Satoshi Nakaboto: ‘Bitcoin falls more than 5%, in tandem with financial markets’
Our robot colleague Satoshi Nakaboto writes about Bitcoin BTC every fucking day.
Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As de Beauvoir used to say: The long and winding road awaits!
We closed the day, June 11 2020, at a price of $9,321. That’s a worrying 5.55 percent decline in 24 hours, or -$548.29. It was the lowest closing price in fourteen days.
We’re still 53 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).
Bitcoin’s market cap ended the day at $171,538,133,043. It now commands 66 percent of the total crypto market.
Yesterday’s volume of $30,247,143,440 was the highest in eight days, 31 percent above last year’s average, and 59 percent below last year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 542 tons of gold.
A total of 329,642 transactions were conducted yesterday, which is 3 percent above last year’s average and 27 percent below last year’s high.
Yesterday’s average transaction fee concerned $0.51. That’s $3.39 below last year’s high of $3.91.
As of now, there are 13,326 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.
Furthermore, the top 10 Bitcoin addresses house 5.2 percent of the total supply, the top 100 14.7 percent, and the top 1000 35.0 percent.
With a market capitalization of $172 billion, Toyota has a market capitalization most similar to that of Bitcoin at the moment.
On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.
He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 97.3 percent behind being on track. Bitcoin‘s price should have been $375,182 by now, according to dickline.info.
Bitcoin used an estimated 162 million kilowatt hour of electricity yesterday. On a yearly basis that would amount to 59 terawatt hour. That’s the equivalent of Greece’s energy consumption or 5.5 million US households. Bitcoin’s energy consumption now represents 0.26% of the whole world’s electricity use.
Yesterday 34,444 fresh tweets about Bitcoin were sent out into the world. That’s 77.3 percent above last year’s average. The maximum amount of tweets per day last year about Bitcoin was 82,838.
This was one of yesterday’s most engaged tweets about Bitcoin:
Trump’s New Top Banking Regulator Is A Bitcoin Bull https://t.co/gUJdVu8Ajb
— Alan Silbert (@alansilbert) June 11, 2020
This was yesterday’s most upvoted Reddit post about Bitcoin:
Did you get some Bitcoin yet? from r/Bitcoin
And this was yesterday’s top submission on Hacker News about Bitcoin:
Pentagon Planned for a Bitcoin Rebellion (forbes.com)
My human programmers required me to add this affiliate link to eToro, where you can buy Bitcoin so they can make ‘money’ to ‘eat’.
Author: Satoshi Nakaboto
Bitcoin Could Hit $300,000 In Five Years Even Without ‘Institutional Adoption’
Bitcoin bulls are currently out in force, talking up the cryptocurrency amid unprecedented central bank stimulus and quantitative easing.
The bitcoin price, which has failed to hold its ground over $10,000 per bitcoin in recent weeks, has climbed some 30% since the beginning of the year—but remains far from its all-time highs (for the time being).
Now, crypto pioneer Adam Back has predicted bitcoin will soar to $300,000 per bitcoin within the next five years, even without Wall Street's highly-anticipated institutional support.
MORE FROM FORBESBitcoin Will Rise Unless Something Goes 'Really Wrong'-Price Expected To DoubleBy Billy Bambrough
The bitcoin price has struggled in recent weeks after a strong start to the year with the bitcoin … [+] rally hitting a brick wall at $10,000 per bitcoin.
"[Bitcoin] might not require additional institutional adoption [to reach $300,000] because the current environment is causing more individuals to think about hedging [and] retaining value when there’s a lot of money printing in the world," Back told financial newswire Bloomberg.
Last month, bitcoin got a big boost when legendary macro investor Paul Tudor Jones revealed he is buying bitcoin as a hedge against the inflation he sees coming as a result of never-before-seen levels of central bank money-printing.
"It is causing people to think about the value of money and looking for ways to preserve money," Back said, adding "it’s a difficult environment to get any yield."
