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China is another country where the use of cash is quickly becoming a thing of the past. In my frequent travels there in pre-COVID times, my habit of carrying actual yuan banknotes in my wallet felt increasingly anachronistic. My Chinese friends would look on with befuddlement as I pulled out my currency notes rather than my phone to pay for a meal or coffee.

They could easily beat me to the punch by whipping out their phones and paying before I could even begin counting out yuan notes. In yet another example of symmetry, China happens to be the country where the first paper currency appeared many centuries ago. In the seventh century, the use of metal coins was proving to be a major constraint on commerce, especially for trade between far-flung cities.

The first rudimentary paper currency that appeared around this time took the form of certificates of deposit issued by reputable merchants and backed up by stores of metals or commodities. China also has the distinction of being the country with the first paper currency not backed by stores of precious metals or commodities.

This currency was issued not by a central bank but by the government of Kublai Khan, the grandson of Genghis Khan and leader of the Yuan dynasty, in the thirteenth century. The Grand Khan, as he was known, decreed that the paper currency issued by his court was legal tender. It had to be accepted as payment for debts by everyone within his domain—on pain of death a part of the legacy we can be thankful has not survived.

Now these two countries—China and Sweden—have again moved to the forefront of a revolution that will decisively change the nature of money as we know it. Their central banks are likely to be among the first of the major economies to issue central bank digital currencies CBDCs —digital versions of their official currencies—to coexist with, and perhaps one day to replace, paper currency and coins.

They will not, however, be the first to experiment with or issue CBDCs. Still, a major global power like China taking the plunge transforms the concept of a CBDC from an interesting curiosity to a milestone in an inexorable progression of the nature of central bank money.

The shift away from cash currency and coins , as it turns out, is both a consequence and a manifestation of other big changes afoot.

The world of finance is on the verge of major disruption, and with that will come advances that affect households, corporations, investors, central banks, and governments in profound ways. The manner in which people in wealthy countries like the United States and Sweden as well as in poorer countries like India and Kenya pay for even basic purchases has changed in just a few years.

Our smartphones now allow us to conduct banking and financial transactions no matter where we are. That cash, once valued as the most definitive form of money, seems to be on the way out is only a small feature of the rapidly changing financial landscape. Consumers are faced with a range of important changes, which they are adopting with varying degrees of enthusiasm depending on their age, technical savvy, and socioeconomic status.

Businesses are having to adapt as well. The truly revolutionary change in finance seemed to have been heralded by Bitcoin. It was introduced in by a person or collective who remains anonymous to this day and is managed by a computer algorithm rather than anyone in particular. This cryptocurrency quickly captured the imagination of the public, including jaded financiers, technologically sophisticated millennials, and those in search of the next big thing.

Bitcoin is designed as a decentralized payment system, meaning that it is not managed by a centralized authority such as a government agency or a financial institution. Its technological wizardry, combined with the allure of making an end run around governments and banks, perfectly captured the zeitgeist of the era following the global financial crisis.

For all the excitement about Bitcoin, its underlying technology—which is truly ingenious and innovative, as we will see later in this book—is likely to have more staying power than the cryptocurrency itself.

And, while the mysteries of this technology have fascinated the public, other imminent changes in the world of finance herald the arrival of a more significant if less glitzy revolution. The recent and ongoing innovations in financial technologies have come to be encapsulated by the portmanteau term Fintech. Later, we will see how the Fintech revolution is touching different aspects of finance.

Financial innovation is nothing new, of course, and it is worth bearing in mind that revolutions have dark sides as well. Hedge fund investor Anthony Scaramucci argues anyone who studies bitcoin carefully and understands the cryptocurrency will be convinced of its potential.

He suggested reading the white paper by the creator of bitcoin, among other materials. Look at Ray Dalio, a bitcoin skeptic, now a bitcoin investor," Scaramucci said, adding that other big-name investors such as Paul Tudor Jones and Stanley Druckenmiller have also bought bitcoin. His firm announced a partnership last month that accelerates its move into the cryptocurrency world. Just think about that," he said. The cryptocurrency has seen wild swings and is expected to continue to be volatile.

