Day: May 9, 2021
Bitcoin Moves Sideways, But Looks Set For A Moon Week
Bitcoin re-tested resistance on its way up to $60,000 and was pushed back to support. At the time of writing, BTC trades at $57,500 with sideway movement in the lower and higher timeframes.
Anonymous trader IncomeSharks has set support at $53,000 with $59,000 as an initial price target which BTC managed to reach. However, selling pressure on that mark appears high with a lot of retail investors still driving the price action.
In the coming days, trader Pentoshi expects BTC’s price to gain enough momentum to break resistance to the detriment of altcoins. As the trader stated, Bitcoin’s dominance could recover in the short term, after dropping below 50%:
I think $BTC is going to break out in a big way this next week. 90 Day range PoC is confluence with all 4hr ema’s both acting as support. Last thing I want to do is be over-exposed on this move.
Analyst Willy Woo shares the same thesis and predicts a migration of capital from altcoins into BTC soon. As shown below, BTC’s dominance has entered a zone of “high probability” for a trend reversal, as Woo claimed.
Many investors wonder if BTC has reached a local top, as it did in January 2018 when a 3-year bear market began. However, Woo believes this cycle has different indicators with a lot of BTC switching from short-term investors to “strong holders”.
As seen above, in 2017 BTC had a parabolic run, and the number of coins held by short-term investors grew. The opposite has occurred in this bull run. As BTC’s price rises, the percentage of its supply going into long-term holders increases in an “unprecedented” fashion. Woo added:
No way are we entering a bear market. That’s obvious this week from price action, but not so obvious 2 weeks ago when the sky was falling. Coins moving to corporate treasuries likely making an impact.
Bitcoin’s Fundamental Support Bullish Sentiment
Several BTC indicators point towards price appreciation. Analyst William Clement indicated that Bitcoin’s supply held by entities with 100-1,000 BTC shows similarities with a period of consolidation during January.
At this time, the metric registered almost no oscillation until it increased. This coincided with BTC’s price gaining momentum and reaching new all-time highs. As seen below, the chart appears to be similar.
During April, the derivatives market for BTC saw high variations in the funding rate across all exchange platforms. In contrast, May has been more stable more for this sector with funding rates belove 0.05% which suggests a “healthier” price action.
One Sleeping Giant Ready for 7x Rally, Says Prominent Crypto Trader
High-profile crypto trader and crypto strategist Kaleo is preparing for one mid-cap altcoin to surge by over 600%.
In a series of tweets, the pseudonymous analyst charts a bullish path ahead for scalable blockchain network Tron (TRX).
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Kaleo says that Tron is prepared to resume a breakout in its Bitcoin pair (TRX/BTC) after getting rejected at 0.0000029.
“TRX/BTC. Rejected at the April high, I’m still betting we see a sharp recovery and a push back to the upper diagonal resistance.”
Kaleo adds that the asset appears to have bottomed out on the USD chart, revealing to his 271,000 followers that he added to his position after TRX retested diagonal support of $0.146.
“I just added heavily to TRX on the retest. No guts, no glory.”
As for his TRX top prediction, Kaleo believes the asset will at least reach the $1.00 level, which would represent a 7x surge from its current price of around $0.144.
The two other altcoins the analyst is keeping his eye on are meme coin Dogecoin (DOGE) and scaling solution OMG Network (OMG).
Kaleo is confident that DOGE will live up to its hype and surpass the $1 mark in the next few days.
“DOGE/Dogecoin. I’m not saying I gave you the exact road map for what was about to happen several days ago, but I gave you the exact road map for what’s happened so far several days ago.”
OMG, which has been on a tear as of late, growing in price by over 80% in the past two weeks, is set to skyrocket after soaring past the $10 mark, asserts Kaleo. The analyst believes the asset now has the potential to revisit its all-time high of $28.35.
“OMG A clean break above the current range highs should open up a clear path to $20+ w/ an upside of the January 2018 all-time high.”
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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.
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Binance CEO says volatility ‘is not unique to crypto’: Data shows it’s Bitcoin’s jet fuel
During an interview with Bloomberg TV on May 3, Binance CEO Changpeng Zhao suggested that Bitcoin (BTC) “is probably less volatile” than the stock prices of Apple (AAPL) and Tesla (TSLA).
Zhao argued that crypto’s volatility was not unlike the stock market, adding: that “volatility is everywhere” and that “it is not unique to crypto.”
