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Smart Cities Equal Total Control Of Civilization Don’t Take The Bait

July 11, 2023 Thomas Prendergast Leave a comment

Smart Cities Equal Total Control Of Civilization. Don’t Take The Bait.

As mentioned in a previous article, power companies in Texas automatically raised the temperature of so-called smart thermostats in thousands of homes to help save energy during a heat wave in June 2021. Most people had no idea that their home temperature had been raised nor that the power company's ability to do this was outlined in the fine print of their contracts.

If what the Texas citizens experienced sounds ominous, it’s just the tip of the iceberg of what the World Economic Forum (WEF) has planned with its smart cities. In this article, we’ll explore smart cities, including who invented them, where they're being rolled out, when they will be complete, and whether or not the WEF’s plans will succeed.

What Is A Smart City?

The best definition comes from Wikipedia. It's lengthy but needs to be cited because it captures the full scope of smart cities.

“A smart city is a technologically modern urban area that uses different types of electronic methods and sensors to collect specific data. The information gained from that data is used to manage assets, resources, and services efficiently; in return, that data is used to improve operations across the city. This includes data collected from citizens, devices, buildings, and assets that are processed and analyzed to monitor and manage traffic and transportation systems, power plants, utilities, water supply networks, waste, criminal investigations, information systems, schools, libraries, hospitals, and other community services. Smart cities are defined as smart both in the ways in which their governments harness technology as well as how they monitor, analyze, plan, and govern the city. In smart cities, the sharing of data is not limited to the city itself but also includes businesses, citizens, and other third parties.”

In short, a smart city is where everything you do is tracked and managed by the government, including what you do at home. This is possible because almost every modern home appliance has internet connectivity, not just thermostats, but fridges, microwaves, TVs, cars, and even home entry systems are all connected these days. In other words, smart cities are the dictionary definition of a digital dystopia.

Now it's important to note that smart cities and 15-minute cities are different. Although the two terms are used interchangeably, they're not the same, albeit related. Whereas smart cities involve tracking and managing everything you do, 15-minute cities explicitly limit where you can go. Moreover, the primary unelected and unaccountable entity pushing 15-minute cities is the C40 Cities Climate Leadership Group, whereas the primary unelected and unaccountable entity driving smart cities is the WEF.

Who Brought Smart Cities To Light

The term smart cities had its roots in a marketing initiative called Smarter Cities by Tech Giant IBM in 2008. The enterprise has its roots in a 2008 speech by former IBM CEO Sam Palmisano titled “A Smarter Planet, The Next Leadership Agenda.” Sam's discourse on this topic can still be viewed on YouTube.

Sam says a lot of the same stuff you hear today. There's turmoil in markets, supply chain issues, accelerating climate change, political tensions arising, an energy crisis, etc. Like today's elites, Sam saw these crises as a “unique opportunity to transform the world.” He talked about how digital and physical spaces are converging, how people demand change, and how this demand should be exploited to “change the game.”

It sounds like the new normal and the great reset narratives we've heard from almost every government official worldwide since 2020. Today's difference is that the elites have the technology required to impose their will on the average person. The absence of such technology is why smart cities initially had difficulty getting off the ground.

Amsterdam was the first to pursue a smart city initiative, and it quickly became a reference point for how smart cities should be set up worldwide. Interest in smart cities started to accelerate in the following years, with the European Union announcing a smart cities initiative in 2012 and Singapore following suit in 2014.

Image source: Google Trends

The search trends for smart cities peaked when the United Kingdom and India announced their initiatives in 2015. 2015 was also the year when Google incorporated a company called Sidewalk Labs, whose purpose was to facilitate the development of smart cities worldwide. There was little coordination around the creation or governance of smart cities until that point.

It all changed on January 1st, 2016, when the United Nations announced its Sustainable Development Goals (SDGs). For context, the SDGs are 17 goals that are supposed to be met by all UN members, basically the whole world, by 2030. This is why you see the date 2030 everywhere.

Image Source: un.org

The development of smart cities is part of the 11th SDG, which is to “make cities inclusive, safe, resilient and sustainable.” The Smart City Index was developed by the Singaporean University and a Swiss University in 2017 to measure how well smart cities meet these arbitrary goals. Not surprisingly, Singapore has replaced Amsterdam as the gold standard for smart cities.

Whereas Amsterdam's approach to smart cities was traffic management, Singapore's approach includes tracking whether people are littering or smoking in places they're not supposed to. Then in 2018, consulting firm McKinsey & Company published a lengthy report about smart cities. The firm found that “Cities can use Smart Technologies to improve some essential quality of life indicators by 10% – 30%. Numbers that translate into lives saved, fewer crime incidents, shorter commutes, a reduced health burden, and carbon emissions averted."

The WEF’s G20 Global Smart Cities Alliance

Most institutions that were interested in smart cities after the SDGs were announced came from the public sector. This changed in 2019 when the World Economic Forum announced the G20 Global Smart Cities Alliance on Technology Governance. As per the WEF’s initiatives website,

“The G20 Global Smart Cities Alliance unites municipal, regional, and national governments together with private-sector partners and urban residents to focus on a shared set of core guiding principles for the responsible use of smart city technologies.”

Moreover,

“The Alliance partners with international organizations and city networks to source tried-and-tested policy approaches to these technologies. Our institutional partners represent more than 200,000 cities and local governments, companies, startups, research institutions, and civil society communities. The World Economic Forum serves as the Alliance's secretariat.”

In other words, the WEF will govern smart cities being developed. Did we vote for this? It’s important to note that this announcement came within two weeks after the WEF had announced a strategic partnership with the UN to ensure the SDGs were met. The WEF and its affiliates would provide the private sector coordination and funding as part of this partnership.

The SDGs also include the development of digital IDs. Furthermore, the WEF and its affiliates used the pandemic to test digital IDs. Alongside this initiative, the WEF also began testing smart cities with the G20 Global Smart City Alliance. In November 2020, the alliance announced 36 so-called pioneer cities from 22 countries worldwide that would participate in a study to understand how the WEF can best govern smart cities.

That same year, the WEF announced it would begin developing smart cities in Japan, Latin America, and India. If you're wondering why Japan is on the list, it’s because the G20 WEF Alliance was formed during Japan's G20 presidency. Japan's interest in smart cities comes from its own Society 5.0 initiative, which was announced in 2017.

For many, the Society 5.0 initiative is a terrifying concept; as UNESCO describes it, “Japan’s new blueprint for a super-smart society, Society 5.0, is a more far-reaching concept than the Fourth Industrial Revolution, for it envisions completely transforming the Japanese way of life by blurring the frontier between cyberspace and the physical space.” Note that the Fourth Industrial Revolution is another initiative by the WEF.

