Dave the Wave – Bitcoin & the Logarithmic Growth Curve

Dave the Wave is a pseudonymous investor, trader, and technical analyst. A contrarian, Dave is respected on Crypto Twitter for his objective, rational approach to technical analysis. Dave’s thesis is that Bitcoin is following his Logarithmic Growth Curve model. Logarithmic growth suggests exponential gains at the beginning that slowly taper off towards a plateau in the long term.

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Lionel Messi NFT Collection to Be Launched by Ethernity Chain: ERN Skyrockets 45%

Argentinian football legend Lionel Messi has partnered with Ethernity Chain to launch an NFT collection named Messiverse, a set of digitized drawings authenticated by Messi himself.

The Messiverse Collection

Messi announced the Messiverse on August 4th through a short video on his Instagram profile.

“Soccer is like art: It’s timeless,” he says, followed by invitation to his audience to “discover his first collection of NFT’s on Ethernity.”

The superstar’s collection, as shared on a press release with CryptoPotato, includes four art pieces, each of himself:

  • “Man From the Future”– a futuristic portrayal of Messi turned against a blue background, with glowing eyes and a robotic appearance.
  • “Worth the Weight”– A golden Messi carrying up a massive soccer ball the way that Atlas carried the heavens.
  • “The King Piece”– A chess-themed drawing featuring Messi framed by a ring of soccer balls.
  • An unrevealed piece

Each NFT displayed was produced by an Australian artist named “Bosslogic,” renowned on social media for having worked with both Marvel and Disney. The final NFT– yet to be revealed– will be showcased on August 20th- the day the Messiverse will launch.

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messi
Lionel Messi. Image by Marca

ERN’s Explosive Rise

The NFT’s have either been received extremely well or are expected to be: ERN token– the native token of Ethernity Chain climbed over 45% in value following Messi’s announcement.

Ethernity Chain is not unfamiliar with such dramatic price surges. The token was worth $74 back in March 2021 and had once even surpassed Bitcoin as the weekly top trending coin in the United States.

Furthermore, the blockchain platform makes its name from its partnerships with other superstars. Others such as pro hockey player Alex Ovechkin and former UFC champion Anderson Silva have launched their own respective collections with Ethernity.

According to their website, Ethernity Chain “aims to build the most exclusive NFT library and reward its creators and the community.”

Featured image by Marca.

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Crypto City: Guide to Melbourne

This “Crypto City” guide looks at Melbourne’s crypto culture, the city’s most notable projects and people, its financial infrastructure, which retailers accept crypto and where you can find blockchain education courses — and there’s even a short history with all the juicy details of famous controversies and collapses.

Fast facts

City: Melbourne

Country: Australia

Population: 5.15M

Established: 1835

Language: English

Australia’s second-largest city may lack Sydney’s amazing harbor views, but it makes up for it with a focus on art, sports and culture. There are more live music venues here per capita than any other city in the world, and the city has produced heaps of notable acts, including Nick Cave, Men at Work, The Avalanches and Kylie Minogue.

Located on the southern coast of Australia, Melbourne wasn’t founded until almost 50 years after Sydney, but it quickly became the wealthiest place in the world during the Gold Rush, from the 1850s to 1880s. It’s a very multicultural city, with the 10th-largest immigrant population globally. The city also ranks at number 27 on the Global Financial Centers Index and is home to the Australian Rules football code, the Australian Grand Prix and the Australian Open. It was the filming location for the first Mad Max film alongside Chopper and Animal Kingdom. Politically, Melbourne is more left-wing than any other city in the country and is home to the union movement.

Melbourne
The Yarra River in Melbourne. Source: Pexels

Crypto culture

Melbourne embraced cryptocurrencies early on, and a thriving community was built up through regular meetups including Blockchain Melbourne, Women in Blockchain, Web3 Melbourne and futureAUS. Karen Cohen, deputy chairperson of Blockchain Australia, recalls there being a huge influx of newcomers during the ICO boom in 2017.