However, those involved in cryptocurrency trading probably know that cryptocurrency prices fluctuate a lot more than listed trillion-dollar companies. This begs one to question whether or not Zhao is detecting a trend that some may have missed?
The first obvious reading from the chart above is that both Bitcoin and Tesla share different volatility levels when compared to trillion-dollar stocks like Apple and Amazon.
Moreover, stocks seem to have experienced a 60-day volatility peak in November 2020, while Bitcoin was relatively calm.
Tesla is an exception rather than the norm
Another thing to consider is that Tesla’s market capitalization is $633 billion, and it has yet to post a quarterly net income above $500 million. Meanwhile, every single top-20 global company is incredibly profitable. These include Microsoft (MSFT), Google (GOOG), Facebook (FB), Saudi Aramco (ARAMCO.AB), Alibaba (BABA), and TSM Semiconductor (TSM).
The list above shows the top-12 and bottom-12 most volatile stocks to show how Tesla’s (TSLA) price swings are far off the average of other $200 billion market cap companies. The volatility seen in cryptocurrencies has been the norm, given that there is a lack of earnings, a very early adoption-stage cycle, and a lack of an established valuation model.
One doesn’t need to be an expert in statistics to ascertain that the S&P 500 index performance has been pretty much stable over the past year, apart from a couple of weeks back in September and October 2020.
Zhao may be the founder of the leading crypto exchange, but he doesn’t personally trade. On the contrary, he actually recommends holding (HODL) instead of trading in every instance possible.
Lol, I don’t do leverage or loans. I don’t even trade. I just hodl #bnb.
— CZ Binance (@cz_binance) January 12, 2021
If you feel stressed out during every dip, you probably should not trade much, or at least change your trading strategy. Maybe just #HODL?
Not the best advice for our business (trading fees), but probably good advice for many new “traders”.
Not financial advice.
— CZ Binance (@cz_binance) April 22, 2021
Volatility does not measure returns
Exclusively analyzing volatility presents another big problem. The indicator leaves out the most important metric for investors, the return. Whether an asset is more or less volatile doesn’t matter if, on average, one asset consistently posts higher gains than others.
MicroStrategy has listed almost every currency, stock index, and S&P 500 index component, and curious analysts can compare returns and the sharpe ratio side-by-side with Bitcoin’s.
As explained in the footnotes:
“The Sharpe ratio is a measure of risk-adjusted (really volatility-adjusted) returns. It is a way to measure how much return an investment generated for the risk (volatility) endured over some time horizon.”
As the data clearly states, Bitcoin is the winner on risk-return metrics against every major asset and index over the past 12 months. A similar outcome also takes place when using a 5-year timeframe.
Therefore, Zhao may have simply incorrectly stated that Bitcoin’s volatility is similar to the stock of trillion-dollar companies. However, when adjusting the metric based on returns, it is the incontestable winner.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Why Anthropologists Are More Interested In Bitcoin Than Economists
I am an anthropologist and economist who went down the Bitcoin rabbit hole. I wrote this paper to clarify my thoughts about why these two disciplines respond so differently to Bitcoin.
What Is Anthropology?
Anthropology is a social science that is concerned with understanding culture through participatory observation, or ethnography: cultural immersion in the social worlds being studied. This research method is at the heart of the discipline, and it forces practitioners to “get out there,” to expose themselves, and to experience the culture being studied as a local.
This might explain why anthropologists often end up in heated debates with economists, who instead understand the world through numeric aggregates and abstract models. Mainstream economists take a top-down view of the world based on deductive reasoning stemming from their models and assumptions, which are heavily influenced by classical Newtonian physics and its notion of “equilibrium of the heavenly bodies” and lack the “systems perspective” that emerged from thermodynamics and influenced engineering (Alizart, 2020).
In contrast, anthropology, which involves both deductive and inductive logic, is mostly focused on the latter. Observed and experienced real-life evidence leads to the formation (and recalibration) of theoretical frameworks: first comes the evidence, then comes theory, and so forth (more on this in the Limitations section).
Another key element of anthropology is its concern for the “emic” (people’s subjective beliefs and experiences of the world) above the “etic” (objective truth). So, anthropology takes the view that objective measures such as various economic growth parameters can mean very little when abstracted away from people’s experiences and lived realities. Looking at the emic gives anthropology a superpower: the ability and need to be open to alternative belief systems, challenge its own mental models, take in additional insights, and craft a more nuanced and holistic view of the world as a result.
