Crypto Guides, Knowledge & Insights

'Big Short' Investor Michael Burry Criticizes Shiba Inu — Says It's 'Pointless'

Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, thinks the dogecoin rival shiba inu token (SHIB) is “pointless,” criticizing its supply. The cryptocurrency skyrocketed 230% over the past week.　　Michael Burry Shares His View on Shiba Inu Token　　Famous investor and founder of private investment firm Scion Asset Management, Michael Burry, commented on the shiba inu token (SHIB) Saturday after the dogecoin rival cryptocurrency surged 230% over the past week.　　Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale.　　The Big Short investor shared Coinbases description of the shiba inu token on Twitter Saturday, which states: “Shiba inu (SHIB) is a token that aspires to be an Ethereum-based alternative to dogecoin (DOGE), the popular meme coin. Unlike bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a circulating supply of one quadrillion.”　　Commenting on this description, Burry wrote:　　“Just saying, one quadrillion seconds is about 32 million years. One quadrillion days is 2.7 trillion years, or all

2021-10-11Deep Dive

Vitalik Buterin Criticizes El Salvador President’s Mandatory Bitcoin Adoption Policy

Although El Salvador‘s president has asserted that BTC usage in the country is not mandatory, Ethereum’s Buterin still criticized the move.　　Ethereum co-founder Vitalik Buterin spoke out against President Nayib Bukele‘s compulsory bitcoin usage for merchants and businesses, saying it was against cryptocurrency’s “ideals of freedom.”　　Buterin commented in response to a Reddit article titled “Unpopular opinion: El Salvador President Mr. Nayab (Nayib) Bukele should not be praised by Crypto community.”　　The Ethereum co-founder did not fail to call out “Bitcoin Maximalists,” whom he believed praised the El Salvadoran Presidents move without criticism.　　“Shame on everyone (ok, fine, Ill call out the main people responsible: shame on Bitcoin maximalists) who are uncritically praising him.”　　Buterin further said Bitcoin maximalists were easy to please if a person in a position of authority did something or spoke in favor of BTC.　　President Nayib Bukele has been facing criticism from opponents and the international community ever since El Salvadors legislators voted in favor of making the cryptocurrency a legal tender earlier this year.　　The so-called Bitcoin Law was implemented back in September, with the government also giving access to El Salvadorans to download the Chivo wallet app.　　But Buterin called the mass adoption of bitcoin “reckless,” saying:　　 “Additionally, this tactic of

2021-10-11Deep Dive

Edward Snowden Calls CBDC “Perversion of Cryptocurrency”

The world-famous whistleblower from the US, Edward Snowden, has taken to Twitter to bash the concept of central bank digital currencies (CBDCs) and in particular the one that the Fed Reserve may launch in the future.　　Snowden calls CBDC “perversion” and “cryptofascist currency”　　Snowden believes that if the Fed Reserve issues a CBDC (the so-called “FedCoin”), it will be used for bringing the savings of ordinary working Americans down to zero, despite officially calling it a “useful policy tool”.　　The whistleblower tweeted this after sharing a screenshot of a NYT article about CBDC. In it, a Dr. Prasad wrote that the Fed may impose a negative interest rate on electronic balances of CBDC in every persons account to stimulate the owner to spend CBDCs faster and for companies to invest their digital dollars.　　In his other recent tweets, Snowden is definite that the funds that will be stored in CBDC in a bank account by an average US citizen will not actually belong to them, since it will be the Fed Reserve who will decide “if and how you can spend it”.　　A harsher tweet of Snowden states that a CBDC is a “perversion of cryptocurrency” and even “a cryptofascist currency”, since the State will

2021-10-11Deep Dive

What is Cryptocurrency?

