Over the past few months, Ethereum's "censorship" issue has gotten worse as some validators in charge of maintaining the blockchain's ledger ignore specific transactions in order to adhere to rules. Purists of crypto's anti-censorship movement, though, may have cause for optimism. I've read somewhere that like 66% of blocks added to the Ethereum blockchain in…
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What to put under the Christmas tree for the cryptocurrency enthusiast in the family.
Yesterday the US government funding bill, all 4,000+ pages of it, was released. While it is full of various interesting tidbits there was one thing that I was holding my breath on when it came to crypto and that was the Wash-Sale rule. Currently, crypto does not have a wash-sale rule or tax like…
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On-chain data shows a key XRP sharks and whales group has been accumulating recently, a sign that could be positive for the asset’s price. XRP Whales And Sharks With 1M-10M Tokens Now Hold All-Time High Supply As per data from the analytics firm Santiment, 7.23% of the total XRP supply is now held by this key investor group. The relevant indicator here is the “Supply Distribution,” which tells us how the total supply is distributed across the different wallet groups in the market right now. These “wallet groups” are bands that define ranges between which the number of coins held by wallets belonging to a particular group lies in. For example, the “100-1,000 coins” group includes all addresses that are holding at least 100 and at most 1,000 XRP tokens. Related Reading: Altcoin Indexes Take Beating As Investors Flip Alts For Bitcoin The Supply Distribution metric has two versions; one shows the number of wallets (or more simply, the number of holders) belonging to each cohort, while the other measures the supply percentages contributed by each group. Now, here is a chart that shows data for both these Supply Distribution metrics for the 1M-10M coins band: Looks like the values of both these metrics have climbed up in recent days | Source: Santiment The 1M-10M coins band is an important cohort for XRP as it includes both sharks and whales. Though, the largest whales aren’t included in this group, as the upper level of the band is just 10 million tokens, which is worth around $3.4 million at the current exchange rate. From the graph, it’s apparent that the number of investors belonging to this key group has gone up recently, and the metric’s value now stands at 1,617, which is an all-time high. The percentage of the total XRP supply held by this cohort has observed an even sharper uptrend this month, as these sharks and whales now account for around 7.23% of the total tokens in circulation, which is also a new record. Related Reading: FTX (FTT) and Ripple (XPR) Battle On, Orbeon Protocol (ORBN) Leads the Way as Top Crypto Token It would appear that these whales and sharks are looking to end the year 2022 with some heavy XRP accumulation, something that is likely to have a bullish effect on the crypto’s price in the long term. XRP Price At the time of writing, XRP’s price floats around $0.34, down 12% in the last week. Over the past month, the crypto has lost 5% in value. The below chart shows the trend in the price of the coin over the last five days. The value of the crypto seems to have not seen any significant movement during the last few days | Source: XRPUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net
As Web3 and emerging technologies such as AI continue to expand creative possibilities, questions over how to protect creative rights and arts arise.
https://pbs.twimg.com/media/FkgJD3QaAAEteb9?format=jpg&name=large Right now, each bitcoin 'produced' by mining generates, on average, around $3,226 in losses to miners: Bitcoin Average Mining Costs: $20,095 BTC/USD: ~$16,869 And the mining net negative has been a reality for a few weeks in a row. When considering this quick accounting of around $3,226 of losses for each new BTC put…
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Paxful CEO Ray Youssef highlights Ethereum’s move to proof-of-stake, perceived centralization and token minting ability as reasons for the move.
Ray Youssef, CEO and co-founder of Paxful, has put his plan to remove Ethereum (ETH) from the exchange, which he revealed a week ago, into action today. The exchange is one of the largest peer-to-peer crypto trading platforms in the world, and Youssef says he has a big responsibility to his 11.6 million customers. Youssef wrote on Twitter today: We finally kicked Ethereum off our marketplace. 11.6m humans safer. Integrity over revenue. Who is next? The Paxful CEO further explained, “We need maximum momentum behind one clearing layer to win and Bitcoin is the only game in town. This isn’t an investment strategy, this is humanity rising up to liberate itself. ALL IN!” We finally kicked #ethereum off our marketplace. 11.6m humans safer. Integrity over revenue 🤝🏽 Who is next ? pic.twitter.com/JTJXa5RYJ8 — Ray Youssef (@raypaxful) December 21, 2022 The Reasons Behind The Anti-Ethereum Decision In a newsletter, the Paxful CEO explained the backstory behind his decision to remove Ethereum from the exchange as early as 12:00 UTC on Thursday, Dec. 22. Under the tagline “Revenue is nice, but integrity trumps all,” Youssef describes economic apartheid as the “biggest problem in the world.” It is, according to the Paxful CEO, “the root of all humanity’s suffering.” That’s why, as CEO of Paxful, he strives for a world “where Bitcoin frees billions of people held back by this evil system, especially those unnecessarily harmed living in the Global South”. Related Reading: Ethereum (ETH) Will Overtake Bitcoin, At Least Temporarily: Analysts Predict According to Youssef, there are ultimately three key arguments for why ETH does not support this mission (anymore) and is bad for the Bitcoin industry. The first reason Youssef cites is Ethereum’s shift from proof of work to proof of stake. “Proof of work is the innovation that makes Bitcoin the only honest money there is, whereas proof of stake has rendered ETH essentially a digital form of fiat,” the CEO of Paxful claims. Referring to the Tornado Cash censorship and the Ethereum Foundation, Youssef goes on to state that ETH is controlled by a small group of people, while “one day you will need permission to use it.” Related Reading: Ethereum Price Bearish Signal: ETH Below 100 SMA Could Trigger Downside The third argument is the scams that have emerged with Ethereum’s capabilities. While Youssef concedes ETH has “some utility for real-world use cases,” he says the tokens Ethereum has spawned are scams that have “robbed people of billions.” Ultimately, the developments of the past years have set the Bitcoin industry back years. “They have stolen valuable momentum away from Bitcoin and cost us years on our mission,” Youssef explained. Ethereum Price Near Key Resistance The decision of Paxful is likely to arrive rather controversially in the crypto community, while it will find applause in the ranks of Bitcoin maxis. Meanwhile, numerous experts, including Bloomberg Intelligence’s Mike McGlone, predict that ETH could outperform and even flip the largest cryptocurrency by market cap in the next bull market, at least temporarily. At press time, ETH was trading at $1,215. Thus, the price is sitting just below key resistance at the $1,220 mark. Featured image from Kanchanara / Unsplash, Chart from TradingView.com
Bitcoin was briefly trading above $17,000 on Wednesday, as markets prepared for the release of the upcoming U.S. consumer confidence report. Today’s figure is expected to come in at a reading of 101.00 for December, which is higher than last month’s number of 100.2. Ethereum was also in the green, as it neared a key […]
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