Anthropologists are not scared of dealing with people’s belief systems because it relativizes them. That means that each culture must be viewed as “a truth” that must be understood as a rational system on its own terms, which is why judging a culture from an external point of view often leads one to miss the point.
In anthropology, emic truth is multiplicitous and relative rather than universal and absolute. What does this mean? “Cultural relativism” doesn’t mean that “2 plus 2 does not equal 4” (these claims by self-proclaimed anthropologists are bogus). It just means that a particular belief system may have come to that conclusion, and that in itself may reveal something about that culture. Anthropologists recognize that math and physics have more adequate tools, languages and frameworks to assess the etic (and to establish that 2 plus 2 does equal 4 — for that we need mathematicians).
Why Are Anthropologists Interested In Bitcoin (And Many Economists Aren’t)?
Anthropology has a long tradition of writing about the alien “other,” and bitcoin certainly represents a new type of exotic “other” for the majority of the world’s population. So, anthropologists have approached the culture of Bitcoin as it would approach any other: with no judgment and with openness to challenge its own preconceptions of it.
Anthropologists have ventured to study the world of bitcoin miners, holders, speculators, and local bitcoin merchants, among others. This has allowed them to understand the communities’ beliefs and points of view by going beyond their own perspectives. Many anthropologists have come out of the studies inspired by the ethos and beliefs of these communities, as I will explain in more depth in the next section.
Source: “The Simpsons”
In contrast, mainstream economists continue looking at Bitcoin from the comfort of their ivory towers. Nobel Prize-winning economist Paul Krugman, Nouriel Rubini, Steve Hanke, and many others have systematically dismissed bitcoin as a bubble, tulip, or speculative asset with little regard to how people actually use and view it today.
Economics as a discipline is locking itself in an echo chamber, siloed from other perspectives and receiving little feedback from the outside. It also lacks the methodological tools to make sense of cultures. No wonder it mistakenly reduces Bitcoin’s meme culture to an irrelevant tribal phenomenon.
But the core of economist’s fallacy is epistemological: what is recognized as truth, and where does truth come from? Does it come from the “top” (meaning the state or god), or the “bottom” (the local popular beliefs)? When it comes to money, who decides what is money (the truth of money)? Mainstream economics lives off the assumption that money is money by “fiat,” meaning that its value is determined by the state’s ultimate judgment and formal decree. In contrast, anthropology, being interested in people’s views and beliefs, has no problem accepting bitcoin as money because ultimately, people believe that it is, and that is how they use it.
Source
At the core of economists’ fallacy is the belief that money is money by decree (because the state and its expert economists say so), which means they don’t fully recognise the power held by people’s collective decisions.
Anthropologists are also interested in Bitcoin because it is not a threat to the discipline’s status quo. Anthropology is mostly a descriptive discipline, concerned with making sense of things as they are rather than “messing with things.” In contrast, economics is all about prescribing and “intervening” in the economy: the economy needs to be “stimulated” and then “stabilized,” and employment needs to be “maximized.” As a result, Bitcoin, which cannot be controlled in terms of monetary policy, massively limits the scope of economics to act on the economy. Bitcoin may well be challenging economists’ core beliefs, and perhaps, their relevance (ouch!). Having said that, this is not true of all of economics. For example, there are heterodox approaches that take more of a systems perspective, such as the Austrian school, which flips the episteme around: truth and economic activity come from the economic actions of the individual rather than the state, the latter of which are not seen as fundamental to economic life.
So, What Are Anthropologists Saying About Bitcoin?
After looking at anthropologists’ foundational methods, theories, and epistemologies, it is worth checking what anthropologists are saying about Bitcoin.
1. Bitcoin is money
Anthropologists have no problems admitting that bitcoin is money, first and foremost “because people call it so, [and] many use it as money” (Kavanagh et al.).
2. Bitcoin leverages people’s ethos
Research on Bitcoin miners has revealed the degree of excitement and creative energy that surrounds the Bitcoin space (Calvão), and it is this ethos and ethic of the Bitcoin community that may infect the world.
