The weekly capsule summarizes what happened last week in the world of digital currencies. In the weekly capsule, we review the market situation in the last seven days, and each week we will be with you with a part of the “21 lessons I learned from Bitcoin” series. Wait for the new capsule number every Friday.
Important news of the week
Erdogan: Turkey’s national digital currency test should end in 2020
Following the Chinese president’s insistence not to miss opportunities in the Blockchain, it was the turn of the Turkish president last week to urge the Chinese authorities to implement the national digital currency plan as soon as possible. In a decree, Recep Tayyip Erdogan stressed that the national digital currency test should be completed by 2020. The project is also listed in the Presidential Annual Plan, and the government plans to build a software platform for instant digital-based payments. The purpose of creating this digital currency is to strengthen the Turkish national economy and create a financial sector that is able to meet financial needs at a low cost.
EU does not export digital currency: we regulate existing stable currencies
The Stables, which are under pressure from economic groups such as the G7 these days, are continuing to legislate. According to an informed source, a group in the EU governing body is working on the regulation of these digital currencies. According to the source, the EU does not intend to offer a stable digital currency. It can be speculated that Libera, or Facebook’s digital currency, was the initiator of all these events and the politicians’ attention to the stable coins. The draft statement will be finalized next week and is expected to be adopted at the EU Economic Forum in December.
The Chinese government does not ban bitcoin mining
Earlier this year, there were rumors that China’s mining industry might be banned, but according to recent official documents, the government and officials have taken a completely different stance on the issue. Chinese officials have no plans to crack down on the mining industry, and digital currency mining has been removed from the Chinese government’s list of surplus industries, according to the director of Blackstream. This issue became clear after the release of the new version of the strategic document regulating China’s industrial structure, in the initial version of which there was a possibility of banning mining in this country. Chinese President Xi Jinping’s insistence on using the Blockchain cannot be considered ineffective in the context of decisions made on this issue; However, the state-run news agency said after Jinping’s remarks that the issue should not be construed as supporting digital currencies.
Stellar price increase; 55 billion XLM tokens burned!
Stellar prices rose relatively sharply after announcing that more than half of its total supply would be burned. The Stellar Development Foundation said the free token and airdrop donation program had failed to achieve greater efficiency, and that the decision was made to advance the project. However, after the announcement of this news, the criticisms of famous figures in the world of digital currencies on this issue, showed another side of this event to Stellar fans. According to these critics, the Stellar Development Foundation burned 55 billion coins, increasing its share of the total number of coins to 16%, and most of the coins burned were related to tokens that were to be distributed among the Stellar community.
The rate of digital currency extraction will be determined in another 4 days
A spokesman for the electricity industry said in a recent interview that mining electricity rates would be announced within the next 10 days. Mostafa Rajabi Mashhadi said that the government’s opinion was on the average export rate and the government board approved it. In the regulations issued by the First Vice President on 13 August, the activities of miners were legalized. So far, no clear and transparent rate has been set regarding the mining electricity tariff, and it is said that this tariff will be based on the average price of export electricity, which is calculated at the exchange rate of the Nima system.
Winners and losers of the week
The digital currency market has experienced relatively low volatility this week. Bitcoin fluctuated in the fixed range of $ 9,050 to $ 9,550, and Altcoins also saw relatively significant growth against Bitcoin. With bitcoins in the $ 9,000 price range and more at the all-time low of the coin, one can expect a big move from digital currencies in the coming weeks. The total market value has not grown much since the beginning of the week and only $ 4 billion has been added to its value.
Digital currencies that Most profitable Had this week:
- MINDOL digital currency: about 242%
- HyperQuant digital currency: about 164%
- Akropolis digital currency: about 140%
Digital currencies that The most loss Had this week:
- CarVertical digital currency: about 93%
- Alphacon digital currency: about 72%
- AdToken digital currency: about 61%
Selected Quotes of the Week
Peter Schiff, Critic of Digital Currencies
Bitcoin huddlers will not sell Bitcoin as long as they believe it will make them rich. Bitcoin whales want to make a profit by selling their coins before the market falls. Whales need to make sure that huddlers do not lose their faith and take their money out so that they can pocket money themselves.
Tony Hawk, skateboarding star
I’m thinking about it! It has been more than 5 years since I experienced bitcoin up and down, this has made me think if I should bring my ramp with me !?
Jake Chervinsky, Digital Currency Lawyer
Bitmax spread its customer information in the worst possible way: forgetting to use BCC in bulk email. Someone must collect their sabotage.
