Monthly Archives: February 2023

Is Cryptocurrency a Good Investment in 2023? – entrepreneur.com

Posted: February 2, 2023 at 11:32 pm

Opinions expressed by Entrepreneur contributors are their own.

How much will bitcoin or any altcoin cost in 2023? Great question. Even professional traders cannot foresee the price of crypto due to multiple impact factors. But as an investor, I want to reflect on something else. Are those who have already buried the crypt right, or is last year's market crash not the end?

Related: Now that Crypto Has Crashed, What's Next for The Metaverse?

In February 2021, the capitalization of bitcoin exceeded $1 trillion for the first time. The first cryptocurrency grew by 900% in a year and traded for $54,000 per coin.

Despite the record price, there was no release from investors. For example, the Square payment service, owned by Jack Dorsey, then bought over three thousand bitcoins.

Amid the rising bitcoin price, in March 2021, the founder of the Kraken cryptocurrency exchange, Jesse Powell, made a sensational forecast: by the end of 2022, one bitcoin can buy a Lamborghini, and in 2023, a Bugatti.

The forecast failed: today, you can only buy a Kia Rio or a Mitsubishi Mirage for a bitcoin. And this is after the boom of ETFs, NFTs, DeFi and stablecoins. So what went wrong?

Related: Everything You Need to Know About NFTs and Cryptocurrency

In 2022, the growth rates of blockchain technology remained high. For example, we witnessed the Ethereum protocol modernization: now, instead of the Proof-of-work algorithm, the blockchain uses Proof-of-stake. After the change, the network will consume 99.95% less energy.

However, this event was overshadowed by others the bankruptcies of the Terra project, Voyager Digital and Celsius Network crypto banks, Three Arrows Capital hedge fund, BlockFi and FTX exchanges.

Also, inflation in the US reached 7% in 2022, just as in the early 1980s. To curb inflation, the Federal Reserve raised rates seven times a year. The base rate is between 4.25% and 4.5%, the highest mark in 15 years.

The Fed's policy affected the value of risky assets, namely stocks and crypto. The dollar strengthens as interest rates rise, but risky assets fall. Due to this and the bankruptcy of key crypto projects, the cryptocurrency market collapsed. The media again started talking about the onset of crypto winter a decrease in the cost of all coins and a long bearish trend.

But I disagree that due to the fall (over the past year, according to the Coinmarketcap charts, market capitalization has more than halved - from $2 trillion to $800 billion), this segment can be put to rest.

Regarding crypto, price fluctuations are the last thing you should focus on. I look at less obvious factors to understand the market prospects.

The activity of venture capitalists decreased significantly in late 2022. This information can make beginners panic, but let's read the news more carefully.

How did the timing of entry into projects change the enthusiasm of investors? Seed and early-stage crypto startups received larger checks in 2022. Investors are buying up young startups, meaning the game is not over, and funds will be poured into the sector.

Besides, the cryptocurrency market is only developing. You can fail in school but enter college on the first try. So the failure of 2022 is not a sentence, but only growing pains.

Related: Decentralized Venture Capital Will Transform Startup Investing Forever

Web3 is a new blockchain-based decentralized and tokenized incarnation of the internet. It is both financial applications and NFTs. But the most dynamic segment of Web3 is blockchain games.

The crypto winter did not affect the growth of gaming programs based on distributed ledger technology: in 2022, the number of transactions in gaming blockchains increased by 94%.

It is such a strong trend that only full-on electricity cuts across the planet can bring it down. So the entire blockchain sector will become less speculative and more practice-oriented.

After COVID-19, even people far from business learned that the most affected sectors actively recovered after the crisis. This is precisely what should happen with the NFT segment.

Over 2022, it decreased by 97%. But the fall is not a trend unlike the arrival of big players in this market. NFTs were launched as part of a loyalty program by the giant Starbucks. By year's end, the list of majors that launched NFTs was replenished with Reddit, Meta, Nike, Disney and Coca-Cola.

All these companies invested in developing their own projects based on Web3 and will continue to develop them in 2023. My guess, other companies will pick up the trend, so the NFT market revival is only a matter of time.

Related: 5 Ways to Maintain and Expand Your Wealth During the Cryptocurrency Dip

In December 2013, on the Bitcointalk forum, a user, GameKyuubi wrote a post with a typo in the title - "I AM HODLING." He criticized traders who use bitcoin to get rich, contrasting their position with his own to keep the crypto even when market signals indicate a need to get rid of the asset.

The term HODL became a meme, and the change in the number of hodlers became the data for analytical platforms to evaluate the development of the industry.

