Home Blog

This Hollywood influencer company helps internet stars

This Hollywood influencer company helps internet stars

More than 1,000 people came to see Brian Avadis.

They lined up outside the Hollywood headquarters of its parent company, FaZe Clan, a line that wound around the block: eager teenagers, high schoolers in street clothes, and beleaguered parents slowly making their way down Melrose Avenue.

Many waited for hours to watch the vlogger, who regularly entertains an audience as large as the population of Sri Lanka.

Standing on stage inside a warehouse-like office, Avadis told fans already inside, “I’d like to meet every single person.” “My team tells me it’s impossible.”

Those outside Awadi’s orbit may wonder how he can draw such a large crowd. With several credits on IMDb – all as himself – he’s hardly your standard celebrity; After a brief stint in Los Angeles, the 26-year-old San Diegan returned south to be closer to home.

However, on the internet, or at least in certain corners, it’s a big deal. Twenty-two million people follow him on his platform of choice, YouTube, where he posts high-concept jokes and lavishly funded stunts. More keep up with their lives on TikTok (9.6 million), Instagram (6.6 million) and Twitter (2.6 million). Under the handle FaZe Rug, he parlayed all that online clout into a specialty energy drink, a short-lived podcast, and more recently, a signature DoorDash sandwich called the Rugfather.

It was this sandwich partnership that brought him and his fans in droves to meet and greets in Hollywood.

“I love it,” said Ethan Comingore, 15, of San Bernardino. “I look at him day and night”

There’s a lot of money in all of this—both from fans who loyally wait for hours on the sidewalk hoping to get a shot at their favorite YouTube star, and from brands looking to get in on Awadis and other big soapboxes, as with DoorDash. Big name social media personalities enjoy.

Enter FaZe Clan, the extensive web content and lifestyle brand hosting this summer’s event. It is among many companies trying to take advantage of the huge demand. This summer firm went public In a reverse merger worth $725 million – with mixed results.

That number blew past the $1 billion forecast, and the company’s stock price has since plummeted. After FaZe Clan made his debut around $13 a share, but on a larger scale the decline of the tech sectorthe price fell significantly and closed at $2.44 on Friday.

Donald De Le Haye aka FaZe Destroying, Alex Prynkiewicz aka FaZe Adapt, Kaysan Ghasseminejad aka FaZe Kaysan and Rani Netz aka FaZe Ronaldo at FaZe Clan HQ in Los Angeles.

(Christina House/Los Angeles Times)

“Going public gave us the balance sheet we never had before… to really invest in the current business [and] build the future,” said CEO Lee Trink.

Sitting at the intersection of a management agency, record label and artist collective, FaZe is built around influencers, streamers and web personalities with connections to the world of video games. The company also creates esports teams and makes money by signing sponsorship deals with brands.

FaZe regularly covers hip-hop, professional sports and fitness, and is considering ventures in gambling and cryptocurrency. Although it’s still heavy on players, Lil Yachty has been added, LeBron James Jr. and Snoop Dogg as affiliates. The last wore a FaZe branded chain during the Super Bowl halftime show earlier this year.

It’s all part of a company-wide pivot from player to youth culture—a broader but less defined market—that has permeated FaZe since its early days.

FaZe started in 2010 when a group of teenagers started posting “Call of Duty” cheats on YouTube. It grew from there, making a name for itself among video game fans and branching out into esports teams, influencer “content houses” and other ventures. Today it has about 100 employees.

Awadis was hired for his skills in gaming, but like some of his colleagues, his lifestyle has expanded into vlogging and other personality-based content.

The result was a company that defied the pigeons. In its 2021 investor presentation, FaZe proposed that it combines the generational appeal of MTV, the cross-platform reach of Disney, the celebrity cachet of Roc Nation and the fan loyalty of the NBA.

The company generated $14 million in revenue in the third quarter, up 12% year-over-year (about half of brand deals). The firm also reported a pretax loss of $12 million this quarter, reflecting costs related to hiring and going public. The same loss was $4.1 million a quarter ago.

It’s not the only firm trying to turn “likes” and shares into a sustainable business model. Indeed, with so much money floating around the creative economy, there are plenty of financial incentives to turn individual influencers into larger business ventures.

Some started their own retail brands. Others “content houses” so they can live and work together under a common identity. More are tied for structured creative collaboration, such as “Saturday Night Live”—mostly TikTok comedy revue. FaZe isn’t alone in mixing gamer culture with social impact: LA-based brand 100 Thieves something similar.

It’s an industry that relies heavily on the unique charms of specific web personalities. This can make it profitable as well as risky; If these identities burn out, get cancelled, or just slowly start to lose the internet’s fickle interest, most of the value and reach they offer goes with them.

“[FaZe Clan] Of course, there are many influencers and creators, but Twitch, YouTube and TikTok are bigger and none of them have the answer to how to monetize and scale,” said Michael Pachter, managing director of equity research at Wedbush Securities. portfolio gaming and digital includes entertainment.

Disputes with influencers may also arise. Influencer Alyssa Marie Violet Butler sued FaZe Clan said last year that it was owed money for company shares (the firm denied its complaints). FaZe in the same year removed three members allegedly promoting a cryptocurrency “pump and dump” scheme; the fourth was suspended but later invited back. And in 2020, streaming personality Turner Tenney settled contract dispute with the company after he claimed they were exploiting him.

In a 2021 investor presentation, FaZe cited “a limited number of esports professionals, influencers and content creators that have historically accounted for a significant portion of our revenue” as a risk factor.

A man in a dark hoodie sleeps on a red-covered sofa at FaZe Clan's headquarters in Los Angeles.

FaZe Adapt is available in the FaZe repository.

(Christina House/Los Angeles Times)

A big part of FaZe’s focus on new talent is its logistical support. It offers affiliate creatives help with contentious sponsorship deals and access to internal management, publicity, legal, merchandising and sales teams, and it bills itself as an incubator for emerging creatives.

“Any business like this, if you’re going to be on the cutting edge of youth culture, you better have the people closest to the ground,” Trink said.

Among these new voices is Gabriel Gélinas, a Canadian broadcaster from Quebec who entered the roster earlier this year as FaZe Proze after winning a recruiting competition.

“FaZe is doing a great job of trying to improve and innovate,” Jelinas, 24, said. “So I feel like they’re always looking for new people.”

Another recent addition – Donald De La Haye, or FaZe Deestroying – said the company has everything it could ask for in a partnership: “infrastructure, business acumen, capital, knowledge.”

