Since Launching Smart Contracts, Cardano (ADA) Price is Down Only

While Ethereum and Bitcoin have touched multiple all-time highs in the last two months, Cardano hasn’t seen any new peaks since September. Launching smart contracts didn’t seem to put much wind in its sails, and its market cap continues to decline.

Slow Period for Cardano

As of September 2nd, 2021, ADA’s price peaked at over $3, and its market cap nearly surpassed $100 billion. This was followed by a steep dropoff on September 7th alongside the rest of the crypto market, when El Salvador’s Bitcoin law took effect.

Less than a week later, Input Output – the team behind Cardano – confirmed the deployment of the Alonzo upgrade. This brought smart contract compatibility to the network, using the Plutus framework. ADA’s price saw a short pump back up to $2.71 in the aftermath but descended back under $2.50 the following day.

Things have been relatively bearish for Cardano ever since. It failed to pump alongside Bitcoin in October and has steadily declined to its lowest price point in 90 days. Its market cap now rests below $50 billion, and it’s lost its position as a top 5 cryptocurrency.

Competition for Cardano

Though CTO Romain Pellerin disapproved of the comparison, Cardano and Ethereum were frequently pitted as competitors by the crypto community earlier this year. Even Pellerin himself framed Cardano as a blockchain that would be “on par with Ethereum” once smart contracts dropped, with a far lower carbon footprint than Ethereum or Bitcoin.


For this reason, Charles Hoskinson – founder of Cardano – even argued that Tesla should accept ADA for payment. In May, Elon Musk announced that his company would cease accepting Bitcoin payments due to the cryptocurrency’s environmental harm caused by mining. As a proof-of-stake chain, Cardano does not require such strong energy consumption.

But while Cardano was waiting for smart contracts, another competitor blockchain – Solana – saw parabolic growth throughout the year. Its proof-of-history consensus model drew immense investor interest and allows for a high volume of TPS and low energy consumption and is now the fifth-highest cryptocurrency market cap.


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Hedge Fund Manager Anthony Scaramucci Compares Bitcoin to Amazon in the Year 2000, Predicts Strong Q1 for BTC

Renowned hedge fund manager Anthony Scaramucci is comparing Bitcoin (BTC) to e-commerce giant Amazon, which was volatile in its early days but eventually became one of the best-performing stocks.

In a new interview on CNBC’s Squawk Box, the SkyBridge Capital founder says Bitcoin has grown exponentially in terms of fundamentals over the last year and that the recent correction gives investors a chance to buy at a discount. 

“If you and I were on this conversation a year ago, Bitcoin had a hundred million wallets. Glassnode is saying there’s about 240 million today, so that’s great exponential growth, but it’s not fully saturated, so I think there are buying opportunities all around, and if you don’t have leverage on, this is a good day for you as an investor.”

Although Scaramucci says he doesn’t think Bitcoin is an asset that you can use to hedge against inflation yet, he believes in the long-term potential of the leading cryptocurrency.

“I don’t think it’s a hedge against inflation at this moment in time. I think long term if you got to a billion wallets, two billion wallets and Bitcoin was in a what I would call a stable trading zone.

Think of Amazon – 20 plus years of Amazon. This is sort of Amazon in the year 2000. This comes with some volatility, and it comes with a lot of fear and uncertainty, and that’s the reason why it’s down.”

The hedge fund veteran adds that right now, Bitcoin’s volatility is shaking out investors and eliminating excessive leverage in the system which could put Bitcoin in a position to rally next year.

“I just think this is a risk-off situation right now, Bitcoin and other cryptocurrencies being volatile. That’s taking people out of the game. It’s also washing out some of the leverage, which I think sets up a pretty nice first quarter. I would love to debate the people that think that Bitcoin is an inflation hedge at this stage in Bitcoin’s evolution because I just don’t see that as being the case.”

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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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White House Blacklists 8 Chinese Quantum Computing Companies Citing National Security Risks: Report

The Biden Administration has announced that it is blacklisting eight Chinese quantum computing companies over concerns that the technology they possess poses a threat to national security.