“The meetup culture was really exciting. We couldn’t get enough space, so people were watching our meetups on Facebook Live because they couldn’t get into the room because it was so busy.”

Talk & Trade meetups were held every Wednesday from 2015 to 2019 at the Blockchain Centre. Located at the Victorian Innovation Hub in the docklands, the Blockchain Centre was the heart of the community in real life, at least until the coronavirus pandemic struck.

Melbourne has been home to numerous crypto exchanges since 2013, and a plethora of ICOs were also founded in the city in 2017 and 2018, including CanYa, which operates freelancer platform CanWork, and blockchain voting company Horizon State.

While the pandemic has moved most things online for the past 18 months, Blockchain Australia hosted a series of events at YBF Ventures in the Melbourne central business district (CBD) for the national Blockchain Week earlier this year, and Talk & Trade is now held at RMIT, in between lockdowns.

With live events beginning to reemerge as vaccine rates slowly grind up, YBF Ventures will relaunch its blockchain community meetups, supported by Cohen as the expert in residence for blockchain. “2020, sadly, has been hard with COVID, so it’s had to move online,” she says. “But I think if we were able to meet in real life, it would still have very much a meetup culture.”

Melbourne Trams
Melbourne has the largest tram network in the world. Source: Pexels

Projects and companies

Melbournites appear very interested in solving the problem of interblockchain communication, with at least three major cross-chain projects having strong ties to the city. CanYa founder JP Thor helped found the cross-chain decentralized liquidity protocol THORChain, and some of the anonymous local devs from THORChain went on to work on a similar project called Sifchain. Melbourne’s Simon Harman founded another cross-chain automated market maker, Chainflip, along with the privacy project Loki, which is now known as Oxen.

Web 3.0 developer studios Flex Dapps and TypeHuman are located here, as is the white-label blockchain services provider Pellar, whose infrastructure processes 10 million requests a day from around the world. Researchers from the government-run Commonwealth Scientific and Industrial Research Organisation and Monash University invented the MatRiCT technology (licensed to Hcash), which protects crypto from being cracked by quantum computers. NFT digital racehorse game Zed Run just raised $20 million from investors including TCG and Andreessen Horowitz. Algorand also has a noticeable presence in Melbourne, including through the Meld gold platform and Algomint.

Crypto exchanges headquartered in Melbourne include BTC Markets, Cointree, CoinSpot, CoinJar, noncustodial exchange Elbaite and OTC service Caleb and Brown. Major global fiat-to-crypto on-ramp Banxa is also based in the city.

Up-and-coming projects include insurance platform Day By Day, onboarding and fraud protection platform FrankieOne and accounting software AEM. DeFi-focused crypto fund Apollo Capital — which is a big investor in Synthetix and Internet Computer, among others — is also based in Melbourne. Apollo’s chief investment officer, Henrik Andersson, co-founded the decentralized pool trading platform dHEDGE and yield platform mStable (and helped out with a few ideas for this guide).

Bitcoin ATM
Melbourne only has a dozen or so Bitcoin ATMs. Source: Pexels

Financial infrastructure

The first Bitcoin ATM was installed at the Emporium in 2014, but there are only 13 Bitcoin ATMs dotted around Melbourne, mostly in big shopping centers. Australian banks have a slightly wary approach to crypto — while many banks are happy to allow users to send funds to exchanges, plenty of users have reported being suddenly debanked, especially those running crypto-related businesses. “They close accounts at will based on crypto use, and we’ve seen that happen, so they’re still not supportive as an industry,” says Cohen.

The New Payments Platform in Australia is something of a competitor to crypto (at least in terms of payments), allowing instant, 24/7 bank transfers using a phone number or email address. Often referred to as PayID, it was cited by the Reserve Bank of Australia as a reason that a central bank digital currency is not needed in Australia just yet. There are hundreds of retailers here in the Blueshyft network (Synthetix founder Kain Warwick’s other project) that accept cash payments over the counter for crypto exchanges.