De La Haye was a former college soccer player considered inappropriate for the NCAA in 2017 after refusing to stop earning ad revenue from its YouTube channel. These days, he makes videos about football and sports culture with the logistical support of FaZe.

A man in a hat rides a scooter.

FaZe Destroying drives a scooter.

(Christina House/Los Angeles Times)

“They definitely help me take things off my plate,” De La Haye, 25, said.

It’s not always clear how much of FaZe’s popularity stems from the core brand and the star power of individual members.

“I don’t really watch FaZe — I just watch FaZe Rug videos,” 13-year-old Kevin Isais said while waiting in line at a DoorDash meetup.

Indeed, FaZe Clan’s corporate YouTube channel has less than 40% of Awadis’s personal following.

Awadis is one of the most followed creators on the company’s roster, so he’s not necessarily representative – and FaZe still has more fans than him on Instagram and Twitter. It still begs the question: who needs more?

“I’m like the CEO of my own company, but then I’m also part of FaZe,” Awadis said. “So my stuff helps FaZe and vice versa.”

But keeping the larger entity stable can sometimes mean shifting around its composite parts.

Yousef Abdelfattah, known online as FaZe Apex, was a member of the brand when he was just a few teenagers posting “Call of Duty” cheats online. But as FaZe grew, Abdelfattah began to handle some of the day-to-day management.

“I was always kind of busy — I don’t want to say boring, but less interesting stuff,” he said. “In 2016-17, when the business was more mature and we had an office, we had employees, I started balancing content creation with … decision making.”

These days, much of Abdelfattah’s time is spent mediating between the firm’s management and talent—the resident player whisperer, as it were.

Four men are resting.

(Christina House/Los Angeles Times)

“Creating content is very demanding,” he said, “and that spark, I think, kind of went out. … I was fortunate enough to be able to be very involved in a company that I love when I hit that wall.”

The 26-year-old has also mastered the role of mentor among recruits. One of the teenage members calls him a “boomer”.

Internet culture is changing fast, and 12-year-old FaZe is practically an old brand at this point. Yet it continues to change—even if that means evolving beyond the people and ideas with which it began.

“It’s more of a group effort now,” Abdelfattah said. “All of us [early members] We brought in people who understand the Internet, who understand this world, who can help us stay on track. … We’re just constantly trying to build a monster team of internet geniuses.”

Source link

TeraWulf Announces November 2022 Production and Operational Updates

TeraWulf Announces November 2022 Production and Operational Updates

Deployed fleet of 17,500 miners reaching 2.0 EH/s hash rate capacity by November 30, 2022

The price of electricity fell from $11,000 per BTC in October 2022 to $6,000 in November.

Energization of the Nautilus Cryptomining Facility remains on target for Q1 2023 with an additional 15,000 miners

EASTON, Md., Dec. 05, 2022–(BUSINESS WIRE)–TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which today owns and operates vertically integrated domestic bitcoin mining facilities that are more than 91% zero-carbon powered through November 2022 provided an unaudited monthly production and operations update.

Highlights of November 2022

  • It self-mined 134 bitcoins in November 2022, an increase of about 13% compared to October 2022’s production of 119 bitcoins.

  • The cost of electricity decreased sequentially to approximately $0.035/kWh in November 2022, compared to approximately $0.058/kWh in October 2022 and approximately $0.089/kWh in Q3 2022.

  • It is on track to realize a blended cost of energy of approximately $0.035/kWh, consisting of approximately $0.045/kWh at the Lake Mariner facility and $0.02/kWh fixed at the Nautilus Cryptomine facility.

  • Deployed fleet of 17,500 miners reaching 2.0 EH/s hash rate capacity by November 30, 2022

  • The average transaction hash rate in November 2022 was 1.9 EH/s, an increase of nearly 20% compared to October’s average transaction hash rate of 1.6 EH/s.

Key Metrics

3rd quarter 2022

October 2022

November 2022

Bitcoin (self-mined)




Self-generated income ($M)

2.4 dollars

2.3 dollars

2.4 dollars

Hosting Revenue ($M)

1.4 dollars


0.7 dollars

Energy cost ($M)

4.8 dollars


1.4 dollars

Avg. Transaction Hash Rate (EH/s)




Bitcoin is happening




Power cost per Bitcoin

20,732 dollars


6 151 dollars

Production and Operations Update

As of November 30, 2022, the Company operated approximately 17,500 Bitcoin miners with a hash rate of approximately 2.0 EH/s. About 11,000 of these miners have a hash rate capacity of about 1.3 EH/s. The remaining approximately 6,500 miners are hosted, for which the Company receives hosting fees and a share of mining profits.

In addition, deliveries of approximately 12,450 S19J Pro and S19 XP miners from Bitmain Technologies Limited have begun and are expected to be received by the Company in the first quarter of 2023.

“November was another solid month for TeraWulf, where we achieved an average transaction hash rate of over 1.9 EH/s – an increase of over 170% compared to Q3 2022 despite ongoing market headwinds “We also realized a sustained and significant reduction in electricity prices at our Lake Mariner facility. These strong November results represent our execution capabilities and support our continued belief that TeraWulf will have a distinct strategic position relative to other Bitcoin miners in a low-cost Bitcoin environment,” co-founder Paul Prager and CEO of TeraWulf said, “In the coming months, we will continue to focus on aggressively increasing our deployed hash rate as we work toward our goal of achieving a sustainable, self-mining capacity of 4.3 EH/s in the first quarter of 2023. “

Infrastructure upgrade

As previously announced, construction is estimated to be completed in the first quarter of 2023 at the Company’s two mine sites, which will produce 160 MW and 5.7 EH/s of operating capacity, including 4.3 EH/s of self-production. allows In Q1 2023, the Company expects to achieve 110 MW of net production capacity at the Nautilus Cryptomine facility, which is partnered with Talen Energy Corporation and receives power directly from Susquehanna Nuclear Power, and 110 MW of gross capacity at the Lake Mariner facility. The station has a five-year contracted fixed rate of $0.02 per kilowatt hour, the lowest for any Bitcoin miner in the sector.

