Ethereum’s biggest-ever upgrade just took effect, in what industry experts are calling a game changer for the entire crypto sector. Thus far, all signs suggest the so-called merge — which is designed to cut the cryptocurrency’s energy consumption by more than 99% — was a success.
The very first proof-of-stake block of transactions has finalized with a nearly 100% client participation rate. This was, by far, the best-case scenario.
The overhaul to the ethereum network fundamentally alters the way the blockchain secures its network and verifies transactions. Most of these changes are happening under the hood and the hallmark of a successful upgrade is if the end user doesn’t feel a difference in the hours and days ahead.
Cryptocurrencies such as ethereum and bitcoin are often criticized for the process of mining to generate new coins. Before the merge, both blockchains had their own vast network of miners all over the planet running highly specialized computers that crunched math equations in order to validate transactions. Proof-of-work uses a lot of energy, and it is one of the industry’s biggest targets for critiques.
But with the upgrade, ethereum has migrated to a system known as proof-of-stake, which swaps out miners for validators. Instead of running large banks of computers, validators leverage their existing cache of ether as a means to verify transactions and mint new tokens. This requires far less power than mining and experts say it will make the protocol both more secure and more sustainable.
The price of ether jumped following the merge. It is trading at around $1,640, up more than 3% in the last hour.
Nine teams and more than 100 developers worked on the merge for years. In the hours ahead, this decentralized network of programmers spread out across the planet will monitor the rollout and, if needed, debug as fast as possible.
Danny Ryan, a core developer based in Denver who has been working on the merge for five years, tells CNBC that they will be watching for any irregularities via both automated and manual monitoring systems. If issues come up, the corresponding team will debug and release a patch to users, but Ryan says they are pretty confident going into the merge given all the successful dry runs in the last few months.
“There might be some sort of small fire that gets put out very quickly,” said Ryan. “But the network as a whole — because of the redundancy across all this different software — will very likely be stable and fine.”
What changes
Part of why the merge is such a big deal has to do with optics.
Last week, the White House released a report warning that proof-of-work mining operations could get in the way of efforts to mitigate climate change. Slashing energy consumption by roughly 99.95% will not only establish greater sustainability for the network, but it will also go a long way toward lowering the barrier to entry for institutional investors, who struggled with the optics of contributing to the climate crisis.
Bank of America said in a note on Sept. 9 that the significant reduction in energy consumption post-merge “may enable some institutional investors to purchase the token that were previously prohibited from purchasing tokens that run on blockchains leveraging proof of work (PoW) consensus mechanisms.”
Analysts have said that institutional money entering the digital asset space at scale is critical to its future as an asset class.
The upgrade also changes the tokenomics around ethereum’s native coin, ether.
“Ether itself becomes a productive asset,” said Ryan. “It’s not something you might just speculate on, but it’s something that can earn returns.”
In this post-merge era, ether takes on some of the characteristics typical of a traditional financial asset, such as a certificate of a deposit, which pays interest to holders.
“It’s probably the lowest risk return inside of the ethereum ecosystem,” explained Ryan, who added that yield in other corners of decentralized finance, or DeFi, involve taking on smart contract risks and other types of counter-party risk.
The upgrade will also result in a significantly reduced supply of ether tokens in circulation, which could pave the way for ether to become a deflationary currency in the weeks and months ahead. Some investors say this could also help drive up the price of the token.
That reduced supply is the result of the new verification model that replaces miners with “validators.” The rewards for validators are much smaller than those that went to proof-of-work miners, meaning that less ether will be minted as a result of this upgrade. Validators are also required to lock up their tokens for a prolonged period of time, pulling ether out of circulation.
Additionally, as part of an upgrade that went into effect August 2021, the network is already “burning” or permanently destroying a portion of the digital currency that would otherwise be recycled back into circulation.
Developers say that enhanced network security is another critical feature of the upgrade.
“There are changes to the security guarantees of the chain,” said Sean Anderson of Sigma Prime.