Back, a cryptographer who invented a system of verification used by bitcoin called Hashcash, was again forced to deny he's bitcoin's mysterious creator Satoshi Nakamoto after fresh claims last month.
Earlier this year, Back said "hyperbitcoinization" and "Modern Monetary Theory rationale for high inflation" could, in theory, mean bitcoin is one day worth $10 million.
"$100,000 bitcoin doesn't seem so far given we already crossed $10,000 threshold a few times when few expected even $1,000 some years back and $10,000 seemed crazy," Back said via Twitter.
Meanwhile, long-expected institutional adoption of bitcoin is still looking precarious despite some early signs Wall Street is coming around to crypto.
JPMorgan, once described as "bitcoin's biggest enemy," has added its first crypto exchange customers and its chief executive Jamie Dimon reportedly hosted secret meetings with the boss of major bitcoin and crypto exchange, Coinbase.
Elsewhere, Goldman Sachs poured cold water on bitcoin and cryptocurrency community hopes the Wall Street giant was about to dive into crypto last month in a highly critical investor call.
MORE FROM FORBESBitcoin Counters Donald Trump's Antifa Protest ThreatBy Billy Bambrough
The bitcoin price has slumped since last year with early signs of another bitcoin bull run halted by … [+] the coronavirus crash in March.
Back's latest bitcoin price prediction comes as Donald Trump's administration weighs another massive round of stimulus measures—potentially adding a further $1 trillion.
Already this year the U.S. has signed off on $3.5 trillion in relief measures to combat the economic downturn caused by the coronavirus pandemic and lockdowns put in place to contain the virus.
The stimulus measures, as well as the Fed moving to backstop financial markets, have meant stocks and shares resumed their march higher after a historic crash in March.
Bitcoin has also rebounded but has failed to breach recent highs set in February.
Bitcoin has been put further into contrast with fiat currency by a supply squeeze last month, which saw the number of bitcoin rewarded to those that maintain the bitcoin network, called miners, cut by half—dropping from 12.5 bitcoin to 6.25.
What is Proton Chain? Introducing the Next Evolution in Fintech
Cashless transactions are on the rise, with bank cards and debit playing cards already having overtaken the dollar as the fee methodology of alternative again in 2018. Though these fee strategies are handy from a consumer perspective, the underlying infrastructure is sluggish, typically taking days for a transaction settlement to occur.
Moreover, with bank card theft and account hacking so commonplace, customers are more and more requested to compromise extra of their privateness and private knowledge in an try to extend safety. Lately, it’s typically the case that you simply’ll want to offer an extra layer of authentication for transactions, however this is normally despatched through insecure channels resembling e mail or SMS.
Blockchain affords an answer for a lot of of those points, together with instantaneous encrypted transactions secured by non-public keys. Nevertheless, cryptocurrencies are nonetheless typically shunned by conventional finance resulting from the indisputable fact that they don’t have any inbuilt compliance instruments, that means banks are naturally suspicious. As such, there is no simple strategy to push or pull funds between a blockchain and conventional finance utilizing any of the current fee rails.
Enter Proton Chain.
Proton Chain is a blockchain protocol that goals to beat the challenges described above. The core function is the idea of a verified account. Contemplate what occurs if you happen to seek for “Vitalik” on Twitter – you get an inventory that appears like the one under.
Nevertheless, we all know the high one belongs to the actual Vitalik Buterin, because of the blue checkmark. This tells us he’s gone by way of a course of with Twitter that’s verified it’s actually Vitalik Buterin sitting behind that account.
Proton takes this idea and applies it to funds. So Vitalik Buterin might declare his @VitalikButerin username on Proton, and a community of KYC checkers would confirm that it’s really him.
As soon as verified, customers can then connect their fiat accounts to their Proton account, and push and pull funds between the two. Customers can discover each other through their verified accounts and trade funds.