Changpeng Zhao, director of Bainance
Price prediction is easy. Just timing the right prediction is hard work. We will soon see $ 16,000 bitcoin. As we speak, 1.4 billion people are working on it.
Negative news of the week
Bitcoin network hash drop sharply; What was the cause?
In recent days, the bitcoin network hash has experienced a relatively sharp decline, despite the jump in the price of this digital currency. With the end of China’s rainy summer, bitcoin processing power is likely to decline with the departure of a number of Chinese miners. Hydroelectric power plants in China’s Sichuan Province are said to provide more than 50 percent of the grid’s computing power, and by the end of the rainy season in the country, the plants no longer have enough capacity to allocate power to miners.
Bitmax Exchange vandalism; Users’ emails were accidentally leaked!
In a clumsy move, the Bitmax exchange revealed the emails of a large number of its users in the CC section of the emails sent. BitMax has asked its users to avoid being exposed to phishing attacks by adding more security layers or changing email.
Hubby Exchange blocks American users!
Ripple CEO: 99% of digital currencies are doomed!
More than 99 percent of digital currencies are doomed, Ripple CEO Garlinghouse said in a recent statement. According to the director of Ripple, only a few of these projects have been revolutionary and will grow in the coming decades as they seek to address fundamental problems.
Positive news of the week
Sophia humanoid robot understands digital currencies!
Sophia’s humanoid robot answered an audience question about the Blockchain and digital currencies at this year’s web conference. Sophia replied that she knows what digital currencies are, but she does not use them herself! Sophia also spoke about the superiority of robots and machines, saying that there is still a long way to go to reach such a stage.
The winner of the $ 500,000 lottery bought half of his prize in Bitcoin!
An Illinois citizen who won $ 500,000 in a lottery in May said he spent half of his money buying bitcoins at the time. This person said that he does not intend to touch his bitcoins for at least the next year and has left them for the day.
21 lessons I learned from Bitcoin
Collection “21 lessons I learned from BitcoinThe personal experience of a Bitcoin lover is that he has prepared it in 21 fascinating sections. Every week in the weekly capsule, we will be with you with one of the sections of this collection. In issue 39 of the weekly capsule, we have gone to the tenth section. To read the previous parts of this series, refer to the previous issues of the capsule.
The value of a concept is self-contradictory. There are several theories that try to explain why we value some things over others. People have been aware of this paradox for thousands of years. Plato also referred to this in his conversations in Eutidimus, saying that we value some things because they are rare, not because we merely need them to survive.
If you are a far-sighted person, you will give the advice to your students that they will never get it except by associating with you and each other. As Pindar (ancient Greek poet) said, it is because of their rarity that they become something valuable while water is one of the cheapest and at the same time the best things.
Further explanation: According to the paradox of values, water is one of the cheapest and at the same time the most valuable things, while diamond has much less use than water, but its price in the market is much higher than water.
The paradox of values reveals an interesting truth about human beings. We humans seem to value things mentally, and we do so by certain unfamiliar criteria. We may find something valuable for a number of reasons, but valuable things have something in common with us. If we can easily copy them or they are naturally abundant, we will not value them.
We seem to value things because they are scarce (like time, gold, and diamonds), or because they are hard to produce and have no replacement (an old photo of someone you love), or despite We acquire capabilities that we are deprived of in their absence. It can also be a combination of these, such as works of art.
Bitcoin has it all! It is extremely scarce (only 21 million units), it is becoming increasingly difficult to produce (because of Hawing), it cannot be replaced (the lost private key of the bitcoins is lost forever), and yet we can do some things. Do it better. Bitcoin is definitely one of the best tools for transferring value across geographical borders, it is resistant to censorship and allows people to store their wealth independently of banks and the government.
Bitcoin either gave me that value is a mental concept, not an absolute one.
Selected Articles of the Week
Why is Bitcoin not anti-inflationary?
Does Bitcoin have negative inflation? What will the global economy look like if Bitcoin is accepted as a global currency by people and governments? Will accepting bitcoin as money put pressure on the working class? These are questions that, if you love bitcoin and are a little interested in economic topics, must have come to you. In this article, while examining these questions, we have explored the economic aspect of Bitcoin.
Familiarity with harmonic patterns and how they are traded in digital currencies
If you are a trader, you must have heard the names of harmonic patterns and some of you are probably familiar with them. By reading this article, you will get acquainted with these types of patterns in detail and learn how to trade them in the digital currency market.