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DAOs can solve important dilemmas but more education is required

Decentralized autonomous organizations (DAO) have been a contentious issue in the blockchain and cryptocurrency world for a while now.

From their early days as seen in the case of the Slock.it the German startup that brought about The DAO, to current iterations, DAOs have the potential to make or break the crypto and decentralized finance (DeFi) industry, and education will be a deciding factor.

If recent developments are anything to go by, a misunderstanding of the true nature of the technology behind most DeFi projects could be a contributing factor to the lack of regulatory clarity. Recent dialogue between MakerDAO delegates and Senator Elizabeth Warren proves that regulators do not have a firm grasp of the DeFi space or of how DAOs work.

In the dialogues, not only did the senator show lack of interest in the organization but one of the delegates claimed that much of the time was spent convincing the anti-crypto senator that MakerDAO and the defunct 2016 The DAO are different entities.

United States Senator Warren, who is a vocal crypto skeptic, has also expressed concerns about the rapidly growing stablecoin market, suggesting a ban on United States banks holding reserves that back stablecoins.

Could a lack of understanding of how DAOs, such as MakerDAO, work be a contributing factor to how regulators perceive the sector? In this article, we take a look at the various DAOs developing in the DeFi space and how they serve their purpose, and provide a primer that will help you get a better understanding.

So, what is a DAO?

Simply put, a decentralized autonomous organization is a concept for a blockchain-specific entity built and collectively owned by its members. For governance, such entities will rely on the decision-making protocols embedded in smart contracts as opposed to conventional organizations that use central leadership systems.

Since smart contracts are impersonal, the organization can be governed by a more horizontal structure without an entrenched hierarchy. Members of the DAO can decide to have built-in treasuries that come with restricted access to approved members who fit pre-specified conditions.

Without a centralized governing body, members of a DAO can make proposals and collectively decide on what proposals to implement through a voting system. Smart contracts can help throughout the voting process and automatically implement changes based on the votes.

What makes DAOs different?

At its core, a DAO is built to address the perpetual principal-agent dilemma.

This problem is a common challenge that occurs when an agent (a centralized entity or an individual) is caught in a situation where they have to make decisions that satisfy the divergent goals, priorities and needs of the group (principal) without compromising their own interests.

While this dilemma is prevalent among public and private entities across the globe, DAOs aim to eliminate this challenge by replacing hierarchical centralized forms of decision-making with a trustless system built on autonomous smart contracts.

Smart contracts can be programmed such that the incentives of all the members of the group are aligned in a codified format built into the blockchain.

With a properly executed DAO, all the stakeholders of the organization will be able to participate in the governance and decision-making of the group.

How a DAO works

Although the underlying mechanisms of DAOs vary from one platform to the other, the general formula is one where a series of smart contracts is deployed. These smart contracts can be programmed to allow for future changes in case there is a need for an incentive program to help the DAO grow and expand to new functionalities.

A DAO can be created for practically anything ranging from a freelancer network to a charitable organization and even a political government. Smart contracts make or break the DAO, as they facilitate transparency and enable the organization to run autonomously without intermediaries.

After the smart contracts are created, tested and fully deployed, the DAO needs funding to incentivize members to manage and maintain the organization. Most DAOs will use a token that gives holders voting rights as well as rewards for participating in the maintenance of the platform. With audited smart contracts and a funding procedure set, the DAO can launch and have its future controlled by the members of the organization.

Real-world examples of DAOs

There are various examples of DAOs that exist today. Technically, Bitcoin can be considered to be an early version of a DAO, as its network grows via community agreements among its miners and node operators — plus, there is no central governing entity.

Bitcoin

The Bitcoin network could be considered the first example of a DAO. It is run by a network of participants (miners and node operators) who coordinate their activities for the benefit of the whole organization as well as their own interests. However, it lacks a complex governance mechanism, which has become a typical characteristic of all DAOs, and by today’s standards, wouldn’t truly be considered a DAO.

Dash

The Dash cryptocurrency project could be considered the first real attempt at a DAO. It is the first known DAO, at least by today’s standards, as its governance mechanism allows stakeholders to vote on how the treasury is used.

Dash first launched in 2015 and operates on a network made up of a collection of 5,000 master nodes distributed throughout the world. The Dash blockchain started as a Bitcoin fork, however, but has since evolved into a privacy-centric cryptocurrency.

The DAO

The DAO, a now-defunct decentralized autonomous organization on Ethereum, was designed to operate as a decentralized venture capital fund for decentralized applications (DApp). The DAO was developed as an open-source platform by Slock.it, a Germany-based startup. During its launch, The DAO managed to crowdfund 12.7 million Ether (ETH) worth about $150 million at the time.

The idea was to have DApp developers pitch their ideas to the community and receive funding if approved. Although The DAO was one of the most heavily funded crypto projects to date, hackers were able to exploit an error in its smart contract less than three months after its launch. It is important to note that the error or bug in the smart contract was not on Ethereum’s blockchain but the application developed by Slock.it and deployed on Ethereum’s network.

As a result of the incident, Ethereum’s community opted for a hard fork to offset the attack, while dissenting voices maintained the old chain that is now Ethereum Classic.

MakerDAO

Similar to The DAO, MakerDAO is a decentralized organization built on the Ethereum blockchain.

The project, a DeFi lending protocol steered by the Maker Foundation, first became public in 2015. The project’s multi-collateral Dai stablecoin was launched in November 2019.

Per the Maker Foundation, Dai’s stable value makes it a useful digital asset for issuing loans and hedging against crypto’s volatility. However, Dai is different from other stablecoins, as its value is only softly pegged to the U.S. dollar. This means that there is no centralized entity with dollar reserves that back Dai tokens. Dai uses collateral in the form of Ethereum-based assets locked in smart contracts on the MakerDAO platform.

