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Cryptocurrency

Satoshi Nakamoto highly unlikely to spend his 1.1 million BTC

Bitcoin’s creator is highly unlikely to use his BTC, which has remained dormant since 2009, since the start of the flagship cryptocurrency. 

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Cryptocurrencies, Meet the cryptocurrency catching the world’s attention, Theta Fuel gains 630% in 5 days., U.S regulator invites Banking and Crypto industry leaders for partnership, 3 Crypto Exchanges Control About 14.3%, Circulating BTC Supply. 

The Patoshi Pattern exposes the privacy flaws of an earlier protocol, v.01, to show evidence of blocks designed by Satoshi Nakamoto.  

According to Patoshi Pattern researcher, Sergio Demian Lerner, Bitcoin’s creator is highly unlikely to use his BTC, which has remained dormant since 2009, since the start of the flagship cryptocurrency. 

Sergio Demian said: 

“Assuming Satoshi is Patoshi, I believe, based on the history of Satoshi coins, that Satoshi won’t use his coins ever. Therefore, I think that there couldn’t be a fairer and a more philanthropic way for Bitcoin to be born.” 

READ MORE: The odds against Bitcoin- Goldman Sachs

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What you need to know about Satoshi Nakamoto: Bitcoin was created in 2008 by an unidentified individual or group using the name Satoshi Nakamoto, in 2009. The source code was released as an open-source code. The digital coin (BTC) is created as a reward for a process known as mining. 

Last month, Bitcoin investors and traders invoked the Patoshi Pattern concept, to attribute 50 BTC mined during the early days of Bitcoin which suddenly moved last month, to the anonymous founder of the cryptocurrency.  

Sergio Demian Lerner downplayed such a hypothesis, explaining that the block responsible for the 50 BTC fell outside blocks mined using the Patoshi Pattern. 

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The Patoshi Pattern depends on the assumption that Satoshi Nakamoto mined during the start of Bitcoin to confirm his concepts, and that he mined using v.01 of the Bitcoin Code.  

Olumide Adesina is a French-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Member of the Chartered Financial Analyst Society. Behavioral Finance, Duke University. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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Cryptocurrency

DeFi crypto market value gains over 1000% from June

Defi based crypto market value had risen from $1 billion in June to  $10.71 Billion

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Hidden money making gems in DeFi, what do they mean for Nigerians?

DeFi cryptos are now a force to reckon with, especially since the era of the worst pandemic known to man came to play.

It’s important to note that DeFi-related assets are gaining traction, as data feeds from Defipulse revealed that Defi based crypto market value had risen from $1 billion in June to  $10.71 billion, at the time this report was written, showing an astronomical gain of 1071%.

Why investors are flocking to DeFI cryptos

Several DeFi crypto assets have had their share of the spotlight in recent times, with cryptos such as Chainlink, Compound, YAM, UniSwap, Cream finance, and Melon gaining investors’ capital inflows.

  • Using “Defi” technology, one can build smart contracts with codes that facilitate the actions of intermediaries, including managing and accepting deposits, handling collateralized loans, and liquidating collateral assets as per the terms of the contracts, should their values fluctuate.
  • Although DeFi assets, about few days back, had experienced some price corrections due to the rebound of the dollar and overbought indicators, the market seems to show a bullish bias relatively in the midterm, as Defi based investors increase their asset purchases momentarily.
  • DeFi crypto owners in some cases can typically receive better interest rates than they would from traditional banks on the basis that lower operating costs is enabled by operating on an automated decentralized network

As a credit to blockchain technology, the contract codes cannot be terminated or manipulated by any entity, and are executed with specific conditions.

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What DeFi means: Defi means “decentralized finance.” By definition, it’s a crypto ecosystem made up of financial apps designed on leading blockchain platforms.

  • Defi, in short, is the use of blockchain technologies (including smart contracts, decentralized asset custody, etc.) to replace all “intermediaries” with program codes, therefore maximizing the efficiency of financial services and minimizing costs.
  • These digital assets are designed on Ethereum codes, and usually exhibit characteristics that include having protocols and financial smart contracts.

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Cryptocurrency

Unknown entity transfers $166 million worth of Bitcoins

BTC whale moved 15,987 BTC in block  649,777 estimated to be worth about $ 166 million.

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Unknown entity transfers $166 million worth of Bitcoins

The number of transactions done by large entities in the world’s most important crypto market is on the rise.

Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that a BTC whale moved 15,987 BTC in block  649,777, estimated to be worth about $166 million, recently.

READ: Bitcoin whale transfers 11,230 BTC worth $116 million

 

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BTC whales have been moving large stacks of BTCs lately, triggered by the third BTC halving that occurred some months ago.

Much of the recent increase can be attributed to wealthy entities withdrawing their BTCs from crypto exchanges. Apparently, this is not new wealth; rather, it represents a change in the way Bitcoin whales are choosing to hold their coins.

READ: Buying signs: Ethereum whales increase their Ether holdings by 84%

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From a macro level, the increase in the number of these large entities can be considered bullish.

At the time this report was drafted, Bitcoin was still trading around the $10,500 support levels, as investors have kept buying BTC at its support levels.

Explore the Nairametrics Research Website for Economic and Financial Data

Quick fact: At the BTC market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales. This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) owning around 1000 Bitcoins or more.

As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.

READ: Bullish Signs: 2.6 million Bitcoins are being held on crypto exchanges

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Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.

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Cryptocurrency

Ethereum’s investors gain 9% in 1 day

Ether traded at $348.85 with a daily trading volume of $12,728,832,627.

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Number of contract calls on Ethereum rises by 300%

The second most valuable crypto is on a strong bullish run, just a few days after dropping momentarily, as the U.S dollar hit a rebound and COVID-19 cases rise.

What we know: At the time this report was drafted, Ether traded at $348.85 with a daily trading volume of $12,728,832,627. ETH price is up 9.1% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.

READ: Buhari to finally send Petroleum Industry Bill to National Assembly next week

Taking a look at its price action, Ether is sitting in an interesting price range, where the most polarization has historically unfolded (between the $200 and $300 levels) during its five-year history. A close above $350 in the near future would likely trigger more upsides.

Quick fact: Ethereum is a global, open-source platform for decentralized applications. In other words, the vision is to create a world computer from which anyone can build applications in a decentralized manner, while all states and data are distributed and publicly accessible.

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READ:  Ethereum whale transfers $78 million worth of Cryptos

On Ethereum, all transactions and smart contract executions require a small fee to be paid, which is called Gas. In technical terms, Gas refers to the unit of measure on the amount of computational effort required to execute an operation or a smart contract.

The Ethereum network is presently close to reaching its technical limits, as DeFi and Tether are essentially responsible for as many transactions as the network can handle at the moment.

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