CHICOPEE, Mass. (WWLP) — Cryptocurrencies like Bitcoin continue to make headlines in the world of business, as bulls drive the market upward.　　The Cryptocurrency market is risky, but its brought tremendous returns for investors. After being worth 8 cents in July of 2010, bitcoin now considered to be digital gold is worth well over 50 thousand dollars, for just one.　　Bitcoin is not an actual coin, it‘s digital currency. It’s volatile so before you invest, do your research, and only invest an amount youre comfortable with.　　“Don‘t buy it if you’re worried about an investment that goes up and down. This is pure speculation and a new industry its like the internet in 1994,” Mark Teed, the Senior Vice President of Investments, Raymond James & Associates said.　　Teed told 22News cryptos are moving beyond just speculation, and are now posing real-use cases. The silver to Bitcoin, Ethereum, has become the leader in the DeFi space.　　“They are building units off of Ethereum. There is something called NFTS, so if you want to buy a digital piece of art or a basketball image, you have to buy it through Ethereum,” Teed said.　　El Salvador became the first country to make bitcoin legal tender and they‘re using energy

2021-10-10Deep Dive

McDonald’s China Celebrates 31st Anniversary With First-Ever NFT Release

On Friday, October 8, 2021, McDonalds China announced the release of its first NFT in celebration of its 31st anniversary of entering the Chinese mainland market. And also, the official opening of its new headquarters building in Shanghai. The design of the new Shanghai offices was the inspiration for creating the NFT.McDonald‘s Big Mac NFT　　The first token to drop from McDonald’s China is called the “Big Mac Cube”. It is named after one of the restaurant chains most popular sandwiches.　　The Big Mac Cube “is a three-dimensional dynamic digital creative work inspired by the brand spirit of McDonalds and the shape of the new headquarters building.” The 188 NFT creative works that will be released will be available to employees and customers of the franchise in the form of limited gifts.　　CEO of McDonald‘s China, Zhang Jiaying, expressed his pleasure that McDonald’s was the first domestic restaurant brand to release an NFT. “McDonalds is a young and trendy brand that has always paid attention to fashion trends and cutting-edge technology,”　　The Big Mac Cube draws inspiration from the structure of the new headquarters building in Shanghai. The design represents the companys signature colors of red, orange, and yellow.　　The fast-food franchise also designed the

2021-10-10Deep Dive

How I Bought My First Virtual Land NFT

The future of the metaverse isn‘t just about gaming. It’s about virtual land that you can truly call your own, which is made possible by Next Earth, the NFT-based replica of Earth.　　The metaverse is essentially a shared, interconnected virtual world that really does exist just beyond our screens. And where better to explore the possibilities of the metaverse than on an NFT-based copy of a global map？ Explore virtual Miami for yourself while learning about NFT attributes like scarcity and identity.　　I first heard about this idea for a nebulous, virtual construct called the metaverse around a decade ago. And in 2017, I saw the first NFT applications take off – projects like Cryptokitties and Cryptopunk.　　More recently, I heard that someone sold the Arc de Triomphe as a virtual land NFT for 10 BNB on Next Earth, just as one of my favorite YouTuber‘s showed off a new project called Next Earth. Virtual land is a fascinating new application of blockchain to what was previously an analog model – owning land in reality. So here’s how I went ahead and bought virtual land on Next Earth.The process　　First, I got my Binance Smart Chain address. This is a cryptocurrency wallet that allows

2021-10-10Deep Dive

Ethereum · Polygon › NFTs A Polygon-Ethereum bridge is bringing Aavegotchi NFTs to Rarible

A new Polygon to Ethereum bridge is helping bring Aavegotchi NFTs to the Rarible marketplace, the teams said in a release shared with CryptoSlate this week.　　“One of our main goals at Rarible is to make sure that our vibrant community has access to all the amazing things happening in the space. Given the rising popularity of the play-to-earn model, and the love Aavegotchi ghosts have been getting, it made perfect sense to partner with Aavegotchi and bring their cutting-edge NFTs to the Ethereum ecosystem in mass for the very first time,” explained Alex Salnikov, Raribles Co-Founder and Head of Product.　　“Were excited to bridge the Rarible and Aavegotchi communities together, welcoming new collectors and gamers to the Rarible ecosystem,” he added.What are Aavegotchis？　　Each Aavegotchi is a DeFi-staked collectible NFT ghost, assigned with a randomized rarity score and traits. They are 100% on-chain playable NFTs. Gotchis can earn XP and swag up their look by equipping wearables and increasing the rarity to compete for player rewards in GHST tokens. The latest “rarity farming” event boasted over $1 million worth of rewards for the top 5000 Aavegotchis. 　　Aavegotchis native in-game NFT marketplace, Gotchi Bazaar, is the largest NFT marketplace on Polygon with more

2021-10-10Deep Dive

Bitcoin shows signs of decoupling from stocks, is Nakamoto's vision finally coming true?

