Home » Interviews » CoinGeek Weekly Livestream Special: WeAreDevelopers World Congress Day 1 recap
In last week’s CoinGeek Weekly Livestream, CoinGeek’s Chief Bitcoin Historian Kurt Wuckert Jr. streamed live from the WeAreDevelopers World Congress in Berlin, where he spoke about his experiences on day one of the conference and interviewed Darren Kellenschwiler from Elas Digital.
Surprise about Bitcoin’s technical capabilities
Wuckert opens by noting that he’s encountered a lot of interest in developing on the blockchain. However, when he asks these same people if they’re interested in learning, developing, and running infrastructure, he gets a much less enthusiastic response.
He’s been busy explaining that with proof of work networks like Bitcoin, they don’t need to worry about that stuff; they can leave it to those whose business it is to run things under the hood, such as TAAL (CSE:TAAL | FWB:9SQ1 | OTC: TAALF) and GorillaPool, and focus on running their businesses. While explaining this, Wuckert also pointed out that, by contrast, proof of stake systems force you to participate in consensus, and he’s seen a few pennies drop as people realize this key difference for the first time.
An interview with Darren Kellenschwiler from Elas Digital
At the conference, Kellenschwiler gave a presentation on the three ways Bitcoin is Turing complete. He tells Wuckert that he was inspired by Ryan X. Charles’ previous presentations on this. After going down the research rabbit hole, he came to several realizations about Bitcoin’s true capabilities that he’s now trying to explain to others.
One of the key reasons Bitcoin SV hasn’t attracted more developers yet is because Bitcoin Script is difficult for most people. However, Kellenschwiler says that with the advent of sCrypt, things are much simpler, and he believes this will lead to an influx of new developers once they figure it out.
Wuckert points out that he’s seen many surprised looks when people realize that Bitcoin can be used as part of a tech stack, noting that most have been misinformed and believe it’s some sort of investment. He then asks what Kellenschwiler would disrupt first if he was thinking like a business. He replies that anything that requires immutability should be at the forefront of the minds of businesses when they consider how blockchain technology might be of use to them.
Wuckert offers logins as an example of one area that’s ready for disruption. Indeed, we’ve already seen one-click logins to applications like Haste Arcade using wallets like Handcash.
Wrapping up, Wuckert asks Kellenschwiler what he’s working on now. He replies that he’s developing tools for BSV developers, but he’s also working on NFTs and token systems.
From this livestream, it’s clear that most people attending the conference are unaware of Bitcoin’s true capabilities as a technology. It’s also apparent that most developers aren’t interested in the hassle of running their own nodes and infrastructure and that this is best left to specialists like GorillaPool or Taal. Exciting times are ahead as more people realize what Bitcoin is capable of.
Watch: The BSV Global Blockchain Convention panel, Build on Blockchain: Common Challenges & Tools to Make it Easier
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.
SEC Chairman Gary Gensler calls Bitcoin a commodity
SEC Chairman Gary Gensler calls Bitcoin a commodity Andjela Radmilac · 42 mins ago · 2 min read
The Chairman of the SEC said that Bitcoin is the only cryptocurrency he was ready to call a commodity.
2 min read
Updated: June 27, 2022 at 5:16 pm
Cover art/illustration via CryptoSlate
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said that Bitcoin was the only cryptocurrency he was prepared to publicly label a commodity.
Gensler made the comments on CNBC’s Squawk Box, where he discussed the implications of labeling particular cryptocurrencies commodities rather than securities.
Distinguishing commodities from securities
Speaking to CNBC’s Jim Cramer, Gensler addressed his earlier calls to introduce more regulatory clarity to the crypto market.
He said that all of the main market regulators in the U.S. agreed that cryptocurrencies were a highly speculative asset class. Both the SEC and the Commodities Futures Trading Commission (CFTC) have been following the ups and downs of this asset class for a long time, focusing not just on Bitcoin but on hundreds of other tokens on the market.
Observing the market has led the SEC to conclude that the investing public was hoping for a return from most of those tokens, just like when they invest in securities. Gensler said that many tokens on the market have the “key attributes” of securities, which puts them under the jurisdiction of the SEC.
Bitcoin, on the other hand, falls into a different category.
Gensler said that “some like Bitcoin” are commodities.
While he was careful when choosing his words to avoid hinting at any other tokens or revealing potential moves from the SEC, he was clear that Bitcoin was the only cryptocurrency he was ready to publicly label a commodity.
Later on, he said that market regulators in the U.S., which include the SEC, the CFTC, and various other banking regulators, have a lot of work to do in order to introduce comprehensive laws that would protect the investing public.
Gensler called for full and fair disclosures in the crypto market, saying that the U.S. is open to having hundreds, if not thousands of tokens on its market if they complied with SEC laws.
When asked whether the public was already too comfortable with investing in Bitcoin, especially now that the SEC has called it a commodity, Gensler said it was no different from investing in traditional markets.
“There’s a lot of risk in crypto, but there’s also risk in classic securities markets,” he told CNBC.
