Billionaire Mike Novogratz Allegedly Thinks Cardano ($ADA) Is a ‘Weird Cult’

According to Zack Guzman, senior writer and anchor at Yahoo Finance, billionaire Mike Novogratz had some negative things to say about Cardano during a recent conversation he had with the Founder and CEO of Galaxy Digital.

Guzman said on Saturday (June 12) that Novogratz said that he was shocked by Cardano’s valuation and called it a “weird cult”.

Well, naturally, Charles Hoskinson, Co-Founder and CEO of IOHK, was not amused by Novogratz’s alleged comments about Cardano, and so earlier today he tweeted this response to Novogratz:

Let me translate the billionaire speak for you guys. He’s saying that he doesn’t see a backdoor to get in at a favorable price or manipulate the market like the rest of the VC coins. Somehow fair, transparent, community led cryptocurrencies are “cults” I’ll remember that Mike

According to data by CryptoCompare, currently (as of 17:57 UTC on June 13), $ADA is trading around $1.470, up 0.14% in the past 24-hour period and up 612.90% so far in 2021.

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.

DJ David Guetta Accepting Bitcoin and Ethereum for His $14M Miami Apartment

World-renowned French DJ, music producer, and song-writer David Guetta is selling his $14 million Miami Beach condo.

According to a report by Mansion Global, in June 2018, Guetta paid around $9.5 million for the 2,521-square-foot three-bedroom, three-bathroom condominium, which is on the 37th floor of the Setai Hotel and Residences in Miami and which used to belong to New York real-estate billionaire Richard LeFrak. The luxury apartment comes with comes with “access to the amenities of an on-site hotel, including three oceanfront swimming pools, a spa, lavish gardens and a fitness center.”

Guetta is selling this apartment with the help of Miami-based broker associate Freud Group (which operates under South Beach Estates Brokerage), “a well known player for South Beach Art Deco transactions, as well as luxury new constructions in Edgewater and Brickell.”

Per their listing page, the seller will be “accepting Crypto Currencies for this transaction! (Bitcoin and Ethereum).”

As Cointelegraph pointed out in a report published on May 7, Arte Surfside, “a one-of-a-kind collection of 16 oceanfront Miami Beach luxury condos” in Surfside (a town in Miami-Dade County, Florida) has started “accepting cryptocurrency as a form of payment for its remaining luxury residences — including the Villa Nove penthouse, currently listed for $38 million.”

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.

Ethereum and Polkadot Co-Founder Gavin Wood on the Kusama ($KSM) Parachain Auctions

Last week, British computer scientist Dr. Gavin Wood, co-founder of Ethereum ($ETH), Polkadot ($DOT), and Kusama ($KSM), talked about the upcoming rollout of Kusama’s parachain auctions.

Here is how Wood started introducing Kusama in September 2019 at a presentation he gave at DOTCon0.5:

  • Kusama is what we have termed a ‘canary network’, a testnet that has real value on it, or it is an early audited dry run of the mainnet.
  • Part of what Kusama is meant to do is reduce my stress levels when Polkadot is launched by giving me confidence that it won’t instantly f*** up.

He then went on to present a slide that gave more details on what Kusama is:

  • A dry run to test and ensure the economic security of Polkadot mainnet in a realistic, non contrived manner.
  • A developer network to prepare validators, parachain teams, and ecosystem tool builders.
  • Long-term, a Polkadot ‘litecoin’ testbed for new and risky protocols and runtime ideas.

In an article published last Tuesday (June 8), Wood started by giving an update on the current state of Kusama:

Barely a week ago, the Kusama network made history by becoming the first fully-decentralised, secure heterogeneously-sharded blockchain, made possible by using technology developed for Polkadot. While SR Labs (Parity’s chosen external auditor) has been conducting the external audit of this logic, Kusama has gone “where no canary has gone before” and deployed this code in an effort to minimise the chances of there being any nasty surprises waiting for Polkadot’s deployment.