With every Dai token generated, the value of Ethereum-based assets locked in smart contracts must exceed that of Dai issued to borrowers. This makes it possible for anyone to lock more volatile assets and receive Dai, which is a more stable asset.

Uniswap

Uniswap is one of the latest successful DAOs in the DeFi space. After a successful launch of its decentralized automated market-making protocol in 2018, the team moved to launch a governance token that would transition Uniswap into a decentralized community governed by its users. Now, Uniswap users are not only able to supply liquidity to the decentralized exchange but also submit governance proposals to the platform.

Risks of DAOs

DAOs are a novel organizational structure challenging traditional organizations, thus attracting numerous regulatory, operational and legal challenges.

For instance, given that a DAO can have its members distributed across various jurisdictions, the legal issues of dealing with cross-border contractual agreements and relationships can be quite the challenge. Furthermore, given that DAOs are governed with the help of smart contracts, achieving consensus from the DAO’s stakeholders can be time-consuming.

Also, malicious actors can exploit possible loopholes in the code of the smart contract to compromise the security and functionality of the DAO as was the case with The DAO in 2016.

The journey ahead

While the principles behind a DAO are designed to enable ideal and completely decentralized organizational structures, the underlying technology that DAOs are built on is anything but perfect. At the moment, existing DAOs still rely on a certain degree of centralization for efficient decision making especially in the initial stages of the DAO’s development.

But despite the nascent stage of DAO development, the concept represents a world-changing governance structure that can introduce fairness and transparency across multiple industries.

When rightly executed, DAOs can also introduce decentralized forms of regulation and legal compliance, thus advancing the ethos of decentralization across multiple areas of society.

(Excerpt) Read more Here | 2021-10-03 02:14:00

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Ethereum fractal from 2017 that resulted in 7,000% gains for ETH appears again in 2021

Bids for Ethereum’s native token Ether (ETH) could rise to $13,000 in the next two months if history repeats.

So shows a fractal indicator from 2017, consisting of at least four technical patterns that were instrumental in pushing the ETH price up by over 7,000%. The same set of bullish indicators have flashed once again in 2021 as Ether trades above $3,350 after rallying over 360% year-to-date.

The 2017 Ethereum fractal, explained

In detail, the four technical indicators are Stochastic RSI, Relative Strength Index (RSI), Bullish Hammer, and a Fibonacci retracement level. It started with the Bullish Hammer’s occurrence on Ether’s monthly chart in December 2017, followed by a 7,000% price rally in the next six months.

The Hammer-led massive upside move pushed Ether’s monthly RSI to over 94, an extremely overbought zone. As a result, the cryptocurrency started consolidating sideways to neutralize its excessively bullish sentiments. RSI started correcting lower.

In parallel, Ether’s monthly Stochastic RSI indicator, which compares its closing price with the price range over a given period, also started correcting lower after identifying the cryptocurrency as overbought (a reading above 80 is considered excessively bought and below 20 is considered excessively sold).

Ethereum 2017 fractal indicator. Source: TradingView.com, Jaydee_757

Later, in November 2017, the Stochastic RSI flipped bullish, with its %K line (the blue one), which compares an asset’s lowest low and the highest high to define a price range, crossing above the %D line (the saffron line), which is a moving average of %K. Meanwhile, the Stochastic RSI reading was above 20 at the time of flip, which boosted Ether’s bullish continuation hopes.

Later, the Ethereum token surged by another 500%, closing above $1,200 in Jan 2018. It coincided with RSI forming a double top, as shown in the chart above. The entire bottom-to-top took place inside an ascending channel range, with its 23.6% Fibonacci retracement level serving as support/resistance level.

The 2021 fractal repeat so far

Ether is almost mirroring the moves from the 2017 fractal as it heads into the final quarter of 2021, albeit without order.

In detail, the Ethereum token rallied by 3,400% to over $4,300, sixteen months after painting a bullish Stochastic RSI cross (when its a %K line surged above the %D line). Meanwhile, the huge upside move—again—pushed Ether’s monthly RSI into its overbought zone.

Ethereum 2017 fractal indicator versus 2021. Source: TradingView.com, Jaydee_757

A consolidation period followed, which saw Ether making a Bullish Hammer in July 2021, suggesting sellers had formed a price bottom.

Jaydee_757, the pseudonymous analyst who first spotted the Ethereum fractal, highlighted the hammer’s potential to send the Ether price flying, with a primary upside target sitting near the 2.618 Fib line (at around $13,000).

Related: 3 factors that can send Ethereum price to 100% gains in Q4

The bullish analogy also took cues from a potential Stochastic RSI bullish cross and a double top RSI, waiting to appear on Ether’s monthly chart in the next “few months,” similar to the one that coincided with the 500% price rally in 2018, as mentioned above.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

(Excerpt) Read more Here | 2021-10-03 04:17:58

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Bitcoin And Ethereum Are Braced For A Massive October Bombshell After The Crypto Market Price Suddenly Surged

Bitcoin and cryptocurrency prices have stormed into October after a dire September.

Don’t miss: What (or who) is driving the crypto market in 2021 and beyond? Tune in to Forbes’ free Crypto Codex Live webcast October 14 at 2:00pm EDT and get ahead of the market

The bitcoin price is now nudging $50,000 per bitcoin for the first time since early September while the ethereum price is approaching $3,500 per ether after falling as low as $2,600 last month.

Now, speculation is swirling among bitcoin, ethereum and cryptocurrency bulls that a long-awaited U.S. bitcoin exchange-traded fund (ETF) could be approved in October—with verdicts expected on a clutch of ETF applications.

