16 Blockchain Disruptions (Infographic)

Blockchain technology is claimed to be according to blockchain proponents to be one of the most impactfull discoveries in the recent history. It is promised to have a massive potential to change how we handle online transactions. Despite some skeptics, the majority of experts agree that blockchain has the potential to disrupt the banking and financial industry, and many other ones! To put it simply, blockchain enables decentralized transactions across a P2P network. There are applications where those propertied can be very useful, but there are many cases where blockchain migh not be the best solution even though it is hyped to be solution for very many application (remember to ask Do you need a blockchain? often).

This 16 Blockchain Disruptions (Infographic) by bitfortune.net tries to help you understand how the blockchain technology can and will improve 16 different industries, from music to government.

Infographic by bitfortune.net

1,206 Comments

  1. Tomi Engdahl says:

    China to create own NFT industry based on state-backed blockchain infrastructure, main developer says
    https://www.scmp.com/tech/policy/article/3163094/china-create-own-nft-industry-based-state-backed-blockchain

    The BSN-Distributed Digital Certificate does not support crypto-transacted NFTs, and will allow businesses and individuals to build apps and portals to manage tokens
    The new infrastructure has the potential to disrupt the current industry, having already attracted more than 20 partners

    Reply
  2. Tomi Engdahl says:

    An NFT collection of 10,000 Wall Street bulls sold out in 32 minutes, and soon risk-hungry collectors can double down or lose it all through a new gamification feature
    https://markets.businessinsider.com/news/currencies/wall-street-bull-nft-collection-gamification-wallstreetbets-crypto-2022-1

    Reply
  3. Tomi Engdahl says:

    Fais Khan / startups and econ:
    Analysis: Coinbase influences cryptocurrency returns, most coins underperform BTC and ETH over time, and VC-backed coins give the worst returns of all

    “You Don’t Own Web3″: A Coinbase Curse and How VCs Sell Crypto to Retail
    https://startupsandecon.substack.com/p/you-dont-own-web3-a-coinbase-curse

    Marc Andreessen’s been a bit thin skinned lately.

    Is he worried that the jig is up?

    Jack Dorsey has been all-in on calling out VCs for profiting from altcoins, even as they claim to push “decentralization.” That got me thinking: Marc Andreessen actually has a seat on Coinbase’s Board of Directors. Meanwhile, Coinbase lists his coins to the public. Isn’t that a conflict of interest?

    If coins, especially VC-backed coins, consistently underperformed Bitcoin/Ethereum after listing on Coinbase, that says to me that insiders were waiting for a big, dollar-based exchange to list so they could sell – VCs taking profits at the expense of retail. Those insiders include venture capital firms like a16z and, incredibly, Coinbase’s own venture arm, which has a number of investments listed on Coinbase. Other exchanges like Kraken, FTX, and Gemini are also all active in venture, and have listed their own investments.

    Reply
  4. Tomi Engdahl says:

    “Useimmat elsalvadorilaiset eivät kuitenkaan ole ottaneet Chivoa käyttöön, eivätkä lompakossa olevat bitcoinit edes ole oikeita bitcoineja.

    – Ne eivät ole oikeita lohkoketjussa olevia bitcoineja, vaan sen Chivo-lompakon tehneen firman myöntämiä bitcoineja. Vaikka haluaisi maksaa bitcoineilla, se ei onnistu niillä välineillä, jotka valtio on tarjonnut, Grym selittää.*

    “Kuin nettikasinoa valtion rahoilla” – El Salvadorin bitcoin-kokeilu on ollut vaarallinen pannukakku
    https://yle.fi/uutiset/3-12273060?origin=rss

    Virallisen valuutan asemasta huolimatta bitcoineilla ei todellisuudessa voi maksaa El Salvadorissa, eikä siinä ole asiantuntijan mukaan mitään yllättävää.

    Reply
  5. Tomi Engdahl says:

    NFT Group Buys Copy Of Dune For €2.66 Million, Believing It Gives Them Copyright
    https://www.iflscience.com/technology/nft-group-buys-copy-of-dune-for-266-million-believing-it-gives-them-copyright/

    group of crypto enthusiasts has made an unusual purchase: a rare copy of Dune, by science fiction writer Frank Herbert, for a staggering €2.66 million ($3.04 million).

    It’s an odd occurrence when a book expected to fetch €25,000 goes for many times that amount, but the stranger part is that the buyers – a collective called SpiceDAO – appear to believe that owning an early copy of the hit sci-fi about space worms gives them the copyright, to do with what they will.

    “We won the auction for €2.66M,” SpiceDao wrote on Twitter. “Now our mission is to: 1. Make the book public (to the extent permitted by law). 2. Produce an original animated limited series inspired by the book and sell it to a streaming service. 3. Support derivative projects from the community.”

    In fact, they have bought none of these rights. They have bought a book. This is like picking up a copy of Lord of The Rings and believing you can make the official film yourself now.

    In the plan, they talk about buying a book, converting it into JPGs, then burning the book, meaning that the “only copies” remaining will be the JPGs.

    The poster believed that this would enhance the value of the NFT chain as the only legal copy of the book, and would be an “incredible marketing stunt” and may even present an opportunity to sell a video of them burning the book as an NFT.

    In their announcement for having purchased the book (which again is not the copyright) however, their goal appeared to be to allow others to read it by making it public, before releasing an animated series of the novel, which would undoubtedly get them sued into the ground by the actual copyright holders, currently The Herbert Limited Partnership, should they so choose.

    Reply
  6. Tomi Engdahl says:

    Crypto Enthusiasts Meet Their Match: Angry Gamers
    Game publishers are offering NFTs, but skeptical gamers smell a moneymaking scheme and are fighting back.
    https://www.nytimes.com/2022/01/15/technology/cryptocurrency-nft-gamers.html

    Reply
  7. Tomi Engdahl says:

    Olga Kharif / Bloomberg:
    BitPay says Bitcoin use by its merchants fell to ~65% of crypto payments, down from 92% in 2020, as Ether purchases rose to 15% and stablecoins grew to 13%
    https://www.bloomberg.com/news/articles/2022-01-16/bitcoin-s-dominance-of-crypto-payments-is-starting-to-erode

    Reply
  8. Tomi Engdahl says:

    Lauren Thomas / CNBC:
    Recent filings from Walmart, including seven US trademark applications, indicate a possible plan to develop and offer virtual goods, NFTs, and a cryptocurrency

    Walmart is quietly preparing to enter the metaverse
    https://www.cnbc.com/2022/01/16/walmart-is-quietly-preparing-to-enter-the-metaverse.html

    Walmart appears to be venturing into the metaverse with plans to create its own cryptocurrency and collection of NFTs.
    The big-box retailer filed several new trademarks late last month that indicate its intent to make and sell virtual goods.
    In a separate filing, the company said it would offer users a virtual currency, as well as non-fungible tokens, or NFTs.

