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Category: Cryptocurrencies

CryptoPunks Owner Declines Record-setting $9.5 Million Offer, Explains Why 

Earlier today, the owner of the non-fungible token CryptoPunks #6046 declined a bid of $9.5 million dollars in Ethereum (ETH), which would have been the highest on-chain NFT transaction to date. The bidder, who goes by an ENS of poap.eth, placed the record-setting bid after the CryptoPunks owner tweeted: “My punk is not for sale. Don’t care what anyone offers me.”  CryptoPunks is an NFT collection of 10,000 randomly generated images created by Larva Labs, and is widely touted and recognized as the #1 collection across the entire NFT space.  Related Reading | Cryptopunks are Headed to Hollywood The project is an all-time leader in total transaction volume at 552,073 ETH, or approximately $2.1 billion. Bored Ape Yacht Club (BAYC), which is the next largest collection on OpenSea, has recorded 1/5th of CryptoPunk’s all-time sales volume. According to data from Larva Labs, the most expensive transaction to date was $7.57M for Punk #7804 back on March 11, 2021.  Come on Richerd. Don’t you want to go down in history as the top cryptopunk sale to date? pic.twitter.com/JEeIMo2MEm — POAP – The bookmarks of your life (@poapxyz) October 15, 2021 If the bid made by poap.eth were to have been accepted, CryptoPunk #6046 would have become arguably the most valuable CryptoPunk by more than 500 ETH. Interestingly enough however, the owner himself admitted that the “value” of his NFT was nowhere near the ballpark of $9.5M: [#]6046 is probably not worth 2500 ETH, it’s a mid tier punk due to its defining 3D glasses traits. So why would someone offer 2500 ETH on it?”  How Exactly are CryptoPunks Valued? Within NFT collections, the value of an individual piece is often determined by the rarity of its traits and characteristics. This is the case for CryptoPunks, with extremely rare traits like Aliens (0.09%) fetching a far greater price than ones with more common traits. In the case of Punk #6046, its trait of 3D glasses (3%) would be worth considerably less than extremely rare traits.  The average price of a CryptoPunk has skyrocketed over the past year, with data from DuneAnalytics showing a 1300% increase in average sales price since the beginning of the year. Despite these meteoric increases in price, the NFT space is still in relative infancy. Related Reading | Forget NFT Avatars: Owning and Trading NFT Colors Could be the Next NFT Trend on OpenSea  Coinbase, which recently announced its plans to release an NFT marketplace, saw over 1.5 million sign ups – a number trumping OpenSea’s user base by several fold. According to dappRadar, OpenSea has a total user base count of 263 thousand. With Coinbase entering the NFT space, there’s little to no doubt that the industry will continue to grow exponentially.  Interestingly enough, @richerd explained the reasoning behind rejecting the offer. He implied that his brand and online persona was largely connected to his CryptoPunk, and selling it would effectively sever this bond. “My identity, along with [the] identity of other iconic Punks, have value beyond the NFT itself. We have our own brands similar to any other brand and that has value. Because I value my personal brand and identity, this was an easy rejection for me.”  Featured image from Larva Labs  
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Making Crypto and Charity a Win-Win With World of Waves COO Kristjan Tot

BeinCrypto spoke to Kristijan Tot, COO of World of Waves. He discusses building conservation-focused crypto and why sustainability is making a name on the blockchain. Sustainability is a buzzword that has made its way through every industry. From fashion to food, being sustainable and caring about your personal impact on the environment has ramped up … Continued

The post Making Crypto and Charity a Win-Win With World of Waves COO Kristjan Tot appeared first on BeInCrypto.

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‘Bitcoin Is a New Method of Moving the Country Forward,’ Says Bitcoin Beach Founder

BeinCrypto spoke to Roman Martínez, founder and community leader at Bitcoin Beach in El Salvador. He discussed the recent bitcoin moves in the country and how the community is responding.

The post ‘Bitcoin Is a New Method of Moving the Country Forward,’ Says Bitcoin Beach Founder appeared first on BeInCrypto.

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Cryptocurrency at the Bank Is a Necessary Compromise

When people think of investing in cryptocurrencies, the bank isn’t typically their first thought. However, it’s worth taking a look at your local bank or online broker. As the acceptance of cryptocurrencies grows, providers are responding by expanding their offerings.

The post Cryptocurrency at the Bank Is a Necessary Compromise appeared first on BeInCrypto.

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Cryptocurrency Remittances Are Successfully Navigating Across Borders

The world is getting smaller as digital capabilities expand. However, the effective transfer and easy flow of money are not keeping up. Cryptocurrencies are promised as a solution to remittance barriers but are still only just beginning to become effective.

The post Cryptocurrency Remittances Are Successfully Navigating Across Borders appeared first on BeInCrypto.

