Venture Firm Raises $350 Million to Double Down on Its Cryptocurrency Involvement

Jump Capital – a Chigaco-based venture capital firm – decided to expand its cryptocurrency engagement by closing its latest fund at $350 million. The company has made 30 investments in the digital asset space in 2021 alone.

Jump Capital’s Seventh Fundraise

The American venture capital firm – Jump Capital – closed its largest fundraising round to date – $350 million. By doing so, the company intends to invest in cryptocurrency sectors like Web 3.0, DeFi, and blockchain and financial applications.

Peter Johnson – a top executive at Jump Capital – noted that the digital asset industry has accelerated with fast temps recently. As such, his company did not want to miss its chances of getting even further involved into the space:

“Crypto is becoming real and the adoption was really accelerating. There was a huge opportunity we had — and we’re uniquely positioned to take advantage of — when we decided to really double down.”

Saurabh Sharma – Partner at Jump Capital – also commented on the move. He opined that the cryptocurrency industry would become a successful financial sector once the underlying blockchain technology reaches the necessary scalability levels:

“For the space to grow and be successful, a couple of things need to happen, and one is that the underlying technology needs to evolve to reach the scalability needed to serve to mass-scale versus something very niche.”

This is Jump Capital’s seventh fundraise and it attracted 167 investors to take part in it. Interestingly, it is almost two times larger than the one before, which equaled $200 million. The venture capital firm has also made 30 investments in the crypto space this year alone.


SkyBridge Launches a $250M Fund to Enhance Blockchain Adoption

Another company that recently decided to double down on its digital asset efforts by raising a serious amount of funds is SkyBridge Capital. By partnering with the trading platform NAX and the blockchain protocol Algorand, the investment firm planned to raise $250 million to spread blockchain usability among institutions.

The intention is to develop a fund called UNLOX. Anthony Scaramucci – Co-Founder of SkyBridge Capital – would serve as its chairman. Apart from promoting the merits of blockchain technology, the initiative would focus on numerous decentralized finance (DeFi) endeavors.

UNLOX would also present institutional investors with assets operating on the distributed ledger technology (DLT), such as property, corporate securities, and venture capital. Subsequently, the new unit plans to enter the non-fungible token (NFT) market.


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‘$500,000 In Five Years’—Elon Musk And Tesla Devotee Cathie Wood Reveals Huge Bitcoin And Ethereum Price Predictions

The bitcoin and crypto price bull run has stalled after its phenomenal rally in the first half of this year—with some issuing stark warnings over bitcoin’s prospects.

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The bitcoin price has failed to hold ground over $50,000 per bitcoin despite multiple attempts to pass the psychological barrier. Meanwhile, ethereum, the second-largest cryptocurrency after bitcoin, has also fallen away from its all-time high set in May.

Despite bitcoin’s recent struggles, Cathie Wood, the chief executive of Ark Invest who’s made a name for herself with big bets on bitcoin and Elon Musk’s electric car company Tesla TSLA , has predicted the bitcoin price will hit $500,000 in just a few years—and revealed her confidence in ethereum “has gone up dramatically.”

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“If we’re right and companies continue to diversify their cash into something like bitcoin, and institutional investors start allocating 5% of their funds, we believe that the price will be ten-fold of where it is today,” said Wood, speaking to CNBC anchor Andrew Ross Sorkin at the Salt technology conference in New York. “So instead of $45,000, over $500,000.”

In July, Wood joined Musk and Twitter’s Jack Dorsey in a live discussion that saw the trio discuss bitcoin’s potential as well as the merits of ethereum and the meme-based dogecoin.

Wood, who said she made price targets on a five-year timeline, named bitcoin as her top cryptocurrency as “countries are now deeming [bitcoin] legal tender,” although she’s also bullish on the ethereum price and sees the Ark portfolio split 60%, 40% between the two.