Sign up now for the free CryptoCodex—A daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekday

MORE FROM FORBESBillionaire ‘SPAC King’ Reveals His Huge Bitcoin Bet-And Predicts The Bitcoin Price Will Climb As It Replaces GoldBy null

The bitcoin price has soared this week, boosting the ethereum price and increasing expectations … [+] among crypto bulls that prices could return to their all-time highs before the end of 2021.

AFP via Getty Images

“Following the August 3 quotes from [U.S. Securities and Exchange Commission chairman Gary] Gensler, a futures-based ETF seems most likely to get approved as of now, so the ETF response bonanza in October could be an exciting period to follow,” Arcane Research analyst Vetle Lunde wrote this week. There are five ETF application responses from the SEC expected in October, with a few more due in November and December.

In early August, Gensler said that a bitcoin futures ETF that complies with the SEC’s strict rules for mutual funds could be a route toward approval. Since 2013, the SEC has rejected several attempts to create a bitcoin ETF, citing the potential for price manipulation.

“The bitcoin market could be heating up shortly, caused by anticipations leading into the ETF verdicts,” added Lunde, predicting bitcoin and crypto traders “might seek to front-run in case of approvals.”

Meanwhile, independent research boutique Fundstrat this week noted that Gensler appears receptive to the idea of a bitcoin futures ETF and such a fund could attract more attention than the lackluster interest in an existing bitcoin mutual fund.

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MORE FROM FORBESCrypto Isn’t ‘The Second Coming’-Tesla’s Elon Musk Issues Serious Bitcoin Warning After China Crashed The PriceBy null

The bitcoin price surged through the beginning of 2021 but has traded sideways since March. Other … [+] major cryptocurrencies, including ethereum, have also struggled to maintain momentum.

Coinbase

“The larger point here is that it probably doesn’t matter how much capital flows into these futures-based ETFs so long as the spot market for bitcoin gets a boost from improved sentiment,” Fundstrat analysts wrote, adding bitcoin, ethereum and crypto “bears start to hibernate in the fall.”

“Any near-term selling is an opportunity to buy as we anticipate a risk-on environment through the end of the year,” the note read.

Fundstrat’s head of research, Tom Lee, has previously predicted the bitcoin price will soon hit $100,000, a level named by a number of other bitcoin and cryptocurrency market watchers.

“We are steadfast in our view that any near-term selling is an opportunity to increase one’s position as we still anticipate a risk-on environment through the end of the year to yield a run at all-time highs for both bitcoin and ethereum,” Fundstrat’s report read.

(Excerpt) Read more Here | 2021-10-03 03:30:19

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Litecoin can target higher price levels if these factors play out

Once a regular top 10 crypto, Litecoin has slipped down the rankings since the 19 May broader market crash. The dearth of retail and institutional interest also hurt its price progression as participants chased after better performing alts.

A brief period in early-September helped rekindle some sparks in the market, but sellers have taken over since. LTC was now within the confines of a down-channel and awaited a strong support level to kickstart a recovery. However, thwarting out sellers was not an easy task and LTC had a mountain to climb before turning more heads.

LTC 4-hour Chart

Source: LTC/USD, TradingView

Litecoin began on a positive note during September. Speculations surrounding Walmart’s adoption of LTC as legal tender sparked a 45% run up to a near 4-month high at $232.6. As Walmart quashed these rumors, an immediate 20% sell-off was observed after which LTC sliced below an important support line of $163.4.

Since then, LTC formed lower highs and lows and took shape within a down-channel. Now, even though LTC tested the upper trendline, weak market conditions did not bode well for an upwards breakout. A bearish crossover between the 50 and 20 SMA’s on 19 September was expected to deny bulls from capitalizing on any near-term opportunities.

Instead, expect bears to maintain LTC within the pattern by targeting a newer low close to $136. A bullish response was anticipated at the 78.6% Fibonacci level but LTC would need to push above $155.3 to invite more participants. A few of LTC’s indicators suggested that bulls had already laid the foundation for such a move.

If an early breakout is not observed, LTC risked another 30% decline to its demand zone of $104-$110. This was also LTC’s fail-safe if the market played out in favor of the bears.

Reasoning

Bullish divergences were spotted across the RSI and MACD. Higher peaks indicated that bulls were making progress as selling pressure eased. This made the region between $136 and the 78.6% Fibonacci level more attractive in terms of an upwards breakout. However, the Chaikin Money Flow’s trajectory would keep buyers in check.

Conclusion

LTC was expected to make a downwards run to the 78.6% Fibonacci level before breaking north from its pattern. This would allow bulls to climb back above to the 50% Fibonacci level, from where additional price ceilings can be targeted. An early breakout above the 50-SMA (yellow) would also present a similar outcome. Meanwhile, traders can go long once LTC shows signs of a reversal between $133-$136.

