Bitcoin Mining Council: We Need To Tackle Negative Media Narratives

The Bitcoin Mining Council has publicized its aim to tackle negative media narratives.

In its inaugural meeting which was hosted on Twitter Spaces, the council discussed bad press that has been surrounding Bitcoin and its mining in the past weeks. The China crackdown has led to the shut down of a number of mining farms. Mining has been restricted in regions like Inner Mongolia and miners are having to look for new places to set up operations in the meantime.

Concerns over energy consumption and pollution from mining activities have been rocking the space for a while. People have called for there to be more options for green and efficient Bitcoin mining. Movement from fossil fuel energy to more sustainable energy like hydropower for mining activities have been strongly encouraged.

Related Reading | MicroStrategy Sells $500 Million Notes To Buy Bitcoin

In light of these issues, Michael Saylor, CEO of MicroStrategy, formed the council with other prominent members in the space.

Bitcoin Mining Council Mandate

Saylor had created the council in response to ongoing debates about Tesla accepting Bitcoin payments. The debates were mostly about if Tesla had examined the energy expenditures involved with Bitcoin mining before making such a move.

With prominent founders such as Galaxy, Riot, MicroStrategy, and a host of others, a lot of attention was on the first BMC meeting to see what the outcome would be.

The council which was announced about a month ago held its first official meeting on Twitter yesterday. The meeting was open to the public and anyone could join in. With over 7,000 listeners in attendance, the council went on to outline the council’s objectives.

Bitcoin price chart

Bitcoin price chart | Source: BTCUSD on TradingView.com

The Bitcoin Mining Council (BMC) stated that its purpose is not to be a regulating body of any kind. They are not here to tell anybody what to do. It is to be a forum that is open to all miners. There is no fee required to join. The members just have to agree to be transparent about their energy mix and hash rate sizes for research and educational purposes.

Its mandate is to promote transparency, share best practices, and educate the public on the benefits of Bitcoin and Bitcoin mining, according to the website.

Curbing Negative Media Narratives

Talking about the negative press that has been surrounding mining, the members focused on getting ahead of the media.

There were also issues regarding whether public companies involvement would be good or bad for mining. Not wanting smaller operations to get swallowed up by bigger ones and discouraging people from getting into it.

CEO Michael Saylor was less concerned about board members or activists pressures. Highlighting that he was more worried about negative media narratives around Bitcoin mining might influence political decisions. This, he believes, would create real barriers to entry in some jurisdictions

Related Reading | Billionaire Tim Draper: Bitcoin Will Reach $250,000 By The End Of 2022

Saylor is quoted saying, “You could be a maximalist and say I’m against organization as a matter of philosophy, but if you get sued by a multibillionaire that wants to sue an individual Bitcoin developer and you get buried in $10 million in legal fees, you’ll be wishing that there was an organized legal defense fund for you. Basically, we can’t expect to succeed if we’re disorganized.”

This raised major points as to why the council is needed. It could act a form of protection for smaller miners. Having basically a coalition behind them should any issues arise that they are too small to handle or ill-prepared for.

According to Saylor, the BMC is not here to fix Bitcoin. It’s simply here to protect it from the people who misunderstand it. The BMC wants to help keep the negative narratives from influencing political decisions against Bitcoin.

Featured image from Bitcoin Mining Council, chart from TradingView.com

Pantera Capital CEO: Bitcoin Has Only Been This “Cheap” 20% Of The Last 11 Years

The best time to buy Bitcoin was a few years and when it first came around in the early 2010’s. The next best time to buy BTC? Right now according to Pantera Capital CEO Dan Morehead.

In a tweet sent out recently, Morehead laid out the facts for why the the market is below trend, making now one of the best times to buy.

Bitcoin Below Market Trend?

What Morehead explains about the price of Bitcoin is clear to see. Right now, Bitcoin is trading at 36% below its 11 year exponential trend. So, relative to this trend, or the overall direction of market price, it has only been this “cheap” to buy and under the trend for a little over 20% of the last decade plus.

This means that typically, people pay more for BTC relative to what they should have paid based on price movement. For those looking to buy bitcoin at a potential discount, now may be that time since Bitcoin is not normally under the trend in this way.

Although Bitcoin is trading at a lower price after the downturn in recent weeks, that doesn’t mean the market isn’t poised for a rebound. Investors should be bullish that the cryptocurrency is currently cheap relative to the trend. This along with the fact that it’s year over year return is up 281% shows that there should be no worry from crypto investors and those holding any digital assets.

Related Reading | BTC Extends Losses, Why $30K Holds The Key For Next Wave

Pantera Capital is the first U.S based institutional asset manager focused completely on blockchain technology. Since their first fund in 2013, they have continually been on the cutting edge of funding blockchain businesses, and investing in digital assets.