About TeraWulf

TeraWulf (Nasdaq: WULF) owns and operates vertically integrated environmentally friendly bitcoin mining facilities in the United States. Led by a team of experienced energy entrepreneurs, the Company is currently operating and building two mining facilities, Lake Mariner in New York and Nautilus Cryptomine in Pennsylvania, with the goal of having 800 MW of mining capacity by 2025. TeraWulf creates locally produced bitcoin. It runs on nuclear, hydro and solar power with the aim of using 100% zero carbon energy. With a key focus on ESG directly linked to business success, TeraWulf expects to offer attractive mining economics on an industry scale.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements regarding expected future events and expectations that are not historical facts. All statements, except statements of historical fact, are forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “goal,” “anticipate,” “anticipate,” “intend,” “look.” “estimate”, “forecast”, “project”, “continue”, “could”, “could”, “could”, “possible”, “potential”, “predict”, “should”, ” will” and other similar words and phrases, although the absence of these words or phrases does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be as anticipated. Actual results may differ materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including: (1) conditions in the cryptocurrency mining industry, including fluctuations in market prices of cryptocurrencies; bitcoin and other cryptocurrencies and the economics of cryptocurrency mining, including variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition between different providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including the regulation of energy generation, cryptocurrency use and/or cryptocurrency mining; (4) the ability to realize certain business objectives and execute integrated projects in a timely and cost-effective manner; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms in connection with its growth strategies or operations; (6) the potential for loss of public confidence in bitcoin or other cryptocurrencies and manipulation of the cryptocurrency market; (7) the potential for cybercrime, money laundering, malware infections and equipment failure or failure, physical disaster, data security breach, computer malfunction or sabotage, phishing and/or loss and interference (and any of the foregoing); related costs) (8) the availability, delivery schedule, and availability of equipment necessary to maintain and develop TeraWulf’s business and operations, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; value; (9) employment workforce factors, including the loss of key employees; (10) TeraWulf, RM 101 f/k/a IKONICS Corporation and/or litigation related to the business combination; (11) the ability to recognize the objectives and benefits expected from the business combination; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. TeraWulf undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are directed to a full discussion of the risks and uncertainties associated with forward-looking statements and risk factors contained in the Company’s SEC filings available at www.sec.gov.

See the source version at businesswire.com: https://www.businesswire.com/news/home/20221204005048/en/


Company Contact:
Sandy Harrison
(410) 770-9500

Source link

Are salads healthy? Here’s what you should add and avoid.

Are salads healthy?  Here’s what you should add and avoid.


Q: How do I know if my salad is really healthy? Which ingredients should I add to my salads and which should I avoid?

A: Salad is usually a healthy food, but only if you add the right combination of ingredients and stay away from store-bought glass containers.

To make a great salad, start with lettuce or leafy greens. You may be surprised to learn that the type of greens you choose doesn’t matter all that much. Compared to other greens, iceberg lettuce is probably the least nutrient dense, but almost all lettuces are low in vitamins and minerals. Dark leafy greens like spinach have more micronutrients, but the type of iron in spinach is poorly absorbed and high in oxalates, so be careful if you’re prone to kidney stones.

The main health benefit of lettuce and other greens in salads is fiber. Salads are usually full of nutritious fiber – just not for you! Fiber is actually food for the microbiome, the trillions of bacteria that live in your gut. Fiber is also key to metabolic health. Bacteria in your gut convert fiber into short-chain fatty acids, which can regulate immune function and keep inflammation in check.

To increase the fiber in your leafy green salad, add a variety of vegetables, such as broccoli and green peppers, and add beans and lentils.

But the healthiest salads include many other beneficial ingredients, such as antioxidants. Antioxidants are chemicals that are important to your liver and detoxify almost all environmental toxins that enter the body. Your liver needs these antioxidants to perform this magic trick.

For antioxidants, try chopped colorful vegetables (the darker the better), chopped fresh fruit, herbs (fresh or dried), and spices. Then add protein, such as free-range eggs, grass-fed beef, fish, chicken, tofu, beans, or lentils.

Add oils and fermented foods to your salad

Now add in some whole food oils including avocado, olives, nuts and seeds. Nuts and seeds (such as chia seeds and walnuts) are rich in the anti-inflammatory alpha-linolenic acid (ALA), an omega-3 fatty acid that reduces the risk of heart disease.

For other sources of omega-3s, try small fish like anchovies (commonly found in Caesar salads). You can also add other wild fish (sardines, salmon, mackerel) or chicken (free-range, pasture-raised chicken has fewer antibiotics)..

Cheeses are a fantastic addition because they contain single-chain fatty acids that protect against diabetes and heart disease. We’ve all been taught to avoid fats because they have more calories, but milk fatty acids are unique in that they have a special phospholipid at the end that prevents inflammation. Just don’t use American cheese, which isn’t actually cheese. Instead, try varieties like feta, cotija, parmesan and mozzarella.

Bonus points go to kale, cabbage, and Brussels sprouts—cruciferous vegetables that can boost your body’s natural antioxidant production and stimulate the liver’s production of detoxifying enzymes. Another bonus: fresh tomatoes contain lycopene, an antioxidant that supports eye function and prevents cataracts.

Adding fermented foods like kimchi and sauerkraut can improve the gut, as can homemade dressings made with natural, sugar-free yogurt. And fermented foods already contain short-chain fatty acids.

Avoid store-bought salad dressings

okay Now let’s talk about salad dressings. To make a great homemade dressing, look for ingredients like extra virgin olive oil, avocado oil, tahini, vinegar, Dijon, herbs, spices, and low-sugar citrus juices (lemon, lime, grapefruit).

Oleic acid in olive oil activates the liver and forms a factor that accelerates metabolism. The acetic acid in vinegar inhibits the enzyme that breaks down starches in the mouth, thus reducing the amount of glucose that appears in your bloodstream. Some homemade dressings get added antioxidants from spices and herbs like ginger, garlic, turmeric, oregano, and thyme.

But the same cannot be said for most store-bought clothes. Store-bought versions are often made with canola and soybean oils, which are loaded with linoleic acid, an anti-inflammatory omega-6 fatty acid.

They can also be hidden in large amounts of fructose (a sugar molecule), cane sugar, high-fructose corn syrup, or honey—which harms mitochondria, the energy-producing factories that power each of your cells. When your mitochondria don’t work properly, blood glucose and insulin rise, and your liver has no choice but to turn fructose into fat—causing fatty liver and insulin resistance, and potentially increasing your risk of developing heart disease, cancer, and diabetes.

