Archive for  February 2022

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Bitcoin proponent Tiago Vasconcelos created a trading bot with artificial intelligence that helped him accumulate more BTC with a simple buy-and-hold strategy.
It was an AI learning experiment…The code got a daily price movement from 2014 to 2021,” said Vasconcelos, who founded Aceita Bitcoin, a Portuguese organization that promotes the adoption and sharing of bitcoin.
The programmer “taught the bot or explained to it the rules, the candles, the principles when you can either buy or sell or do nothing. The bot receives one point for each profitable trade and loses it as a “penalty” for unprofitable trades.
The goal is for the bot to score the highest possible point, and the exercise is to make thousands/millions of attempts with this data set, paving the way to buy and sell.
The convenience of AI is that the bot begins to observe “patterns” and make “moves” to maximize the balance of the trading account.

Eventually, the bot comes to the conclusion that it is best to buy as soon as possible and never sell!
Now it’s not just popular bloggers and bank analysts who are leaning toward the Hodl strategy, but robots as well.
Hodl is a popular meme in the bitcoin space that originated from a Bitcointalk forum post in 2013 with a typo in the word “hold.” The reason its author GameKyuubi decided to hodl is because he accounts himself as a loser trader:
I’m a bad trader and I KNOW I’m a bad trader.
Turns out, already at that point he was as smart as an artificial intelligence based bot.

The expert gave his forecast on the future of the flagship digital asset, against the background of the events that have occurred in the world this week. He noted that there are several conditions that need to be met for the asset to form a bullish trend. In addition, the BTC price reacts strongly to the geopolitical situation.
According to him, the cryptocurrency market is showing instability at this stage. Leading digital assets are very volatile, which makes it impossible to make clear predictions about further growth or decline of the first cryptocurrency. He stressed that BTC is going through a three-month period when it set several lows in terms of market capitalization.
Weiss assured that BTC’s exchange rate will not change globally until the weekly chart exceeds the short-term moving average (the average value of the asset over a certain number of candles) as well as the previous local price high set during the last short-term rally on February 10, 2022.

The analyst stressed that the rate of virtual asset is in a downtrend. He assured that he believes in reaching the $100,000 mark, but looking at the chart, he can’t give such a rosy forecast in the short term yet. Based on the analysis of the technical indicators, Weiss sees no evidence to support the possibility of reaching this level in the short term.
At the moment, Bitcoin exchange rate is more likely to set its new local minimum than to start growing rapidly. The aggravated situation between Russia and Ukraine also does not suggest that the value of the digital currency will rise in the coming weeks.
Earlier, editorial staff reported that Ton Weiss said that despite the bullish sentiment of traders in December 2021 and January 2022, the value of BTC may reach the $100,000 mark in the near future.

Today’s climb continued at 5.3%, largely supported by bitcoin’s rise to $39,400.
Depending on further developments, we can expect profit taking from $0.10 to $0.12. In such a scenario, Dogecoin could lose up to 15% of its market value.
This is due to the fact that bulls will probably not want to go into the weekend with a large supply of Dogecoin coins in their books. With massive profit taking closer to the close of the US trading session, an accelerated move to $0.10 and monthly S1 support and $0.094 and the red downtrend line is not ruled out.
In a positive development, we might even see a move to $0.13. If the bulls break through this area, the upside potential will be at $0.16.
However, traders should keep in mind that the 55-day simple moving average has been limiting the price movement in the recent past. A daily close above the 55-day SMA would give an extremely bullish signal to the markets and could be the start of an uptrend next week.

This was the view expressed at the ForkLog conference “NFT Beyond Pictures: Alienable Copyright” by CloudNFT CEO and co-founder Peter Bel.
According to him, NFTs don’t bring anything fundamentally new to the copyright industry, but they can be useful in Web 3.0 interactions.
Bel sees great potential in services that will introduce the general public and facilitate the creation of digital ID and help “package” contracts from the real world into NFT:
“NFTs could evolve into digital document signing services. In the case of copyright, it would be extremely convenient to “bookmark” the alienable copyright contract in an NFT and transfer it to another person.”
The co-founder of CloudNFT noted that the use of non-interchangeable tokens in such a capacity would allow contracts to be signed between a “person with a passport” and an individual with a decentralized identifier.
He also suggested that the use of NFT technologies would allow contracts to be signed under virtual law rather than a particular system of this or that state regulation.
As a reminder, former president and CEO of The Walt Disney Company Robert Eiger has expressed concern about copyright infringement in the NFT sector.