In Pantera Capital’s blockchain letter from 6/14/2021, they further clarify the reasons why holders should not worry about the recent losses:

It has averaged more than tripling annually for ten years. Anyone that has held bitcoin for 3.25 years has made money. Bitcoin has only printed one calendar year with a lower low. So, most of those investors are up big-time.  

Related Reading | BTC Dips From $40K, Here’s Why Uptrend Is Still Intact In BTC

Why Is The Crypto Market Below Trend?

Many factors play into the reasons that the crypto market is below trend right now. But the biggest comes from the large dip crypto prices took a few weeks ago. With that drop, many investors were scared into liquidation and fears that the market could completely bottom out. The prevailing side effect, Bitcoin trades at a lower price relative to it’s decades long trend.

If you were thinking about dipping your toe into the cryptocurrency market, there is no better time like today to get a good deal on the price of Bitcoin relative to its history.

Feature photo by Chronis Yan on Unsplash

Why China’s Crackdown On Bitcoin May Be Just Beginning

Bitcoin mining activities might be coming to an end as the industry is used to knowing them. The Asian giant has decided to step up its regulations on this sector; many miners have decided to migrate to friendlier countries.

Investment firm Sino Global Capital stated via Twitter that China could be increasing its interventions in its markets. Thus, they have taken stricter control measures to “protect investors”. As a consequence, the Bitcoin and crypto industry in China is “showing sings of cooling down”.

China seems to have two targets in the crypto industry BTC mining and leverage trading. Sino Global Capital sees Chinese regulators making these items a priority in the short term. The firm’s report claims:

To prevent scammers from making a comeback and intentionally manipulating the market, there is still a high probability that there will be more supervision rules implemented one by one.

Usually regarded as FUD (Fear, uncertainty and doubt), this time China’s measure against Bitcoin seem to be materializing. The industry’s balance, at least in the mining sector, could shift. This sector could completely migrate west.

In the U.S., cities such as Miami and Texas could welcome the Bitcoin mining operations. Francis Suarez, Miami’s Mayor, seems to be in negotiation with some miners. The city has nuclear power as part of its electricity grid and could offer attractive rates. Suárez said:

Bitcoin miners want to get to a certain kilowatt price per hour, and we’re working with them on that.

China Targets Bitcoin Trades With Leverage

Bitcoin-based derivatives traders that use leverage could see the worst take. Sino Global Capital records report from people that have “received calls from the police”. The local authorities apparently are inquiring about the citizens crypto related activities.

Exchange platforms might take measures to avoid the authority’s scrutiny. Huobi, one of China’s main exchange, will reduce its leverage offer from 125x to 5x, according to Sino Global Capital. For its newest customers, the measures is even harder, they won’t be able to use any leverage.

As predictable, China as target different sectors and markets, including TradFi. The report indicates that two major securities exchanges, FUTU and Tiger, won’t continue to provide Bitcoin related data.

Both confirmed that their latest App releases have suspended CME BTC market information and trading functions. FUTU’s customer service said that in response to regulatory requirements, the provision of market information and transactions have been suspended.

The investment firm believes the Chinese government finds “speculative” Bitcoin trading as a threat to the nation’s economic and financial stability. Thus, they have adopted these measures.  Sino Capital concludes that there is growing trend of introducing more crypto regulations.

Global crypto policies are tightening: The Basel Committee on Banking Supervision has demanded that cryptocurrencies carry the toughest bank capital rules of any asset, according to Financial Times.

At the time of writing, BTC trades at $36,463 and trending downwards in the daily chart. The first cryptocurrency by market cap seems to be reacting to a dropped in the stock market. BTC must hold the line at current levels, or it risk going further down in the short term.

Bitcoin BTC BTCUSD
BTC on a downtrend in the daily chart. Source: BTCUSD Tradingview

Pirate Chain – a Blockchain That Keeps the Pirates Away from What You Treasure the Most

In the current digital world, privacy is a truly rare commodity, thanks to the sheer amount of data gathered by every website one visits or applications they use. While businesses continue to monetize user data, by way of collecting and sharing it, they also expose users to various cyber threats posed by hackers as well as governments that seek to watch every move of their citizens.

Web users have always been exposed to the risk of their private and financial data being compromised and used for nefarious purposes. In such a scenario, the need for a secure payment system is one of the many requirements. Bitcoin and other cryptocurrencies offered a somewhat secure payment method, but some of them are pseudonymous or partially anonymous at best. Many a time, it has been proven that on-chain transaction data, along with other parameters can be used to identify parties to a transaction with considerable accuracy.