Take a 51% attack, in which someone or a consortium of people control 51% or more of a cryptocurrency and subsequently weaponize that control to make changes to the blockchain.
Anderson says that it is much easier to recover from a 51% attack on a proof-of-stake network, because there are built-in mechanisms to financially punish malicious actors by reducing their stake.
“Because that economic asset is inside of the protocol, you get much better recovery mode, so you end up with a better kind of security profile,” Ryan told CNBC.
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The Monetary Authority of Singapore (MAS) and Elevandi — a nonprofit entity set up by the MAS to connect people and businesses, ideas and insights in the fintech sector in Singapore and globally — announced today the return of the Singapore FinTech Festival (SFF) as an in-person event to be held from Nov. 2 to 4, 2022, with industry events and the annual Innovation Lab Crawl being held on Oct. 31 and Nov. 1.
Organized by MAS and Elevandi in partnership with Constellar — a global player in the meetings, incentives, conventions and exhibitions industry — and in collaboration with The Association of Banks in Singapore, SFF 2022 will be held at the Singapore Expo.
The theme of SFF 2022 is “Building resilient business models amid volatility and change.” With the global economy experiencing a surge in inflation and facing risks of a significant slowdown in growth, many fintech firms are striving to stay resilient and viable.
Key stakeholders comprising government leaders, regulators, financial services leaders, entrepreneurs, investors and technology leaders will take stock of the drivers of change and examine three key questions:
● Viable: How are organizations building and redefining business models that can be more resilient to volatile market conditions?
● Responsible: How are organizations balancing corporate responsibility and profitability in order to achieve greater stakeholder satisfaction and engagement?
● Inclusive: How are organizations designing inclusive business models that cater to the needs of the unbanked and underbanked?
Conference
The conference segment of SFF 2022 will comprise a series of global and knowledge plenary sessions, and an Elevandi insights forum:
● Global Plenary sessions will focus on leaders and organizations addressing the core construct of resilient business models.
● Knowledge Plenary sessions will feature breakout sessions on Web3 and payments; environmental, social and governance (ESG) criteria; banking for businesses; insurance and pensions; international growth markets; and fintech regulation.
● The Elevandi Insights Forum will consist of small, deep-dive roundtables which bring the public and private sector together to address challenges faced by the financial sector and identify actionable outcomes.
Exhibition
SFF 2022 will see the return of a physical exhibition featuring over 500 leading organizations, including fintech firms, financial institutions, technology firms and policymakers, showcasing their latest innovations and developments in the fintech space.
The exhibition will include free-to-access Ecosystem Stages for attendees to get up close with the newest technologies, products and launches from industry players. The Ecosystem Stages will feature product announcements and product showcases from exhibitors, a specially curated ESG Impact Zone, country and sector deep-dives in the World Fintech Festival and finalists’ showcases from the MAS Global Fintech Hackcelerator and Polyfintech100 API Hackathon.
Other Highlights
Debuting at SFF is the Elevandi Global Founders Network, an exclusive global influencer program that identifies exceptional founders on an annual basis who are building sustainable and resilient businesses with a positive impact in the world. The global founders will be chosen through a nomination process, honored at the SFF and will share their 10-minute insights at the Founders’ Peak.
Participants can also look forward to the winners’ showcase at the SFF Global Fintech Awards and curated networking sessions including an investors’ summit powered by Elevandi Connects.
Sopnendu Mohanty, chief fintech officer at MAS and chairman of the board at Elevandi, said: “As the leading global knowledge platform for fintech, SFF 2022 will focus on bringing best-in-class experts to share industry insights to build business models that remain viable and resilient amid the crisis. The format this year has been enhanced to add numerous intimate and interactive sessions, to foster deeper discussion between the public and private sector stakeholders. The return of an in-person SFF will energize all stakeholders in the fintech community to stay strong and purposeful despite the strong headwinds ahead of us.”