Earlier this month, El Salvador made history when it adopted bitcoin as its official currency alongside the U.S. dollar, sparking speculation other countries could follow suit. Some have suggested Ukraine could eventually adopt bitcoin after it moved to legalize it last week and a former prime minister of Malaysia has said his country should “encourage” crypto holders to invest in Malaysia.

Much of this year’s crypto price surge—that’s seen the combined crypto market soar from around $700 billion to over $2.1 trillion—is due to rallies in ethereum and its many rivals that are jostling for market share.

“[Ethereum] is seeing an explosion in developer activity thanks to NFTs and DeFi,” Wood said, referring to the digital collectible non-fungible token craze and an explosion in crypto-based decentralized finance—designed to recreate lending and interest without the need for banks.

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“I’m fascinated with what’s going on in DeFi, which is collapsing the cost of the infrastructure for financial services in a way that I know that the traditional financial industry does not appreciate right now,” said Wood. “Our confidence in ethereum has gone up dramatically as we’ve seen the beginning of this transition from proof-of-work to proof-of-stake.”

Late last year, ethereum began a long-awaited transition away from the energy-intensive proof-of-work to proof-of-stake, designed to help ethereum scale and increase its efficiency. The upgrade won’t be completed until 2022, however.

Wood, who sees the already sky-high valuation of Elon Musk’s Tesla soaring in coming years, praised the dogecoin-loving billionaire. “[Musk is] a visionary and he sees the future so clearly,” she said, predicting “explosive growth” and committing Ark to “nothing else but disruptive innovation.”

“I do believe that both crypto and the equity markets are going to be powered by millennials,” Wood added.


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Anti-Bitcoin Protests Escalate on El Salvador Independence Day

In brief

  • More people have taken to the streets in El Salvador today to voice displeasure with President Nayib Bukele.
  • Many expressed unhappiness with the country’s new Bitcoin law.

Protests in El Salvador escalated Wednesday, on the country’s independence day, with local press reporting citizens’ fury at the country’s new Bitcoin law. 

Protestors set fire to a Bitcoin ATM in the capital of San Salvador. Some took to the streets holding placards that read “We don’t want Bitcoin” and “No to dictatorship.” El Salvador on September 7 made Bitcoin legal tender in the country. It is the first country to do so. 

The country’s president, Nayib Bukele, slammed citizens on Twitter who did not stop vandalism. He also lashed out at the press. 

There have been protests against the move—the brainchild of President Bukele—since July and August. But today the protests were by far the fiercest, with thousands of citizens taking to the streets, according to local media. 

Salvadorans are not just protesting against the Bitcoin law but also against President Bukele, who some believe has weakened the country’s courts and consolidated too much power. Though Bukele previously fared well in opinion polls for improving security in the tiny Central American country, he has come in for criticism lately over perceived authoritarianism. 

The Bitcoin law, announced by Bukele in June and adopted by the legislature shortly thereafter, means that businesses have to accept payment in Bitcoin if they have the technology. Citizens are not required to use the asset but are encouraged to do so: those who sign up to use the government’s official crypto wallet, Chivo, are rewarded $30 in Bitcoin. Chivo has had technical issues since Bitcoin became legal tender in the country. 

Investment banks such as JP Morgan, U.S. officials and even the World Bank have criticized El Salvador’s Bitcoin law—claiming it would be hard to implement. 

Today’s protests are evidence that they may be right.


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Yet Another Reminder That Many Bitcoin Critics Are Subpar

The funny thing is that Bitcoin is going to win in such a fantastic way because it is rooted in proof of work.

The below is a direct excerpt of Marty’s Bent Issue #1076: “Yet Another Reminder That Many Bitcoin Critics Are Subpar.” Sign up for the newsletter here.

via NYT

via NYT

The above snippet comes from the Opinions section of the New York Times, and it is a stark reminder of just how bad many Bitcoin “critics” turn out to be. In his piece that dropped today, Binyamin Appelbaum claims that the gold standard – something humanity used for THOUSANDS of years – was disastrous, called private keys passwords, claimed that the US Government can easily brute force ECDSA and confiscate anyone’s bitcoin, and that individuals don’t use bitcoin in a non-custodial self-sovereign fashion because it is “too hard”. A pretty impressive streak of objectively wrong statements.

