Author: dfmines

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Many investors picked interest in Bitcoin, believing it could be a hedge against inflation. According to an analyst at D.A Davidson, Chris Brendler, BTC could become a hedge because it is decentralized and not a product of a central bank. These opinions and expectations led many people to accumulate large quantities of BTC coins.  But the recent price fluctuations and speculations in the market are seemingly overpowering BTC’s underlying value. Now that inflation is causing havoc in economies, many investors are disappointed that Bitcoin couldn’t serve as a hedge as expected.  Related Reading: Bitcoin Cash BCH Sparks Light Of Hope, Can It Rally To $200 Resistance? But a top Bitcoin supporter, Anthony Scarramucci, the founder of SkyBridge Capital, believes that BTC hasn’t reached the stage of hedging against inflation. According to the investment company founder, Bitcoin will get that status when BTC wallets hit 1 billion.  But to reach that level, Bitcoin must be adopted worldwide. Scaramucci believes that if giant institutions such as BlackRock introduce products related to BTC, people will know that institutional demand for crypto is growing. As such, BTC will achieve mass adoption.  Using Bitcoin as a Hedge now is not appropriate Many investors seem disappointed that Bitcoin became even more volatile during this economic turmoil. But during an interview, Scaramucci advises against investing in BTC to preserve wealth now. According to him, BTC is not yet matured for that unless the wallets reach 1 billion worldwide.  During his interview, Scaramucci disclosed that he started his BTC investment journey when the wallets were 80 million; currently, the number has grown to 300 million. He also stated that Bitcoin is still growing, requiring time to fix the volatility issue and become a worthwhile investment option.  Recall that on June 14, Scaramucci mentioned that the crypto winter is like the DotCom bubble of the 2000s. In his statements then, Scaramucci pointed out that the incident made companies such as eBay and Amazon the market leaders in their field after surviving the bubble burst. Therefore, the one-time White House Director of Communications believes that the ongoing bear market trend will do the same for BTC after flushing out the meaningless projects.   Coinbase CEO Pointed To Increase in Market Cap In June, Brian Armstrong pointed out that BTC is not yet ready to serve as a hedge against inflation. According to the CEO, the total BTC market cap should increase 5 to 10 times its value before qualifying. Related Reading: Ethereum Price Lost 20% Weekly, What’s The Key Support Now? Data shows that the Bitcoin market cap then was $1.1 trillion, but now the figure stands at $408,700,229,851.23. Comparing Bitcoin to Gold, currently serving as a hedge against inflation, the former still has a long way to go. The gold market cap stands at $11.557 trillion, and BTC is below that level by far.  Featured image from Pixabay and chart from TradingView.com

Some players in the industry could find U.S. regulators making a “big overreach” if agencies like the SEC listed specific criteria for cryptocurrencies as securities.

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The International Monetary Fund (IMF) published a study on the spike in positive correlation with Bitcoin (BTC), Ethereum (ETH), and Asian equities. The financial organization claims digital assets began an accelerated integration with the region during the pandemic as more people traded them looking to generate yield. From 2020 to its all-time high in 2021, the crypto total market cap increased by over 20-fold which led Bitcoin and Ethereum into price discovery. As seen in the chart below, the total trading volume for cryptocurrencies rose very close to $900 billion from below $100 billion at its peaked in 2021. The regions with the highest trading volume are the Americas and Europe. The Middle East and Central Asia, EM Asia, and AE Asia are below other regions. However, the IMF claims adoption of cryptocurrencies in Asia could pose a systematic risk for the financial world. If the price of Bitcoin and the crypto market reclaim their previous levels, and re-entered price discovery, the financial institution believes that there could be negative consequences. If digital assets were to rise and crash as they did over the past year, “contagion could spread through individual or institutional investors”. As cryptocurrencies trend lower these investors would allegedly “rebalance their portfolios, possibly causing financial market volatility or even default on traditional liabilities”, the IMF said. In that sense, the financial institution shared the chart below to show the contrast between the price of Bitcoin and Asian stock indexes. From 2020 until 2022, this correlation seems to be trending upward with Thailand and Vietnam showing the highest positive correlation. This has translated into similar price action for Bitcoin and traditional equities in these countries. In India, the correlation between the price of Bitcoin and local equities has increased by 10-fold with a 3-fold spike in volatility correlations. The financial institution believes that if the price of Bitcoin decreases or increases, there could be “spillovers of risk sentiment”. Can Bitcoin Lead The Asian Markets Into A Shock? The financial institution suggests that these “spillovers” are already happening in Asia. Therefore, authorities in the region have been working on implementing a regulatory framework to allegedly mitigate risk. The financial institution failed to mention that Bitcoin has been showing a positive correlation with the performance of major equities indexes across the world, the phenomenon is not limited to Asia. As seen below, the price of BTC has been moving in tandem with the Nasdaq 100 since the start of 2022. The positive correlation has been attributed to current macroeconomic conditions. These indexes often move-in tandem with macroeconomic events, such as the one the market has experienced since 2020. Therefore, the positive correlation between Bitcoin and Asia equities could also be attributed to the cryptocurrency reaching high adoption levels rather than a tale sign of potential financial risk.