(Excerpt) Read more Here | 2021-09-30 11:05:27

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telangana: Telangana to organise blockchain symposium, hackathon | Hyderabad News – Times of India

HYDERABAD: The Telangana government will organise a virtual blockchain symposium, Un-Block 4.0, on October 21. It will be followed by a two-week blockchain hackathon named HackDLT. Un-Block 4.0 will have blockchain technology leaders share their insights and there will be panel discussions on topics such as how blockchain has changed the way we see transactional security and enterprise-to-enterprise (E2E), enterprise-to-government (E2G) and department-to-department (D2D) collaborations. These discussions will also throw light on what the future holds for corporate contracts. Meanwhile, HackDLT will be held from October 21 to November 2 to find solutions to various problem statements in the public sector. It shall be conducted by DLT Labs with the support of the emerging technologies wing, ITE&C department, Telangana, to build a research community of blockchain enthusiasts. Commenting on the programme, Jayesh Ranjan, principal secretary, ITE&C department, Telangana, said, “In times when data security and governance are of utmost importance, more governments and businesses are set to integrate rapid advancing technologies like blockchain to facilitate safe and secure transactions & operations using the distributed data management. This kind of integration of blockchain technology is something Telangana is looking out for. This hackathon is, therefore, the right platform to accelerate blockchain skills and solve public sector problems.” Ajay Singh, co-founder and chief information officer, DLT LabsTM, said, “Un-Block 4.0 is a perfect platform for unveiling the power of blockchain by presenting various industrial-grade applications that are solution-centric which will prove to be beneficial to both private & public sectors.”

(Excerpt) Read more Here | 2021-10-03 02:58:00

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Bitcoin Consolidates Amid $48K: Terra (LUNA) Soars 20% to New ATH (Weekend Watch)

Following the past few days of marking gains, bitcoin has calmed a bit around the $48,000 mark. Some alternative coins have kept climbing, though, with Solana surging 8% and Terra jumping to a new all-time high after a 20% daily increase.

LUNA Marks New ATH: Sol 8% Up

The alternative coins have been on a roll in the past few days after the mid-week price drops. Ethereum had dipped to $2,900 following the latest Chinese Fud. However, ETH has reclaimed more than $500 since then and currently stands at a multi-week high of over $3,400.

Cardano also fell hard and was close to breaking below $2. Now, though, ADA stands at nearly $2.3. Binance Coin has reclaimed $430 after another 4% daily increase. Minor gains are evident from Ripple, Polkadot, Dogecoin, and Uniswap.

Solana has resumed its bull run as of late with an 8% surge to above $170. Nevertheless, Terra is the most significant gainer from the larger-cap alts with a massive 20% jump. Consequently, LUNA marked a new all-time high just a few hours ago at over $45.

Cryptocurrency Market Overview. Source: Quantify Crypto

More gains come from OMG Network (36%), Arweave (20%), Qtum (16%), ICON (16%), Tezos (15%), Hedera Hashgraph (11%), Serum (11%), and IOTA (10%).

The cryptocurrency market cap has neared $2.150 trillion. As such, the metric is up by more than $300 billion since Friday’s low.

Bitcoin Calms at $48K

The primary cryptocurrency actually led the recovery session since Thursday. Its price had dropped below $41,000 for the third time in just a week when the situation changed upon promising news from the US.

Once Fed Chair Jerome Powell said the world’s largest country by nominal GDP has no intentions to follow China’s path and ban digital assets, bitcoin started to climb rapidly.

It reclaimed $43,000 on the same day and kept charting new weekly highs above $45,000 and $47,000. It pushed above $48,000 yesterday as well, where it was initially rejected and dipped back to $47,000.

Now, though, it has bounced off and currently stands around $48,000, and its market capitalization is just over $900 billion.

BTCUSD. Source: TradingView

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Cryptocurrency charts by TradingView.

(Excerpt) Read more Here | 2021-10-03 00:13:52

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Cryptocurrency Education Is Essential as People Believe Ethereum Is a Drug and Cardano a Cheese | The Fintech Times

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This is How You Can Use Twitter’s New Bitcoin-Tipping Feature

Twitter recently released a new feature for users to tip their most favoured content creators – using Bitcoin. Named Tips, the feature will allow Twitter influencers to earn money from anywhere in the world without any geographical restrictions. Twitter has partnered with Strike, a platform built on Bitcoin Lightning Network, which can execute instant international payments at virtually no cost. Twitter has added a tiny money icon, which if turned on, would appear on the creator’s profile, informing others that Bitcoin tips were being accepted.

Here’s what you need to do if you want to send tips to people via Twitter:

How to send Bitcoin tips on Twitter

Sending tips via Twitter is pretty simple — all you need to do is follow a few simple steps. Here’s how you can send a Bitcoin tip via Twitter:

Download and sign-up on the Strike app. The app is available for download for Android, iOS as well as a browser extension.

Deposit the Bitcoin that you want to send to somebody as a Twitter tip in your non-custodial Strike wallet. Non-custodial wallets permit users to hold and own their private key while having full control of their funds. Keys are protected in encrypted storage.

Find your way back to Twitter and get to the Profile of whomever you wish to send the cryptocurrency tip to and tap the money icon – that shows that the account holder is accepting Bitcoin tips.

Click on Next and if you wish, add a short message along with your tip. You can also proceed without having to add any message as well.

Now, select the open wallet option and you shall find yourself redirected to your non-custodial wallet, where you had first deposited your Bitcoin tip.

Click on confirm payment – and just like that, the fund-loaded Bitcoin tip is instantly transferred to the other wallet.

The feature has first been rolled out for iOS users and will gradually be released for Android users as well. For now, the functionality of Strike app is currently available in El Salvador as well as in a majority of regions in the US.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency Prices across Indian exchanges

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More

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(Excerpt) Read more Here | 2021-10-02 22:32:38

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Litecoin Prediction and Forecast: LTC Over $160 Now!! – CrowdWisdom360

Litecoin Prediction and Forecast: For the next 24 hours Price of Litecoin is predicted to be in range of $ 142 and $ 170.

Litecoin Price Prediction Daily: Current Prices

The current price of Litecoin is $ 163.45 which is 8.38% higher than 24 hours ago.

Litecoin Prediction Daily: Technicals

Litecoin Prediction and Forecast: Will Litecoin Rise?