New statistics from Glassnode demonstrate a sharp increase in the accumulation addresses in the Bitcoin blockchain. These hodler wallets have received at least two transfers in the past seven years. Yet, funds were never withdrawn from these addresses.

The number of such wallets reached almost 800,000 increasing by 18% during the year. The figures show that the number of committed users of the service is growing.

Hodlers don't make money off bitcoin. They believe in its potential as a universal means of payment. And user growth is a significant factor in the global adoption of bitcoin. I am sure that while some faithfully accumulate crypto and those who develop the blockchain and projects based on it, seasonal and annual jumps are just ripples in a pond. The most exciting things happen in the depths.

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Is Cryptocurrency a Good Investment in 2023? - entrepreneur.com

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U.S. should ban cryptocurrencies, says Berkshire’s Munger

Posted: at 11:32 pm

Charlie Munger at the Berkshire Hathaway press conference, April 30, 2022.

CNBC

Berkshire HathawayVice Chairman Charlie Munger urged the U.S. government to ban cryptocurrencies,as China has done,arguing that a lack of regulation enabled wretched excess and a gambling mentality.

"A cryptocurrency is not a currency, not a commodity, and not a security," the 99-year-old Munger said in an op-ed published in The Wall Street Journal Thursday.

"Instead, it's a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity," Munger said. "Obviously the U.S. should now enact a new federal law that prevents this from happening."

Munger and his business partner Warren Buffett are longtime cryptocurrency skeptics, contending they are not tangible or productive assets. Munger's latest comments came as the crypto industry was plagued with problems from failed projects to a liquidity crunch, exacerbated by the fall of FTX, once one of the world's largest exchanges.

The cryptocurrency market lost more than $2 trillion in value last year. The price ofbitcoin, the world's largest cryptocurrency, plunged 65% in 2022 and it has rebounded about 40% to trade around $23,824, according to Coin Metrics.

The renowned investor said in recent years privately owned companies have issued thousands of new cryptocurrencies, and they have become publicly traded without any governmental preapproval of disclosures. Some have been sold to a promoter for almost nothing, after which the public buys in at much higher prices without fully understanding the "pre-dilution in favor of the promoter," Munger said.

He listed two "interesting precedents" that may guide the U.S. into sound action. First, China has strictly prohibited services offering trading, order matching, token issuance and derivatives for virtual currencies. Second, from the early 1700s, the English Parliament banned all public trading in new common stocks and kept this ban in place for about 100 years, Munger said.

"What should the U.S. do after a ban of cryptocurrencies is in place? Well, one more action might make sense: Thank the Chinese communist leader for his splendid example of uncommon sense," Munger said.

(Read the full piece in the Journal here.)

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Cryptocurrency Price Today: Ethereum Climbs Above $1,600 As Top Coins Land In Greens – ABP Live

Posted: at 11:31 pm

Cryptocurrency Price Today: Ethereum Climbs Above $1,600 As Top Coins Land In Greens  ABP Live

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India will try to forge consensus on the roadmap to regulate cryptocurrency at G-20, says DEA secretary – The Financial Express

Posted: at 11:31 pm

India will try to forge consensus on the roadmap to regulate cryptocurrency at G-20, says DEA secretary  The Financial Express

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To the countryside or into outer space? 1970s utopias about escaping the city – Domus IT

Posted: at 11:30 pm

To the countryside or into outer space? 1970s utopias about escaping the city  Domus IT

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TOTALLY NOT FAKE NEWS: The Texans Off-Season Off to a Fast and Furious Start… – Battle Red Blog

Posted: at 11:26 pm

TOTALLY NOT FAKE NEWS: The Texans Off-Season Off to a Fast and Furious Start...  Battle Red Blog

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Bir Tawil – Wikipedia

Posted: at 11:19 pm

Bir Tawil (Egyptian Arabic: , romanized:Br awl, lit.'tall water well', [bi twil]) is a 2,060km2 (795.4sqmi) area of land along the border between Egypt and Sudan, which is uninhabited and claimed by neither country. When spoken of in association with the neighbouring Halaib Triangle, it is sometimes referred to as the Bir Tawil Triangle, despite the area's quadrilateral shape; the two "triangles" border at a quadripoint.