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New Survey Shows Australian’s Love for Crypto is Fueled by These Noble Drives

Australians appear to be more knowledgeable in their investment strategies as many are beginning to buy into cryptocurrencies for the right reasons. As highlighted in a recent survey conducted by BTC Markets, it was shown that acquiring digital assets was not a function of ideas to get rich quickly, rather, investors who are purchasing digital

The post New Survey Shows Australian’s Love for Crypto is Fueled by These Noble Drives appeared first on Coingape.

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Report Shows 42% of Voters in Texas Will Support Crypto-Friendly Legislation: Here is How this Could Benefit Parties

An exclusive Newsweek poll conducted by Redfield & Wilton Strategies has shown the disposition of voters in swing American polls to cryptocurrencies. According to the poll, as many as 42% of Texas voters said they would support any cryptocurrency-friendly bill if introduced in the state. This question was featured in the poll to dive into

The post Report Shows 42% of Voters in Texas Will Support Crypto-Friendly Legislation: Here is How this Could Benefit Parties appeared first on Coingape.

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‘Crypto Networks Are Going to Be the Foundation for So Many Things,’ Says Blockchain Association’s Kristin Smith

BeinCrypto spoke to Kristin Smith from the Blockchain Association about their work advocating for blockchain and cryptocurrencies in the United States.

The post ‘Crypto Networks Are Going to Be the Foundation for So Many Things,’ Says Blockchain Association’s Kristin Smith appeared first on BeInCrypto.

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Wall Street Banks Are Keen on Crypto — Here’s Why

Recently, institutional crypto adoption has been at the center of discussion. A growing number of public companies, major banks, hedge funds, and wealth managers race to increase their exposure to bitcoin and other digital assets.

The post Wall Street Banks Are Keen on Crypto — Here’s Why appeared first on BeInCrypto.

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‘Crypto Was a Strange Bunch of People – Adventurers, Idealists, and Soldiers of Fortune,’ Says Liquidify Market Lead

BeinCrypto spoke to Max, a core member of Liquidify, the world’s first liquidity accelerator for long-tail crypto assets. He explains his journey into crypto and how Liquidify was created.

The post ‘Crypto Was a Strange Bunch of People – Adventurers, Idealists, and Soldiers of Fortune,’ Says Liquidify Market Lead appeared first on BeInCrypto.

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Trading Bitcoin Is Comparable To Trading Stamps. Collapse Looming, Says Sweden Central Bank Governor

Bitcoin, and cryptocurrencies in general, has been a controversial topic for a long time. There are many words for what cryptocurrencies pretend to be but are not: decentralized, safe, fair, valuable, stable, a currency, honest, a solution, the future. Much like many other central bankers, Sweden’s Central Bank governor is very skeptical about Bitcoin trading. The Sveriges Riksbank Governor’s Take On Bitcoin According to a Bloomberg article, the governor of Sveriges Riksbank, the central bank of Sweden, questioned the staying power of currencies without government backing. He compared buying and selling Bitcoins to trading stamps. Speaking at a banking conference in Stockholm, Sveriges Riksbank governor Stefan Ingves argued, “Private money usually collapses sooner or later,”. Further remarking, he said, “And sure, you can get rich by trading in bitcoin, but it’s comparable to trading in stamps.” Earlier this year, Ingves said that Bitcoin and other cryptocurrencies are unlikely to escape regulatory oversight as their popularity grows. Related Reading | Sweden to Bring Forward Launch of State-Backed Digital Currency e-Krona Despite his opinion of Bitcoin’s deficiencies as a currency, Ingves has taken its reputation among investors seriously. Highlighting consumer interests and money laundering as being of particular concern, the central banker conceded this June that the cryptocurrency had gotten “big enough” to merit close attention from regulators, central bankers, and lawmakers across the globe. Cryptocurrencies And Central Bank Governors Ingves’s remarks are in line with what other central bankers have said about crypto. Some central bankers have compared it to the tulip bubble of the 17th century, which ended in collapse. Related Reading | Bitcoin Outlives Tulip, Dotcom, and Every Notorious Market Bubble In February, Ireland’s central bank governor Gabriel Makhlouf said bitcoin investors should be ready to lose all their money. “Personally, I wouldn’t put my money into it, but clearly, some people think it’s a good bet,” Makhlouf said. “Three hundred years ago, people put money into tulips because they thought it was an investment.” Related Reading | Bank of England Governor Still Isn’t a Fan of Bitcoin Similarly, Bank of England governor Andrew Bailey said cryptocurrencies have no intrinsic value and may crash to zero. “I’m sorry, I’m going to say this very bluntly again: buy them only if you’re prepared to lose all your money,” Bailey said. “I would only emphasize what I’ve said quite a few times in recent years. I’m afraid they have no intrinsic value,” BTC trading above $45K | Source: BTCUSD on TradingView.com Around the world, central banks in countries such as China, Ghana, South Korea, Japan, and Switzerland have started researching, experimenting with, and testing the launch of Central Bank Digital Currencies. The Federal Reserve has also said it is researching the pros and cons of creating a CBDC for the United States. Meanwhile, El Salvador made history this week by adopting Bitcoin as legal tender. Featured image from Financial Times, Chart from TradingView.com
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