The first live parachain, Shell, went online a little over two weeks ago and has been running very smoothly. However, as its name might suggest, Shell was but a hollow vessel that did nothing but wait to be upgraded into something rich and functional. Like a butterfly springing from its chrysalis, this Shell parachain was upgraded to Statemine last week, Kusama’s equivalent of the Polkadot’s Statemint common-good parachain.

Wood then explained the concept of “parachain slot auctions” and gave the technical team’s recommended rollout schedule (worth noting that “the Kusama council and assembled KSM stakeholders make the final decision over anything that happens on the Kusama network”):

“In order to create that community, Kusama has the concept of Parachain Slot Auctions — a market-efficient way of selecting which parachains will be added to the Kusama Relay-chain and have their functionality become a part of the Kusama network. Teams that have the confidence and backing of the KSM-holding community will be prioritised with a side-effect of ensuring that the most KSM is locked up for as long as possible. (The same functionality also exists in Polkadot, making Kusama be a useful canary for several new features)…

On the same day that Wood published this article, crypto exchange Kraken announced that “it will support Parachain Auctions in time for the first rounds taking place on Kusama.”

Here is what Kraken’s press release said about Kusama’s parachain slot auctions:

Parachain Auctions are an innovative new mechanism that allows projects to compete for slots on Kusama’s Relay Chain, enabling token projects to launch on their own individual layer-1 blockchain but with their security rooted into Kusama’s ecosystem. Parachain Auctions are set to launch on Polkadot sometime later this year.

In a Parachain Auction, KSM holders effectively vote for the project they want to succeed by locking their KSM on the Kusama network. The projects with the most KSM locked on their behalf will generally win a Parachain slot for up to 48 weeks. Once the lockup period is over, holders also get their contributed KSM back.

It then went on to say that Kraken’s clients (“excluding those in select jurisdictions”) would be able to participate in these parachain auctions.

Jeremy Welch, Kraken’s Chief Product Officer, had this to say:

Kraken is not just an exchange: it’s a platform that enables clients to seamlessly and securely participate in a whole range of cryptocurrency-related activities. Parachain Auctions open up a whole new vista for cryptocurrency holders so they can back projects that will likely make substantive changes to various aspects of our lives. Kraken is proud to support these activities, as our role is to be a key infrastructure provider for the space.

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.

IMAGE CREDIT

Photo From Gavin Wood’s Talk on Kusama at DOTCon0.5 in September 2019

Binance Is Launching a Decentralized NFT Platform

Binance has announced that it will soon be launching “a non-custodial, on-chain platform to facilitate the full lifecycle of NFTs for creators, brands and their fans.” The new platform is called “Featured by Binance.”

According to the CEO of Featured by Binance, at launch, the platform will focus on helping Binance’s brand partners “launch NFT assets with strong unique narratives, a marketplace to trade those assets, and creator tools to mint, sell and showcase their NFT creations.”

Here is what Binance has to say about the current state of the NFT market:

It’s interesting to observe that the hype was driven in equal parts by creators/fans embracing this newfangled technology, and on the flip side, mainstream media who is desperately trying to understand why anyone would spend meaningful money on easily replicable digital assets. 

In any case, the NFT hype peaked in early May 2021 and has since settled back down to less frothy levels. Even then, NFT transaction volumes are an order of magnitude higher than before, when hardly anybody knew what NFTs were. I’ll take 10x growth in three months any day…

We believe that the next evolution of digital goods will be on the blockchain and NFTs are the first step towards that transformation.

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.

$ETH, $XRP, and $ADA Investment Products Saw Highest Inflows for Week Ending June 4

The most recent report (released on June 7) from CoinShares, Europe’s largest digital asset investment firm, although there has been a turn in investment sentiment since May, investment products for Ethereum, XRP, and Cardano are still seeing net inflows.