Its terra nullius status results from a discrepancy between the straight political boundary between Egypt and Sudan established in 1899, and the irregular administrative boundary established in 1902. Egypt asserts the political boundary, and Sudan asserts the administrative boundary, with the result that the Hala'ib Triangle is claimed by both and Bir Tawil by neither. In 2014, author Alastair Bonnett described Bir Tawil as the only place on Earth that was habitable but was not claimed by any recognised government.[2]

On 19 January 1899, an agreement between the United Kingdom and Egypt relating to the administration of Sudan defined "Soudan" as the "territories south of the 22nd parallel of latitude".[3] It contained a provision that would give Egypt control of the Red Sea port of Suakin, but an amendment on 10 July 1899 gave Suakin to Sudan instead.[3]

On 4 November 1902, the UK drew a separate "administrative boundary", intended to reflect the actual use of the land by the tribes in the region.[3] Bir Tawil was grazing land used by the Ababda tribe based near Aswan, and thus was placed under Egyptian administration from Cairo. Similarly, the Hala'ib Triangle to the northeast was placed under the British governor of Sudan, because its inhabitants were culturally closer to Khartoum.

Egypt claims the original border from 1899, the 22nd parallel, which would place the Hala'ib Triangle within Egypt and the Bir Tawil area within Sudan. Sudan, however, claims the administrative border of 1902, which would put Hala'ib within Sudan, and Bir Tawil within Egypt. As a result, both states claim Hala'ib and neither claims the much less valuable Bir Tawil area, which is only a tenth the size, and has no permanent settlements or access to the sea. There is no basis in international law for either Sudan or Egypt to claim both territories, and neither nation is willing to cede Hala'ib. With no third state claiming the neglected area, Bir Tawil is one of the few land areas of the world not claimed by any recognised state.[4][5]

Bir Tawil is 2,060km2 (795sqmi) in size. The length of its northern and southern borders are 95 kilometres (59mi) and 46 kilometres (29mi) respectively; the length of its eastern and western borders are 26 kilometres (16mi) and 49 kilometres (30mi) respectively. In the north of the area is the mountain Jabal Tawil ( ), with a height of 459 metres (1,506ft). In the east is Gabal Hagar El Zarqa, with a height of 662 metres (2,172ft). In the south is the Wadi Tawil ( ), also called Khawr Ab Bard.

Bir Tawil's climate is, according to the Kppen climate classification, a very hot desert climate (Bwh). During the summer months, approximately three-quarters of the year, temperatures can exceed 40C (104F), while its hottest three months (JuneAugust) can see it as high as 45C (113F). During the brief winters, however (December and January being its mildest months), Bir Tawil can experience milder temperatures, with 26C (79F) as its usual temperature peak.

Because the territory is far from the ocean (being at least 200km (120mi) away from the Red Sea), the diurnal temperature range throughout the region is large, varying from 18 to 20C (32 to 36F), year-round.[6]

Due to its status as de jure unclaimed territory, a number of individuals and organizations have attempted to claim Bir Tawil as a micronation. However, none have been taken seriously by the international community, and due to the remoteness and hostile climate of the region, the vast majority of these claims have been by declarations posted online from other locations. None of these claims, or any others, have been recognized, officially or otherwise, by any government or international organization.[8][9]

Bir Tawil has no settled population, but members of the Ababda and Bishari tribes pass through the region.[8]

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Bir Tawil: The Unclaimed Land That No One Wants

Posted: at 11:19 pm

On the border of Egypt and Sudan lies one of historys most peculiar regions. Bigger than London and New York, this patch of desert has presented a problem for international lawmakers for over sixty years. The area has no fixed population, habitable only to nomadic populations. It is called Bir Tawil (tall water well in Arabic). Claimed by neither Egypt nor Sudan, the Bir Tawil reveals a dispute which goes back over 100 years, spawning a litany of legal problems and challenges from all corners of the globe. No region better exemplifies the impact of history on states and borders with constant issues presenting themselves. But how did this land come to be, and could anyone ever claim it?

The history of the Bir Tawil goes back to the British occupation of Egypt in 1882. Ostensibly a short-term solution to protect British monetary interests in the country, in reality, Britain wanted to control local trade, weaken the Ottoman Empire, and strengthen its position around the Suez Canal. Furthermore, the seizure kickstarted the Scramble for Africa. Then ensued a turbulent period throughout both the region and the British government, with imperial eyes turned towards other parts of Africa. Soon after the occupation, Lord Salisbury, losing support in debates over Home Rule, resigned.

This instability hurt the empire, as British forces in Egypt suffered multiple defeats to Islamic nationalists following the Mahdi in Sudan. The final blow was dealt at the Siege of Khartoum in 1885 and the defeat and death of General Charles Gordon, an imperial hero widely respected by the public. British troops withdrew from Sudan and would not return for a decade.