3. The values and rituals of the Bitcoin community are important for Bitcoin’s success
A study by Kinney demonstrated that Bitcoin adoption by individuals follows a distinct process: first, adopters discover the value of Bitcoin on their own terms. Next, they reflexively overcome challenges to these initial perceptions of its value. Finally, they reaffirm their embeddedness in the system through rituals of commitment (Kinney), such as today’s “Laser rays to $100,000!” phenomena on Crypto Twitter. This reaffirms the importance of group identity to the social construction of Bitcoin as money.
Thus, the Bitcoin community’s value systems and rituals make bitcoin mature and have helped to establish it as money. As the Bitcoin community has also clarified, Bitcoin is backed not only by technology and numbers, but also by memes.
4. Bitcoin is not just speculation
Anthropologists reject the notion that Bitcoin is just about speculation. Bitcoin is an asset for owners to hold for the long term.
Bitcoin is sustained not only by greed, but also by community, beliefs, and a sense of belonging (Morucci).
“Balinese Cockfights & Bitcoins”
5. Bitcoin is a mirror
The meaning of Bitcoin is “loose enough to mean many things to the members of the community, but specific enough to bind that community together.” The facts that this community is a new type of organism (Quittem) and that bitcoin’s valuation is difficult to establish mean that each person can project the meanings and desires of their choice on them. Bitcoin tells us all what we want to believe, and that is true of both lovers and critics (Kavanagh et al.).
6. Bitcoin is highly political
So, Bitcoin has the ability to create political bodies. It has the ability to project our primitive human passions, even in ways that are destructive to the current political, economic, and social systems (Caldararo).
For example, to the Bitcoin community in cyberspace and offline, hodling is a way of countering state-controlled debasement of the value of money (Morucci). Furthermore, a study of a Bitcoin coffee shop in Slovakia showed how the staff supported the initiation of Bitcoin “newbies.” Bitcoin provided a great degree of power and freedom from the state’s “Big Brother techniques” of control to the coffee shop (Tremcinsky).
Interestingly, others have come to the conclusion that Bitcoin can help us to overcome corporate power entrenchment caused by the centralisation of new technologies, which is currently in the hands of a few tech corporations (Caldararo).
7. Bitcoin is not just dependent on the math and is not entirely “trustless”—its social layer is essential to maintaining it and giving it value
Anthropologists have criticized the Bitcoin community’s belief that Bitcoin is totally trustless and entirely “run by numbers.” According to anthropologists, this would be impossible because we are social creatures, which means that Bitcoin’s sociocultural layer plays an important role in determining whether it has value, and what that value is. The formation of democratic communities in the digital economy remains embedded in social relations. So, the idea that Bitcoin is not mediated by any institution is seen as an illusion (Tylor and Bill Maurer).
A similar stance has been echoed by Giacomo Zucco, who proclaimed the importance of maintaining a puritan Bitcoin-only stance whereby all cryptocurrencies besides Bitcoin are declared “shitcoins” and not worthy of holding.
This further highlights that the “social layer” of the Bitcoin protocol is just as important as the technical one.
8. The nature of money is changing, and Bitcoin will play a critical role in the future
Anthropologists have noticed that, thanks to Bitcoin, serious questions are being raised about the nature of money, which has important implications about society and humanity at large. Even if it fails, Bitcoin is a fascinating “‘breaching experiment’ that helps to reveal how money is implicated in the social order and how particular values and practices come to emerge” (Kavanagh et al.).
In his book “The Social Life of Money,” Dodd wrote that what is considered money has changed through time, and that we are on track to see it change again. Money is becoming increasingly fragmented, and Bitcoin is likely to play a role in the future of money.
Anthropology’s Limitations In Understanding Bitcoin
Anthropology is far from perfect, and it has some challenges as a framework for understanding Bitcoin:
- Anthropology lacks the quantitative toolkits needed to be able to understand and research on-chain activity, from which one can gain many behavioral insights. We need to push anthropology to be able to understand the technological backbones of our digital world so that it can remain relevant and engage in broader discussions with other disciplines.
- Anthropology has always been a highly diverse discipline, welcoming perspectives, theories, and approaches from very different viewpoints and other disciplines. However, in the last few decades, it has been undergoing increasing homogenization towards hyper-reflexive, highly theoretical, and overly philosophical schools of thought, which often lose touch with people’s everyday lives.
- Anthropology lacks a systems view of macroeconomics and does not do enough to understand the basics of the current monetary paradigm. This leads many anthropologists today to view the market as simply dysfunctional and the system as simplistically capitalistic or neoliberal with little awareness of the extensive role that central banks play in economies.
