There Remain a Few Months for Mining on Ethereum Due to Deferral of the Difficulty Bomb

Alexander Salazar
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There Remain a Few Months for Mining on Ethereum Due to Deferral of the Difficulty Bomb

The developers want to give customers time before they release some necessary upgrades to support the Bellatrix fork. That change on the network will allow monitoring of the activation of the difficulty bomb in Ethereum 2.0.

There could be another postponement of the difficulty bomb or increase in the mining difficulty on Ethereum to the maximum. The scheduled date was July 1st, but the developers agree it is better to defer it between 2 and 4 months. They want to allow all the actors on the network to prepare for the merge with Ethereum 2.0.

However, there must be an Ethereum Improvement Proposal (EIP) for developers, validator nodes and miners to approve. The proposed deferral ranges from 2 to 4 months, but developer Tim Beiko reported a slight preference for the shorter period.

The network can be ready for the difficulty bomb if the developers activate the Bellatrix hard fork in the Ethereum 2.0 Beacon Chain. That upgrade will monitor the activation of that maximum difficulty to start the Proof of Stake protocol.

The developers proposed to defer the difficulty bomb to give customers time before releasing their upgrades to support the Bellatrix fork. Beiko explained that they would be able to determine a specific value for the difficulty bomb after completing that part of the process.

Another condition they have already met before Bellatrix is that the Ethereum 2.0 Beacon Chain exists and is active. It has been working since December 2020 and has already exceeded 300,000 active validators.

The Developers Have Postponed the Difficulty Bomb Before

In early May, the Ethereum developers stated that they would activate the difficulty bomb in late June. However, that does not mean that its deferral is an unprecedented decision.

In December, they introduced the Arrow Glacier upgrade to discontinue the difficulty bomb. Previously, in January 2020, they had released Miur Glacier, another improvement with the same objective.

The developers seek to activate the difficulty bomb to discourage mining on that network. The difficulty of mining a block will gradually increase until it is practically impossible.

The Ropsten Testnet Warns Developers about the Need to Activate Bellatrix

Over the last few days, an issue with the Ropsten testnet caused it to stop working. A sudden rise in the hash rate activated the difficulty bomb too soon. The testnet froze for almost an hour as there was no active Beacon Chain or Bellatrix upgrade.

One of the reasons preventing that situation from happening on the Ethereum 2.0 mainnet was that the Beacon Chain of that network already exists. In addition, raising the hash rate until activating the difficulty bomb would require investing much money with low chances of succeeding.

Ether (ETH) is trading at around USD 2,000 and has accumulated a 10.1% gain over the last 24 hours. While its daily trading volume is above USD 18.30 billion, its market capitalization is about USD 604, 57 billion, according to CoinGecko.

By Alexander Salazar

Bitcoin Re-Attempts a Bullish Burst above $30,000

Jenson Nunez
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Bitcoin had shown its biggest week-start rally since April 25, a sign that Daily bitcoin settlements have declined in the last week.

May is reaching its end, and with nine consecutive weeks of low rates, the price of bitcoin registers an essential rebound at the beginning of the week since last April 25. For almost three weeks, the price has predominantly fluctuated between $28,000 and $31,000.

The bitcoin price is about USD 30,600, which represents a 4.5% rally in the last hours. This situation helped the market capitalization reach a peak registered at 4.22% or $50 million to reach $1.26 trillion. The bitcoin price crumbled down to 19.17% during May and 34% since the beginning of 2022.

Also, in the last week, a dominant decrease has appeared in daily settlements, both long and short positions, according to data brought by Coinglass.

Of USD 379 million of long positions liquidated last Wednesday, 25, 29 positions for USD 28.55 million got liquidated this Sunday. Similarly, liquidated short positions went from USD 263 million last Tuesday, the 24th, to USD 134 million this Sunday.