The project is expected to be among the top 10 largest blockchains in the Chinese ecosystem, the creators expect. NEO will be responsible for implementing the domain name service, the part of the new blockchain that will function as a distributed digital certificate (DDC) standard.

NEO founder Da Hongfei believes that the collaboration with BSN will be beneficial to the development of the project:
“We aim to create a solid foundation for the next generation Internet. Participating in BSN-DDC is a step forward, it is consistent with our vision and brings together projects from different ecosystems.”
The NEO team began working with China’s BSN back in July 2020.
He Yifan, executive director of the BSN Development Association and CEO of Red Date Technology, previously said that China has its own vision for NFT. Non-interchangeable tokens issued in the PRC will be based on the Distributed Digital Certificate (DDC) standard:
“DDC-based NFT technology is a digital certification and distributed database technology that can be applied in any scenario where digital proof is required. We expect billions of DDCs to be produced annually in China in the future. The biggest market for DDC is in the management of certificate credentials of all types.”
The Chinese authorities are devoting a lot of effort and time to the development of a cryptocurrency-free blockchain economic ecosystem. Recently, China’s National Platform BSN announced that it plans to roll out the infrastructure to support and launch cryptocurrency-free NFT as early as the end of January. In September, South Korea’s MetaverseSociety became the first operator of China’s BSN platform outside of China. In March, China’s state-owned Blockchain Service Network platform announced a partnership with TON Labs to develop applications based on the TON protocol.

The company has launched a bitcoin pilot project in North Dakota’s Bakken in which it sells natural gas, previously burned as a byproduct, to a bitcoin mining farm.
The Bakken is home to one of the largest oil and natural gas fields in the United States, making North Dakota the second largest oil-producing state in the country, behind only Texas.
ConocoPhillips’ new initiative helps achieve its goal of phasing out the regular flaring of natural gas that is produced by drilling oil wells at production sites.
According to a study conducted by Denver-based Crusoe Energy Systems, with its pilot project, ConocoPhillips will monetize a resource that was previously wasted and reduce its negative impact on the environment. Miners, in turn, get a cheap source of energy to mine BTC.

Senator Sue Rezin is known as the author of Act 3643, which granted benefits to data centers in the state three years ago. The new initiative is an amendment that updates the law to SB 3643 and extends the benefits to cryptocurrency miners.

The bill was supported this week by Illinois Democratic State Senator Julie Morrison. On February 16, the document was presented to the state legislature.
The data center tax credit program has been in place since 2019. More than $160 million in tax credits have been extended to six data center operators, according to a 2020 Illinois Department of Commerce report. The report said 120 jobs were created and $1.6 billion was invested.
To qualify for the program, miners must invest at least $250 million, create at least 20 jobs, and become carbon-neutral or green building certified. The benefits can be extended to new entrants as well as existing businesses in the state – as long as they meet the requirements.

The state of Illinois has a high level of acceptance of cryptocurrencies. Late last year, Illinois Democratic State Representative Marie Newman publicly announced the purchase of more than $200,000 worth of GBTC and COIN stock. In 2020, Illinois joined the ranks of other U.S. entities recognizing the legal validity of smart contracts and blockchain records. In 2018, Illinois lawmakers considered a bill to allow cryptocurrency taxes.

