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ENS domains for three and four-digit numbers continue to command higher prices on the secondary market. Low Numbers, High Prices Demand for low-number ENS names is reaching euphoric levels. Three-digit...
The NFT market is thriving, actually. Once again, the Wall Street Journal makes a fool of itself by tackling subjects beyond the publication’s comprehension. The author declares “the NFT market is collapsing,” citing suspicious numbers and two cases of bad trades as proof. And then, to top it all off poses a terrible theory. The “NFT Sales Are Flatlining” article is embarrassing beyond belief. Disclaimer: The following op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike. Among other things, it proposes the worst definition of NFTs ever written: “NFTs are bitcoin-like digital tokens that act like a certificate of ownership that live on a blockchain.” No, NFTs are not “bitcoin-like” at all. And the WSJ just forgot about the “non-fungible” aspect of these unique digital assets. And yes, someone bought an NFT of Jack Dorsey’s first tweet for $2.9M, another person bought a Snoop Dogg endorsed one for $32K. Both tried to auction the digital assets and only got embarrassingly low offers. Based on those two cases, the WSJ implies that the whole NFT market is dead on the water. THE DEATH OF NFTs… One buyer purchased a Snoop Dog curated NFT in early April for about $32,000 worth of the cryptocurrency ether. It's now up for auction, with an asking price of $25.5 million. The highest current bid is for 0.0743 ether—about $210.https://t.co/dg54XYijxh — Steven Russolillo (@srussolillo) May 3, 2022 The WSJ bogus numbers about the NFT Market Admittedly, the Wall Street Journal probably has access to a wider array of data than NewsBTC. However, the numbers they use to prove the NFT market is dead are suspicious as hell. “The sale of nonfungible tokens, or NFTs, fell to a daily average of about 19,000 this week, a 92% decline from a peak of about 225,000 in September, according to the data website NonFungible. The number of active wallets in the NFT market fell 88% to about 14,000 last week from a high of 119,000 in November.” Notice that they don’t link to NonFungible and provide a few low-resolution graphs that the normal eye can’t audit. However, everyone can go to NonFungible. The number of sales for May 3rd is 104.465 and that represents $206B. Hardly the signs of a dead NFT market. Granted, the number of sales for April 3rd is approximately 14K, but on May 1st the NFT market moved a whooping $778B in 117K sales. That’s not it. The WSJ also presents these stats as if they prove its case: “The imbalance between supply and demand is also hurting the NFT market. There are about five NFTs for every buyer, according to data from analytics firm Chainalysis. As of the end of April, there have been 9.2 million NFTs sold, which were bought by 1.8 million people.” Have they even been to OpenSea? There are hundreds of collections. And NFT aficionados own dozens of pieces. Sometimes, hundreds. Sometimes, thousands. And that’s just one platform that serves one blockchain. Five NFTs for every buyer is nothing. ETH price chart for 05/04/2022 on Coinbase | Source: ETH/USD on TradingView.com The Wall Street Journal’s Off The Mark Theory This might be the most ridiculous part of the article. Let’s let the author bury himself: “There are signs that collectors may also differentiate between NFTs that catalog a vast set of cartoonlike characters—like the CryptoPunks—and tailored, NFT art projects spurred by major artists who already enjoy museum followings.” And then he talks about Jeff Koons and Chinese artist Cai Guo Qiang, who sold out NFT collections, and director Kevin Smith, who’s planning to. Meanwhile, Moonbirds set the NFT market on fire and the Bored Ape’s Otherside literally broke Ethereum. We’re talking billions of dollars for the “cartoonlike characters” team. Not only that, The Nightly Mint points us towards Nansen’s numbers. 6/ Taking a look at NFT Paradise, volume is robust – the last two weeks are both set to be among the top-10 in history (measured in ETH). Users per Week and Transactions per Week are likewise looking to reverse downtrends that began at the start of the year. pic.twitter.com/edNKzddMQW — Nansen?? (@nansen_ai) May 3, 2022 They clearly show that “the last two weeks are both set to be among the top-10 in history (measured in ETH).” And that “the Blue Chips and Social sectors are on a tear, up 81% and 83% YTD.” So, what game is the Wall Street Journal playing? Is this a case of poor research or evidence of malicious intent? That’s for you to decide, dear reader. Featured Image by Philip Strong on Unsplash | Charts by TradingView
The QRNG uses a fluctuating quantum system to guarantee unpredictable randomness, which can be used in Web3 gaming and gambling.