You might be surprised how common it is for sugar to leak into glass containers. For example, high fructose corn syrup is the second ingredient in Kraft’s Creamy French dressing, which adds five grams of sugar. And watch out for fat-free dressings — Ken’s Sundried Tomato Vinaigrette, for example, has 12 grams of added sugar.

Store-bought dressings can also contain ingredients that are harmful to your gut and the trillions of bacteria that live there. These bacteria send chemical signals to your brain to feed. If you don’t feed your bacteria, they actually start feeding on you – stripping the protective layer of mucin from your gut cells. Over time, this can lead to irritable bowel syndrome, inflammatory bowel disease, and altered intestinal permeability, which some people call “leaky gut.” It can also cause systemic inflammation.

Store-bought dressings often contain emulsifiers, e.g Carboxymethylcellulose, polysorbate-80, or carrageenan, interferes with the separation of fat and water and can dissolve that protective mucin layer in your intestines. These pesky added sugars can also cause an overgrowth of bad microbiome bacteria, potentially leading to discomfort, gas, bloating, diarrhea and inflammation in the gastrointestinal tract.

Croutons and crisps

But that doesn’t mean you should skip getting dressed. Studies have shown that fats — such as those in avocados — actually help your body absorb nutrients from some vegetables. The key is to choose the right ingredients and ideally make your own dressing at home.

It’s also a good idea to stay away from “crispy” items (such as fried onions and tortilla strips), which are often fried in high-temperature seed oils, which carry the risk of developing trans fats and acrylamide, a known carcinogen. I would also suggest caution with dried fruit; some varieties and brands coat them with sugar to make them sweeter and more palatable.

And finally, avoid processed breads. A Caesar salad isn’t a Caesar salad without croutons, but commercial croutons are usually loaded with preservatives, sodium and vegetable oils. Bake your own croutons or pair your salad with a slice of sourdough bread. But please, don’t eat the fried tortilla bowl.

Robert H. Lustig Emeritus Professor of Pediatrics at the University of California, San Francisco and “Metabolic: The Allure and Lies of Processed Food, Nutrition, and Modern Medicine.”

Ask a Doctor: Have a health question? We will find the right expert to answer this.

Sign up for the Well+Being newsletter, your source of expert advice and simple tips to help you live well every day.

Source link

The Internet is going through a midlife crisis.

The Internet is going through a midlife crisis.

The jokes and memes about Elon Musk buying Twitter as evidence of a major midlife crisis are at least partially appropriate. The Internet, for one, is having its own midlife crisis.

Many of us who grew up with the Internet are now reaching middle age and have had enough experience to know what the Internet is doing right and wrong. As with any midlife crisis, the internet can continue on its self-destructive path and tumble into the abyss, or we can use this moment to build a better internet based on the principle that the internet belongs to all of us.

Twitter is not just a platform. How some of us live, work and survive. Many have long argued that Twitter, Facebook, and other platforms are public services—they provide an essential public service by enabling the flow of communication that supports communities, commerce, and access to critical information. The fact that one of the world’s richest men was able to buy Twitter and destroy it sent many of its most loyal devotees: activists, journalists, politicians and, yes, trolls, into a frenzy. To support this public spirit, we need to reshape the internet, or at least change a small part of it. But this requires grappling with questions that have plagued internet policy thinkers for decades; that is, who implements the bill and who determines the rules of engagement?

It’s a suggestion when Musk finally realizes that he’s responsible for destroying something he loves enough to pay $44 billion for, and that the best option to save Twitter’s or his own solvency is to give it up. The conditions for Twitter to go to a (comparative) fire-sale price like Myspace are unlikely to happen. And when that happens, a coalition of global public service organizations and public service broadcasters must step up to co-own the platform.

Consider that Twitter is owned, but not necessarily controlled, by organizations such as Doctors Without Borders, Oxford University, and Radio France, rather than Mask or corporate shareholders. Think “New Twitter,” but without all the bad “New Coke” jokes (though Musk’s obsession with Decaffeinated Diet Coke helps make a real case for branding). The new Twitter is reborn as Twitter itself, not much different than it is today, imperfect and necessary, but no longer driven by the market’s expectation of ever-increasing profits and scale.

Twitter was a publicly traded company in its mature form, and thus susceptible to all capitalist incentives to maximize profits – but at least as far as its shareholders were concerned. This corporate structure has yielded a highly flawed company that provides a platform for #blacklivesmatter and white supremacy, #metoo and the manosphere, journalists and conspiracy theorists.

Given that our attention and data were based on the bill, Twitter was only nominally free—a bit precarious given the paucity of ad revenue. But Twitter’s lack of real money removed the barrier to entry that allowed marginalized groups to use it. When Musk threatened to pay for the audit, it only furthered the similarities between Twitter and other utilities like water and electricity.

More generally, the idea that the Internet belongs to all of us has a policy implication: The government should provide regulatory guidelines to prevent the worst excesses of capitalist access and abuse, acting as a steward for the public.

This is where the hiccups start. With the Great Firewall of China and the ability of autocrats around the world to literally shut down ISPs in their regions or force Facebook, Google and Twitter to do their bidding, government regulation of the internet sounds like a failure.

We also have little precedent for public and collaborative digital spaces, although the ones we do have—Wikipedia, the Internet Archive, and the Mozilla Foundation—provide the basis for what the Internet does best: disseminate knowledge at scale. But it is not profitable and all these organizations are supported by charity. These are not a public square, but a starting point for public information.

They also wouldn’t exist without free labor. For example, Wikipedia is supported by the Wikimedia Foundation, but it’s also built on a foundation of volunteers and mostly white, male, and English-language editors, and the Mozilla Foundation depends on coders buying into the free and open-source vision. web. The Internet Archive is essentially a large public library, and libraries have never been market-supported, instead depending on the availability of philanthropists or public funds.

Using this model for inspiration, the “New Twitter” could be a global communications platform owned and operated by a coalition of stakeholders interested in public service. But in order to save Twitter, Twitter needs to retain some of the platform’s core features and characteristics that people value. Namely, the platform should be free, it should have scale, it should have room for freedom of expression, good or bad. Twitter should have a long line of well-supported public broadcasting providers in democracies around the world that are free from government censorship.

Some have already advocated for such a digital public service infrastructure. Ethan Zuckerman, a professor at the University of Massachusetts at Amherst, argues that social media in its current, profit-driven form is not good for democracy, and that the digital public needs digital tools specifically designed to promote democracy. He admits that this infrastructure will not make money and needs public funding to support it.