What does the law regulate?
The law brings the circulation of virtual assets into the legal plane. They are divided into:
Unsecured IA (classic cryptocurrencies like Bitcoin and Ethereum);
secured IA (security tokens, which give the right to the profit or/and the company’s assets);
Financial WA, secured by financial instruments (tokenized shares) and currency values (stabelcoins and CBDC).
Secured IAs, as opposed to cryptocurrencies, certify property rights, in particular the rights of claim on other objects of civil rights.
“Cryptocurrencies according to the classification of the law refer to unsecured virtual assets. They are characterized by the lack of security by a property or non-property right. This means that no one promises anything for any cryptocurrency, it is an independent unit of the market,” explained Artem Afian, a member of the Ukrainian Virtual Assets Public Union (VAU) and managing partner of Juscutum law firm.
The DeFi and NFT segment is not directly affected by the law, but the broad interpretation of the terminology allows them to be regulated.
“The FATF recommendations on DeFi and NFT were not published until October 2021, and we have not yet had time to implement them in the regulations of this law. However, the term “virtual asset” is formulated abstractly enough to cover all types of VA, “- said the head of the supervisory board of VAU and inter-faction association of people’s deputies of Ukraine Blockchain4Ukraine Alexei Zhmerenetsky.
The only inconsistency he pointed out: if the administrator of DeFi can not be identified, it is not clear who should implement the rules of law.

“One of the challenges for the legislature is determining the ownership of an NFT for its holder. On blockchain, the holder of a token is defined as its unique owner, and the legal system does not enshrine this in any way. At the moment we have developed and registered the draft amendments to the Civil Code of Ukraine, which should partially solve this problem”, – added Zhmerenetsky.
Konstantin Yarmolenko, Director General of the UBA, head of the advisory group of the Blockchain4Ukraine inter-faction association of people’s deputies of Ukraine, specified that the law concerns only legal entities that provide services in the sphere of UBA:

“If you as a natural person send crypto to another natural person or just hold crypto as an investor, the norms of this law don’t concern you and you can sleep peacefully”.
Providers can hold/manage VA, conduct exchanges and transfers of such assets, and provide intermediary services related to them.
If a foreign company meets the criteria of a VA provider and provides services to residents of Ukraine, it is required to register its activities in the country.
“If a resident of Ukraine simply conducts transactions with some foreign VA, that foreign issuer is not required to register as a VA provider in the country,” Yarmolenko clarified.
The sanctions provided by the law will be applied to violators only after three months from the date of implementation of the state register of providers of VA-related services.

“Given that it takes time to develop and launch a registry, VA users and potential VA providers will have the necessary time to adjust. It is not possible to apply sanctions under this law before these sanctions come into force,” explained Konstantin Yarmolenko.

Ripple may be forced to turn over its email correspondence to the SEC
David Schwartz, Ripple’s CTO spoke about his assessment of his success at the company – the so-called annual performance review. He stressed that he had achieved everything he wanted to:
You will all be happy to know that I achieved all of my goals at this meeting – I still have an amazing job. In addition, I was able to talk them into giving me a vacation for Christmas and buying M&Ms in every Ripple office.
Earlier, Ripple opened a position for a senior safety and operations manager. Also in a piece on its website, Ripple said that open banking is on the rise in North America.

According to the DappRadar report, more than $1 billion was invested in blockchain-based games last month alone. By comparison, the sector attracted $4 billion in the entire year 2021. The report authors claim that this particular category accounts for 52% of activity in 2022.
DeFi Kingdom Harmony (JEWEL) remains one of the leading products in this area. The game saw more than $1.5 billion in transactions in January, a 243% increase over Axie Infinity, a giant in the blockchain gaming space. JEWEL also has $775 million in TVL, which is 60% of the total value of blockchain assets in the entire Harmony network.
The report says Polygon shows potential for the gaming ecosystem. Crazy Defense Heroes is becoming the second most used decentralized app on the network. It has an average of 41,000 unique active cryptocurrency wallets (UAW) connected to it daily. Bomb Crypto surpasses Mobox as the most popular decentralized app on the BSC. The gaming decentralized app attracts an average of about 40,000 wallets per day.
In Q3 2021, blockchain-based games were the dominant dApp category in terms of user activity. They accounted for 45% of the industry’s activity then, and that number has now risen to 52%.
The GameFI industry is growing at a rapid pace, and so are meta-universes, attracting significant capital. In September, BGA presented its Blockchain Game Report on the online gaming market and concluded that 804,000 unique users connected cryptocurrency wallets to blockchain-based games in July, representing nearly 50% of the total number of wallets. Late last year, the Blockchain Gaming Alliance (BGA) reported that the market capitalization of DeFi meta-events reached $4.6 billion. Gala Games, which develops blockchain-based games, recently announced that it plans to invest $5 billion in collectible token projects by the end of 2023.