Category Archives: Uncategorized

Charlie Munger Wished Cryptocurrencies Were Never Invented, Anyone Surprised? (Opinion)

The digital asset industry has marked an impressive year so far as many cryptocurrencies painted all-time high prices. Numerous experts and public figures showed their support, highlighting the merits of the asset class, while global institutions started diversifying their portfolios with bitcoin or some alternative coins.

Yet, Charlie Munger – Warren Buffett’s right-hand man – reiterated his skepticism once again recently by indicating that the hype around them is “crazier than the dot-com bubble two decades ago.” Furthermore, he vowed never to invest in the crypto market.

Why Is Munger Wrong about Crypto?

In a recent interview for the Sydney Herald, the 97-year-old Charlie Munger once again revealed he has no plans to enter the cryptocurrency market. To him, the craze generated around bitcoin, ether, and the rest is much similar to the Internet bubble between 1995-2000. Back then, investors rushed to pump money into Internet-based startups, hoping that these fledgling companies would soon turn a profit:

“I think the dot-com boom was crazier in terms of valuations than even what we have now. But overall, I consider this era even crazier than the dot-com era.”

Charlie Munger. Source: Yahoo

The firms involved in the Internet bubble were indeed a target of mass attention, and many people invested more than they could afford at the time.

However, some organizations such as Amazon and eBay managed to overcome the subsequent bubble burst and now stand as giants in their field with millions of clients worldwide and a stable structure. Interestingly, SkyBridge Capital’s Anthony Scaramucci recently compared bitcoin to Amazon, predicting a similar success story for the primary cryptocurrency.

It’s also worth noting that the company Munger spearheads alongside Buffett famously missed on investing early in both Amazon and Google – some of the biggest corporations in the world and, famously, part of the dot-com bubble times.

Munger – the Vice-Chairman of Warren Buffett’s Berkshire Hathaway – went even further in his latest bashing fest, wishing the asset class “had never been invented.”

Cryptocurrencies, though, are seen by many as financial instruments against rising inflation, such as the one which the COVID-19 pandemic and the subsequent mass printing of fiat currencies caused. Currently, the inflation rate in the US stands at around 6%, which means that investors holding to their dollars will lose some of their buying capacity in the near future.

On the other hand, bitcoin has a predetermined number of coins ever to exist of 21 million. Thus, many legacy investors allocated funds to it to fight the growing inflation. Paul Tudor Jones and Stan Druckenmiller are just a few examples.

The Chinese Crypto Ban Made BTC Stonger

Another topic that the American billionaire investor scratched during his appearance was the total crypto ban that China imposed earlier this year. Unsurprisingly, Munger supported this move, while he regretted that the USA still allows local investors to deal with bitcoin and the altcoins.

“I think the Chinese made the correct decision, which is to simply ban them. My country – English-speaking civilization – has made the wrong decision.”

Shortly after the People’s Bank of China announced the restrictions, bitcoin’s price plunged significantly. However, it was a relatively short-term correction. In the following months, the leading cryptocurrency reached an all-time high of almost $70,000, meaning that the negative Chinese stance had a relatively small impact on BTC on a more macro scale. Many experts even opined this policy has worked in favor of the asset.

Katie Huan – a Partner at a16 – said the US should see China’s crackdown as an opportunity. In her view, American financial regulators must do the exact opposite to what the most-populated country did to enhance the nation’s economy.

Edward Snowden – the popular whistleblower – also joined the list of people believing the Chinese ban on BTC will actually benefit the cryptocurrency.

Solajump, the First Play-to-Win NFT Game on Solana, Sets Out to Revive Short Gaming

[PRESS RELEASE – Valais, Switzerland, 1st December 2021]

Solajump, the world’s first play-to-win short game based on Solana blockchain, is thrilled to bring back the fun of classic short games. Developed by Kokeshi Academy Nerd 148 Studios, it uses NFTs to revolutionize the world of short gaming with its play-to-win model.

Short games are fun, easy to play, and easy to get into. However, game designers who came up with Pong, Tetris, Arkanoid, Pac-Man and other major hits had to make do with the limited power of computers in the past. Computing power is no longer an issue for players, unlocking the doors to a richer and more engaging experience.