The frustrating part isn’t that Binyamin was so terribly wrong, it is that he was so very confident while spreading his fake news in the New York Times. Confident enough to exclaim that bitcoiners are nothing more than “Libertarian cosplay” participants. I usually wouldn’t waste a day’s issue of this dirty rag on one particular critique from a single New York Time Opinions piece writer, but pointing out the juxtaposition of this article with the New York Times’ coverage of the Met Gala was irresistible.

The New York Times likes to paint itself as a leader pushing forward social justice and progressive values while speaking truth to power during chaotic times. However, if you look closely – particularly at this bitcoin hit piece and the Met Gala coverage – you will find that it’s the New York Times that is engaged in cosplay and not bitcoiners.

Since January 3rd, 2009 bitcoiners have been working diligently; writing code, building businesses, educating, and erecting physical infrastructure to provide the world with a peer-to-peer digital cash system that will serve anyone who can access the software. In the process, the network has provided billions of unbanked and those already banked with the opportunity to access a digital app where they can store their wealth. Not only that, but the Bitcoin network gives you the ability to have an extremely high degree of certainty that your share of the overall network cannot be debased. The app has only gotten easier to use over time as more and more people are drawn to the network and work to make it more efficient and user friendly. The same can not be said for the incumbent monetary system, which is only getting harder to use.

As central bankers and governments around the world continue to lose their grip on the very interconnected monetary systems of the world – causing social in-cohesion – they are getting more serious about the monitoring of who is sending money to who and how much they can spend. A result of this is increased data collection and filtering that is making it harder for individuals to interact with the economy. It’s getting harder to use in this technical sense, but it’s also getting harder to use in a practical sense as the amount of overall units of money increases rapidly, pushing the prices of many good up as a result. Either completely boxing individuals out from the digital monetary system all together, or decreasing their quality of life materially by making things more expensive.

Bitcoin fixes this problem by giving individuals the world over an open and sound monetary system, yet the New York Times, which is supposed to be cheerleading the advancement of human rights, chooses to bash bitcoin while running this article during the same day…


Legitimate gushing over an elite costume party where celebrities and politicians alike signal their support for social justice while dawning outfits worth tens of thousands of dollars to hundreds of thousands of dollars with a full life cycle of 12-hours. And the wardrobe wasn’t the only thing the celebrities at the Met Gala were waving in the face of the poors, they were also waving their actual maskless faces right in front of them too. Apparently if you adorn an outfit worth more than your average annual salary in the United States you are naturally immune to COVID. And as long as you signal your disdain for the state of the world by including political phrases like “Tax the Rich” and “Peg the Patricarchy” on your costume, you are absolved from not actually doing anything. That is enough effort. You can go on feeling good about yourself.

The funny thing is that Bitcoin is going to win in such a fantastic way because it is rooted in proof of work. A proof of work that the LARPing elites dependent on the Cantillon Effect cannot compete with in the long run. We’re going to wake up one day, Bitcoin is going to be as easy to use as the mobile phone or laptop you are reading this rag on, the incumbent monetary system is going to be more burdensome and less reliable, and those who the progressives think they are helping are going to thank Satoshi for Bitcoin for providing them with the opportunity to build themselves a better life.


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Bitcoin Transaction Fees Hit One-Year Lows, How Does This Affect The Price?

Bitcoin transaction fees are usually an indication of how holders are moving their coins around. When the network gets congested due to a high number of transactions, the transaction fees go up, indicating a high volume of traffic on the network. Transaction traffic usually is high around bull markets when the price of the digital asset is up. Usually leading to a sell-off as investors try to take profits.