Likewise, author Eli Pariser Filter bubble, pushing for the digital equivalent of public parks. He rightly points out that Twitter and other platforms are communal spaces only feel it like public spaces but owned by for-profit technology companies.

But these versions of the Internet that started with democracy don’t sound particularly fun, and you need fun to keep users. Mastodon, one of the proposed alternatives to Twitter, is designed to be decentralized and democratized, and to encourage community-defined civic discourse. Many found it preachy, difficult, and at best an anodyne substitute.

Perhaps the attention machine economy and democracy are incompatible. However, there is a long legacy of communications technology, from the telegraph to cable television, this mix of private-public partnerships: produced and maintained with Uncle Sam’s backing but led by RCA, AT&T, and Westinghouse. There are a few modern examples of why so much technology is financed indirectly: Venture capital firms finance companies that make other things.

I suggest a bit of a rethinking of the digital public space approach – let’s imagine the New Twitter in the US as a public-private partnership. These are often most prominently displayed in stadiums and sometimes in the form of NCAA booster clubs or local banks that share the cost with the community. Stadiums are fun, they bring people together, and they’re also imperfect: unruly, corporate, loud — and yes, crowds can easily turn into mobs. But so can our behavior on the Internet.

Sure, maybe New Twitter (or should that be Nu Twitter?) is a pipe dream. But dreams inspire us to think bigger. The Internet is both shaped by and shaped by humanity—a funhouse mirror that reflects, amplifies, and distorts our best and worst impulses.

The beauty of the new Twitter’s globally distributed ownership is that it will be messy, embedded in specific cultural and national contexts, and decidedly imperfect. But if we reimagine it for the public, not for profit, we can think of the internet as an essential human right, like air or water. survive.

Future Tense is a partnership between Slate, New America and Arizona State University that explores emerging technologies, public policy and society.

Source link

Swingby partners with Chainlink to secure the Bitcoin bridge

Swingby partners with Chainlink to secure the Bitcoin bridge

press release

PRESS RELEASE. Swingby recently announced a newly formed partnership with Chainlink for Proof of Reserve. The recently announced partnership aims to help secure the Swingby Skybridge, which connects the Bitcoin blockchain allowing BTC to be injected into the Ethereum network.
Swingby is developing a more advanced and secure BTC bridge
Swingby is a BTC bridge ecosystem with plans to expand to other blockchain ecosystems in addition to Bitcoin and Ethereum, which the platform already fulfills. In fact, the advancement in platform security made possible by the partnership makes Swingby the only BTC bridge protected against WBTC’s depegging event.
In a Swingby announcement announcing the partnership, it was also revealed that Chainlink chose Proof of Reserve, as the announcement details that the Bitcoin bridge protocol is a critical feature offered by Chainlink’s oracle service.
Proof of Stake offers verifiable transparency and security
Blockchain ecosystem crashes, catastrophic crashes, sudden shutdowns, bankruptcies, etc. with the recent rise in cases, this is a time when transparency and security are more important than ever in the blockchain industry.
Swingby decided to equip the protocol to use Proof of Reserve as a transparency measure, which protects the bridge from completing unverifiable transfers in the token supply that backs reserves.
The Swingby announcement details that the integrated Proof of Reserve will verify that the number of BTC stored in reserve wallets matches the amount of WBTC tokens on the Ethereum network. If there is a discrepancy between the numbers, the Proof of Reserve feature is designed to automatically block the bridge from user access until the problem is resolved. The measure aims to protect user and network security.
Raising the standard with reserve evidence
As mentioned above, the built-in automated security provided by the Chainlink Proof of Reserve mechanism has led to Swingby being able to announce the network as the only BTC bridge protected against WBTC being hacked.
In the vein of blockchain transparency and security, the recent bankruptcy filing of FTX and sister company Alameda Research affected the Alameda-owned REN Protocol. The rapid shutdown and destruction of the REN Protocol makes Swingby one of the more recognized market leaders in this space, as well as one of the more decentralized bridges.
Swingby aims to achieve ease of use through a proof of stake network. Chainlink Proof of Reserve is designed to further support a simple and efficient UX through an automated process of providing reliable, secure, up-to-date information to a smart contract powered network environment through the proven Chainlink oracle network. .
How Chainlink Proof of Reserve is expected to support Swingby Skybridge
A modern reference contract will be maintained to enable smart contracts with on-chain, automated verification of asset collateral. It also eliminates the need for manual verifications and, due to the transparent nature of the blockchain, makes data and information available for independent monitoring and verification by individuals.
Customizable External Adapters are implemented in Chainlink Proof of Reserve. They are used to obtain data from premium data providers through financial incentives, meaning that the data provided through Proof of Reserve facilitation is considered to be of the highest quality.
The decentralized nature of Chainlink Proof of Reserve is also cited as an important aspect of the design that underpins the Swingby skybridge. The announcement details that oracle nodes and data sources are decentralized and therefore eliminate central failures in both data retrieval and delivery to Swingby.
More to come as announced by Swingby
In a recent statement, Swingby CEO Senga Yusaka revealed that more can be expected from the partnership with Chainlink. The official Swingby announcement announced their intentions to implement Proof of Reserve on Avalanche, Polygon and other blockchains via Skybridge as the protocol’s Ethereum network is complete and live. The CEO provided insight into the pivotal role Chainlink Proof of Reserve plays in decentralized infrastructure for Swingby’s Skybridge.
“We consider Chainlink Proof of Reserve to be a mission-critical decentralized infrastructure for Swingby’s Skybridge, which will play a key role in preventing users from minting new WBTC tokens or altering them if BTC reserves are separated from the WBTC token supply. Security is paramount when bridging blockchains, and Chainlink’s battle-hardened and time-tested oracle network is the most secure in the industry.”

This is a press release. Readers should do their due diligence before taking any action regarding the promoted company or any of its affiliates or services. Bitcoin.com shall not be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or use of any content, goods or services mentioned in the press release.


Bitcoin.com is your go-to source for all things cryptocurrency.
Contact the Media team at ads@bitcoin.com to discuss press releases, sponsored posts, podcasts and other options.

Image credits: Shutterstock, Pixabay, Wiki Commons

More Popular News In Case You Missed It

Source link

Another OPEC? Indonesia wants to create a cartel for battery metals

Another OPEC?  Indonesia wants to create a cartel for battery metals

CNN Business

Indonesia produces more nickel than any other country. As the demand for batteries to power the energy transition increases, this presents a huge opportunity, and the archipelago nation of 276 million people intends to take advantage of it.