Where can I spend crypto?

According to Coinmap, you’ll struggle to spend cryptocurrency directly in Melbourne at present, with fewer than 40 retail outlets accepting Bitcoin. (By way of comparison, Ljubljana in Slovenia has half the population but 554 crypto-accepting merchants.) It wasn’t always like this, with swathes of Melbourne cafes and businesses accepting crypto a few years ago, but then removing the option after it failed to take off.

Many retailers used the crypto payment service from TravelbyBit; however, it was dropped after the company merged with Travala in mid-2020. Australia’s oldest, biggest board game retailer in the CBD, Mind Games, gladly accepts Bitcoin via the Lightning Network. You can also learn rock climbing at Melbourne Climbing School, get fit at the women’s-only Fernwood Gym in Bulleen, get your computer fixed at Another World Computer Centre in Coburg or grab some raver gear from Ministry of Style in Collingwood.

If you’re relying on Coinmap’s data, note that some retailers featured have since gone out of business (most likely due to the pandemic), including cult book store Polyester Books, gift shop Vera Chan and various cafes.

Approximately 20 small businesses accept Bitcoin Cash, according to Bitcoin.com, including Japanese wellness clinic Sensu Spa and ties and cufflinks merchant Jay Kirby Ties in the CBD.

Despite the lack of merchants accepting direct crypto payments, you can pay for pretty much everything in Melbourne using crypto via intermediary services that transform it into cash. Living Room of Satoshi lets you pay any Bpay biller or bank account using 18 different cryptocurrencies.

RMIT boasts the Blockchain Innovation Hub. Source: Pexels

Education

RMIT University’s Blockchain Innovation Hub studies the social and business implications of blockchain, while Monash University’s Blockchain Technology Centre provides training and conducts research. There’s a Blockchain Innovation Lab at Swinburne University and Deakin University, both of which conduct research.

Controversies and collapses

Auscoin was perhaps the most controversial project to emerge from the city. Founded by Lambo-driving souvlaki chain-store owner Sam Karagiozis, the token was created to fund the rollout of 1,200 Bitcoin ATMs. The Aussie version of 60 Minutes dubbed it an “$80 million scam” that was built on nothing more than “grandiose promises,” although the ICO only raised $2 million. Auscoin was ordered by AUSTRAC to cease operations after Karagiozis was charged with trafficking 30 kilograms (66 pounds) of drugs via the dark web.

Elsewhere, up to 200 investors lost about $10 million between them when Melbourne-based crypto exchange ACX mysteriously collapsed at the end of 2019. It was operated by Blockchain Global, whose founder Sam Lee was instrumental in setting up the Blockchain Centre.

Another local exchange that mysteriously folded was MyCryptoWallet. Founded in 2017, National Australia Bank froze its accounts in early 2019. The exchange found alternate banking services and recovered temporarily, but later that year, users found they had lost access to their funds. As of April, they had yet to recover their funds, and Australia’s corporate regulator, the Australian Securities and Investments Commission, was said to be looking into it. Huobi Australia launched in Melbourne in 2018 but quickly shuttered due to a lack of business during crypto winter. Horizon State, a promising blockchain-based voting platform, launched in Melbourne and then moved to New Zealand where it was on the verge of doing great things when a mysterious court case back in Melbourne scuppered the entire project. In a happy ending, the community is resurrecting it from the ashes with a crowd equity raise.

