Category: Cryptocurrency News

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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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DAOs are believed to be the most efficient and important coordination tool for businesses and other organizations nowadays. In the first part of this article, we talked about the many benefits we saw during 2021, but like in any innovation, there are worries about what it might all mean in the future. Related Reading | What DAOs Can Do: Social Movement Or Playground? Rethinking 2021 – Pt. I Worries Of The Year One of the worries that popped out in 2021 was taxes: are DAOs being responsible enough to educate their members on the taxes they will likely be subject of? If not, 2022 might bring very unpleasant surprises to them. The taxation of DAOs in the U.S. is an unclear landscape at the moment, and that can turn into dangerous scenarios for small investors. There are big concerns about thousands of dollars accumulated in tax liabilities, plus a dangerous grey area on legality. Reportedly, many users didn’t know their tokens were taxable when they got them from DAOs during 2021. What happens if the token’s price plunges dramatically? Members could still have to pay taxes based on the fair market value at the time they received it. Another 2021 main worry was the question of whether executing decisions via code is truly a good idea for the future of work and complex decisions. Some have pictured scenarios in which smart contracts fully replace the decisions that used to be handled by managers. This could eliminate part of the human error of decision-making and turn the process into a more democratic way to coordinate within a business, but to many people, predetermined inputs also sound dangerous and dystopic. Can smart contracts do more harm than good for workers? Or can they create a more balanced workspace and take more humane considerations into account? It’s a challenge the DAO technology will likely face. Related Reading | It’s Not You, It’s Crypto: Execs Leave Silicon Valley To Join Crypto Startups What DAOs Ignore Yet, one of the most interesting approaches on what the tech of DAOs is still missing was made by Grace (Rebecca) Rachmany this year and published on CoinDesk. The founder of DAO Leadership noted that not all the decision-making in DAOs is as democratic as it sounds since there are organizations –not centered in investments– where “those affected by a decision” are not “those who make the decision”. Some believe that the cost of tokens is a great feature of DAOs because it can show stakers care about the project. However, what if the project is no longer centered on investments but finding better ways to achieve helpful and successful decisions to create an impact on large communities and endure times of crisis? DAOs represent a promise to defy previous organization models, this means they can also have a higher impact on society: can the DAO tech achieve what the United Nations cannot? Rachmany suggests the techs should be seeing the bigger picture. “DAO technology has provided little more than voting and funds allocation mechanisms,” she writes, and adds that the “DAO technology should be applied to areas we haven’t solved yet, areas where everyone’s interest is at stake and therefore everyone should have a say.” Rachmany notes that “DAOs offer the potential to organize collective intelligence to address complex questions and manage shared resources.” However, “Because of their myopic focus on “on-chain” governance of blockchains, the DAO technologists have failed to create compelling technology for the problems that society is facing.” Rachmany sees failure in centering this potential in small circles, an ironic reality as the fuel of these movements is “the sense that almost all of the democratic processes are broken in today’s society”. She thinks it’s time for well-designed systems that can “cause better sense-making” and sees gaps in the decision-making processes of DAOs so far, the organizations’ accountability, lack of solutions for the inclusion of minorities with “less (or no) capital to invest “, and so on. Will new technologies fail society or can they meet with complex global challenges?

I’m hearing alot of folks saying BTC will dump because of options expiring on 12/31. First, please understand how options work. I won’t go into that here. For BTC option contracts expiring this Friday (12/31/2021), most of them are call options with a strike price of $50k and above. If BTC is above $50k, contract…
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Now I can't do anything with it, including trading for eth, since in order to do anything with it, I need eth. The miner fees are n*n+x more than assets I have. Is that just destroyed money or what? Is there anything I can do to move that money back to a place where it…
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I'm working with a developer that is going to code an ERC-721 contract. It's purpose will be to mint NFT's. Our developer is claiming that the fees for the user upon mint will be cheaper if the funds are deposited directly to the smart contract rather than our wallet. Is this true? Can someone explain…
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Bitcoin has had a favorable year in 2021 but the altcoins have dominated the market. The advent of the alt seasons this year had seen multiple altcoins rally towards new highs even when market-mover bitcoin had remained stagnant at times. This move, coupled with the growth and adoption that rocked the crypto space this year, has proven that the altcoins dominated the market on a large scale. Altcoins Rule 2021 So many new things came out of the altcoin industry this year and have found success at the same time. Basically, the year 2021 has been one long alt season when we look at the performance of some of these assets. Related Reading | The Year In Review: An Emotional Rollercoaster For Crypto Investors A lot of this growth has been driven by decentralized finance (DeFi), NFTs, and most recently, the metaverse gaining popularity among investors. These have brought to the forefront some interesting projects that have had their tokens rally because of it. Most of the time, they followed the growth of bitcoin. While at other times, these assets broke free and rallied on their own accord. Altcoins market cap at $1.32 trillion | Source: Altcoins Total Market Cap on TradingView.com This has led to bitcoin losing a significant portion of its market dominance to altcoins. Starting the year out at about 75% of total market dominance, it has now fallen to 38% where altcoins have continuously eaten into the pioneer cryptocurrency’s market share. Ethereum was, as always, leading this charge as it took the largest chunk of the market share. Memecoins also found favor in the market this year. Coins like Dogecoin and Shiba Inu grew into the thousand and million percentile, as well as “ETH killers” also making a play in the market. Mid-Caps Take The Lead Altcoins always showed out in the indexes with triple-digit gains for the year. Bitcoin which had a tremendous run of it this year still recorded the lowest gains being the only index that returned double-digit gains. All other indexes, the small, mid, and large cap indexes enjoyed the majority of the gains. Related Reading | Bullish Signal? Ethereum Market Dominance Sitting Above 20% Bitcoin’s returns for the year only came out to 73%. While this is still vastly ahead of top investment vehicles like gold, the S&P, and NASDAQ, it still performed poorly in comparison to the other indexes. Mid Cap Index records highest returns of 2021 | Source: Arcane Research The Large Cap Index saw the second-lowest returns with 179%, but even it saw returns over 100% higher than that of bitcoin. The Small Cap Index made a splash with returns reaching as high as 485% for the year. Finally, the Mid Cap Index came out as the winner for 2021 marking returns of 830%. This index consists mostly of Layer 1 tokens which had seen some of the most gains for the year, outperforming even ethereum despite its massive 485% returns for the year. Featured image from Investment U, charts from Arcane Research and TradingView.com

Nasdaq-listed Microstrategy has bought more bitcoin for its corporate treasury. The latest purchase for 1,914 coins has raised the company’s total cryptocurrency holdings to 124,391 bitcoins. CEO Michael Saylor recently said that he expects the price of the cryptocurrency to eventually reach $6 million. Microstrategy Has Purchased More Bitcoin The pro-bitcoin Nasdaq-listed company Microstrategy has […]