Day: May 15, 2021

BlackRock CIO Says Bitcoin Is Durable, Will Be Part of Investment Arena for Years To Come

by Dailyhodl

The chief investment officer of the biggest asset management firm in the world is calling Bitcoin an asset with staying power.

Rick Rieder, CIO of global fixed income and head of the global allocation team at BlackRock, unveils his stance on Bitcoin in an interview on CNBC.

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Rieder names what he sees as some challenges for the flagship crypto asset, but adds that he thinks BTC will eventually overcome them.

“Bitcoin is an interesting asset. It is one that has not reached maturity yet…

Some of the hurdles, the volatility etc., make Bitcoin an interesting asset… I think it’s durable. I think it will be part of the investment arena for years to come, but some of these challenges and the volatility around it, regulatory dynamics, etcetera, fiat currency concerns… These challenges are real, and they will be overcome over time and the asset is durable. It’s just not there yet as a normal, stable asset.”

Rieder isn’t the first executive from the $8.7 trillion asset manager to give kudos to Bitcoin. Blackrock CEO Larry Fink said last month that crypto could become a “great asset class,” reversing his stance from years prior when he referred to the space as “an index for money laundering.”

“I’m still fascinated about it, I’m encouraged by how many people are focusing on it. I’m encouraged about the narrative that it may become a great asset class. And I do believe this could become a great asset class…

I don’t believe it’s a substitute for currencies. I think we’re going to have cryptocurrencies of dollars, cryptocurrencies of other currencies. But I don’t believe we should think about crypto as a substitute of currency. But I’m fascinated by it as an asset class.”

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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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Eight Exciting Crypto Projects to Stake and Earn Passive Income

by NEWSBTC

If you own tokens or NFTs, dozens of people in the community might have told you about staking. They are not wrong.

According to the State of Staking Q1 2021 report by Staked, more than $20 billion was paid out to investors in 2020 in staking rewards. The same report found that the average staking reward was 11.2% per year for investors. It lags far behind Dogecoin returns, but it’s a good source of passive income.

The up-and-coming crypto tokens can be purchased for cheap. If you buy the right token early, you could benefit from the massive upside potential. For instance, a $1,000 investment in Ethereum on August 11, 2015, would be worth a staggering $4.1 million today. Ethereum was worth just under $0.67 in August 2015.

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Even if the price doesn’t rise so spectacularly, you could earn handsome rewards along the way by staking your tokens.

Remember that not all tokens are going to do well in terms of price. Many will bite the dust. So if you are going to bet on the up-and-coming projects, make sure they have the potential to build and nurture a community around them. It’s the community that would want to own these coins, increase their usefulness, and push the prices up.

Better yet, diversify your investments by holding a mix of proven and nascent tokens to minimize risk while still reaping the rewards.

What is staking?

Staking is the process where you lock your tokens in a wallet to perform various network functions such as transaction validation on a Proof of Stake (PoS) blockchain. Sometimes staking involves delegating or adding tokens to a staking pool.

On the PoS network, anyone with a minimum required balance of a token can validate transactions and earn staking rewards. The stake also incentivizes the maintenance of the network’s security through ownership.

Just like miners are rewarded on a Proof of Work (PoW) network for mining new blocks, stakers are rewarded on a Proof of Stake (PoS) blockchain with additional cryptocurrency for contributing to the network.

The staking rewards could range anywhere from 3% to 300% a year. You get to diversify your income stream and monetize the idle tokens.

Some crypto exchanges and wallets reduce the transaction fees based on how many coins you stake.

Here are some of the most promising up-and-coming crypto projects to stake and earn rewards:

1. Cardano (ADA)

Pioneered by a team of engineers and academicians, Cardano is more energy-efficient than Bitcoin. It is a decentralized protocol that aims to make financial services more accessible in developing countries. Cardano is often seen as a threat to Ethereum.

Cardano is an open-source and non-profit crypto network. The platform is managed by three separate bodies. It is based on the Outboros PoS technology to enable a more secure blockchain network. It allows developers to execute end-to-end tests without using code.