Visually appealing and fun to play, Solajump draws on the key principles of Doodle Jump. The player’s objective is to jump higher and higher by bouncing off platforms randomly placed in the 2D space. The further you progress, the rarer the platforms become, and therefore, the higher the risk of a game over.

With Solajump, the player’s purpose is not only to achieve the highest score but also to win. Players can access the game by owning a Solajumper NFT, which allows them to compete in tournaments that offer significant rewards for winners.

The initial minting of 10,000 algorithmically generated Solajumper NFTs will take place starting from December. To participate, players must get one of the 10,000 Solajumper NFTs, each priced at 1 SOL, during December.

Owning the NFT entitles players to many perks and bonuses such as 10 chances to reach first place in the Genesis tournament. At the end, players with the best scores will win five-figure rewards, with the ultimate winner bagging more than $30,000. After the Genesis tournament, players can choose to trade their NFTs on the secondary market or keep it and participate in the monthly tournaments.

“SOLAJUMP is the result of the partnership between 2 studios, NERD148 and KOKESHI ACADEMY the idea is to provide the defi ecosysteme with emerging tools for NFT’s and play to earn. Solajump is the beginning of an era for mini arcade games connected with NFTs”, said Jeff Meguir, CEO of SolaJump.

The monthly tournaments will start from January 2022, where the best players will share a prize pool worth 100 SOL. Kokeshi Academy Studios will launch the “Jump Coin” in February 2022 to allow players to bet in private tournaments and the PVP mode, which will launch in March 2022. That will make it possible for players to win NFTs, Jump Coins, and many other prizes by beating the score of their direct opponent.

According to the developers, 20% of the funds raised during the minting will go into the “Genesis tournament” prize pool. The amount will be added to the current initial prize pool of 2000 SOL. Another 20% of the minting amount will be allocated for all the monthly tournaments held throughout the year. Each year, new tournaments and NFT mintings will be held to keep expanding the prize pool.

Kokeshi Academy Studios is also preparing to launch a Solana-based arcade game incubator in the second half of 2022.

About Solajump

Developed by Kokeshi Academy and NERD 148 Studios, Solajump is a fun and simple play-to-win NFT game on the Solana blockchain. It aims to revive the short gaming trend and enable players to not only achieve the highest score but also to win.

India may disallow Indians from trading crypto on foreign exchanges

A recent cabinet note shared by the government of India states the new crypto bill will be regulated by the Securities and Exchange Board of India (SEBI). It labels cryptocurrencies as crypto-assets” and might restrict Indians from trading cryptos on foreign platforms. 

As per NDTV, the cabinet note circulated suggests that a cut-off date will be declared for crypto holders in India, allowing them to disclose their holdings and bring them under locally-regulated crypto exchanges.

India may restrict crypto trading on foreign exchanges 

The new cabinet documents also notify that SEBI will keep a close watch on the cryptocurrency advancement in India. Crypto holders in India are said to be relieved, but further clarification is awaited since the bill is yet to be tabled in the parliament. 

Among the various litigations proposed are penalizing the violation of clauses to be met with strict punishment—including imprisonment for one and a half years—followed by a heavy penalty of upto Rs.5 crores ($667,500). NDTV also reports that violations involving sponsoring terror crimes will be evaluated under provisions of the Prevention of Money Laundering Act.

According to local publication Livemint, India is home to more than 10 million crypto investors and its citizens are rapidly showing interest in cryptocurrency trading. WazirX, one of India’s largest crypto exchanges by trading volumes, has recently reported increased user activity on its platform.

India’s crypto concerns

Indian Finance Minister Nirmala Sitharaman had earlier expressed her qualms on cryptocurrency trading in India, such as the possibility of increased fraudulent activities.

This is a risky area & not in a complete regulatory framework. No decision was taken on banning its advertisements. Steps are taken to create awareness through RBI&SEBI. Govt will soon introduce a Bill: FM Nirmala Sitharaman on Cryptocurrency during Question Hour in Rajya Sabha pic.twitter.com/WwopPdBQHg

— ANI (@ANI) November 30, 2021

A tweet posted by Prime Minister Narendra Modi on November 18 had also sparked speculation of a “ban” after he urged nations to protect their youth from “getting spoiled” by cryptocurrencies.

Take crypto-currency or bitcoin for example.

