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Daily Archives: March 25, 2021
Norway is the worlds most cashless country but its central bank isn’t keen on bitcoin: ‘It doesnt preserve stability’ – CNBC
Posted: March 25, 2021 at 2:38 am
Norway is ahead of the game when it comes to things like work-life balance and raising children. You can add to that commerce: Norway is the world's most cashless country, according to its central bank, with just 4% of their payments made with cash and the majority made with contactless cards or digital wallets.
But even with this forward-thinking behavior, the country's central bank is not recommending bitcoin as an alternative to fiat, or government-backed currency, because it's "far too resource-intensive, far too costly and most importantly, it doesn't preserve stability," Oystein Olsen, the governor of Norges Bank, told Bloomberg.
Those who argue in favor of bitcoin, the largest cryptocurrency by market value, often say that it's a hedge against inflation and the U.S. dollar some bitcoin bulls even think it will eventually overtake the dollar as the world's reserve currency.
However, Olsen does not agree.
"[T]he basic property and task for a central bank and central bank currency is to provide stability in the value of money and in the system, and that is not done by bitcoin," Olsen told Bloomberg.
But because of the growing interest in cryptocurrency globally and the low level of cash use in Norway, Norges Bank deputy governor Ida Wolden Bache did acknowledge questions raised surrounding the creation of a central bank digital currency, or CBDC, in November.
A CBDC would differ from a cryptocurrency, like bitcoin, in many ways, but importantly because a CBDC would be issued and backed by a country's central bank to compliment physical cash, rather than replace it entirely, and offer a more stable alternative.
Although Norway's central bank is assessing the need for a CBDC, "[t]he prospective introduction of a CBDC is still some way off," Wolden Bache said in November. "The lack of urgency reflects our view so far that there is no acute need to introduce a CBDC."
While some, like the central banks of Sweden, China, Thailand, United Arab Emirates and Hong Kong, have started projects introducing CBDCs, others, like Norway and the U.S., are more hesitant. There are upsides to a CBDC, but there are also privacy and surveillance risks attached, for example.
In fact, Federal Reserve chairman Jerome Powell said during a virtual panel discussion on digital banking on Monday that the U.S. is in no rush to introduce a CBDC "you can expect us to move with great care and transparency," Powell said.
Like Olsen, Powell has a similar opinion of cryptocurrencies such as bitcoin.
"They're highly volatile and therefore not really useful stores of value and they're not backed by anything,"Powellsaid on Monday. "It's more a speculative asset that's essentially a substitute for gold rather than for the dollar."
Bitcoin's price has fluctuated, but as of 2:08 p.m. EST on Tuesday, it's priced at $55,642.38 with a market cap of over $1 trillion, according to Coin Metrics.
All in all, it's fair to say that for most countries, the creation of a CBDC is a "likely" scenario, James Ledbetter, editor of fintech newsletter FIN and CNBC contributor, previously told CNBC Make It, as "the vast majority of central banks in the world have already been doing research on this."
"Digital currencies more generally are the new wine, in many respects," Olsen told Bloomberg, with "central banks entering the scene."
He added, "I don't think at the end of the day [bitcoin] will be a threat to central banks, although some people talk about that."
Check out:Use this calculator to see exactly how much your third coronavirus stimulus check could be worth
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List of psychedelic drugs – Wikipedia
Posted: at 2:38 am
Wikipedia list article
The following is a list of psychedelic drugs of various chemical classes, including both naturally occurring and synthetic compounds. Serotonergic psychedelics are usually considered the "classical" psychedelics[dubious discuss], whereas the other classes are often seen as having only secondary psychedelic properties; nonetheless all of the compounds listed here are considered psychoactive and hallucinogenic in humans to some degree.
Some of these compounds may be classified differently or under more than one category due to a unique structural classification, multiple mechanisms of action, or the fact that the precise pharmacodynamic actions of the compound are not yet completely understood. Because of the vast amount of possible substitutions and chemical analogs of most psychedelic compounds, the total diversity of chemical compounds which produce psychedelic effects in humans is not fully reflected within this list, leaving room for many that have not yet been sufficiently investigated and others that have not yet been discovered.
Naturally occurring compounds are marked with a .
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Bitcoin-Based DeFi Project Sovryn Near Agreement on $10M Investment From Pomp – Yahoo Finance
Posted: at 2:38 am
Sovryn, a project that aims to bring decentralized finance (DeFi) to Bitcoin, is in the final stages of approving a 180 BTC investment from Pomp but only under certain circumstances.
Under the terms of the proposal, cryptocurrency evangelist Anthony Pomp Pompliano would invest 180 bitcoin, worth around $10 million at todays prices.
While this might seem like yet another crypto investment story, this one is notable for the efforts Sovryn is taking to ensure that its existing token holders arent marginalized simply because its getting a big investment.
While in most cases decentralized governance goes out the window when well-heeled investors come knocking, Sovyns decentralized governance community is taking things slow to make sure all members will continue to have a say in the projects governance.
Related: IBM Ventures Further Into Crypto Custody With METACO, Deutsche Bank Tie-Ups
As of this writing, a deal had still not been finalized. Jascha Samadi, co-founder and partner at Berlin-based early-stage venture fund Greenfield One, which led a seed round in Sovryn in 2020, said this marks the shape of things to come when it comes to decentralized projects and investing.