In 1896, Lord Salisbury, returning as Prime Minister, ordered a campaign to secure the source of the Nile and prevent other world powers from doing the same. The campaign was led by Herbert Kitchener (who would go on to feature in the iconic First World War recruitment poster), who argued the occupation of Sudan was necessary to both protect Egypt and keep trade routes to India secure. During the Scramble for Africa, British forces marched quickly into Sudan before meeting with French forces at Fashoda. The resulting confrontation between the armies triggered a diplomatic incident that would lay out the division of East and West Northern Africa. The Battle of Omdurman in 1898 was the decisive victory against Mahdist forces, with Britain securing the region.

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This newly conquered region would now need to be administered. Britain had become increasingly involved in Egypt, and Sudan was, for the moment, under the control of Egypt and had a veiled protectorate in place. The decision to divide the two was taken in 1899, a year after Kitcheners conquest. The first attempt to redraw the boundaries followed a similar pattern to how European powers drew up the rest of Africa: with straight lines with little consideration for geographical, cultural, or ethnic differences. However, in a rare case of recognizing their own mistake, the British government quickly reversed its position and, in 1902, redrew the map along administrative lines instead. This gave Egypt control over the nomadic Abadba tribe, to which it had closer cultural links. Sudan was conversely given further access to the Red Sea and the Beja tribe, north of the original line.

Two newly created areas stood out when these two maps were laid over each other, two newly created areas stood out. South of the original border was the Bir Tawil, and to the north was the Halaib Triangle. The second border would remain in place for the time being. Direct British control over Sudan and de facto control in Egypt meant any issues were quickly resolved. It was only when they achieved their independence in the next century that problems would arise.

Sudans independence in 1956 brought the issue of the border to a head again. Egypt recognized the 1899 border, whereas the newly formed Sudanese government opted for the redrawn 1902 boundary. This was because the Halaib Triangle was much more valuable, with valuable resources, access to the Red Sea, and a fixed population. In contrast, the Bir Tawil was mostly empty. It became clear that if either claimed the Bir Tawil, they lost their claim on the Triangle. The Bir Tawil therefore became terra nullius, unclaimed by any country.

The first confrontation between the two countries came in 1958 when Sudan attempted to hold elections in the Triangle. Egyptian president Gamal Abdel Nasser sent troops into the region in an attempt to boost nationalist fervor before a referendum on the unification of Egypt and Syria. After an international outcry, these troops quickly withdrew, and Sudan slowly built up its presence in the area, with the Halaib Triangle taking part in all Sudanese elections until the 1990s. However, both the Triangle and the Bir Tawil were under joint administrative control. With Sudans administrative power weakening around the turn of the century, Egypt managed to gain control of Halaib, pouring plenty of resources into the region.

A stalemate has emerged in the 21st century, as neither side has been able to press its claim fully. Egypt has retained de facto control, with its military blocking any Sudanese attempts to register voters. Furthermore, the Egyptian government has continuously moved its administrative posts further south in the Triangle, limiting access to materials coming to Sudan. These attempts to bureaucratically drain Sudanese influence out of the region have been largely successful, with little opposition from the United Nations or other African states. However, a key reason why Sudan will never fully leave the triangle is that the ethnic composition of Halaib is still much closer to that in Sudan.

With the focus of both countries and the international community on the Halaib Triangle, the Bir Tawil remains largely forgotten. A lack of development and attention meant both sides ignored it in their quest to secure the more valuable Triangle and access to the East. The Bir Tawil therefore remains one of the only habitable places in the world unclaimed by any recognized state.

Into this void poured a litany of adventurers, each trying to make their own history and find a way to exploit the unclaimed territory. The most notable was American Jeremiah Heaton, who traveled to Bir Tawil in 2014 and planted his own flag in the region, claiming the territory as his own, naming it the Kingdom of North Sudan. The reason Heaton gave for his supposed conquest was so that he could make his seven-year-old daughter an official princess as she had always dreamed. Heaton met with lots of praise from those enamored with the story; there was also significant criticism. The main point made was that Heatons justification for planting his flag was that since the land was supposedly empty, despite a nomadic presence in the region, was the same used by initial colonial powers in the 18th and 19th centuries.

Heatons claim was quickly struck down by the United Nations and the flag removed, but it didnt stop others from attempting to make the same dangerous journey across the desert. Russians Dmitry Zhikharev and Mikhail Ronkainen raised their own flag over the region, with Indian businessman Suyash Dixit planting his own a few years later. Like Heatons attempt, these were quickly struck down, but the issue of the Bir Tawil still presents an interesting challenge for both legal scholars and international organizations. With neither bordering country claiming it and there being the viability of settled life, does it warrant an official decision on which of the boundaries is legitimate?

