The Bitcoin price was $16,825.85, down -0.10% in the last 24 hours. The current price movement of Bitcoin has resulted in a market value of $323,794,533,258. Bitcoin has changed -63.61% so far this year. According to CoinDesk’s Digital Asset Classification Standard, Bitcoin is classed as a currency (DACS). Bitcoin is the world’s first decentralized cryptocurrency, a sort of digital asset that records, signs, and sends transactions across the Bitcoin blockchain without the control of a central authority.
The Bitcoin network (with an upper-case “B”) was established in January 2009 by an unknown computer programmer or group of programmers under the alias “Satoshi Nakamoto.” The network is a peer-to-peer electronic payment system that employs bitcoin (lower case “b”) as a cryptocurrency to transmit value via the internet or as a store of value like gold and silver. Each bitcoin is composed of 100 million satoshis (the smallest unit of bitcoin), making each bitcoin divisible to eight decimal places. That implies that anyone may buy a fraction of a bitcoin for as low as one US dollar.
Billionaire software entrepreneur Mark Cuban is positive on Bitcoin, predicting that the price will continue to fall. “I want Bitcoin to fall a lot further so I can purchase some more,” Cuban remarked on comedian Bill Maher’s “Club Random” podcast. The owner of the NBA’s Dallas Mavericks stated that investing in gold was not worthwhile, preferring digital assets. Mark Cuban, who is worth $6.25 billion, has long been a supporter of cryptocurrencies, notably Bitcoin, Ethereum, and Dogecoin.
“Gold is a store of value, as is Bitcoin,” he explained when Maher made the analogy that what if everything had been to hell in a handbasket but they had a gold bar? Someone would have assaulted or murder you and stolen your gold bar. It is useless.” Owning gold these days, according to the investor, it is essentially the same as owning a digital transaction, therefore he opted to invest in Bitcoin.
According to CoinGecko, bitcoin is currently selling at $16,844, which is more than 75% down from the all-time high of $69,044 it reached last year. In 2022, gold—and silver—performed far better as investments. Despite the fact that the crypto market and US equities have taken a beating, metals have mostly kept their worth. Gold is presently priced at $1,800 per ounce, up from $1,807 at this time last year.
Bitcoin, according to Maher, is not worth purchasing since it is not backed by anything. But Mark Cuban retorted, claiming that owning stock in “90% of the firms out there” was similarly meaningless. During the two-hour chat, the two agreed on at least one point: that San Francisco is no longer a good place to establish a digital startup, with Mark Cuban calling the city “pretentious.”
Cuban said that an entire industry had been pushed out and the entire technical sector had deteriorated from and this is the latest thing, to just people urinating on the street. SEC Chair Gensler’s attitude on bitcoin is criticised by Mark Cuban. Cuban was originally a sceptic of cryptocurrencies, but his NBA club now takes cryptocurrency for tickets and merchandising. It became the first basketball team to take Dogecoin in 2021. Since then, Mark Cuban, along with billionaire Elon Musk, has stated that Dogecoin, a cryptocurrency established as a joke, may be beneficial for making payments.
Wolf’s Clothing is the first startup accelerator that focuses on the Bitcoin Lightning Network and the Taro protocol, and it was founded by asset management company Stone Ridge, the parent company of Bitcoin company NYDIG (Wolf).
Wolf’s Clothing (Wolf), a startup accelerator founded by asset management company Stone Ridge will be focused on fostering the development of Bitcoin-related products, the team exclusively revealed to TechCrunch.
According to Kelly Brewster, CEO of Wolf, the program will bring four cohorts per year to New York City from all over the world for eight weeks at a time to concentrate on building on the Bitcoin-centric Lightning Network and Taro protocol. Each cohort will be made up of eight to twelve teams, or roughly 30 to 50 founders.
How Will It Work?
Built on top of Bitcoin, the Lightning Network is a layer-2 payment system that seeks to facilitate quicker payment processes. Separately, the Taro protocol was introduced in April of this year to assist in the issuance of digital assets on the blockchain of Bitcoin that can then be instantaneously transferred to the Lightning Network in low-fee transactions.
Brewster stated, “It’s like creating an HTTP accelerator; they’re both generic and useable enough in such a wide range of applications. Though it is a specialized technology, the business use cases can be very diverse. However, we have a significant competitive advantage due to our intense concentration, which can be a major attraction for founders.”
Small startup teams and early-stage enterprises will all be represented in the accelerator by teams. According to Brewster, they will each get an investment of $250,000, and one cohort winner will also receive an additional $500,000 for a total of $750,000.
Micropayments and tipping using Lightning and Taro are two topics that Brewster is eager in seeing entrepreneurs develop.
Along with training and funding from operating businesses and venture capital firms with a focus on bitcoin, NYDIG, a division of Stone Ridge, is also supporting the accelerator. According to Brewster, the names of the companies contributing outside funding won’t be disclosed. But he also pointed out that all mentors and investors are already using Lightning and Bitcoin. This includes public fintech and banking companies, as well as specialized VCs, focused on Lightning up.