The Pioneer City study concluded in July 2021, and the key findings were everything you'd expect. Almost no government accountability, almost no cybersecurity standards, and virtually no privacy. Very little accommodation for people who aren't plugged in and almost no transparency about data use.

Despite these disastrous results, the WEF continues to work on the “governance” of over 80 smart cities being developed in Japan, Latin America, and India. In May 2022, the WEF announced, "The alliance is planning to launch more networks in Asia, the Middle East, and Africa.”

One can even argue that the WEF used the pandemic to develop smart cities because the May update specifies that “The Global Smart Cities Alliance on Technology Governance is led by the Forum’s platform for Shaping the Future of Urban Transformation, established during the pandemic.

Which Cities Will Convert?

Now, if you're wondering which cities will be converted into smart cities and controlled by the WEF, the short answer is all of them. This is simply because the UN's SDGs require all 193 member countries to introduce smart cities by 2030. As such, the only question is when cities will be under the WEF’s control. The goal is to turn every city into a smart city by 2030, but it looks like the WEF and its UN affiliates are rolling out smart cities, one region at a time.

So right now, the WEF is working on Japan, Latin America, and India and will soon be working on Asia, the Middle East, and Africa. More to the point, except for Japan, the WEF is currently focused on building smart cities in developing countries. This is probably because populations in poorer countries are easier to control and because these populations are begging for some usable infrastructure.

The most prominent smart cities initiative in a developing country appears to be the one from India mentioned earlier. The smart cities mission of 2015 sought to turn 100 cities across India into smart cities. An August 2021 update notes that Delhi and Nagaland have completed over 70% of their projects, making them the smartest cities to date. While another seven states – Rajasthan, Gujarat, Karnataka, Madhya Pradesh, Goa, Tripura, and Andhra Pradesh – have finished 50-60%. However, many other states/UTs are not performing well. Meghalaya has not completed even a single project.

It makes one wonder when the WEF will shift its smart cities focus to developed countries in places like North America and Europe. It will probably happen once the WEF has experimented enough on developing countries to know how to roll out smart cities without causing a full-scale revolution. That said, some countries in developed regions are not so subtly working with the WEF already.

The largest smart cities initiative in a developed country comes from the European Union (EU). In September 2021, the EU announced its 100 climate-neutral and smart cities by 2013 mission. In April 2022, the complete list of participating cities was revealed. It’s worth mentioning that the EU’s list doesn't only include major cities; it also includes smaller towns and regions of only 100,000 people. It raises the argument that many may have only signed on because the EU will give €360 million to participants.

According to the McKinsey report, the smartest cities in Europe in 2018 were Stockholm, Amsterdam, and Copenhagen. The same report notes that New York City, San Francisco, and Chicago were the smartest cities in the United States in 2018.

Screenshot source: McKinsey report

According to the Smart Cities Index, the smartest cities in 2021 were Singapore, Oslo, and Zurich. The only issue they had was housing. However, this is not the only issue associated with smart cities, and the evidence so far suggests the WEF’s mission will fail.

A WEF Victory Hangs In The Balance

Believe it or not, the most significant pushback to the WEF smart cities has come from individuals and institutions aligned with the WEF on most other issues. This is because of the use of smart city data for criminal investigations, which you'll recall was highlighted in the Wikipedia definition above.

These critics have pointed out that smart city data tends to result in the over-policing of specific groups, which goes against the equitable principles of the smart cities concept. This is a bigger deal than you think because the primary benefit of smart cities is crime reduction, at least according to McKinsey. The 2018 smart cities report states, “Incidents of assault, robbery, burglary, and auto theft could be lowered by 30% to 40%.”

On top of these metrics are the invaluable benefits of giving residents freedom of movement and peace of mind. This is the largest chunk of the overall benefit. Otherwise, pro-WEF critics are also concerned about sharing personally identifiable data. Remember Google's smart city subsidiary, Sidewalk Labs? Their first project was a smart city in Toronto, Canada. The project was shut down in early 2020 after the privacy commissioner resigned in protest. It happened around the time that the average Indian citizen started to become skeptical of the country's smart cities mission.

By 2020 all the 100 cities selected were supposed to be smart cities. However, only a handful have met the necessary criteria, and there continued to be headlines about delays and corruption. In 2021, some public sector institutions started to oppose smart cities, with Yale University publishing an article titled “Why the Luster on Once Vaunted Smart Cities Is Fading.” The article explains how cities built from scratch to be smart have failed and have been a waste of time and money.

At the same time, other public sector institutions started to study why smart cities were failing so miserably. Lo and behold, most of these studies focused on the fact that smart cities are at odds with the ambitious social justice goals many smart city types support even more.

It's not just the public sector either; institutions in the private sector are starting to realize that the cost of rolling out the surveillance infrastructure required is not worth the estimated gains, especially if personally identifiable data can't be sold. Without the private sector on board, smart cities will fail.

Source: Youtube

One of the best articles yet about the failure of smart cities is titled “Why smart cities aren't the future.” It was published in December 2022 by journalist David Sax, who wrote a book about why smart cities suck, citing, “As many smart city solutions fail to live up to the hype, here’s why the future could rest in analog innovations, not technological ones.”

David refers to Burcu Baykurt, who teaches urban futures and communications at the University of Massachusetts and is the author of the forthcoming book titled “The City as Data Machine,” which is currently under embargo till April 2024.

She looks at the legacy of a smart city project Google and Cisco attempted in Kansas City, starting back in 2016, stating that the plan was to attempt a test bed downtown, using sensors, advanced cameras, public Wi-Fi networks, and digital kiosks to connect all sorts of city services and improve them for the mostly poorer Black and Latino residents of the area. The data would reveal gaps in parking, transportation, and policing, which would lead to quicker and better solutions by city staff.

In other words, it was supposed to be the textbook smart city, but here's what actually happened; Burku Baykurt concluded,

”To be honest, it doesn't change much. The hype mobilizes a lot of people. There seems to be change going on. Breathless proclamations are made. Articles are written. Politicians take photos with executives. But in the end, the data is just that: lots of data. And in the Kansas City case, the solutions proposed from that data were so impractical and disconnected from reality (driverless cars and drones rather than buses and more police patrols) that the project quietly died after a few years.”

David ends his article with a fantastic quote, which just so happens to touch on the primary issues that continue to plague the smartest of smart cities,

“The future of cities lies not in making cities obsolete by upending them through digital utopianism but in doubling down on the analog things that have always made cities great: housing opportunities, economic and cultural diversity, vibrant public spaces, a mishmash of humanity.”

Why Smart Cities Will Fail

In sum, the WEF’s smart cities will fail because they can't appease their ideological allies and cannot coordinate the creation of smart cities from the top down. Never mind that the average person doesn't want to live in a dystopian smart city that the WEF governs. However, this doesn't mean that the folk at the WEF aren't going to try.

