, a year ago
The richest man on planet earth is looking to start a mars mission one fine day and eventually allow mankind to colonize the red planet in the future. But until that day it seems that his most important business is Dogecoin. Musk has caused a controversy over the last year and he is doing it again.
Yesterday Elon dropped the bomb on Twitter and announced that Tesla is going to accept Dogecoin for payment. While it seems that this is just a trial and that DOGE is only accepted for a few selected merchandise products, the decision came somewhat to surprise. Should this first test is going to be successful, then Tesla might even open up further to Dogecoin.
It was in May 2021 when Musk announced that Tesla would no longer accept Bitcoin for payments. According to him, the company was concerned about the environmental impact of Bitcoin mining. Musk added a month later that Tesla will consider accepting Bitcoin payments again once the environmental impact of mining is reduced. This would either require more efficient mining hardware or green energy usage throughout the mining industry.
Dogecoin is also dependent on mining and it is not clear why DOGE should be more suitable for payments than Bitcoin. The dogecoin community on the other hand didn’t care that much for those concerns and was cheerful about the adoption and accompanied the tweet with joyful memes.
Despite the fact that the market plunged since December 4th, Dogecoin took off and gained about 35 % within a few hours after Musk tweeted. The “Dogefather” is known to occasionally tweet about his favourite cryptocurrencies and especially Dogecoin.
Giving meme coins so much exposure has raised the question of whether Musk is manipulating the market or not. Critics claim that a person in his position has to adhere to standards that protect investors and that his behaviour on social media is causing losses for retail investors who are trying to catch the train before it leaves the station. But once Musk has moved the market it becomes unlikely that late investors can profit from the situation.
On the other hand, studies reveal that retail investors are well aware that an investment in crypto can be a risky endeavour. Therefore, one could argue that they are well aware of the risks. But what is more interesting is the question of whether Musk is willing to rehabilitate Bitcoin. Tesla still holds Bitcoin and has no plans to sell it. Holding the asset while at the same time rejecting to use it for everyday business transactions seems to be a little bit odd.
Mar 29, 2023
Long time since we discussed Chainlink! With Chainlink Functions, we have a great excuse. It is a new product that will connect decentralized applications to those of Web2 (the good old internet). Smart contracts can link to any API, fetch data, and execute based on these data. For example: the automatic payout of musicians based on the stream data of their songs.
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Dogecoin fanatics will soon have the chance to embark on a sacred journey: meeting the Doge. The jpeg? No! The actual Shiba Inu dog that inspired the meme that inspired the coin. It is called Kabosu, lives in Japan and has reached the respectable age of 17.
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The Shibarium launch has been postponed a few times and the community marveled about what would happen once the launch commenced. It looks like we all are going to find out soon. The Shiba Inu team announced that the beta version will start this week. Since it is already Thursday it looks like we don’t have to wait much longer.
Mar 06, 2023
Don’t sleep on Binance Chain: it is the largest chain in terms of daily active addresses. In the final week of February, Binance unveiled their technical roadmap for 2023. Some of the areas of focus are a separate chain for data storage, increased transaction throughput and network decentralization.
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