It is the first PoS blockchain platform to be founded on peer-reviewed research.

Cardano’s native token is ADA, which is traded on most leading exchanges. ADA owners can stake their coins to earn 5%-7% annual rewards. It has become one of the most staked coins in the industry.

2. Public Mint (MINT)

Public Mint is a payment system that is bridging the gap between traditional finance and decentralized finance. The native currency of the platform is the US dollar (USD).

Public Mint has a fixed low transaction fee of just $0.05 per transaction.

You can load money into the Public Mint wallet using your bank account, stablecoins, credit cards, and more. And then you can pay or send money to anyone with the security of blockchain.

Public Mint’s ‘Earn’ rewards program is set to go live in Q3, 2021. It will allow you to access the high earnings rates available on the DeFi market for your fiat or stablecoin deposits. You’ll still be able to move funds instantly like a checking account.

The Earn program allows regular users to stake USD and receive an equivalent balance of earnings-bearing stablecoin USD+. Users can redeem the USD+ for USD or USDC anytime.

The USD+ is an earnings-bearing token that will yield daily earnings proportional to the current APY, as long as your USD is locked into the liquidity system.

MINT is Public Mint’s governance and utility token, which gives holders additional rewards including a share of the program’s fees. MINT holders get to vote on portfolio allocation and other governance matters.

Public Mint has partnered with KIRA Network to enable its users to stake USD+ stablecoin and MINT tokens to enjoy the DeFi yield opportunities. Public Mint currently offers an APY of 118%.

3. Uniswap (UNI)

Uniswap is a rapidly growing crypto exchange protocol that facilitates automated transactions between tokens on the Ethereum blockchain.

Traders pay a 0.3% fee on trades, which is distributed among liquidity providers. It has emerged as the go-to exchange for trading ERC-20 tokens.

Uniswap’s governance token is UNI, which you can stake to earn rewards. UNI has relatively low staking rewards of 3.31%. It has a market cap of $20 billion and it trades at $38.

4. Hoard Exchange (HRD)

The team at Hoard Exchange is working on an NFT marketplace with loan functionality using NFT as collateral. It provides an infrastructure to integrate the in-game items into the Ethereum blockchain. The platform bridges the gap between gaming and NFTs.

Developers can use Hoard to mint NFTs for use in their games even if they have no knowledge of blockchain coding.

It also facilitates buying, selling, and borrowing of in-game assets between players. The assets could include virtual real estate, collectibles, digital art, etc.

Players with stablecoins can issue loans against the collateralized NFTs to earn some extra income.

Hoard supports staking on its HRD coin, which is available for staking on Uniswap. The marketplace itself is a liquidity provider on Uniswap.

Adding HRD/ETH to the trading pool will earn you UNIV2 tokens. You can swap HRD with any token available on Uniswap.

Here’s the cool part: You get double-yield from the same funds. Staking UNIV2 generates rewards on both the Uniswap and Hoard platforms.

Investors staking and transacting on the Hoard Exchange marketplace can reduce their platform fee because a portion of the fee is returned to investors in the form of staking rewards.

The HRD token holders also get voting powers and have a say in the governance of the platform as Hoard aims to become a DAO.

5. SuperFarm (SUPER)

SuperFarm is another NFT marketplace in the gaming category. It allows gamers to farm NFT tokens. The cross-chain DeFi protocol enables the launching of new NFTs without the need for programming.

Any project can use SuperFarm to deploy an NFT farm with customized rules and incentives. Unlike Hoard Exchange which is based on the Ethereum network, SuperFarm is built on the Polygon (formerly Matic Network) platform.

Once the full-release version is out in the next few months, it will offer video game integrations and NFT-based voting, rental, and loans. SuperFarm acts as a link between the gaming industry and the crypto ecosystem.

Users get access to limited edition items and unique gaming experiences. They can also rent, loan, or exchange their assets.

SuperFarm’s utility token is SUPER, which is used for fees, NFT drops, governance of the platform, and of course, staking.

You can stake SUPER to earn exclusive rewards on SuperFarm’s partner farms. Stakers will get rewards with platform fees.