Litecoin recently fell below its support price and tanked to $144. Litecoin which was trading around $200 and which breached the $200 mark recently has been sliding. The slide began after Walmart news of considering Litecoin as one of its payment modes turned out to be fake.

Since then Litecoin has been trading just below $200. However, the recent news of China’s Real Estate collapse led to a blood bath in the Crypto world. Litecoin too suffered a major crash and on Tuesday it was trading below $150.

The bulls need to put their faith in Litecoin if the exchange rate of Litecoin is to rise. The bullish run could help Litecoin rise.

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Litecoin Prediction Daily: Future Prediction

In July 2021, the price of Litecoin hit an extreme low as it was trading around $105. Two months since then, Litecoin hit its highest, since May, and was recently trading close to $230. At this point, it is clear that the rise of Bitcoin is helping the rise of Litecoin too. Alternatively in the last few months, the Litecoin network’s fundamentals have also improved which means that there has been a rise in the number of transactions per second, a rise in the number of addresses and active addresses.

It must be noted that Litecoin (LTC) is one of the very first projects to copy and modify Bitcoin’s code and use it to launch a new cryptocurrency. Now with countries like El Salvador, Cuba stepping in to accept the cryptocurrency, the crypto market has witnessed a rapid rise. Moreover, the announcement of Facebook to include crypto in its payment wallet has heavily boosted the crypto market. Litecoin is one of the latest to add NFT capabilities to its platform.

However, in the last 24 hours, Litecoin saw a crash of over 15% with its price falling to below $163. But the buyers came in and aided the rise of Litecoin once again signaling strong support for the coin. Currently, Litecoin is trading above $180. Therefore, the chances of Litecoin rising once increased.

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Litecoin Price Prediction and Forecast: What is Litecoin?

Litecoin (LTC) is just another drop in the wide ocean of Cryptocurrencies. Why are we talking about LTC? because it is coming up as one of the major Cryptos in today’s market. Litecoin is an open-source software that was introduced un the license of MIT/X11. Litecoin can be termed as a peer-to-peer cryptocurrency. Litecoin was introduced in October 2011 as an altcoin, however, in technical terms, LTC is almost similar to Bitcoin.

Charlie Lee is the founder of Litecoin. Lee, back in 2010, wanted to hand the investors an upgraded version of Bitcoin. Something the investors can find handy to rely on or an affordable version of Bitcoin. The term Litecoin (light+coin) is inspired by the name Bitcoin. Litecoin is said to be an ameliorated version of Bitcoin. The added features in Litecoin have certainly made it more reliable than Bitcoin.

After 10 years of its formation, Litecoin, now, ranks amongst the top 10 cryptocurrencies in the world. As per reports, Litecoin has found its place in the center of all crypto transactions. LTC has inspired a better mode of payment since the time of its inception. The most noticeable features of Litecoin have come up as a huge advantage for investors. The features include proficiency in terms of speed and reduction in transaction fees.

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Litecoin Prediction and Forecast: Price Prediction

According to the latest long-term forecast, Litecoin’s price is expected to reach $250 by the end of year 2021. LTC price is predicted to reach $300 by the middle of 2023. Litecoin is expected to reach $500 within the year of 2025 and $1,000 in 2031.

Year

Mid-Year

Year-End

Tod/End,%

2021

$144

$252

+17%

2022

$267

$255

+18%

2023

$312

$368

+70%

2024

$423

$445

+106%

2025

$495

$545

+152%

2026

$594

$643

+198%

2027

$669

$715

+231%

2028

$761

$807

+274%

2029

$852

$897

+315%

2030

$942

$987

+357%

2031

$1,031

$1,075

+398%

2032

$985

$1,024

+374%

2033

$1,062

$1,100

+409%

Litecoin Price Prediction and Forecast: Price Prediction 2021-2022

Litecoin price was listed at $124.09 at the start of 2021. As of now, Litecoin is being traded at $215.95. LTC has witnessed a rise of 74% from the beginning of 2021 till now. As per the forecast, Litecoin will be priced at $252 at the end of 2021, which will see a growth of +103% in one year. A total rise of 17% is being predicted from this date to the end of the year. Moving into 2022, Litecoin is expected to reach $267 by the first half. However, a drop of $12 is expected in the start of the second half and the market is expected to be around $255 by the end of 2022.

Also Read | SOL Solana Price Prediction And Forecast: Solana SURGES above $182, best performer today

Litecoin Prediction and Forecast: Will Litecoin reach $200?

Recently due to hoax news of the Litecoin-Walmart partnership, the price of Litecoin went soaring and it reached over $200 mark. However, after Walmark denied the claim, Litecoin crashed.

Litecoin, after that, has been able to make a gradual recovery and is currently trading over $180. Litecoin has the support of $186 and resistance of $199. Analysts believe the current buying behavior may help Litecoin go above $200 once again.

Litecoin Prediction and Forecast: Is Walmart accepting Litecoin?

Litecoin saw a massive rise in price on 13th September after news of the Litecoin and Walmart tie-up circulated and within 30 minutes the price was up 25%. The coin was trading at $232 however, the rise was short-lived.

The news of the Litecoin-Walmart tie-up turned out to be fake. Walmart said a press release announcing a Litecoin partnership is fake. Charlie Lee, the creator of Litecoin, said an employee mistakenly tweeted about the announcement after seeing the fake release.

After the clarification, Litecoin crashed exposing the vulnerable side of the cryptocurrency. Currently, the coin is hovering around $178.

