The week of 8/23 in brief – The news about Bitcoin and cryptocurrencies is constantly in turmoil. Sometimes vital information gets lost in the daily news flow and you miss the important points.
This format is here to remedy that. We take a look back at the past week’s news in the Crypto Weekly to keep you informed on the current state of cryptocurrencies.
The must-have corner
Over the years, the Bitcoin network has rallied many people to its cause. So much so, that for some, this monetary revolution has taken on the traits of a religion. In this week’s must-read, Ludovic takes us through the history of Bitcoin and how it became a religion for some of its aficionados.
Bitcoin, a religion?
At first glance, it may seem a little strange to talk about Bitcoin as a religion. Bitcoin is a digital currency system and as such is something eminently materialist and scientific. It is based on technology developed in the 20th century such as the personal computer, the internet and modern cryptography, all of which are the result of the most advanced rationalism. So Bitcoin has the appearance of a purely material system that would provide a specific service like PayPal or BitTorrent, without relying on mystical mechanisms.
But Bitcoin is much more than that. The word Bitcoin refers to many aspects of the cryptocurrency: the concept defined in the white paper, the main protocol implementation of this concept, its software (now called Bitcoin Core), its chain, its digital unit, its network and finally its community. This community must necessarily federate around something: indeed, there must be a bitcoin that is common to all members of this group.
Contrary to what is sometimes claimed, bitcoin is a fiat currency, whose value is based on trust(fiducia) rather than on intrinsic properties. As such, it relies on the act of faith of its users who bring utility to it in commerce.
It is not a matter of trust in a third party, as is the case with state currencies such as the euro or the dollar, but a faith in the proper functioning of the system, both technically and economically. Thus, Bitcoin users have faith not only in the mathematical elements that support it (signature algorithm, hash functions), but above all in the economic incentives that it provides.This need to have faith in the system raises questions about the religious aspect of Bitcoin, which many claim is real.
This need to have faith in the system raises questions about the religious aspect of Bitcoin, which many claim is real. But before we can say anything about that, we need to ask ourselves what exactly a religion is.
Check out the full article for more details: Bitcoin, when the currency revolution turns religious
News in brief
▶ As its blockchain grows, Polygon is considering creating a DAO to provide governance. This could be composed of representative committees made up of prominent protocols, elected by MATIC token holders.
▶ The SuperRare platform is decentralizing its governance with the creation of the RARE token. 15% of the total supply, or 150 million RARE tokens have been distributed for free to the platform’s users. Claiming these tokens can be done within 90 days after the announcement.
▶ After the United States, PayPal opens its cryptocurrency purchase service in England. Thus, since the beginning of the week, English users of the service can both buy and resell cryptocurrencies. A first in Europe, which could presage the addition of other countries in the coming months.
▶ PolyNetwork’s attacker has finally returned access to the funds to the development team. The latter will now work on reimbursing all the damaged users. A happy ending for what could have been the biggest DeFi hack to date.
▶ That’s it, El Salvador has announced the date of September 7 for the release of the official Bitcoin wallet: Chivo. To encourage the population to use it, every citizen will be able to get $30 in BTC by downloading the wallet.
▶ As Bitcoin breaks the $50,000 mark once again, Coin Trading sheds light on what strategies to implement.
The 5 metrics of the week
165,000 is the amount paid by payment giant Visa, to buy a CryptoPunk NFT. Thus, the company now ownsn the CryptoPunk #7610, it also took the opportunity to publish a whitepaper on NFTs to explain the opportunity they represent.
Half a billion dollars is the amount Coinbase will reinvest in cryptocurrencies. Thus, the company wants to strengthen certain positions as well as diversify its investments in cryptocurrencies. These funds will be added to the company’s cash flow.
$25 million is the amount that Flipside Crypto wanted to get from Uniswap’s treasury in order to fund the adoption of the protocol. However, many Internet users have highlighted the lack of legitimacy on the part of a private company, leading to the cancellation of the proposal.
210 million dollars is the amount that has just been raised by the company Blockstream, specialized in the development of applications and tools related to Bitcoin. This new funding brings the total valuation of the company to $3.2 billion.
1.5 million is the amount that was recently donated to the Ethereum Foundation by various protocols. For example, Kraken, Compound, Uniswap, Lido, Synthetix, and The Graph all donated $250,000 to fund the development of Ethereum 2.0.
<img src=”//www.w3.org/2000/svg’%20viewBox=’0%200%200%200’%3E%3C/svg%3E” alt=’Announcement of Kraken donating $250,000 to fund Ethereum 2.0 development” /><img src=”https://yellowrocketagency.com/wp-content/uploads/2021/08/img_612b9add9369d..png” alt=’Announcement of Kraken donating $250,000 to fund Ethereum 2.0 development” />
Tweet of the week
Tweet of the week goes to @trent_vanepps celebrating 100,000 ETH destroyed on Ethereum since the rollout of EIP 1559.
Have a great week on the Coin Journal!
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