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Fiat Money Ruins Civilization – Bitcoin Magazine

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This is an opinion editorial by Jimmy Song, a Bitcoin developer, educator and entrepreneur and programmer with over 20 years of experience.

We want nice things. We want to live in a nice house, eat good food and have fulfilling relationships. We want to travel to exotic places, listen to great music and experience fun. We want to build something that lasts, achieve something great and leave a better world for tomorrow.

These are all part of being human, of participating in society and of progressing humanity. Unfortunately, all these things and more get ruined by fiat money. We want nice things, but we can’t have them, and the reason is because of fiat money.

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Bullish news for Polygon! zkEVM Mainnet is coming soon

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Polygon, an Ethereum layer-2 solution, has recently seen a huge buzz due to the notable partnership With big brands like Starbucksmercedes meta redditeBay, Disney, Adobe, and others.

And the team led by Sandeep Nailwal, co-founder of Polygon, continues to work hard to keep the hype going. Via Twitter, Nailwal shared widely optimistic news today. he is Wrote:

zkEVM passes 99.5% of Ethereum test vectors, which puts Polygon zkEVM at extremely high EVM parity.

This is also reflected in the development experience as thousands of powerful smart contracts have been deployed on zkEVM with no changes whatsoever. Being about mainnet soon!

Nerwal pointed to David Schwartz, who leads the Polygon Hermez team project. Schwartz announce It is on this topic that zkEVM Polygon is making huge progress.

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“Currently, we pass 99.5% of the Ethereum test vectors that apply to our Type 3 application (9650+ tests passed),” the project lead wrote to the Hermez team.

Polygon zkEVM is a complete solution for scaling the Ethereum L2 zk-rollup equivalent of the EVM. On it, users have deployed more than 3,000 smart contracts without friction or transformation.

“Their dApps are running smoothly, with more than 20,000 transactions,” Schwartz added, explaining that the zkProver testnet provided more than 12,000 full proofs of the validity of these arbitrary user transactions.

This is why zkEVM is such a big deal for a polygon

Layer 2 scaling solutions for the Ethereum blockchain saw explosive transaction growth in 2022. This trend is expected to continue.

Meanwhile, Polygon has established itself as one of the leading scaling solutions. Of all the solutions, Polygon has built the most prominent and largest partnerships to grow the Ethereum ecosystem.

and zkEVM. The zero-knowledge Ethereum Virtual Machine (zkEVM) can reinforce this position for Polygon.

zkEVM runs zk clusters. This smart contract technology aggregates transactions from the Ethereum ecosystem and sends them to the Ethereum mainnet as a single transaction.

In this context, zero-knowledge encryption is both a privacy measure and a data reduction measure. No-knowledge proof makes it possible to maintain complete security without revealing the data needed to do so.

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Significantly, Polygon zkEVM maintains full Ethereum compatibility. Until now, it has been difficult to program zk blocks with full compatibility with Ethereum. In this regard, Polygon’s development is a major milestone.

Once the zkEVM mainnet comes online, there could be an explosion of dApps on Polygon. And the price of MATIC can gain a lot of time from it.

However, at the time of writing, MATIC was trading at $0.88, following the broader market sentiment.

MATIC price, 1 day chart. source: TradingView



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Bitcoin is a Human Alternative – Bitcoin Magazine

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This is an opinion editorial written by Nozomi Hayase Ph.D., who has a background in psychology and human development.

The The financial crash of 2008, with subsequent bank bailouts and a cycle of austerity, eroded public confidence in governments and institutions. Bitcoin emerged as a response to this global legitimacy crisis.

Now, more than a decade later, the economic damage from the pandemic has led to a further collapse of the system. As the Federal Reserve’s endless money printing creates high inflation, Bitcoin is steadily increasing its popularity as a safe haven.


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BTC price reached a new low in December with Bitcoin down 2% along with Asian stocks

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bitcoin (BTC) reached its lowest level in a month to date on December 7 as Asian markets fell during trading.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

$16,500 stands as support as bitcoin price fluctuates

information from Cointelegraph Markets Pro And the TradingView It shows BTC/USD dropping to $16,736 on Bitstamp, a level not seen since November 30th.

And so the husband began erasing the land he had reclaimed Until the monthly close in November, showing significant impact from Asian stocks before the opening of Wall Street.

The mood was tense today, with Hong Kong’s Hang Seng down 3.2% at the time of writing, Nikkei 225 and Shanghai Composite down 0.7% and 0.4% respectively.

“Welp, there we go with Bitcoin, we couldn’t hold support and started to drop, just as the indicators showed weakness,” Michaël van de Poppe, founder and CEO of trading firm Eight, said. reaction.

“I have been waiting patiently for a long time and we will continue to do so. Most likely; longing for about $16.5K valid or $16.9K refund.”

At the same time, the popular Twitter trading account Profit Blue enjoyed the possibility decline BTC price will drop in the future.

For fellow merchant Elise, it was time to wait reappearance $16,500 USD for a long position in the scalp.

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A similarly optimistic look came from Bull, who looked forward to a Possible restoration From $17,000 thereafter in shorter timeframes.

Earlier, I scanned Binance’s order book from the on-chain monitoring source, and it was material indices open Escalating support at $16,500.

BTC/USD order book data (Binance). Source: Material Indicators / Twitter

The consumer price index is already in focus

With the bitcoin markets still calm compared to the extreme volatility of November, analysts continued to look for macro signals to come.

Related: An “imminent” collapse of stocks? 5 things to know in Bitcoin this week

This data was in the form of next week’s US Consumer Price Index (CPI), scheduled for release on December 13.

For trading firm QCP Capital, there was reason to believe that the numbers may favor riskier assets when it comes to lower inflation.

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“With retailers struggling with inventory all year due to a consumer slowdown, it is possible that they used Black Friday/Cyber ​​Monday to offer amazing discounts in order to clear out inventory, which could affect the November CPI reading released next week,” she posited last. Market update on December 5th.

QCP remained cautious about the stock’s potential for a sustained rally, however, with the crash causing more pain for correlated crypto assets.

“While many say Bitcoin and Ethereum are laggards and should play catch-up, we see them as stocks that have outgrown fundamentals and will soon be back,” she wrote.

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.