Two experts have explained that the global debate on the future of dollar dominance misses the point because it doesn’t focus on how the dollar’s future will evolve. They warned: “If the U.S. doesn’t keep its house in better order, dollar dominance will be the least of our worries.” Experts Discuss US Dollar’s Dominance Steven […]
Bitcoin News
Cardano Price Misses Fireworks On Its Birthday, How Far Will ADA Fall?
The Cardano price has followed the general sentiment across the market and traded to the downside over the past week. The cryptocurrency lost its spot as one of the valuables in the crypto top 10 by market capitalization and could be poised to see further losses.
At the time of writing, the Cardano price trades at .43 with a 6% loss and 2% loss over the last 24 hours and 7 days, respectively. As ADA trades to the downside, some major cryptocurrencies have been able to score profits and are showing strength against the general market sentiment.
Charles Hoskinson Celebrates, While The Cardano Price Stalls
The Cardano price weakness is more evident as the cryptocurrency failed to react to recent events that were prompting bullish expectations for market participants. First, is the Ethereum “Merge”, the event that completed its transition to Proof-of-Stake (PoS).
“The Merge” failed to provide bullish momentum for PoS cryptocurrencies, such as Cardano. In step, Proof-of-Work (PoW), such as Ravencoin (RVN) and Ethereum Classic (ETC), benefited from the anticipated post-Merge rally.
In addition, the Cardano network was preparing to deploy a major update on its mainnet via a Hard Fork Combinator (HFC) event called “Vasil”. One of its most important milestones since the implementation of smart contract capabilities with HFC “Alonzo”, the recent upgrade was overlooked by market participants.
Across social media, the Cardano community celebrated the network’s fifth birthday. Its inventor Charles Hoskinson posted a celebration video via Twitter, but again this event failed to provide bullish momentum for ADA’s price action. Hoskinson said the following on the network’s growth since its inception:
There are over 3,228 smart contracts to our knowledge that have been deployed on Cardano, and as of September 15, 2022, 50 million transactions. Where we regularly are in the top three to top five of transaction volume on a daily basis and usually are number one for GitHub commits (…)
Who Is Contributing With The Selling Pressure For The Cardano Price?
The Cardano price has been stuck in its current levels forming a channel with a bottom at .43 and a top at .51. This channel was created in late August, and if bulls can defend these levels, ADA’s price might enjoy a late birthday rally and aim for .51 or beyond if the momentum allows it.
ADA’s price forms a channel on the 4-hour chart, can it bounce from these levels? Source: ADAUSDT Tradingview
However, with the crypto market showing weakness and with current macro conditions proving unfavorable for risk-on assets, ADA might break out of this channel and trend lower. In order to prevent this scenario, the Cardano price must stay above .41.
Data from Material Indicators shows that investors with selling orders of ,000 to ,000 have been dumping ADA over the past weeks. In addition, the Cardano price has seen low buying pressure from other investors. This status quo must change to support the price and aim for .51.
Investors with selling orders of ,000 to ,000 (green and red in the chart) selling into ADA’s price action. Source: ADAUSDT Tradingview
NewsBTC
Data Market Ocean Tries New Token Sale After CoinList Offering Misses Target
After a token sale on CoinList failed to reach its target, data marketplace Ocean is trying again on crypto exchange Bittrex International.
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Overstocks Blockchain Subsidiary Misses Target for $100 Million Capital Injection
n Overstock blockchain subsidiary tZERO missed the target date for 0 million in investment from investment firm GSR Capital and private equity firm Makara Capitaln
CryptScout #BitFeed RSS – Bitcoin and Cryptocurrency News 24/7
Here’s What Warren Buffet Misses About Bitcoin…
Billionaire investor and Berkshire Hathaway CEO, Warren Buffet, has once again offered his thoughts on Bitcoin (BTC). Appearing on CNBC earlier today, he stated that his position on the digital currency had not changed.
However, the more Buffet offers in way of critique of Bitcoin, the more it appears that he cannot differentiate the fintech innovation from any of the investments he has made in a regular companies. His main gripe seems to be that BTC does not produce anything and it therefore has no value.
Bitcoin: From Rat Poison to Delusion
As he has made apparent on numerous occasions previously, Warren Buffet really does not get Bitcoin. The successful investor has been one of the more vocal and creative critics of the cryptocurrency over the last few years. He famously called it “rat poison squared” last year.
Buffet has now added that it is a “delusion” and that he feels sorry for those people who have got their hopes up about the fintech innovation will continue to appreciate in value.
![](https://www.newsbtc.com/wp-content/uploads/2019/02/bitcoin-buffet.jpg)
Warren Buffet’s “rat poison squared” comment was one of the more linguistically creative critiques of Bitcoin.
Buffet frequently criticises BTC on the grounds that it does not produce anything. In today’s interview, the billionaire investor stated:
“Bitcoin has no unique value at all. It doesn’t produce anything. You can stare at it all day and no ‘little Bitcoins’ come out or anything like that. It’s a delusion.”
Maybe BTC’s Not for Buffet?
However, Buffet approaches Bitcoin like he would an investment in a regular company. He fails to see that the cryptocurrency native to the most robust public blockchain ever has qualities that certainly do make it unique. He personally might not find value in a decentralised, permissionless form of currency that exists entirely outside of any single party’s control but for him to state that Bitcoin has no value shows a misunderstanding of the very concept of value.
Value is subjective. If you live in the US, Canada, the UK, or Australia, for example, and have access to first world banking or have no issue with unelected actors devaluing the savings of individuals, you may well find Bitcoin to be worthless. This is a small percentage of the total human population.
Buffet excludes the vast majority of the globe when he makes such reductive statements. Billions of people are bound to use whatever mismanaged currency is enforced in the jurisdiction they were born into. Folks in Venezuela, for example, are finding BTC to be a more stable alternative that their national currency. For them, using Bitcoin is more than just a get rich quick scheme, it’s a matter of life and death. To state that it is not valuable to them is incredibly disingenuous of Buffet.
Others still must exist outside of an increasingly-connected global economy since they lack the necessary documentation to even set up a bank account. Bitcoin offers those with internet access (a huge percentage of the unbanked in the world have access to smart phones) the opportunity to be involved in said economy for the first time ever. It requires no permission be granted. This is incredibly democratising.
It is about time billionaires stopped commenting on Bitcoin’s worth as if they were some sort of authority. Just because Buffet does not think BTC is an appropriate way to add another zero to his net worth, does not mean that others in less privileged positions cannot find value in it. To call something that is literally helping to put food on tables in certain parts of the world a “delusion” and “rat poison” is frankly toxic.
Related Reading: No, Jamie Dimon and Warren Buffett Won’t Have the Last Laugh on Bitcoin
Featured Images from Shutterstock.
The post Here’s What Warren Buffet Misses About Bitcoin… appeared first on NewsBTC.