Litecoin Price Prediction and Forecast: Daily Updates

(Excerpt) Read more Here | 2021-09-30 16:38:00

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Texas Poised To Be A World Leader In Bitcoin And Blockchain

Texas has seen the upside of China’s decision to cancel bitcoin mining, in what set off the ‘Great Mining Migration’ to Austin, Texas. The Texas Blockchain Council has grown to 70 members and is led by Lee Brachter, the President of the organization. And next Friday, he will be hosting the Texas Blockchain Summit – an event that could prove to be the largest state-level blockchain one-day summit ever.

It’s not lost what Bitcoin might do for Texas – already a top ten economy in the world With Senator Ted Cruz (R-TX), Senator John Cornyn (R-TX) and Senator Cynthia Lummis (R-WY) speaking at the event, could make the first Texas Blockchain Summit a benchmark for the amount of interest in how Texas could benefit from the growth of digital currencies and blockchain technology.

Texas Governor Greg Abbott has met with the Texas Blockchain Council twice already. Recently Abbott commented on Twitter that, “Texas will be the crypto leader. Cryptocurrency is now coming to Texas grocery stores.” Abbott was referring to the decision by H-E-B to put cryptocurrency kiosks in some Texas grocery stores.

AUSTIN, TX – MAY 18: (EDITORIAL USE ONLY) Texas Governor Greg Abbott announces the reopening of more … [+] Texas businesses during the COVID-19 pandemic at a press conference at the Texas State Capitol in Austin on Monday, May 18, 2020. Abbott said that childcare facilities, youth camps, some professional sports, and bars may now begin to fully or partially reopen their facilities as outlined by regulations listed on the Open Texas website. (Photo by Lynda M. Gonzalez-Pool/Getty Images)

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President of the Texas Blockchain Association Lee Brachter stated “Texas is poised to become the jurisdiction of choice for blockchain innovation for several reasons including; the business friendly climate that has been cultivated in Texas for many years, the efforts of our Texas Blockchain Council working alongside lawmakers like Representative Tan Parker and Senator Angela Paxton to create legal and regulatory frameworks that allow for entrepreneurs to innovate.”

Texas House Bills 1576 and 4474 officially took effect on Sept. 1 after being signed into law by Governor Greg Abbott in June of 2021. Texas House Bill 1576 establishes a working group on blockchain technology. HR 4474 was a bill that updated the Uniform Commercial Code to recognize cryptocurrency and becomes the latest state – along with Rhode Island and Wyoming – to do so. Meanwhile, the Commissioner of the Texas Department of Banking issued a letter authorizing all Texas state-chartered banks to custody cryptocurrency.

Governor Abbott also appointed four new experts to the work group on blockchain matters. that includes a combination of professors from academic universities and Texas state officials. Texas has not slowed down in its ambitions either, as the Texas Blockchain Council, led by Lee Brachter, has rolled out the idea of a constitutional amendment that would allow the use of bitcoin to pay property taxes in Texas.

According to a recent article in Forbes, Texas has witnesses unbelievable growth numbers so far this century. “From an annual GDP of a little over $998 billion in 2000, the Texas economy has surged by 70.6% in 20 years, to reach an annual GDP of just under $1.75 trillion by 2020,” the article states. With the GDP size currently making Texas the 9th or 10th largest economy in the world, there should not be any underestimation with respect to just how large Texas could grow with crypto.

(Excerpt) Read more Here | 2021-10-02 20:12:39

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Blockchain-based system for real estate launches in India – CoinGeek

Although the stance of the Indian government on digital currency adoption is still not clear, there have been innovations with blockchain technology in non-financial sectors in the country.

Local fintech firm RealX launched in 2020, but had to temporarily stop operations due to the COVID-19 pandemic. They run a platform for fractional ownership of properties and have made it available to the public. Recently, the company partnered with Tripvillas, a vacation home rental service, to mix ownership of vacation properties in accordance with usage and yield. Tripvillas will also be responsible for managing the basket of vacation properties supposed for co-investment on the RealX platform.

The RealX blockchain-based platform enables Indian investors to buy and sell “direct deeded co-ownership” vacation homes. Investors can invest in high-yield, high-return properties with a blockchain-based registry digitally.

Co-founder and CEO Manish Kumar said they were badly affected by the pandemic, but it also created an opportunity for RealX to reinvent its strategy.

For her part, co-founder and COO Neera Inamdar said: “During the pandemic, we got a lot of insights from our customers as well as developers. We realized that while developers were in distress, customers still did not have a way to participate in property market as an investor. We set out to cover this gap and in-turn create a win-win solution for both.”

She also stated that their investment process is easier and different from other participants in the space. “We offer ‘direct deeded property co-ownership’ and it is in the best interest of investors to become direct co-owners of the property,” Inamdar said.

Recent blockchain-certificate initiative in India

The government of Maharashtra in partnership LegitDoc implemented a credential system for providing tamper-proof diploma certificates using blockchain technology. This innovation has helped in tackling the issue of certificate forgery.

LegitDoc also plans to partner with more academic establishments in India to implement the same initiative, therefore, combating forgery of documents.

Watch: CoinGeek Zurich presentation, BSV Blockchain: Ignite the Power of Data

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

(Excerpt) Read more Here | 2021-10-02 22:01:29

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Aave, Maker, Compound: This is the right way to gauge their value

The TVL or the total-value-locked is a technical metric that has been used as a primary yardstick to measure the performance of DeFi lending platforms. Simply put, it measures the cumulative amount of assets that are staked on a particular protocol. The conventional argument advocates that the higher the value locked up in a particular DeFi platform, the better.

By merely flashing the total underlying supply secured by a platform, the TVL, by no means, gauges the entire picture. Different protocols utilize each unit of locked up token in a different way. On some protocols, every token pair requires individual ETH pools, while other networks can inherently provide liquidity to multiple tokens from the same ETH pool.