It’s a Curve-y road to recovery as CRV faces these market effects
Over the last few months, most DeFi protocols have struggled with “extreme market conditions” occasioned by the downturn of the general cryptocurrency market. Still reeling under the effect of this bloodbath, Curve Finance, an automated market maker platform, continues to see a decline in its Total Value Locked (TVL).
According to data from DeFiLlama, in the last two weeks, the Decentralized Exchange (DEX) has registered a 51% decline in its TVL. Two weeks ago, this stood at $7.82 billion. However, now ranked at #5 on DeFiLlama’s list of protocols with the highest TVL, the TVL of Curve Finance stood at $5.16 billion, at the time of writing.
A look at data from CoinMarketCap revealed that the governance token for the DEX, Curve DAO Token (CRV), has declined steadily over the last two weeks.
It’s all going down…
Exchanging hands at $0.7804 per CRV, at the time of writing, the alt has plummeted by 31% in the last two weeks. Over the last 24 hours, the crypto has registered a 5.17% decline in price. Trading volume was spotted with a 3% uptick within the same period.
Furthermore, the market capitalization saw a drop in value over the last two weeks. It recorded a decline from $518.37 million to $420.27 million, at press time.
Since the beginning of the month, increased distribution of CRV tokens has forced its price to plummet. Since then, the token’s Relative Strength Index (RSI) has moved further away from 50, with the same aiming for the oversold position.
This indicates that CRV tokens are being oversold. This also explains the sustained decline in price. Still, in a downward curve, the RSI was positioned at 41 at the time of writing.
On-chain analysis says…
On a social front, on-chain data revealed that CRV registered declines in its social dominance and social volume in the last two weeks.
Within this period, social dominance saw a 20% drop while social volume went down by 15%.
Additionally, the number of daily active addresses dropped by 14%. Network growth, on the other hand, saw a 27% decline.
While other metrics registered some deprecation in the last two weeks, developmental activity went in the opposite direction. In fact, within the aforementioned period, developmental activity grew by 7%.
Glassnode report shows 2022 bear market is the worst in history
Glassnode report shows 2022 bear market is the worst in history Oluwapelumi Adejumo · 2 hours ago · 2 min read
Bitcoin and Ethereum will trade below their ATH in their previous cycle for the first time since their creation.
2 min read
Updated: June 27, 2022 at 2:56 pm
Cover art/illustration via CryptoSlate
Blockchain analytics company Glassnode’s latest report reveals the 2022 bear market as the worst in history and many investors have sold their Bitcoin (BTC) holdings at a discount.
According to the report, Bitcoin’s dip below the 200-day moving average, net realized losses, and negative deviation from realized price make this the worst bear market in the history of the cryptocurrency.
The 2022 bear market has been brutal for #Bitcoin and #Ethereum investors, realizing massive capital losses.
In our latest research, we quantify the severity of this bear, and makes a case for it being the most significant in history.
— glassnode (@glassnode) June 24, 2022
It continued that this is the first time on record that BTC and Ethereum (ETH) will trade below their ATH in their previous cycle, which means significant unrealized losses in the market. Every investor who bought BTC or ETH between 2021 and 2022 is now underwater.
While many are still holding on, the financial pressures of limited liquidity and rising inflation is pushing several investors to sell at a loss.
Bitcoin declines below moving average
Per the report, the first sign of a bear market is the decline in Bitcoin price below its 200-day moving average and, worse, 200-week MA. Bitcoin is trading at less than half of the 200-day MA level at the current price.
The report also pointed out that this is the first time since 2015 that the Bitcoin price will fall below 0.5 Mayer Multiple (MM). The MM for this cycle is currently 0.487, much lower than the last cycle, which was 0.511.
The Mayer Multiple shows oversold or overbought conditions by considering the changes in the price above and below the 200-day MA. “Only 84 out of 4160 trading days (2%) have recorded a closing MM value below 0.5,” the report said.
Additionally, the current market conditions are pretty severe, reflecting the spot price dropping below the realized price. Instances like this are sporadic, and this is only the fifth time it has happened since Bitcoin launched in 2009.
According to Glassnode, only 13.9% of all Bitcoin trading days have seen spot prices below unrealized prices. It further added that the investors locked in a loss of $4.234 billion on the day Bitcoin dropped below $20k.
Like Bitcoin, like Ethereum
Ethereum isn’t doing better either. Similar to Bitcoin, those who bought Ethereum in 2021 and early this year have unrealized losses. Most of the decline in Ethereum price is due to DeFi deleveraging and its dominance decline since November 2021.
Additionally, it is trading at a 63% discount to its 200-day MA, and its Mayer Multiple has hit 0.37, below the 0.6 MM band downside deviation. So far, the token has only traded below this band for 29 days, far below the 187-days in the 2018 bear market.
Based on all of the available data, Glassnode concluded that this current market capitulation event:
Is one of, if not the most significant in history, both in its severity, depth, and magnitude of capital outflow and losses realized by investors.
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