Cryptoverse #6

Nov 12, 2021

Hey! Another week of all time highs (ATH) for bitcoin and ether this past week. Both pulled back a little from the highs but both currencies continue to look strong.

Last week I shared a few thoughts about self-custody and setting up your own crypto wallet. Did you do it or are you still keeping the bulk of your cryptoassets on an exchange??

Proof of Work

Let’s talk about PoW (Proof of Work). The concept of “proof of work” is the idea that a feasible and significant amount of work must be done to avoid unscrupulous behavior like spam. When it comes to cryptocurrencies, Bitcoin implemented the PoW consensus mechanism to essentially secure the Bitcoin network.

The PoW consensus mechanism helps to secure the network because transactions can be processed between individuals on the network in a secure manner without the need for a trusted third party like a clearing house or bank. The complex mathematical problem ensures that the miners on the network can’t game the system. Proof or work also makes it really hard to change previous transactions on the blockchain because a bad actor would essentially have to re-mine the whole chain. I can get into technical details on how this works if there’s interest in the future.

Though PoW does use a lot of energy to secure the blockchain, more and more of the miners are moving to sustainable energy sources. There’s still a lot of work to be done on this end.

Share Invest Stream Crypto News by Pankaj Jain

News

NFT Valuations: Rarity Scores and Price Discovery in Collections
GooseFX has been working on developing a proprietary modeling system for valuing NFT collections in such a way that we can create lending of NFTs, and in the future build out a NFT perpetual swaps.
How to Send Bitcoin Tips on Twitter
For those interested in tipping other users, the first thing you need to check is the recipient’s eligibility to receive tips. Users that can accept tips or have activated this feature have a Tips icon, which resembles a fiat bill, next to the Follow button on their Twitter profile. By clicking this icon, you get to see all of the payment services accepted by the user. Twitter will automatically direct you to the third-party payment service where the transactions can be executed.
Miami will hand out free Bitcoin to residents from profits on city coin
The race to establish America’s biggest crypto hub is intensifying, with Miami emerging as a front-runner by generating millions of dollars in yield from staking Miami Coin.
The ENS DAO and $ENS Airdrop | Brantly Millegan & Nick Johnson
The Ethereum Name Service dropped ENS tokens to a little under 200,000 people that had registered ENS domains over the last few years. Holders of the token will be able to use their tokens to vote on various aspects of the operation of the ENS service going forward. The token soared to a high of just under $85 before normalizing.
Sotheby's will take ETH bids in real time for Banksy auction
The famed auction house claims it will be the first to accept crypto for a real-time auction of physical art — but other auction houses are not far behind.
Indonesia’s Religious Leaders Declare Crypto Illegal for Muslims: Report
Muslims are forbidden from using crypto, Indonesia’s council of religious leaders has declared, Bloomberg reported on Thursday.

Tweet of the Week

There are a lot of people on Twitter and all over social media pumping and scamming things that really no one should be putting any money into. Even some TV anchors do this regularly. CryptoCobain is great at calling out a lot of these so-called “respectable” shills.