The report said:

Digital asset investment products saw outflows totalling US$94m last week. Sentiment last week was more mixed with only one product provider seeing significant outflows while the rest saw inflows. Despite the net outflows we believe it implies an early turn in sentiment since May, where most product providers were seeing net outflows and sentiment was broadly negative.

The negative sentiment was again focussed on Bitcoin which saw outflows totalling US$141m, marking the largest single week of outflows on record. The outflows represent 8.3% of the net inflows seen this year and remain minimal on relative terms to the outflows seen in early 2018.

Ethereum continues to see inflows into investment products totalling US$33m, remaining the altcoin of choice for investors. XRP saw inflows totalling US$7m, the largest since April, while both Cardano and multi-asset products saw inflows of US$4.5m and US$2.7m respectively.

Digital asset investment product trading volumes highlight investors remain cautious in Bitcoin with weekly volumes having fallen 62% compared to last month. This has also been reflected in the broader Bitcoin ecosystem where volumes on trusted exchanges have fallen 50%.

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.

IMAGE CREDIT

Photo by “WorldSpectrum” via Pixabay

“Cardano’s ‘Green’ Blockchain Technology Leads the Industry,” Says EMURGO

On June 10, blockchain technology company EMURGO explained how the Proof-of-Stake (Pos) consensus used by Cardano ($ADA) provides a “more energy-efficient alternative for users and enterprises” than the Proof-of-Work (PoW) consensus used most notably by Bitcoin.

In its blog post, EMURGO, which has developed Yoroi wallet for Cardano, started by pointing out how energy-hungry Bitcoin’s PoW algorithm is:

As the Bitcoin price climbs, more people enter the mining race to profit from it. Now, as the number of miners rises, the network needs a way to balance the influx and make sure conditions remain stable. To do it, Bitcoin’s PoW algorithm has something called the mining difficulty. As it becomes more difficult, miners have to complete more difficult calculations to get their Bitcoin rewards…

These harder calculations demand more powerful hardware and a greater quantity of it to complete. In turn, more demanding machinery uses a lot more electricity. As we can see from the chart above, Bitcoin’s difficulty has kept climbing steadily over the years. Even more electric power will have to be used in the future to keep the Bitcoin network secure. Nowadays, Bitcoin uses approximately 121 Terawatt hours of electricity.

It then went on to list the main two advantages of PoS consensus over PoW consensus:

  • The hardware requirements to become a validator in PoS are far cheaper than becoming a miner in PoW.
  • The modest hardware requirements in PoS consume 1,900 kWh annually. A far cry from the demanding electric consumption required by PoW mining farms.

EMURGO argues that PoS, as used by Cardano, is “more sustainable because the hardware investment is much lower, and the electricity consumption is considerably lower than PoW,” noting that “a full PoS blockchain can be completely secured using 1/10 or even less of the electric power a PoW equivalent.”

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.

Chamber of Digital Commerce President on Putting Bitcoin into Retirement Accounts

On Friday (June 11), Perianne Boring, the founder and president of the Chamber of Digital Commerce, talked about the importance of Bitcoin for tax-deferred and tax-exempt retirement accounts. 401(k) and Roth 401(k) plans are popular examples of these two types of retirements accounts in the U.S.

The Chamber of Digital Commerce is “the world’s leading trade association representing the digital asset and blockchain industry.” Its mission is “to promote the acceptance and use of digital assets and blockchain-based technologies.”

As Coindesk reported on Thursday (June 10), “clients of 401(k) provider ForUsAll will be able to invest part of their retirement plans in cryptocurrency as a result of a new partnership with Coinbase.” The report, which used an article by “The Wall Street Journal”, went on to say that “workers in plans administered by ForUsAll will have the option to invest up to 5% of their contributions in crypto,” with Coinbase managing “trading and custody of the crypto through its institutional unit.”

And this is why the Chamber of Digital Commerce President was invited to appear on American business news channel “Fox Business” for an interview on “Mornings with Maria” (which features anchor Maria Bartiromo).