Jean-François Quentin, group CEO Constellar, said: “We are delighted to bring the global fintech community together in Singapore, home to world-class events including SFF. The SFF community is a special one that has continued to connect and collaborate on our hybrid event platforms over the past two years. With live events back in full capacity, the return of SFF in-person will enable personalized and immersive event experiences to catalyze new innovations, strengthen networks and build impactful partnerships.”
The Fall of a Giant
Earlier this year, algorithmic stablecoin project TerraUSD (UST) – once touted as the future of stability in crypto – collapsed. From its April market capitalization height of over $14 billion, in less than a week, holders of the beleaguered stablecoin saw their investments become worthless, sending shockwaves through the space and calling into question the effectiveness of algorithmic stability.
Unlike other stablecoins, UST was not pegged to a stable reserve asset such as gold or the US dollar. Instead, algorithms controlled UST’s peg by exchanging it for a sister floating cryptocurrency called LUNA when UST decoupled from the peg.
This system was inherently predicated on demand for LUNA remaining high (and therefore its price increasing). When both UST fell significantly below the peg twice in one week, and demand for LUNA collapsed, that was the end.
The project’s eccentric founder, Korean entrepreneur Do Kwon, aggressively attempted to defend the project and its technical soundness, deploying millions in reserved capital to re-introduce demand. However, as many in the crypto space pointed out, it very quickly became clear that this strategy would not work as TerraUSD’s downfall was entirely the fault of a flawed approach to achieving stability.
A New Standard Emerges
One of those voices was Joshua Sciagala, co-founder of Bitcoin exchange Vaultoro and stablecoin project TheStandard.io. Scigala predicted the collapse of TerraUSD, pointing to the flawed closed feedback loop that was required to sustain its peg, and instead started work on a new stablecoin infrastructure that would emulate one of the world’s most successful safe-haven currencies, the Gold Standard.
TheStandard.io proposes an over-collateralized model for crypto stability. This model encourages individuals to ‘stake’ assets in pools (which the protocol calls ‘Smart Vaults’), which can then be borrowed against, at zero interest, by minting tokens pegged to a fiat currency of choice.
Initially, individuals using this framework will be able mint sEURO, whose purpose will be to maintain a peg to the EURO. Minting sEURO will be incentivised by giving early purchasers a 20% discount with funds being used to build up a reserve of EVM compatible tokens, PAX Gold, wrapped BTC and MATIC in a pool called Protocol Controlled Value.
This will be followed by liquidity building for sEURO/USDC or another pegged stablecoin which will allow sEURO to maintain its peg.
TheStandard.io team has written a detailed explanation of how this process will work in this paper.
Once sEURO stabilizes and grows sufficiently in volume, TheStandard.io will open its framework up to any fiat currency its users wish to mint.
Is The Standard.io the Future of Stability in Crypto?
Similar to MakerDAO’s DAI, TheStandard.io creates a new stablecoin whose value is backed by committed assets. However, unlike MakerDAO, TheStandard.io will focus on creating a standard that would enable the minting of stablecoins that mirror all of the most trading currencies in the global economy.
Moreover, unlike TerraUSD, TheStandard.io does not rely on the creation of a new token that must maintain an increasing demand in order for its stablecoins to maintain parity with fiat currencies. Whether or not this framework will become the future of stability in crypto is to be seen.
However, TheStandard.io combines the best and avoids the worst of the biggest stablecoin successes and failures out there. Given the ever-increasing demand for stablecoins and the concerns about transparency, TheStandard.io might well be the experimentation the space needs.
Want to read more about The Standard? Read their blog here.
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Bitcoin fell Tuesday, following stocks lower after the August consumer price index report came in higher than expected.
The cryptocurrency slid 9.66% on Tuesday, falling to $20,249.8 per coin at 4:00 p.m. ET according to Coin Metrics. It was bitcoin’s worst day since June 18.