    Walmart appears to be venturing into the metaverse with plans to create its own cryptocurrency and collection of nonfungible tokens, or NFTs.

    The big-box retailer filed several new trademarks late last month that indicate its intent to make and sell virtual goods, including electronics, home decorations, toys, sporting goods and personal care products. In a separate filing, the company said it would offer users a virtual currency, as well as NFTs.

    According to the U.S. Patent and Trademark Office, Walmart filed the applications on Dec. 30.

    “They’re super intense,” said Josh Gerben, a trademark attorney. “There’s a lot of language in these, which shows that there’s a lot of planning going on behind the scenes about how they’re going to address cryptocurrency, how they’re going to address the metaverse and the virtual world that appears to be coming or that’s already here.”

    Reply
  9. Tomi Engdahl says:

    Stephen Graves / Decrypt:
    Coinbase partners with Mastercard to let users pay with a credit card in its upcoming NFT marketplace, solve “pain points”, and classify NFTs as “digital goods” — Crypto exchange Coinbase has announced a partnership with Mastercard to simplify the process …

    Coinbase NFT Marketplace Will Enable Purchases With Mastercard
    https://decrypt.co/90618/coinbase-nft-marketplace-will-enable-purchases-with-mastercard

    Crypto exchange Coinbase has announced a partnership with Mastercard to address the ‘pain points’ of purchasing NFTs.

    Crypto exchange Coinbase has announced a partnership with Mastercard to simplify the process of purchasing non-fungible tokens (NFTs) on the crypto exchange’s forthcoming NFT marketplace.

    The partnership will see Coinbase working with Mastercard to classify NFTs as “digital goods,” which will, it claims, enable “a broader group of consumers to purchase NFTs.” The crypto exchange also promised to “unlock a new way to pay using Mastercard cards.”

    In a blog post announcing the news, Mastercard wrote, “Buying digital goods should be as simple as buying a T-shirt or coffee pods on an e-commerce site,” arguing for a “one click” path to purchasing NFTs.
    Solving NFT ‘pain points’

    “We want to make the process of buying NFTs very easy,” said Coinbase senior product director for payments and commerce Prakash Hariramani, in an interview accompanying the news release. Hariramani argued that having provided an “on-ramp to crypto” for newcomers to the space, Coinbase sees its NFT marketplace as doing the same for NFTs. “We want to do the same thing for NFTs with Mastercard by solving the pain points—to make it as easy as possible to buy an NFT and make sure it’s the best consumer experience,” he said.

    Making it easier for everyone to buy NFTs
    https://www.mastercard.com/news/perspectives/2022/coinbase-nft-marketplace-making-it-easier-for-everyone-to-buy-nfts/

    Buying digital goods should be as simple as buying a T-shirt or coffee pods on an e-commerce site. You can make your purchase with one click — that’s it.

    That’s not the case for many NFTs, or non-fungible tokens. Today, if you want to buy an NFT — such as a digital art piece — you first need to open a crypto wallet, buy crypto, then use it to purchase an NFT in an online marketplace.

    Cryptocurrency enthusiasts are used to this process. But for most people, it’s not simple, it’s not intuitive. We think it should be much easier. That will ensure NFTs can be for everyone.

    As an important step in this mission, we’re excited to announce today that we’re partnering with Coinbase to let people use their Mastercard cards to make purchases on Coinbase’s upcoming NFT marketplace.

    We’re working to make NFTs more accessible because we believe tech should be inclusive. When more people are included in new technologies, it spurs innovation, helps economies grow and expands choices for consumers.

    For NFTs specifically, many of these digital goods are created by musicians, artists and video game designers. Expanding the audience for NFTs allows this burgeoning market to support more creators and could spark the next evolution of digital commerce.

    Reply
  10. Tomi Engdahl says:

    The UK’s ad-fuelled boom in crypto trading looks to be headed for major speed restrictions: The country’s financial watchdog said it will beef up rules around marketing of crypto assets and could even put limits on who can invest, following government confirmation yesterday that it will extend the regulator’s remit to cover crypto.
    https://techcrunch.com/2022/01/19/a-hard-rain-is-coming-for-uks-crypto-boom/?tpcc=tcplusfacebook

    Reply
  11. Tomi Engdahl says:

    Bitcoin Cityn toimitusjohtaja
    El Salvadorin presidentti Nayib Bukele hehkuttaa kryptovaluuttoja ja hiljentää kriitikkonsa.
    https://www.hs.fi/talous/art-2000008517862.html

    Reply
  12. Tomi Engdahl says:

    Korkea EU-viran­omainen vaatii valmistus­kieltoa – miten käy bitcoinin Euroopassa? https://www.is.fi/digitoday/art-2000008551255.html

    Reply
  13. Tomi Engdahl says:

    Lucas Matney / TechCrunch:
    POAP, or Proof Of Attendance Protocol, which issues NFTs as “mementos” to attendees of real-world events, raises a $10M seed led by Archetype and Sapphire Sport — If blockchains are immutable records of our digital history, what kinds of history do we want to inscribe on them?

    Web3 ‘Proof of attendance’ startup raises $10M to mint shared memories as NFTs
    Lucas Matney@lucasmtny / 9:38 PM GMT+2•January 19, 2022
    https://techcrunch.com/2022/01/19/web3-proof-of-attendance-startup-raises-10m-to-mint-shared-memories-as-nfts/

    If blockchains are immutable records of our digital history, what kinds of history do we want to inscribe on them? Predictably, most records thus far have been transaction data, but as entrepreneurs expand their ambitions for NFTs, startups are aiming to tie those asset transactions to real world events and interactions.