The standard way fundraising decisions happen is the teams treasury or the foundations treasury simply raise money by selling tokens to private investors, and it happens in a very closed circle, said Samadi. This is the first time that we actually see a team bringing a proposal like this to their community at such an early stage into their journey.
Community-based governance and decentralized autonomous organizations (DAOs) have evolved like everything else in the crypto space. As well as day-to-day decision making and software updates, decentralized governance structures vote on big choices relating to fundraising and stakeholders being added to the community.
Story continues
The proposed $10 million investment would be made by Pomplianos new asset management firm, Pomp Investments. Until last September, Pompliano was in charge of investments into crypto at Morgan Creek Digital Assets.
Related: Goldman Files to Offer Notes Linked to an ARK ETF That May Have Bitcoin Exposure
Its worth noting that Sovryn is a buzzy project and earlier this month the community chose to sell $10 million worth of its SOV tokens. There are also conditions such as an extended lock-in period of 16 months for tokens.
While the investment itself is about bringing DeFi to Bitcoin, Pompliano agreed this marks a new chapter in decentralized investing.
You will see more proposal-based investment as the crypto industry deepens, with decentralized communities deciding on investments rather than traditional, centralized and founder-based decision-making, Pompliano said in an interview.
DeFi is the umbrella term for the exchange of cryptocurrencies or the lending and borrowing of them, carried out using business rules set out in computer code, which have typically flourished on the Ethereum public blockchain.
The Bitcoin blockchain, a straight up peer-to-peer payment network, is not the natural home for transactions that lock up funds, include outside data feeds and pay yields on assets. This requires some extra bells and whistles, which Sovryn adds in the form of parallel and uncluttered channels and enjoy the same unbreakable security as Bitcoin.
Sovryn project creator Edan Yago echoed Pomplianos view of this as a new approach to investing.
Many projects that are waving the flag of decentralization, but most of them ultimately have some kind of prime mover behind it, Yago said in an interview. I think one of the really interesting things with Sovryn is how radically and seriously the community takes this idea that there is no central authority behind the project.
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Mystery Whale Moves 20 Bitcoin Block Rewards from 2010, Entity Moved 10000 BTC Since Last Year Featured Bitcoin News – Bitcoin News
Posted: at 2:38 am
On Tuesday, March 23, the infamous whale thats been spending numerous strings of 2010 block rewards since last year, has spent another 1,000 bitcoin that sat idle for over a decade. The string of 20 block rewards transferred on Tuesday, follows the exact same patterns our newsdesk has tracked since March 12, 2020, otherwise known as Black Thursday.
On February 28, 2021, the mysterious whale who has been spending a great number of 2010 block rewards for roughly a year, had once again spent another 20 blocks. 23 days later, on March 23, 2021, the pattern repeated, as another 20 block rewards from 2010 were transferred today. Since Bitcoin.coms newsdesk started investigating this old school whale on March 12, 2020, to-date the entity has spent 10,000 BTC worth over $550 million using todays BTC exchange rates.
Today, the spending pattern followed the exact same pattern as the previous strings of blocks spent from 2010. All 20 blocks from 2010 were coinbase rewards, which also means each block reward contains 50 BTC. All 20 block rewards moved by the entity were also processed at block height 675,887.
Per usual and similar to previous patterns, the string today had mined blocks stemming from July 2010 up until November 2010. All the strings of 20 block rewards caught since March 12, 2020, were mined within these months. Tuesdays transfer of 1,000 bitcoin mined in 2010 was caught by the onchain blockchain parser Btcparser.com. With close to 700,000 BTC blocks processed so far, the web portals parsers monitor the activity of so-called sleeping bitcoin addresses.
Just like the past spends, the corresponding bitcoin cash (BCH) block rewards have also been moved. However, the corresponding bitcoinsv (BSV) coinbase rewards remain untouched like the whales previous string movements. Once again, the whale took all of the coins (1,000 BTC in total) and consolidated them into a single address.
The first consolidation scheme is done with hardly any privacy tactics and the coins seem to be swept. After the consolidation, the coins are then moved again and split into fractions, and with far more privacy than the original sweep.
It is still hard to say why this whale has been spending this way and our research team assumes there are two possible reasons. One reason may be the whale may be forced to use some sort of Script-based spending program that forces the user to move coins in this manner.
Otherwise, the whale is flexing wealth with these transfers to show the public his/her movements at certain times. Why the individual would do this on purpose is unknown and it may never be known why these bitcoins are being moved in this fashion.
Out of the 10,000 BTC spent in over a years time, the whale has moved strings of 20 decade-old bitcoin block rewards on March 12, 2020, October 11, 2020, November 7, 2020, November 8, 2020, December 27, 2020, January 3, 2021 (Bitcoins 12th anniversary), January 10, 2021, January 25, 2021, February 28, 2021, and today.
What do you think about the string of sleeping bitcoins from 2010 that was transferred today? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Btcparser.com, Bitcoin.com, Holyroger.com,
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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The changing perspective of psychedelic drugs with a history of abuse – Open Access Government
Posted: at 2:38 am
Timothy Learys dead.