Like the rest of academia, anthropology has no (or little) skin in the game, so not only can it afford to be wrong, but it can continue being wrong and pretending that it is right. Anthropology does not need to be scared to become more applied in praxis, and by doing so, it can grow its methods and frameworks. This is what the hybrid discipline of design anthropology is doing today.
Conclusion
The key takeaway here is that anthropologists have many interesting things to say about Bitcoin. In contrast, economists’ commentaries are often very stale and uninformed.
Anthropologists recognize the important role that Bitcoin is playing in leading us to rethink what money is, which in turn has many consequences for social life. At the same time, anthropologists also recognize that the social dynamics and community surrounding Bitcoin, its memes and the socio-cultural elements of the Bitcoin phenomenon are critical to its success.
Anthropology may not be the best discipline to understand Bitcoin as a whole, but the same can be said about every other discipline on its own. Bitcoin is complex, and to fully understand it would require an understanding of engineering, cryptography, incentives, culture, social psychology, network systems and much more. In other words, it is not a one-discipline job.
The cultural and social aspects of the Bitcoin phenomenon cannot be understated and overlooked, as therein lie answers to many questions (such as the why). Why do people care about Bitcoin? Why should we care about Bitcoin? Well, for many anthropologists, this technology may well be brings money back in the hands of the people.
Notes:
- I am aware that the disciplines of anthropology and economics are highly varied and complex, more so than I am picturing here. I am therefore guilty of making generalizations. I do not purport to speak for all economists or anthropologists out there.
- That said, this article does not aim to be a criticism of economics as a whole, but of its current state: it has lost touch with reality because of its command-and-control approach, top-down methods, models, assumptions, and the lack of a systems perspective.
Acknowledgements:
Thanks to the following thinkers and writers for the invaluable feedback: Martin Tremcinsky, Emil Sandstedt and Paula Magal.
This is a guest post by Michele Morucci. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.
Literally to the moon — SpaceX payload funded by DOGE plans to reach lunar orbit in 2022
Canada-based manufacturing and logistics firm Geometric Energy Corporation will be launching a Dogecoin-funded payload on one of SpaceX’s first rockets to the moon.
In a Sunday announcement from Geometric Energy Corporation, the company said its commercial satellite could be traveling to the moon as early as the first quarter of 2022 aboard the SpaceX Falcon 9 launch vehicle. Weighing 40 kilograms — roughly 88 pounds — the payload is designed to “obtain lunar-spatial intelligence from sensors and cameras on-board with integrated communications and computational systems.”
“Having officially transacted with DOGE for a deal of this magnitude, Geometric Energy Corporation and SpaceX have solidified DOGE as a unit of account for lunar business in the space sector,” said Geometric Energy CEO Samuel Reid.
Tom Ochinero, VP of Commercial Sales for SpaceX, added:
“This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.”
Neither SpaceX nor Geometric Energy specified how Dogecoin (DOGE) was used to fund the endeavor. The cost may refer in part to the development of the payload or include the funding to send it to the moon.
Previous lunar missions have had significant price tags. The Chinese Lunar Exploration Program’s Chang’e 4, the last vehicle to perform a soft landing on the lunar surface in 2019, cost 1.2 billion yuan, or roughly $172 million at the time, to send a 1,200-kg lander with a 140-kg rover to the moon. NASA’s Lunar Atmosphere and Dust Environment Explorer, a satellite launched to orbit the moon in 2013, carried a payload mass of 49.6 kg at a cost of roughly $280 million, including research and development — $5.6 million per kg, not accounting for the mass at launch.
Should Geometric Energy’s satellite incur the same costs — though SpaceX’s design is likely more efficient eight years down the road — the firm would need to have paid roughly $225.8 million for a 40 kg payload, or more than 388 million DOGE at the time of publication. This would represent 0.3% of the circulating supply of 129.5 billion DOGE tokens.
SpaceX founder Elon Musk has repeatedly hinted — perhaps jokingly — on Twitter that Dogecoin will be the first cryptocurrency to “literally” reach the moon. Musk’s social media activity has likely been responsible for a number of price surges for the token, which has risen more than 800% in the last 30 days to reach $0.55 at time of publication.
Cointelegraph reached out to Geometric Energy, but did not receive a response at the time of publication.