    POAP, which stands for Proof Of Attendance Protocol, wants to dial deeper into the idea of using NFT’s to create internet communities, with a protocol that helps build more active communities and award individual participation like taking part in an event. POAP is organized around badges as the visual signifier of their protocol. In the real world, a user could scan a QR code to received an NFT memento that could unlock admission to an online community and earn them future drops.

    POAP met some challenges in 2021 as NFT community growth accelerated and the number of people looking to tap into their platform created an overwhelming influx of spam that brought the platform to a crawl. In a blog post, the company says it plans to use its new funding to invest in its application and platform layers.

    Reply
  14. Tomi Engdahl says:

    Steve Dent / Engadget:
    Opera unveils Crypto Browser Project, a beta browser for Windows, Mac, and Android, with a crypto wallet, access to crypto/NFT exchanges, dApps, and more — Opera has launched its Web3 “Crypto Browser” into beta with features like a built-in crypto wallet, easy access to cryptocurrency/NFT exchanges …

    Opera launches a dedicated crypto browser
    The ‘Crypto Browser’ is now available in beta on Windows, Mac and Android.
    https://www.engadget.com/opera-is-making-a-dedicated-crypto-browser-112602524.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cudGVjaG1lbWUuY29tLw&guce_referrer_sig=AQAAABDaXZVJIhBqmwVQT38K2nTkL3PM89vnijBhYg6quctqCqPQLUnQBPrbcT_uDbtTt-m0hvg_LDQe0pfhm7TGzotHQ_d2MiitiAjkUYYCvcwfHbKsxwUbCfh8ldEk5Vv4lncJdLfuf_omPsmM0kpy0bGr5CN2KYMW29DrW7Q0RQaY

    Opera has launched its Web3 “Crypto Browser” into beta with features like a built-in crypto wallet, easy access to cryptocurrency/NFT exchanges, support for decentralized apps (dApps) and more. The aim is to “simplify the Web3 user experience that is often bewildering for mainstream users,” Opera EVP Jorgen Arnensen said in statement.

    A key feature is the built-in non-custodial wallet that will support blockchains including Ethereum, Bitcoin, Celo and Nervos from the get-go. It also announced partnerships with Polygon and others. The idea is to let you access your crypto without the need for any extensions, with the option of using third-party wallets as well. You can purchase cryptocurrencies via a fiat to crypto on-ramp, swap crypto directly in-wallet, send and receive it and check your wallet balance. It even has a secure clipboard that ensures other apps can’t data when you copy/paste.

    Reply
  15. Tomi Engdahl says:

    Booming NFT art market plagued by ‘mind-blowing’ fraud
    https://www.reuters.com/article/usa-tech-art/booming-nft-art-market-plagued-by-mind-blowing-fraud-idUSKBN2JS0YJ

    LOS ANGELES (Thomson Reuters Foundation) – Before he passed away in 2019, Dan Howard was a concept artist, working with major video game companies and posting his drawings online, where he had amassed a loyal fan base.

    In late 2021, an anonymous account online started auctioning off Howard’s work as non-fungible tokens (NFTs), a kind of digital asset often linked to an image or piece of artwork.

    Howard’s family only found out about the sales when a fan alerted them.

    “We felt like we’d been the victim of a high-tech grave robbery,” his brother Donovan, told the Thomson Reuters Foundation in a phone interview.

    Donovan emailed OpenSea, the NFT marketplace where his brother’s work was posted, and the platform removed the auction a few days later – but within weeks, more images were up for sale.

    “We felt helpless,” said Donovan, who is still waiting for OpenSea to take down the latest forgeries.

    Reply
  16. Tomi Engdahl says:

    Financial Times:
    Sources: Meta is working on plans to let users create and sell NFTs on Facebook and Instagram, show NFTs on user profiles, and is considering an NFT marketplace — Facebook’s parent draws up plans to allow users to create and sell non-fungible tokens, seeking to enter hype-fuelled $40bn market
    https://www.ft.com/content/2745d50b-36e4-4c0a-abe0-e93f035b0628

    Reply
  17. Tomi Engdahl says:

    Reuters:
    Russian’s central bank proposes banning the trading, use, and mining of cryptocurrencies on Russian territory, citing threats to financial stability — Russia’s central bank on Thursday proposed banning the use and mining of cryptocurrencies on Russian territory, citing threats to financial stability …
    https://www.reuters.com/business/finance/russian-cbank-proposes-banning-cryptocurrencies-crypto-mining-2022-01-20/

    Reply
  18. Tomi Engdahl says:

    Thursday January 20, 2022
    Bitcoin Prediction
    https://dilbert.com/strip/2022-01-20

    Reply
  19. Tomi Engdahl says:

    A top financial regulator has called for Proof-Of-Work crypto mining to be banned.

    Energy-Guzzling Cryptocurrency Mining Method Should Be Banned, EU Regulator Says
    https://www.iflscience.com/technology/energyguzzling-cryptocurrency-mining-method-should-be-banned-eu-regulator-says/

    A top financial regulator has suggested the European Union (EU) should ban an energy-hungry process used to mine cryptocurrency.

    Erik Thedéen, the vice-chair of the European Securities and Markets Authority and Director-General of the Financial Services Authority of Sweden, told the Financial Times he supports an EU-wide ban on “proof of work” cryptocurrency mining. He suggested a move towards “proof of stake” protocols, which is notably less energy-intensive.

    Thedéen said “proof of work” mining had become a significant issue in his homeland of Sweden, fearing the process threatens to undermine climate goals because it requires so much energy.

    “The solution is to ban proof of work,” Thedéen said. “Proof of stake has a significantly lower energy profile.”

    “We need to have a discussion about shifting the industry to a more efficient technology,” he added.

    Some of the biggest cryptocurrencies – including Bitcoin and Ethereum – rely on energy-guzzling proof of work protocols, although Ethereum has started rolling out a series of upgrades called Ethereum 2.0, including a transition to proof of stake.

    Some prominent proof of stake platforms include Cardano, Avalanche, Polkadot, Solana, Algorand, and Tezos.