Related Reading | Bitcoin Suffers As Mid Caps Cryptos Establish Market Dominance With Wide Margin

One thing, this recent bull market has been anything but usual. So many things that are normal around bull markets have not happened with this bull market. An example is the declining reserves on exchanges. Bitcoin going up would often trigger an increase in the exchange reserves with the bull market, which happens because investors are trying to sell off their coins. This bull market, however, has shown the opposite. Exchange reserves have plummeted, and along with it, bitcoin transaction fees are at one-year lows, indicating that investors are carrying out fewer transactions on the blockchain.

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Transaction Fees Plummet

The current climate for bitcoin transaction fees has been at levels not seen since last year. The fees which had spike following the great miner migration out of China have now dropped back to pre-2021 levels. Competition for block space due to the reduced hashrate had seen the transaction fees of bitcoin go up by about 50% in July of 2021. But as miners have come back online and the hashrate has picked up, fees on the network have dropped again.

Related Reading | MicroStrategy Deepens Its Crypto Bet With Another $240 Million Spent On Bitcoin

Current network activity shows that there is now less demand for block space on the blockchain. This is unique in the fact that during bull markets, demand for block space is usually at its highest. The last couple of bull markets have all shown similar trends. Bitcoin transaction volumes have spiked in previous bulls, leading to higher demand for block space, leading to higher transaction fees.

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Chart showing bitcoin transaction fee levels in conjunction with price

Chart showing bitcoin transaction fee levels in conjunction with price

BTC transaction fees plummet | Source: Arcane Research

Presently, the average transaction fee for bitcoin transactions sits at $3. Average transaction fees have not been this low since October last year when the average fee was $3. Comparing this to April, when the bull market was in full force, the average transaction fee had been $61. Competition for block space was high as investors moved their assets around.

How This Affects Bitcoin Price

The price of the digital asset, like any other asset, is tied to the demand for the asset. Given the current transaction fees and transaction volumes, this shows that investors are not moving too much of their digital assets around. Hence, it points towards more hold sentiment amongst investors. This could spell the continuation of the bull market. Maybe one last bull run before the market finally gives in to the bears.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

Hold sentiment has always been important when it comes to the price of the digital asset. This shows that bitcoin investors are more inclined to buy more coins instead of selling their existing stash. Thus creating scarcity in the market, which is evidenced by the decreased exchange reserves, which have also hit one-year lows.  Scarcity inadvertently leads to a higher value for an asset. Playing to the basic laws of economics.

Bitcoin price chart from

Bitcoin price chart from

BTC ready for another $48,000 retest | Source: BTCUSD on

The price of bitcoin is currently above $48,000. A successful test of the $48,000 resistance point had seen the asset climb $400 above this, before losing hold and falling back below this crucial point. Indicators still show a positive upward trend in the price of the asset. Possibly a green close by the end of the midweek trading day.

Featured image from CNBC, chart from


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How Blockchain-Based Technology Can Shape the Future of Earth

Change is the only constant in the world of business. However, one topic that continues to dominate the headlines is blockchain. Blockchain technology has been praised for its ability to streamline operations and reduce costs while also providing transparency and security within a business environment.

One often overlooked aspect of this groundbreaking technology is how it can help shape the future of our planet as well. In fact, there are many ways in which blockchain technology can be used to solve environmental issues on a global scale.

How Blockchain Can Help Save The Environment

The environment is facing a number of serious challenges. From air pollution to climate change, the planet is being affected in many negative ways that are having an impact on our health and the future of our planet.

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All around the world, people are becoming more aware of these issues. More and more people are working to find solutions for each of these problems, but there is one area where blockchain technology can make a huge difference: the environment.

For one, blockchain can be used to donate to environmental charities in new and creative ways. For instance, Next Earth is a virtual replica of Earth on BSC, in which users can buy NFT land tiles from the Statue of Liberty to the White House to farmland. 10% of the value of those purchases goes to environmental causes. In the world’s first Initial Tile Offering, Next Earth raised over $1.3 million, which means that over $130,000 was donated to charities like Amazon Watch and The Ocean Cleanup.

