Friday 19 August 2022
Home / Sean Patterson (page 59)

Sean Patterson

6 Questions for Rene Reinsberg of Celo

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes! This week, our 6 Questions go to Rene Reinsberg, a co-founder of Celo, an open platform that makes financial tools accessible to anyone with a mobile phone. Rene Reinsberg is a co-founder of Celo and president of The Celo Foundation, a grant-giving organization supporting the carbon-negative Celo blockchain. He has been working at the intersection of finance, technology and development for the past 15 years, including at Morgan Stanley, McKinsey, General Catalyst Partners, the World Bank and TechnoServe. His previous company, Locu, was acquired by GoDaddy where he served as vice president of Emerging Products post-acquisition. 1 — What is the main hurdle to mass adoption of blockchain technology?For blockchain to achieve mainstream adoption, there must be a broader understanding of the technology, which requires better awarene..

Read More »

Your crypto wallet is the key to your Web3 identity

Digital identity has been a fraught subject since the earliest days of the internet. Web2 bridged the gap between people’s offline lives, online identities, and creative and consumer habits, which has given way to a thoroughly integrated internet experience designed to be as personalized and targeted as possible. As a new phase of virtual interaction and digital identity appears on the horizon — one even more interconnected than Web2 — we need to rethink personalization and ownership with an eye to what did and didn’t work in the world of Web2. While there is no blueprint for the Web3 identity procedure, we can predict the trajectory that digital identity in the metaverse will follow. This trajectory is already taking shape. Everything you know, decentralizedVirtually all aspects of the internet as we know it are ripe for decentralization. Chat and messaging services are private and encrypted, browsing is incognito, and transactions happen between individual bank accounts (albeit media..

Read More »

BTC bull Michael Saylor: Ethereum is ‘obviously’ a security

MicroStrategy CEO and Bitcoin (BTC) bull Michael Saylor said that Ether (ETH) is ‘obviously’ a security as he doubled down on labeling BTC as the only commodity in the crypto sector. In an interview with Altcoin Daily, Saylor was questioned on his take regarding the classification of both BTC and ETH as commodities by United States Senators such as Kirsten Gillibrand and Cynthia Lummis, along with figureheads from the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission (CFTC). Saylor provided a lengthy run down on what he thou are the fundamental differences between the Bitcoin and Ethereum networks, as he suggested that only the former has remained unchanged over the years: “I think Ethereum is a security, I think it’s pretty obvious, [...] it was issued by an ICO, theres a management team, there was a pre-mine, there’s a hard fork, there’s continual hard forks, there’s a difficulty bomb that keeps getting pushed back.”The CEO argued that the con..

Read More »

Believe it or not, metaverse land can be scarce after all

Just recently, Yuga Labs, the team behind the world-famous bored nonfungible token (NFT) primates, nabbed some $300 million with its sale of Otherdeed NFTs, a collection of land plots in a soon-to-be metaverse. Indeed, NFTs, the blockchain industry’s primary method of creating digital asset scarcity, have emerged as the preferred way to handle virtual land ownership for most metaverse projects, including Decentraland and The Sandbox. All of this has prompted an interesting question in the community: In the metaverse, a vast, near-endless digital space, how can digital land ever be scarce? Well, let’s dig in. First and foremost, let’s address the elephant in the room: The metaverse isn’t real. I mean, the Ready Player One-style metaverse, a seamless virtual reality-based rendition of the internet as we know it. So, while you may don your VR helmet for a rave in Decentraland, the device will hardly stay on for your daily dose of Instagram or a news feed surf. In other words, what we have..

Read More »

US dominates crypto ATMs installations and BTC hash rate worldwide

Despite the myriads of state and federal regulatory hurdles faced by crypto businesses in the region, the United States plays a major role in preserving the Bitcoin (BTC) and crypto ecosystem. With China moving out of the picture following a permaban on crypto, the United States maintains the top position in terms of hash rate contribution and ATM installations worldwide. Prior to cracking down on BTC mining, China historically represented over 50% of the total hash rate up until Feb 2021. With China out of the competition, the U.S. picked up the slack to become the highest BTC hash rate contributor — representing 37.84% of the total mining power by Jan 2022. Distribution of Bitcoin mining hash rate from September 2019 to January 2022, by country. Source: StatistaAs shown above, Chinese miners resumed operations in September 2021. However, the miners in the U.S. continued to dominate the space while increasing their hash rate contribution month-over-month. Crypto ATM distribution by ..

