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Crypto Flipsider News – August 18th – Bitcoin to $100K, Buterin & Governance Model Alternatives, VISA’s Crypto Partners, ETH Burning, NFTs for Afghanistan, OpenSea, Wayne Gretzky, SuperRare

  • Bitcoin to reach $100K+ with sustainability. 
  • Token-based governance model holding DeFi back? Vitalik Buterin sees better alternatives.
  • Visa partners with 54 crypto companies.
  • Three things to watch forever: ETH burning, ETH burning, and ETH burning. 
  • NFT news: ‘’Care package’’ to Afghanistan, OpenSea, Wayne Gretzky, SuperRare, Cryptograph.

Bitcoin to Reach $100K+ with Sustainability  

Kevin O’Leary has claimed that Bitcoin can make the breakthrough of $100K+ after it reaches mining sustainability. The environmental question is an ever present one for crypto, especially after Elon Musk dropped its price by reverting Tesla’s acceptance of Bitcoin, citing those exact concerns. Nevertheless, Kevin O’Leary has announced that he’s going to increase the portion of bitcoin in his portfolio from its current 3%, up to 5%. 

Flipsider:

  • At least, we are on the way to solving the issue. There are still non-believers who claim, “Crypto is 95% fraud, hype, noise, and confusion,” quoting a recent hyperbole from Neel Kashkari 

Token-Based Governance Model Holding DeFi Back? Vitalik Buterin Sees Better Alternatives

Ethereum founder Vitalik Buterin questions the existing model of decentralized governance.

Buterin believes that coin voting-based governance is holding DeFi back. According to him, the biggest risks are whale manipulation and governance system manipulation through vote buying.

Vitalik Buterin sees limited governance, or non-coin-based governance as an alternative. This “skin in the game” method, which brings individual responsibility instead of collective), was also mentioned as an option in Buterin’s blog post.

Token-based voting governance relies on a model when token holders attain voting rights according to the amount of their holdings. The model is currently used by the majority of DeFi protocols. 

Flipsider:

  • New governance mechanisms might be integrated in newly created protocols. The biggest question remains for the protocols that already exist. Why should, or would, whales vote for changes against their interests?

Visa Partners with 54 Crypto Companies

Visa is taking acute actions to connect digital currencies to its global electronic payments network. To date, Visa has partnered with 54 crypto companies in order to enable crypto spending.

The aim is to prepare for a financial future where digital assets are merged with the overall saver’s wealth.

Flipsider:

  • While there are more crypto-friendly card partners, and hopes for a more prosperous future become more realistic, we still have a long wait until we can pay for bananas equally with fiat and crypto currencies at any store. After all, we are still patiently waiting until crypto achieves wider acceptance. 

Three Things to Watch Forever: ETH Burning, ETH Burning, and ETH Burning 

ETH’s London hard fork became another turnaround in the history of Ethereum. It’s Not only because it was one of the critical stages to ETH 2.0, but also because of the amount of news that comes out daily regarding Ethereum burnings.  

As of now, over $180 million worth of ETH has been burned over the timespan of almost two weeks. Generally speaking, 4-5 ETH is burned per minute. Analytics from Glassnode claim that it has a significant influence on Ethereum’s daily supply. On the other hand, Chinese journalist Wu Blockchain reported that liquidations are reaching way more, closer to $200 million in 4 hours.  

Flipsider:

  • As Ethereum has had an unlimited supply so far, the burning sometimes reminds us of a famous scene from the “Dark Knight” movie, in which the Joker burns a mountain of money, calmly saying, “It’s not about the money, it’s about sending a message.” 

NFT news: ‘’Care Package’’ to Afghanistan, OpenSea, Wayne Gretzky, SuperRare, Cryptograph

  • With the escalating conflict throughout Afghanistan, Jack Butcher, creator of Visualize Value has turned to NFTs as a way of helping people in need by establishing “Care Package.” 

The United Nations Refugee Agency estimates that half a million people in Afghanistan are in desperate need of food, water, shelter, and other essential necessities.

Butcher is directing all funds to Care.org via The Giving Block. Butcher minted the NFTs on Mirror, and for each NFT purchase, funds are held in a smart contract and sent to a Care.org ETH address. 

“Care Package” is a series of 1,000 NFTs priced at 0.03 ETH (approximately $87) that will cover one family’s emergency needs for one month. 

There are also packages of 10 available for 0.28 ETH. In less than 24 hours since the release of the NFTs, Butcher has raised over 25 ETH, which is north of $75,000 USD, between the single and 10-pack NFTs.

 

  • NFT Marketplace OpenSea has crossed the $1 billion trading volume mark for August.
  • The Autograph NFT platform has launched a special NFT by NFL legend Tom Brady: the Wayne Gretzky Premier Access Collection.
  • The team at SuperRare has unveiled the $RARE curation token, and a new network of features under the platform’s umbrella. NFT marketplace SuperRare is not known for being open to all applicants, and instead tends to select contemporary NFT artists.
  • Cryptograph, the first company to connect mainstream celebrities with NFTs, is celebrating their one year anniversary. Cryptograph will debut their new technology and upcoming collector app on the Apple and Android stores and GBM auctions, which will fund selected charities.

Flipsider:

  • As the world experiences an explosion in the popularity of NFTs, it is exciting to finally see some philanthropic work being done. We can only hope that NFTs will continue to contribute to meaningful causes, rather than being exploited for mainstream culture. 

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