This means that if you were to become a metaverse landowner on Next Earth, and buy $100 of virtual real estate, $10 will go to environmental causes.

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Fight Climate Change

Blockchain also has the potential to help fight climate change, in ways besides strictly donating to charities.

For example, the Blockchain Coalition launched a tradable carbon credit token that could allow broader participation in carbon markets and give investors exposure to new asset classes. This type of innovation could reduce CO2 emissions across all sectors and improve air quality in cities where pollution levels are particularly high.

The benefits of using blockchain to protect the environment go beyond just helping people feel good about contributing their money towards a worthy cause. Blockchain can also help save the planet by making it easier for companies to track their impact on the environment. The natural progression from giving back to protecting nature is finding ways to track your impact in order to make changes where they matter most: within your organization and industry.

Incentivizing Recycling and Reducing Waste

Further, blockchain has been used to incentivize and track recycling, with startups like Plastic Bank. Plastic Bank uses blockchain to ensure transparency in recycling, tracking and monetizing the collection of an astonishing 1 billion bottles of plastic.

Plastic is a huge environmental concern, and using blockchain to track and incentivize recycling can go a long way towards reducing this issue.

In addition to improving the environment, blockchain can also help reduce waste. With current methods of shipping food, for example, nearly half of food produced in the US is never eaten. This means that in order to keep up with global demand for food, we would have to dramatically increase production. Not only would this require more land and natural resources, but it would also mean an increase in pollution from packaging.

Blockchain has the potential to reduce wasted food by optimizing supply chain management. In fact, IBM reports that blockchain-based supply chain tools could reduce food loss and waste by up to $120 billion annually.

Ultimately, while blockchain has some of its own problems to solve, particularly when it comes to the efficiency of consensus mechanisms, these are being enthusiastically tackled. In the meantime, blockchain-based technologies are being used in a variety of ways to shape the future of the Earth, from NFT-based charitable contributions to tracking plastic waste or even optimizing food supply chains.

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Top Analyst Warns of Further Corrections in Ethereum, Cardano and Polkadot As Crypto Markets Consolidate

Crypto analyst Justin Bennett sees further market corrections for altcoins on the horizon.

The popular trader tells his 67,600 Twitter followers that the native asset of the smart contract blockchain Cardano (ADA) could be in for a serious pullback.



Cardano’s native asset ADA is trading at $2.39 at time of writing and is down 5% in the past week, according to CoinGecko.

Bennett says,

“Another look at ADA shows a rounded top and a recent channel break at $2.44. Needs to close above $2.55 to get itself out of this mess. Otherwise, it’s on its way to $2.”


Source: Justin Bennett / Twitter

The analyst also says the interoperable blockchain platform Polkadot could face similar issues, despite the project’s strong week. Polkadot’s native asset DOT is trading at $37.63 and is up nearly 35% on the week.

As Bennett explains,

“I know a lot of people are expecting DOT to continue higher, and maybe it will. But we’ve seen this before, and it didn’t end well. I’m not saying it will happen again. Nobody knows the future. Just be careful out there.”


Source: Justin Bennett / Twitter

The analyst seems more ambivalent about the native asset of the top smart contract platform Ethereum (ETH), however.

ETH is trading at $3,428.89 at time of writing and is priced nearly exactly what it was one week ago.

“Trying to make sense of ETH… This is probably THE support level to watch right now.

Break that, and we likely see $3,000 again. Break higher out of this consolidation, and another run at $3,550 – $3,700 seems likely.”


Source: Justin Bennett / Twitter

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This Large-Cap Altcoin Is Primed for a Breakout, Says Crypto Trader Michaël van de Poppe

A popular crypto trader and top strategist says that one altcoin is primed for a breakout.

Analyst Michaël van de Poppe tells his 126,000 YouTube subscribers that the Ethereum-based blockchain network Chainlink (LINK) appears primed for a breakout.