The declining price is a reversal of earlier gains. Bitcoin had hit a one-month high of $22,764.49 Tuesday morning before falling, according to Coin Metrics.
The rally, which brought the digital asset back above the key psychological $20,000 level last week, was spurred by softening of the U.S. dollar ahead of Tuesday’s inflation report, which was expected to show that inflation had cooled off. A much-anticipated network update for Ethereum also boosted the digital coin’s price.
But August CPI data showed that inflation rose month over month even as gas prices slipped. The U.S. dollar jumped, and stocks sold off sharply as Wall Street anticipates more aggressive interest rate hikes from the Federal Reserve.
As rates surge, investors sought to shed risky assets like cryptocurrencies.
Ether, the token that runs on Ethereum, also slipped more than 6% on Tuesday ahead of the much-anticipated Merge, expected to take place sometime between Sept. 13-15. During the merge, Ethereum will switch from a proof-of-work model to one that uses proof-of-stake.
The move will help make Ethereum more energy efficient and secure. It should also help draw new investors to the cryptocurrency, which has the second-largest market cap after bitcoin.
Still, it’s not clear when exactly the Merge will happen. It may also take more than the three days investors are currently watching.
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Singapore, September. 12, 2022 — The world’s first open-source, fully decentralized role-playing game, Nine Chronicles, developed by Planetarium Labs, has launched a new nonfungible token (NFT) project, Decentralized Cat (D:CC). The minting of the profile pictures (PFPs) will be on September 21st. The NFT project unlocks exclusive features to owners, including rewards, benefits, special in-game items and an invitation to alter their identity within the Nine Chronicles multiverse.
Nine Chronicles is a fully decentralized RPG powered by the players, based on Norse mythology, and the first game to be developed by Planetarium’s serverless Libplanet network library. After receiving funding from industry leaders, such as Animoca Brands, Nine Chronicles is ready to expand its products to support the players and the community further.
The art is produced by Sangmi Seon, Art Director and NFT project Creative Director of Nine Chronicles with over 11 years of experience leading art direction for Asia’s top game companies. The newly revealed NFTs are garnering attention thanks to the exceptional quality of the art.
With extreme detailing, the PFPs tie in with the theme of the cat character in Nine Chronicles and their new concept of the D:CC. The story centers around a secretive religion serving the character of Cosmic Cat God the Great, who decentralized itself and sent avatars to the Nine Chronicles universe. Owning a D:CC-issued PFP will welcome you into a clandestine society with the eternal blessings from the Cat.
The D:CC NFT collection will have a total supply of 4,000 unique NFTs, 2,800 of which will go to users who have been accepted into the Pionyan Program by Nine Chronicles, with 200 to be allocated for the internal team.
The first and second presales will be done with Wrapped Nine Chronicles Gold (WNCG).
WNCG is a 1:1 NCG-backed ERC-20 token that offers the power of NCG with the flexibility of an ERC-20 token. WNCG is available on various exchanges, such as OKX, KuCoin, MEXC Global, Balancer, SushiSwap and Bitfinex.
The Pionyan Program allows users who hold a minimum of 1,000 WNCG in their wallets to go directly into the Allowlist for the mint. The first presale will enable users from the Allowlist to mint one NFT each for 999 WNCG. The second presale will include users from the Pionyan Program who are in both the Allowlist and Waitlist to mint the NFT competitively. The raffle for the Pionyan Program begins on September 17, with the raffle winners being announced on September 19.
The mint for D:CC begins on September 21, with the winners from the raffle given priority to the mint before it opens to the public.
The PFP is not just a regular profile picture — it will allow users to have access to additional and exclusive cryptocurrencies, vote on future collaborations and more in the expansive Nine Chronicles world.
Planetarium Labs launching its own NFT collection is only one of many future steps it is taking to constantly grow its economy.