When Bartiromo asked her what she thinks about the idea of U.S. tax payers putting Bitcoin into their 401(k) plans, Boring replied:

Well, this is important for two reasons.

The first is that the retirement account market is roughly $22 trillion. We’re talking about a very large market, and historically financial advisory firms, most financial advisory firms, not all but most, have not allowed their clients to invest directly in cryptocurrencies, and further the SEC also has not approved any cryptocurrency exchange-traded products.

This is a key partnership that starts to open that door into that $22 trillion market, but the reason why this is really important is because of the current state of our economy. We are at historic levels of inflation. Where do hard-working Americans go today to save for their futures? if you leave it in in your bank account, you know you’re gonna have five percent less — inflation is a hidden tax. Bitcoin has been the best-performing asset ten out of the past twelve years. It averages a 200% return over the past ten years.

Jay Powell, the chairman of the Fed, has likened Bitcoin to gold multiple times over congressional testimonies. This is about people who are saving for their futures, saving to buy their first home, saving to put their children through college. This is an alternative store value and it’s working.

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.

$157 Billion Asset Manager Announces Plans to Enter Crypto Market

Victory Capital, an investment management firm with over $157 billion in assets under management, has announced its plans to enter the cryptocurrency market with the launch of a private fund.

According to an announcement the firm published, the private fund comes after it signed an exclusive agreement with Nasdaq and crypto-focused asset manager Hashdex and will t be the exclusive sponsor of private placement funds and other vehicles for U.S. investors based on the Nasdaq Crypto Index (NCI), a multi-coin crypto index.

The private fund will be available for accredited investors and will track the NCI. The firm will also offer private funds tracking the Nasdaq Bitcoin Reference Price Index and the Nasdaq Ethereum Price Index. The firm’s President Mannik Dhillon was quoted saying:

We continually strive to provide our clients with the forward-thinking choices they want and believe cryptocurrency is a viable asset class that can be part of a well-diversified portfolio.

Victory Capital’s move into the cryptocurrency space comes at a time in which institutional investment has been seemingly picking up for some cryptocurrencies. Institutional demand for Ethereum kept on rising last month, with products giving investors exposure to ETH now representing more than a quarter of the total assets under management (AUM) of cryptocurrency investment products.

Despite ETH’s recent inflows of $147.9 million, bitcoin products still dominate year-to-date inflows with nearly $4.4 billion, compared to Ether’s $973 million. Bitcoin’s outflows may be associated with environmental concerns raised by Tesla CEO Elon Musk, who said the electric car maker would stop accepting BTC payments over its carbon footprint.

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.

IMAGE CREDIT
Featured image via Pixabay

Crypto Analyst Explains Why He Is Excited About These 5 Micro Cap ‘Atcoin Gems’

Recently, crypto analyst Aaron Arnold, Co-Founder and host of the “Altcoin Daily” YouTube channel, looked at five cryptoassets that have “moon potential” this month.

Mina Protocol ($MINA)

The team behind Mina Protocol says that it is “a layer one protocol designed to deliver on the original promise of blockchain — true decentralization, scale and security.” Mina tries to achieve this “true decentralization” by “replacing the blockchain with an easily verifiable, consistent-sized cryptographic proof.”

Here are some more details:

Mina dramatically reduces the amount of data each user needs to download. Instead of verifying the entire chain from the beginning of time, participants fully verify the network and transactions using recursive zero knowledge proofs (or zk-SNARKs). Nodes can then store the small proof, as opposed to the entire chain. And because it’s a consistent size, Mina stays accessible — even as it scales to many users and accumulates years of transaction data.

Arnold says:

Their blockchain will stay 22 kilobytes forever… More than that, every user acts as a full node so decentralization and permissionlessness is important to them.