Van de Poppe notes how that the pattern in LINK’s chart signals an upward surge.

“It’s very likely that we’re going to have a breakout happening here. You see this construction quite often, in which… we are making some sort of rounded bottom.

A rounded bottom implies we’re going to have higher lows [and] higher highs quite swiftly.”

Van de Poppe says that if LINK can sustain a specific key level, it will continue to climb.

“At this stage, if Chainlink is going to sustain above this level here, which is around 60,000 (.0006 BTC) satoshis  ($28.87), I think we are eager for a breakout to the upwards momentum.

The next run of Chainlink will be happening toward around 80,000 satoshis (.0008 BTC) ($38.50), implying a run of 30%. But then we are most likely going to get a new cycle for Chainlink as well, implying we’re going to have some serious continuation on the markets.”

Chainlink is currently trading at $30.76, a 26% increase from its 30-day low of $24.38 and a 17% decrease from its 10-day high of $36.00, according to CoinGecko.

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Ethereum DAOs Can Combat Global Misinformation: Gitcoin Founder

In brief

  • MetaCartel’s MCON 2021 conference is currently taking place in Denver.
  • Gitcoin’s Kevin Owocki and metaverse engineer MetaDreamer discussed the potential of Ethereum-based community coordination tools.

Gitcoin founder Kevin Owocki wasn’t even supposed to be onstage at MetaCartel’s MCON 2021 conference today. However, when a scheduled panelist didn’t show up, Owocki filled the void with quotable insights about Ethereum-based coordination and what he sees as the power and promise of decentralized autonomous organizations (DAOs).

“First question, hardball: is it all coordination?” Owocki asked his counterpart, metaverse engineer MetaDreamer. “It’s all coordination and it always has been,” MetaDreamer replied, to a smattering of applause from the in-person crowd in Denver (it also streamed on Twitch).

Owocki and MetaDreamer went on to discuss the power of community coordination, including the potential for immutable blockchain networks to fight global threats like misinformation. The discussion happened amidst the backdrop of MCON, an event held by a DAO (MetaCartel) that is broadly about DAOs and features an array of speakers that participate in various DAOs.

What’s a DAO? It’s a decentralized organization powered by blockchain-driven smart contracts—or bits of code that perform set instructions—and DAOs can bring together people from all around the world with a shared vision or goal. They often rely on token-based governance votes, and may require ownership of certain tokens to participate.

DAOs aren’t a new thing (think back to The DAO from 2016), but their use and potential applications are growing rapidly of late. There are investment DAOs, NFT DAOs, and DAOs that govern decentralized finance (DeFi) protocols. Even Decrypt is launching a DAO as we explore their potential to reshape media in an increasingly decentralized world.

DAO advocates see the organizations as inclusive, community-building platforms, but they are also naturally exclusionary in some ways. Users have to be pretty tech-savvy and understand cryptocurrency to participate in DAOs, plus they typically have to own tokens—and potentially a significant amount to have a meaningful say. The DAO landscape is rapidly evolving, however, as new tools emerge and varying governance structures take hold.

For Owocki, whose Gitcoin project awards grants and funding for Ethereum ecosystem projects, he sees this kind of community coordination as an effort that can ultimately impact the world.

“We have a transparent, immutable, programmable, coordination mechanism that is worldwide in jurisdiction,” he explained. “If we have these global coordination failures around misinformation, climate change, or privacy violations—really, there’s a lot of coordination failures that the infrastructure that we inherited from the previous generation is no longer able to handle.”

Owocki cited Ethereum as a platform for solving such coordination failures, and Gitcoin has a particular focus around funding public goods—as seen with a recent Moonshot Bots NFT initiative that has now raised more than $2.3 million worth of ETH for such grants. He believes that an increasing focus within the Ethereum community towards public-benefit development—rather than DeFi and NFT initiatives—will be a net positive for everyone.

