Monthly Archives: November 2020

You are browsing the site archives by month.

Former baseball player’s non-fungible token artwork sells for $ 120,000 on Async Art

Ethereum-based art marketplace Async Art sold artwork for $ 120,000, one of the biggest sales since its launch in February 2020.

Created by Micah Johnson, former MLB league baseball player, the piece titled „sä-v (ə-) rən-tē“ contains an embedded QR code that allows internet users to pay bitcoins to two underprivileged children.

The sale pushes Async Art’s platform volume to over $ 2.5 million, including over $ 600,000 in art sales

Three years after switching from the Atlanta Braves Major League Baseball to an artistic career, former professional baseball player Micah Johnson broke a different kind of record.

With his digital artwork titled “sä-v (ə-) rən-tē” (either “sovereignty” or “sovereignty” in English), he secured a final auction of $ 120,000 on the art platform Async Art, based on Bitcoin Optimizer.

With the winning bid, sä-v (ə-) rən-tē broke the record for the highest price ever paid for a fully digital work of art on the platform, beating Matt Kane’s “Right Place & Right Time”, which sold for $ 100,000.

Only Ben Gentilli’s “Block 21” (auctioned with a physical portrait), which recently sold for $ 130,000 at Christie’s , got a higher price for digital art.

The highest bidding offer is currently $ 120,000!

I am literally speechless.

And there are still 6 hours left!

Micah Johnson demonstrates the charitable potential of cryptocurrencies

Like the rest of Johnson’s art, which mainly depicts African-American children, sä-v (ə-) rən-tē depicts two underprivileged eight-year-old boys, Jacque and Rayden, who find themselves separated from an astronaut by a door.

Each year, on the birthday of each of these two children (November 6 and August 10, respectively), a QR code will appear throughout the work, allowing users to scan it and donate to one. linked Bitcoin wallet.

Over the next ten years, the door between them and the astronaut will slowly open with each birthday, until the children are 18 years old. At that point, the door will open fully, and the boys and the QR code will disappear from the artwork for good, signifying the end of this journey and their entry into a new world full of possibilities.

Means of accumulation or practical value: What is the purpose of cryptology

In terms of functionality, cryptov currencies can be divided into two main types. We talk about the advantages and disadvantages of each of them.

Cryptovalves interested in becoming a means of saving (e.g. bitcoin) should strive for maximum predictability in the long term. In the digital world, achieving this result requires above all resistance to censorship, limited emissions, safety and self-sufficiency.

In turn, utility platforms such as Ethereum and EOS have practical value: they experiment with flexible programming, networked control models and new consensus algorithms. The winners in their environment are the most flexible and innovative projects. They will gain significant weight in a highly competitive platform race. At the same time, the flexibility and innovation required for the development of utilitarian platforms contradicts the predictability and security of the cryptographic software used as a means of accumulation (SoV). The increase in overall utility and diversity of functions runs counter to the properties required to store and transfer value.

The valuation of digital assets on utility platforms differs from traditional approaches to company valuation. In the new digital paradigm, networks replace companies, and tokens replace cash and financial flows. As the network grows, the value of tokens must also increase. Turnovers – the speed at which an asset changes owners – can suppress its value. In addition, the open nature of digital space leads to serious and aggressive competition.

Scenarios for platforms

If a network is popular, its value must be high. This is intuitive, but only to a certain extent. Take the Ethereum network, for example. There are two possible scenarios:

  1. An entire ecosystem has been formed on the basis of Ethereum. Fragmentation and second-tier solutions have significantly increased bandwidth and reduced end-user costs. The network is cheaper, faster and more popular. The cost of transactions tends to zero. But along with a significant drop in commissions, the demand for the airwaves required to pay for them decreases as well. As bandwidth increases, so does the airwaves‘ turnover, reducing their deficit. Thus, low commissions and high bandwidth are good for users, but not for investors.
  2. The network is expensive, unpopular and slow to operate. In this scenario, the interest of developers of decentralised applications (dApps) is reduced due to high costs and low speed. Accordingly, user interest also drops, the demand for airwaves decreases, and their cost decreases.

For platform tokens, there is a price ceiling and it is lower than most people think. The growing number of users will not be enough to compensate for the decreasing fees. John Pfeffer addresses this issue in his article Institutional Investor’s Take on Cyptoassets. In a balanced state, the fair market value of individual platform tokens and dApps will be billions of dollars. Others will become obsolete due to high competition and duplication of functions.