Maybe most significantly, this may be performed through any utility utilizing the Proton protocol.
XPR is the native token of the Proton blockchain, which runs on a delegated Proof of Stake consensus. This operates in a really related strategy to dPoS on EOS, in which Proton has its roots. For that cause, Proton additionally makes use of terminology just like EOS, resembling RAM for knowledge storage and CPU for community processing energy.
XPR is used to reward block producers and could be staked by holders in block producer elections, on a one-token-one-vote foundation. Stakers should comply with lock up their tokens for at the very least a month to turn out to be eligible for staking rewards.
There is an preliminary provide of 200 million XPR, with 5% newly created tokens launched every year. Half of those will go to dam producers as rewards, an extra 30% to stakers, and 20% to the Proton Steering Committee. The Steering Committee is additionally organized below a dPoS governance mannequin, and is chargeable for making selections resembling whether or not to extend charges for community assets.
XPR tokens can be found for buying and selling through Metallic X, HitBTC, Bithumb World, and Bilaxy exchanges. They are often saved in the Lynx Pockets.
Proton provides the rails, however Metallic Pay is the first utility that can make Proton’s capabilities out there to customers. Metallic Pay is a longtime blockchain fee processing platform, developed by Metallic, that can incorporate Proton as a part of its three.zero launch.
The Metallic Pay three.zero roadmap is break up into three separate phases. The primary section can be to launch an open SDK for Proton. The second, dubbed “Crimson Falcon” will set up Metallic Pay as the first pockets able to interacting with the Proton blockchain. It’s going to introduce the following options:
Generally, the third section (known as Snow Owl) is lighter, bringing in assist for added currencies, and a Proton-based stablecoin, amongst different options.
The connection between Metallic Pay and Proton isn’t a coincidence. Metallic got here along with Lynx to develop the Proton blockchain. Metallic had established its Metallic Pay funds platform as a method of attaining the imaginative and prescient of onboarding extra customers to cryptocurrency by making it extra accessible.
In the meantime, Lynx had been working by itself undertaking with related targets in thoughts. It had developed the Lynx Pockets, the largest EOS pockets in the US. It had additionally created its personal blockchain as a fork of EOS, utilizing the similar dPoS mannequin as its predecessor. Lynxchain affords a lot of the similar performance of EOS however with free account creation, making dApps extra accessible to non-holders of EOS tokens.
The 2 firms got here collectively and merged early in 2020, launching the Proton blockchain in April. Proton is really variant of Lynxchain, however with the identification layer built-in.
Proton’s management staff displays the make-up of its predecessor firms.
Marshall Hayner and Glenn Marien co-founded Metallic and now function CEO and CSO respectively of the newly merged undertaking. Hayner beforehand labored on initiatives together with Dogecoin, Stellar, and Block.io, the place he labored on the acquisition of the Dogecoin.information pockets, developed by Marien.
Fred Krueger and Jacob Davis co-founded the Lynx Pockets and EOS Lynx. Krueger, who holds a P.h.D in Statistics from Stanford, is now President of Metallic. Jacob Davis is CTO and has 19 years of expertise in the IT sector, together with SAS and Microsoft.
Many initiatives declare to need to make crypto extra accessible to the lots. Nevertheless, invariably, they find yourself producing a fiat on ramping service that isn’t essentially discernible from what’s already on the market as we speak. By making a blockchain that may work together with current fiat fee gateways, Proton has a possibility to faucet into a longtime consumer base that would quantity into billions, relying on which firms it may well onboard.
Due to this fact, making certain that Metallic Pay is successful, and could be well-marketed as such, can be a core element of Proton gaining adoption. If the staff can ship on its roadmap and direct the proper assets into getting the consideration of fee business gamers, it might be amongst the few initiatives to realize the imaginative and prescient of mass adoption.
Author: About Tom Greenly
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Опубликовано: 12 июн. 2020 г.
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