For more information: https://dcc.nine-chronicles.com
About Nine Chronicles
Nine Chronicles is a decentralized, open-source, free-to-play MMORPG based on Norse mythology and the first title to be developed with Libplanet. Nine Chronicles is run on a peer-to-peer network of players without requiring any centralized server to host. The entire game, from crafting an item to complex battles, takes place fully on-chain. Nine Chronicles is governed by its community and supported by a complex economy where supply and demand are the greatest currencies.
To learn more about Nine Chronicles, visit Nine Chronicles’ Twitter, Discord and Medium.
About Planetarium Labs
Planetarium Labs is a community-driven Web3 game company that believes that communities can create infinite possibilities through decentralized innovations and strives to empower massively multiplayer online games with creative freedom and player governance. The company recently raised $32 million in a Series A funding round led by Animoca Brands. Planetarium Labs is partnered with the industry’s leading companies, including Binance, Ubisoft, The Sandbox, WeMade, Hashed, Sfermion, IDEO CoLab, XLGames and Samsung Next.
Paris, France, 14th September, 2022, Chainwire
Contentos, a content-focused Web3 project with more than a million active creators, will be participating in Binance Blockchain Week Paris 2022. Optimistic about Europe’s high acceptance of NFTs and blockchain applications, Contentos plans to expand into the European market.
In addition to this news, Contentos Foundation Co-Founder & CEO, Mick Tsai revealed that in the near future, certified creators will be able to issue ‘Soulbound Tokens’ on the Contentos Mainnet and on COS.TV, Web3 video distribution and digital assets management platform, to provide an extensive Web3 experience for content creators.
Invested by Binance Labs, Contentos Foundation focuses on building the infrastructure of the Web3 content economy via COS.TV, which has a huge community of creators and users from Latin America and Southeast Asia, and has strategic partners such as Dailymotion, a well-known French video-sharing technology platform.
COS.TV has also recently partnered with Binance Connect, enabling the purchase of COS tokens using fiat such as Euros within the platform using credit cards, simplifying the fiat-crypto conversion process and making it easier for fans to support their favourite creators.
Before the NFT and Metaverse craze, Contentos Foundation focused on building an extensive digital collectibles environment for its pioneering creator community by supporting DeFi. In 2021, plans for the COS.SPACE Metaverse was announced, and privileges were granted to Contentos ecosystem builders, with holders enjoying privileges such as exclusive NFT collections, and the ability to use COS.TV NFT Profile Pictures, VEST lending and pledge rewards, and COS.SPACE mining rights.
Mick expressed: “As Instagram’s digital collectible display function gradually extends to the public, we are witnessing the rise of decentralisation as individuals are no longer bound by centralised platforms. Regardless of the platform or game, an established identity, along with its assets, is free to be transferred and verified in Web3.”
Following this trend, COS.TV has developed functions to display digital collections on personal accounts, paid Pay-per-View subscriptions for exclusive audio and video using crypto, one-stop NFT creation and publication on OpenSea for video and audio content, and content creator gifting functions.
Contentos Foundation Vice President of Marketing, Ava Wen, further mentioned “Europe leads the world in diversity and inclusivity, and these characteristics are the core of decentralisation. Contentos looks forward to collaborating with creators who are as passionate about the Web3 content economy as we are.”
About Contentos
The vision of Contentos is to build a decentralized digital content community that allows content to be freely produced, distributed, rewarded and traded, while protecting author rights. Contentos strives to incentivize content creation and global diversity and return the rights and value of content to users. A decentralized video platform, COS.TV is built on top of the Contentos mainnet, which now serves over 1 million global users monthly around the world. Creators can earn not just block rewards with their videos but can also receive direct support from fans via watching ads or sending Gifting Votes. These revenue models generate profit for creators and the COS.TV platforms are just like ads on YouTube today. In 2022, Contentos released a roadmap to build a metaverse around content creation and consumption. Starting with COS.SPACE “virtual real estate”, Contentos’ metaverse will be a place where COS.TV users can create their virtual home experience.