    Reply
  20. Tomi Engdahl says:

    Student accidentally becomes a millionaire after turning selfies into NFT as a joke
    https://lm.facebook.com/l.php?u=https%3A%2F%2Fwww.independent.co.uk%2Flife-style%2Fgadgets-and-tech%2Fnft-cryptocurrency-selfie-crypto-b1996276.html%3Futm_content%3DEchobox%26utm_medium%3DSocial%26utm_source%3DFacebook%23Echobox%3D1642622641&h=AT2BgoRBWAXCXy1c0z37CbkgfAijD4pz59nZFh-vHKOYSnYzD5cljLjDgz10oonIHi58wPiB_iadLpgALmgAORnHI-5nZN5B1IfHLVGr_YgU_RoSNZtLeDM9ndTQs274JQ

    ‘I was thinking it might be funny if one of the collectors collected my face,’ 22-year-old says

    A student in Indonesia has made a fortune after turning a collection of selfies into non-fungible tokens (NFTs) because he thought “it might be funny”.

    The 22-year-old originally priced each one at just 0.00001 ETH ($3 ) but they soon sky-rocketed in value after gaining the attention of high-risk crypto traders, with individual images now selling for more than $10,000.

    “Uploading my photo into NFT lol,” he tweeted on 10 January.

    Reply
  21. Tomi Engdahl says:

    One of the largest hubs for Bitcoin mining is now calling for a complete halt to all crypto in the country.

    Russia Proposes Ban On Crypto Trading And Mining
    https://www.iflscience.com/technology/russia-proposes-ban-on-crypto-trading-and-mining/

    Russia, one of the world’s biggest centers for Bitcoin mining, has proposed a ban on all cryptocurrency operations in the country – a move that would outlaw the purchase of crypto for fiat currency, and stop financial institutions from carrying out any operations with cryptocurrencies.

    In a report published Thursday, the country’s central bank compared cryptocurrencies like Bitcoin to a pyramid scheme, noting that “their price growth is largely supported by demand from new entrants to the market.” Cryptocurrency’s completely bonkers volatility, which is a feature, not a bug, was also noted in the report as being “defined primarily by speculative demand for future growth, which creates bubbles” – thus threatening financial stability and citizens’ wellbeing.

    “We consider it very important to ban using Russian financial infrastructure to obtain cryptocurrency,” said Elizaveta Danilova, head of the central bank’s financial stability department, per the Financial Times. “We think this will help remove a significant part of the risks and ensure that cryptocurrency won’t be so popular.”

    Reply
  22. Tomi Engdahl says:

    The Graph, the ‘Google of Blockchains,’ Raises $50M in Round Led by Tiger Global
    The protocol indexes data across 26 blockchains.
    https://www.coindesk.com/business/2022/01/21/google-for-blockchains-the-graph-raises-50m-led-by-tiger-global/

    The Graph, a startup that likens itself to Google, but for indexing information that lives on blockchains, has raised $50 million in a funding round that was led by Tiger Global Management.

    Blockwall Digital, Fenbushi Capital, FinTech Collective and Reciprocal Ventures also participated in the round, which was announced Thursday.

    A large amount of connective tissue is needed to make the blockchain-based next generation of the internet, known as Web 3, function properly. The Graph is a protocol for indexing and querying blockchain data using open-source APIs, called subgraphs, that let developers easily access that data. An API, or application programming interface, is a way for two computer programs to interact.

    The Graph supports indexing data from 26 different blockchain networks, including Ethereum, Near, Arbitrium, Optimism, Polygon, Avalanche, Celo, Fantom, Moonbeam and IPFS.

    “The Graph is one of the most important pillars of the decentralized web.”

    Reply
  23. Tomi Engdahl says:

    Meta to join the NFT rush? Here’s what’s said to be in the works at Facebook and Instagram
    https://www.bizjournals.com/sanjose/news/2022/01/20/meta-nft-facebook-instagram-projects.html?ana=TRUEANTHEMFB_JO&csrc=6398&utm_campaign=trueAnthem%3A+Trending+Content&utm_medium=trueAnthem&utm_source=facebook

    Mark Zuckerberg demonstrates the metaverse at the Facebook Connect event in October 2021. He said at the time that NFTs would be supported within the metaverse.

    Meta Platforms Inc. (Nasdaq:FB) reportedly wants in on the race to monetize nonfungible tokens, with plans being worked on at both Facebook and Instagram.

    With the global NFT market surging to about $40 billion in 2021, the Financial Times reports that Meta’s plans are still in the early stage and subject to changes.

    Facebook and Instagram are reported to be working on ways to let users display their NFTs — a blockchain-linked digital token that represents ownership over a unique piece of art or imagery — on their profiles. Also potentially in the works are ways for users to create their own NFTs, as well as a marketplace to buy and sell them.

    Reply
  24. Tomi Engdahl says:

    This web3 startup has no HQ, no CEO and no VC funding
    https://www.bizjournals.com/sanjose/inno/stories/news/2021/12/29/humandao-web3-token-sale-2021.html

    It started out as quality time with his kids. They were gaming together and Christopher Chase realized that there was an opportunity to expand access to cryptocurrency beyond gamers and beyond the borders of wealthy nations.

    So he founded humanDAO at the end of September, launched it the next month and minted a token ($HDAO) at the beginning of December. The token is not currently listed on Coinbase’s exchange, but is worth around 10 cents, I’m told.

    “humanDAO is an open organization with the goal of improving human lives by connecting people all over the world to the new opportunities in the crypto digital economy,” a welcome message on its Discord server says.

    The premise of web3 is the decentralization of power, finance, decision-making, commerce and ownership on the internet. But there’s no consensus about how that will best be achieved, if it’s to be realized at all.

    Reply
  25. Tomi Engdahl says:

    Russia’s Putin out the idea of a broad cryptocurrency ban
    Central bank worries that block-bucks reduce government control and are used by crims
    https://www.theregister.com/2022/01/21/russia_cryptocurrency_ban_consultation_paper/

    Reply
  26. Tomi Engdahl says:

    Intel Has Two Generations of Bitcoin ASIC: BZM1 is Built on 7nm, 137 GigaHash/sec at 2.5 W
    https://www.anandtech.com/show/17218/intels-next-gen-bitcoin-asic-called-bzm2-built-on-7nm-137-gigahashsec-at-25-w

    It has been noted in the media that at the upcoming ISSCC conference at the end of February, Intel is set to give a talk entitled ‘Bonanza Mine: An Ultra-Low Voltage Energy Efficient Bitcoin Mining ASIC’. It already has a lot of attention, as it confirms the fact that Intel is working towards blockchain-enabling hardware. Through a number of channels, we’ve been able to acquire more details about this chip ahead of the conference.

    Reply
  27. Tomi Engdahl says:

    Major Swedish Power Company Defends Bitcoin Mining as Regulators Propose Ban
    https://cryptonews.com/news/major-swedish-power-company-defends-bitcoin-mining-as-regulators-propose-ban.htm

    A joint statement from the directors-general of the Swedish Financial Supervisory Authority and the Swedish Environmental Protection Agency has called for a total ban on proof-of-work mining of cryptocurrencies, such as Bitcoin (BTC), within the EU. Meanwhile, Sweden’s state-owned power company is publicly defending crypto mining, saying it has the potential to balance the load on power grids.

    According to the joint statement, crypto miners have taken a keen interest in the Nordic region because of the access to renewable energy in the region. It added that this is not in Sweden’s interest, because the country “needs the renewable energy targeted by crypto-asset producers for the climate transition,” as well as for its ability to meet the Paris Climate Accords goals.

    “Energy-intensive mining of crypto-assets should therefore be prohibited,” the statement went on to say, while also describing the “social benefit” of digital assets as “questionable.”

    Reply
  28. Tomi Engdahl says:

    Facebook and Instagram may help you create and sell NFTs
    https://www.engadget.com/facebook-instagram-nft-creation-sales-141156280.html?src=rss

    Meta might be the next to hop on the NFT bandwagon. The Financial Times’ sources claim Meta is developing ways to create, display and sell NFTs on Facebook and Instagram. The company’s Novi wallet technology would power much of the “supporting functionality,” one tipster said. Instagram is reportedly testing a way to showcase NFTs, while Meta is also said to be discussing a marketplace that would help you buy or sell these digital collectibles.

    The company has already declined to comment, and the sources cautioned the effort was still early and could change.However, Instagram leader Adam Mosseri said in December that his social network was “actively exploring” NFTs. The technology is on the company’s mind, at least.

    Meta might be the next to hop on the NFT bandwagon. The Financial Times’ sources claim Meta is developing ways to create, display and sell NFTs on Facebook and Instagram. The company’s Novi wallet technology would power much of the “supporting functionality,” one tipster said. Instagram is reportedly testing a way to showcase NFTs, while Meta is also said to be discussing a marketplace that would help you buy or sell these digital collectibles.

    The company has already declined to comment, and the sources cautioned the effort was still early and could change.However, Instagram leader Adam Mosseri said in December that his social network was “actively exploring” NFTs. The technology is on the company’s mind, at least.

    Reply
  29. Tomi Engdahl says:

    The Problem With NFTs
    https://m.youtube.com/watch?v=YQ_xWvX1n9g

    If someone pitches you on a “great” Web3 project, ask them if it requires buying or selling crypto to do what they say it does.

    Sources and Further Reading
    https://web3isgoinggreat.com/
    https://tante.cc/2021/12/17/the-third
    https://davidgerard.co.uk/blockchain/
    https://amycastor.com/2021/03/14/meta
    https://www.stephendiehl.com/blog/cry
    https://blog.mollywhite.net/blockchai
    https://www.motherjones.com/politics/
    https://twitter.com/davetroy/status/1
    https://davidgolumbia.medium.com/cryp
    https://marker.medium.com/fintech-is-
    https://naavik.co/business-breakdowns
    https://www.gawker.com/culture/the-fu
    https://twitter.com/NFTtheft
    https://www.theatlantic.com/ideas/arc
    https://www.gamesindustry.biz/article
    https://www.technollama.co.uk/platfor
    https://davidgerard.co.uk/blockchain/
    https://twitter.com/Bitfinexed

    Written and performed by Dan Olson

    Crowdfunding: https://www.patreon.com/foldablehuman
    Twitter: https://twitter.com/FoldableHuman
    00:00:00 Preface
    00:01:12 0. In 2008 The Economy Collapsed
    00:07:09 1. Bitcoin
    00:18:18 2. Ethereum
    00:24:34 3. The Machine
    00:39:07 4. NFTs Exist To Get You To Buy Crypto
    00:57:54 5. The Unbearable Cringe Of Crypto
    01:11:46 6. A Self-Organizing High Control Group
    01:16:57 7. Crypto Reality
    01:25:36 8. There Is No Privacy On The Chain
    01:32:52 9. If This “Looks Like Scam” Then Every NFT Room I’m In Looks Like Scam LOL
    01:38:29 10. Play To Earn Exists To Get You To Buy Crypto
    01:46:39 11. We’re All Gonna Make It And By “We” I Mean “Us” Not You
    01:56:08 12. DAOs Exist To Get You To Buy Crypto
    02:13:21 13. I Know It’s Rigged, But It’s The Only Game In Town

    Reply
  30. Tomi Engdahl says:

    Bitcoin Falls Below $35,000 As Selloff Nears 50% From Record High
    https://lm.facebook.com/l.php?u=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fannakaplan%2F2022%2F01%2F22%2Fbitcoin-falls-below-35000-as-selloff-nears-50-from-record-high%2F%3Futm_campaign%3Dforbes%26utm_source%3Dfacebook%26utm_medium%3Dsocial%26utm_term%3DGordie&h=AT3MbRsPmrV183U-TNqzjWfFJLbXtepFaTQNlGk90GdJg07cXqu81zJUL2sMRPOaI9fBgc3QAiCj5813e9DqqCsmhv4X6Dd3GR2o4mXBmvTOLm9cVxQmMcDkiDaMfPXcKQ

    Bitcoin fell below $35,000 Saturday morning to its lowest level since July as a selloff continues in which the cryptocurrency has fallen almost 50% since its record high in November.

    Since it touched a record high of $69,044 in November, the leading cryptocurrency has lost more than $600 billion in market value.

    Other top digital currencies have continued their recent swoon, with Etherum off 13.3% over the past 24 hours and Binance Coin down 15.2%, according to CoinGecko.

    Investors sold cryptocurrencies earlier this month when the Federal Reserve announced it may move more quickly than expected to remove pandemic-era stimulus due to high levels of inflation. Crypto experts warned the currencies could be extremely volatile over the next few weeks, and Oanda Senior Market Analyst Ed Moya said in an email to Forbes, “The long-term outlook is still bullish for both the top two cryptocurrencies, but the short-term is looking ugly.”

    Reply
  31. Tomi Engdahl says:

    Rethinking the longevity of cryptocurrency’s pay-for-processing model
    https://techcrunch.com/2022/01/24/rethinking-the-longevity-of-cryptocurrencys-pay-for-processing-model/

    The pay-for-processing business model has always been a largely unquestioned mainstay within the cryptocurrency landscape. Since the inception of digital assets, investors, developers and enthusiasts have been subjected to paying a processing or “miner” fee on top of the cost of the actual token purchased.

    In April 2021, the average cost of sending bitcoin reached an all-time high of $59, surpassing its peak in December 2017, when the average transaction fees skyrocketed to $52. Then there’s Ethereum and its notoriously high gas fees. In 2021, the blockchain saw a number of crypto networks leaving Ethereum in search of more sustainable options such as rival blockchain Solana.

    Reply
  32. Tomi Engdahl says:

    This startup, newly funded by a16z, is producing NFTs as if they were widgets
    https://techcrunch.com/2022/01/25/this-startup-newly-funded-by-a16z-is-producing-nfts-as-if-they-were-widgets/?tpcc=tcplusfacebook

    While titans of tech argue over how different or not decentralized “web3” outfits will be compared to their unabashedly centralized predecessors, an ecosystem of companies is fast emerging to support one another — many with ties to each other, including backing from the same investors.

    Consider that late last summer, Andreessen Horowitz (a16z) invested in an outfit, Yield Guild Games (YGG), that invests in NFTs from blockchain-based games, then loans them out to people who use them and generate revenue as they play. Among the fastest growing of these games is “Axie Infinity,” where creatures can be bred to battle and ultimately, if they battle well, sold for a decent price.

    Enter BreederDAO, a months-old, Philippines-based “specialist manufacturer” of digital assets that will be used in blockchain-based games and virtual worlds, including “Axie Infinity.”

    Why fund an outfit that’s solely focused on producing digital assets as if they were widgets on a factory line? According to Arianna Simpson, the general partner at a16z who is leading many of these related efforts, it’s simple; demand for NFTs is beginning to outstrip supply. “We’re seeing so much demand and so much interest in the ability to play these games, that there is actually a shortage of the Axies and other end-game assets that you need in order to play them.”

    To ensure that their games offer enough liquidity to keep users engaged, she says, makers of these games and worlds have already proven very open to working with third-party outfits like YGG and similar “play-to-earn guilds” like Ready Player DAO and Earn Guild that similarly buy NFT gaming assets, then lease them to new players under revenue-sharing arrangements.

    As for the technical limitations that prevent the blockchain games from simply generating more NFTs themselves, there are none, evidently. Instead, says Simpson, though outfits like Sky Mavis have created the engines that enable them to produce NFTs, they don’t necessarily want to spend more focus on that aspect of their business than is necessary. She says to think of the whole process like a supply chain, wherein “you don’t have necessarily have one company producing everything end to end but rather you have different companies at different parts of the supply chain [that produce] a fully finished product.”

    Reply
  33. Tomi Engdahl says:

    3 ways investors can assess the strength of an NFT opportunity
    https://techcrunch.com/2022/01/24/3-ways-investors-can-assess-the-strength-of-an-nft-opportunity/?tpcc=ecfb2020

    Talk of NFTs may be filling board rooms and news feeds, but their complex and new nature makes it hard for investors to determine which projects show promise. In fact, only a small portion of investors are reaping the most profits from NFTs, according to a study by Chainalysis.

    NFTs are more than famous artworks, songs and tweets — they serve as part of the broader decentralization movement. From copyright enforcement to buying real estate and identity verification, NFTs play a big role in the remote,= digital world. In the first half of 2021, the NFT market cap grew 2,100%, reaching $2.5 billion in sales volume. Meanwhile, the creator economy boom has opened more doors for NFTs, as people don’t have to go through aggregators or intermediaries to create a token.

    Investors need to know the basics of NFTs and their potential, but they don’t need deep technical knowledge. That’s because the real value of any NFT project lies with the people building it. They are the ones who will sustain promising NFT projects as they face inevitable moments of volatility.

    Check if both the founder and tech are open
    The first NFT was created in 2014 and was sold only last year. The NFT marketplace is still in its infancy, and investors shouldn’t expect NFT projects to undergo the same vetting process as other tech initiatives. There aren’t sufficient data points available, nor the tools to track NFT performance. Instead, investors should be looking for transparency in a project’s leadership and tech infrastructure. It’s less about assessing the destination, and more about trusting that there’s a window to observe the journey.

    Reply
  34. Tomi Engdahl says:

    Bitcoinin arvo syöksylaskussa – krypton valuutaksi ottanut El Salvador ajautumassa perikatoon
    El Salvador hyväksyi bitcoinin viralliseksi valuutaksi vuoden 2021 jälkipuoliskolla. Muutos ei ole ollut mutkaton.
    https://www.iltalehti.fi/digiuutiset/a/eafb5c8e-199c-4e06-88f2-9b3672c426a6?utm_medium=Social&utm_source=Facebook#Echobox=1643047657

    El Salvadorin presidentti Nayib Bukele aiheutti runsaasti kohua kesällä 2021 kertoessaan, että maa ryhtyy hyväksymään bitcoineja virallisena maksuvälineenä. Bittiraha kävisi siis niin arkikaupoissa kuin huoltamoillakin, ja pankissa olevia varojaan voisi vaihtaa bitcoineiksi ja takaisin.

    Fortune kertoo, että El Salvadorin kansa, joka pitkälti ei ymmärrä kryptovaluuttojen toimintaa saati luota siihen, on vieroksunut bitcoinien käyttämistä.

    Reuters kertoi syyskuussa, että yhdeksän kymmenestä salvadorilaisesta ei tiennyt mikä bitcoin edes on, ja kahdeksan kymmenestä sanoi, että he eivät luota kuin käteiseen.

    Kansalaiset yksinkertaisesti kieltäytyvät käyttämästä bitcoinia.

    Sen seurauksena El Salvador on suistumassa taloudelliseen kriisiin.

    Tilannetta ei auta se, että Bukelen ajaessa niin Bitcoin Cityn ajatusta kuin maan siirtymistä bitcoinin käyttäjäksi oli bitcoinin arvo noin 60 000 dollarin lukemissa, ja nyt sen arvo on pudonnut alle 35 000 dollarin.

    – El Salvadorilla on kriisiytynein valtionvelka koko maailmassa, ja se johtuu tästä bitcoin-typeryydestä, sanoo Johns Hopkinsin yliopiston ekonomisti, professori Steve Hanke.

    –Markkinat uskovat Bukelen tulleen hulluksi

    Reply
  35. Tomi Engdahl says:

    The fund has previously called on El Salvadoran authorities to rethink bitcoin’s legal tender status due to its volatility, risks to consumer protection and financial concerns.

    IMF Urges El Salvador To Drop Bitcoin As Legal Currency Citing Financial Risks
    https://lm.facebook.com/l.php?u=https%3A%2F%2Fwww.forbes.com%2Fsites%2Flisakim%2F2022%2F01%2F25%2Fimf-urges-el-salvador-to-drop-bitcoin-as-legal-currency-citing-financial-risks%2F%3Futm_campaign%3Dforbes%26utm_source%3Dfacebook%26utm_medium%3Dsocial%26utm_term%3DGordie&h=AT2cgMnYdshSzIxVb_jQ1NzF6cpyef406F6zU05oAa2JLWRHgkHvQkBKEzVSEk0qUaMrROpuyIwzslpzfADUmMlW3NYP3ofKpRNBJ_leCJbWV2CzZnzzmIDIka3F31htLw

    The International Monetary Fund’s board again urged El Salvador to reverse its decision to make bitcoin legal tender in the country, pointing to financial risks tied to the leading cryptocurrency, it said in a statement Tuesday.

    El Salvador should “narrow the scope of the Bitcoin law by removing Bitcoin’s legal tender status,” the executive directors said in a statement, citing the cryptocurrency’s risks to “financial stability, financial integrity, and consumer protection.”

    El Salvador became the first and only country to adopt bitcoin as legal tender in September alongside the U.S. dollar.

    Bitcoin is the No.1 cryptocurrency by market capitalization, followed by Ethereum and Tether, according to Coin Gecko.

    El Salvador began purchasing bitcoin last year when it was trading at around $50,000 per token, and Bloomberg estimates the country has bought at least 1,801 coins. Most recently that country purchased 410 bitcoin for $15 million last Friday. Bitcoin has fallen nearly 50% since its peak in early November, which puts El Salvador’s loss at about $20 million, according to Bloomberg. The leading cryptocurrency was trading at $36,671 on Tuesday afternoon, a slight rise from Saturday when it fell below $35,000 and marked its lowest level since July. Bukele’s adoption of bitcoin was met with widespread protests as Salvadorans complained it would benefit investors and not regular people in the country, where nearly half of the population does not have internet access. 

    Reply
  36. Tomi Engdahl says:

    IMF Urges El Salvador to Discontinue Bitcoin’s Legal Tender Status
    The global financial institution said BTC’s use as legal tender poses risks to the country’s financial stability, integrity and consumer protection.
    https://www.coindesk.com/policy/2022/01/25/imf-urges-el-salvador-to-discontinue-bitcoins-legal-tender-status/

    Reply
  37. Tomi Engdahl says:

    Bitcoin encryption could be broken by futuristic quantum computers, researchers predict
    Quantum computers 300,000 times more powerful than those we have now would be able to break the blockchain’s protection
    https://www.independent.co.uk/tech/bitcoin-encryption-broken-quantum-computers-b2000379.html

    Reply
  38. Tomi Engdahl says:

    Crypto pioneer David Chaum says web3 is ‘computing with a conscience’
    https://techcrunch.com/2022/01/25/crypto-pioneer-david-chaum-says-web3-is-computing-with-a-conscience/

    His focus since the early 1980s, his company DigiCash sent the first digital payment in 1994, and he has since doubled down on blockchain and security.

    Chaum and his new company, xx.network, are future-proofing messaging by releasing the first “quantum-resistant” messaging app, a service that is purported to hold up to brute force attacks for decades to come. Called xxmessenger, the app launches today.

    “As has become obvious over the last 10 years, the most valuable resource in the 21st century is metadata,”

    Most of what we want to do digitally (and financially) is possible today, but it exists within a structure that lets a select few manipulate it for themselves.
    David Chaum

    TechCrunch: I’m sure you have an opinion on the current tech climate. What’s your take on the idea that web3 is owned by the VCs? Is web3 a real thing?

    David Chaum: In any iteration of the web, there will be powerful entities that come in and try to own the space. But VCs are not inherently bad — projects that help the greater good need to get funding from somewhere. The presence of VCs in the space simply indicates that there will be money to be made in DApps and in building the new, open-source, decentralized web.

    There will be difficulties to overcome in the mass move from a web owned by five main entities to one owned by absolutely no one, but we’re laying the stepping stones for that. Web3 is not complete, it’s just getting started.

    You’ve been in the industry for decades. What has changed in the past few years?

    Seems to me that Bitcoin and the like have created something that could no longer be ignored. Now the question is: How can it be brought to the general public in a way that they can readily adopt this next generation of information technology?

    The major platforms have been caught selling their users out, and in the process, deeply damaging the world. Davos attendees listed “lack of social cohesion” as one of the top issues today, 27% of them, whereas it has never even been in the traditionally slow morphing top ten of past years.

    Reply
  39. Tomi Engdahl says:

    The imminent collapse of #bitcoin has been announced by New York University #economist Angel Benches

    NYU professor announces Bitcoin’s imminent collapse
    https://bctd.news/posts/nyu-professor-announces-bitcoin-s-imminent-collapse

    There are still a lot of opponents of bitcoin and the crypto market among experts.

    Now the imminent collapse of bitcoin has been announced by New York University economist Angel Benches.

    He posted a post on Twitter with a forecast that shortly the cost of BTC and altcoins will collapse to zero. After that, you can forget about such tools, and they will go down in history.

    Thus, Benches confirmed his point of view, which he expressed earlier. In his opinion, bitcoin has no real value, and we are already seeing the depreciation of the cryptocurrency.