Notable figures

Ethereum influencer Anthony Sassano; BTC Markets CEO Caroline Bowler; Apollo Capital chief investment officer Henrik AnderssonA. J. Milne of Meld Ventures and Algomint; Blockchain Australia CEO Steve VallasTom Nash and Alex Ramsey of Flex Dapps; Women in Blockchain International manager Akasha Indream; Algorand Foundation chief operating officer Jason Lee; CanYa and THORChain founder JP Thor; “Satoshi’s sister” Lisa Edwards; Blockchain Centre founder Sam Lee (also of the now-defunct ACX); RMIT Blockchain Innovation Hub professor Jason Potts; Joseph Liu, director of the Monash Blockchain Technology Centre and inventor of the tech behind Monero; Oxen chief technology officer Kee Jefferys; Emerging Tech Talent founder Karen Cohen; Ethitech head of education Anouk Pinchetti; TypeHuman director Nick Byrne; Auscoin founder Sam Karagiozis; and blockchain law specialists Joni Pirovich of Mills Oakley and John Bassilios of Hall & Wilcox. Cointelegraph team members and contributors based in Melbourne: Andrew Fenton, Brian Quarmby, Kelsie Nabben.

Suggestions for additions to this guide are welcome. Please email: andrewfenton@cointelegraph.com

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Ethereum Set To Explode According To Market Dominance, Crypto Analyst

Crypto Analyst Nicholas Merten recently said in a video analysis session on YouTube that Ethereum’s price is poised to explode. Merten pointed out that price analysis really isn’t the reason that the number 2 cryptocurrency is set to explode, but what the market dominance shows that actually shows this. This shows through when the cryptocurrency market dominance is measured.

Merten believes that current market trends are very similar to what was done in the market back in 2017. Going back to when the last bull market had started in 2017. Before fizzling out and turning into a full-blown bear market by the time the middle of the year 2018 rolled around. The current trends of higher lows that have been seen so far in the market continue to mirror the cycle of 2015 when Ethereum had started to show momentum in the market.

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This momentum had continued on for Ethereum straight through 2016 and all the way into 2017, leading up to the bull cycle that had begun in November 2017. Ethereum has so far maintained momentum despite a variety of competition in the market. It continues to hold market dominance around the 19% to 20% range.

“This showcases that this is a critical metric we need to watch for because we’re testing around that 20% range. One-fifth of the market share going towards Ethereum,” Merten said.

The Key To Another Shoot-Up

Market dominance continues to be a good way to gauge how the price of a coin is going to do in the crypto market. Number 1 cryptocurrency Bitcoin, continues to maintain the majority market share, and as such, continues to be the most valuable coin in the market.

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But with Ethereum picking up more market share, there is no doubt that ETH is becoming more of a valuable asset. At one point, Etheruem had garnered as much as 32% market share. Showing how fast the cryptocurrency is gaining value ahead of other coins in the market.

Related Reading | Why Another Wave Up For Altcoins Is Probable According To BTC Dominance

Also relevant is the fact that Ethereum is much younger crypto than Bitcoin. Recently celebrating its fifth year anniversary, Ethereum has continued outperformed number 1 crypto Bitcoin. Despite the latter being twice as old in the market.

Continuing further, Merten said, “This showcases that this is a really critical metric we need to watch for. And that is a huge psychological level because once we broke through that range, we climbed all the way up here to 32% market dominance. An over 50% increase of previous ownership of market share.”

Ethereum Breaking From Bitcoin

Ethereum continues to see uptrends in the price following the close of last weekend. The coin so far seems to be dissociating from the price of bitcoin and charting its own course upwards. Continuing to rally while the price of bitcoin experienced dips following the latest rally.

Ethereum price chart from TradingView.com

Ethereum price chart from TradingView.com


ETH price continued to rally while BTC slowed down entering the new week | Source: ETHUSD on TradingView.com

As ETH continues to gain more market dominance, the asset is more likely to rally at its own pace as opposed to following the market trends of bitcoin. This would put Ethereum on love ground with the pioneer cryptocurrency if the value of ETH stops being reliant on the value of BTC.

The price of ETH is currently up 7.45% in the last 24 hours, to be trading at $2,678.06 according to CoinDesk.

Featured image from Forex Academy, chart from TradingView.com

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Elon Musk Says Tesla Owns Close to 42,000 Bitcoin Worth $1.60 Billion

Tesla chief executive Elon Musk has opened up about the electric car company’s total Bitcoin (BTC) holdings.

