📉 Bitcoin and Ordinals: The Rising Revolt of the Community!
Welcome to the Daily Tribune on Friday, March 22, 2024 ☕️
Hello Cointribe! 🚀
Today is Friday, March 22, 2024, and like every day from Tuesday to Saturday, we summarize the news of the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Rainy🌧️
24-hour crypto summary ! ⏱️
🚨 Ethereum: Government Investigation on the Horizon!
A major event is shaking up the crypto community: the Ethereum blockchain is under investigation by an unidentified government authority. This situation plunges Ethereum's future into uncertainty, causing great concern among developers and key project stakeholders. The purpose of the investigation remains unclear, fueling a climate of mystery and concern within the ecosystem. The implications of this action for Ethereum and decentralization are significant, highlighting the tension between crypto aspirations and regulators.
This investigation directly targets the Ethereum Foundation and questions the very principle of decentralization that is at the heart of the blockchain. By targeting this foundation, the authority is potentially seeking to challenge the decentralized structure of cryptocurrencies, which could have major repercussions for the entire crypto space. This action is part of a broader attempt to regulate and control cryptocurrencies under the pretext of aligning them with traditional financial assets.
The battle for a decentralized internet and financial system seems to be entering a new critical phase.
🎉 Ripple: Double Triumph on the Legal Front!
Ripple Labs and the United States Securities and Exchange Commission (SEC) are reaching a decisive turning point in their long-standing legal battle. The two entities have recently submitted a joint request to Judge Analisa Torres to seal key details of the forthcoming remedial measures in the lawsuit. This step could have a significant impact on the outcome of the trial and the future of Ripple, by concealing crucial information such as Ripple's financial statements and institutional sales of XRP after the filing of the complaint. As the trial enters its deliberation phase on remedies, the outcome and timeline remain uncertain, with several key dates to come, including March 22 for the SEC's opening memorandum and April 22 for Ripple's response.
Despite this sealing agreement, the price of XRP has not experienced a significant rebound, remaining below the $0.60 mark. However, a recent report from the European Corporate Governance Institute (ECGI) could change the game by asserting the status of XRP as a utility token and not as a security, which supports Ripple's arguments about the role of XRP in fast and cost-effective cross-border payments. This recognition, in line with a July 2023 U.S. federal court decision, could potentially facilitate massive adoption of XRP by banks and other financial institutions, although the token is still struggling to recover its value in a generally bearish crypto market.
Ripple's settlement with the SEC and the recognition of XRP as a utility token by the ECG mark a significant victory for Ripple and the entire crypto industry. This could encourage a revaluation of the criteria used to classify digital assets, influencing future regulation and potentially opening the door to broader institutional adoption of XRP and other similar cryptocurrencies.
📉 Bitcoin and the Ordinals Controversy: The Revolt is Brewing
The Bitcoin community is expressing growing frustration with the ordinals and the "inclusions" that clutter the blockchain. Ordinals allow the insertion of files such as JPEG images directly into Bitcoin transactions and resemble a return to the "counterparty" method used to incorporate arbitrary data into the blockchain. Initially designed to lock and unlock bitcoins using scripts and signatures, Bitcoin transactions are now being misused with the introduction of ordinals. This practice has led to a significant increase in the average block size, nearly doubling it.
The "non-organic" growth of the blockchain, mainly due to these inclusions, complicates the process of initializing a Bitcoin node (IBD), which could ultimately limit individuals' participation in network validation and maintenance. In addition, inclusions contribute to the rapid expansion of the unspent transaction outputs (UTXO) set, nearly doubling the number of UTXOs in less than a year. The community is calling for action from Bitcoin Core developers to update the network's filters and thus preserve the integrity and original functionality of Bitcoin as an efficient and secure payment system.
The long-term implications of this situation could see Bitcoin evolve or split, depending on these different visions, affecting its use as a store of value and its effectiveness as a payment system. This situation is a microcosm of the tensions between evolution and tradition within blockchain technologies.
💰 SEC: A Crypto Sheriff in Search of a Larger Budget
Facing the growing challenges posed by the cryptocurrency and securities markets, the SEC is seeking financial and human reinforcements to improve its regulatory and supervisory capacity. Gensler has called for the addition of 170 new employees to his team to effectively address misconduct in emerging areas, including the crypto space. This request for increased resources is accompanied by a proposal to increase the SEC's budget to $2.43 billion for 2025, aiming to provide the agency with the necessary resources for increased regulation of the sector.
Gensler emphasizes the need for robust oversight to navigate the rapid changes in the crypto market, referring to the space as a "Wild West" riddled with non-compliance. This funding is also aimed at expanding the SEC's examination division, thereby enhancing its ability to manage constantly evolving critical risks, particularly in cybersecurity and emerging technologies.