Read More »

Crypto, like railways, Part 2: Blockchain as the new internet planner

In my latest article “Crypto, like railways, is among the world’s top innovations of the millennium,” I compare the blockchain revolution to the railway boom. If we apply this analogy further, what’s going to happen next? Stuart Hylton in his book What the Railways Did for Us: The Making of Modern Britain cites this quote: “The direct effects of railway building are, after all, considerable enough in themselves to require no exaggeration. They profoundly influenced the internal flows of traffic, the choices of the site and the patterns of land use, the residential densities and development prospects of the central and inner districts of the Victorian city.” When one examines the development of blockchain technology, one can make a curious observation. First of all, nobody saw it coming: People neglected Bitcoin (BTC) and related applications; blockchain protocols were doomed as unnecessary, while Wall Street predicted the fall of crypto. Laugh or not, Bitcoin has “died” over 400 times..

Read More »

Investors lament potentially lost ‘millions’ on Voyager bankruptcy

Many investors are reeling from Voyager Digital’s recent bankruptcy filing, with some claiming to have either ‘millions’ worth of crypto assets or most of their life savings locked on the crypto exchange. As previously reported, Voyager paused withdrawals at the start of this month amid its liquidity issues as a result of Three Arrows Capital (3AC) defaulting on a $650 million loan from the firm. Despite Alameda supplying the firm with a $500 million loan in June, Voyager went on to file for bankruptcy on Wednesday. In a Saturday article, Fortune spoke to several Voyager users who are reeling from the recent bankruptcy filing. Some put nearly all of their life savings onto the platform, while others are said to have millions hanging in limbo. One user, referred to as Robert for anonymity purposes, stated he put roughly six figures on the platform, representing 70% of his life savings. “Every day, honestly, I cry,” Robert said, adding, “I don’t know what to tell my wife. As partners,..

Read More »

After Terra’s fall to Earth, get ready for the stablecoin era

Stablecoins were supposed to be the boring uncle of the crypto world — safe, sensible and dull. They’re probably not what Satoshi Nakamoto had in mind, but they’re supposed to be a reassuring haven of calm and utility away from the turbulence of pure-play cryptocurrencies. With values pegged to fiat currencies, stablecoins were intended to be useful rather than to offer get-rich-quick schemes. They play an important role in the cryptocurrency ecosystem by providing a safer place to store capital without having to cash out entirely, and allowing assets to be denominated in fiat currencies rather than volatile tokens. However, events in May demonstrated that crypto stability is still elusive. With governments slow to react, Terra’s LUNA token — which has since been renamed Luna Classic (LUNC) — dropped to close to zero in value, wiping out $60 billion along the way. The obvious conclusion would be that the stablecoin experiment has failed. But I believe Terra’s fall to Earth is the precu..

Read More »

Bitcoin tourists exit the market, Peter Schiff’s bank closes down and Voyager to restructure: Hodler’s Digest, July 3-9

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This WeekPeter Schiff’s bank closure strengthens Bitcoin case for financial freedomAvid Bitcoin hater and gold peddler Peter Schiff saw his bank in Puerto Rico, Euro Pacific International Bank, shut down this week, with regulators pulling the plug on the grounds that the bank was not maintaining the net minimum capital requirements. Schiff noted that, as a result, “accounts are frozen and customers may lose money.” The crypto community on Twitter was quick to swoop in, with pseudonymous user HodlMagoo noting the priceless irony: “Do you understand why you need bitcoin now?” Bitcoin ‘tourists’ have been purged, only hodlers remain: Glassnode According to Glassnode’s “The Week On-Chain” report published on Monday, su..

Read More »

VC Roundup: ‘Web5,’ Metaverse sports and Bitcoin monetization startups generate buzz

A lot has happened in the Bitcoin (BTC) and cryptocurrency markets since our last edition of VC Roundup. The monumental collapse of the Terra ecosystem spilled over into other segments of the digital asset market, exposing over-leveraged traders, lending platforms and venture capital funds. In the process, Bitcoin’s price plumbed new lows, falling below the previous cycle’s peak for the first time in its history. Despite macro headwinds inflicting pain on the crypto markets, venture capital firms are still investing in the industry’s most promising startups. The latest edition of VC Roundup highlights funding deals for digital asset infrastructure providers, noncustodial crypto protocols, payment solutions and decentralized identity management companies. Digital asset infrastructure provider closes $53M roundPolySign’s quest to bring institutional-level crypto custody solutions to investors has received backing from several venture capital firms. The firm recently raised $53 million i..

Read More »