“You hear Gitcoin talk a lot about funding public goods, which is one of the big coordination failures out there in leveraging Ethereum,” he said. “DeFi is great and financing art is great, but what I really would love to see is us moving past a decentralized casino and into really having a positive impact for the world. And I think that that is possibly Ethereum’s legacy.”

MetaDreamer and Owocki further discussed the changing landscape around Web3 technology, including what Owocki sees as a need to better reward the creation and maintenance of open-source tools. Both speakers suggested that blockchain-based community coordination efforts will ultimately disrupt existing business and communication structures. In MetaDreamer’s view, however, it will be a gradual transition rather than a sudden one.

“For us to use the tools that we’re creating to help ourselves first, before we convert the whole world to use it—I think that’s really how it’s going to happen,” he said. “Eventually, this is going to out-compete the legacy way of doing things, and people will just migrate over. It’s not going to be this crazy [thing, like] we’re going to tear down the system.”

Even so, Owocki said that the emergence of being able to transfer digital value and convey digital scarcity will be a hugely disruptive transformation. It could be a very positive thing, in his view, reinventing concepts like jobs and banking with internet-native coordination tools. But it could also turn negative if people don’t choose to work together and focus on collective benefit.

“It could get pretty dark pretty quick,” Owocki said. “Coordination is a choice, and we all have to choose to coordinate and turn the battleship towards utopia and away from dystopia. I think that we have to choose to show up and coordinate and be our best selves, and build community-first every day.”

“I think there’s a lot of opportunity,” he added, “but also a lot of threat as the whole world’s financial ecosystem could be rebuilt by blockchain technology.”


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Mozilla W3C Representative Condemns Crypto Mining

Key Takeaways

  • Mozilla’s Web Standards Lead, Tantek Çelik, has said that proof-of-work should not have a place in web standards.
  • He cited high energy consumption and lack of sustainability as the main issue behind the technology.
  • His comments were made in relation to decentralized identity (DID) platforms, not Bitcoin transactions in general.

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Mozilla’s Web Standards Lead, Tantek Çelik, has expressed opposition to cryptocurrency mining in a discussion over web standards.

Çelik Says No to Proof-of-Work

“Proof-of-work methods…are harmful for sustainability,” Çelik said, referring to the way in which Bitcoin and many other cryptocurrencies verify transactions and generate miner rewards.

“Successful proof-of-work systems waste a staggering amount of electricity worldwide,” he added, noting that Bitcoin uses more energy than some countries. Çelik likely was referring to a widely-cited Cambridge survey that suggests Bitcoin mining consumes energy in amounts comparable to the Netherlands or Philippines.

Çelik went on to say that W3C must “firmly oppose such proof-of-work technologies” and block them from being incorporated or made optionally available in its web standards.

The comment was made during a conversation about decentralized identity (DIDs), a category that includes Bitcoin-based services such as Microsoft’s ION Network and other blockchain-based systems that perform a similar function.

Çelik also opposed non-proof-of-work alternatives on the grounds that such an approach will lead to centralization, giving power to the system’s operators at a service level or an architectural level.

Çelik concluded by arguing that the DID standard must not become a recommendation and should be returned to working draft status.

Is Mozilla Is Crypto-Friendly?

Çelik’s comments did not concern Bitcoin in a broader sense, and it is unlikely that Mozilla has any opposition to crypto. In fact, Mozilla has accepted cryptocurrency donations since 2019.

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The company has also produced high-profile crypto figures. Former Mozilla COO Denelle Dixon has become the CEO of Stellar; former Mozilla CEO Brendan Eich became the founder and CEO of Brave.

Çelik’s comments today concern upcoming standards for the web at large, not the rules that apply to developers extending the functionality of Mozilla’s Firefox browser through add-ons.

Given that the web browser currently supports third-party cryptocurrency wallets like Metamask, it is unlikely that Çelik’s statements will affect projects in that vein.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.


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