By focusing on order and compliance in the crypto industry, the SEC hopes to increase its ability to respond to malicious actors while supporting its expansion in the face of the growing complexity of financial markets.
Crypto of the day: Fantom (FTM)
Fantom is a blockchain platform designed to overcome the scalability limits of traditional blockchain networks, while offering near-instant transactions and extremely low fees. Its key technology, aBFT (Asynchronous Byzantine Fault Tolerant) consensus algorithm, allows for transaction finality in a matter of seconds, providing significant added value in terms of efficiency and performance for decentralized applications (dApps).
Fantom's native cryptocurrency, FTM, is used to secure the network through staking, pay transaction fees, and participate in network governance. FTM holders benefit not only from participating in network security and decision-making but also from staking rewards, providing a powerful incentive for the ecosystem.
Recent Performances
Current price: $1.16
Percentage increase/decrease: +12.71% (1-day increase)
Market capitalization: $3,265,853,858 USD
Rank on CoinMarketCap: #41
Between Culture and Capital: The Spectacular Rise of Meme Coins
Lately, meme coins, these cryptocurrencies often born from internet jokes and symbolized by amusing mascots, have transcended their status as curiosities to become influential players in the digital assets market. Among the leading figures of this movement, Dogecoin (DOGE) and Shiba Inu (SHIB) stand out, not only for their market value but also for their ability to bring together vast and passionate communities. By taking a closer look at Dogecoin and Shiba Inu, we delve into the fascinating history of these phenomena, exploring how a simple joke can evolve to challenge traditional notions of investment and utility in the digital world.
Genesis and Evolution of Meme Coins
The adventure of meme coins begins with Dogecoin in 2013, a cryptocurrency inspired by a popular internet meme featuring a Shiba Inu. What started as a humorous satire of Bitcoin and the growing hype around cryptocurrencies quickly captured the hearts of an expansive online community, demonstrating the ability of memes to rally people around shared ideas, even in the financial space. Shortly after, a multitude of similar cryptocurrencies, including Shiba Inu, emerged, seeking to follow in Dogecoin's footsteps by combining internet humor with blockchain technology.
Technically, Dogecoin is a fork of Luckycoin, which itself is derived from Litecoin, giving it no revolutionary characteristics in terms of blockchain technology. However, its real added value lies in the strength and commitment of its community, as well as its use for charitable actions and support for various social and cultural projects, demonstrating that the value of a cryptocurrency can also reside in its social impact. Shiba Inu, on the other hand, sought to capitalize on this wave by positioning itself as the \"Dogecoin killer,\" while creating a complete decentralized ecosystem around its token, thus offering unique utility and benefits to its holders, such as participation in decentralized governance systems.
The benefits for holders of these cryptocurrencies go beyond potential financial gains. They include belonging to an active and engaged community, the opportunity to participate in charitable initiatives, and for some, expressing certain skepticism or playful criticism of the traditional financial system. Dogecoin and Shiba Inu can be used for value transfer, online tipping, and even as a means of payment at some merchants, demonstrating their increasing adoption beyond the realm of memes.
Impact on the Cryptocurrency Market
The meteoric rise of Dogecoin and Shiba Inu has not only shaken the cryptocurrency market but has also changed the public perception of what a cryptocurrency can be. These meme coins have shown that beyond blockchain technology and conventional use cases, storytelling, community, and sentiment can play a crucial role in the value of a cryptocurrency. The support of celebrities like Elon Musk has amplified this effect, propelling Dogecoin into the top 10 cryptocurrencies by market capitalization at one point and proving that cultural influence can equal real economic value in the digital space.
Investing in meme coins like Dogecoin and Shiba Inu presents a unique set of risks and opportunities. Extreme volatility is a characteristic of these assets, with prices often fluctuating widely in short periods, often driven by cultural events or comments from influential figures rather than fundamental changes in their utility or adoption. This means that while some investors have made significant profits by trading these cryptocurrencies, the risk of equally significant losses is ever-present.
For those considering investing in Dogecoin, Shiba Inu, or other meme coins, several factors should be taken into account:
Thorough research: Understand the community behind the cryptocurrency, tokenomics mechanisms, and any future development plans.
Risk management: Never invest more than one can afford to lose and consider where these investments fit in a diversified portfolio.
Preparedness for volatility: Be prepared for significant price fluctuations and have a clear strategy for taking profits or limiting losses.
In conclusion, Dogecoin and Shiba Inu perfectly illustrate the potential of meme coins to generate value and engagement in the cryptocurrency landscape. However, their highly speculative nature influenced by external factors makes investing in these assets both potentially profitable and risky.