On Monday afternoon in Asia, bitcoin was up 2. Separately, Scaramucci said the special purpose acquisition company linked to former President Donald Trump is "obviously a meme stock" at the moment. Shares of Digital World Acquisition Corp. Scaramucci served as White House communications director for a mere 10 days in July during the Trump administration. Press Release MOBA's new gaming startup is merging a slew of cutting-edge technologies into future gaming experiences, including nonfungible tokens NFTs , blockchain, machine learning and the ….

Press Release MOBA's new gaming startup is merging a slew of cutting-edge technologies into future gaming experiences, including nonfungible tokens NFTs , blockchain, machine learning and the metaverse. The game is set in a metaverse, a nebulous concept that some consider being the future of online interaction through computer-generated avatars that melds the physical and digital realms.

Over the last month, Microsoft and Meta have presented their own metaverse-related concepts. It is a blockchain-based gaming platform that combines cutting-edge technologies including NFTs, blockchain, machine learning and the metaverse. The fresh capital will be used to combine and improve a variety of services required to build a viable esports environment, according to the press release.

Through a marketing push, Zuki Moba will enhance developer skills, as well as broaden the game's global presence. The online gaming industry has been expanding every year, and the cryptocurrency market has made it possible for gamers to earn money from their hobby. According to Newzoo, by that time, the games market will have grown at a compound annual growth rate of 7.

The most popular titles in the industry such as Fortnite and League of Legends LOL have amassed a huge number of players by offering a platform for gamers to earn money.

Zuki Moba's play-to-earn feature provides gamers monetary incentives over other MOBA versions and will appeal to the masses. As a result of this, Zuki Moba will get worldwide attention as an upcoming esports game. The game's architecture also has a significant advantage: It enables players to trade their own NFT tokens. This gives gamers another source of revenue and makes earning money even more pleasurable. On Nov. Characters, game items and metaverse constructions are all formed using in-game NFTs.

To generate economic benefits for gamers, a play-to-earn mechanism has been implemented to provide an alternative to traditional MOBA games. This is a paid press release. Cointelegraph does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.

Cointelegraph is not 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 the press release.

Wild swings in cryptocurrencies will eventually drive bitcoin investors to return to gold, says the executive chairman of gold mining firm Evolution Mining. Jake Klein said bitcoin still has …. Jake Klein said bitcoin still has a "long way to go" before it demonstrates the kind of "longevity and security" that gold has proven to offer investors over the last 70 years. Gold prices fell last week, and analysts say they will likely drop further. Hedge fund manager David Neuhauser told CNBC earlier this week that the decline in gold prices is a "massive buying opportunity" for investors now.

Still, Klein said the two can coexist — there are opportunities for gold to "sit alongside" bitcoin, as opposed to bitcoin posing a threat to the precious metal. Bullish investors view bitcoin as digital gold and a hedge against inflation, expecting the cryptocurrency to appreciate over time. American investor Tyler Winklevoss, who founded Winklevoss Capital Management as well as Gemini cryptocurrency exchange, said last year that "bitcoin is gold 2.

Billionaire investor Kevin O'Leary said in April that "bitcoin will always be the 'gold. Hedge fund manager Ray Dalio, despite owning an undisclosed amount of bitcoin, said earlier this month: "If you put a gun to my head, and you said, I can only have one, I would choose gold. Gold prices have also been swinging between gains and losses this year. The concept of the Zuki Moba project aims to bring the famous traditional ….

The concept of the Zuki Moba project aims to bring the famous traditional Japanese snowball game—Yukigassen into the digital sphere by redefining it in the virtual ecosystem. Zuki Moba is taking advantage of an increasingly digital and GameFi era to establish a community of game lovers on a platform that appeals to every individual and relates to their locality.

The fundraising event spearheaded and influenced by some notable venture capital firms in the blockchain and crypto industry will be used to foster the vision of Zuki Moba to establish a global Esport game.