Musk says on Twitter that the technology giant owns “close to” 42,000 Bitcoin, which is worth more than $1.60 billion at time of writing, according to CoinGecko.

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Musk personally owns Bitcoin, and his other famous company, aerospace firm SpaceX, holds BTC on its balance sheet as well.

Tesla has endured a $23 million impairment loss related to its Bitcoin holdings, according to the company’s Q2 2021 financial update. The document indicates Tesla spent a total of $1.5 billion on digital asset purchases and has earned $272 million in proceeds from sales of crypto.

Musk’s varying public opinions on Bitcoin are widely believed to have contributed to some of the digital asset’s dramatic price swings in 2021.

The outspoken CEO has said that Tesla will likely start accepting Bitcoin payments again once the mining process becomes more environmentally friendly. He says a verifiable shift away from coal and toward renewable energy may be underway.

“I want to do a little more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50% and that there is a trend toward increasing that number. If so, Tesla will resume accepting Bitcoin.”

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

Featured Image: Shutterstock/Amanita Silvicora

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This bullish Bitcoin options strategy targets $50K without risk of liquidation

Long-dated Bitcoin options and bulls still make waves with their ultra bullish bets, but even they must admit that the possibility of (BTC) trading above $60,000 in the next couple of months is dim. 

Many traders have added leveraged-long positions via futures contracts to chase after the elusive all-time high, but this seems like an unrealistic outcome.

According to Willy Woo, a popular on-chain analyst, exchange outflows and accumulation from BTC miners and whales suggest that Bitcoin price will reach the $50,000 to $65,000 range in the coming sessions.

Even Gary Gensler, the Chair of the United States Securities and Exchange Commission, believes that cryptocurrencies won’t go away and will likely play a big role in the future of finance. Therefore, being moderately bullish for the next couple of months will likely yield positive results.

For bullish traders who think Bitcoin price will break to the upside but are unwilling to face the liquidation risks imposed by futures contracts, the “long condor with call options” strategy might yield more optimal results.

Options are a safer bet for avoiding liquidations

Options markets provide more flexibility to develop custom strategies and there are two instruments available. The call option gives the buyer upside price protection, and the protective put option does the opposite. Traders can also sell the derivatives to create unlimited negative exposure, similar to a futures contract.

Bitcoin options strategy returns. Source: Deribit Position Builder

This long condor strategy has been set for the Sep. 21 expiry and uses a slightly bullish range. The same basic structure can also be applied for bearish expectations, but we’ll assume most traders are looking for upside.

Bitcoin was trading at $37,830 when the pricing took place, but a similar result can be achieved starting from any price level.

The first trade requires buying 1.20 BTC worth of $42,000 call options to create a positive exposure above this price level. Then, to limit gains above $46,000, the trader needs to sell 1.1 BTC contracts of the $46,000 call.

To complete the strategy, the trader needs to sell 1.3 BTC contracts of the $56,000 call, limiting the gains above this price level. Then a $60,000 upside protection call for 1.22 BTC is needed to limit the losses if Bitcoin unexpectedly skyrockets.

Related: Bitcoin price dips below $38K, with bullish traders eyeing a new higher low next

In this situation, the gain far outweighs the loss

The strategy might sound complicated to execute, but the margin required is only 0.0265 BTC, which is also the max loss. The potential net profit happens if Bitcoin trades between $42,950 (up 13.5%) and $59,450 (up 57%).

Traders should remember that it is also possible to close the position ahead of the Sep. 21 expiry if there’s enough liquidity. The max gain occurs between $46,000 and $56,000 at 0.0775BTC, almost three times higher than the potential loss.

With over 50 days until the expiry date, this strategy gives the holder peace of mind because there is no liquidation risk like futures trading.

Another positive is that most derivatives exchanges accept orders as low as 0.10 BTC contracts, meaning a trader could build the same strategy using a much smaller amount.

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.