The companies have been added to the U.S. Department of Commerce’s Entity List, which is a national security tool used by the Bureau of Industry and Security (BIS).

According to the Commerce Department, 27 new entities were added to the list for various reasons, while the eight Chinese entities were added specifically for risks regarding quantum computing technology.

“Eight technology entities based in the People’s Republic of China (PRC) are being added to the list as part of the Department of Commerce’s efforts to prevent US emerging technologies from being used for the PRC’s quantum computing efforts that support military applications, such as counter-stealth and counter-submarine applications and the ability to break encryption or develop unbreakable encryption.”

Quantum computers have been identified as a potential threat to cryptocurrency technology because of their theoretical ability to crack the cryptography that secures digital assets.

Quantum computing expert Andrew Fursman said in May that he strongly believes quantum computers are a threat to Bitcoin (BTC).

“Whether quantum computers come out tomorrow or in five years or in ten years, they are capable of being cryptographically useful. Those devices are going to be capable of doing something that you might not want if you are somebody that’s keeping a secret…

So it’s worth kind of getting into what are the different ways that the blockchains rely on cryptography, and which of those are specifically relevant to the things that quantum computers of the future might do.”

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Operationalizing The First CBDC- After Its First Year, Island Pay CEO, Richard Douglas, Shares His Experience

Human knowledge proceeds in fits and starts. Although the velocity of change has accelerated over the years, certain intractable problems stand out for their resistance to thought and deed. Of this group, there are problems that are hard, which are not purely engineering problems, such as quantum computing or deriving usable energy from small-scale fusion reactors. There is another group, which through its scale, in space and time also involves another sort of complexity, human behavior mediated through politics and social phenomenon; the climate challenge facing humanity can be said to be in this category. Luckily, CBDCs (Central Bank Digital Currencies) fall into the tractable category of this group. There are no major engineering challenges to be faced, the basic science was solved many years ago, however the risk associated with failure has to be balanced with the benefits. There is also a behavioral element and a scaling problem, mainly to do with network effects, both for and against.

The first nationwide CBDC was released into production in the Bahamas more than a year ago. The evocative name of the currency is Sand Dollar. Sand Dollar is also the name of a creature in the genus Clypeasteroida. The tests (skeletons) of these creatures, which survives them after death, appear on beaches. Bleached white, rounded, symmetric, etched with a pentagram they remind people of Spanish silver dollars washed up on the shores, from the numerous shipwrecks that dot the Caribbean. Hence the name Sand Dollar. Unlike these, the Bahamanian CBDC called the Sand Dollar is a purely digital construct, representing a coin of the realm. There are numerous reasons why the Bahamas chose to release a digital fiat coin. The small population scale and the far flung nature of the island nation is one of the reasons, coupled with this is the culture of the islands and their leadership, which tends to be adventurous and risk taking. They have relatively less to lose and much to gain through such a move.

A diverse group of people inhabit the Caribbean, many of them emigrants from colder climes. Many of them are not just snow-birds, similar to the skuas, jaegers and puffins, but live there year-around. One such person is Richard Douglas, CEO and co-founder of Island Pay. Douglas was born and educated in Canada, but has been in Bahamas for a couple of decades or more. Being the CTO and co-founder of Secure Hosting for many years, he is a data security and privacy protection expert. As we shall see, a unique combination of local experience, aptitude, relationships, training, experience with an existing product and other factors make Island Pay the kind of partner to a Central Bank to operationalize a revolutionary concept like a CBDC.

Island Pay was well placed to participate in the rollout of the first CBDC in production as the first to receive a license as a Payment Service Provider and Electronic Money Institution by the Central Bank of The Bahamas, and is supporting large scale payments distributions for the Government of Bahamas. This puts Island Pay in the center of financial inclusion, servicing the unbanked and the underbanked. I spoke to Richard Douglas about Island Pay’s retrospective on the Sand Dollar, a year into production, we had a wide-ranging conversation as is usual with my methods, Richard Douglas was most willing to have such a dialog.