With a slew of IDOs scheduled for this week, the future of blockchain gaming is about to take a major step forward. The crypto gaming business is continuing to grow at warp speed. The introduction of NFTs to gaming has resulted in a paradigm shift in which gamers can supplement their income or even make a full-time living off of games hosted on decentralized ledger technology DLT. Zuki Mobi wants to generate revenue by bringing NFTs into the gaming industry, with gamers able to earn tokens through play.

By doing so, Moba Zuki enables blockchain game developers to seek independent funding without giving up intellectual property IP or most of their earnings from creating a successful game.

In , two friends who met in a chat room created Dogecoin as a joke. Named after a meme of an expressive dog, it was meant to mock the ….

Named after a meme of an expressive dog, it was meant to mock the self-serious cryptocurrencies of the time, many of which never took off. The joke did, though, and it spawned a community of enthusiasts who kept it alive for years — at a negligible price. Then came A boom in retail trading and cryptocurrency investments, spurred in part by boredom and the arrival of stimulus checks, led people back to Doge.

On Jan. For those who bought the currency when it was virtually worthless, perhaps as a long-forgotten joke, things have been substantially weirder. Wise ended up racing in a Doge-wrapped car. Then, a couple months ago, Mr. Lenz resigned himself to the fact that his coins were gone. Musk joked about the currency, the price tumbled. As for the rest? But a nonprofit organization she helps run, which assists small police departments in acquiring, training and supporting K-9 units, needed help.

She ended up on Reddit, reading about cryptocurrencies. Dogecoin appealed to her. Richards said. She has continued buying in small increments and currently has about 35, coins. Heath Durrett, a year-old from eastern Oklahoma, spends his workdays performing X-rays on oil pipeline welds, looking for flaws. For him, Dogecoin has been both an investment and a conversation starter. Just because Dogecoin is sort of silly, Mr. His unusual confidence in Dogecoin derives, he said, from the strength of its community.

The term refers to the mascot of Dogecoin, a shiba inu. Jade T. Hunter-Kettner credits her interest in Dogecoin to a long life online. Today, Ms. Hunter-Kettner is married and middle-aged with grown children in Fort Collins, Colo.

Dogecoin reminds her of her youth. She started buying cryptocurrency last year. Are you kidding me? His Dogecoin holdings have increased in value lately, but so have his other crypto holdings.

He plans to hold at least half of what he has. McCray said. If Dogecoin tanks, no big deal. Liquid is a semi-centralized side chain that — crucially — has no unnecessary shitcoin. Confidential Transactions. The possibility of having fully private, on-chain hidden transactions in Bitcoin has been discussed for years.

The Bitcoin ecosystem is wary of experimentation on the Bitcoin base layer. We need to move slowly and be as careful as possible. That sidechain is called Liquid and has been running since November Confidential assets and transactions on Liquid keep the amount and type of assets transferred visible only to participants in the transaction.

Yet they still cryptographically guarantee that no more coins can be spent than are actually available. Additionally, a growing number of exchanges will let you easily withdraw your bitcoin as L-BTC.

These transactions are inexpensive and very fast. Give it a try in Specter with a small test amount. See what information can and cannot be traced as you move from Bitcoin to Liquid and across confidential transactions.

Someday, hopefully soon hint, hint developers! Any amount — of any asset! At this point you maybe would have near-perfect privacy at an even lower cost than current on-chain CoinJjoin implementations. Coinbase and other exchanges know how much bitcoin you bought and on which UTXOs these bitcoin sit. This data is shared with chain surveillance companies that are analyzing on-chain transaction paths, selling their services to malicious players.

This data will sooner or later leak out or get hacked and will find its way to a darknet market. For financial privacy, any working capital operations with bitcoin of a company or an individual should be CoinJoined first and then pushed out for payment operations to Lightning and Liquid. For cold storage, bitcoin should be held in an on-chain wallet and not on the federated sidechain of Liquid.

Lightning channels are for facilitating payments, not storing value. Lightning hot wallets have their private keys always online and still need improved hardware backend security. Meanwhile Liquid allows one to move high value amounts of bitcoin with confidential transactions, while keeping keys in air-gapped multisig wallets. Since the Bitcoin on-chain layer will become very busy and quite expensive to operate on, using Lightning and Liquid will not only be necessary for improved privacy, but also from an economic perspective to optimize for an efficient use of the Bitcoin blockchain.