Pirate Chain as an Answer

Started in 2018, Pirate Chain is considered the most private and secure cryptocurrency that implements industry-leading privacy protocol based on a sound strategy. Using Pirate Chain’s native ARRR cryptocurrency for transactions ensures complete privacy and security by default, something that is not offered by any other privacy-centric cryptocurrencies so far.

To achieve complete privacy, Pirate Chain uses a well-known and proven cryptography protocol named zk-SNARKs. It builds on the work of the ZCash Equihash consensus algorithm and secures itself against 51% attacks by using the Komodo delayed proof-of-work technology with extra notarization on the Litecoin chain. The implementation of privacy features as the default is completely opposite from other zk-SNARK based privacy coins which allow users to shield their transactions on-demand. On Pirate Chain, all transactions are shielded and visible only to the sender and receiver of ARRR, with an option to opt-out of privacy through the explicit action of publishing the transaction ID. Further, Pirate Chain protects any other identifiable information like the IP address of users by using an embedded Tor Network.

An Option Hard to Ignore

Pirate Chain has come a long way in the past couple of years to create a fully-fledged cryptocurrency ecosystem. The use of zk-SNARK’s latest Sapling MPC upgrade streamlines all ARRR transactions without compromising privacy. Further, it makes ARRR compatible with Point of Sale (PoS) systems, hardware wallets, Simple Payment Verification (z-SPV) powered mobile wallets. ARRR is also listed on some of the leading exchanges and numerous businesses have already started accepting the Pirate Chain cryptocurrency as a mode of payment.

Today, with ARRR, users can expect to execute completely private and anonymous transactions. A luxury that ensures peace of mind by ensuring their personal and financial information is not up for grabs by those planning to make a quick buck or the ones snooping around in the guise of protecting a community’s or country’s interests just because they can.

Learn more about Pirate Chain and ARRR at – https://pirate.black/

 

Bitgame Emerges as Sports Betting Platform of Choice During Euro 2020

As the whole world watches European football at its finest being played out during Euro 2020, many are looking to get even more involved in the sport. As a form of entertainment, sports betting has evolved in recent years to be more digitally accessible and engaging. Bitgame is a world-class sports betting platform that incorporates a number of years of experience in the field, with innovative practices such as accepting cryptocurrency. Already this year, many Bitgame users are winning big on Euro 2020.

To celebrate Euro 2020, Bitgame is organizing a cash prize giveaway event for a number of lucky participants. Bitgame users can bet on any Euro 2020 match using accepted cryptocurrencies and send a screenshot of their record after the match has ended to the official telegram group to gain generous USDT cash prizes.

Digital Sports Betting is on the Rise.

A step away from brick-and-mortar betting shops, online entertainment platforms provide an increased level of convenience, ease, and anonymity for people looking to be more involved in sports. With simple and interactive functionality, players are able to win more without leaving their chairs, meaning more and more people are turning to online sports betting.

Esports, especially, have popularized the idea of online gaming with viewers streaming in from all corners of the globe to support their favorite teams. As the tournaments are online, so too is the betting scene, and with the whole industry set to exceed $1.5 billion in valuation in 2021, there is a lot to play for.

Also emerging as an online phenomenon, the popularity of blockchain-powered cryptocurrencies is becoming increasingly prevalent with more and more retailers accepting them and recognizing their value. By transcending national boundaries, cryptocurrencies enable users from anywhere in the world to access online services. With in-built ‘trustless’ attributes, cryptocurrencies are becoming increasingly safe and secure to use and in being virtual, these assets are being regarded as the ‘internet of money’, with their usage and acceptance only expected to increase.

Bitgame is Emerging

Noticing these growing trends, Bitgame is poised to lead the industry in bridging cryptocurrency with sports betting. The Bitgame platform now supports over 20 different currencies and allows users to bet on: football, tennis, basketball, baseball, League of Legends, CS:GO, Dota 2, Kings of Glory, American football, World of Warcraft, Overwatch, Hearthstone, StarCraft II, StarCraft: BroodWar, Warcraft 3, and thousands of casino games. With over 10 years of experience in sports betting, Bitgame has better odds than other platforms whilst also being safe and secure, providing a great all-around entertainment experience.

A prominent feature of Bitgame is the Lucky Token (LUT) which is native to the platform and can be used to bet on sports matches. Users on Bitgame can earn different amounts of LUT by just playing casino games and using the platform. LUT can be traded amongst users for other cryptocurrencies and holders can share in the platform’s profits through the distribution and sharing mechanism. In the future, LUT will also be listed on third-party exchanges with the aim of being recognized as the sports betting token of choice for cryptocurrency users.

Betting on Bitgame is currently supported by Tron with plans to include BSC and Ethereum support coming soon. Being a decentralized chain-agnostic platform will allow more users to access Bitgame and provide added levels of security. To use Bitgame, users only need to connect a TRX-compliant wallet, there is no need for registration or KYC.