This article about how to resist the great reset explains that the WEF is trying to take control of cities, states, and governments using its network of 10,000 young global leaders and shapers who are being maneuvered into positions of power.

So be on the lookout for these individuals, as well as any institutions they are associated with. They'll be easy to spot because they will be the ones pushing for digital ID, CBDCs, online censorship, carbon credit scores, smart cities, and all the other UN SDGs the WEF is trying to implement. Also, note that ESG criteria are synonymous with SDG criteria.

All this information can be overwhelming, so here’s a short video to lighten the mood and have a bit of a laugh.

As the old saying goes, “Don't be scared, be prepared.” What prepared means varies from person to person, but an excellent first step is being informed. A good second step is telling others who are willing to listen. After that, the rest is up to you.

Editor and Chief Markethive: Deb Williams. (Australia) I thrive on progress and champion freedom of speech. I embrace "Change" with a passion, and my purpose in life is to enlighten people to accept and move forward with enthusiasm. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.

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Why Joining 75000 XRP Holders Against the SEC Does Not Affect Potential Recovery for XRP Holders

July 11, 2023 Thomas Prendergast Leave a comment

Why Joining 75,000 XRP Holders Against the SEC Does Not Affect Potential Recovery for XRP Holders

By Aaron Feuerstein – July 10, 2023

Prominent crypto lawyer John E. Deaton was recently asked about the possibility of more XRP holders joining the civil case against Ripple in Oakland, California, if the verdict in SEC vs Ripple goes against Ripple and the judge declares XRP a security. Just last week, a California Judge certified a class of American purchasers of XRP in a complaint accusing Ripple Labs of selling unregistered securities. This second legal concern Ripple is facing is the subject of the tweet that prompted the question.

Concerning the ongoing legal conflict between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), Deaton discussed the possible options and their potential impact on Ripple, XRP investors, and the SEC.

Regarding any money flowing from Ripple to the SEC, the lawyer is sure it won’t happen for years and only if Ripple were to lose on appeal.

Deaton said: “If the Supreme Court takes it on appeal (which I believe they will if Congress hasn’t acted by then), I believe Ripple hands down wins with this Supreme Court. If the SEC wins Ripple will appeal and the status quo that exists today will continue over the next 2-5 years.”

He claims that if the SEC prevails and the civil case attorneys triumph because the Californian judge upholds Judge Torres’ decision, Ripple will also appeal that case and no money will change hands, possibly never. If Ripple loses all of its challenges in five years, the SEC, not the civil claimants, would be responsible for collecting the $1.3 billion.

It’s important to note that the SEC would receive this money rather than the civil claimants. In response, the SEC would create a repayment fund akin to the Veritaseum case, enabling holders of XRP to sell their tokens.

Deaton emphasizes an intriguing aspect of the situation that some may have missed. He argues that if the SEC were to lose, the damages that could be recovered in civil litigation would rise. Conversely, an SEC victory could make obtaining any financial losses more challenging for the civil lawsuit’s plaintiffs.

Deaton stresses that signing up for the 75K list, a list of XRP owners he represents in SEC vs Ripple, does not constitute a waiver of any rights or claims. Being on the list instead aids in identifying a sizable potential class of XRP holders. Holders of XRP on the list would probably be informed if there was ever a financial recovery in either the civil or SEC lawsuit.

He said: “Also if Ripple loses and Congress fixes this regulatory mess during the 5 years of appeals, it all goes away anyway. Bottom line, being on the list didn’t waive anything and, if anything, it identified your claims (if you have any) long ago.”

Critics who claim that joining the 75K list and claiming that XRP is not a security would be damaging if XRP holders received financial compensation are dismissed by the attorney. He clarifies that even if a judge and an appeals court found differently, being mistaken about XRP’s security status would not result in punishment.

Given the possible outcomes, Deaton expresses doubt about the civil lawsuit’s impact. He contends that, paradoxically, XRP investors would gain if the SEC finally wins since it would receive the largest settlement and the best resolution.

These observations from John E. Deaton offer helpful perspectives on the probable outcomes and repercussions for all parties involved as the Ripple-SEC legal dispute continues.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Aaron Feuerstein and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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How to Embrace Optimism: A Guide to More Happiness and Success

July 10, 2023 Thomas Prendergast Leave a comment

How to Embrace Optimism: A Guide to More Happiness and Success

Embracing optimism can be a powerful tool for increasing happiness and success in life. Optimism is the tendency to look for and expect positive outcomes, even in the face of adversity. It involves having a positive outlook on life, believing in one's abilities, and focusing on the good rather than the bad.

People who embrace optimism tend to have better mental health, higher levels of well-being, and greater motivation when pursuing their goals. Optimism can also help individuals develop resilience, which is the ability to bounce back from setbacks and challenges. By focusing on the positive aspects of a situation, individuals can reframe their thinking and find solutions to problems that may have seemed insurmountable.

Understanding Optimism

Optimism is the belief that good things will happen in the future. It is a positive outlook on life that can help individuals overcome challenges and achieve their goals. Optimists tend to view setbacks as temporary and specific, while pessimists view them as permanent and pervasive. This difference in thinking can have a significant impact on an individual's mental health, relationships, and overall well-being.

An optimist is someone who has a positive outlook on life. They tend to focus on the good in situations and believe that things will work out in the end. Optimists are more likely to take risks, try new things, and persevere through difficult times. They also tend to have better physical health, lower levels of stress, and stronger social support networks.

One of the key components of optimism is explanatory style. Explanatory style refers to the way individuals explain the causes of events in their lives. Optimists tend to explain positive events as permanent, pervasive, and personal, while negative events are explained as temporary, specific, and external. Pessimists, on the other hand, tend to explain positive events as temporary, specific, and external, while negative events are explained as permanent, pervasive, and personal.

Understanding optimism can help individuals cultivate a more positive outlook on life. By focusing on the good in situations and adopting an optimistic explanatory style, individuals can improve their mental health, relationships, and overall well-being. It is important to note that optimism does not mean ignoring problems or challenges. Instead, it means approaching them with a positive attitude and a belief that things will work out in the end.

The Science Behind Optimism

Optimism is a positive mental attitude that involves looking at the world in a positive light and expecting good things to happen. While some people are naturally optimistic, others can learn to be more optimistic by practicing certain techniques.

Studies on Optimism

Studies have found that optimism is associated with a range of positive outcomes, including better mental health, higher levels of well-being, and even longer life. For example, a study published in the journal PNAS in 2019 found that people who rated themselves as having high optimism were more likely to live to age 85 or older compared with less optimistic individuals.

Another study published in the Journal of Positive Psychology found that people who practiced optimism techniques reported lower levels of depression and higher levels of life satisfaction. The study also found that these effects were maintained over time.