The Moody Blues, 1968
Psychedelics derived from plants have been used in religious ceremonies for centuries, and in 1938, the first synthetic psychedelic, lysergic acid diethylamide (LSD), was synthesised by the Swiss chemist Albert Hoffman. By 1947, LSD was marketed as a psychotherapy medication, and in 1960, Harvard psychologist Timothy Leary began popularising LSD and psilocybin, the hallucinogenic compound in magic mushrooms, as mind-altering therapeutics. However, by the mid-1960s, amidst growing concerns in the U.S. and Europe about the illicit production of LSD and its growing use for recreational purposes in the absence of medical supervision, the U.S. Congress passed the Drug Abuse Control Amendments, making it a misdemeanour to manufacture or sell LSD without a license. By 1970, psychedelic research was largely halted by the passage of the Controlled Substances Act of the Comprehensive Drug Abuse Prevention and Control Act in the U.S. and similar legislation in Europe. Timothy Learys vision for psychedelics indeed seemed dead, as foretold by Ray Thomas of the Moody Blues.
However, over the past decade, a resurgence of clinical research has shifted perceptions that psychedelics are neurotoxic substances to potential therapeutics for psychiatric disorders. Globally, psychiatric disorders are a major public health problem, affecting approximately 350 million people, many of whom do not respond to conventional treatment. Recent clinical evidence suggests psychedelics can help these patients.
Psychedelics are chemicals that alter ones perception of reality by modulating how nerve cells in the brain communicate with each other. In addition to LSD and psilocybin, psychedelics include ketamine, 3,4-methylenedioxymethamphetamine, also known as MDMA or ecstasy, and phytocannabinoids, the psychoactive chemicals in marijuana. The U.S. Drug Enforcement Agency (DEA) classifies these drugs according to their potential for abuse: LSD, psilocybin, MDMA, and delta-9-tetrahydrocannabinol (9-THC), a psychoactive phytocannabinoid in marijuana, are classified as schedule I controlled substances with no currently accepted medical use and a high potential for abuse. Ketamine is classified as a schedule III controlled substance with moderate to low potential for physical and psychological dependence.
These drugs can also be classified according to their psychoactive effects. LSD, psilocybin and MDMA are hallucinogens. MDMA also has stimulant properties, meaning it can elevate mood and increase alertness and energy. Simulants are often highly addictive and can cause paranoia over time. Ketamine is a dissociative anaesthetic, defined as distorting sensory perceptions and causing feelings of disconnection or detachment. Counterintuitively, at lower doses, ketamine can act as an empathogen, promoting feelings of sympathy and empathy. 9-THC in marijuana has hallucinogenic, stimulant and depressive actions.
Chronic use or high-dose acute exposure to psychedelics can be neurotoxic, causing addiction, paranoia, panic attacks, high blood pressure and, in severe cases, loss of consciousness and seizures. Both human and animal studies demonstrate that toxic exposures to psychdelic drugs can change the structure and function of the brain, possibly by causing excessive or overstimulation, oxidative stress or neuroinflammation. The developing brain is especially vulnerable to the neurotoxic effects of these drugs, because they can disrupt the normal pattern of connections made between brain cells during brain development. Children exposed to psychedelic drugs during pregnancy or breast-feeding have an increased risk of developing psychiatric disorders.
Recent clinical studies suggest that psilocybin, MDMA, ketamine and phytocannabinoids can reduce depression and anxiety in patients who do not response to conventional treatment. MDMA and psilocybin have been designated by the U.S. Food and Drug Administration as breakthrough therapies for posttraumatic stress disorder (PTSD) and treatment-resistant depression, respectively. MDMA shows promise as a treatment for social anxiety in autistic adults and psilocybin, for cancer-related anxiety. A single, subanesthetic dose of ketamine in addition to psychotherapy can rapidly improve symptoms in patients with a major depressive disorder for up to 7 days. While preliminary, research supports the use of LSD in the treatment of psychiatric disorders. Clinical data suggest psychedelic drugs may also be effective in treating substance abuse disorders, end-of-life psychiatric distress, and suicide ideation. Marijuana, and in particular the phytocannabinoid cannabidiol (CBD), can reduce pain and relieve anxiety. In addition CBD has been approved for treatment-resistant seizure disorders.
It is not clear yet how psychedelics work as therapeutics, but emerging data suggests these drugs protect against atrophy of neurons and promote outgrowth of neurites, the processes extended by neurons that determine how neurons connect with each other. Notably, neurites are diminished in many treatment-resistant psychiatric disorders. Psychedelic drugs are not being used as stand-alone drug treatments, but rather they are used on one or a few occasions during psychotherapy sessions to overcome obstacles to successful psychotherapy and to boost the therapeutic experience. It is theorised that the experience itself, rather than simply the pharmacological effects of the drug, leads to cure or sustained remission of severe, treatment-resistant psychiatric disorders.
Due in part to clinical studies documenting the therapeutic potential of psychedelics, 37 states in the U.S. have legalised the use of medical cannabis and cities in Colorado, California, and Massachusetts have decriminalised psilocybin. Oregons Measure 110 decriminalised the possession of small amounts of psychedelic drugs and increased access for medical uses. While the regulation and perception of psychedelics is changing, this should not be interpreted as meaning these drugs are considered safe. Indeed, the Sacramento County District Attorneys Laboratory of Forensic Services reports cannabis and stimulants are among the most commonly reported substances of abuse in cases of driving under the influence of drugs (DUID) and drug seizures. Additional safety studies to determine the long-term effects of the therapeutic use of psychedelics are needed to support their clinical use. These limitations notwithstanding, the preliminary clinical data on the therapeutic potential of psychedelic drugs warrant further research, with particular focus on synthesising derivatives of these compounds that retain therapeutic effects while eliminating addictive and neurotoxic effects.