TronPad ($TRONPAD)

The TronPad team says that they have “the only IDO platform built on and partnered with the Tron Network.” Below, they explain what is special about their platform:

One of the fundamental flaws of existing launchpads is acquiring enough tokens to participate in the ecosystem can be prohibitive. This can be based on a first come first serve basis where automated bots can fill the whitelist spots in a matter of seconds. TronPad addresses this issue and is designed for fair decentralized launches.

The hallmark of TronPad is a two-round system, consisting of an open public lottery with no requirement for holding tokens, a participation lottery for lower levels and guaranteed allocation for higher levels. Any of the allocation that is not bought in time is then offered on a ‘first come first served’ basis.

Olympus ($OHM)

Olympus is “a decentralized reserve currency protocol” that “utilizes Treasury Reserves to enable long-term price consistency and scarcity within an infinite supply system.”

Olympus is:

  • backed by assets (“Every OHM is backed by DAI and OHM-DAI LP in the treasury. This intrinsic value cannot be diluted, providing a fundamental check on inflation.”)
  • algorithmically managed (“Olympus has an adjustable policy state, allowing the DAO to adjust parameters and algorithmically optimize for stability or growth.”)
  • community-governed (“Olympus is a DAO first project actively working toward complete distribution of the system to the community.”)

Fear Coin ($FEAR)

Fear is an Ethereum-powered “created by Netcreeper Media Limited which has been involved in the game publishing and development industry for 20 years.” Fear NFTs are “game skins, map expansion packs, and game items like weapons.” The FEAR utility token “offers loyalty incentives, but the game is accessible even with fiat.”

Arnold says:

You can see tons of YouTubers with millions and millions of views and millions and millions of followers playing their original game called Whack It… So, they already have this successful game that tons of people play and tons of people stream and now they’re basically integrating NFTs and gaming with Fear.

Virtue Poker ($VPP)

Virtue Poker is “a decentralized poker platform that uses the Ethereum blockchain and peer-to-peer networking to provide an online poker site that’s safe, honest and fun.” Its backers include ConsenSys, Pantera, and DFG.

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.

IMAGE CREDIT

Photo by “FlitsArt” via Pixabay

Why One of the World’s Largest Custodian Banks Is Creating a Crypto Division

On Thursday (June 10), Ronald P. O’Hanley, chairman and CEO of Street Street Corporation, one of the world’s largest custodian banks, explained why his firm is creating a digital finance division.

229-year-old State Street, which is headquartered in Boston, is one of the largest asset management firms in the world, and is ranked as the second largest global custodian (with $21.35 trillion in assets under custody) according to Institutional Investor.

Yesterday (June 10), CNBC reported that State Street is creating a division called “State Street Digital” that is “dedicated to digital finance, which will comprise cryptocurrency, central bank digital currency, blockchain technology and tokenization”. This will be “integrated with its proprietary electronic trading platform, which the bank plans to develop into one that can support crypto assets as well as other asset classes”.

The State Street CEO said in a statement:

We see digital assets as one of the most significant forces impacting our industry over the next five years… Digital assets are quickly becoming integrated into the existing framework of financial services, and it is critical we have the tools in place to provide our clients with solutions for both their traditional investment needs as well as their increased digital needs.

The CNBC report says that “Nadine Chakar, head of global markets at State Street, will lead the division and report to chief operating officer Lou Maiuri”.

BNY Mellon, which is the oldest bank in the U.S. and the world’s largest custodian bank, announced on February 11 “the formation of a new enterprise Digital Assets unit that will accelerate the development of solutions and capabilities to help clients address growing and evolving needs related to the growth of digital assets, including cryptocurrencies”.

Its press release went on to say that a “cross-functional, cross-business team, which will be led by Mike Demissie, head of Advanced Solutions at BNY Mellon, is currently developing a client-facing prototype that is designed to be the industry’s first multi-asset digital custody and administration platform for traditional and digital assets”.

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.

IMAGE CREDIT

Photo by “Donbrandon” via Pixabay