Crypto investor sentiment has been down this past week, with the market cap dropping to $211 billion. The crypto market could be divided into three types of investors: long-term holders who see value in blockchain technology and cryptocurrencies as a whole, short term traders looking for quick profits and those who believe these assets will crash sooner than later.
Crypto Investors News for 11/15 is a website dedicated to providing the latest news and updates in the cryptocurrency world. This site includes information on upcoming events, as well as current trends in the market. Read more in detail here: crypto news.
Not Everyone Can Invest a Thousand Dollars (Reddit): An encouraging message from a Reddit crypto investor who began with merely $20. Takeaway for investors: Begin with what you can afford; no sum is too modest.
DeFi rates this week pay 125 times the typical savings account. Takeaway for investors: think about “saving” more money in DeFi. (For current pricing, see here.)
Satoshi Nakamoto claimed on Dec. 10, 2010, that “piling every proof-of-work quorum system in the world into one dataset doesn’t scale.”
The comment referred to BitDNS, a crypto-related domain name service that has now been rebranded Namecoin.
It’s quite similar to the Ethereum Name Service we spoke about last week, although it was designed to function on Bitcoin originally.
However, Nakamoto believes that in order to conserve capacity on the main chain, we should restrict the number of projects developed on top of the legacy coin.
It’s odd, therefore, that Bitcoin’s next update, known as Taproot, is being heralded as bringing smart contract capabilities to the cryptocurrency. The optics aren’t fantastic, you have to admit.
After years of avoiding things like DeFi, dubious altcoins, and NFTs, bitcoin maximalists are suddenly taking a significant risk in an attempt to catch up with the rest of the market.
Why would they take such a significant risk by going against the intent of Bitcoin’s founder in order to add functionality that aren’t required?
Same same
Because many of the articles published on the Taproot have gotten out of hand with crazy falsehoods, bitcoin may want to consider dismissing its public relations manager.
Now, I’m not a programmer, but last night I had the privilege of participating in a Twitter Space call titled “Is Taproot a Scam?” with several incredibly knowledgeable Bitcoin people who helped me put things in context.
To begin, we must recognize that the phrase “smart contract” refers to software that is neither smart nor contractual in nature. Nick Szabo created the word in 1994, long before Bitcoin or Ethereum existed.
Smart contracts have always been a feature of the Bitcoin protocol in its most basic form. So, whomever initially said that Taproot would bring these contracts to Bitcoin may have been mistaken or deliberately exaggerated for the sake of getting attention.
In truth, as I’ve learned, the Taproot update was designed to be gradual. The major advantages are a tiny decrease in costs and network burden per transaction, as well as marginally increased privacy features and the ability to construct multisignature wallets.
Taproot also improves the Bitcoin network’s smart contracts, enabling for more complex versions of these if-then contracts while also helping to hide their specifics.
After all, Bitcoin may not turn out to be the Ethereum killer that some claim it to be.
Most of us, like SegWit, will hopefully never be affected by this update. Taproot is nothing more than a schnorr for skilled developers (sorry, bit of programmer humor).
However, this is not the case.
So, my friends, Bitcoin and Ethereum get to keep their major distinctions, but there’s one thing they have in common: the price correlations of their digital tokens.
Analyst Jason Deane investigates previous price correlations between bitcoin and ether in his recent essay, and how this information might assist investors maintain a healthy portfolio.
In any case, it’s a fascinating book that I hope you enjoy.
This is simply the most recent indication that crypto is gaining traction!
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