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Bitcoins, coming soon to an ATM near you? – CBS News
Posted: at 2:38 am
In the not-too-distant future, Americans won't have to drive or even walk very far to find a bitcoin ATM.
Connected to the internet, Bitcoin ATMs resemble traditional ATMs but link to an exchange rather than a bank account. The machines take cash for bitcoin or other digital currencies. Some also let users sell bitcoin for cash.
Most of the transactions involve people paying $300 to $500 to buy a small stake in bitcoin, the price of which has been surging (along with itscarbon emissions), lately trading at a record high near $62,000. Users pay transaction fees that range from 6% to 12%, according to Pamela Clegg, director of financial investigations and education at cryptocurrency compliance firm CipherTrace.
The machines offer a way into the market to those who "may not have the desire or funds to open an account at one of the big exchanges," Clegg said.
Not yet ubiquitous, bitcoin ATMs are in stores, restaurants and airports scattered across the country. They can be found in all but two states Alaska and Vermont as well as in the District of Columbia,according to Coin ATM Radar.
There's already a kiosk offering the world's most popular currency for cash in the gift shop of the Pioneer Auto Museum in Murdo, South Dakota, a town of less than 500 people. "Coin Cloud contacted us," museum owner Vivian Sonder told CBS MoneyWatch. "I told them we're very seasonal and it's kind of quiet right now, and they said 'Nope, that's okay'."
"A few people have used it," Sonder said of the machine installed about five months ago and for which Coin Cloud pays her $200 in rent. "It's not that we're not aware of bitcoin, but we're a tourism and ranching community."
That said, the move to having a bitcoin ATM on every corner is only picking up speed. The count of cryptocurrency ATMs across the U.S. accelerated 85% over the last six months to roughly 14,000 from 7,567 in September 2020, according todata compiled by Trading Platforms.
Las Vegas, Nevada-based Coin Cloud has 1,600 machines offering 35 different digital currencies up and running across the U.S., with another 400 going up this month and plans to have 10,000 installed by the end of the year.
"Our company has grown 400%, 500% every year since 2014 and is self-financed," Chris McAlary, Coin Cloud's founder and CEO of Coin Cloud, said. "The industry has grown out of consumer demand, not because of some VC behind us."
Making an investment is the biggest reason people use the machines, followed by remittance or paying off an invoice, typically an international payment, McAlary said.
"You could buy bitcoin in the U.S. and have it immediately sent to family in another country," so long as there are places to cash it, Clegg said. The transaction fees could be lower than those of other money-transfer companies like Western Union or MoneyGram, she added.
Convenience is also a factor. "A bitcoin ATM is the only way to get bitcoin in under 20 minutes," said Ben Weiss, president and COO of CoinFlip, which like Coin Cloud, pitches its machines to retailers and convenience stops as a way to bring in additional foot traffic and extra income for renting out space. Also in expansion mode, Chicago-based CoinFlip operates 2,000 bitcoin ATMs in 46 states, adding 1,000 of the ATMs in 2020 and another 500 so far this year.
"The reason people use the bitcoin ATMs is there are still a lot of people who are unbanked, or underbanked," added Weiss.
About 7.1 million U.S. households, or 5.4%, did not have a bank account in 2019,according to the Federal Deposit Insurance Corporation. That cash economy has many making weekly treks to cash paychecks. "In smaller town USA, check cashiers are still a real thing," said Clegg.
Consumers should consider the transaction fees and locations of bitcoin ATMs, with some operators more scrupulous than others, said Clegg, who also cautioned those using the machines to buy digital currency to first check what it's fetching online.
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Predicting who may do best with psychedelic-assisted therapy – The Ohio State University News
Posted: at 2:38 am
As psychedelics gain ground as a potential therapy for mental health disorders, there remains a pressing concern that patients in clinical trials may have adverse effects to the drugs.
New research identifies personality traits that have been associated with positive and negative experiences on psychedelics in previous studies, information that could help predict how future clinical trial participants will respond to the drugs.
The findings suggest that people more open to new experiences and willing to surrender to the unknown may be best positioned to have a positive experience on psychedelics, and individuals who tend to be preoccupied or apprehensive could be more likely to have a negative, or challenging, experience.
These predictions could be used by scientists to help hesitant clinical trial patients feel more open to the potential therapy, possibly by offering lower doses as a starting point, researchers say though such a concept remains speculative.
The findings point to interesting testable things we can look at in future research, saidAlan Davis, assistant professor ofsocial work at The Ohio State University and senior author of the review. It might be plausible to use threshold doses that are smaller than those used in a trial as a first exposure so people have less anxiety, experience the benefit and, from that, go into a higher dose later.
The study is published online in the journal ACS Pharmacology & Translational Science.
To arrive at these predictions, the researchers reviewed 14 published clinical trials and other types of studies conducted in recent years that documented participants personality traits or states of mind and their associations with a positive or negative experience on psychedelics.