Frequent payment transactions will get pushed out to Lightning and Liquid, while on-chain transactions will happen for high-value hodling, CoinJoin, and settlement purposes. This is a guest post by Moritz Wietersheim. I have a certain strong affiliation, but we're also seeing that coalesce with people not having a purpose, people not having that strong group to lean on, …. I have a certain strong affiliation, but we're also seeing that coalesce with people not having a purpose, people not having that strong group to lean on, whatever.

I feel like, there's definitely some adjacencies there. I see Untapped is raising his hand. I'm curious if that sparked an idea in his mind. There's a verse that says in Proverbs.

A lot of religious people quote that as a reason to never do anything wrong. It's all about being really careful not to give your heart away. I think, that's all totally wrong. It's meant to say what Svetski is talking about here is, when you lose purpose, when you lose connection to your heart, you lose the essence of your creativity and your impetus for life that enables you to go out and actually change things and build and rule and steward. It's like, Bitcoiners are the only ones who have done the due diligence to not trust, but verify to have real hopes.

It's like, where do we actually want to build our foundations of our life? What do we actually want to place our hopes and trust in? This whole culture of verification is pursuing truth of I want to trust. I want to fill my heart and my life on purpose and on things that are real. It's such a beautiful return to integration of being again, which is why I think Bitcoin is awakening Renaissance, men and women, the way that it is.

It really is. I mean, see, I've read little bits and pieces of the Bible maybe when I was a kid. For me, this is, I guess, when I hear things like that, it reminds me that wisdom and principles are timeless.

Fads are new opinions that people have on a fucking day-to-day basis, and they change all the time. It's like, tactics are meaningless. Principles are things that are timeless and that emerge over time and that we see consistency around it.

It's like, you've got the same principles that were found back when those verses were written. Here we are discussing the same thing thousands of years later, and nothing's changed. This is a way to behave and a way to act that is consistent with natural order, basically.

That ties into Austrian economics and ties into all sorts of stuff. It really ties into the heart of what Bitcoin actually means and represents.

I love it. CK, did you want to pull in any other threads there? Or do you want me to continue here? I'm curious if Rob, Mitch or Alex want to jump in at all? If not, we can go into the next section. I think, Svetski, I would highly recommend listening to Jordan Peterson's biblical series. He goes through the Old Testament. He just goes to that in Genesis and takes him 30 hours to go through. Or talking about these deeper trends and stories about the evolutionary and biological nature of these stories that are told and passed down through the Bible, and how they have a deeper meaning.

It's just one of those things I would just definitely call out as a fun thing to dig in deeper, because I think there's definitely a lot of crossover there from a worldview and perspective about these deeper times, and traditions which erode away in modern technocracy, where we think that we have this newfound truth that we cheat ourselves out of these deeper, longer, multi-millennia old traditions and patterns and faiths and traditions that we follow.

Actually, my exposure to biblical stories has actually been that. I haven't gone through his whole series, but just anecdotally listened to bits and pieces of his stuff. I mean, I've digested fucking so much YouTube material from Peterson. I used to basically, during the lockdown, that was my gym workout was just clips of that just playing in the background, while I'm lifting weights.

I know. I'm setting up the home gym now during the whole lockdown, but just setting up a home gym. The punch line though is, I think, listening to his stuff back in actually gave me a deeper conviction for seeing the longer-term pattern, and what we're all really here for, which I think your article really does a great job talking about. I don't want to jump ahead of the article, but loved it. One of me. Another one. He'll force his wife to listen to these tech videos and stuff like that.

I can't do that. I'm too nice. Well, no comment on my partner. I just —. Alex McShane, do you want to say something? I just wondered if you could speak more to — it seems to me that the great cardinal sins that you're talking about are one, complacency. The second would be impatience. In my opinion, buying Bitcoin is an act of rebellion against both. This is the act that will break both of those, because you have to fundamentally admit, you didn't know something about money, and you have to begin the process of relearning and re-educating yourself when you start to buy Bitcoin.