Therefore, the Bir Tawil and Halaib Triangle appear to be a problem without a fast-approaching solution. The haphazard British drawing of the map left a problem that went unchecked for over fifty years while they administered both Egypt and Sudan as part of a broader African administration. New nationalist movements followed by independence brought the issue back to the fore, as leaderships of both Egypt and Sudan looked to strengthen their own rule, using attempts to seize the Triangle to rally their own populations.

It appears that Egypt has slowly been gaining control of the Halaib Triangle, given Sudans recent political struggles and increased focus on separatist movements in Darfur and South Sudan. But with the population of Halaib tied more closely to Sudan, this is unlikely to be well received. The Bir Tawil, therefore, still remains unclaimed; the strongest claim may belong to the nomadic tribes that dwell there. If the United Nations ever reaches a settlement, it would set a substantial precedent for if a similar issue were to arise in the future. Whether it was the political (1899) or administrative (1902) boundary that was recognized could lead to further claims around the world and a re-examination of the historical legitimacy of borders. For the moment, it seems likely that a solution will appear and would require drastic action by either Egypt or Sudan to provide a definitive answer.

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Bir Tawil: The Land No Country Wants | Amusing Planet

Posted: at 11:19 pm

Wedged between the borders of Egypt and Sudan is a small parcel of land that is truly unique in this world. It is one of the last unclaimed land on earth. Neither country wants it, and it is easy to see why. This 2,000-square-kilometer trapezoidal piece of land called Bir Tawil lies in one of the most desolate regions of North Africa. The region is mostly sand and rock, with no roads or permanent inhabitants or natural resources. Claiming this region would contribute nothing to either countrys economy. But thats only half the story.

Lying adjacent to Bir Tawil is another much larger triangle of landHala'ibwhich is also sand and rock, but it borders the Red Sea and is hence more valuable. Now both Egypt and Sudan want Hala'ib, but the way the border was created between them, each country can have either Bir Tawil or Hala'ib, but not both. Whoever claims Bir Tawil thus would have to relinquish their claim to the larger and more lucrative Halaib Triangle, which neither country wants to lose.

The peculiar situation started out in 1899 when the United Kingdom, who held authority in the area, signed an agreement with Egypt to jointly administer Sudan, creating a condominium called the Anglo-Egyptian Sudan. In reality, British had full control over Sudan since Egypt was merely a protectorate of Britain. In any case, it was agreed that the border between Egypt and Sudan would run straight along the 22nd parallel. But three years later, the British decided that the agreed boundary did not truly reflect the actual use of the land by the indigenous tribes in the area. So they drew up a new boundary.

A small mountain just south of the 22nd parallel, the British decided, should be administered by Egypt since it was home to the nomadic Ababda tribe, which had stronger links with Egypt than Sudan. This became Bir Tawil.

Meanwhile, a much-larger triangle of land, named Halaib, located north of the 22nd parallel right next to the Red Sea, was handed over to Sudanese control since this was the homeland of the Beja people who were culturally closer to Sudan.

Problems didnt arise until after Sudan achieved independence in 1956. The new Sudanese government declared its national borders as those stipulated in the second proclamation, making the Halaib triangle a part of Sudan. Egypt, on the other hand, asserted that this was meant to be a temporary administrative jurisdiction, and that sovereignty had been established in the 1899 treaty, which set the border at the 22nd parallel. This made the Halaib triangle Egyptian.

While border conflicts are incredibly common, what makes this particular conflict unique is not the tussle over the Halaib triangle itself, but rather the impact it has had on the smaller patch of land south of the 22nd parallel, the area known as Bir Tawil. Neither Egypt nor Sudan wants to assert any sovereignty over Bir Tawil, for doing so would be to renounce their rights to the Halaib triangle. On Egyptian maps, Bir Tawil is shown as belonging to Sudan. On Sudanese maps, it appears as part of Egypt. In practice, Bir Tawil is widely believed to belong to no onea no mans land.

Several people have tried to claim Bir Tawil, like Dmitry Zhikharev and his friend Mikhail Ronkainen who is seen here raising the Russian flag over Bir Tawil in 2014. Photo credit: Dmitry Zhikarev

This American dad, Jeremiah Heaton, has also tried to claim Bir Tawil by planting a flag his family designed.

Others are getting on with the act too. An Indian businessman, Suyash Dixit, reached Bir Tawil last year and planted his own flag. Photo credit: Suyash Dixit

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Marketers are targeting teens with cheap and addictive vapes: 9 ways to stem rising rates of youth vaping – The Conversation

Posted: at 11:19 pm

Marketers are targeting teens with cheap and addictive vapes: 9 ways to stem rising rates of youth vaping  The Conversation

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