Its been an open question so far in psychedelic science: How can we predict how people will react? We thought this review would be a good opportunity to develop a narrative of what the consensus is so far, said study first author Jacob Aday, a PhD candidate in psychology at Central Michigan University who collaborates with Davis.
Preliminary evidence has suggested that psychedelics may be effective in treating mood, anxiety, trauma-based and substance use disorders.
Psychedelics might broadly apply to a whole range of different psychiatric problems, and in part that might be because theyre directly affecting neurotransmission and the brains ability to communicate in new ways that involve different parts of the brain, Davis said. But there is still a lot to unpack about exactly how this all works and why it may be effective.
Of the studies reviewed, 10 tested psilocybin (commonly known as magic mushrooms) as a therapy, two involved LSD, one used a hallucinogenic brew called ayahuasca and one examined psychedelic use in general.
Experiences on psychedelics vary in intensity and tend to comprise three categories: a mystical, insightful or challenging experience. A mystical experience can feel like a spiritual connection to the divine, an insightful experience increases peoples awareness and understanding about themselves, and a challenging experience relates to emotional and physical reactions such as anxiety or increased arousal.
The review suggests that people who are high in the traits of openness, acceptance and absorption the tendency to immerse oneself into imaginative experiences and in a psychological state of surrendering to whatever may transpire are more likely to have positive psychedelic experiences.
A state of surrender, in particular, stood out for its association with a lower chance for acute dread and a higher likelihood of a mystical experience and what is known as ego dissolution, when ones sense of self gives way to a closer connection to other people and the broader world.
In contrast, people who are low in those traits or who are in preoccupied, apprehensive or confused states are considered more likely to experience adverse reactions.
There was also tentative evidence that increased experience with psychedelics and increased age were associated with slightly less intense effects with the drugs, Aday said. And there werent any differences according to sex. Men and women responded similarly.
Three studies had identified potential neurological markers that could help predict research participant reactions to psychedelics, but the cost of collecting brain scans to screen trial candidates made them less practical predictors than psychological traits, Aday said.
Davis has already considered potential reactions to psychedelics for a psilocybin trial he is planning for veterans who have post-traumatic stress disorder.
People who have experienced trauma are not very high in surrender, because they are anxious all the time about their past traumatic experiences, he said. A possibility to explore is starting with a low or moderate dose prior to giving the full therapeutic dose, which might help them increase in surrender. Weve designed the study this way, thinking that might be helpful.
Study co-authors include Cayla Mitzkovitz, Emily Bloesch and Christopher Davoli of Central Michigan University.
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Bitcoin Is All the Rage, But DeFi Could Be Even Bigger – ETFdb.com – ETFdb.com
Posted: at 2:38 am
In the crypto currency universe, Bitcoin reigns supreme, but decentralized finance (DeFi) currencies are coming on strong, proving crypto has expanse as an asset class. Theres more to the group than just Bitcoin and Ethereum.
DeFi refers to the emerging category of digital, peer-to-peerfinancial services technologies that enable trading, loans, interest accounts, and more. Using public blockchains and crypto assets rather than legacy systems, DeFi services aim to cut out traditional Wall Street intermediaries, allowing for the potential to facilitate faster operation, 24/7 availability, no minimums or paperwork, full transparency, and auditability.
Examples of DeFi currencies include Aave, Compound, Loopspring, Maker, and Uniswap.
DeFi is, we think, the most fundamental challenge to modern finance that weve encountered, Bank of America analyst Francisco Blanch wrote.
Last month, Bitwise Asset Management, creator of the worlds largest crypto index fund, the fast-growing Bitwise 10 Crypto Index Fund (OTCQX:BITW), announced the launch of the Bitwise DeFi Crypto Index Fund. Thats the primary fund vehicle for accessing DeFi currencies.
The new Bitwise fund holds a portfolio of crypto assets that power these services. The asset seeks to track the Bitwise Decentralized Finance Crypto Index. Holdings are screened for important risks, weighted by market capitalization, and rebalanced monthly.
Decentralized finance seeks to replace a range of centralized and regulated banking institutions with decentralized systems and products, which are typically built on the Ethereum blockchain, reports Business Insider. Modern finance currently works on the basis that there are trusted entities acting as central points for providing services and functions, Blanch said. In turn, these entities are then regulated to provide consumer protection.
Many DeFi concepts are built on Ethereum, the second-largest digital asset. Ethereum is an open-source, blockchain-based distributed computing platform that can support smart contract functionality. Thats a complicated way of saying that Ethereum not only makes a cryptocurrency called Ether possible, but can also support the launch of new cryptocurrencies and make it possible to crowdsource funding for new projects. The simplest way to think about Ethereum is to compare it to something you probably use every day: your mobile phone. If you have an Android or iOS phone, you have apps that can perform a wide variety of functions from ordering an Uber to mapping a route across town.
The analysts conclude there is a significant amount of innovation in the decentralized finance space. However, at the moment, there isnt a material challenge to mainstream finance, concludes Business Insider.
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XPhyto Therapeutics diversifies into psychedelics with new labs – Health Europa
Posted: at 2:38 am
Among the leading contenders in the race to pioneer new blockbuster psychiatric drugs is Vancouver-headquarteredXPhyto Therapeutics Corp.This small opportunity-driven life sciences accelerator that operates a range of R&D projects in both Canada and Germany.