For more information about Contentos, visit:
Twitter | Telegram | Medium
Contacts
VP Marketing
- Ava Wen
- Contentos
- [email protected]
San Diego, United States / California, 13th September, 2022, Chainwire
Coygo Forge, a powerful platform and framework for coding custom crypto trading bots using JavaScript, is hosting an incentivized hackathon. Teams or individuals that successfully submit their own trading bot during the event could win $100 of ETH or BTC. Participants are welcome to enter multiple submissions and could win more than once.
The Coygo Forge Hackathon 2022 is designed for novices as well as experienced developers. Video guides, extensive code documentation, and a number of working code examples are all provided to assist participants in coding their own trading bot.
Every participant also gets a month’s subscription to Coygo so there is no cost to participate. Coygo Forge is the underlying engine powering the Coygo Bots trading bots platform, It’s available within the Coygo Terminal desktop application.
About Coygo Forge
Coygo Forge is a platform for creating custom crypto trading bots with a focus on real-time and high-frequency trading strategies. It’s the perfect tool for automating trades that benefit from access to real-time order book data and the ability to react to market changes in seconds or even milliseconds.
Forge is particularly suited to strategies like arbitrage or scalping, with the Coygo Forge team having built a number of example bots already including triangular arbitrage and grid trading. Forge is not built for indicator-based trading strategies or strategies that need to execute at intervals longer than five minutes.
How to participate in the hackathon
To qualify for a hackathon prize, submissions must focus on either real-time trading strategies that benefit from live order book data (arbitrage, market maker, etc) or that work on intervals of five minutes or shorter (grid trading, etc). Coygo has provided a number of examples and ideas of what participants could build if they’re not sure where to start.
For teams that get stuck or require further guidance, Coygo has a private Reddit community at https://reddit.com/r/CoygoForge/ where they can reach out to the Coygo team and collaborate with others. All submissions will be made through the Reddit community. Contestants and winners will get a special badge in the Forge Community on Reddit as well.
Winners will be announced shortly after the submission deadline of October 20, 2022.
Learn more: https://coygo.app/coygo-forge-hackathon-2022.html
Contacts
CEO
- Evan Francis
- Coygo, Inc.
- [email protected]
- 6193631674
Geneva, Switzerland, 13th September, 2022, Chainwire
Blockchain.com has listed TRON’s native utility token TRX on its platform. Multiple incentive programs will be featured, including one that allows users to earn up to 8% in annual rewards for users who hold their TRX in a Blockchain.com Rewards Account.
TRX is available to send, receive, buy, sell, swap, and earn rewards in the Blockchain.com Wallet and to deposit, trade, and withdraw on the Blockchain.com Exchange, making TRX more accessible for people to use worldwide. With this addition, Blockchain.com is striving to grow the Web3 landscape by attracting more notable layer-1 public blockchains.
Blockchain.com is one of the original cryptocurrency companies that began as the first Bitcoin blockchain explorer in 2011 and later created a cryptocurrency wallet and exchange. In addition to its consumer offerings, they provide a one-stop shop for institutional clients that includes OTC trading, custody, and lending capabilities. With its robust balance sheet, technology, and market expertise, they partner with institutional clients to create bespoke solutions tailored to specific objectives. The oldest crypto platform has a track record of helping increase liquidity for newly listed tokens as it becomes available to millions of users.
Over 37 million verified users worldwide and 84 million wallet holders use Blockchain.com products, opening up exposure to TRX among a large community of users. There are millions of dollars worth of volume each day on the platform and multiple different features, including Rewards Accounts where users who hold their TRX with Blockchain.com will be able to earn up to 8% in annual rewards.
TRX is a TRC-20 utility token that enables the authority of the TRON protocol and its dApp ecosystem. TRON strives to become a framework for the decentralized web. By providing users with fast and low-cost transactions, its network is optimized for speed and scalability. As the mainnet native token of TRON, TRX is used to power smart contracts, pay transaction fees, and serve as a unit of account across the TRON ecosystem.