With the electric car revolution, Indonesia has increased demand for key battery metals such as nickel started lobbying For the creation of a group similar to OPEC – but instead of controlling the export of oil, it would unite the best miners and enable them. adjust their policies.

The offer is like a long shot. Canada, another top producer, said it would be “very difficult” to participate. The nickel market is structured very differently from the crude oil market, with more private firms national companies that organize the show.

“I’m not sure it’s going to be good enough for a producer cartel,” said Richard Bronze, an analyst at research firm Energy Aspects.

But Indonesia’s campaign is indicative of how the clean energy transition could change geopolitics, as countries sitting on high-value nickel, cobalt and lithium reserves seek to take advantage of access to in-demand commodities.

“It’s a way they think they can be more connected to the global energy market and geopolitics and be part of this emerging energy economy,” said Jane Nakano, a senior fellow at the Center for Strategic Studies who focuses on energy security and climate change. and International Studies.

In its 62 years of existence, the Organization of the Petroleum Exporting Countries, better known as OPEC, has at times played an important role in shaping the global oil market, particularly when its Arab members banned exports to the United States and other countries. for their support of Israel in 1973. He drew ire from the White House for his decision to cut output in October, which he confirmed at a closely watched meeting on Sunday.

But with global demand for fossil fuels peaking, its political position is less certain – countries with access to metals and minerals essential to the clean energy transition could increase their influence.

“The transition to clean energy means a shift from a fuel-intensive system to a material-intensive system,” the International Energy Agency said in a 2021 report, noting that a typical electric car requires six times more minerals than a conventional car. He predicts that by 2040, EVs and battery storage systems will be the main consumers of nickel, displacing the stainless steel industry.

Indonesia will benefit from this change. After banning nickel ore exports in 2020 – sparking a trade dispute with the European Union – it quickly developed its own downstream processing capacity with the help of foreign investors. The country currently accounts for more than 38% of global refined nickel supplies, according to market intelligence firm CRU Group. Its share continues to grow.

The country is “expected to be the biggest source of growth in the coming years,” said Ewa Manthey, commodities strategist at ING. “Nickel production increases to meet growing demand from EV battery sector.”

Smoke billows from a nickel smelter in the industrial area of ​​the Indonesian city of Southeast Sulawesi.

Indonesia left OPEC in 2009 and again in 2016 due to disagreements over production cuts. But government leaders now argue that a similar cartel for nickel could be beneficial by strengthening coordination with other top producers. According to Manthey, Russia accounts for about 20% of the global supply of nickel needed for batteries. Canada and Australia are also big players. The latter competes with Indonesia for the world’s largest nickel reserves.

By teaming up with other producers, Indonesia could theoretically have more influence over prices. Despite the demand outlook, nickel prices on the London Metal Exchange can be highly volatile. They fell sharply after the invasion of Ukraine earlier this year – at one point forcing the LME to suspend trading. As the global economic outlook weakens, there is excess supply, and demand from stainless steel producers has weakened.

“If they can control supply a little bit better, they can push the price of nickel a little bit better,” said Alistair Ramsay, vice president of energy metals at Rystad Energy.

Nickel market watchers are skeptical that such an arrangement would work. This is partly because of how the industry is structured. Although supply is concentrated among several countries, individual firms control production. This is in contrast to oil production in countries such as Saudi Arabia, Russia or the United Arab Emirates, for example, where state-owned firms dominate.

“We believe that the idea of ​​creating an OPEC-style group for Indonesia’s battery metals like nickel will be difficult to implement because, unlike OPEC countries, the mining operations of major nickel producers are controlled by various private companies,” said Jason Sappor. Principal metals and mining analyst at S&P Global Commodity Insights.

Indonesia also currently lacks the political will. Canada is unlikely to join the effort, a government source told Reuters.

What’s more, Nakano of the Center for Strategic and International Studies is not sure it will help Indonesia in the end, as it could scare away foreign investors as the country seeks to develop its mining sector.

OPEC’s influence has waxed and waned over the years. The emergence of the United States as a major shale producer over the past decade has weakened its position. But the cartel has come back into the spotlight after the pandemic and Russia’s war in Ukraine roiled energy markets, amplifying the consequences of supply decisions.

For countries measuring the clean energy transition, this provides an attractive model. The Guardian newspaper reported that Brazil, Indonesia and the Democratic Republic of Congo are trying to create an “OPEC for rainforests” to manage conservation efforts. There is talk that South American countries such as Argentina, Bolivia and Chile may also form a lithium association.

It remains to be seen whether such organizing efforts will bear fruit. But the proposals highlight that the search for resources to power the move away from fossil fuels could create new political alliances.

This is especially true at a time when competition for resources between the United States and China is heating up. But other countries with direct access to battery metals and other important minerals also want to have a say.

“The metals market and its importance to the energy transition is something we are all waking up to and adjusting to how it will work in practice,” Bronze said.

Source link

Internet Messaging Platform Market is Growing Worldwide |

Internet Messaging Platform Market is Growing Worldwide |

Internet Messaging Platform Market

Global Internet Messaging Platform Market Analysis 2015-2020 and Forecast 2022-2029 is the latest research study released by HTF MI that assesses market risk side analysis, highlights opportunities, and leverages strategic and tactical decision-making support (2022-2029). The Market Research is segmented by major region driving the marketization. The report provides information on market trends and development, growth drivers, technologies, and the changing investment structure of the Global Internet Messaging Platform Market. Some of the key players profiled in the research are Sychronoss, Oracle, Open-Xchange, Microsoft, Atmail, IBM, Ipswitch, Novell, Zimbra, Rockliffe & IceWarp.

Get free access to sample report @ https://www.htfmarketreport.com/sample-report/2511165-global-internet-messaging-platform-market-1

Internet Messaging Platform Market Overview:

The study provides insights into emerging and key players, along with a detailed outlook essential to keeping market knowledge current, segmented across SME & Large Enterprise, Cloud Hosted & On-premises and 18+ countries worldwide. If you want to analyze the various companies involved in the Internet Messaging Platform industry according to your target or geography, we offer customization according to your requirements.

