the static web, and Web 2.0 is the social web, but Web 3.0 will be the decentralized web. It will move us from a world in which communities contribute but don’t own or profit, to one where they can through collaboration.

By breaking away from traditional business models centered around benefiting large corporations, Web3 brings the possibility of community-centered economies of scale. This collaborative spirit and its associated incentive mechanisms are attracting some of the most talented and ambitious developers today, unlocking projects that were previously not possible.

Web3 might not be the final answer, but it’s the current iteration, and innovation isn’t always obvious in the beginning.

Web3, as Ki Chong Tran once said, is “The next major iteration of the internet, which promises to wrest control from the centralized corporations that today dominate the web.” Web3-enabled collaboration is made possible by decentralized networks that no single entity controls.

In closed-source business models, users trust a business to manage funds and execute services. With open source projects, users trust the technology to perform these tasks. In Web2, the bigger network wins. In Web3, whoever builds the biggest network together wins.

In a decentralized world, not only is participation open to all, the incentive structure is designed so that the greater the number of participants, the more everybody succeeds.

Learning from Linux

Linux, which is behind a majority of Web2’s websites, changed the paradigm for how the internet was developed and provides a clear example of how collaborative processes can drive the future of technology. Linux wasn’t developed by an incumbent tech giant, but by a group of volunteer programmers who used networked collaboration, which is when people freely share information without central control.

In “The Cathedral & The Bazaar,” author Eric S. Raymond shares his observations of the Linux kernel development process and his experiences managing open source projects. Raymond depicts a time when the popular mindset was to develop complex operating systems carefully coordinated by a small, exclusionary group of people — “cathedrals,” which are corporations and financial institutions.

Linux evolved in a completely different way. Raymond explains, “Quality was maintained not by rigid standards or autocracy, but by the naively simple strategy of releasing every week and getting feedback from hundreds of users within days, creating a sort of Darwinian selection on the mutations introduced by developers. To the amazement of almost everyone, this worked quite well.” This Linux development model, or “bazaar” model as Raymond puts it, assumes that “bugs are generally shallow phenomena” when exposed to an army of hackers without significant coordination.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://techcrunch.com/2021/09/16/cryptos-networked-collaboration-will-drive-web-3-0/

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