The listing of TRX on Blockchain.com and on other major platforms has been a common theme for TRON DAO throughout the year. Staking rewards, enhanced liquidity, and widened user reach have all helped expand the TRON ecosystem into becoming much more mainstream.
The efficient delegated proof-of-stake consensus mechanism and its wide range of utilities for business and developers to build on its network have helped TRON become one of the largest public chains in the world, with 2,000 TPS, over 110 million accounts, and more than 3.8 billion transactions. This latest listing makes TRX more attainable for the public to utilize on TRON dApps to further grow the ecosystem.
About TRON DAO
TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users.
The TRON network has gained incredible traction in recent years. As of August 2022, it has over 110 million total user accounts on the blockchain, more than 3.8 billion total transactions, and over $13.2 billion in total value locked (TVL), as reported on TRONSCAN. In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021.
The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. Most recently, the over-collateralized decentralized stablecoin USDD was launched on the TRON blockchain, backed by the first-ever crypto reserve for the blockchain industry – TRON DAO Reserve, marking TRON’s official entry into decentralized stablecoins.
TRONNetwork | TRONDAO | Twitter | YouTube | Telegram | Discord | Reddit | GitHub | Medium | Forum
Contacts
- Feroz Lakhani
- [email protected]
Investors are barreling towards a catastrophic market collapse, and should buy cryptocurrencies before they usurp the US dollar and transform the entire financial system, Robert Kiyosaki told his followers in an email on Sunday.
“I predict the biggest crash in world history is coming,” the “Rich Dad Poor Dad” author and personal-finance guru told subscribers to the “Rich Dad Community” mailing list.
Kiyosaki forecasted a lengthy downturn, but reiterated his view that bear markets are the best times for investors to snag bargains and score outsized returns. He also asserted the US dollar would crash the existing economic system, leading to mainstream acceptance of crypto, as it isn’t controlled by the government.
“It’s not enough to WANT to get into crypto,” he said. “Now is the time you NEED to get into crypto, before the biggest economic crash in history.”
However, Kiyosaki dismissed the most popular crypto as worthless on his radio show in May. “I trade bitcoin. But I don’t think it has any value. I just play the game.”
Moreover, bitcoin and other digital coins have tumbled alongside stocks and other risk assets this year, suggesting many crypto fans aren’t fully convinced they’ll revolutionize global finance.
Kiyosaki has repeatedly warned of a sprawling bubble in asset prices, and cautioned it would end with a painful pop. He tweeted on August 30 that the crash was underway, pointing to the sliding prices of stocks, bitcoin, gold, silver, and real estate.
The doomsayer also issued some offbeat advice in June for investors looking to beat inflation. He recommended stockpiling canned goods such as tuna and baked beans, along with household goods including trash bags and toilet paper, to get ahead of price increases.
With the support of Near Hacks, SupermoonX will bring 20 founders and builders on the Near protocol together at a private residence to discuss innovations and the latest developments within the Near ecosystem. This special edition camp will take place from Sept. 11 to 15 in Lisbon, Portugal.
Connecting the greatest minds in Web3 at Near House for a SupermoonX curated experience during Nearcon. Kicking off with the opening ceremony, Near House will continue with fireside chats, interviews and project discussions. All guests will be invited to talk about their companies and emerging trends in the Web3 and the crypto space.
Near Hacks runs hacker houses and hackathons to promote Near-native project development in the United States. Builders on Near can expect curated spaces to collaborate and learn, scaling their projects from MVP to seed and beyond.
Near Hacks is operated by Banyan Collective, a grant recipient of the Near Foundation with the goal of providing Ecosystem-as-a-Service to Near-native projects and businesses. Learn more about Near Hacks’ upcoming U.S. tour here.
Powered by the Supermoon Camp team, SupermoonX organizes special events with elevated networking experiences for talented professionals, founders and builders from different ecosystems with a mission to foster innovations and decentralization.