The path to value growth: Storage of value, not network utility

The greatest potential for high return on investment is associated with savings rather than utilisation tokens. As people move into the digital world, they will face an increasing need to safely store their wealth. Kyle Samani’s article Paths to Tens of Trillions provides several scenarios for turning crypt currency into a means of accumulation. In it, Samani admits that much of the wealth will be digitized. He identifies three ways to make the crypt currency the dominant repository of value:

  1. Creating a means of accumulation (SoV) with limited practical value. Such assets meet the criteria of self-sufficiency, resistance to censorship, deficit and security. For example, the value of gold is not an indication of its usefulness, but a global standard for storing money. Example: Bitcoin, ZCash, Monero and Decred.
  2. Maximum benefit for application developers and end users. In this case, some attachment to the underlying platform will arise. If Ethereum is the dominant network, why not keep all the wealth on the air? Example: on air, EOS, Dash, Tezos, Dfinity and Cosmos.
  3. Linking to assets to create a „stable coin“. This way, volatility is completely eliminated, and as a result, circulation is encouraged. Example: Tether, Maker and Basecoin.

The classification of assets by Kyle Samani provides a basis for understanding the potential mechanism for turning crypt currency into a means of accumulation.

Stable coins have great potential, but at present their capitalisation is relatively small percentage of the market, so we will move on to crypt currencies – means of accumulation and utilitarian tokens.

Utility cryptovoltaic currencies

Develop or die. Technological darwinism dictates that only the best and most adapted survive. Creating the most convenient and functional platform can lead to an extensive and loyal follower base. As the range of applications for such a platform is very wide, users can store their savings in their native tokens. This would eliminate the need for exchange between SoV scripting currencies and these tokens. In this way, platform tokens with the highest overall utility can be the main means of saving.

Utility platforms must develop rapidly in order to bring the highest value to the market. However, as the platform grows, innovation becomes more difficult to implement. This is the ‚dilemma of innovators‘, the digital equivalent of biological gigantism. If a certain organism grows too big, it becomes slow, clumsy and vulnerable to faster predators. In such circumstances, frustrated participants can branch out a network and create somewhat similar but more dynamic platforms. Some of the new platforms will fail, but the usefulness of their luckier counterparts will be much greater. As practical people, participants in the original platform will switch to competing projects. Since they are now using another platform, will they not decide to convert all their wealth into its tokens?

Cryptov currencies as a means of accumulation

In contrast to utilitarian currencies, digital gold is characterized by relatively low overall utility and flexibility. It is slow to develop, but has high self-sufficiency, resistance to censorship and security. Users can choose digital gold to store their wealth because it is familiar, safe and relatively predictable. This choice is determined by emotions rather than logic, as the value of any gold depends solely on people’s belief in it.

Some participants may create their own version of this digital gold with increased utility. Some will try its new functionality, but the vast majority of users will keep their wealth in digital gold not because of its usefulness and flexibility, but because of its stability, independence and security. They will be reassured by the fact that wealth is stored in an anti-brittle asset. In this case, the slow pace of innovation is an attractive and key feature. Participants can be sure that the instrument in which their wealth is stored will not change suddenly.


Requirements for savings funds are contrary to the nature of utilisation currencies. In the digital world, the latter are volatile and often ephemeral. It is important that their speed of development will only increase. As the popularity of the platform grows, it will be more difficult to innovate. Users will start switching to new, more convenient and functional platforms.

Rapid innovation and the introduction of new features are crucial for the widespread use of utility platforms. In this case, protocols that increase flexibility will serve as a fundamental infrastructure for value creation. In turn, digital assets as a means of accumulation will have a high level of predictability, independence, resilience and security. Choosing the right asset will yield huge returns over the next decade.

A massive sale of Bitcoin whales could hamper BTC’s journey by more than $16,200

The price of Bitcoin remains at USD 16,000, but the chain data suggests that BTC could face a major obstacle in the short term.

The Bitcoin price (BTC) is proving to be relatively stable at the $16,000 level, far outpacing both safe and risky assets, including gold and stocks. But in the short term, the digital asset faces a major obstacle in the form of whales.

Bitcoin’s price hike to $16,200 was accompanied by record cash volume

On November 12, the price of Bitcoin reached USD 16,199, a level not seen since the famous 2017 bull market. Although BTC fell to USD 15,600 in a matter of hours, it recovered quickly and at the time of writing it looks like the digital asset will try to break the intraday high.
The performance of Bitcoin, the S&P 500 and gold over the past week.
Bitcoin has shown resistance above USD 16,000, which historically has been a very important turning point. Because BTC overcame this crucial area, market sentiment around the leading cryptomone currency has become overwhelmingly optimistic.

Bitcoin Price Reaches USD 16,000 as ‚Extreme Greed‘ Takes Over

However, this could leave Bitcoin and the market in general vulnerable to a massive sale by the whales. Individual high net worth investors who own large amounts of BTC are known as whales and prefer to sell when there’s a lot of liquidity.

