Archives December 2021

Dogecoin is better than Bitcoin for transactions, says Elon Musk

Elon Musk, SpaceX and Tesla boss, has supported Dogecoin since its inception, which is a cryptocurrency built on memes. He revealed that he had also invested in Ether and Bitcoin a few months ago.

Musk, a former Bitcoin fan, believes that Dogecoin is superior to Bitcoin and other cryptocurrency and is the best cryptocurrency for trading.

Bitcoin transactions are more expensive per transaction and have a lower transaction cost. It can be used as a value store at least on a geographic level. Musk however stated that Bitcoin is not fundamentally a replacement for transactional currencies.

According to the billionaire, Dogecoin’s origins as a joke coin are no longer relevant for transactions. He believes Dogecoin has a higher potential for gross transactions than Bitcoin.

Bitcoin supporters agree that Bitcoin is a store-of-value, but they also claim that it can be used to facilitate transactions. Supporters give the example El Salvador, which has legalized Bitcoin as a means of financial transaction.

Musk does not hate fiat currency but he stated cryptocurrencies offer more benefits.

Musk stated that the fiat currency is diluted according to the ruling governments. This dilution can be a tax on people and a destructive tax for those with substantial cash savings.

However, financial experts warn that crypto is risky and dangerous. They warn that crypto investments should only be made when one can afford to lose.

Musk stated that Dogecoin is inflationary but has a fixed number unlike Bitcoin. He said that it encourages people to spend, rather than hoard money as a source of value. He has recently replaced Jeff Bezos as the world’s richest person, replacing him as the founder of Amazon.


2021’s NFT Boom Pushes Collectors Toward Rare and Older Collections

After the NFT hype of 2021, old non-fungible token (NFT), collections are in high demand. NFTs were created in 2014 by someone who called it OLGA.

The birth of OLGA and Spells Of Genesis (SoG), Terra nullius V2, Etheria v1.1 and Etheria v1.2 were all part of the year that followed. SoG cards have been selling for much more since the hype surrounding the 2021 NFT.

SoG Cards are available for sale starting at $199 and going up to $2000 per card. The floor price for NFTs originating from Terra Nullius is 0.04ether, or $150 USD value on Opensea’s NFT marketplace.

Etheria world NFTs can still be purchased via the Etheria Exchange. However, a minimum bid of 0.1 ETH is required or it will cost $385 per unit. Sarutobi Island NFTs were crafted in 2016 and are currently at a floor price around 0.03 Ethereum, or $115.

NFTs like Force of Will and Rare Pepes, Age of Chains and Pixel Map sell for much more than in 2016. Pixelmap NFTs are with a floor price at 0.75 Ethereum or more .

Cryptopunks and Cryptokitties, Curio Cards, Rare Pepes and Cryptopunks

The total market capitalization for the entire 1,774 rare pepe NFTs collection is currently around a>>4.1 billion. Opensea’s rare and vaulted pepes can be purchased for a lot of money and are also available for counterparty (XCP), via the XCP decentralized Exchange (dex), and dispensary sales.

The My Curio Card is now available for auction on Opensea starting at 0.299 Ethereum, or $1151. Curio cards can also be auctioned at a value of 1-2 Ethereum. This is also true for Cryptopunks and older 2017 NFT collection.

While the Cryptopunks floor prices for one digital collectible are not low, stats indicate that it is $235.43K. However, the average price per punk is $119.75K. The total sales of Cryptopunks in 2017 was $2.32 Billion.

The Diecast Club Collection and My Blockchain Corner are also popular 2017 series NFT collections. These collections are also experiencing a higher value and new demand from NFT investors.

Crypto Kitties became so popular in the first week of December 2017 that the Ethereum blockchain was overwhelmed by the project. The project’s NFTs are still in high demand from collectors. Despite the fact that 2021 was a hot topic and there were many NFT collections, 2018, we also made significant progress towards the NFT ecosystem we now know.