Bitcoin Lightning Network
A layer-2 payment mechanism called Lightning Network, which was developed on top of Bitcoin, seeks to give the blockchain rapid payments and scalability at a reasonable price. It enables users to send or receive Bitcoin quickly by conducting transactions outside of the primary blockchain network, or, as Coinbase put it, “like an HOV lane on a highway.”
At Stone Ridge, we’ve been keeping an eye on Lightning for a while, Brewster said, “Over the past 12 months, the network has reached critical mass, and there is enough capacity today that real-world activities can be conducted on the network with relative ease.”
Brewster remarked that Lightning had grown extraordinarily over the previous year. In some ways, it is the ideal time to take a step back and determine where there is a signal and where there is only noise. Lightning is generating some of the most distinct signals right now. The rate of expansion and network capacity has been glacial.
The announcement comes at an unusual moment for NYDIG, which, according to a Wall Street Journal report published last week, recently let go of around 33% of its workforce. NYDIG raised $1 billion in December 2021, valuing the business at over $7 billion, according to the company.
Conclusion
Numerous cryptocurrency accelerator programs are emerging all across the ecosystem. Some of them range from generic web3-focused tools like Alliance DAO to layer-2 blockchain-specific accelerators like Polygon. While some startups provide funding, as Wolf intends to do, others invite investors to demo days in the hopes that they will fund the startups’ initiatives. In situations like this, Brewster asserted, “the businesses that are developed will capture these secular patterns and truly take hold as they accelerate.” Therefore, we believe that now is the ideal time to create rather than try to do something at Stone Ridge ourselves. We want to support and enable hundreds of other founders.
On Tuesday, the inventor of Ethereum, Vitalik Buterin, said that the Ethereum merge is projected to take place “around” September 13 to September 15 and that this date is now on schedule. This is the day at which the proof-of-work consensus technique that requires a lot of energy will be abandoned by the second biggest cryptocurrency in the world.
The market shifts
The merging is only the most recent improvement to the Ethereum blockchain, which is being done in the interest of establishing a trustworthy decentralized environment for the future of money. The transition to proof of stake delivers several advantages, one of which is the alleviation of worries around energy use.
Block transactions are validated using proof of stake by validators who have bet a certain amount of their tokens on the outcome of the transaction. The greater the number of tokens that a person has linked to the blockchain, the greater the likelihood that they will be randomly selected to serve as a network validator.
In contrast to this, proof of work is an energy-intensive technique that depends on computers to solve mathematical formulas to mine tokens. This rate of energy consumption is a key critique of proof of work, which will remain the basis of Bitcoin mining when Ethereum abandons the procedure. Despite this criticism, proof of work remains the foundation of Bitcoin mining.
Apart from the problem with energy, and on top of the recent meltdowns of crypto lenders, the cryptocurrency sector as a whole is facing a multitude of macroeconomic issues. These concerns range from political tensions to high inflation rates to hawkish national monetary policies. These large-scale variables are generally regarded as the spark that ignited the latest bear market.
Price pressures are seen lately
In November of 2021, the price of a bitcoin hit an all-time high, which was $69,000. Since then, the price of Bitcoin along with the rest of the market has suffered as a result of the challenging economic circumstances. The short-term price forecast for the most popular cryptocurrency is still unclear as Bitcoin’s price continues to fluctuate and encounters some resistance near $20,000.
It is not apparent what type of event or change may assist Bitcoin is making a comeback. As the volatility of leading cryptocurrencies continues to worry mainstream investors, they may become more critical of the fundamentals of Bitcoin. Furthermore, the network upgrades that Ethereum is planning to implement to position its ecosystem as the currency of the future could place even more pressure on Bitcoin’s usability.
Vitalik Buterin voiced his worries about Bitcoin’s proof-of-work issuance model during an interview that took place one week ago with the journalist Noah Smith on the topic of security, governance, and consensus mechanism models. Buterin is concerned not just about the amount of energy that is being used in the present, but also about how the continuous issue of a proof-of-work token may impact future validation.
Following China’s crackdown on cryptocurrency mining, which resulted in a large reduction in the proportion of renewable energy sources that power the network, the study was strengthened. Alex de Vries, a researcher and skeptic of cryptocurrencies, observed that “Bitcoin became dirtier following the Chinese mining crackdown in 2021.”
Is the event being hyped unnecessarily?
However, not everyone is persuaded that this will result in Ethereum being the dominant cryptocurrency. The majority of the current narrative has been driven by the fact that analysts such as Glen Goodman from eToro have pointed out how the price of Ethereum has outperformed the price of Bitcoin in recent weeks. In the end, it is unclear what the future of Bitcoin will be like following the integration. There are several issues at play, including regulation, worries about energy use, and competitiveness. Inventors are apprehensive of the possible economic dangers at a time when their greatest rival is ready to claim a major technological advantage.
The world of cryptography is home to many wondrous things. The last several weeks have been filled with a great deal of mayhem. As a result of the failure of several projects, numerous lawsuits have been filed across the market. The cryptocurrency sector was slapped with yet another lawsuit on Tuesday. This time, on the other hand, it occurred inside a single entity.