They include XPhytos new psychedelics division called XPhyto Laboratories. The companys near-term focus entails the formulation of psychedelic compounds such aspsilocybin derived from various psychoactive mushrooms and mescaline derived from peyote and other cactus species into mood-improving and therapeutic pharmaceutical drugs.
In particular, its expertise in using sublingual and transdermal therapeutics to deliverprecise dosing of very dose-specific drugs, like fentanyl, will prove invaluable in this opportunity-driven undertaking.
XPhytos psychedelic research is led by Professor Raimar Lbenberg. Although he developed his professional expertise in Germany, he is nowone of the few medical scientists working in North America who has the necessary government-level clearance to develop experimental pharmaceutical psychedelic drugs in a leading university laboratory.
LbenbergsHealth Canada licences for research and analytical testing allow him to work with LSD,psilocybin, MDMA, and other psychotropic molecules.
Professor Lbenberg explains: Our initial focus is to develop standardised drug formulations with precise, predictable, and efficient delivery of their active pharmaceutical ingredients for clinical study and therapeutic use. We see a lot of potential therapeutic value in psychedelic compounds for their ability to positively influence neural networks through growth and reorganisation.
As a founder and director of the Drug Development and Innovation Centre at the University of Alberta and the former president of the Canadian Society for Pharmaceutical Sciences, ProfessorLbenbergis a hard-nosed scientist with many years of expertise in pharmacology.
In addition to DrLbenbergs laboratory, team, and drug development expertise,one of the companys German subsidiaries Vektor Pharma TF GmbH has globally recognised drug delivery technology and manufacturing capabilities. Vektor specialises in the use of proprietary oral/transmucosal strips to optimise the uptake of orally administered drugs.
It is well worth noting that most drugs that are delivered via this method are shown to have especially high bioavailability. They also provide a faster onset and more predictable level of efficacy because the drug does not need to be metabolised via the liver. Dosage-control will be vital to the judicious administration of such powerfully potent drugs as psychedelics, ProfessorLbenberg adds.
XPhyto intends to first produce psychedelic active pharmaceutical ingredients, which can then be incorporated into our novel sublingual and transdermal delivery systems. This is our competitive advantage, from production of API to drug formulation to clinical validation, he said.
In this regard, XPhyto is doing pre-clinical laboratory work with a focus on the following psychotropic compounds: psilocybin, mescaline, LSD, MDMA, and DMT.
All of these mind-expanding compounds are known to modulate neurotransmitters such as serotonin and dopamine, which regulatecognition, perception, and mood. This makes them well suited to treating a variety of mental conditions, which also include post-traumatic stress disorder (PTSD), according to several early-stage clinical trials.
There have been few meaningful advances in the development of psychiatric drugs since the late 1980s. This was whenselective serotonin reuptake inhibitors (SSRIs) the healthcare industrys go-to antidepressant of choice were first commercialised.
Yet antidepressants fail to help up to 30% of those prescribed. And they can be highly addictive among people who do find them therapeutic.So, according to many mental health experts, the arrival of a new paradigm in breakthrough psychiatric drugs is long overdue.
Nonetheless, annual sales of antidepressant drugs keep surging higher every year. They currently total more than US$14bn, according to a study by Allied Market Research. Other estimates range as high as US$50bn worldwide.
In total, anxiety disorders and/or persistent depression affect up to 25% of the population in Europe, and a similar percentage of people in the USA. That is 250 million people combined the majority of which experience chronic anxiety. Yet they are commonly treated with anti-depressants due to a scarcity of effective medicine to treat people with frayed nerves.
As to whether psychedelics represent a prospectively better alternative, the public perception has always been that any therapeutic value they may have is outweighed by the dangers that they supposedly pose. However, 21st century observational studies conducted by healthcare professionals in controlled environments have consistently shown that participants have reported few or no negative side effects. Studies also show that psychedelics have low potential for abuse or dependence.
According to drug-harm experts, thepsilocybin in psychoactive mushrooms, mescaline in certain cactus, as well as the synthesised compounds in LSD and MDMA, rank among the least harmful drugs when factoring-in damage to health, drug dependency, economic harm, and the societal cost of crime.
Then there is a whole array of other anti-psychotic medications that might one day be replaced by psychedelics. As previously mentioned, the mental health market is worth an estimated $70bn a year globally, according to Bloomberg. Psychedelics stand to earn a sizeable share of this enormous market.
The market intelligence firm,Data Bridge Market Research,forecasts the psychedelic pharmaceuticals market could grow to almost $7bn by 2027 from almost a standing start. Meanwhile, a prominent Canadian investment bank, Canaccord Genuity, estimates that this nascent industry could eventually be worth $100bn.
Not surprisingly, Big Pharma is already beginning to get serious about this new frontier of medical science. After all, the industry has made massive profits from the sale of SSRIs while also becoming increasingly sensitive to the dangerous drawbacks of these controversial drugs.
Hence, an opportunity to help launch a new generation of more effective, yet less problematic mental health drugs must seem very appealing. Which is why Big Pharma will be keenly watching the progress of these biotech innovators in psychedelic medicine with a view to acquiring the best of the bunch for big-dollar sums.