High-dollar NFTs also sell well from 2018 collections, such as Ethertulips and Crypto Fighters. The Axie Infinity tokens are non-fungible and were also launched in 2018. A lot more people will be interested in the Axie NFTs in 2021.

Pixelcons, Crypto Graphics and Realms of Ether are all old school projects that are now seeing increased sales. Old school NFTs from long-forgotten collections are increasingly sought after because of their rarity.


Australian man Craig Wright wins US court battle for bitcoin fortune worth billions

Craig Wright, an Australian computer scientist, claims to have invented bitcoin. He has won a civil case against the family members of a deceased business partner who claimed they owed half of a cryptocurrency fortune that was worth tens or hundreds of billions of dollars.

On Monday, a Florida jury found that Wright didn’t owe half the 1.1 million bitcoins to David Kleiman’s family. A joint venture between Wright and Kleiman was awarded US$100m by the jury in intellectual property rights. This is a fraction of the amount Kleiman’s lawyers wanted at trial.

Andres Rivero, Rivero Mestre LLP’s lead lawyer for Wright, said, “This was a tremendous win for our side.”

David Kleiman, 46 years old, died April 2013, at his home. His family, led by his brother Ira Kleiman has stated that David Kleiman was 46 years old and Wright was close friends. They co-created Bitcoin through a partnership.

The trial featured 1.1m bitcoins worth roughly $50bn, based on Monday’s price. These bitcoins were the first to be mined and could only be owned if the person or entity involved in the creation of the digital currency, such as Satoshi Nakamoto, the creator.

The cryptocurrency community will now be watching to see if Wright keeps his promise to prove that he is the owner bitcoins. Wright claimed in 2016 that he was Nakamoto. This would give credence to his claim.

The federal court case in Miami was very technical. The jury listened to detailed explanations about the complex workings of cryptocurrency and the mysterious origins of bitcoin.

The jury deliberated for a week, asking both the judge and lawyers questions about cryptocurrencies. The jurors indicated to the judge at one point that they were in deadlock.

Bitcoin’s origins are something that has been somewhat a mystery for a long time. This is why the trial attracted so much attention from outsiders. A paper was published in October 2008 by a group or individuals known as “Satoshi Nakamoto” that laid out a framework to create a digital currency. It would not be tied with any government or legal authority. A few months later, the process of mining for the currency, which involves computers solving mathematical problems, began.

Nakamoto, which roughly translates from Japanese to mean “at the center of”, was never thought to be the true name of Bitcoin’s creator.

A large portion of the cryptocurrency community has reacted skeptically to Wright’s claim that Nakamoto is his real name. Because of its structure, all bitcoin transactions are public. The 1.1 million bitcoins in question remain unchanged since their creation.

Regular members of the bitcoin community have called on Wright to transfer just a fraction (or all) of the coins to a separate account in order to prove ownership and show that Wright is truly as rich as he claims.

Wright and other cryptocurrency experts were called to testify under oath during the trial that Wright owned the bitcoins.

Wright stated that he would prove ownership if Wright won at trial.

W&K Information Defense Research LLC lawyers said that they were pleased that the jury had awarded $100m in intellectual rights to the company. The company developed software that laid the foundation for early cryptocurrency and blockchain technologies.

In a joint statement, Vel Freedman, Kyle Roche, of Roche Freedman LLP, and Andrew Brenner (a partner at Boies Schiller Flexner), stated that Wright refused to give the Kleimans a fair share of what David Kleiman helped create.

Wright’s lawyers repeatedly stated that Wright and David Kleiman were close friends who collaborated on work, but that their partnership had no connection to bitcoin’s creation and early operation.

Wright stated that he would donate a large portion of his bitcoin fortune to charity, if he wins the trial. Wright’s lawyer Rivero confirmed Wright’s intentions to donate a large portion of his bitcoin fortune in an interview.

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