Dogecoin To The Actual Moon
Many were disappointed Saturday night when Dogecoin (DOGE) did not reach the largely anticipated $1 price target meme during Elon Musk’s appearance hosting Saturday Night Live (SNL), although it was mentioned a handful of times.
While Dogecoin’s price may have failed to launch to the proverbial moon, after seeing meteoric gains leading up to the event, the jovial cryptocurrency will be participating in an actual lunar payload mission:
Geometric Energy Corporation (GEC) announced the “DOGE-1 Mission to the Moon.” In Q1 2022 a SpaceX Falcon rocket will carry Dogecoin to the literal moon via a commemorative “40kg cubesat” payload—paid for in DOGE itself.
Musk even hinted at the effort April 1st of this year, which was received as a joke by many.
Top Exec of World’s Largest Hedge Fund Heads to Bitcoin-Focused Firm
The chief financial officer of Bridgewater Associates, the world’s largest hedge fund, is leaving to join a Bitcoin-focused firm.
In a statement released on Friday, New York Digital Investment Group (NYDIG) announced the appointment of John Dalby as its new CFO.
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NYDIG, the Bitcoin subsidiary of $10-billion alternative asset manager Stone Ridge, provides BTC custody, execution, derivatives and financing services to its clients.
Before working at Bridgewater, Dalby was the CFO of global investment and tech firm D.E. Shaw Renewables. He also worked at multinational investment bank UBS Group AG, where he served as CFO of UBS Americas, according to his LinkedIn profile.
Dalby’s appointment comes as NYDIG goes through a period of rapid growth. The firm’s founder and executive chairman, Ross Stevens, said that the company expects the value of its Bitcoin assets to increase by 316% in the coming year.
Speaking in February at World.Now, a summit hosted by MicroStrategy to help corporations understand the advantages of Bitcoin, Stevens mapped out the rising interest in the world’s leading cryptocurrency.
“A year ago we had 25 institutional clients. Today we have 280 institutional clients. We’ve got a pipeline in the onboarding process of 96, we can put 75 institutions through the pipe a month. That’s our current capacity. We’ve got over $6 billion in Bitcoin now between what’s in the door and what’s committed from institutions… By the end of the year, Michael, I am confident that we will have over $25 billion of Bitcoin.”
The firm also raised over $300 million in additional capital from strategic partners, including Stone Ridge Holdings Group, investment bank Morgan Stanley, insurance company MassMutual, and diversified global insurer Liberty Mutual.
Says Dalby,
“The growth of NYDIG has been incredible. Every day, more industries come to understand Bitcoin’s potential and more clients seek ways to safely access it. Personally, I share NYDIG’s vision for Bitcoin’s ability to propel economic empowerment for all. I eagerly look forward to doing my part to help NYDIG deliver innovative Bitcoin solutions to institutions and individuals.”
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The rise of crypto charities: Elongate and Munch raise millions for various causes
Two unrelated cryptocurrency projects have collectively raised over $3 million for charitable contributions this month, underscoring the potential of digital assets in aiding mission-based non-profits around the world.
Elongate, a cryptocurrency project that began as a parody of Elon Musk’s reference to the Watergate scandal, has raised $2 million for various food and general support programs via Human Relief Foundation and Give India. The latter is a Covid-19 relief effort in the South Asian country in the wake of a devastating spike in new infections.
Some of the biggest Elongate contributors are Children International, Action Against Hunger, The Ocean Cleanup, Big Green, Human Relief Foundation and Give India, among others.
“In just a month, the Elongate ecosystem has grown to change the face of charity and crypto trading,” said Hasan Aziz, the project’s chief technology officer.
Elongate also announced that its token will begin trading on BitMart Monday, May 10.
Despite starting off as a meme, Elongate has emerged as a major player in the market for crypto-based charities. The project claims to have over 400,000 holders worldwide.
Meanwhile, DeFi project Munch has raised over $1 million to aid various causes in developing nations through the GiveWell Maximum Impact Fund. Over the years, the Maximum Impact Fund has allocated tens of millions of dollars to combating malaria and other diseases in Africa.
The Munch project was able to raise the funds via Ether (ETH) transaction fees on every buy and sell order made on its platform. The transaction fee, which was 10%, was evenly distributed to its token holders and the charity.