It is important that all democratic nations work together on this and ensure it does not end up in wrong hands, which can spoil our youth: PM @narendramodi

— PMO India (@PMOIndia) November 18, 2021

India is also gearing up to take responsive measures to restrict misleading ads on crypto, however, a concrete decision highlighting such measures is yet to be announced by the government. 

The post India may disallow Indians from trading crypto on foreign exchanges appeared first on CryptoSlate.

Crypto Price Analysis Dec-3: Ethereum, Binance Coin, Cardano, Solana, and Luna

Ethereum (ETH)

Ethereum acted as a locomotive in the last seven days, pulling most of the altcoin market back on the uptrend after the $4,000 support held well. ETH broke above the key resistance at $4,350 and stopped just $80 from reaching the all-time high at $4,868.

Due to the high volatility, the price is very close to last week’s analysis, charting only a small 1% increase. Nevertheless, ETH outperformed Bitcoin and drew a lot of attention.

The key challenge now for ETH is to 1) sustain the price above the critical resistance-turned-support at $4,350 and 2) attempt a break above the all-time high at $4,868. If successful, this can lead the market to a significant uptrend. Either way, the month of December should be very exciting for market participants.

Chart by TradingView

Binance Coin (BNB)

After falling under $600, BNB managed to make a quick recovery above this key level. Despite this, the price did not manage to make a higher high compared to the last weekly review and is at -2.3% in the past seven days.

As long as BNB manages to hold above the support at $600, the price has a good chance to explore higher levels and even attempt a break of the all-time high at $692. The BNB indicators are not particularly bullish right now, with the daily MACD failing to complete a bullish cross yesterday. Should that happen later, then the chances for BNB to go higher will increase significantly.

Until then, BNB can continue to consolidate above $600. All eyes remain on the market leaders, Ethereum and Bitcoin, to set the tone in the coming week.

Chart by TradingView

Cardano (ADA)

Volatility returned to ADA yesterday when the price increased by 10% in less than 4 hours. This is a welcome change after a poor performance in the previous weeks. On November 16th, ADA broke below the critical support at $1.9, and this level turned into an important resistance. Overall, in the past seven days, ADA’s price remained almost the same with a -1% difference.

For the cryptocurrency to reverse the downtrend, it has to break the resistance at $1.7 and $1.9, with the latter being the true test of this renewed volatility and momentum. Failure there might cause the price to remain under $1.9 for some time.

Looking ahead, there are some positive signs for ADA holders. The daily MACD painted a bullish cross, thanks to yesterday’s rally. If bulls can maintain this bullish momentum, ADA can finally return on the uptrend. The volume was significant, which is a sign of strength.

Chart by TradingView

Solana (SOL)

SOL had a great week with a nice 13% increase after it successfully tested the $190 level as support. At the time of this post, the price is sitting just under the key resistance found at $236. It is unlikely this level will hold SOL under it for long because the bullish momentum is building up.

The MACD, on the daily timeframe completed a bullish cross, and this is a key bullish signal that SOL may be entering into a sustained rally. The first confirmation of this will come if the cryptocurrency breaks above the key resistance at $236. Volume has also increased in the past week, showing that bulls have the upper hand. It is important to see if bears will come in force at this resistance level because if they don’t, then bulls will continue on their march higher.

The all-time high for SOL is at $259.90, which is not far from the current price. If bears are unsuccessful to step in at $234, then the all-time high is their last line of defense before SOL re-enters price discovery.

Chart by TradingView

Luna

The strongest performer this week, Luna, increased by 53%. This is a testament to the fundamentals behind this push, with TerraUSD stablecoin reaching $7.8 billion in market cap at the time of this post. On November 1st, the market cap was $2.8 billion. More Luna tokens need to be burned to increase the market supply of TerraUSD. This creates demand for Luna, and it reduces its circulating supply. Taken together, this exercises a significant buy pressure on the token.

With that said, Luna made a new all-time high today and reached $69.66, the highest price on record. This level is likely to act as resistance as on lower timeframes like 4 hours, the RSI shows a bearish divergence. A short pullback would not be surprising as the bulls rest before the next rally. On larger timeframes, Luna’s indicators remain extremely bullish. However, it is always best to be cautious during extremes.

Looking ahead, Luna has great support at $55. Should it enter a correction in the future, these levels should be well defended by bulls.