The Discussion About Bitcoin’s Future Price Continues

There are contrasting opinions regarding the evolution of bitcoin prices in the short and medium term. From the perspective of the most prominent investment banks in the United States of America, JPMorgan, bitcoin would fluctuate at least 30% below its fair price.

The financial institution foresees a medium-term recovery of the bitcoin and markets. Contrary to this bullish stance in the medium term, the number of bitcoin whales, or entities that control more than 1,000 BTC, is falling, as reported by various media outlets this past Sunday, May 29.

From its all-time high of more than 2,100 entities housing more than 1,000 BTC at the start of 2021, that number crumbled to 1,737, the lowest in 22 months. BTC faced a migration to exchanges, probably to get sold.

Generally, a decline in the number of bitcoin whales highlights a severe lack of trust in where the price of the leading digital asset goes.

The term bitcoin whales are the name that the crypto environment gives to the most prominent accumulators of the first cryptocurrency by market capitalization.

So, with these entities sending their Bitcoin holdings to exchanges, there is a clear bearish sign as the digital asset crumbles down to its lowest price level this year and still struggles to retake $30,000.

By: Jenson Nuñez

Argentine Congresspeople Propose to Remove 2 Zeros from the Peso while Citizens Turn to Bitcoin

Alexander Salazar
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Argentine Congresspeople Propose to Remove 2 Zeros from the Peso while Citizens Turn to Bitcoin

A congressman of Juntos por el Cambio (Together for Change) proposes that ARS 100 become equivalent to ARS 1. Argentine citizens buy Bitcoin and stablecoins to face uncontrollable devaluation and inflation of their national fiat currency.

The high inflation and devaluation of the Argentine fiat currency led national congressman Gerardo Milman of Juntos por el Cambio to introduce a bill. He proposed to remove two zeros from the peso a week after a debate that caused the design of new banknotes.

Article 1 of the bill establishes that the Central Bank of the Argentine Republic (BCRA) will issue banknotes and coins. Under Decree No. 2128/1991, the current Argentine peso will be worth one (1) cent.

If Congress approved that bill, 100 units of the current peso would become equivalent to 1 peso (ARS 1). That measure would prove the constant devaluation of the Argentine monetary system and the uncontrollable inflation.

In 1999, economist Aldo Abraham said that removing zeros from a local currency is neither a gain nor a loss. He thought it indicated that a country was doing something wrong, which led it to lose its purchasing power.

The Venezuelan government took a similar initiative in mid-2021 when it removed six zeros from the bolivar. That highlights an economic decline in which cryptocurrencies like Bitcoin (BTC) emerge as a hedge against inflation and devaluation.

For that reason, Argentina and Venezuela are the two Latin American countries with the highest adoption of Bitcoin (BTC) and stablecoins. Daniel Vogel, the CEO of the Bitso exchange, explained that Argentines turn to cryptocurrencies amid the unfavorable economic situation and restrictions on buying US dollars.

The executive said that citizens adopt Bitcoin and stablecoins massively due to the need to store value in the long term. He considers that economic difficulties that people go through make them see turning to cryptocurrencies as a  sensible decision.

The US Dollar Has Risen from ARS 1 to ARS 206.5 in Twenty Years

In 2022, the peso has devalued by over 35.52%, compared to the blue dollar, which is trading at ARS 206.5. That figure shows the collapse of the fiat currency from the 1:1 parity it had maintained with the US dollar until early 2002.

Gerardo Milman stated that the government changed the images on the Argentine peso without advancing the issuance of higher denomination banknotes. People can buy fewer things every day, which led the congressman to propose a bill to remove two zeros from the fiat currency.

However, the plans by the government regarding the currency are distant from the bill proposed by Milman. President Alberto Fernández recently announced that they would replace the animals on the banknotes with heroes like Eva Perón and José de San Martín.

The head of state avoided mentioning the word inflation and the low value of the peso. Miguel Pesce, the director of the Central Bank, clarified that they have no intention of creating larger banknotes, as they encourage digitizing the payment system.