We started off by talking about the challenges. Having operated a hosting service focused on security and privacy, Douglas was very aware of the needs of a data center. It had been challenging to run with a meaningful business continuity plan with proper 2-Factor authentication and other security practices due to lax attitudes. I was also aware of such box ticking compliance in investment banks in the US. However, a CBDC licensing regime had to have the security process written out properly and there is regulatory clarity around. Island Pay had cybersecurity audits performed by external agencies. As a result, there is improved security consciousness among all the participants, operators of data centers, other PSPs and so on.


People are used to cash, 60% of the people in the Bahamas still operate using cash. Even though the Island Pay wallet is ubiquitous, the number of transactions using Sand Dollar approach only 50% of the wallet holders, out of 23K transactions/month, only about 10K use Sand Dollar. These numbers are minuscule compared to transaction volumes in other countries, we do have to remember that the total population of the Bahamas is around 400K, not even as much as one-seventh of the population of Brooklyn (also known as Kings County), a borough of New York City.

Wallet interoperability was a requirement from the Central Bank of Bahamas that Richard Douglas was not happy about. If wallets were interoperable, Island Pay could hemorrhage customers rapidly to others, he thought, a sort of a vampire vulnerability built into the wallet. However, to Island Pay’s pleasant surprise they gained customers, mostly because their wallet was much better. Building moat around your business, rather than forcing to open it up, allows companies to compete on features and ease of use.

Among use cases that surprised Douglas was the the one that he cited as an unexpected effect that also benefited the early adopters like Atlantis resorts. Atlantis resorts relied on well heeled foreigners, however Bahamians visited the Atlantis for day use, to use its facilities, to dine at its restaurants and so on. The payments have to be made in cash for the parking facilities. After the adoption of Island Pay Sand Dollar wallets, customers could make these payments effortlessly, and a merchant like Atlantis accepted them. Atlantis found that their Bahamian guests liked the convenience and their frequency and number of visits grew rapidly. Seeing the benefits of the Sand Dollar, Atlantis is now planning to pay salaries using the Sand Dollar. In the middle of the pandemic, this increased revenue and use helped the merchant tremendously. Another use case was that the incidence of employee theft in Pizza shops dropped from 4% to 1.5% due to increased use of the cards.

By law, customers who used Sand Dollars could not be charged a transaction fee, merchants also saw their transaction fees go down from 3% to 4.5%. In addition, due to immediate settlement, Sand Dollars were credited to the merchant wallet almost instantaneously, improving their cash flow and liquidity position. Another win for merchants.

Even though adoption was not as rapid as they hoped, the Sand dollar project is a success for Island Pay. Added to this is a slew of inquiries from around the world for their expertise as one of the only companies that have participated in a CBDC rollout, especially from the wallet end. Although Richard Douglas was reluctant to talk about identity of his prospects, it seemed like they are Central Banks from much larger economies. The beauty of working on a wallet in the small is that many kinks in the design and usability can be worked out in a production environment while preparing to launch a wallet into many larger ecosystems.


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Here’s the Worst-Case Scenario for Bitcoin, According to Crypto Analyst Benjamin Cowen

Closely followed crypto analyst Benjamin Cowen is outlining what he thinks is the worst possible scenario for Bitcoin as BTC struggles to reclaim the $60,000 level.

In a new strategy session, Cowen takes a look at what he calls the “bull market support band,” which is a combination of the 20-week simple moving average (SMA) and the 21-week exponential moving average (EMA).

According to the analyst, once BTC successfully retests the bull market support band, it historically never goes below that price ever again. Since BTC last found support at the band when it bounced from $40,000 in October, Cowen says he doesn’t see Bitcoin ever going below there again.

“Every time we hold it as support, we tend to not go below it, at least not on the weekly time frame. So that makes me believe that there’s a good chance that Bitcoin will not go below $40,000, because if it does, then I would argue that at point something is different, and it’s not looking that great.” 