To put it into simpler terms, on protocols belonging to the latter type, 1 ETH would end up catering to 10 different ERC-20 tokens’ liquidity need, while the former would require 10 ETH to serve those 10 tokens. In effect, the latter network would require way lesser assets locked up, when compared to the former, to provide the same amount of liquidity.

Further, other intrinsic details like the amount of outstanding loans are also eliminated from the TVL equation. Thus, by and large, the TVL is a skewed metric that projects only the 1-dimensional view.

The right way

While weighing where each platform stands, it becomes essential to peek into a couple of other factors as well. The loan-to-value is one such key metric. LTV gauges the ratio of the loan to the value of an asset purchased. Ultimately, risk is evaluated based on the likelihood that the liquidity would be adequate to cover the outstanding loan balance. Thus, the higher the LTV, the riskier it would be for users/lenders to provide liquidity to the protocol.

As per the LTV data from Dune Analytics, the aforementioned ratio for Aave, Compound and MakerDAO respectively stood at 15%, 39% and 92% at the time of writing.

Source: Dune Analytics

As such, Aave and Compound, in conjunction, represent 90% of the total DeFi revenue generated, but the same doesn’t highlight how much the protocols actually earn [net value]. Only when the respective outstanding loan amounts are deducted, and the basic accounting standards are followed, users would get a clear-cut picture.

However, it is essential to note here that Maker collects all the fees charged, while Compound and Aave take only 10% of the borrowed rate paid and a bigger part of the pie goes to suppliers. Thus, if Maker started liquidity mining or Aave or Compound dropped it, the basic TVL metric would completely flip and favor Maker.

Additionally, the outstanding debt of Aave and Compound is inflated by a factor or 3x to 4x when compared to the organic outstanding loans, primarily because of stablecoin farming.

All in all, simply ranking DeFi protocols based on the available liquidity is quite biased, to say the least.

Footnote

DeFi tokens, as such, haven’t been in good shape of late. All the three aforementioned tokens have fetched their investors negative returns [AAVE: -22.81%, COMP: – 28.51 and MKR -38.44] over the past month. The risk-adjusted returns of all the tokens have also been negative of late, making them an unfavorable investment option at the moment.

(Excerpt) Read more Here | 2021-10-02 13:31:14

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The creator of Ethereum got into crypto because Blizzard nerfed his character

Ethereum is the blockchain behind the cryptocurrency Ether and also NFTs. It was created by a programmer named Vitalik Buterin who was inspired by realizing “what horrors centralized services can bring”. And what set off that Damascene moment of insight? It was World of Warcraft’s 2010 warlock nerf.

“I happily played World of Warcraft during 2007-2010,” Buterin writes in his bio, “but one day Blizzard removed the damage component from my beloved warlock’s Siphon Life spell. I cried myself to sleep, and on that day I realized what horrors centralized services can bring. I soon decided to quit.”

From there, Buterin got into Bitcoin, “started writing for a blog called Bitcoin Weekly initially at a meek wage of $1.5 per hour, and soon with Mihai Alisie cofounded Bitcoin Magazine.” He dropped out of university to focus on crypto, coming up with the idea for Ethereum in 2013 and therefore being responsible for NFTs, the digital certificates of authenticity that, like everything powered by crypto’s proof-of-work security systems, are wildly energy-inefficient.

Many of us have been affected by a strategy we rely on being deemed OP and hit by a nerf. Very few of us subsequently cry ourselves to sleep, quit the game, and then dedicate the rest of our lives to a pyramid scheme for dorks that contributes to an environmental crisis, graphics card shortages, art theft, and ends up being banned in China.

This story was recently highlighted by Twitter’s @zemnez and @simplygastly, who wrote, “I PLAYED WARLOCK AS MY MAIN FOR 17 YEARS AND IT DIDN’T MAKE ME WANT TO DELETE RAINFORESTS”.

(Excerpt) Read more Here | 2021-10-02 17:34:26

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Is Bitcoin gambling a legal activity? | The Guardian Nigeria News – Nigeria and World News

Bitcoin is a trendy cryptocurrency with many users across the world. Both Bitcoin and gambling are legal in most countries. While creating Bitcoin, Satoshi Nakamoto envisioned a world where people would use this digital currency for almost all transactions.

Therefore, it’s not surprising that the traditional banking system wants to control or eliminate Bitcoin. But the best they can do with this is to influence local policies and laws about Bitcoin.

Today, people can buy Bitcoin through Bitcoin Era the official website regardless of their location in the world. People also use Bitcoin to pay for services and goods. At the same time, some people are gambling with Bitcoin. And the number of Bitcoin casinos increases by the day. However, the question that many people ask is whether Bitcoin gambling is legal.

Bitcoin Gambling Globally The European Union pioneered in legalizing cryptocurrencies like Bitcoin. But there is no comprehensive regulation in place to control or regulate Bitcoin-related activities like gambling. Regarding crypto regulation, Malta leads. Essentially, Malta passed ITAS, VFA, MDIA, and blockchain laws first.

Countries like the USA do not have a law prohibiting people from gambling with Bitcoin. However, some regions lack a clear stance about this issue. But there’s the Unlawful Internet Gambling Enforcement Act forbids people from accepting payments relating to the participation of another party in a wager or bet that involves using the internet unlawfully under state or federal law.

Although some countries, like South Korea, prohibit cryptocurrencies, their citizens buy them via crypto exchanges. On the other hand, some governments are planning to work with Bitcoin and other virtual currencies. For instance, El Salvador made Bitcoin a legal tender back in August 2021.

