Category: Cryptocurrency News

The holiday edition of “The Market Report” with Cointelegraph is live right now!

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Twitter boss Jack Dorsey kicked off a major storm this week, attacking an idea that cryptocurrency enthusiasts widely believe will lead to a new dawn for decentralized finance and the internet – the coming of web3. Proponents of web3 hail it as a major revolution of the internet, bringing back control and ownership of information and assets exchanged over the web to the people. With that promise, it will also kill off the role of many of the giants that dominate the Internet today – namely the likes of Facebook, YouTube and Twitter. But Dorsey suggested in a tweet – which has been retweeted almost 7,000 times – that at the moment, web3 is more of a marketing ploy than anything else: You don’t own “web3.” The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label. Know what you’re getting into… — jack⚡️ (@jack) December 21, 2021 What Dorsey is saying is that not even web3 has what’s required to escape the influence of the venture capitalists and liquidity providers that run the worldwide web today. The tweet was quickly met with an angry backlash from the thousands of developers who’re working night and day to create a web3 entity that is precisely what Dorsey says it won’t be – an entity free from the influence of VCs. Quickly there emerged a chorus of voices calling out Dorsey for crushing the hopes and dreams of multiple brave people, with others claiming that in his naivete he simply doesn’t understand what is going on with web3 and therefore his comments should just be ignored. Tesla founder Elon Musk, ever eager to play a part in all debates crypto, chirped in with a snarky comment that underscores how the very definition of web3 is still up for debate: Has anyone seen web3? I can’t find it. — Elon Musk (@elonmusk) December 21, 2021   A more informed reply came from Willy Woo, an on-chain analyst with a big following in the crypto community who obviously does know what’s up with web3. In Woo’s opinion we’ve already seen the power of web3 and how it enables people to wrest back control of a project when they don’t like the direction it’s headed. If they are truly open protocols, if the incentives get too perverse, the community rips the network away from the founder/VC coalition. It's the community that powers these networks. E.g. 2014 CryptNote to Monero relaunch or the recent community vs Brock Pierce battle on EOS. — Willy Woo (@woonomic) December 21, 2021   Woo was of course referring to the recent battle between the community at EOS (led by the recently-formed EOS Network Foundation) and its main developer, Block.One. Concerned by Block.One’s clear lack of commitment to the EOS project, which has struggled to capitalize on its blockbuster $4 billion ICO in 2018, the community earlier this month voted overwhelmingly to kick Block.One from its role leading the project, in the process blocking it from receiving any more payments. Block.One had been set to receive 67 million EOS tokens ($250 million) over the next six-to-seven years, but the community decided it wasn’t working hard enough and didn’t deserve that money – so it dropped it altogether. If that’s not a show of the power of web3, it’s hard to know what is. The lack of any kind of response or fight back from Block.One only serves to emphasize how little power it has when the community’s support is pulled out from under its feet. “Through a super-majority consensus, the EOS network has taken its future in its own hands by voting to fire Block.one and stop vesting tokens to them. This begins a new era for EOS and highlights the power of the blockchain to enable a community to stand up against corporate interests that don’t align with theirs,” said Yves La Rose, leader of the EOS Network Foundation. As it turned out, the response of the furious Twitterati eventually prompted Dorsey to contradict himself while attempting to show that his tweet was intended more as a “critique” that might help the community to fix any outstanding issues. We have bigger issues if a tweet stifles hopes and dreams. Currently it’s not wrong. Critique can help fix, or divert energy to something more important. — jack⚡️ (@jack) December 21, 2021   So if web3 is not wrong, then how can Dorsey be right?    

The hashpower behind the Bitcoin network has continued to stay above the 180 exahash per second (EH/s) zone after recently reaching a lifetime high. Five months ago the hashrate tapped a low at 69 EH/s and since then, the hashpower has increased by 163% during the last 178 days, or five months ago. Bitcoin Hashrate […]

Cointelegraph Research predicts that nonfungible token sales could eclipse $17.7 billion by the end of 2021.

According to a new study, more than half of Americans believe that using crypto payment provides firms a competitive advantage. 57% Want Bitcoin Payment According to a recent survey conducted by payment network Mercuryo, 57% of respondents felt that taking bitcoin payments will provide businesses a competitive advantage. More than a third of businesses indicated that consumers had asked to pay in Bitcoin (BTC), Ether (ETH), or another digital money, among other facts. Customers agreed, with 58% of shoppers wanting cryptocurrencies to be accepted as a form of payment, according to Mercuryo’s research. It should come as no surprise that calls for crypto payment acceptance are increasing, given that a third (34%) of UK finance organizations currently make payments via the blockchain. In order to compile the report, 501 key financial decision makers in the United Kingdom were polled. Large enterprises employing more than 250 employees made up over half of the sample size. 40% of the responders are board or director-level executives, with the rest being partners or business owners. The recent announcement that Visa is introducing its own crypto consultancy service to help clients navigate the world of cryptocurrencies reflects this need. With fintechs clamoring to leverage crypto technology, important industry players like Revolut are already considering launching their own crypto exchange to widen their offering, indicating a potential new era for the widespread acceptance of digital currencies within the financial services environment. Petr Kozyokov, CEO and Co-Founder of Mercuryo, said: “Our research shows that 75% of all large companies believe that cryptocurrencies will at some point be integrated into all forms of financial services.” BTC trades at $48k. Source: TradingView Related article | Croatia’s Largest Supermarket Chain Rolls Out Bitcoin Payments Small Businesses Believe Crypto Payments Will Replace Fiat Smaller firms, such as e-bike sellers, shoe makers, and fintech startups, have stated their conviction in cryptocurrencies as a corporate asset in a series of interviews on The Situations. Despite the fact that bitcoin and cryptocurrency payments account for a small portion of their total sales, they claim it is a growing and valuable service. Bitpay, Coinbase, and Block, for example, are always willing to assist businesses in making the shift to taking cryptocurrency payments. However, getting your paycheck isn’t as simple as it is with cryptocurrency — a fast-growing trend that will attract top personnel in 2021. “Internal construction of these complex crypto infrastructures often takes years,” Kozyokov noted. “There are still barriers to implementation that are slowing the pace of adoption,” as with new technology. Small business owners aren’t afraid to admit that they believe digital assets will play a role in their operations in the coming years. Although only a tiny percentage of them already accept Bitcoin, the majority believe that other types of assets will be accepted in the next years. The majority of cryptocurrency exchanges are currently being used to help with crypto payments. According to the research, 33 percent of respondents said a lack of clear regulatory clarity in the market is a barrier to participation, while 27 percent said scams are a concern, and 28 percent are concerned about exchange rate volatility. Related article | Calls For Tesla To Resume Bitcoin Payments As Mining Reaches 57% Renewable Energy Featured image from Shutterstock. Chart from TradingView

got a few questions, any insight appreciated. Does anyone here know how the APR % is determined for AMM pairs? Lets say providing liquidity to a pair AAA/BBB is 16% APR. Does this mean if i deposit $500 of AAA and $500 of BBB, i will be making 16% a year? Is impermanent loss just…
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Even in a year when cryptocurrencies have seen their best-ever performance, there are a few things that have disappointed the community.