Psychedelic drugs have at last shrugged off the stigma of the 1960s and are finally coming of age as a highly disruptive form of medical therapy. Besides a diversity of mental health ailments already mentioned, psychedelics are proving in observational trials to be especially effective at treating drug and alcohol addictions, too.
Additionally, they are even being developed to treat chronic pain and to help cigarette smokers quit for good. All of this means that up to two billion people may eventually benefit from access to these non-addictive, non-toxic, new drugs.
In summary, XPhyto has entered into two psychedelic agreements: first, for the development of industrial scale biotechnology processes for the production of psilocybin, and second, for research and development related to multiple psychedelic compounds, including psilocybin, mescaline, LSD, MDMA, DMT, among others.
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Science Drives Surging Interest in Psychedelic Therapeutics – PRNewswire
Posted: at 2:38 am
NEW YORK, March 24, 2021 /PRNewswire/ --The push for psychedelic medicine is surging across North America and around the world. Scientific evidence supports the life-changing impact this safe and natural alternative has in treating mental illness of all types. New research from a number of organizations, including Johns Hopkinsin Baltimore and Imperial Collegein London, which revealed that patients with depressive disorders had a clinically significant positive response to psilocybin-assisted therapy may represent a therapeutic breakthrough in treating multiple neurological disorders. As research expands, so does support for the revolutionary treatment, which has actually been around for centuries. As seen before, anecdotal opinions often trigger scientific research which then, with validation, drives growth in the industry as well investor interest. That's exactly what's occurring in the psychedelic therapeutics space, major upticks in both new companies entering the space as well as investors excited about the possibilities. Potential stakeholders in this game-changing new market are looking for companies that can weather the complex and expensive process of running clinical trials and bringing a drug to market. A leader in psychedelic therapeutic research and drug development, Cybin Inc. (NEO: CYBN) (OTCQB: CLXPF)(Profile)has a strong clinical pipeline with phase 2 trials underway, holds ten provisional patents,and boasts a proven leadership and a time-tested tradition. Other companies vying for position in the psychedelics medicine space include COMPASS Pathways Plc (NASDAQ: CMPS), Mind Medicine Inc (OTCQB: MMEDF) (NEO: MMED), Numinus Wellness Inc. (OTCPK: LKYSF) (NEO: NUMI) (TSX.V: NUMI) and Field Trip Health Ltd.(OTCQX: FTRPF) (CSE: FTRP). Each of these companies is focused on providing better treatments for the millions suffering from mental health issues.
Click hereto view the custom infographic of theCybin editorial.
The Psychedelic Answers
More than 700 million people worldwide struggle with some form of mental illness, be it depression, addiction or post-traumatic stress disorder and the people counted are just those who seek help. The actual number is likely much higher, given the high frequency of nondiagnosis as well as stigmas and lack of effective treatments. One in four people will face a mental or neurological disorder at some point in their lives, yet "current treatments and the dominant model of mental health care do not adequately address the complex challenges of mental illness, which accounts for roughly one-third of adult disability globally."
More and more people are looking outside conventional protocols for solutions, and they're finding those solutions in the world of psychedelic medicine, specifically psilocybins. Psilocybins are a hallucinogenic substance found in certain types of mushroom, dubbed magic mushrooms, and used for centuries by indigenous cultures for religious, spiritual and health-related purposes. As is often the case, the modern world is learning from the ancient as mounting evidence points to these prolific fungi as a source for long-sought-for help in mental health and neurological disorders.
A Legacy of Success
Cybin Inc. (NEO: CYBN) (OTCQB: CLXPF)is intent on becoming the leader in this exciting breakthrough for mental well-being. The company is at the forefront of the revolution in mental health therapeutics and is developing a new class of psychedelic medicines and treatment protocols. Driving its commitment to excellence is the company's impressive leadership team of experienced professionals with a combined 80-plus years in the pharmaceutical industry.
CEO Doug Drysdale has three decades in the health-care sector, successfully building and turning around three pharmaceutical companies, and co-founder Eric So has raised hundreds of millions for various companies, directing value creation and strategic exits. Cybin's executive team has the experience and critical insights to navigate through the complexities the promising psychedelics industry offers.
Staffed with luminaries, the company's scientific team,helped develop widely used drugs such as Allegra, Sabril, Anzemet and Vaniqa, and is the only scientific team to have successfully commercialized a psychedelic drug to date.In addition, the team has facilitated more than $2 billion in pharmaceutical sales alongside being collectively involved in 37 exits across the biotech sector and various other verticals. Cybin's leadership team has a rich legacy of success and has the proven ability to both guide the company and maximize opportunity.
Tested, Proven Fundraising Ability
The importance of being well funded can't be overlooked and is especially important for research and drug development. Cybin and its leadership team have demonstrated ability to raise funds for key, strategic steps necessary for success. Most recently, Cybin raised C$45 million in the largest go-public capital raise in the Canadian psychedelic sector and a total of C$88 million across Seed, Series-A and Series-B financing rounds.
Part of that capital was used in the company's strategic acquisition of Adelia Therapeutics Inc., whose novel psychedelic molecules allowed Cybin to diversity its portfolio and provided access to multiple future indications. The acquisition also resulted in Cybin obtaining a range of technologies related to novel therapeutic delivery methods and therapeutic regimens, along with six patent applications. The acquisition also brought with it an expanding library of psychedelic derivative drug development candidates, with the first lead compounds expected to enter clinical studies this year.