With the all-new look website already online, Bitgame is ramping up events to further drive user acquisition. The current main promotional event is the Euro 2020 Betting Competition where users can win USDT cash prizes whilst the tournament lasts. Also, Bitgame gifts an extra 35% bonus on each users’ first deposit, as well as earning up to 35% commission on successful referrals. Expert speculators who win 5 bets in a row can win an extra $50 USDT, and unlikely players can receive some of their losses back due to the Stress-Free, Coin “Insurance” event.

With Euro 2020 starting to heat up, the winnings are flying on Bitgame, so be sure to head over and get in on the action. And remember, due to the platform’s unique token structure, win or lose, all users gain LUT and can share in the profits together.

Website:https://www.bitgame.com/
Twitter: https://twitter.com/BitgameGlobal
Facebook:https://www.facebook.com/BitgameGlobal
Telegram: https://t.me/Bitgame_EN
Email:business@bitgame.com

DigiFinex Crypto Exchange to List Horizon Protocol’s Token HZN

DigiFinex, a global cryptocurrency exchange, is adding Horizon Protocol’s token HZN to its ever-increasing list of tradeable altcoins. This news comes a few days after Horizon Protocol announced the upcoming launch of their Horizon Genesis project on BSC. The project will provide Horizon Protocol’s community with better ways of managing their synthetic assets on the platform, including pooling HZN tokens to mint zUSD, burning zUSD, and earning new HZN.

The HZN token is live on DigiFinex starting 16th June 2021 at 16:00(GMT +8). DigiFinex traders will be able to make HZN deposits soon after this. That said, trading of HZN pairs will open from 17th June 2021 at 11:00(GMT+8) — the withdrawal of your HZN is applicable immediately after trading opens.

What is HZN

Horizon Protocol is a decentralized finance platform that was forked from Synthetix, a derivatives liquidity protocol. However, unlike mainstream DeFi platforms, Horizon Protocol facilitates on-chain trading of synthetic assets and derivatives markets via smart contracts.

Horizon Protocol is powered by the BEP-20 native token, HZN. The HZN token serves as the collateral in the synthesis of tradable assets (zAssets) and derivatives markets on the protocol. This allows it to drive the reward system, which is vital to making Horizon Protocol a Decentralized Autonomous Organization (DAO).

HZN was launched on Binance Smart Chain (BSC) Testnet with an initial minted supply of 100,000,000 HZN. The token has an inflationary model and is 100% community mined through staking rewards, grants, bounties, among other rewards.

Here’s how the initial 100,000,000 HZNs were distributed;

  • 10% (10,000,000 HZN) was reserved for the token’s Initial Farm Offering on PancakeSwap
  • 30%(30,000,000 HZN) was reserved for liquidity mining
  • 60%(60,000,000 HZN) was reserved for supporting the Horizon Protocol ecosystem and community through synthetic asset stabilization and community incentives.

As of this writing, the latest recorded price for HZN on Coinmarketcap is $0.2028. It is ranked at #968, with a market cap of $8,094,804.46. The current circulating supply is 40,000,000 HZN.

Features of HZN

DigiFinex is always committed to listing high-quality token projects, which is a great testament to the massive strides HZN has made over the last few months in the De-Fi sector. Here are the Horizon Protocol’s unique features;

  • HZN holders can stake their tokens in liquidity pools and get staking rewards generated from exchange fees and Horizon Protocol’s inflationary monetary policy. The platform charges a 0.3% exchange fee on each transaction.
  • The HZN community can create synthetic assets that are tradeable across various blockchains thanks to the platform’s collateralization ratio feature. The zAsset prices are defined by price feeds from real-world DeFi oracles such as Phoenix DeFi Oracle, Chainlink, and Band Protocol.
  • With Horizon Protocol launched on BSC, users will enjoy cross-chain operability on platforms such as Cosmos, NEO, and Tendermint.
  • Access to cross-chain crypto derivatives that are backed by the HZN. The Phoenix DeFi Oracle will allow users to also utilize the PHB token on the Horizon ecosystem.
  • Users on the HZN ecosystem will also be able to access traditional financial markets, including equities, corporate assets, market indices, and commodities.
  • HZN stakers will be involved in the governance of Horizon Protocol.

What to Expect of the New Listing on DigiFinex

The listing of HZN on DigiFinex will help take Horizon Protocol’s reach to new levels. As we enter a new era of improved DeFi systems and synthetic asset creation, this listing should allow more people to access HZN and be part of Horizon Protocol’s unique future – where you can enjoy unlimited trading between crypto-assets and real-world assets without any liquidity issues.