Cowen also notes that Bitcoin’s last major correction that took BTC from $52,000 to about $40,000 was a 25% drop. For Bitcoin to repeat the same 25% correction, the king crypto would bottom out at roughly $51,500, which is right at the bull market support band.

“For now, we have the bull market support band that hopefully will help us hold the line. That’s where the bulls like to come out and hold the line. Even if we go below it, there have been instances in the past where we get right back above it the next week. If you want my opinion on the market, I think that there’s a lot of reasons people are bearish, there’s a lot of reasons people are bullish, but you take everything into consideration, I think that the market is leaning macro bullish not macro bearish.”

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Ethereum Price Analysis: ETH Resistance at $4350 Intact, Will Bulls Step Back In Soon?

Key Support levels: $4,000

Key Resistance levels: $4,350, $4868 (ATH)

ETH failed to chart any meaningful gains throughout the week as bears intercepted all attempts at a rally and managed to bring the price back towards the $4,000 support on a few occasions.

This price action shows that bulls don’t appear ready to push above the $4,350 resistance, and bears are seemingly in control of the momentum, at least for the short term. Until $4,350 is flipped into support, bulls need to be very careful of potential downward movements.

Chart by TradingView

Technical Indicators

Trading Volume: The volume is decreasing, perhaps in anticipation of a major breakout. The previous attempts to break the key resistance level were on low volume, which is the reason why the bears were also successful to reject such attempts.

RSI: The daily RSI is making higher lows. This is somewhat bullish, but it is too early to get excited since the price can go either way.

MACD: The MACD is bearish on the daily timeframe, and the histogram and moving averages continue to fall. There’s o potential for a reversal in sight as of yet. On lower timeframes, the MACD is flat, suggesting a consolidation period before the next big move.

Chart by TradingView


The bias for ETH is neutral. So long as the price stays above $4,000, the bulls have a good chance to regain control. If they lose this key level, then they will be at a big disadvantage.

Short-Term Price Prediction for ETH

Ethereum’s consolidation can continue, which will keep the price around $4,000. The low volume, flat trend, and the failure to move the price beyond the key resistance level show that bulls do not yet have the strength to push ETH higher. The coming weekdays may lead to increased volatility, and it’s important to remain careful.


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Tech transformation: Don Tapscott’s ‘Platform Revolution’ book review

Enterprise blockchain started to take shape in 2016, a time when companies like IBM began to leverage private networks for supply chain management. It was also during 2016 that author Don Tapscott wrote and published Blockchain Revolution, a book that examines the way that blockchain will transform a number of industries.

Following the release of Blockchain Revolution, Tapscott — who is also co-founder of the Blockchain Research Institute — published Supply Chain Revolution in August 2020. Given the timing of the book’s publication, Supply Chain Revolution detailed the way the COVID-19 pandemic exposed glitches throughout supply chains across the world, further explaining how blockchain could be used to solve these challenges.

Almost a year after the release of Supply Chain Revolution, Tapscott has published his latest book, Platform Revolution. Unlike his other two books that explain what blockchain is and how it can be applied to advance certain industries, Platform Revolution goes a step further, taking the thesis that blockchain has reached “platform status.”

Specifically speaking, Tapscott told Cointelegraph that blockchain has matured so much over the years that firms and industries are now building new models upon blockchain as a “platform.” Moreover, Tapscott believes that blockchain has reached a “trivergence” point, making it the greatest technology of today’s digital age:

“There are lots of new technologies in today’s second era of the digital age, including artificial intelligence, machine learning and the Internet of Things. In the end though, the greatest of these technologies is blockchain, which is ‘triverging’ with all of these other technologies.”

Understanding the trivergence of blockchain technology

Tapscott explains throughout the eight chapters of Platform Revolution the way that firms, supply chains and sectors of the economy are building upon blockchain as a platform to make further advancements.