Reported Benefits of Optimism

Optimism has been linked to a range of reported benefits, including better mental health, higher levels of well-being, and improved motivation. For example, optimists tend to report higher levels of well-being than pessimists, and teaching learned optimism techniques can significantly reduce depression.

Optimism also appears to fuel our efforts in achieving personal goals, and improves the overall quality of our experiences while doing so, by increasing happiness and reducing stress. Less stress also reduces the likelihood of mental distress, a common side effect of striving.

Overall, the science of positive psychology has shown that optimism is an important aspect of well-being and success. By practicing optimism techniques and cultivating a positive mindset, individuals can improve their mental health, achieve their goals, and enjoy a happier and more fulfilling life.

Sources:

Optimism and Mental Health

Optimism is a powerful tool that can have a significant impact on mental health. It can help individuals feel happier, manage stress better, and improve emotional health. Here are some ways in which optimism can positively influence mental health:

Optimism and Happiness

Optimistic individuals tend to have a more positive outlook on life, which can lead to increased happiness. Studies have shown that people who practice optimism regularly report higher levels of well-being than those who do not. Optimism can help individuals cultivate a sense of hope and positivity, which can lead to a more fulfilling life.

Optimism and Stress Management

Stress is a common issue that can negatively impact mental health. However, individuals who practice optimism tend to manage stress better than those who do not. Optimism can help individuals approach stressful situations with a more positive mindset, which can lead to better outcomes. Additionally, optimistic individuals tend to have a better sense of control over their lives, which can help reduce stress levels.

Optimism and Emotional Health

Emotional health is an important aspect of mental health. Optimism can help individuals develop a more positive self-image, which can lead to improved emotional health. Optimistic individuals tend to have higher levels of self-esteem and confidence, which can help them navigate difficult situations with more ease. Additionally, optimism can help individuals develop better coping mechanisms, which can help them deal with negative emotions in a healthier way.

In conclusion, optimism can have a significant impact on mental health. It can help individuals feel happier, manage stress better, and improve emotional health. By cultivating a more positive mindset, individuals can improve their overall well-being and lead a more fulfilling life.

Optimism and Success

Optimism is crucial to achieving success in life. A positive outlook can help individuals overcome obstacles, stay motivated, and maintain a sense of purpose. This section will explore the relationship between optimism and success, including how it affects personal goals and performance.

Optimism and Personal Goals

When individuals are optimistic, they are more likely to set ambitious personal goals and work towards achieving them. Optimists tend to focus on their strengths and abilities, rather than their weaknesses and limitations. This positive mindset can help individuals stay motivated and persevere through challenges.

Furthermore, optimists tend to view setbacks as temporary and specific, rather than permanent and pervasive. This means that when they encounter obstacles, they are more likely to view them as opportunities for growth and learning. They are less likely to give up on their goals and more likely to try new approaches to achieve them.

Optimism and Performance

Optimism can also have a significant impact on an individual's performance. When individuals are optimistic, they tend to approach tasks with a can-do attitude and a sense of confidence. This positive mindset can help individuals perform better, be more creative, and take more risks.

Moreover, optimists tend to be more resilient in the face of failure. They are less likely to become discouraged or give up when things don't go as planned. Instead, they view setbacks as learning opportunities and use them to improve their performance.

In conclusion, optimism is a critical factor in achieving success in life. It can help individuals set ambitious personal goals, maintain motivation, and overcome obstacles. Additionally, it can improve an individual's performance by increasing confidence, creativity, and resilience.

Building Optimism in Life

To embrace optimism in life, one needs to cultivate a positive mindset. This can be done in several ways, including practicing gratitude, facing challenges with an optimistic view, and building confidence through optimism.

Practicing Gratitude

Practicing gratitude is a powerful way to cultivate a positive mindset and build optimism in life. By focusing on the good things in life, one can shift their focus from negative thoughts to positive ones. This can help to reduce stress and anxiety and improve overall well-being.

One way to practice gratitude is to keep a gratitude journal. This involves writing down three things that you are grateful for each day. These can be simple things like a beautiful sunset or a kind gesture from a friend. By focusing on the positive, you can train your mind to see the good in every situation.

Facing Challenges with an Optimistic View

Another way to build optimism in life is to face challenges with an optimistic view. This involves reframing negative thoughts and beliefs into positive ones. For example, instead of thinking, "I can't do this," try thinking, "I can do this if I try my best."

By adopting an optimistic view, one can approach challenges with a growth mindset. This means seeing failures and setbacks as opportunities for learning and growth. This can help to build resilience and improve problem-solving skills.

Building Confidence Through Optimism

Finally, building confidence through optimism is another way to cultivate a positive mindset. By believing in oneself and one's abilities, one can approach life with a sense of purpose and direction.

One way to build confidence through optimism is to focus on past successes and achievements. By reminding oneself of past accomplishments, one can build a sense of self-efficacy and belief in one's abilities. This can help to overcome self-doubt and build confidence in the face of new challenges.

In conclusion, building optimism in life is a powerful way to improve happiness and success. By practicing gratitude, facing challenges with an optimistic view, and building confidence through optimism, one can cultivate a positive mindset and approach life with a sense of purpose and direction.

Optimism and Relationships

Optimism can have a significant impact on relationships. People who are optimistic tend to have more positive and fulfilling relationships than those who are pessimistic. They are more likely to see the good in their partner and focus on their strengths rather than their weaknesses.

Optimistic individuals are also more likely to forgive and forget. They don't hold grudges and are willing to let go of past mistakes. This helps to build trust and strengthen relationships over time.

On the other hand, pessimistic individuals tend to be more critical and judgmental of their partner. They are more likely to focus on their partner's flaws and mistakes, which can lead to resentment and conflict. This negative outlook can damage relationships and make it difficult to build trust and intimacy.

It's important to note that being optimistic in a relationship doesn't mean that everything is perfect all the time. Every relationship has its ups and downs, and it's normal to experience challenges and conflicts. However, optimistic individuals are better equipped to handle these challenges and find solutions that work for both partners.

One key factor in building optimistic relationships is communication. Optimistic individuals are more likely to communicate openly and honestly with their partner. They are willing to express their feelings and needs and listen to their partner's perspective. This helps to build trust and understanding, which is essential for a healthy relationship.

In summary, optimism plays a crucial role in building positive and fulfilling relationships. Optimistic individuals are more likely to see the good in their partner, forgive and forget, and communicate openly and honestly. By embracing optimism in their relationships, individuals can build stronger and more satisfying connections with their partner.

Conclusion

In conclusion, embracing optimism in life can bring numerous benefits to an individual's mental and physical health. By focusing on the positive aspects of life and taking control of one's thoughts, individuals can achieve a sense of control and stability in their lives.