Chart by TradingView

Grammy-Nominated Producer Paul Caslin Founds Doge Dash: a New Play to Earn Game

[PRESS RELEASE – Please Read Disclaimer]

Grammy Nominated Producer and Director Paul Caslin is bringing his skills and contacts from the entertainment industry into crypto as the founder of Doge Dash: a new play-to-earn game.

“I was in the crypto space for the last year or so as an investor when it suddenly dawned on me that there was a HUGE hole in the market for a classic 2D side scrolling play-to-earn game where plays could simply collect coins, like in Super Mario, and those coins once collected would then be transferred to the players crypto wallets… I call it ‘crypto gaming made easy.’”

Paul is well renowned in the entertainment industry, having worked with the likes of Rihanna, Sir Paul McCartney, Eminem, and Justin Bieber, to name a few. He hopes to bring some of that “Hollywood” flair to crypto and make it appeal to a mainstream audience.

“The crypto space is so insular and inward facing, I’m trying to break down those walls and make it appealing to the 99% outside of the crypto bubble with simple yet effective marketing strategy and a kick ass game.”

In just 8 weeks since their stealth launch, Doge Dash has amassed over 55,000 holders, more than 5 million plays of the game demo at dogedash.com, and have had countless Youtube and TikTok features, all whilst trending number 1 on CoinMarketCap every week so far since launch.

The future is bright for Doge Dash with their first NFTs drop December 4th and the long-awaited game launch in mid-December— but that’s not all. They partnered with payment solutions provider ChangeNow to add a fiat on-ramp to the Doge Dash website to allow crypto newbies to easily buy DogeDash coins directly with a credit card. In Caslin’s eyes this is a major step to mainstream adoption: “I want to make buying DogeDash as easy as buying groceries at your local store”.

Maybe crypto mass adoption is closer than we think!

For more info visit Dogedash.com and you can watch the full interview at https://www.youtube.com/watch?v=vIbWfNJrGTI

About Us

Doge Dash is a Play-To-Earn game where players pay 100 DOGEDASH coins to enter and stand a chance of earning the 10,000 DOGEDASH coins available in the game. The Doge Dash Play-to-Earn game launches in time for Christmas, check back for more info. It will be worth the wait!

Ethereum Holds Key Support, What Could Spark A Fresh Rally

Ethereum is facing resistance near the $4,600 zone against the US Dollar. ETH must stay above $4,450 to start a steady increase in the near term.

Ethereum is consolidating above the key $4,450 support zone.
The price is now trading above $4,500 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $4,600 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh rally as long as it is above the $4,450 level and the 100 hourly SMA.

Ethereum Price Attempts Fresh Increase

Ethereum declined below the $4,500 support, but the bulls defended the $4,450 zone. ETH seems to be forming a base above the $4,450 support level and is slowly rising.

There was a break above the $4,500 level and the 100 hourly simple moving average. The price cleared the 23.6% Fib retracement level of the recent drop from the $4,780 swing high to $4,455 low. It is now consolidating above the $4,520 level.

An initial resistance on the upside is near the $4,600 level. There is also a major bearish trend line forming with resistance near $4,600 on the hourly chart of ETH/USD.

The first major resistance is near the $4,620 level. It is near the 50% Fib retracement level of the recent drop from the $4,780 swing high to $4,455 low. A clear move above the $4,600 and $4,620 levels could send the price further higher.

Source: ETHUSD on TradingView.com

The next major resistance is near the $4,705 level. Any more gains could lift the price towards the $4,800 resistance zone in the near term.

Fresh Drop in ETH?

If ethereum fails to start a fresh increase above the $4,620 level, it could start another decline. An initial support on the downside is near the $4,500 level.

The first key support is now forming near the $4,450 level. A downside break below the $4,450 support zone and the recent low might spark a major decline. In the stated case, the price may perhaps decline towards the $4,320 level. The next major breakdown support is $4,250, below which the price could decline towards $4,000.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now well above the 50 level.

Major Support Level – $4,450

Major Resistance Level – $4,620

Hololoot Is Redefining The Metaverse Using Augmented Reality

The metaverse is a blossoming industry and as with any growing body, it needs nourishment. This nourishment has come in the form of new technologies being introduced to the space, integrating novel technologies with AR/VR to deliver an immersive experience for metaverse users.

Granted, a lot of these projects will most likely not survive the next few years as the industry evolves. Nevertheless, some projects have shown the markings of promising futures and one of those is Hololoot.

