Author: dfmines

Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating. Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could…
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Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, believes that if bitcoin is “really successful,” the regulators will “kill it,” reiterating his previous concerns of governments banning cryptocurrencies. Nonetheless, he sees bitcoin as a good alternative to cash and owns some. Billionaire Hedge Fund Manager Ray Dalio Warns of Regulators Killing […]

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

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. 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. 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.   Photo by Photo Boards on Unsplash

Just as another reminder, governance for Algorand, a pure proof of stake blockchain, is coming in Oct 2021. So from Oct 2021 until Oct 2022 you can receive BOTH governance AND participation rewards (participation rewards at 6% which you get by just hodling ALGO). The total rewards (governance + participation) can range from 12% to…
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