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‘Cancel Cardano’? ‘You can’t cancel Bitcoin’… Cancel culture rears its head in crypto-community

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Cancel Culture – A term that has been doing the rounds lately after the open letter by Harper’s, one signed by the likes of Noam Chomsky, Margaret Atwood, Salman Rushdie, and J.K Rowling went viral. At its simplest, it refers to the withdrawal of popular support after a public figure or entity says or does something that people believe is objectionable or condemnable. The crypto-community isn’t immune from cancel culture either, with the issue emerging recently after IOHK’s Charles Hoskinson took issue with a tweet.

The tweet in question referred to the viral video of Chinese farmers being advertised Cardano, the market’s seventh-largest cryptocurrency and one of its best performers this year. Now, Charles Hoskinson was quick to respond to the same, stating “These events have nothing to do with ADA or its recent appreciation.” Going on to say that they are illegal, Hoskinson said that the event had no affiliation with anyone in the Cardano ecosystem.

Should be case closed, right? Wrong, because soon after, the author of the tweet, Hashkey Hub’s Mo Li, received some form of a cease and desist letter from IOHK’s representatives.

Source: Twitter

Strong-arming or cause for action?

The reactions to this episode are worth covering because it once again sheds light on the faultlines that divide the crypto-community. Check out Hoskinson and Cardano’s response to Mo Li’s tweets, and then check out the reactions to Li’s response. The backlash Cardano is getting, for actions that may or may not have been justified, is staggering, with “Cancel Cardano” doing the rounds too.

Cancel Cardano

Herein lies the tragedy of entities operating in the cryptocurrency market.

Bitcoin, and by extension the cryptocurrency ecosystem, was built on the solid foundations of Libertarianism, an ideology that champions the idea of free speech and expression. The concept of cryptocurrencies enshrined these very ideas, which is why even today, Bitcoin is governed by an open-source MIT license that allows anyone to use, share, and modify the software at no additional cost.

The actions of IOHK, on the face of it, seem to be contrary to those ideals. In fact, the episode shares striking similarities with mainstream cases where big corporations and firms have strong-armed people into taking back an opposing comment or a claim.

By that idealistic yardstick, Hoskinson should have just let this one go after stating categorically that IOHK and the Foundation had nothing to do with the aforementioned event. However, playing devil’s advocate, is that as easy as it sounds? The cryptocurrency market has for long struggled to maintain its mainstream image as a serious industry, despite its history being plagued by hundreds of scams and hacks and thefts.

Entities like the IOHK and Cardano have played a crucial role in rehabilitating the industry’s image. Why then wouldn’t they forcefully respond to a tweet which, in all honesty, may have falsely alluded to something sinister, despite its author claiming otherwise? Would they take a chance with the reputational risk such a tweet may carry for itself and the wider market?

Cancel everything….. except Bitcoin

There are arguments to be made for both sides here, but that’s not the point. The point is that a lot of the same people who were indignant about Cardano supposedly strong-arming a digital asset management firm exec by citing sacrosanct principles of free speech are the same ones to call for canceling Cardano. While many altcoins continue to face questions over their supposed utility and existence, most people are happy to share memes that say “You can’t cancel Bitcoin.”

Cancel culture isn’t something I condone. But, ideally, it should only come into play for the right reasons. As the IOHK episode reveals, that isn’t the case universally as right within the crypto-community, it is being used to further divides between coins and proponents in a vicious exercise of crypto-tribalism.

Look no further than how the community reacted to Vitalik Buterin’s misguided attempt at using World War II analogies to explain Ethereum’s position in the market. While Buterin should have been skewered on the stake of public opinion for his tasteless analogies, he was instead bombarded by maximalists who just wanted to argue for argument’s sake, while propping up Tron as a supposed competitor.

Now, look at the case of Brave browser, a privacy-centered platform that was recently alleged to have harassed an open-source contributor who worked on a competitor’s platform. Hardly any outrage accompanied those allegations. You know why? Because while most of the community holds the idea of privacy near and dear, there is no tribalistic clique around it, and by extension, around projects like Brave.

Cancel culture is not the solution to any problem. In fact, according to research, such a solution may do more harm than good since it breeds a private echo chamber where views and opinions are used for confirmation bias and group-think, rather than introspection and evaluation.

A free exchange of thoughts and ideas, even when they are problematic and tasteless, is at the core of what cryptocurrencies are supposed to be. Calling for canceling that crypto or that public figure, that kind of behavior isn’t what the community should be about.

Source: https://eng.ambcrypto.com/for-bitcoin-led-crypto-community-is-it-time-to-cancel-the-cancel-culture

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Breaking: DeFi Protocol Harvest Finance Attack Targeting Liquidity Pools

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Details are thin on the ground at the moment as the situation is unfolding, but DeFi yield farming protocol Harvest Finance appears to have become the latest victim of an exploit by a malicious actor.

The team is currently updating via their twitter feed but it appears that an ‘economic attack’ was carried out on its Curve y pool. This ‘stretched the price of the stablecoins in Curve out of proportion’.

Large amounts of assets have been deposited and withdrawn from the protocol in what seems to be an arbitrage attack. DeFi Prime also confirmed this in a recent tweet as it monitors the situation.

To protect users, Harvest Finance has pulled the y pool and BTC Curve strategy funds to its vault adding that all stablecoin and BTC funds are secured. At the time of writing it was unclear as to whether any funds have been lost.

“To be specific: to protect users, 100% of Stablecoin and BTC curve strategy funds have been withdrawn from the strategy to the vault.”