Hololoot Cloud has torn down the barriers to entry for users in the metaverse space by providing a product that everyone can use no matter their skill or expertise level. For Hololoot, the metaverse isn’t just games and virtual lands but innovation at every level. Hololoot combines the innovation of the blockchain space with AR (Augmented Reality) to deliver one of the most sought-after solutions in the space.

Augmenting The Metaverse

As innovative as the metaverse has been, growing from a barely noticed industry to one worth billions of dollars, creators and developers in the space have mostly limited themselves to specific niches. None have explored much beyond Play-to-Earn (P2E) games and the clamor to own real estate in virtual reality spaces. As such, Hololoot has taken on the mission to create new spheres of the metaverse.

One way that Hololoot is doing this is through AR. Instead of going the route of VR (Virtual Reality) as so many others have done, Hololoot is using AR to integrate into the blockchain metaverse. This completely eliminates the limitations and bottlenecks of VR like the prohibitively expensive VR glasses and headgear required to get an immersive experience.

Integrating NFTs And AR

One of Hololoot’s key selling points is the ability to create AR assets and bring them into the metaverse. Users are able to add and remove digital assets permissionlessly within the app without possessing any sort of technical knowledge. Hololoot offers a no-code product in which users are free to create whatever they want.

Using Hololoot Cloud, users can quickly generate AR-enabled NFT assets within the app by uploading a 3D model to the platform. These could range from animated models to game assets. Whatever the case may be, users can quickly create AR NFTs using these 3D models and save themselves a lot of time. It’s a self-service model that is controlled by the user.

Hololoot’s users are also not subjected to any restrictions when they create their NFTs. Location and geography are no issues since location-based AR assets have already been identified as an incredible development in the space, and Hololoot provides a quick, simple, and efficient way to mint NFTs and create location-based AR assets.

Hololoot Gearing Up For The Future

Hololoot’s project has been positively received by the metaverse community. The project raised a whopping $2.75 million in its pre-sale round, which has helped expand its team to better position them for success. The project secured three launchpads – Enjinstarter, Synapse.network, and Seedify – and is in talks with various gaming projects including Nakamoto Games, Bloktopia, Age of Rust, and more. Hololoot has also partnered with Enjin for its marketplace and ScottyBeam for NFT teleportation.

The future is looking bright for the project as it continues its efforts in combining Cloud computing with AR and Machine Learning, alongside 3D animations, QA testing, and performance testing. It is expanding its team and has a marketing roadmap that rivals the best in the space.

 

Facebook to allow crypto ads after Meta rebrand

Meta has finally ended its ban on cryptocurrency ads and has introduced a statement that acknowledges that the company will now accept 27 regulatory licenses. With this announcement, Meta is reversing its previous policy that prohibited companies from running crypto ads on the social networking website Facebook. 

Meta It was later revealed it had earlier banned that the ban on running crypto ads on Facebook was imposed to prevent the spread of false information among its users. It further added that people.

Moreover, it was reported that Facebook wanted to prevent people from getting scammed by enticing offers of Initial Coin Offerings (IconsICOs) and deceitful cryptocurrency exchanges/deals. 

Facebook to run crypto ads 

In a note titled “Expanding Eligibility to Run Ads About Cryptocurrency,” the organization discussed how the cryptocurrency ecosystem has matured and stabilized over the years.

“We’re doing this because the cryptocurrency landscape has continued to mature and stabilize in recent years and has seen more government regulations that are setting clearer rules for their industry,” the note read

“These changes will help to make our policy in this space more equitable and transparent and help more advertisers, including small businesses, grow their audiences and reach more potential customers,” the note added.

Meta has greatly softened its stance on crypto ads and is all set to accept 27 regulatory licenses in a bid to expand its network. Advertisers will still, however, be required to submit their written applications seeking permission to run ads on cryptocurrency.

The recent change has already been met with positive feedback from the crypto community. 

Meanwhile, some say the new policy change is expected to spark the new interest of retail investors towards Meta which may help the organization secure more stable revenue and earnings. 

Henry Love, a former employee on Facebook’s business team said the company’s new policy is a huge opportunity for the crypto industry that will allow more retail investors to invest their stake in, and at the same time will help endorse crypto business without any additional intervention

The post Facebook to allow crypto ads after Meta rebrand appeared first on CryptoSlate.