6. Ethernity Chain (ERN)

Ethernity Chain is a new marketplace for “authenticated” NFTs. Since its launch earlier this year, it has successfully completed a public token sale on Polkastarter. It has also announced partnerships with Kenetic and Terra Virtua.

Ethernity Chain’s native token is ERN. The platform partners with creators to mint their unique and authenticated artworks as NFTs.

Ethernity Chain also launched a 30-day Liquidity Rewards program on March 15 to incentivize the ERN/ETH Uniswap LP. During the program, 50,000 ERN tokens were distributed to ERN/ETH liquidity providers on Uniswap V2.

Unfortunately, US citizens are not allowed to participate in Ethernity staking.

Ethernity Chain has a monthly payout plan for ERN token stakers, but the APY keeps fluctuating between 100% and 300%.

7. Polkadot (DOT)

Polkadot is a unique PoS protocol by Web3 Foundation. It provides a system where permissionless and public networks, consortium chains, and oracles can seamlessly interact with one another. They can transact and exchange information in a trustless way.

Polkadot is making it incredibly easy for developers to build their own decentralized apps, utilities, and projects; and connect with one another. Also, Polkadot doesn’t suffer from the scalability issues that haunt Ethereum.

Polkadot’s native token is DOT, which currently trades at $40. It has a market capitalization of $40 billion. The staking rewards for DOT range between 13%-15%.

8. Polygon (MATIC)

Matic Network is backed by Binance and Coinbase. It has recently rebranded as Polygon, but the trading ticker is still MATIC.

Matic Network is a scaling solution that uses an adapted version of Plasma framework with PoS side chains. It enables extremely fast and low-cost transactions. A single Matic side chain can theoretically achieve 216 transactions per block.

Polygon’s token MATIC runs on Ethereum. You can use it to pay for services on the Matic Network. It is also the settlement currency between users within the Matic ecosystem.

On Matic Network, you can stake your tokens via the Staking Dashboard. You have to delegate your tokens to a validator to begin earning a passive income.

The validator will take a small percentage of your staking rewards as commission. But as a delegator you will be able to track statistics, withdraw, or re-stake your rewards. Matic currently offers about 21% APY reward.

Conclusion

Staking PoS tokens is a smart way to earn passive income while holding your tokens and NFTs. Money flows into your account while you literally do nothing, except, of course, contributing to improving the network security.

The annual percentage yield (APY) on crypto tokens is far more lucrative than the interest rates on bonds. And then there’s the potential for price appreciation if you buy the right tokens early, which could dramatically boost your returns.

Image by Tumisu from Pixabay

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VORTECS Report: Dammit, Musk, now you’re messing with AAVE too?

by Cointelegraph

Who knew what, and when did they know it?

Investigating Watergate in 1973, Senator Howard Baker Jr. wanted the answer. Thanks to a couple of journalists, he eventually got it. And while the stakes may not be as high, the team at Cointelegraph Markets Pro is pretty curious about some interesting crypto data this week.

The VORTECS™ Score includes sentiment analysis, tweet and trading volume, and price action as components of the algorithm — which are then weighted according to a proprietary formula based on how similar these are to historical conditions.

If there is a similarity in these factors, the score will be higher when historical precedents have most consistently led to higher prices.

But while the score is algorithmically-generated, the raw data can sometimes tell a story too.

AAVE Idea

First off, here’s a chart of tweet volume for AAVE this week, charted against the price of the DeFi asset.

Tweets are obviously public information, but what are the chances that most retail participants in the crypto markets are able to absorb this outlier and analyze its meaning? The VORTECS™ Score can, however — it’s untouched by human hands, and since one of the components is based on the entire Twitter universe (most algos are only fed a subsection of the full firehose) it is essentially omnipotent when it comes to tweet data.

And sure enough, the VORTECS™ Score began to rise very shortly after this large spike in tweet volume, as seen in the chart below.

So what’s going on here? An AAVE Army arising to pump the token? Some kind of amazing news that only affected the price 24 hours later?