Harvest Finance is another DeFi protocol that seeks the highest earning pools to farm, similar to Yearn Finance. Following the now tired and much-repeated pattern, it has its own FARM token that is distributed as a reward for liquidity providers.

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The team states that its smart contracts have been audited by Haechi Labs and PeckShield. It is unclear at this stage whether the attack is the result of a smart contract code flaw.

According to DeFi Pulse, Harvest Finance garnered over $1 billion in total value locked surging into the top five DeFi platforms, however, that had already begun to plummet as the news broke.

harvest finance
Image – defipulse.com

The situation is currently developing and the latest updates are being posted on the Harvest Finance twitter feed: https://twitter.com/harvest_finance

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Source: https://cryptopotato.com/breaking-defi-protocol-harvest-finance-attack-targets-liquidity-pools/

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Bitcoin Just Had Its Highest Weekly Close Since Jan-18 While ETH Eyes $400 (Market Watch)

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After marking two consecutive yearly highs in the span of a few days, Bitcoin has calmed but still hovers over $13,000. Most alternative coins have remained relatively stable, and the market cap is yet to break above $400 billion decisively.

Bitcoin Stays Above $13k

Although Bitcoin started the weekend with apparent stagnation, the asset entered Sunday on a roll. BTC was trading at $13,100 but sharply exploded to a fresh 2020 high of above $13,350.

Shortly after, though, the cryptocurrency tanked in value, resulting in its intraday low of $12,900. Nevertheless, the bulls intercepted the price drop and drove BTC higher.

It’s worth noting that this was the highest weekly close of Bitcoin since January, 2018.

weekly_close
BTC/USD Historics Chart. Source: Twitter

In the past 24 hours, Bitcoin has been relatively stable. It reached a daily high of about $13,150 and has slightly retraced since then to $13,050. To continue its recent bull run, Bitcoin has to overcome the first resistance at $13,200. Further ahead, BTC could encounter obstacles at $13,400 before having a chance to challenge the 2019 high at nearly $13,900.

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Alternatively, $13,000 serves as the first support in case of a price break down. The following ones are at $12,700 and $12,500.

Market Cap Challenges $400B

The recent price increases have pushed the cumulative market capitalization of all cryptocurrencies to about $400 billion. The metric even surged above that level briefly yesterday but so far struggles to overcome it decisively.

Cryptocurrency Market Capitalization. Source: CoinMarketCap
Cryptocurrency Market Capitalization. Source: CoinMarketCap

Most alternative altcoins haven’t assisted in surpassing the $400 billion level in the past 24 hours. As the graph below demonstrates, most of them have displayed low fluctuations and even some retracements.

Ethereum spiked to about $420 a few days ago but has been gradually decreasing since then. ETH now trades just above $403. Despite a minor increase, Ripple is still around $0.253.

Bitcoin Cash (-0.9%), Chainlink (-2.7%), and Cardano (-1.7%) have lost value from the top 10.

BitcoinSV (5%) and Monero (4.7%) are the most impressive gainers from the larger-cap altcoins.

heatmap
Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from Velas (20%), Filecoin (16%), and Quant (10%). In contrast, Ocean Protocol (-12.5%), ABBC Coin (-9%), Energy Web Token (-7.3%), Crypto.com Coin (-7%), and Ampleforth (-6.5%) have lost the most on a 24-hour scale.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-just-had-its-highest-weekly-close-since-jan-18-while-eth-eyes-400-market-watch/

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Alibaba Founder Jack Ma: Digital Currencies Can Create Value

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Founder and former executive chairman of the multinational technology conglomerate Alibaba Group, Jack Ma, believes that world regulators need to improve the legislation around digital currencies as they could create value.

Ma: Digital Currencies Could Create Value

In a recent speech reported by Bloomberg, the Chinese billionaire criticized the current global financial regulatory framework for its lack of innovation. He claimed that watchdogs are primarily focused on risk control, which has driven them away from pursuing any developments, and they rarely “consider opportunities for young people and developing countries.”

According to Ma, the Basel Accords are a “club for the elderly” that solves issues only for financial systems operating for years. Countries like China, which are still considered a “youth,” require more innovation to “build an ecosystem for the healthy development of the local industry.”

One area where regulators could increase their focus is digital currencies. Should the world’s watchdogs indeed improve their approach, virtual currencies could play an essential role in building a financial system that will be used in the next 30 years, he added.

“Digital currency could create value, and we should think about how to establish a new type of financial system through digital currency.”

Jack Ma. Source: Nikkei
Jack Ma. Source: Nikkei

He’s (Probably) Not Talking About Bitcoin

Although Alibaba’s founder didn’t specify what exactly he had in mind when using the term “digital currency,” his history suggests that it probably wasn’t Bitcoin. A few years ago, Ma warned people to be careful and said that he’s staying away from the primary cryptocurrency as it could “be a bubble.”

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However, he was significantly more favorable towards Bitcoin’s underlying technology – blockchain. The company he founded has been involved in numerous blockchain-related projects in the past few years. Alibaba even launched two DLT subsidiaries in Shanghai last year.

Additionally, a recent report highlighted that Alibaba is the firm with the most blockchain patents.

So, if Ma’s not referring to Bitcoin as the digital currency with value, he’s perhaps talking about the upcoming China CBDC. Alibaba has partnered with other giant Chinese organizations, such as China Merchant Bank, Tencent, and Huawei, to develop the nation’s central bank digital currency.

Besides, the world’s most populated country has also been openly pro-blockchain while reaffirming that Bitcoin and other cryptocurrencies are officially banned within its borders.

Featured Image Courtesy Of CNBC

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Source: https://cryptopotato.com/alibaba-founder-jack-ma-digital-currencies-can-create-value/

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