BTC price bounces and the U.S. dollar falls from fresh twenty-year highs as PMI numbers reignite talk of recession.

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The Web3 gaming ecosystem has grown swiftly in the last two years. The crypto space has attracted billions of dollars in investments, and now it’s starting to attract the attention of gamers with a trend called web3 gaming. However, given that the space is relatively young, it still encounters its fair share of challenges. These challenges have been made even more obvious in the bear market. From a high barrier to entry to complicated technological navigations required to access the games, blockchain gaming has been held back in its growth by the lack of solutions to these challenges. Given this, GameSwift has made the move to solve these issues of Web3 gaming. The platform, which is built atop its own chain set up on the Polygon Edge framework, promises never-before-seen capabilities as it propels gaming projects into the limelight. Going From StarTerra To GameSwift The offerings of GameSwift don’t end here. As the platform received a grant from Polygon as part of its strategic partnership, GameSwift is said to become the go-to gaming ecosystem for all games built on the Polygon blockchain. This comes after the exodus of projects from the Terra blockchain following the collapse. Now, unlike most projects, StarTerra did not just move on to another blockchain. Given its reputation as the most popular fundraising platform on the Terra blockchain, StarTerra had taken its time to come up with an entirely new strategy. In the process, the project had decided to embrace the core tenets of its offerings, which is gamification. After analyzing network security, scalability, on-chain transaction fees, condition of the local GameFi, user base size, and the existing NFT market, StarTerra had decided to partner up with Polygon. Only this time, it would rebrand as GameSwift, the leading Gaming Ecosystem for gamers and game developers. A New Age GameSwift is building a fully-fledged ecosystem for Web3 gaming protocols. Taking advantage of the decentralization of the Polygon blockchain, GameSwift is able to create its own unique solution known as the GameSwift Chain. The GameSwift Chain is one that enables protocols to build solutions that incentivize blockchain gamers while providing them a better, refined, and more secure gaming-optimized chain. By doing this, all of GameSwift’s solutions will be able to take advantage of the best parts of the Polygon network. It provides an entire blockchain ecosystem complete with its own gaming-optimized chain, dedicated Gaming Developer Tools known as GameSwift SDK, and a product called GameSwift ID which facilitates the access to different web3 games. The GameSwift Chain is built on the framework of Polygon Edge, providing leading-edge technology for gamers and game ecosystems. It does this with both solutions based on the Polygon network such as zkEVM, and a broad suite of products developed in-house. Why GameSwift Is The Answer The Web3 gaming space has been the ‘perfect’ marriage of gaming and earning, but anyone who has interacted with blockchain games knows that currently, they are far from perfect. One example of the challenges being faced is the multiple chains where these games are domiciled. A gamer cannot simply move their NFT and game assets from one chain to another and would have to go through the process of switching networks every time they choose to interact with a new game. What this does is create a technological barrier to entry, with the arduous process of switching from chain to chain discouraging gamers from continuing. GameSwift addresses this ever-present challenge with its GameSwift ID. GameSwift ID is a decentralized identification system that allows gamers to connect their wallets to a single platform. Then anytime they connect to a Web3 game, the ID instantly identifies if they own the required NFTs and/or game items required to access that particular game, regardless of what chain they’re on. Think of this as using your Apple ID or Google Account to log into different social media platforms, such as Facebook, Instagram, Twitter, etc., without having to go through the hassle of switching every time. Another offering from the project includes the GameSwift Extension. It is a cross-platform solution that provides easy integration with on-ramp solutions. GameSwift Analytics provides much-needed insight to game developers by allowing them to track the performance of their gaming projects. For example, product owners can see how much time a user spent on a quest and how many NFTs the user purchased. GameSwift Platform allows users to interact with others, launch their favorite games, and look through a vast range of public sales’ offers, including INOs (Initial NFT Offerings) and IGOs (Initial Game Offerings). GameSwift Studios lead at the forefront by helping to promote the best blockchain-based games, accelerating their adoption. By getting the support of a world-class team of experts, game developers can make their gaming products gain immediate traction in the web3 gaming industry. GameSwift Bridge is a solution that helps to simplify a complicated process of cross-chain communication. It is a bridge that enables users to transfer their digital assets between EVM and Substrate chains without needing to connect to any third-party platforms. GameSwift’s mission is to bring all of the best of blockchain innovation and passion for gaming to a single platform empowering the mass adoption of web3 gaming.  

Is it possible to see what keystores are linked to your master key/mnemonic phrase? I found this: "There is a single "master key" (=Mnemonic phrase) which allows the user to attach as many validators to a single withdrawal key as they want. This way the user can derive all keys from the Mnemonic phrase." So…
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