In order to describe the trivergence of blockchain with AI, machine learning and IoT, Chapter 1 of Platform Revolution discusses the way blockchain can secure the future of the digital age. In a nutshell, this chapter talks about digital conglomerates like Facebook (now Meta) and Google, noting that these entities act as landlords for user data. “We create the data and these companies take it away. We are then left with almost nothing — we can’t monetize our data or secure that data as our privacy is being undermined,” said Tapscott.

To solve this ongoing dilemma, Chapter 1 explains the way that open access, fair participation and self-sovereign identity on a blockchain network can improve web access. In particular, the chapter focuses on the way blockchain can solve the problem of manipulation, promote fairness, protect the rights of content creators and more. While this may be, Chapter 1 also details why the trivergence of blockchain, AI and IoT will ultimately lead to Web 3.0. This is described as a network where billions of people, devices and decentralized autonomous organizations, or DAOs, will be able to transact and analyze data for better decision making.

The book’s second chapter examines blockchain’s impact on big data. “Big data” is characterized here as a new asset class that may trump all other assets, given the notion that digital conglomerates have been privately stockpiling user data for years. Yet through encryption technologies like those found within blockchain networks, new privacy rights and property rights to data could very well be achieved.

Related: Book review of Don Tapscott’s collaborative ‘Supply Chain Revolution’

Chapter 3 is an important section of Platform Revolution, as Tapscott and his co-author Anjan Vinod thoroughly examine the relationship between blockchain and AI. According to Tapscott and Vinod, AI is making blockchain one of the broadest technological revolutions ever. This chapter explains the way blockchain can provide a decentralized infrastructure for the entire AI ecosystem. For example, it’s noted here that a decentralized blockchain-based solution may ensure a more democratized, yet secure, means for transmitting data required for AI models.

Chapter 4 further focuses on blockchain and IoT, noting that connected devices will require a ledger to learn and adapt to new things. “It’s where the rubber meets the road for blockchain,” writes Tapscott. While implementation challenges such as quantum computing are also mentioned throughout Chapter 4, this section ultimately describes Web 3.0 as running in a distributed cloud, with a combination of decentralized public and private servers with edge computing capabilities.

The threat of quantum computing

While the impact of blockchain on autonomous vehicles is discussed throughout Chapters 5 and 6, ensuring that Web 3.0 remains distributed and quantum-proof is detailed in Chapters 7 and 8 of Platform Revolution. In particular, the quantum threat to the cybersecurity of global IT systems is analyzed.

For instance, Chapter 7 notes that “There is a one-in-seven chance that a quantum computer will be commercially available by 2026.” In turn, Chapter 8 highlights the need for governance of standards development at three levels: protocol, application and ecosystem.

Related: ‘Blockland’ book review: Part gonzo, part Bitcoin-thriller, 100% recommended

The author of Chapter 8, Christian Keil, details in-depth the different layers of the blockchain technology stack, concluding that stakeholder involvement and the power of network effects are needed for standards development. “The blockchain community needs a standard like OSI, with which cataloging, organizing, and communicating advances in this new technology might be made significantly easier,” writes Keil.

How blockchain relates to other technologies

Platform Revolution concludes with the notion that blockchain is still in its early stages and that its success will depend on how well the current challenges and opportunities are handled for its development. While it’s difficult to predict the future, Tapscott mentioned that the goal behind Platform Revolution is to help people understand the way blockchain fits in with other technologies:

“This book introduces the concept of trivergence, while explaining the relationship between blockchain, AI, IoT, big data and quantum computing. These are all topics people struggle to understand.”

This in mind, Platform Revolution is a must-read for individuals curious about the technologies within the second era of the digital age. For instance, while some may only be familiar with mainstream concepts like AI, Platform Revolution explains the way blockchain relates to artificial intelligence and other popular technologies. 

The book further underscores why blockchain will continue to serve as the backbone for industries, economies, supply chains and other aspects of our lives. “These are all big technologies that everyone is talking about. Platform Revolution explains the way they fit together and why blockchain is central to everything,” added Tapscott.