Internet Messaging Platform Market: Demand Analysis and Opportunity Outlook 2029

The Internet Messaging Platform study defines the market size of various segments and countries for historical years and forecasts the values ​​for the next 6 years. The report is assembled to cover qualitative and quantitative elements of the Internet Messaging Platform industry, including market share, market size (value and volume 2017-2021 and forecast to 2029). In addition, the study also covers and presents detailed statistics on the important elements of Internet Messaging Platform which includes drivers and restraining factors which help to estimate the future growth prospect of the market.

The segments and sub-segments of the Internet Messaging Platform market are shown below:

The study is segmented by Product/Service Type as follows: Cloud Hosted and On-Premises

Key applications/end user industries are: SME and Large Enterprise

Some of the key players involved in the market are: Sychronoss, Oracle, Open-Xchange, Microsoft, Atmail, IBM, Ipswitch, Novell, Zimbra, Rockliffe & IceWarp

Send a request for customization in the report @ https://www.htfmarketreport.com/enquiry-before-buy/2511165-global-internet-messaging-platform-market-1

Significant years considered in Internet Messaging Platform research:
Historical year – 2017-2021; Base year – 2021; Forecast period** – 2022-2029 [** unless otherwise stated]

If you choose the Global version of the Internet Messaging Platform Market; then the following country analysis will be included:
• North America (USA, Canada and Mexico)
• Europe (Germany, France, UK, Netherlands, Italy, Nordic countries, Spain, Switzerland and Rest of Europe)
• Asia-Pacific (China, Japan, Australia, New Zealand, South Korea, India, Southeast Asia and Rest of APAC)
• South America (Brazil, Argentina, Chile, Colombia, Other countries, etc.)
• Middle East and Africa (Saudi Arabia, United Arab Emirates, Israel, Egypt, Turkey, Nigeria, South Africa, Rest of MEA)

Buy Internet Messaging Platform research report @ https://www.htfmarketreport.com/buy-now?format=1&report=2511165

Key Questions Answered by This Study
1) What makes the Internet Messaging Platform Market a viable long-term investment?
2) Do you know the value chain areas where players can create value?
3) Area likely to see a sharp increase in CAGR and YOY growth?
4) In which geographic region are products/services likely to be in better demand?
5) What opportunities would the developing area offer to established and new entrants in the Internet Messaging Platform market?
6) Risk side analysis related to service providers?
7) What are the factors driving the demand for Internet Messaging Platform over the next few years?
8) What is the impact analysis of various factors in the growth of the Global Internet Messaging Platform market?
9) What are the strategies of the major players that help them gain share in the mature market?
10) How is Technology and Customer-Centric Innovation Driving Big Change in the Internet Messaging Platform Market?

View Executive Summary and Full Table of Contents @ https://www.htfmarketreport.com/reports/2511165-global-internet-messaging-platform-market-1

There are 15 Chapters to display the Global Internet Messaging Platform Market
Chapter 1, Overview to describe Definition, Specifications and Classification of Global Internet Messaging Platform market, Applications [SME & Large Enterprise]Market Segment by Type, Cloud Hosted and On-premises;
Chapter 2, the purpose of the study.
Chapter 3, Research methodology, measurements, hypotheses and analytical tools
Chapter 4 and 5, Global Internet Messaging Platform Market Trend Analysis, Drivers, Challenges by Consumer Behavior, Marketing Channels, Value Chain Analysis
Chapter 6 and 7, to describe the Internet Messaging Platform Market Analysis, segmentation analysis, characteristics;
Chapters 8 and 9 outline the Five Forces (bargaining power of buyers/suppliers), threats to new entrants, and market conditions;
Chapters 10 and 11 provide an analysis of regional segmentation [North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Russia, Spain etc.), Asia-Pacific (China, India, Japan, Southeast Asia etc.), South America (Brazil, Argentina etc.) & Middle East & Africa (Saudi Arabia, South Africa etc.)], comparison, leading countries and opportunities; Customer Behavior
Chapter 12 defines the key decision framework gathered through Industry experts and strategic decision makers;
Chapters 13 and 14 discuss the competitive landscape (classification and market ranking).
Chapter 15 is about Global Internet Messaging Platform Market sales channel, research findings, conclusion, appendix and data source.

Thank you for your interest in the Internet Messaging Platform Industry Research Publication; you can also choose North America, LATAM, USA, GCC, Southeast Asia, Europe, APAC, United Kingdom, India or China etc.

Contact us:
Craig Francis (PR and Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +1 434 322 0091
LinkedIn | contact us on Facebook | Twitter

About the author:
HTF Market Intelligence Consulting is uniquely positioned to empower and inspire businesses with research and consulting services to empower them with growth strategies, offering services with extraordinary depth and breadth of thought leadership, research, tools, events and decision-making expertise.

This release was published on openPR.

Source link

Grayscale Bitcoin Trust and BTC Cycles

Grayscale Bitcoin Trust and BTC Cycles

GBTC (Grayscale Bitcoin Trust) price is at a 2022 low.

Before the explosion of the Terra/Luna ecosystem in May, its price was $25, but after that event it first fell from $20 and then to $12 in June.

At the beginning of November, with the failure of FTX, it first fell to $8, and then even to $7.7 at the end of November. Now it’s close to $9.

Compared to the price at the beginning of May, the current value is 65% lower, while BTC has lost “only” 55% in the same period.

Grayscale Bitcoin Trust and Bitcoin

Grayscale Bitcoin Trust, symbol GBTC, is a fund fully invested in Bitcoin (BTC). So, in theory, the market value trend of its shares should be in line with Bitcoin, but instead in 2022, GBTC lost significantly more than BTC.

Right nowGBTC is 42% less than BTC proportionally, although it fell to -45% in mid-November.

This means that the market demand for GBTC is significantly lower than for BTC, while the selling pressure is higher.

This relationship started at the end of February last year and started to strengthen at the end of March in 2021.

It is possible that this is due to the presence of financial derivatives in the market, which are preferred by investors when taking a position on the price of Bitcoin without having to directly buy and hold BTC.

So there would be net competition from financial products with better features. Bitcoinon the other hand, there are no real competitors.

In other words, the significant decline in GBTC lasting more than a year and a half cannot be taken as a benchmark for evaluating the price performance of Bitcoin.

MVRV parameter

However, Grayscale continues to analyze Bitcoin’s price trend. They recently discovered an interesting value for a parameter that appears to be related to BTC cycles.

This is the MVRV (Market Value to Realized Value ratio) parameter, which is the ratio of current market capitalization to realized capitalization.