The cryptocurrency community is stepping up in a big way to distribute its wealth to good causes. As Cointelegraph recently reported, The Giving Block has launched a new charity drive to encourage community members to donate at least 1% of their crypto holdings to charities each year. Several high-profile crypto industry veterans have already joined the initiative.
Backed by Mate Tokay, DeChart’s Token Sale to Aggregate DEX Trading is Live Til Tuesday 11
[PRESS RELEASE – Please Read Disclaimer]
DeChart’s DCH token sale is now live on UniCrypt , giving control back to traders and fantastic staking opportunities.
9th May 2021, London, United Kingdom – One of the most important aspects of trading is historical trading data. It is vital for informing all trading decisions, suggesting the future of an asset’s trade pattern, and assessing an asset’s value. Despite the top decentralized exchanges (DEXs) such as Uniswap and PancakeSwap amassing huge volumes in trades, solutions for consumers-accessible trading data either lack protocol support or are simply non-existent.
Many third-party tools positioned as aggregate trading data solutions are disorganized and present scattered, immutable data sets. DEXs were not created to carry out complex financial analyses and as such, there is a clear potential gap in the DEX trading market. That is where DeChart comes in.
DeChart: The Future of DEX Data Aggregation
Providing the leading advanced data solution for users seeking trading resources, DeChart amalgamates the data from DEXs into an organized, manageable, and user-friendly solution. DeChart’s vision is a simple, yet bewilderingly trialing task set to facilitate a transparent global digital marketplace that is impervious to the information asymmetry dividing participants today.
Aggregating trading data into an organized, unbounded, free, and measurable layout that participants can trust is key to breaking down the exchange barriers that exist. By providing products and services that are free to the public while prioritizing security, privacy, and portability, DeChart has the potential to revolutionize the norms of global digital markets. As the markets grow in size (and data), so too will DeChart grow with them; extending to and capturing the financial potential of global markets.
DeChart has already released V1 of its trading platform; featuring a dashboard that users can efficiently use to process complex trade data sets within one simple intuitive UI. The DeChart DAO V1 trading platform is currently building trading tools that democratize an experience, previously only thought available to institutional-grade trading platforms.
Co-founder of Bitcoin.com Mate Tokay, and investment firm Pangea Research support DeChart’s mission and vision. Backed by such high-profile names with long histories of success lends palpable credibility to DeChart’s objective and purpose.
DeChart – Decentralised to the Core
DeChart utilizes a stakeholder Decentralized Autonomous Organization (DAO) business model by design to ensure data sets are created and governed by users. As an open-source blockchain protocol, the DAO automates actions without the need for centralized authority or intermediaries.
Decentralized governance is – at its core – vital for the transparent and successful aggregation of DEX data for users. The DeChart governance token (DCH) facilitates the establishing of voting weight within the DeChart ecosystem, and therefore, user-governed decisions. Keeping in line with the vision of Decentralization, voting enables users/holders to determine the best course of action for the DeChart ecosystem.
Securing A Healthy Ecosystem Through Staking
At the heart of the DeChart, the DCH token is the lifeblood of the ecosystem and it can be used among other tokens by users to get involved in staking. To maintain the health of the DeChart ecosystem and DCH supply, 100% of revenues will go into buying back DCH from the open market.
To participate in staking, users will need to stake DCH, BNB, CAKE, or LP Tokens to receive rewards. The rewards of staking will be issued from the Initial Staking pool which will be largest for those staking early; decreasing over 6 months. Staking rewards will then come via the treasury – which includes all DCH repurchased from the open market – when stakers decide to vote for rewards.
DCH Token Sale – Now On
The DCH token sale is now live on Unicrypt, and the total fixed supply at launch will be 125 million DCH; broken down into tokens for sale, Syrup Pool, the Initial Liquidity Pool, the Community Treasury, the Founder Pool, and the Initial Staking Pool. Initial Liquidity of 40% is to be locked in staking until at least May 13th, 2022.
56,250,000 DCH tokens are available during the token sale which ends on May 11th, set at a fixed price of $0.054 per DCH. Lasting approximately 2.5 days, any unsold DCH tokens will be burnt at the end of the sale. As tokens are burnt and supply decreases beyond the initial token sale, DeChart is committing to a long-term deflationary policy to match its’ community focus.
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DeChart is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The DeChart Token Sale is closed to US investors and residents of any country where token sales are illegal.
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