Well here’s the kicker for all those conspiracy theorists out there: this is pure coincidence. Plain and simple.

And in fact it all comes back to Elon Musk… in a roundabout way. Because everything in crypto does these days.

On Saturday Night Live this week, which was hosted by the Doge fanboy, he participated in a sketch featuring the acronym ‘AAVE’, which appears to have resulted in a large volume of tweets concerning “African-American Vernacular English” over the next couple of days.

In fact, even the Urban Dictionary tweeted about the acronym, though the tweet is (as might be expected from such an august website) NSFW. The show’s co-head writer was accused of cultural appropriation as a result of using certain Black vernacular terms in the show, and as we all know, outrage drives social media.

So… here’s a fantastic learning moment for sentiment analysis in the crypto market: Proof that causation and correlation are not the same thing.

As it happens, AAVE (the crypto asset) did indeed soar following the uptick in Twitter volume for the term AAVE (an acronym). And although the VORTECS™ Score picks apart tweets using artificial intelligence to remove those that don’t fit the context that the algorithm is seeking… perhaps this time it was fooled. But don’t worry — Markets Pro will be filtering for this term in future.

Damn you, Elon Musk!

Alpha before Alpha?

Alpha Finance has no Musk connection (as far as we know) so we’re just going to treat this as a curious outlier.

The red arrow in the chart below shows an unusual pattern of reported trading for 24 hours which was followed by the price of ALPHA moving up by almost 50%.

It turns out Alpha Finance had some news of its own this week as the team announced on May 10 that they’d be launching an oracle aggregator.

Following this unusual pattern and the release of the news, the VORTECS™ Score began to rise too.

As is often the case when price rises, the trading volume soared in conjunction with price action. But the steep introduction to the May 9 outlier, and its equally steep decline, could lead one to believe that this was a trading bot being turned on and off again.

So why would anyone move the trading volume so significantly in advance of an important news story… and how would they time it so well?

Or in other words… who knew what, and when did they know it?

Best returns from Cointelegraph Markets Pro live-tested strategies

The Markets Pro team has been tracking 42 possible strategies since the launch of the VORTECS™ algorithm on January 3rd 2021. Current top returns, as detailed in this document on the methodology used, are as follows:

Holding Bitcoin: 47% return

Holding Top 100 altcoins: 426% return

Best-performing time-based VORTECS™ strategy: 3,199% return

Best-performing score-based VORTECS™ strategy: 3,682% return

Cointelegraph Markets Pro is available exclusively to member on a monthly basis at $99 per month, or annually with two free months included. It carries a 14-day money-back policy, to ensure that it fits the crypto trading and investing research needs of subscribers, and members can cancel anytime.

Important Disclaimer

Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions. Full terms and conditions.

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Celebrating Ramadan With Bitcoin

by Bitcoin Magazine

“O you who have believed, decreed upon you is fasting as it was decreed upon those before you that you may become righteous.” — Quran 1:183

Fasting is one of the special rituals of Islam. It encourages and teaches patience and delaying gratification, both of which are essentials to the Bitcoin philosophy. So, what does Bitcoin have to do with Ramadan?

Arabic Etymology Of Fasting And Ramadan

Ṣawm (Arabic for fasting) means abstention, this includes potentially abstention from food, drink, sexual intercourse and/or speaking. Fasting, in the Islamic sense, is the abstention from food, drink and sexual intercourse during the day. Ramadan is the month in which Muslims are obligated to fast.

The etymology and meaning of Ramaḍan is a disputable matter in the sources. Some say it means “hot weather” and it’s named so because when they chose the name it was hot. Others say it’s “the rain in the end of summer and the beginning of the fall,” or “the rain that finds the land burning when fallen” from the word, “Ramaḍi.” Solving this dispute, however, is beyond this article’s topic.

If you ask Muslims about the moral of Ṣawm, many will say, “It’s about sympathy for the poor and the disadvantaged.” However, many Muslim philosophers and philologists hold that it’s about patience, delaying gratification and self-fulfillment. We read in the old Arabic dictionary Lisan Al-Arab, “Fasting is patience.” This brings us to the next idea: HODLing is Ṣawm.