Research has shown that optimism can lead to better mental health, higher levels of well-being, and reduced levels of stress and depression. By adopting an optimistic mindset, individuals can also maintain motivation when pursuing their goals, leading to greater success and happiness.

It is important to note that embracing optimism does not mean ignoring the challenges and obstacles that come with life. Instead, it means reframing negative situations in a positive light and focusing on solutions rather than problems.

Overall, incorporating optimism into daily life can lead to a more fulfilling and satisfying life. By taking control of one's thoughts and focusing on the positive aspects of life, individuals can achieve greater happiness and success.

Tim Moseley

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t’s a ‘tug of war’ for gold price next week as attention turns to inflation report ahead of July Fed rate decision – analysts

July 10, 2023 Thomas Prendergast Leave a comment

t's a 'tug of war' for gold price next week as attention turns to inflation report ahead of July Fed rate decision – analysts

Despite more than a $20 gain Friday, the gold market is yet to prove that its bearish downtrend is over, according to analysts, who are carefully monitoring next week's June inflation report as a potential trigger.

The gold market rebounded Friday on weaker-than-expected employment data from June, with the U.S. economy adding 209,000 new positions versus the expected 225,000. This marked the weakest gain since December 2020.

At the time of writing, August Comex gold futures were trading at $1,935.50, up 1.05% on the day, after trading at $1,915.4 earlier in the session.

Slowing employment growth is good news for gold as it could remove the need to hike twice this year — a promise made by Federal Reserve Chair Jerome Powell multiple times in June.

But last month's employment slowdown was not steep enough to prevent the Fed from hiking in July, which means that gold price gains could be limited in the short term.

"Although slowing employment growth will be welcomed by Fed officials – particularly following the alarming (and seemingly misleading) surge in the ADP measure reported yesterday," Capital Economics deputy chief U.S. economist Andrew Hunter. "It is unlikely to stop the Fed from hiking rates again later this month, particularly when the downward trend in wage growth appears to be stalling."

With just over two weeks remaining until the Fed meeting on July 25-26, the latest inflation numbers from June, scheduled to be released Wednesday, will be carefully monitored by markets.

The macroeconomics outlook is one of the biggest headwinds for gold in the short term, said Forex.com's senior technical strategist Michael Boutros.

"Markets are pricing a 92% chance of a rate hike in July," Boutros told Kitco News. "But only one rate hike is expected while the Fed telegraphs two. If that shifts, it may limit the upside for gold."

The U.S. dollar took a hit Friday, supporting gold prices at the end of the week, with the U.S. dollar index last at 102.27, down 0.87% on the day.

"It is going to be a tug of war for gold. Don't see a big downdraft," Boutros said.

The long-term outlook for gold is bullish as the labor market will weaken, ushering in a much weaker economy, OANDA senior market analyst Edward Moya told Kitco News.

"Eventually, it will turn bullish for gold. But with more rate hikes being priced in, it is difficult for gold right now," Moya said. "Next week's inflation report could be rather soft. Trading could be very choppy next week."

Gold price levels to watch

From a technical perspective, Boutros pointed out that gold can only break its bearish trend when it rises above $1,943 and $1,965 price levels.

The $1,903-10 range has been a rock-solid critical support zone. That level held on a close basis," he said. "The broader trend from April-May highs is still intact. But gold is not out of the woods until it gets a daily close above $1,943 and $1,965. Then, a broader uptrend can take root."

If gold sees a move lower, Boutros warned to keep an eye on $1,891. If that breaks, the gold market could see a major move down to $1,830, which would be just the initial support level, he added.

Data next week

Monday: Fed Vice Chair for Supervision Barr Speaks

Wednesday: U.S. CPI, Bank of Canada rate decision

Thursday: U.S. PPI, U.S. jobless claims

Friday: Michigan consumer expectations

Anna Golubova

For Kitco News

Time to Buy Gold and silver

Tim Moseley

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How to Boost Traffic to Your Website for Free

July 9, 2023 Thomas Prendergast Leave a comment

How to Boost Traffic to Your Website for Free

Boosting traffic to your website can be a challenging task, but there are several effective strategies you can employ to increase your website's visibility and attract more visitors without spending money. Here are some ways to boost traffic to your website for free:

Optimize Your Website for Search Engines (SEO):
- Conduct keyword research to identify relevant keywords for your content.
- Include those keywords naturally in your website's titles, headings, and content.
- Write high-quality, informative content that adds value to your visitors.
- Optimize meta tags, descriptions, and alt tags for your images.
- Improve website loading speed and ensure it is mobile-friendly.
Create Engaging Content:
- Publish regular blog posts, articles, or videos that are interesting and useful to your target audience.
- Focus on quality and uniqueness to attract and engage readers.
- Use visuals like images, infographics, or videos to enhance your content.
- Encourage social sharing by incorporating social sharing buttons.
Leverage Social Media:
- Establish a strong presence on popular social media platforms like Facebook, Twitter, LinkedIn, Instagram, or Pinterest.
- Share your website content, engage with your audience, and participate in relevant communities or groups.
- Utilize hashtags and keywords to make your content more discoverable.
- Collaborate with influencers or other relevant websites to extend your reach.
Utilize Email Marketing:
- Build an email list of interested subscribers by offering valuable content, incentives, or newsletters.
- Send regular updates, promotions, or exclusive content to your subscribers.
- Personalize your emails and make them engaging to encourage click-throughs to your website.
Utilize Online Directories and Listings:
- Submit your website to online directories and listings related to your industry or niche.
- Ensure your website is listed accurately in local directories like Google My Business, Yelp, or Yellow Pages.
- Include your website link in your social media profiles, forum signatures, and online profiles.
Participate in Online Communities and Forums:
- Find relevant online communities and forums related to your industry.
- Participate in discussions, provide helpful answers, and share your expertise.
- Include your website link in your forum signature or when it's relevant to the discussion.
Guest Blogging and Cross-Promotion:
- Contribute guest posts to reputable websites or blogs in your niche.
- Include a bio or author section with a link back to your website.
- Collaborate with other website owners for cross-promotion, where you both promote each other's content or websites.
Optimize for Local Search:
- If you have a local business, optimize your website for local search.
- Include your location and relevant keywords in your content, meta tags, and descriptions.
- Register your business on Google My Business and other local directories.
Monitor Website Analytics:
- Use tools like Google Analytics to track your website's performance.
- Analyze visitor behavior, popular content, and traffic sources.
- Adjust your strategies based on the data to improve your website's performance.

Remember, boosting website traffic takes time and consistent effort. Implement these strategies, be patient, and keep refining your approach based on the results you observe.