In most cases, the most liquid periods are when the price of BTC rises with significant market optimism.
The chain data suggest that a massive sale induced by BTC whales is possible

Whales have more BTC than usual and there has been an increase in whale deposits to the main exchanges.

These two data points show us that the probability of seeing a whale-led short sale is high.

Willy Woo: The price of Bitcoin will peak in December 2021 when the „main upside“ begins

When the Exchange Whale Ratio (how many whales have their funds in an exchange) exceeds 85%, it indicates that a correction is likely to occur. CryptoQuant CEO Ki Young Ju explained that 85% is the correction level and 90% is the indicator’s dump level.

Since the Exchange Whale Ratio is close to 85%, Ki said that „massive dumping“ is not likely to occur, but that we will probably see small corrections.

This data coincides with a report by Santiment that found that the number of large Bitcoin whales reached a yearly high.

Macro factors could lead Bitcoin to $1 trillion market capitalization, says strategic investor

Santiment analysts suggested that the number of Bitcoin addresses of whales that have more than 10,000 BTCs reaching 111 confirms the whales‘ confidence.
Number of Bitcoin whales by their holdings. Source: Santiment

While this is true, it also means that the Bitcoin market currently has an unusually high number of whales. Therefore, if whales start making their profits, it could cause a drop in the near future. Santiment analysts wrote:

„Are you looking to confirm that Bitcoin whales trust their assets? The number of addresses with at least $10,000 BTC just equalled a 2020 high of 111. Plus, those with 1,000-9,999 BTC are now only 6 below the all-time high of 2,135 wallets.

The future is not so bright for altcoins

Alternative crypt currencies (altcoins) are currently in a precarious position due to the current Bitcoin price cycle.

Do you regret not buying Litecoin and other major altcoins at mid-2017 prices? This is your second chance

If the price of Bitcoin goes up, it will continue to absorb the volume of the crypto market. As a result, altcoins would underperform compared to Bitcoin and possibly against the US dollar.

On the other hand, if the price of Bitcoin drops, it could shake the market, which would lead to a major correction in the altcoin market. A pseudonymous trader of cryptomoney derivatives known as „CoinMamba“ wrote:

„I would stay away from going long on any ALT for now. If BTC goes down, they will go down hard. When they start moving, you’ll have plenty of time to make good entries. So be patient, my friends.

Bitcoin y Altcoins fluctúan en medio de los resultados de las elecciones en EE. UU.

El precio de Bitcoin se está consolidando por encima del soporte de USD 13,650 y por debajo de USD 14,000.

Ethereum todavía está luchando por liquidar USD 385, XRP retrocedió a la baja y probó USD 0,235.

HEDG mantiene ganancias por encima de USD 0,715 y ABBC ha subido más del 17%

Después de un aumento por encima del nivel de USD 14,000, el precio de bitcoin comenzó una corrección a la baja a corto plazo. Bitcoin Evolution cotizó por debajo del nivel de USD 13,800, pero el precio se mantuvo estable por encima de USD 13,650 y USD 13,500. El precio se está consolidando actualmente (13:00 UTC) y parece estar preparándose para el próximo movimiento en medio de los resultados de las elecciones estadounidenses .

De manera similar, hubo movimientos de rango en la mayoría de las monedas alternativas principales, incluidas ethereum, XRP, litecoin, EOS, XLM, LINK, BNB, TRX, bitcoin cash y ADA. ETH / USD enfrenta una fuerte resistencia cerca de USD 385, pero los alcistas están protegiendo USD 380 y USD 378. XRP / USD retrocedió por debajo de USD 0.238 y ahora está probando la zona de soporte de USD 0.235.

Capitalización de mercado total

En las últimas dos sesiones, el precio de bitcoin se negoció principalmente en una zona alcista por encima de los niveles de soporte de USD 13,650 y USD 13,500. Parece que BTC podría estar preparándose para el próximo gran movimiento, con una resistencia inmediata de USD 13,880. La primera gran resistencia está cerca de USD 14,000, por encima del cual los alcistas podrían apuntar a un aumento del 5% -6%.

Si no hay una ruptura al alza por encima de USD 13,880 y USD 14,000, el precio podría retroceder más. Un soporte inicial está cerca del nivel de USD 13,650, por debajo del cual los alcistas deben defender USD 13,500.

Precio de Ethereum

El precio de Ethereum enfrenta un fuerte interés de venta cerca de los niveles de USD 385 y USD 386. La siguiente gran resistencia está cerca del nivel de USD 392, por encima del cual los alcistas podrían apuntar a una ruptura clara por encima de los niveles de resistencia de USD 400 y USD 402.

Por el contrario, podría haber una fuerte reacción bajista por debajo de los niveles de USD 378 y USD 375. El primer soporte clave está cerca del nivel de 372 USD. Cualquier pérdida adicional podría llevar el precio hacia USD 365.