Pesce said the government does not consider it necessary to issue a higher denomination banknote. However, creating larger bills will be inevitable at some point if the devaluation of the Argentine fiat currency and inflation progress.

By Alexander Salazar

According to Billionaire Tim Draper, Bitcoin Would Reach $250,000 Powered by Women’s Power

Jenson Nunez
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According to Billionaire Tim Draper, Bitcoin Would Reach $250,000 Powered by Women’s Power

According to billionaire investor Tim Draper, it will be women who will lead the next. Bitcoin bull market.

Billionaire Tim Draper, a renowned investor in digital assets and technology, has been talking with quite an enthusiasm about Bitcoin for a long time. Not only is he a holder of prominent cryptocurrencies and altcoins, but he has recently revealed the “secrets” to successfully putting money in BTC.

In a new interview, he highlighted that he believes the retail purchasing power of women, coupled with the reception of Bitcoin in retail stores, could boost the asset and send it to new highs above $250,000. He had already predicted this price before, only in 2021. He thinks he could reach it by the end of this year.

Forecast of USD 250,000 per BTC

Draper revealed to host Scott Melker on the YouTube show Wolf of All Streets that women could be a determining factor in boosting the largest cryptocurrency by market cap to $250,000 per coin.

They argue that as store owners start to receive BTC as payment with more enthusiasm, suddenly all women will have Bitcoin wallets and purchase goods with Bitcoin, then you will see a Bitcoin price that will surpássed the marked estimate of $250,000.

Draper believes that it is in retailers’ best interests to start receiving Bitcoin as soon as possible. He acknowledges that most store owners carry out their activities on low margins, so minimizing transaction fees compared to working with huge credit card entities Visa or Mastercard could increase BTC incentives.

The average credit card transaction costs merchants up to 2.9% in-store and 3.5% online per purchase, according to CreditDonkey. By comparison, the average BTC transaction fee is a flat $1.4 per transaction, according to Bitcoin data compiler BitInfoCharts.

Women in Power

Draper suggests that the benefit to retailers is obvious. He said women have control over 80% of retail spending.

Draper also added that including women should be a nice feature to get included in the crypto market. He expressed a 1:14 ratio of female Bitcoin holders to males, which got minimized to 1 female 6 for every six males. And there, he insists that the greater participation of women should make the process of adopting Bitcoin evolve to the next stage.

According to The State of Consumer Banking & Payments by research firm Morning Consult, other figures highlight that women currently make up 30% of all owners in the United States of America; according to The State of Consumer Banking & Payments by research firm Morning Consult.

The level of adoption Draper is waiting for may not be too far off, as Morning Consult found that around 24% of US households already have digital assets, marking a 2% increase from July 2021.

By: Jenson Nuñez

The University of São Paulo in Brazil Will Lead Research about the Metaverse

Jenson Nunez
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0
The University of São Paulo in Brazil Will Lead Research about the Metaverse

The University of São Paulo will focus their efforts in partnership with the United States of Mars team to lead research about fundamental aspects of human behavior, psychology, and 3D models within its metaverse.

The University of São Paulo (USP) in Brazil revealed that it would lead research primarily based on the metaverse. They will intend to understand how virtual spaces impact user interactions.

USP will Lead Research Focused on the Metaverse

USP highlighted this information in a statement revealed through its official website. It highlights that the respective research will take effect with a focus on 3D modeling, psychology, and human behavior to test the effectiveness of the items and virtual and augmented reality.

The study will happen with the operating team of the metaverse known as “The United States of Mars (USM).” To this end, the latter provided USP with an NFT representing a piece of land within the said ecosystem, which is under construction and receiving the support of other universities.

SP professor Marcos Simplicio commented that USP is the first university in Latin America to join efforts with USM to encourage the construction of its metaverse.

The association will count on a team of researchers from the University Blockchain Research Initiative agreement, supported by the Ripple solutions developer company.