Bitcoin is up 24% since the start of October, with six daily green closes out of seven. Meanwhile, over the same period, stocks fell, although many stock indices seemed to have bottomed mid-week.　　This apparent divergence in investor activity has some wondering if Bitcoin, and the crypto class in general, has broken its correlation with the stock market.　　Bitcoin was created as an alternative financial system, and creator Satoshi Nakamoto intended it to equalize control of currency to make a fairer deal for the common man.　　However, throughout its history, Bitcoin has demonstrated instances of correlation with legacy markets. Most notable in recent memory was the “corona crash” in March 2020.　　Back then, over an eight-day stretch beginning March 9, the Dow experienced the worst points drops in its history, with the most significant loss occurring on March 16.　　In the hysteria, Bitcoin fell from $7,900 to $4,300 on March 12 – a 46% loss. Previous to this, there was continuing debate over Bitcoins safe haven and alternative investment status. But that one incident was enough to “prove” a strong positive correlation with stocks.　　However, data analysis shows the relationship between Bitcoin and stocks is not as black and white as that. Using correlation coefficient, where

2021-10-10Deep Dive

CoinGeek New York looks at the next level of professional gaming with blockchain

One of the most exciting implementations of the BSV blockchain is in iGaming, esports, and gaming in general. Right now, these types of transactions make up more than 90% of daily transactions on BSV.　　On day one of the CoinGeek New York conference, some important people in the esports and gaming industries got together for a panel on the future of this sector, including: David Case, CTO of FYX Gaming, the firm behind CryptoFights; Daniel Cossi, President of the World eSports Consortium; Tyler Farnsworth, CMO of Built By Gamers; and Henry James, CEO of Espo.　　How the BSV blockchain can increase transparency in eSports　　Case kicked off the panel with an important point for the eSports industry; the BSV blockchain can increase transparency and enable a level of auditability never before seen in gaming of any kind.　　Speaking about his experiences with CryptoFights on BSV so far, he spoke about the ability to look at data stored on the public blockchain and glean insights from it.　　This tied in nicely with a point made later in the panel; that one of the key problems faced in esports and iGaming, in general, is that nobody can see whats going on under the hood. For example, there

2021-10-09Deep Dive

U.S. › Adoption Study shows Ripple, Polkadot, and Stellar holders are the ‘most anxious’ crypto own

Set to explore current investor habits and the impact that 24/7 crypto trading can have on mental health, The Sleep Judge surveyed over 1,000 Americans and uncovered which cryptos are causing the most anxiety.　　According to the popular sleep-related products reviewer, the results uncovered how often Americans check their crypto investments and how crypto trading is affecting their sleep and relationships. Losing sleep over crypto　　The survey uncovered that “the generation most invested in cryptocurrency was Generation X, with 70% of respondents born from 1965 to 1980 identifying as crypto investors. Baby boomers and millennials werent too far behind at 68% and 67%, respectively. Less than half of Gen Zers surveyed were currently invested in crypto.”　　“The greatest divide between the generations became apparent when we asked about reasons for investing in crypto,” read the report, revealing that 57% of baby boomers are invested in crypto for retirement, while 49% of millennials are invested to make money quickly.　　The results also revealed that, while most crypto investors check their investments on a weekly basis, 50% of Gen Zers were most likely to check the market daily.　　Almost 70% of non-investors reported good to excellent sleep quality versus around 63% of those who invest in crypto

2021-10-09Deep Dive

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