HODLing As Fasting

The philosophy of HODLing, held mainly by Bitcoin maximalists, has an underlying principle rooted in Austrian economics, namely, time preference. In economics, time preference is the current relative valuation placed on receiving a good or some cash at an earlier date compared with receiving it at a later date. HODLing is a low time preference action because it’s an abstention from spending bitcoin on expedient goods, services or products. Trading, on the other hand, is high time preference since it’s focused on making fast gains or interest.

Ṣawm has the same underlying principle as HODLing, that is, delaying gratification. Muslims abstain from eating, drinking and having any sexual intercourse during the day, so that they can receive God’s blessing by being more righteous. Fasting and bitcoin, each in its unique way, incentivize low time preference and delayed gratification, both of which, in turn, usher in self-fulfillment.

You can conceptualize the effect of low time preference as anti-consumerism. Sound money (i.e., bitcoin) is always incompatible with consumerism. How is that?

Bitcoin As Ramadi

As we have said earlier, Ramaḍi means the rain that falls and finds the land burning. The word is cognate to the word Ramaḍan itself.

In our world of hyperinflation, consumerism is incentivized by inflating the money supply (i.e., printing more money). “How is that?” You might ask. Well, if your money purchasing power is always being decreased, then purchasing things now, rather than later, would be the best for you. On the contrary, in a sound money (i.e., bitcoin) system, holding money is incentivized because the purchasing power of each unit is continuously increasing rather than decreasing, thus encouraging HODLing and low time preference.

Bitcoin is the Ramaḍi to our hyperinflated world, it’s the antidote to its inefficient monetary system that is unjustly stealing purchasing power from the poor, making it more and more difficult for them to buy literally anything. Bitcoin extinguishes the fire of hyperinflation, as the Ramaḍi rain extinguishes the burning land. It ushers in a new world of low time preference, high productivity and low consumerism.

From Idea To Expression: The Night Of Power And Sound Money

The Night of Power is the night within which the Quran was sent down. Most Muslims hold that the night was in late Ramadan. However, some scholars believe it can be any day in the year.

In the Night of Power, Ismaili Muslims believe that “the Holy Spirit inspired the Book (kitāb) in a spiritual form into the heart and soul of the Prophet.” Then the Prophet used his soul and imaginal faculty to express divine inspiration. Finally, this expression got recorded and distributed between Muslims.

The process of creating bitcoin was similar to that: First, the idea of sound money with limited supply showed up in Satoshi’s mind, then he used his imaginal faculty to express it in code. Finally, this code was published so that everyone can run Bitcoin and enable the first sound money in the history of man.

An Ismaili commentator said: “In the universal sense, the Night of Power is the spiritual state of receptivity to the Holy Spirit.” Now we might ask, is sound money what God wants for us?

The Only Legitimate Money

“O you who have believed, do not consume one another’s wealth unjustly but only [in lawful] trade by mutual consent…” — Quran 4:29

“Inflation, being a fraudulent invasion of property, could not take place on the free market.” — Murray Rothbard

Continuously printed by central banks, fiat money is a system of continuous devouring of other people’s money and time without any consent, and thus, it’s illegitimate. Central banks, and governments in general, are the first and foremost privileged party in this process, in which other people have no choice due to regulations that prevent using other currencies. This control over the free choice in market is also one thing that is not compatible with Islam, even though some Muslim countries have no problem implementing it. Let’s see this hadith: “When prices were high in the Prophet’s time the people asked him to fix prices for them, but he replied, ‘God is the One who fixes prices, who withholds, gives lavishly and provides, and I hope that when I meet my Lord none of you will have any claim on me for an injustice regarding blood or property.’” So fixing prices, which includes setting minimum wages, is an injustice. How is it different for fixing the currency?

Ramadan is also about being pure and focusing on the more meaningful things in life. Opting out from the ungodly fiat system is a moral obligation on each one of us, and we can’t do that without Bitcoin.

Ramadan Kareem,

Fast and HODL

The Bitcoin Translator

This is a guest post by Bitcoin Translator. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.