Tim Moseley

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GoldSilver – New breakout levels in Gold and Silver with your buy level in Platinum

July 9, 2023 Thomas Prendergast Leave a comment

Gold/Silver – New breakout levels in Gold and Silver with your buy level in Platinum

Precious Metals had a volatile week led by a fury of economic data that the Federal Reserve is closely monitoring. The upward surprise in the ADP figure on Thursday was enough to take Platinum, Palladium, and down 1.5-2%, pushing Platinum below the psychological $900 mark. Following the data release, the ISM Services number came in at 53.9 versus the expectation of 51.3 driving the odds of a July interest rate hike up to 93.6%. The sell-off in the market was not limited to Precious Metals but broadened, with the S&P and Dow having the largest one-day sell-off since May. A reversal of fortune occurred on Friday, with seemingly opposite data showing 209k jobs created versus the expectation of 230,000, leaving the Federal Reserve scratching their heads. Will the Fed raise one more time or two? Either way, a Fed pivot is near, and the bottom in Gold is closer.

Daily Gold Chart

After four straight weeks of losses, we have the first signs of "exhaustive selling," indicating the potential for "bottoming action" in Precious Metals. Gold briefly tested the 200 DMA at $1904, where bargain hunters are beginning to emerge. The critical level we will watch next week will be $1943, where Gold futures failed on July 5th. Any close above could trigger a short covering rally to $1985. You will want to watch the psychological $2000 level and ultimately $2008 as your breakout level. Any close over $2008 should trigger a wave of buying up to all-time highs and eventually extend to our long-term target of $2500/oz. We anticipate that the Fed's reckless acceleration in interest rates will ultimately catch up with them, leading to a reversal in policy once a contraction in U.S. GDP occurs in Q1 2024 while an acceleration in the Euro Zone and China pressure the U.S. Dollar and Interest Rates.

To further help you develop a trading plan, I went back through two decades of my trading strategies to create a Free New "5-Step Technical Analysis Guide to Gold that can easily apply to Silver." The guide will provide you with all the Technical analysis steps to create an actionable plan used as a foundation for entering and exiting the market. You can request yours here: 5-Step Technical Analysis Guide to Gold.

Daily Silver Chart

Silver futures traded on either side of the 200 DMA for most of the week near $23, where new speculators are entering the market looking for a higher beta asset class to participate in once Gold breaks out. While a price setback would be temporary, our long-term thesis remains that tightness in the physical markets, a decline in mining supply, and solar and E.V. demand should offset any potential for prices to decline further. The new breakout level in Silver is $23.53, where traders will begin to cover shorts frantically. Our thesis remains that over the next 18-24 months, we expect Copper to make new all-time highs and Silver to break $35/oz.

Having the flexibility to enter and exit the market quickly makes it essential for Precious Metals investors to have a futures trading account alongside their core Physical Precious Metals holdings. If you are interested in speculating on the rise and fall of the price of Precious Metals on a shorter-term basis, such as two weeks or two months, or If you have never traded futures or commodities, check out this new educational guide that answers all your questions on transferring your current investing skills into trading "real assets," such as the 1000 oz Silver futures contract. You can request yours here: Trade Metals, Transition your Experience Book.

Phillip Streible

Contributing to kitco.com

Time to Buy Gold and silver

Tim Moseley

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The market was expecting delays’ – Fastmarkets’ William Adams on China’s critical metals turnaround

July 8, 2023 Thomas Prendergast Leave a comment

The market was expecting delays' – Fastmarkets' William Adams on China's critical metals turnaround

China surprised the critical minerals industry by ramping up nickel production from Indonesia in a short period of time, noted William Adams, head of battery research at Fastmarkets.

On June 22, 2023, Adams spoke to Kitco at the 15th Lithium Supply and Battery Raw Materials 2023 in Henderson, Nevada.

Nickel prices are off nearly 30% year to date. Adams said nickel prices have been declining partly because of constrained electric vehicle sales in Europe. The continent's EV manufacturers prefer batteries with a higher nickel content. Indonesia has also been a supply surprise.

"We've seen a significant increase in supply from Indonesia," noted Adams, who said the Chinese started to partner with nickel miners in the country last decade. "They've brought on new nickel supply…in quite a surprisingly fast time.

"The market expected there would be delays, but even with COVID…they've still managed to push forward and get that new supply on the market."

Adam was asked to identify an under-covered metal in the critical minerals space.

"I think it's graphite," said Adams. "So much graphite is processed and produced in China. That's going to cause an issue. We're going to need to see much more diversification of supply within graphite."

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Why direct lithium extraction is the critical mineral sector's needed technology

Michael McCrae

For Kitco News

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Tim Moseley

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Multichain MPC bridge sees 100M outflows sparking fears of exploit

July 7, 2023 Thomas Prendergast Leave a comment

Multichain MPC bridge sees $100M+ outflows, sparking fears of exploit

Jul 7, 2023

Abnormally large outflows from the Multichain MPC bridge platform are sparking fears of a multi-million dollar exploit.

On July 6, observers noticed that approximately $102 million worth of crypto has been withdrawn from Multichain’s Fantom bridge on the Ethereum side, as well as $666,000 from Dogechain and $5 million from Moonriver.

Multichain likely hacked. Exit all multichain assets. Good idea to revoke approvals to multichain bridge if you had any

— Curve Finance (@CurveFinance) July 6, 2023

On July 6, 7,214 Wrapped Ether (WETH) tokens (worth $13.6 million), 1,024 Wrapped Bitcoin (WBTC) (worth $31 million) and $58 million worth of US Dollar Coin (USDC) were withdrawn from the Fantom bridge’s Ethereum smart contract, with a total of approximately $102 million in cryptocurrency withdrawn.

July 6 withdrawals from the Multichain Fantom Bridge contract on Ethereum. Source: Blockchain data

In addition, the Dogechain bridge’s Ethereum contract saw a withdrawal of $666,000, which represented more than 86% of its total deposits, leaving only around $100,000 worth of assets remaining in the bridge. $5,872,661 worth of USDC and Tether (USDT) were withdrawn from the Multichain Moonriver bridge contracts on Ethereum, leaving only around $700,000 remaining on it.

Several on-chain sleuths took to Twitter to label the event as a possible exploit. Blockchain security firm Peckshield tagged the Multichain team in a post showing the Fantom bridge transactions, saying “You may want to take a look.”

Hi @MultichainOrg you may want to take a look: https://t.co/D4GKGpuBtw pic.twitter.com/3qURqGmes8

— PeckShield Inc. (@peckshield) July 6, 2023

This led one commenter to remark that it looks like “another massive hack.” On-chain investigator Spreek posted the Dogechain transactions with the comment “dogechain multichain drained.”

Cointelegraph could not confirm by the time of publication whether the contracts were “drained” or whether a large amount of funds were simply withdrawn by users.

Cointelegraph reached out to the Multichain team on their Discord channel, but did not get a response by the time of publication.