I was wondering if you had more comments about that. Could we dig into that one on our pod next week? Because it is a little bit off from where I wanted to take the article right now. Sweet, sweet, sweet. I want to keep that primed for then. Aleks, let's dive it back into the article. We bled into that. Jordan reminds us to find friends, a peer group and a community, and not only want the best few but are also aiming up.

That's what we find in Bitcoin at almost every level. When people look at it from the outside, it looks like this fucking shit show of people screaming at each other. It reminds me of that Rexona ad, where you got everyone flying around off the top of cars and falling out of buildings and everything's on fire and shit like that.

That's what it looks like. Ultimately, this is a free market way for us to — and I'm mainly referring to Bitcoin Twitter, but even more broadly as this is our way of keeping each other honest, strengthen each other's resolve, and sharpen each other's wits. It's the classic, iron sharpens iron. For me, again, I've never come across, or never come in contact with another group that's so diverse in background and experience and an age and gender nationality, race, whatever the fuck it is, but we're both simultaneously willing to get people in, new people in and get them on a path.

Also, call out in earnest, people who internally are attempting to stray away from the path, or the false prophets that are out there trying to herd people off the fucking side of the cliff and charge a ticket along the way. That makes for really incredible community, unlike, nothing probably any of us have ever come across in the past. In here, in this section of our community, I've come up with a phrase and feel free everyone to go and use this, but Bitcoin is what I call realistic optimists.

To me, I'm trying to define that term as we as Bitcoin as a pessimistic about the short-term, because we're honest enough to both acknowledge the problems we're facing, and call them out, but we're also optimistic about the long-term, because we appreciate the nuance of what has worked in functional free societies. We know we also have the ultimate tool in Bitcoin, whose very fucking existence, corrects behavior, and time preference at the level of the individual.

That is so important. It's like, we're pessimistic and we're a realist, but we're also optimistic, because we know we can fucking win this and we've got the ultimate tool. When you contrast that with the nihilist, and like I said before, the salty socialists and the libertarians, they will give it up. We know that there's challenges ahead. You think it's just going to be some utopia. We understand the nuances. We just happen to be the only people with a fucking plan, with a functional goddamn plan.

I've broken it down in terms of three things that we do is we as Bitcoiners, we fix the upstream issue. In other words, how human action, natural resources, time and energy are measured. We also build tools to ensure that everyone can participate, so that the most powerful tool, which is money is unable to ever again be commandeered by anyone.

Simultaneously, what you have is you have this this shelling point for individuals who have a devotion to the pursuit of truth, from first principles, across all of the dimensions that matter. Those three things are what we do simultaneously. I make a point in here that being a realistic optimist is a very fine line. It really genuinely requires a depth of character, and an ability to grasp nuance, like a few others can.

Then, I contrast that with what the world is full of. You've got the ignorant sheeple, which is the masses. They're willing to submit to the status quo and literally, turn a blind eye to a constantly diminishing quality of life, and a simultaneously increasing level of centralized tyranny in the world. You've got what I would call, the naive optimists, who genuinely don't understand what's going on the world and they put lipstick on a pig, and believe they've made it beautiful.

It's like, the modern Silicon Valley, tech entrepreneur, that's building the next pointless financial social app, literally represent that archetype. They're so caught up in this fake innovation, that they have no idea what they're fucking building in the first place. They have no idea that they're building another house of cards. Because the incentives are so skewed, they have no idea that they're actually building their own prison.

They're dumb as fuck. It is insane. They're building their own fucking prisons, and they're doing it under the guise of innovation. That's why I call them these naive optimist. They think that things are getting better. Then, the last class — Sorry, go. I remember when open table actually did make that announcement that they were going to be complying with clear system.

If you look in the comments, literally only Bitcoiners were commenting. Only Bitcoiners were dissenting. It was quite unreal that no one else was engaging with this thing. No other community in the entire world. Sending it back to you, Svetski. I guess, that really just echoes, again, the difference between what I would say is a shitcoiner and a Bitcoiner is like, Bitcoin is a building tech that is deceptive in nature, or maybe that's not even a fucking word.