It was revealed recently that the previous partner of one of the largest Bitcoin casinos in the world, named “Stake.com”, was taking legal action against the platform’s creators. The lawsuit is being launched by the former partner.
What is the lawsuit filed by Stake.com?
The stake is a legitimate online sports betting and casino platform that has an official eGaming License from the government of Curacao. The Crypto Gambling Foundation has validated its membership, and it provides a two-factor authentication option for users’ accounts.
It has been reported that the former partner Christopher Freeman has initiated legal action in the Southern District of New York. In his complaint, he said that he was duped into straying away from the formulation of Stake.com and asked for punitive damages of $400 million. He also alleged that he was misled and cheated out of his rights.
Ed Craven and Bijan Tehrani, the founders of Stake.com, have been living extravagantly, and it was used as evidence that they had lately acquired costly properties. He said that the company has handled over one hundred billion dollars worth of wagers. Freeman made advantage of everything that happened to emphasize how successful the Bitcoin casino was.
What leads to the present situation?
According to reports, Tehrani and Freeman went to the same elementary and secondary school when they were younger. After meeting Craven at the same institution in 2013, the two of them decided to launch a casino operation known as Primedice. Tehrani and Craven both possessed 40 percent of Primedice, while Freeman was responsible for 20 percent of the company. According to reports, this was a deal that was similar to the investments they made initially.
However, after the first nine months, Freeman’s interest was reduced to 14 percent from its original value. Because we wanted to recognize other members of the development team, we decided to do this instead. Although this did not sit well with Freeman, he first proposed the notion of a cryptocurrency casino back in 2016. Freeman said that the other two were not very interested in the matter, despite the impending danger posed by the restrictions.
In an unexpected change of events, the two individuals chose to go on with Stake.com, while Freeman maintained that he was abandoned in the lurch. If Freeman wished to be a part of the cryptocurrency casino, Tehrani and Craven strongly suggested that he relocate to Australia.
Later, when Stake.com launched as a virtual casino that included a competing online dice game as well as many other features Freeman had proposed and helped design, Tehrani and Craven affirmatively tried to assuage Freeman’s dismay at having been misled by reassuring him that he still retained his stake in Primedice. They did this by stating that Freeman still owned a portion of Primedice. Additionally, Freeman said that he was prevented from entering Primedice as well.
What did the company say?
The crypto casino has claimed that the allegations made by Freeman are described as “inconsistent” and “misleading” by Stake.com. The individuals who established Stake.com were convinced that Freeman’s assertions were not true in any way. Even further, the company implied that the action was an attempt to maliciously disseminate false information.
The company made it clear that it would not cave into Freeman’s demands and would continue to maintain its position. The creators of the Bitcoin casino had a high level of confidence that the court would quickly rule in their favor and reject Freeman’s allegations.
Binance is the most popular and the biggest crypto trading platform when it comes to the trading volume. The platform allows users to buy or sell various digital currencies. Along with this, users also have the ability to review and compare other crypto options to do the trading. With $40 billion daily trades, Binance has become the world’s biggest trading platforms.
On 8th Sept. 2022, this leading digital currency trading platform launched the Binance Account Bound (BAB) token on BNB Chain which is suppose to work as a “soulbound token”. BAB is basically launched to utilize as an identity proof for KYC verified Binance users. These soulbound tokens can’t be transferred as each user on BNB Chain has its own unique token. In this way, a verified Binance client ID must be utilized to mint one BAB token on a BNB Chain. They are, notwithstanding, revocable, after which tokens will be locked for 72 hours.
However, remember that getting a BAB Token is completely optional for Binance users and it is not a compulsory requirement to use any products or services offered by Binance.
Everything you need to know about BAB:
Binance Account Bound (BAB) tokens or the soulbound tokens are mainly launched for Binance users who get verified after completing the whole KYC verification process. In simple words, these tokens are identity credentials for them. They are will issued on the BNB Chain by Binance and it is indicated that several other projects on BNB Chain will also be introducing the BAB tokens to their users as identity credentials. When a Binance verified user creates a BAB token, that particular user will be given the access to participate in building the supporting projects on the chain and get rewards. However, the complete details related to it are not revealed yet.
Till now, there are 15 projects that have partnered up with Binance to offer their users benefits related to the BAB tokens. The benefits include the things like exclusive airdrops, community and membership benefits, benefits on the social gaming metaverse, access to play-to-earn protocol, privileged reward programs along with many other VIP perks. This partnership news was also confirmed by BNB Chain.
BAB Features:
The token is non-transferable, which means that it can’t be transferred by the user to another user. It’s unique for everyone.
It is revocable and users who have the token can simply revoke their BAB tokens.
One user ID that is verified by Binance is allowed to mint one BAB token just on the selected chain.
The launch of BAB tokens was encouraged by the whole community and the BNB chain users supported the whole idea behind it. For the first time in Web3, by minting BAB token to their wallet address on BNB Chain, Binance users will get exclusive access to programs which will be linked to real-world use cases.
So, that’s all for now, do let us know what do you all think about this token launch.
