Bitcoin bar game4/7/2023 Game consoles are notoriously tough to succeed in. Plus, backers of play-to-earn games are fairly explicit that it's one big labor arbitrage play and not something for fun. Many countries in Asia, like South Korea, have specific rules banning them. But the problem with this isn’t aesthetic, but how most crypto games are structured: for profit, not for fun.Īsk yourself, is there a crypto game worth playing? The most popular genre, play-to-earn, usually has the same depth, complexity and graphics quality as a Super Nintendo game from the late 1980s. We could start by looking at the logo, which has some striking similarities to that of the Nintendo GameCube. There’s a lot wrong with Polium’s attempt to build a game console for Web3 games. So as long as you believe that excess wealth will once again return, bitcoin is probably a good asymmetric call option." Markets "But until that day, bitcoin may simply be a store of excess wealth. "Bitcoin is likely just a call option on a future where bitcoin is used for something, and its price is, therefore, a reflection of the increased or decreased probability of eventual adoption," Dorman wrote. and allies imposed heavy sanctions on the Russian banking system, and when the Canadian government tried to shut down funding for protesting Canadian truckers. Bitcoin does not like financial tightening."īut Dorman added that the thesis for bitcoin is almost "certainly not" dead, noting its frequent mention during the early weeks of Russia's invasion of Ukraine when the U.S. Vauld joined a growing list of crypto firms swept up in the industry's recent price declines.Īrca Chief Investment Officer Jeff Dorman raised a philosophical issue about cryptos, citing an adviser to the firm, Bill Powers, who recently asked if bitcoin was "'really a store of wealth or if it was just a store of excess wealth."ĭorman wrote: "Over the past decade, we haven’t had to distinguish between the two, but with central banks on the warpath to stamp out inflation via negative wealth effects, we may soon find out. The flow of bad crypto news was slower than it has been most days over the past six weeks, although London-based crypto lender Nexo announced it had signed a term sheet to acquire 100% of fellow lending platform Vauld, a Singapore-based company that said on Monday that it was suspending all withdrawals, trading and deposits on its platform as it looked at restructuring options. Separate recent reports have shown savings rates and consumer confidence dropping. The Institute for Supply Management (ISM) found weaker-than-expected manufacturing output for June. Federal Reserve's extreme hawkishness has alarmed investors fearful of recession. Investors may have found silver linings in recent economic data suggesting that the economy is slowing enough to allow central banks to reduce the pace of interest rate hikes. LTC recently dropped nearly 2%.Įquity markets rallied late to finish up, with the tech-heavy Nasdaq climbing 1.8% and the S&P 500 and Dow Jones Industrial Average ticking up by fractions of a percentage point. Other major cryptocurrencies by market cap in the CoinDesk top 25 were largely up from the previous day, with AVAX and SAND among the biggest winners, recently rising more than 9% and 5%, respectively. Investors see $20,000 support as a gauge of the current bear market's staying power.Įther, the second-largest crypto by market cap, was changing hands at about $1,140, up slightly for the same period. The largest cryptocurrency by market capitalization was recently trading at about $20,300, up roughly 2% for the last 24 hours. In its ongoing moves above and below the $20K threshold, bitcoin took the latest in a series of recent, small dives during Asian market hours Tuesday but later regained its perch above the psychologically important mark. There are no losers in CoinDesk 20 today.
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