Let Fidelity take the wheel and drive you through the wonderful world of volatility. Bitcoin critics wield one of the asset’s main characteristics as an unsolvable failure, but, is it? According to Fidelity, “bitcoin is fundamentally volatile.” That doesn’t deter it from fulfilling “its ultimate investment objective of preserving wealth over long time periods.” Related Reading | Fidelity Says What We’ve Been Thinking: Countries & Central Banks Will Buy BTC The company said all that in Fidelity ‘s latest edition of “The Research Round-Up.” In their longer explanation, they use oil and gold as examples to explain the whole volatility process. We’re in the summarizing business, though. Here at NewsBTC, we will distill their article, state the main points, and briefly comment on them. Fidelity Explains Bitcoin’s Fixed Supply “Bitcoin is unique in that it is a good whose supply is completely inelastic to changes in price. In other words, supply does not (and cannot) change in response to price.” There will only ever be 21 million bitcoin and that’s that. With other goods, there’s a cycle. “Going back to economic principles, we know that when demand increases for a good, in the short-term the price will rise. However, the higher price then incentivizes suppliers to produce more. More supply will then bring down the price.” This doesn’t happen in bitcoin. “With bitcoin, supply cannot change regardless of what price does. Therefore, any change in demand, short-term as well as long-term, will have to be reflected by changes in price.” It’s only logical. The laws of supply and demand can only affect the price, and so they do. “There is no change in supply to dampen the effect of price moves, even over the longer-term.” Mix that with an ever-decreasing supply of new coins, due to the halvings, and you have a perfect recipe for what bitcoiners call “number go up technology.” Fidelity summarizes the phenomenon with a quote from Parker Lewis: “Bitcoin is valuable because it has a fixed supply and it is also volatile for the same reason.” Those two characteristics come in a package. BTC price chart for 03/09/2022 on FX | Source: BTC/USD on TradingView.com Bitcoin As A Store Of Value “Something that has low volatility is not necessarily a good store of value in the long run, while something that has high volatility does not mean that it can’t be a good store of value in the long run.” It’s easy to get scared by volatility. Investors, traders, and even true believers let their feeling get in the way and exit the market with every little bump in the road. However, there’s no one that has holded bitcoin for more than four years and is in the red. Literally no one. Related Reading | Bitcoin Volatility Drops To 15 Month Low; What This Could Mean Let’s get an obvious example from Fidelity, “The U.S. dollar is not volatile but has also not been a good store of value in terms of purchasing power, while bitcoin is considered very volatile, but has been a much better store of value over the past ten and even five years.” “Volatility is a byproduct of price discovery, and there is no other way for price discovery to happen in a free market.” Even though bitcoin is 13 years old, it’s still going through price discovery. How much is bitcoin really worth? We won’t know for years, even decades. “This process of individuals all coming to adopt bitcoin in different ways and timeframes necessarily must produce volatility,” completes Fidelity. Fidelity Thinks Bitcoin’s Volatility Is Decreasing “The limited historical evidence we do have so far appears to be showing volatility declining over the long-term.” Bitcoin Volatility decreasing | Source: Fidelity The graph clearly shows that volatility is slowly fading. This is only logical. Fidelity explains, “as gold went through a major price discovery process in the 70’s, which then resulted in amassing a larger base of investors, volatility naturally declined.” We’re still early, though. This is not financial advice, but, for now, you should learn how to ride volatility and use it in your favor. Featured Image by Chris de Tempe on Unsplash | Charts by TradingView and Fidelity
Although 2021 was a good year for the cryptocurrency industry in terms of market performance, the number of jurisdictions banning crypto has more than doubled since 2018. A report by the Library of Congress (LOC) details the nine jurisdictions that have now applied an absolute ban on crypto and the 42 with an implicit ban. […]
During a meeting with representatives of the financial sector on Friday in Almaty, Kassym-Jomart Tokayev, President of Kazakhstan, expressed his opinion on the current state of affairs of the country’s cryptocurrency industry. The details of the speech were posted on the official website of the President of the Republic of Kazakhstan, and translated by Cointelegraph: Cryptocurrencies […]
Social Security numbers have long been a common form of identification in the United States. However, they are also a significant privacy liability. The ease with which they can be obtained and misused makes them a prime target for identity theft. When Social Security numbers were first introduced in 1936, their purpose was to track [...]
The post The Dangers of Social Security Numbers: How They Can Compromise Your Privacy appeared first on Crypto Breaking News.
In a year marked by historic milestones, the Bitcoin network has recorded its most active period ever, processing the highest number of confirmed transactions per day. The network reached an all-time high on May 1, 2023, with 682,281 transactions. This unprecedented activity began its upward trend in April and has been attributed to the rise [...]
The post Bitcoin’s Historic Surge: Record 682,281 Transactions in a Day Mark 2023 as Year of Increased Activity appeared first on Crypto Breaking News.
Jasmy price has done well in the past few days even as risks in the financial market rose. The token was trading at $0.0066, which was much higher than the March low of $0.0043. Focus now shifts to the upcoming Fed decision and the ongoing regional bank crisis. Jasmy users are rising Jasmy is a …
<p>The post Jasmy price drifts upwards as the number of holders nears 50k first appeared on CCNC | Cryptocurrency Newscast.</p>
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