A Three-Pillar Pipeline
Cybin is committed to a strong, well-established IP portfolioand clinical pipeline, as indicated by the Adelia acquisition. The company leads the industry in therapeutic development programs and innovative drug delivery systems using a three-pillar strategy with its novel drug-discovery platform, optimal novel and proprietary drug-delivery systems, and an innovative treatment regimen.
The company's IP model is diverse, covering chemically synthesized molecules, delivery mechanisms, screeners, protocols and new drug formulations alongside a merger and acquisition strategy focused on acquiring proprietary technologies and novel compounds and molecules. In addition, Cybin holds worldwide exclusive rights to sublingual film delivery technology from Intelgenx for the delivery of psilocybin and other psychedelic molecules.
In addition, the company has key partnerships in place. Cybin recently partnered with neurotech pioneer Kernelto leverage its Kernel Flow, an innovative technology designed to detect hemodynamic changes in the brain that pulses light through the skull and into the bloodstream to measure how much oxygen the blood is carrying at any given time. Cybin anticipates that the quantitative measurements enabled by Flow may improve the development, delivery and scaling of its psychedelic therapeutics.
"Access to Kernel's innovative Flow technology adds another exciting dimension to the investigative work that Cybin is doing to develop breakthrough treatments for mental health disorders such as depression and addiction," said CEO Doug Drysdale. "Currently, clinical investigators rely on limited subjective information from patients. The ability to collect quantitative data from our sponsored drug development programs is potentially game-changing in terms of our ability to measure where psychedelics work in the brain in real time, and how we ultimately design our future therapeutics. . . . This new cornerstone component of our sponsored clinical programs follows a record-setting capital raise, listing on the NEO Exchange and the acquisition of Adelia Therapeutics Inc., which added significant scientific capabilities, novel molecules, delivery mechanisms and intellectual property."
Just this week Cybin announced that it had signed a drug-development agreement with Catalent Inc., the leading global provider of advanced delivery technologies, development, and manufacturing solutions for drugs, biologics, cell and gene therapies, and consumer health products. Cybin will be applying Catalent's proprietary Zydis(R)orally disintegrating tablet technology for the delivery of its novel deuterated tryptamine, or CYB003, a potential therapy for treatment-resistant psychiatric disorders.
"We are excited to partner with the team at Catalent with the aim of developing fast-acting, shorter-duration formulations of CYB003, recently acquired as part of our acquisition of Adelia Therapeutics," Drysdale said. "Our focus on reducing the need for health system resources, such as in-clinic therapist time, is an important part of our goal to create scalable, more accessible treatments for mental health disorders."
There's little doubt about the lack of effective treatments for mental health and neurological disorders. Scientific research is revealing a new, more effective approaches to address the massive unmet medical need. Leaders in this new frontier of medicine will likely be both appreciated by patients and rewarded by the markets.
Making a Profit and a Difference
Cybin isn't alone in the quest to make a difference in the mental health space. Savvy companies see an opportunity in psychedelic therapeutics and are jostling for position in an industry destined to make a mark.
COMPASS Pathways Plc (NASDAQ: CMPS) intends to accelerate patient access to evidence-based innovation in mental health. "We focus our efforts on those who are not helped by current treatments," states the company, which is developing its COMP360 psilocybin therapy designed to offer relief for the millions of people who suffer with treatment-resistant depression (TRD). The company is pioneering the development of this therapy, in which its proprietary formulation of synthetic psilocybin, COMP360, is administered in conjunction with psychological support.
Mind Medicine Inc (OTC: MMEDF) (NEO: MMED)is a psychedelic medicine biotech company that discovers, develops and deploys psychedelic-inspired medicines and therapies to address addiction and mental illness. The company is assembling a compelling drug development pipeline of innovative treatments based on psychedelic substances including psilocybin, LSD, MDMA, DMT and an Ibogaine derivative, 18-MC.
MMED is also actively pursuing the development of LSD-assisted therapies through its Project Lucy, including a Phase2btrial for anxiety disorders planned to be conducted fully through the FDA pathway.
Numinus Wellness Inc. (OTC: LKYSF) (NEO: NUMI) (TSX.V: NUMI)supports access to psychedelic-assisted psychotherapy through ketamine-assisted psychotherapy and special access and compassionate trials. Numinus partners with practitioners in providing clients with access to psychedelic-assisted psychotherapy, and through its recent acquisition of Mindspace, a Quebec-based psychedelic programming leader, Numinus now supports practitioners across three clinic locations.
Field Trip Health Ltd.(OTCQX: FTRPF) (CNX: FTRP), a global leader in the development and delivery of psychedelic therapies, recently partneredwith WHOOP, a human performance company, to measure the biometric effects of Field Trip's psychedelic therapies. Field Trip is opening Field Trip Health centers across North America and Europe for the delivery of psychedelic therapies, which have demonstrated significant efficacy in treating mental health conditions such as depression, anxiety and PTSD.
Surging interest in psychedelic therapeutics has sparked rising involvement from savvy companies interested in making both a profit and a difference as well as investors looking for the next space to strategically make a move. Companies such as Cybin that offer the science, the leadership and the expertise needed to succeed have a good chance of making a real difference in the nascent industry.
For more information about Cybin, please visitCybin Inc.
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