In the United Kingdom, people use Bitcoin as value storage though there are several restrictions on cryptocurrency gambling. For instance, if a casino provides Bitcoin gambling, it must meet specific requirements, like disclosing fund sources before applying for licensing. If a casino doesn’t do that, the regulatory authority can decline the application.

Bitcoin Gambling Legality Facts Whether Bitcoin gambling is legal or illegal depends on the legality of online betting in your country. If your country allows people to gamble online, you can bet with Bitcoin at a casino that accepts cryptocurrencies. For instance, Bitcoin gambling is illegal in France, Cuba, China, Israel, Ukraine, Saudi Arabia, and Iceland.

Countries like the United States allow banks to process gambling payments from online casinos. But gambling at an online casino accepting Bitcoin is not illegal because the activity must not involve banks. At the same time, states like Nevada, Pennsylvania, Delaware, and New Jersey are an exception. That’s because such states have laws regulating online gambling. Ideally, people in these states can wager at licensed online casinos only. People in these states can’t gamble at Bitcoin casinos.

In general:

No specific law regulates Bitcoin gambling. Thus, it’s neither prohibited nor officially allowed.

Different authorities have rapidly evolving attitudes towards Bitcoin, with more countries being optimistic about the cryptocurrency. Some countries are even discussing cryptocurrencies’ regulation and blockchain-based services.

Despite the confusion, online casinos that accept Bitcoin offer many benefits to their customers. For instance, these sites enable players to gamble anonymously because Bitcoin payments don’t require any verification. Also, players don’t pay banking fees, and transactions are fast and secure.

Final Thoughts Bitcoin and other virtual currencies are a force that governments and their citizens can longer ignore. That’s because they offer speed, privacy, and anonymity that players might not enjoy with traditional currency. For this reason, Bitcoin gambling is increasingly becoming popular globally. More online casinos are also accepting Bitcoin to cater to the needs of more customers. Nevertheless, Bitcoin legislation keeps evolving in many countries, with some states taking the cryptocurrency as a legal currency while others have no clear stance.

(Excerpt) Read more Here | 2021-10-02 18:15:00

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Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 1st, 2021

Ethereum

Ethereum rallied by 5.29% on Thursday. Following a 1.59% gain on Wednesday, Ethereum ended the down by 12.53% to $3,000.46.

A mixed start to the day saw Ethereum fall to an early morning intraday low $2,836.21 before making a move.

Steering clear of the first major support level at $2,771, Ethereum rallied to a late afternoon intraday high $3,048.58.

Ethereum broke through the first major resistance level at $2,940 and the second major resistance level at $3,030.

A late pullback, however, saw Ethereum fall back through the second major resistance level to sub-$3,000 before ending the day at $3,000 levels.

At the time of writing, Ethereum was up by 0.98% to $3,030.00. A mixed start to the day saw Ethereum fall to an early morning low $2,998.49 before rising to a high $3,030.00.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to avoid the $2,962 pivot to bring the first major resistance level at $3,087 into play.

Support from the broader market would be needed, however, for Ethereum to break out from $3,050 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $3,100 would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at $3,300 before any pullback. The second major resistance level sits at $3,174.

A fall through the $2,962 pivot would bring the first major support level at $2,875 into play.

Barring an extended sell-off, however, Ethereum should steer clear of the second major support level at $2,749 and the 38.2% FIB of $2,740.

Looking at the Technical Indicators

First Major Support Level: $2,875

Pivot Level: $2,962

First Major Resistance Level: $3,087

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin rallied by 5.90% on Thursday. Following a 3.01% rise on Wednesday, Litecoin ended the month down by 10.65% to $153.30.

Story continues

A mixed start to the day saw Litecoin fall to an early morning intraday low $143.90 before making a move.

Steering clear of the first major support level at $140, Litecoin rallied to an early afternoon intraday high $154.49.

Litecoin broke through the first major resistance level at $150 to end the day at $153 levels.

At the time of writing, Litecoin was up by 0.39% to $153.90. A mixed start to the day saw Litecoin fall to an early morning low $152.66 before rising to a high $153.98.

Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to avoid the $151 pivot to bring the first major resistance level at $157 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $155 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $160 would likely cap the upside.

In the event of another breakout, Litecoin could test resistance at $165 before any pullback. The second major resistance level sits at $161.

A fall through the $151 pivot would bring the first major support level at $147 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$140. The second major support level at $140 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $147

Pivot Level: $151

First Major Resistance Level: $157

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP rose by 2.97% on Thursday. Following a 3.91% gain on Wednesday, Ripple’s XRP ended the month down by 19.64% to $0.95348.

A mixed start saw Ripple’s XRP fall to an early morning intraday low $0.92245 before making a move.

Steering clear of the first major support level at $0.8788, Ripple’s XRP rallied to an early morning intraday high $0.96250.

Falling short of the first major resistance level at $0.9841, however, Ripple’s XRP slid back to $0.93 levels.

Finding late support, Ripple’s XRP moved back through to $0.95 levels to deliver the upside on the day.

At the time of writing, Ripple’s XRP was up by 0.38% to $0.95707. A mixed start to the day saw Ripple’s XRP fall to an early low $0.95352 before rising to a high $0.95884.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP would need to avoid the $0.9461 pivot to bring the first major resistance level at $0.9698 into play.

Support would be needed, however, for Ripple’s XRP to break out from $0.95 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.9625 would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test resistance at $1.00 before any pullback. The second major resistance level sits at $0.9862.

A fall through $0.9461 pivot would bring the first major support level at $0.9298 into play.

Barring an extended sell-off, however, Ripple’s XRP should avoid sub-$0.90 levels. The second major support level at $0.9061 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.9298

Pivot Level: $0.9461

First Major resistance Level: $0.9698

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire