Categories
Blockchain Crypto News NFTs

NFT: Beeple Sells his 5,000-day Digital Art Collection for US$60 Million

Non-fungible tokens (NFTs) are becoming the next-big trend in the cryptocurrency space. In recent days, many digital art collections were issued in the NFT marketplaces, netting fortunes for the owners and artists. Today, a popular digital artist, Beeple, bagged over US$60 million from the sales of his 5,000-day digital art collection – a figure that is way greater than what Anthony Pompliano predicted some weeks ago.

Beeple’s 5,000-day Art Sells for Over $60 Million

Beeple’s art sales marked the first time non-fungible token (NFT) collections were sold at an auction house, and also one of the highest art collections ever sold via auction. As reported, the 5,000-day collection went for a total value of US$69,346,250. However, the collections were sold for $60.25 million, with about $9 million premium, i.e., a percentage of the final price. The art was sold at Christie’s, a British auction house, with 353 bids in total.

Beeple (b. 1981) EVERYDAYS: THE FIRST 5000 DAYS

The digital artist began making the art collection daily in May 2007, which lasted for 5,000 days straight, and of course, led to the title, “EVERYDAYS: THE FIRST 5000 DAYS.” The collection is thought to be the most unique bodies of work to emerge in the history of digital art. It initially consisted of basic drawings, but took on abstract themes, color, and form, as Beeple began working in 3D. He wrote:

“I almost look at it now like I’m a political cartoonist. Except instead of doing sketches, I’m using the most advanced 3D tools to make comments on current events, almost in real-time.”

WarNymph Sold for US$5.8 Million

On Wednesday, Crypto News Australia reported another digital art collection from Grimes dubbed “WarNymph,” which was sold as NFTs on the Ethereum blockchain for about US$5.8 million.

Categories
Australia Bitcoin Crypto News

Roger Montgomery isn’t Convinced that Bitcoin is a Viable Monetary System

Bitcoin (BTC) made headlines across international media amid the exponential price growth from the US$20,00 price level in January to over US$50,000 today. During which, many prominent companies have been adding Bitcoin to their balance sheets.

However, a leading Australian investor and the chairman of Montgomery Investments, Roger Montgomery, is having none of that. He needs more convincing that the cryptocurrency can make a good means of exchange.

Roger Montgomery on Twitter

Just a mere belief

Montgomery made his thoughts known while speaking in a recent interview with Ausbiz concerning investing in Bitcoin. He sees the cryptocurrency as a “digital collectible” that is similar to other collectibles like gold, art, or wine. According to him, he’s yet to hear an argument that the largest cryptocurrency will become a viable monetary system.

Roger Montgomery in a recent interview with Ausbiz

“I’ve looked at the arguments in support of buying Bitcoin fairly carefully, and my observation is that most of the arguments are a belief in the future use of the currency,” Montgomery said. “So the belief in it being a universal digital currency is not the same as articulating the path that it actually takes to get there. Not only does it have to be universally accepted, but it has to replace fiat money.”

Also, in order for Bitcoin to become a means of exchange, Montgomery argued that the cryptocurrency must be a stable store of value, “which it isn’t.” He also mentioned that Bitcoin isn’t largely regulated, and so he wouldn’t invest in it. “If I was going to speculate. I’d rather speculate on things that are regulated, and I know my money is going to be protected and not hacked,” Montgomery added.

Categories
Crypto Memes Crypto News

Crypto Memes Of The Week – 12 March

Let’s have a laugh at this weeks memes.

Plenty of Noobs are buying into crypto…

https://www.reddit.com/r/Bitcoin/comments/m1j5k6/bitcoin_recovery/

It’s NFT Mania at the moment


Obligatory DOGE meme


And of course…

Tune in next Friday for more meme mayhem!

Categories
Blockchain Crypto News Ethereum Mining

Ethereum 2.0 is Greener and Better For the Environment

Crypto mining is an environmentally costly process with Bitcoin mining alone using more power than the entire country of Argentina. Using blockchain technology may be revolutionary, but at what cost?

Ethereum moved from mining to staking and it’s 99% greener!

Ethereum moves from PoW to PoS

PoS (Proof-of-Stake) was developed as an energy-saving alternative to PoW (Proof-of-Work). PoS using electricity to process blockchain transactions whereas PoW uses staking of ETH instead with minimal electricity required.

Ethereum moved to PoS at the end of 2020 as part of its Eth 2.0 Ecosystem update. And according to some Ethereum proponents this change could make mining of Ethereum significantly more sustainable, some even argue 99% more sustainable.

Ethereum’s eth2 upgrade – an overhaul of Ethereum’s core consensus to provide a more sustainable, secure, and scalable home for Ethereum and its community. […] to move from the energy-hungry, inefficient proof-of-work to a more sustainable, scalable proof-of-stake.

The State of Eth2 – ethereum.org

As it stands, there are currently approximately 414 PoW cryptocurrencies and 324 PoS cryptocurrencies in existence. Could we see more make the switch?

Bitcoin’s Proof of Work Is Bad For the Environment

The main issue with PoW is that it is extremely resource-intensive, and lots of energy is required to run the protocol. In addition, as many more people are joining the mining process, the difficulty increases in order to keep the mining time the same.

The mining done for Bitcoin has risen its annual carbon footprint equalling that of Argentina. Issues like these raise an environmental concern to such a magnitude that a major Bitcoin mining hub in Mongolia has been shut down recently due to massive power consumption.

Computer in the woods! flickr.com

The environmental impact of miners might make Bitcoin and other PoW protocols unattractive to environmentally conscious investors. Since the world is slowly on its way to going green, blockchain companies should consider the impact that they have on the environment.

Categories
Crypto News Market Analysis Trading

VITE Coin pumps +80% in a Single Day amid Integration with Binance Smart Chain

Vite coin is trading in an uptrend here like many other altcoins. The Cryptocurrency VITE just went up +80% in a single day by breaking a Falling wedge pattern with strong buying volume and surges over +123% in a week.

What is Vite?

Vite has built a Directed Acyclic Graph (DAG) based smart-contract platform, with a Snapshot Chain structure to facilitate zero-fee transactions and optimize transaction speed, reliability, and security. The Snapshot Chain of Vite utilizes Hierarchical Delegated Proof of Stake (“HDPoS”) to achieve network consensus, while supernodes take only staking rewards and no transaction fees. Vite virtual machine maintains compatibility with EVM, and utilizes asynchronous smart contract language, Solidity++.

The VITE token is the currency for simple token transactions and smart-contract executions on the Vite network, with users staking VITE for transaction quota instead of consuming gas. VITE can also be used to vote for Snapshot Block Producers (aka supernodes). In addition, a VITE staker with an unused transaction quota can lease such quota to dApps in exchange for their tokens. For instance, users can stake VITE in exchange for ViteX’s native decentralized exchange token, VX.

VITE Quick Stats

SYMBOL:VITE
Global rank:395
Market cap:$84,847,245 AUD
Current price:$0.1867 AUD
All time high price:$0.2203 AUD
1 day:+80.38%
7 day:+123.96%
1 year:+814.94%

VITE Price Analysis

At the time of writing, VITE is ranked 395th cryptocurrency globally and the current price is $0.1867 AUD. This is a +123.96% increase since 4th March 2021 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above candle chart, we can clearly see that VITE was trading inside the falling wedge pattern on the VITE/BTC pair. The first resistance was on the $0.1146 AUD price levels which VITE broke with a strong bullish trend buying volume and is now heading towards the all-time high price in AUD. Seeing that many altcoins are holding strong this week, VITE is likely to continue to increase in the uptrend if the traders keep buying with high volume.

“The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge.”

What do the Technical indicators say?

The Vite Coin TradingView indicators (on the 1 day) mainly indicate VITE as a buy, except the Oscillators which indicate VITE as a neutral.

So Why did VITE Breakout?

General market sentiment suggests we are in the middle of the bull run season which could have contributed to the recent breakout. Another reason for this sudden pump in price could be the whales secretly buying VITE for the next Altcoins rally & it could also be contributed to some of the recent news of the VITE Integration with Binance Smart Chain.

Recent VITE News & Events:

Where to Buy or Trade VITE?

Vite has the highest liquidity on Binance Exchange so that would help for trading VITE/BTC or VITE/USDT pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.

Categories
Crypto News

AR Glasses Are Coming And Could Unlock The Potential Of NFT Digital Creations

NFTs are hot right now and they are selling for a ton of money through online marketplaces. Most of this seems to be driven by hype, but what if the potential of NFTs could be unlocked by Augmented Reality, and then further by Virtual Reality?

This clip below by Webb shows a glimpse of what we could expect to be doing later this year – collecting our NFTs and viewing them through our AR Goggles. Some of the digital creations are visually stunning and rare items could attract fans and collectors.

What is Augmented Reality?

Augmented reality (AR) is an interactive experience of a real-world environment where the objects that reside in the real world are enhanced by computer-generated perceptual information […] through visual, auditory and other senses.

Wikapedia

AR is similar to Virtual Reality (VR) but the main difference is that VR completely replaces your vision from the real world with a new immersive virtual world experience. Whilst AR enhances the real world experience with overlaying digital elements to a live view.

Augmented Reality Goggles Example
Virtual Reality Goggles Example

Ready Player One

Does anyone remember the Orb of Osuvox from the movie Ready Player One? Well, it might be just science fiction but these Artifacts could become reality in a near future. Maybe they could get minted on the blockchain as NFTs to verify ownership, ready for people to use them in the virtual world.

Ready Player One – source

Existing Virtual Worlds

There are a few projects which are attempting to create these virtual worlds. One of which is called Decentraland which is a fully decentralised virtual world game, where the assets collected are stored as NFTs on the Ethereum blockchain and traded on its online marketplace. They also have a NFT ETH token called LAND which you can use to buy blocks of land in the game. The game is currently only available on computers, not mobile phones nor smart devices.

Decentraland Online NFT Marketplace

Recently, we saw 12,0000 Decentraland users participate in a NFT treasure hunt, with prizes consisting of tokens (MANA, ANJ, MATIC), wearables, collectables and two HTC Exodus Binance Edition phones.

Other platforms which we might see NFTs thrive in AR/VR spaces are Fortnight, Pokemon Go, NBA Top Shots, OVR, and more.

More Inspiration?

If you don’t know what NFTs are then watch this 2 minute video explaining them.

Categories
Bitcoin Crypto News Regulation

Twitter Mistakenly Suspended Accounts Related to Popular Crypto Influencers

During the early hours of Wednesday, the popular social media platform Twitter suspended several accounts owned by top influencers in the digital currency space. The development sparked lots of concerns amongst the crypto users on the platform owing to the fact that Twitter is considered a crypto-friendly social platform. Moreover, the chief executive officer, Jack Dorsey, is one of the biggest supporters of cryptocurrency.

Following a response from Twitter, however, it appears the accounts were suspended by mistake?

Major Cryptocurrency Account Suspended

Twitter users noticed that seven accounts, at least, belonging to popular cryptocurrency analysts and traders were suspended on Wednesday. Some of the accounts suspended include @woonomic, @100trillionUSD, @mmcrypto, @wsbchairman, @themooncarl, @TheCryptoDog, and @KoroushAK. At the time, the message on these profiles read that “Twitter suspends accounts which violate the Twitter Rules.” 

After several complaints were raised by crypto users on the platform, some of the suspended accounts were restored, including that of Willy Woo (@woonomic), a prominent Bitcoin and cryptocurrency analyst, and PlanB (@100trillionUSD), who invented the Bitcoin Stock-to-Flow (S2F), model. Other accounts like @KoroushAK and @wsbchairman are yet to be fully restored during the time of writing.

Twitter Mistakenly Flagged Crypto Accounts as Spam

While addressing the situation in a letter to Willy Woo, Twitter noted that the accounts weren’t suspended deliberately. 

“We have systems that find and remove multiple automated spam accounts in bulk, and yours was flagged as spam by mistake. Please note that it may take an hour or so for your follower and following numbers to return to normal,” the message reads. 

Meanwhile, this is not the first time crypto accounts and contents are being suspended or censored by a centralized platform. Over the past months, several crypto channels were suspended on YouTube, and even our account was suspended on Facebook.

Categories
Bitcoin Crypto News

Bitcoin Still Outperformed All Major Global Assets in February Despite the Correction

Despite the significant correction in Bitcoin (BTC) in February, after reaching an all-time high in market value above AU$74,000 the cryptocurrency largely outperformed other major alternative coins, including global assets in February return.

For March, Bitcoin bounced back and is already trading above the AU$70,000 mark, and many cryptocurrency analysts are quite positive that BTC is in for another big run after having gained a strong support level of around AU$62,000.

The Correction Happened, But Bitcoin Still Gained 32% in February 2021

Compared to other global assets, Bitcoin was the top-performing asset in the last month. This was despite dropping from the all-time high to about AU$56,000 towards the end of February. Bitcoin posted a 32 percent monthly return in February. While other assets including Crude oil only posted a monthly return of 18 percent, followed by Commodities (6.5 percent) and S&P 500 (2.8 percent). In the same month, the precious metal gold saw a negative 6.1 percent return.

Source: OKEx, Morgan Chase

The data shows that institutions and corporate investors were the main set of investors behind the massive increase in the price of Bitcoin. It began with the announcement that Tesla invested about US$1.5 billion in Bitcoin, MicroStrategy purchased more Bitcoin and the approval of the first Bitcoin ETF in Canada.

How Soon Until AU$100,000 BTC?

Institutions haven’t lost interest in buying Bitcoin as part of their reserve assets. Recently, a Chinese software company Meitu purchased $40M worth of Bitcoin. With the current momentum in the Bitcoin market, the cryptocurrency is likely to surge with another major bullish news of massive BTC buy. Yet, Bitcoin can still plummet from the current price.

Categories
Crypto News Ripple

Ripple Calls-off its Partnership With MoneyGram

Ripple, the blockchain payment behind the XRP cryptocurrency, is officially terminating its multi-year partnership with MoneyGram, a global leader in cross-border P2P payments and money transfers. Ripple noted in the announcement on Tuesday, and the primary reason behind the decision remains unknown.

Ripple, MoneyGram Agrees to end Their Partnership

As the announcement reads, both companies took the decision to terminate their current partnership agreements, which were established back in June 2019. At the time, the blockchain payment company reportedly acquired a US$30 million stake in MoneyGram. Under the partnership, MoneyGram was incentivized to use Ripple’s product for cross-border payment and foreign exchange settlement.

However, MoneyGram did mention last year that it doesn’t use the “ODL platform or RippleNet for direct transfers of consumer funds – digital or otherwise.” Although Ripple didn’t specify the reason the partnership is being terminated, it’s worth noting that MoneyGram recently stopped trading on Ripple’s platform amid the U.S. Securities and Exchange Commission charges against Ripple.

Also, Crypto News Australia reported that MoneyGram was hit with a class-action lawsuit for making a false statement regarding its partnership with Ripple.

Ripple Might Revisit its Terms with MoneyGram

The blockchain company also mentioned in the announcement that it might revisit its partnership with MoneyGram in the future. Within a few months of the partnership, both companies achieved and processed lots of transactions, as Ripple admitted:

“We are proud of the work we were able to accomplish in a short amount of time, as well as the impact we were able to achieve in bringing this first-of-its-kind product to market. Together, we processed billions of dollars through RippleNet and On-Demand Liquidity (ODL).”

Categories
Bitcoin Mining Crypto News Mining

Texas Turns to Bitcoin Mining – Goodbye Aluminum, Hello Cryptocurrency

There have been various crypto initiatives that started in Texas since 2017, and it seems that crypto-centered businesses are choosing this state as their home base.

In the meantime four mining facilities have been established in Texas, one of the instances was a small town called Rockdale which suffered massive economic losses due to the closure of the Alcoa Aluminum mine. A Bitcoin mining farm (Bitmain) then established itself in the town and aided the community by sourcing materials locally, job creation, and playing a role in the community.

Rockdale native and Bitmain project manager Clint Brown inside the former aluminum plant.

The Texas Bitcoin Rush

Northern Data Ag also building a 100-acre mining farm, as well as Layer 1 a mining startup, and the most recent by Argo Blockchain which will be running on the majority of renewable energy.

Klondike Gold Rush photo courtesy of PBS

Northern Data’s world leading Texas HPC data center is being constructed and expanded on an area of ​​more than 100 acres, which corresponds to the size of around 57 soccer fields.

Northern Data AG announces new 100 MW US customer

What Makes Texas so Attractive for Miners?

Texas has some of the lowest energy rates in the US which makes mining more affordable, and with a substantial portion of energy coming from wind turbines and natural gas so it’s more sustainable than states that rely mostly on fossil fuels. Yet due to the deregulated nature of the energy sector Texas does experience outages.

Yet the main reason for the influx could be due to Texas aiming to become the most favored state for blockchain innovation and investment in the US. A non-profit association of blockchain companies, Texas Blockchain Council, is working with legislators to promote blockchain initiatives, legislation, and in 2019 legislators passed two bills outlining the ability of local businesses to implement blockchain technology in bookkeeping and communications.

Texas has a long history of technological innovation and free-thinking entrepreneurs. We’ve now set our sights on becoming the jurisdiction of choice for investors, entrepreneurs, and enterprises to build and deploy blockchain technology applications and other emerging tech innovations.

Texas State Representative, Tan Parker

Even the availability of crypto ATMs in Austin and San Antonio where individuals can buy major cryptocurrencies shows the drive for crypto adoption.