The USM team expressed it is a great honor to have USP, the largest public university in Latin America, within the USM Metaverse. Together we will create whole new things to unleash the full potential of Web3 for users.

The Metaverse Arises

The initiative by USP comes amid the increasing boom that the metaverse is facing, a space that will be the evolution of the Internet soon. From a commercial point of view, more and more well-known brands want to have their spots within the metaverse. These spots added the talent show American Idol, sports channel and platform ESPN, and food entities like McDonald’s, KFC, and Pizza Hut.

Even the popular Listerine mouthwash will become part of the metaverse, not to mention many incredible musicians, actors, and other significant personalities of the entertainment business. Among the most prominent celebrities that will become part of the metaverse is the famous rapper Snoop Dog who wants to raise a cannabis farm on virtual land.

Surveys About The Metaverse in Brasil

The possibility that the population uses the metaverse is promising: 33% of Brazilians highlighted they should access the space, and another 33% almost ignored the issue. Likewise, 23% of those consulted did not show interest. The survey also highlighted that the majority, at least half, of the sample had shown enthusiasm about the metaverse, with 31% saying they are inspired.

By: Jenson Nuñez

Co-Founder of Microsoft Has a Multi-Million Dollar Short Position against the Electric Car Company Tesla

Alexander Salazar
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Co-Founder of Microsoft Has a Multi-Million Dollar Short Position against the Electric Car Company Tesla

Musk has stated that the attacks on Tesla by Bill Gates prove he is not serious about helping reduce global warming. The CEO of Tesla thinks it is wrong to insult billionaires, specifically if they use their wealth to make people happy.

Billionaire businessman Elon Musk recently said on Twitter that Bill Gates has a short position against Tesla. The CEO of the electric car company added that he would now need between USD 1.5 and USD 2 billion to close it.

Musk explained that the short position initially amounted to USD 500 million but increased after Tesla rose significantly.

The entrepreneur conducted a survey to ask his followers to decide who they trusted less between politicians and billionaires. Over 75% of the respondents said they had less confidence in politicians.

In addition, Musk replied to conservative author Brigette Gamble that he did not trust Bill Gates. He expressed that Gates has a short position against Tesla while claiming to help reduce global warming.

The shares of Tesla recently rose by 7.33% but have gone down by almost 37% in 2022. According to MarketWatch, those shares are trading at USD 765.17 while writing this article.

That is not the first time Musk has criticized Bill Gates for betting against Tesla stock. He has stated that the attacks on Tesla by the co-creator of Microsoft prove he is not serious about his fight against climate change.

A short position in stocks is a financial trade done to earn a profit when the value of an asset decreases.

Musk Thinks It Is Foolish to Use the Word Billionaire as an Insult

Before conducting his survey, Musk commented on Twitter that it is wrong and foolish to use the word billionaire as an insult. In that sense, he said that he was using his wealth to create products that make millions of people happy.

One hour later, the CEO of Tesla carried out a survey to ask his 95 million followers who they trusted less between politicians and billionaires. The consultation revealed that over 2.5 million users had less trust in politicians.

Musk tagged Democratic congresswoman Alexandria Ocasio-Cortez, who recently said she would replace her Tesla with an electric car made by a unionized company. At the same time, the businessman publicly challenged the government official to conduct the same survey on her Twitter account.

Tesla has generated controversy concerning its labor treatment due to numerous conflicts with labor unions.

The pro-billionaire tweets from Musk arrived just as the World Economic Forum in Davos, Switzerland, ended. That meeting among tycoons and billionaires has faced many criticisms because some people with considerable fortunes do not help solve current world problems. That is particularly evident in the current situation in which energy, food, and fuel prices have reached unprecedented highs.

According to American business magazine Forbes, Elon Musk is currently the wealthiest person, with a fortune amounting to USD 219 billion. In December, news magazine Time also commented that he is one of the most influential men in the cryptocurrency ecosystem.

By Alexander Salazar

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