“Realized capitalization” means the total value of all available BTC by referring to the individual purchase prices of all individual Satoshis, not the current price. One Satoshi is the smallest unit of measurement that Bitcoin can be divided into and corresponds to one hundred millionth of a BTC.

When MVRV is greater than one, it means that the current price is higher than the average purchase price, if it is less than one, it means that the current price is lower than the average purchase price, which means that most BTC is currently a loss.

Interestingly, as Grayscale points out, Bitcoin’s MVRV is rarely less than 1.

Indeed, historically, several times its value has fallen below 1, then created it will make a profit of 300% over the next three years.

Since 2012, the year of the first halving, Bitcoin’s MVRV has only been negative three times. In 2012, 2015 and at the junction of 2018 and 2019, with a very short increase in March 2020, when global financial markets collapsed due to the onset of the pandemic.

In other words, so far BTC’s MVRV has followed Bitcoin’s halving-driven four-year cycle.

Grayscale notes that Bitcoin’s MVRV recently hit a 3-year low, indicating that the current phase may be the bottom of the current cycle.

Bitcoin Cycles

Bitcoin has a predictable and scheduled cycle of approximately 3 years and 10 months, with blocks being mined and added to the blockchain every 210,000 blocks. splitting in half from the miner’s reward. The latter is Bitcoin’s only monetary policy measure, given that all existing BTC was created and will be created as a reward for miners in the future.

It is therefore not surprising that the price of Bitcoin follows a trend that is heavily influenced by the halving.

The first halving happened in 2012 and the following year triggered the first huge speculative bubble in the price of BTC, which caused it to rise from $13 to $1100 in less than twelve months.

The second halving happened in 2016 and the following year was the second major bubble that took the price up to $20,000.

A third halving in 2020 was followed by a new bubble the following year, but this time on a smaller scale.

The next halving will take place in the spring of 2024.

BTC’s MVRV chart gives a good idea of ​​this period. It also gives a good idea of ​​how the 2013 bubble was bigger than the 2017 bubble, which in turn was bigger than the 2020 bubble. It also becomes clear that these were indeed speculative bubbles and not organic growth.

The question now is: Will BTC’s MVRV rise again in the coming years as it has in the past? Will there be a new speculative bubble in 2025?

It’s still unclear, but at least this chart makes it clear that we’re now in a position that’s quite comparable to the bottoms of the previous two periods.

Source link

Tim Draper predicts bitcoin will reach $250,000 despite FTX crash

Tim Draper predicts bitcoin will reach 0,000 despite FTX crash

Tim Draper, founder of Draper Associates, on stage at the Web Summit 2022 tech conference.

Ben McShane | Sports file via Getty Images

Venture capitalist Tim Draper thinks bitcoin By mid-2023, a coin will hit $250,000 after a year marked by industry failures and falling prices.

Draper previously predicted that bitcoin would surpass $250,000 by the end of 2022, but told the Web Summit tech conference in Lisbon in early November that it would take until June 2023 for that to happen.

He reiterated his stance on Saturday when asked how he felt about the price call following the collapse of FTX.

“I’ve extended my forecast by six months. $250,000 is still my number,” Draper told CNBC via email.

For Draper’s prediction to come true, bitcoin would need to rise nearly 1,400% from its current price of $17,000. The cryptocurrency has lost more than 60% since the beginning of the year.

Digital currencies are struggling as the Fed’s tighter monetary policy and a chain reaction of bankruptcies at major industrial firms such as Terra, Celsius and FTX put strong pressure on prices.

The collapse of FTX worsened the already severe liquidity crisis in the industry. Cryptocurrency exchange Gemini and lender Genesis are among the firms said to be affected by the FTX bankruptcy.

Last week, veteran investor Mark Mobius told CNBC that bitcoin could fall to $10,000 next year, a more than 40% drop from current prices. The Mobius Capital Partners co-founder called it the right thing to drop to $20,000 this year.

Nevertheless, Draper is confident that bitcoin, the world’s largest cryptocurrency, is set to rise in the new year.

“I expect a flight to a quality and decentralized cryptocurrency like bitcoin, and some weaker coins becoming relics,” he told CNBC.

The founder of Draper Associates, Draper is one of Silicon Valley’s best-known investors. He made successful bets on tech companies including TeslaSkype and Baidu.

In 2014, Draper bought 29,656 bitcoins seized by US marshals from the Silk Road dark web market for $18.7 million. That year, he predicted that the price of bitcoin would reach $10,000 in three years. Bitcoin approached $20,000 in 2017.

However, some of Draper’s other bets have gone awry. He invested in Theranos, a health startup that falsely claimed it could detect diseases with a few drops of blood. Elizabeth Holmes, the founder of Theranos, was sentenced to 11 years in prison for fraud.

“The band is about to fall”

Draper’s reasoning for bitcoin coming out next year is that there is a huge untapped demographic for bitcoin: women.

“My hypothesis is that since women control 80% of retail spending and only 1 in 7 bitcoin wallets are currently held by women, the dam is about to break,” Draper said.

Crypto has long had a gender inequality problem. According to a survey conducted for CNBC and Acorns by Momentive, twice as many men than women invest in digital assets (16% of men vs. 7% of women).

“Retailers will save about 2% on every purchase made with bitcoin against the dollar,” Draper said. “Once retailers realize that 2% can double their profits, bitcoin will be everywhere.”

such as payment intermediaries Visa and MasterCard currently, credit card holders are charged a fee of up to 2% every time they use their card to pay for something. Bitcoin provides a way for people to bypass middlemen.

However, the digital coin is difficult to use for day-to-day spending because its price is highly volatile and the coin is not widely accepted as a currency.

“When people can buy their food, clothing and shelter with bitcoin, they will have no use for centralized bank fiat dollars,” Draper said.

“Fiat governance is centralized and unstable. When a politician decides to spend $10 trillion, your dollar is worth about 82 cents. Then the Fed has to raise rates to cover the spending, and these arbitrary centralized decisions create an inconsistent economy,” he added. Unlike cryptocurrencies, fiat currencies derive their value from the issuing government.

Meanwhile, the next so-called bitcoin halving in 2024, which reduces bitcoin rewards to bitcoin miners, will also boost the cryptocurrency as it chokes supply over time, according to Draper. The total number of bitcoins that will ever be mined is limited to 21 million.

Source link

Is gigabit internet worth it? Only if you meet these 3 criteria

Is gigabit internet worth it?  Only if you meet these 3 criteria

Source link