In a later tweet, Multichain told its Twitter followers that the movements were abnormal and the team “is not sure what happened and is currently investigating.”

The lockup assets on the Multichain MPC address have been moved to an unknown address abnormally. The team is not sure what happened and is currently investigating.

It is recommended that all users suspend the use of Multichain services and revoke all contract approvals…

— Multichain (Previously Anyswap) (@MultichainOrg) July 6, 2023

Related: Poly Network urges users to withdraw after exploit affects 57 crypto assets

Multichain is a multi-party computation (MPC) bridging network. When a user wants to bridge assets from one chain to another, the Multichain network first confirms that the assets have been locked on the first chain and then mints derivative assets on the second chain.

When a withdrawal is made, the network goes through this process in reverse: it first confirms that the derivative coins have been destroyed on the second chain, then releases the assets backing them on the first chain.

The Multichain team claims that the cryptographic keys controlling this process are split into multiple shards and distributed throughout the network. This should theoretically prevent any single person or group from being able to make unauthorized withdrawals.

Multichain has been suffering from unspecified technical problems over the past few weeks. On May 31, the team announced that their CEO had gone missing and they were experiencing “multiple issues due to unforeseeable circumstances,” leading to delayed transactions. On July 5, Binance halted withdrawals of some Multichain derivative tokens due to the network failing to process transactions in a timely manner.

Asia Express: HK crypto ETFs on fire, Binance warns on Maverick FOMO, Poly hack

Update July 7, 12:41 am UTC: This article has been updated to include the most recent Twitter post and update from Multichain.

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Tim Moseley

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Stronger US jobs data pressure gold silver

July 7, 2023 Thomas Prendergast Leave a comment

Stronger U.S. jobs data pressure gold, silver

Gold and silver prices are lower in midday U.S. trading Thursday, following a much stronger-than-expected U.S. ADP employment report this morning that showed a gain in jobs that was double market expectations. The report pushed the U.S. dollar index well off its overnight low and also pushed U.S. Treasury yields higher. August gold was last down $10.50 at $1,916.70 and September silver was down $0.497 at $22.905.

The June U.S. ADP report showed a rise of 497,000 jobs, compared to market expectations for a gain of 220,000. That data falls into the camp of the U.S. monetary policy hawks, who want to see the Federal Reserve continue to raise interest rates. Now comes the U.S. employment situation report from the Labor Department Friday morning. The key non-farm payrolls number was forecast up 240,000 versus a gain of 339,000 in the May report. However, today''s strong ADP jobs number has many thinking Friday''s Labor Department jobs report will also be stronger.

The latest FOMC minutes from the Federal Reserve were released Wednesday afternoon and they also leaned hawkish. The minutes from the June 13-14 meeting showed that while almost all Fed officials deemed it "appropriate and acceptable" to keep the key Fed funds rate unchanged at a 5.0-5.25% range, some would have supported a 0.25% increase, according to a Bloomberg report. The minutes also said "almost all" FOMC members agreed that further tightening of U.S. monetary policy will be needed this year. The gold and silver markets did not react strongly to the minutes.

All of the above have likely now moved the needle over to high odds that the Federal Reserve will raise interest rates at its July FOMC meeting, after pausing at the June meeting.

Looking past Turkey's gold sales, central banks continued to buy gold in May

Asian and European stock markets were mostly lower in overnight trading. U.S. stock indexes are solidly lower at midday.

The key outside markets today see the U.S. dollar index modestly lower but up from overnight lows. Nymex crude oil prices are slightly down and trading around $71.25 a barrel. The benchmark 10-year U.S. Treasury note yield is rising and presently fetching 4.067% and at the highest level since March.

Technically, August gold futures bears have the overall near-term technical advantage. Prices are in a two-month-old downtrend on the daily bar chart. Bulls'' next upside price objective is to produce a close above solid resistance at $1,950.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the February low of $1,846.80. First resistance is seen at today''s high of $1,934.00 and then at this week''s high of $1,942.90. First support is seen at today''s low of $1,908.50 and then at $1,900.00. Wyckoff's Market Rating: 3.5

September silver futures bears have the overall near-term technical advantage. A choppy, two-month-old price downtrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $24.00. The next downside price objective for the bears is closing prices below solid support at the March low of $20.425. First resistance is seen at $23.25 and then at this week''s high of $23.535. Next support is seen at today''s low of $22.72 and then at last week''s low of $22.485. Wyckoff's Market Rating: 3.5.

September N.Y. copper closed down 305 points at 373.80 cents today. Prices closed nearer the session low. The copper bears have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the June high of 396.40 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 356.50 cents. First resistance is seen at today''s high of 377.60 cents and then at this week''s high of 380.95 cents. First support is seen at today''s low of 372.25 cents and then at last week''s low of 368.30 cents. Wyckoff's Market Rating: 3.0.

Jim Wyckoff

For Kitco News

Time to Buy Gold and silver

Tim Moseley

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How the Lightning Network for Bitcoin Will Be Adopted Through Ordinal Inscriptions

July 6, 2023 Thomas Prendergast Leave a comment

How the Lightning Network for Bitcoin Will Be Adopted Through Ordinal Inscriptions

Jul 6, 2023 #Bitcoin, #bitcoin news

botcoib

How the Lightning Network for Bitcoin

Ordinal inscriptions are emerging as a new use case for the Bitcoin blockchain, and they are expected to drive more efficient use of the limited block space. This will lead to broader adoption of the Lightning Network as a scaling solution for Bitcoin as a global currency. The Lightning Network's growth will provide a trustless alternative to centralized payment processors, expanding Bitcoin's reach and appeal.

One of the unique features of Bitcoin is its flat fee and data structure, which means that the cost and block space required to send $1 in BTC is equal to those for sending $1 billion in BTC. This quirk has made it difficult for Bitcoin to be used for low-value transactions, which is where the Lightning Network comes in. By enabling off-chain transactions, the Lightning Network allows for fast, cheap, and scalable micropayments, making Bitcoin more practical for everyday use.

Ordinal inscriptions are essentially non-fungible tokens (NFTs) that are used to represent a specific order or sequence. They are being used to create unique digital collectibles and art, and their popularity has driven up transaction costs across the Bitcoin network. However, this demand for ordinal inscriptions is also driving innovation in layer 2 solutions like the Lightning Network, which are essential for Bitcoin to become a viable global currency.

Understanding Bitcoin and the Lightning Network

Bitcoin is a decentralized digital currency that uses a peer-to-peer network to enable transactions without the need for intermediaries such as banks or financial institutions. Transactions are recorded on a public ledger called the blockchain, which is maintained by a network of computers around the world.

The Lightning Network is a layer 2 network built on top of the Bitcoin network that enables faster and cheaper transactions. It uses smart contracts to create payment channels between two parties, allowing them to transact without broadcasting their transactions to the entire network. This reduces the load on the Bitcoin network and makes transactions faster and cheaper.