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Bitcoin Could See Huge Gains in Six Months, Says PlanB – Here’s How High BTC Can Soar

by Dailyhodl

The first analyst to apply the stock-to-flow model to Bitcoin is predicting that the leading crypto asset could meteorically rise in the following months as BTC continues to hold its ground in the midst of bearish news.

In a new tweet, PlanB tells his 457,000 followers not to rule out a massive Bitcoin rally in the coming months, as the flagship cryptocurrency remains strong amid an influx of bearish catalysts.

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“Net result (after Turkey ban, US tax FUD, Faketoshi lawsuits, Elon/Tesla energy FUD) is that Bitcoin is 5x higher than ~6 months ago. And both stock-to-flow model + on-chain data indicate that we are only halfway through this bull market. I would not be surprised to see another 5x next ~6 months.”

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Source: PlanB/Twitter

The crypto analyst adds that the current Bitcoin bull market appears to be following the footsteps of the 2013 boom cycle where BTC surged 10x in a matter of months.

“Yes, markets are (as always) probably overreacting to Elon’s betrayal, so beware you don’t miss the possible gigantic spike back up (like the 2nd half of 2013 bull market: if you sold below $100 on the news that US government seized MtGox accounts, then you missed the spike to $1000)… In today’s terms that would be a jump from $50,000 to $500,000.”

As for why PlanB believes Bitcoin continues to consolidate, the analyst posits that investors who bought at lower prices are currently taking profits.

“We want, ‘all models to be broken’ and $100,000 BTC now. Truth is that it takes time. Some investors with 5x profits last couple of months, do not care about the Byzantine General problem or ECDSA (elliptic curve digital signature algorithm, SHA256 (secure hash algorithm), or P2P (peer to peer). They trade numbers on the screen and take profit. Patience is a virtue.”

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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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Cardano smashes $2 resistance as bullish signals enter for Bitcoin price

by Cointelegraph

Cardano’s ADA token neared $2.40 on May 15 as a select few altcoins bucked the bearish mood to steal the spotlight from a weak Bitcoin (BTC).

ADA/USD 1-hour candle chart (Binance). Source: Tradingview

ADA in price discovery as $2.50 nears

Data from Cointelegraph Markets Pro and TradingView showed ADA/USD climbing through the weekend to hit a record $2.38.

Traders had suspected that the long-awaited $2 would come into play in the short term, with Cardano bulls taking down resistance in one fell swoop overnight on Friday.

With $2 out of the way, price discovery mode was activated, which delivered the new all-time highs before a consolidation period began at around $2.30.

As such, Cardano was giving even previously successful altcoins such as Ether (ETH) a run for their money as most tokens saw losses on Saturday.

“$ADA is now narrowing the gap between $ETH & Altcoin Market Cap,” popular trader and analyst Rekt Capital noted on the day.

“ADA is now up +80% compared to ETH and Altcoin Market Cap which have both rallied +150%.”

PlanB on BTC price: I’m “excited”

Joining Cardano were only a handful of major cap altcoins, these led by Polygon (MATIC) which delivered 24-hour gains of 24% and weekly returns above 130%.

Others, such as Dogecoin (DOGE) and Ethereum Classic (ETC), delivered mild losses in line with the general trend. Bitcoin, having recovered some of its lost ground after falling 20% earlier in the week, stayed near the lower end of its trading range without managing to reclaim $50,000.

On short timeframes, however, fellow trader Scott Melker nonetheless highlighted bullish signals for Bitcoin’s relative strength index (RSI) — something which could deliver more solid progress in the coming days. 

For PlanB, creator of the stock-to-flow family of BTC price models, the RSI behavior was “typical” and comparable to the ranging seen before BTC/USD hit all-time highs in late 2017. 

“Bitcoin relative strength index (RSI): we are at the typical mid-bull-cycle drop in RSI (yellow circles), in between 2013 and 2017,” he commented alongside an accompanying chart.

“Excited about next couple of months.”

Bitcoin RSI chart vs. months between block subsidy halvings. Source: PlanB/ Twitter