It's aversive in nature. We need to rebuild this in a way that's incompatible with the old world. It's better. Now, let's fuck the pig. You don't fuck pigs. That's called bestiality. Moving along. The last two kind of people that the rational, or that the — sorry, what am I calling us? Realistic optimists fighting against is the deranged power brokers. They are the ones who understand the game and know which levers to pull. They are intimately aware of the structural inadequacies and they know where the maximum points of leverage are located.

Instead of doing something to make it better, they use these insights and their intellect to gain the system and take advantage of others. That's people like your Ray Dalios and your hedge fund managers and the top end bankers and stuff. They know it's fucked. That's those people. We're dealing with those fucking idiots. A lot of the parasites. Maybe there's a another one in here, which is the parasite, which is the Klaus Schwabs of the world, but that's probably — there's a big similarity between those archetypes.

They've seen so many prior attempts fail, so they no longer even believe that there's hope. Should someone come out with something like, Bitcoin their only response is to just ridicule it, because they either resent and not having come up with it themselves, or lack the humility to appreciate that, that this may be the actual zero to one moment.

This last category is your preppers, your NCAPs and your libertarians that may be very accurate —. I mean, I think, comic Dave Smith has changed his tone a little bit. I mean, he was a perfect example for me. He was literally fucking part of the problem. Just sits there and makes jokes, but doesn't actually fix anything. When we look at those archetypes against the Bitcoiner archetype, that's the difference between the people we're dealing with.

It creates this thing, which is bleeds into the next section, which I call the lonely contrarian. Many Bitcoiners have had to go through this point of the journey is like —. Go, go go. Then, let's get into the contrarian.

I need to define what that word faith means. Valis and I actually have a couple podcast planned. We're going to dive into that deeper. To steal from Lazar, he says that, we have these elites casting these Malthusian fear spells, to cause you to fall into a posture of self-protection. From that posture of self-protection, they manipulate the masses, they herd you wherever they want.

Then, you've got these salty people. They had the hope of knowing what was possible, but now they've gotten jaded. They don't know if you can ever even get there. What makes Bitcoiners unique is they have the inner strength to handle the tension between the world that is in the world that could be without lying to themselves.

They can handle the tension of truth, and they can handle the exposure and the pain of that tension of looking at them both simultaneously and seeing it with eyes wide open, pursuing truth, but building and suffering in order to create that reality.

That capacity to handle tension, the vulnerability of the exposure to truth itself and the way it hurts is what I would term as faith. Faith, rather than fear is what makes Bitcoiners different. That being a very accurate definition of what faith actually is. Because for one to have faith, you genuinely need to envision something that is yet to exist. In order to create something that is yet to exist, it requires work, like proof of work.

It keeps coming back in everything. Work, by definition, involves the sacrifice of time and energy. That comes with a dose of pain. When you have faith, the meaning of that pain is not something that is detrimental to you.

It is a meaning of earning something. Faith is the ingredient that allows you to continue to pursue that, and to endure the struggle, despite any potential feeling of short-term pain, etc. They hide and protect themselves from it. I mean, the price of that faith, I mean, that's the price of life itself. It's a difference between this Keynesians, who are trying to control everything, or realists who want the volatility of reality.

Unless a seed falls into the ground and dies, it'll bear no fruit. I mean, life always flows from that. That's the nature of reality. Faith is that act of choosing self-death and exposure to create real life through what you do with your choices and life force. Really, that was incredible. Thank you. I want to tell you about our newest sponsor. This show is brought to you by ledn.

I have been super, super impressed with the guys over at Ledn. More over than protected. Every time you upload a file, a backup copy of it is created on a different hard drive. Additionally to this, our entire system is monitored 24 hours a day, days a year to provide you with One of our support members will be able to assist you with any queries you may have. Otherwise, our office support solve all of your questions. We use cookies for functional and analytical purposes. I Agree. Login Remember me Forgot password.

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