Dave Portnoy, Barstool Sports’ founder, admitted he lost $700,000 trading stocks on Sept. 8, expressing the importance of “strong hands.” “To steal a line from my crypto friends — you can’t have weak hands,” Portnoy said in a Sept. 8 Twitter video. “If you have weak hands, this game is not for you.” Weak hands refers to someone selling their trading or investing position out of fear after (or during) a price decline. Stocks have suffered declining prices recently, including today, on which Portnoy boasted of his hand strength. “Do…
Day: September 8, 2020
‘It’s about to get very interesting,’ says Bitcoin stock-to-flow model creator
PlanB, the man behind the widely-referenced stock-to-flow Bitcoin (BTC) value charts, described exciting times ahead for the asset. “We’re four months after the halving, and it’s about to get very interesting,” anonymous Twitter analyst PlanB said in a Sept. 4 podcast interview with Peter McCormack. PlanB’s stock-to-flow, or S2F, model has tracked Bitcoin’s price activity in line with its halving events, finding rising prices following such events based on Bitcoin’s decreasing inflation rate via mining. The model predicts Bitcoin hitting near $288,000 per coin by the time its next halving arrives. Although PlanB…
Semantic debate may account for Wladimir van der Laan’s Bitcoin Core departure
On September 7, Bitcoin Core developer Wladimir van der Laan tweeted that he may be “done with coins” all together. He later confirmed to Cointelegraph that he was indeed taking a break from his duties as a Core developer and one of the custodians of the project’s Github repository. One of the factors that led him to this decision was a Twitter storm that lasted for days and was caused by the renaming of a variable that specifies a list of characters that cannot appear in filenames due to operating system…
Fueled by DeFi and ready to disrupt the status quo
Uniswap recently surpassed Coinbase Pro in trading volume, overtaking one of the most popular centralized exchanges in the space after reaching around half a billion dollars in daily volume. Although Coinbase Pro is by no means the largest exchange out there, it seems that the decentralized sector is catching up to traditional crypto trading platforms. Uniswap is a decentralized exchange and automated liquidity protocol where users can buy and sell ERC-20 tokens and supply liquidity in order to earn exchange fees. This means that the more volume exchanged on the…
A new decentralized exchange lets users trade commodity and crypto derivatives
Fetch.ai is launching Mettalex, a decentralized exchange that allows its users to trade commodity and crypto derivatives. The users will be able to gain exposure to traditional crypto trading pairs as well as commodities like gold, silver, cobalt, oil, and even the stock market indices. Humayun Sheikh, who serves as CEO to both projects, told Cointelegraph that in addition to providing exposure to new investment products for the crypto community, it presents three main competitive advantages to commodity traders: “One very key advantage for them is that they can build…
Global P2P trade volume plummets amid crypto crash
The recent crypto market slump has driven massive trade volumes on centralized exchanges, but peer-to-peer (P2P) trading platforms actually saw a sharp decline in activity. Latin-America was the only region to buck the trend. The top region for P2P trade, the United States, posted a 42% slump in peer-to-peer volume this week — plummeting from $23.4 million to nearly $13.6 million. Sub-Saharan African has been the second-largest region for P2P trade after North America for much of 2020. It saw P2P volume fall 32%, from roughly $12.9 million to $8.7…
Exchanges suffer as Chinese users chase DeFi gains
Despite the recent sell-off quickly wiping $2 billion from the total value locked in the decentralized finance (DeFi) sector, Chinese demand for DeFi appears to be growing. Daily searches for ‘DeFi’ on the popular Chinese social media platform WeChat spiked to a new all-time high on September 2 of nearly 900,000 — nearly doubling the previous record of 500,000. On September 7, Chinese journalist Colin Wu reported that many local exchanges were suffering from liquidity issues amid wholesale withdrawal from customers looking to cycle funds into DeFi protocols. Wu posted…
Blockchain powered ‘Smart Brain’ to govern China’s new ‘Aerospace City’
Singapore-based blockchain data firm CyberVein has become one of 12 firms participating in the construction of China’s Hainan Wenchang International Aerospace City. Construction commenced last month, with the site previously hosting a satellite launch center. Described as “China’s first aerospace cultural and tourism city,” it will be a hub for the development of aerospace products and support services intended for use in Chinese spacecraft and satellite launch missions. The 12 million square-meter facility will host the country’s first aerospace super-computing center, and will focus on developing 40 technological areas including…
The number of active DAOs is up 660% since 2019
The growth of active decentralized autonomous organizations (DAOs) is accelerating, increasing from 10 last year to around 76 today, according to DeepDao founder and CEO Eyal Eithcowich. DeepDAO provides insights and analysis into decentralized autonomous organizations, with the platform recently launching a new interface allowing users to better probe the health and wealth of DAOs. The platform’s data shows that a large assets under management (AUM) figure does not necessarily indicate the health and good governance of a DAO. For example, mStable is the top-ranking project by assets under management…