    The expert believes that fiat money is a more reliable tool.

    Reply
  40. Tomi Engdahl says:

    “Bitcoin has no real value” just like the rectangles of colored paper that we print. It only has value because we all agree it does.

    It has a value because we consider it valuable. Just like gold, ancient shells or stones with a hole in the middle. That’s the way it works.

    BTC can be used lots of places to buy things and if you can’t buy it directly you can trade it for fiat currency and then buy stuff.
    I can get fiat money with crypto = crypto has value

    Reply
  41. Tomi Engdahl says:

    “Fiat is more reliable” while
    Inflation continues to peak

    Reply
  42. Tomi Engdahl says:

    Long read but very interesting.

    “Instead of storing the data on-chain, NFTs instead contain a URL that points to the data. What surprised me about the standards was that there’s no hash commitment for the data located at the URL. Looking at many of the NFTs on popular marketplaces being sold for tens, hundreds, or millions of dollars, that URL often just points to some VPS running Apache somewhere. Anyone with access to that machine, anyone who buys that domain name in the future, or anyone who compromises that machine can change the image, title, description, etc for the NFT to whatever they’d like at any time (regardless of whether or not they “own” the token). There’s nothing in the NFT spec that tells you what the image “should” be, or even allows you to confirm whether something is the “correct” image.”

    My first impressions of web3
    https://moxie.org/2022/01/07/web3-first-impressions.html

    Despite considering myself a cryptographer, I have not found myself particularly drawn to “crypto.” I don’t think I’ve ever actually said the words “get off my lawn,” but I’m much more likely to click on Pepperidge Farm Remembers flavored memes about how “crypto” used to mean “cryptography” than I am the latest NFT drop.

    Also – cards on the table here – I don’t share the same generational excitement for moving all aspects of life into an instrumented economy.

    Even strictly on the technological level, though, I haven’t yet managed to become a believer. So given all of the recent attention into what is now being called web3, I decided to explore some of what has been happening in that space more thoroughly to see what I may be missing.

    Reply
  43. Tomi Engdahl says:

    Why Do People Think A “Crypto Winter” Is Coming?
    https://www.iflscience.com/technology/why-do-people-think-a-crypto-winter-is-coming/

    Oof. It’s a bad time to be a crypto bro (or sis). Not only did that guy get all his apes stolen; not only are you most likely being outperformed by a hamster right now; but if traders are to be believed, things are about to go full Game of Thrones. In short: Winter is Coming.

    WHAT IS A CRYPTO WINTER?
    Investors are worried. “The mass marketing of bitcoin reminds us of the activity of stockbrokers in the run-up to the 1929 crash,” Invesco global head of asset allocation Paul Jackson wrote in a note earlier this month, Business Insider reported. “We think it is not too much of a stretch to imagine bitcoin falling below $30,000 this year.”

    Similarly pessimistic views prompted investment bank UBS to warn of a “crypto Winter” incoming – a period of time when the value of cryptocurrencies such as Bitcoin slump and fail to recover.

    It’s happened before: at the end of 2017, the price of Bitcoin fell from about $20,000 to around $3,400 by December 2018.

    In fact, the cryptocurrency market as a whole had around $130 billion wiped off its value in 24 hours over the weekend – and those are the kind of numbers which scare investors. Digital currencies are high-risk assets, which makes them among the first to be sold off when markets panic – and with interest rates rising and stock markets falling, it seems speculators are starting to hedge their bets.

    Cryptocurrencies have also suffered a slew of regulatory setbacks as governments across the world have been edging ever closer to banning them recently. Speculation on crypto “inevitably invites closer oversight to guard consumers [and] protect financial stability,” according to UBS analysts, and the various digital currencies “seem almost sure to face bigger setbacks from authorities in the coming months.”

    Reply
  44. Tomi Engdahl says:

    Forget Just Right Clicking, Now We’re Printing NFTs With Game Boys
    This Bored Ape NFT is apparently worth millions, but a Nintendo fan used the classic handheld to make hella copies
    https://kotaku.com/nintendo-game-boy-advance-sp-printing-bored-ape-nft-blo-1848428415

    We can all agree that NFTs suck, right? They chew through energy like termites eating wood and shit out a ton of greenhouse gas emissions, destroying our world one crypto sell at a time. On top of that, you don’t get anything physical, just a digital certificate of blockchain ownership. Thankfully, the internet is full of NFT criticism and mockery, and this one takes the cake…or I guess you could say it takes the NFT? You get it.

    Reply
  45. Tomi Engdahl says:

    Facebook reportedly ditches Diem stablecoin with asset sale
    https://techcrunch.com/2022/01/27/facebook-reportedly-ditches-diem-stablecoin-with-asset-sale/?tpcc=tcplusfacebook

    The Diem Association, a consortium of companies working on a blockchain-based payment system, is selling its technology assets to Silvergate Capital for $200 million, according to a report from the WSJ. Meta, the company formerly known as Facebook, is one of the founding members of the association. Diem represented Facebook’s most ambitious bet on cryptocurrencies.

    Earlier this week, Bloomberg also reported that Meta was working on selling Diem’s assets as a way to return some capital to the investors behind the project.

    Originally called Libra, Facebook unveiled the crypto effort back in 2019. Since then, the Diem Association and Facebook have both scaled back their ambitions several times.

    Reply
  46. Tomi Engdahl says:

    The website link is dead, servers have shut down, and creators of the project have disappeared.

    Unofficial Minecraft NFT Project Runs Off With $1.2 Million
    BY RHIANNON BEVAN
    PUBLISHED 1 DAY AGO
    https://www.thegamer.com/minecraft-nft-discord-scam/?utm_source=TG-FB-P&utm_medium=Social-Distribution&utm_campaign=TG-FB-P

    Backers of the play-to-earn game probably won’t be doing any playing or earning.

    It looks like 2022 will be full of stories like this. Yet another big NFT project has gone dark and made off with the money, after it promised backers a Minecraft PvP game with play-to-earn mechanics.

    Blockverse sold out in eight minutes, raising a reported $1.2 million. But just a day later, its social media hasn’t had any activity, the website link is dead, and its Discord server has shut down. Its NFTs are still listed on auction site OpenSea, but there’s no word on the game that was promised.

    Reply

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