The Lightning Network has gained popularity in recent years as a scaling solution for Bitcoin. It has been hailed as the solution to Bitcoin's scalability problem, which has been a major obstacle to its adoption as a global currency. The Lightning Network offers a trustless alternative to centralized payment processors, expanding Bitcoin's use cases beyond just a store of value.

There are several Bitcoin Lightning Network analytics platforms that provide real-time data on the network's performance and usage. These platforms allow users to monitor the network's capacity, fees, and other metrics, which can help them optimize their transactions and improve their overall experience.

Overall, the Lightning Network is an exciting development in the world of Bitcoin that has the potential to revolutionize the way we transact online. As more users adopt the Lightning Network, we can expect to see faster and cheaper transactions, increased adoption of Bitcoin as a global currency, and a more efficient use of the limited block space on the Bitcoin network.

The Role of Ordinal Inscriptions in Bitcoin Adoption

Ordinal inscriptions have the potential to play a significant role in driving the adoption of Bitcoin's Lightning Network. The ability to create NFT-like inscriptions on the Bitcoin blockchain opens up new possibilities for the use of Bitcoin beyond just financial transactions.

Ordinal inscriptions allow users to create digital artifacts on the Bitcoin blockchain for storage, trade, and exchange. This capability opens up new possibilities for Bitcoin, making it more versatile and useful for a wider range of applications.

One of the key benefits of ordinal inscriptions is that they allow for the creation of unique, identifiable assets on the Bitcoin blockchain. This is made possible through ordinal theory, which provides a methodology for individually identifying and tracking each individual satoshi throughout the Bitcoin coin supply.

With ordinal inscriptions, users can create unique digital assets that are verified and tracked on the Bitcoin blockchain. This opens up new possibilities for the use of Bitcoin in areas such as gaming, art, and collectibles.

As more applications for ordinal inscriptions are developed, it is likely that we will see increased adoption of Bitcoin's Lightning Network. This is because ordinal inscriptions provide a way to create and verify unique digital assets that can be traded and exchanged on the Lightning Network.

Overall, the role of ordinal inscriptions in driving Bitcoin adoption is significant. By making Bitcoin more versatile and useful for a wider range of applications, ordinal inscriptions have the potential to attract new users and increase the adoption of Bitcoin's Lightning Network.

The Impact of Payment Processors on Bitcoin’s Lightning Network

Payment processors play a crucial role in the adoption of Bitcoin's Lightning Network. As the network continues to grow and gain popularity, payment processors will be essential in facilitating transactions between buyers and sellers.

Centralized payment processors, such as Visa and Mastercard, have dominated the global payments industry for decades. However, Bitcoin's Lightning Network has the potential to challenge their dominance by offering faster, cheaper, and more secure transactions.

Bitcoin's Lightning Network is primed to become the default global payments processor, thanks to its unique combination of Bitcoin's monetary policy and Lightning's transaction network. The Lightning Network is a Layer-2 payment protocol built on top of the Bitcoin blockchain. It enables near-instant payments by using Bitcoin's native smart contract functionality.

While the Lightning Network is still in its early stages of adoption, the prospect of increased adoption looks very promising. In 2021, Visa handled more than $1 trillion in payment volume and close to 20 billion transactions per month. In comparison, the Lightning Network handled about $20 million in payment volume and slightly over 800,000 transactions in February 2022.

Payment processors will be instrumental in driving adoption of the Lightning Network. They will help to bridge the gap between traditional payment methods and the Lightning Network, making it easier for merchants and consumers to transact using Bitcoin.

In conclusion, payment processors have a significant impact on the adoption of Bitcoin's Lightning Network. As the network continues to grow and gain popularity, payment processors will be essential in facilitating transactions between buyers and sellers. The Lightning Network has the potential to become the default global payments processor, challenging the dominance of centralized payment processors such as Visa and Mastercard.

Demand and Market Dynamics of Bitcoin

Bitcoin's popularity has been on the rise since its inception. The market cap of Bitcoin has been increasing steadily, and it has become one of the most valuable cryptocurrencies in the world. The demand for Bitcoin-based tokens has also been on the rise, as more people are looking to invest in the cryptocurrency market.

However, the demand for Bitcoin has not been immune to market dynamics. During bear markets, the demand for Bitcoin has been known to decrease, as investors tend to shy away from risky investments. This has led to a decrease in the market cap of Bitcoin, as well as a decrease in demand for Bitcoin-based tokens.

Despite these market dynamics, the surge of Ordinals demonstrates a significant market that Bitcoin is built to sustain on the base layer. Ordinals have proven demand on Bitcoin, but fees will push users to Layer 2.

The sudden emergence of inscribed Bitcoin blocks has been met with criticism, but it offers a glimpse of how Bitcoin block space will evolve. The popularity of NFT-like Ordinal inscriptions and the experimental BRC-20 token standard has driven up transaction costs across the Bitcoin network. The frothy demand for “stamping” limited block space with new data pushed transaction costs so high that in May 2023, Binance twice had to pause BTC withdrawals, a risky and undesirable step.

In conclusion, while the demand for Bitcoin can be affected by market dynamics, the surge of Ordinals demonstrates a significant market that Bitcoin is built to sustain on the base layer. The emergence of inscribed Bitcoin blocks offers a glimpse of how Bitcoin block space will evolve, and it is expected to drive adoption of Bitcoin's Lightning Network.

Challenges and Solutions in Scaling Bitcoin Network

The limited block space in the Bitcoin network has been a major challenge in scaling the network. As more transactions are added to the network, the block size limit of 1MB becomes a bottleneck, leading to high transaction fees and longer confirmation times. This has made Bitcoin less attractive for everyday transactions, limiting its adoption as a currency.

To address this challenge, various scaling solutions and technologies have been proposed. One of the most promising solutions is the Lightning Network, which uses payment channels to enable instant and low-cost transactions off-chain. This reduces the load on the main blockchain, allowing for more transactions to be processed without increasing the block size limit.

However, the Lightning Network also presents its own challenges. For instance, the network requires users to lock up funds in payment channels, limiting liquidity and making it difficult to route payments across the network. To address this challenge, solutions such as Atomic Multi-Path Payments (AMP) have been proposed, which allow for payments to be split across multiple paths, increasing liquidity and reducing the risk of channel depletion.

Another challenge in scaling the Bitcoin network is ensuring decentralization. As the network grows, the number of nodes required to validate transactions increases, leading to higher resource requirements and potential centralization. To address this challenge, technologies such as sharding and sidechains have been proposed, which allow for the network to be divided into smaller, more manageable parts, while still maintaining decentralization.

Overall, while the limited block space in the Bitcoin network presents a significant challenge to scaling, various solutions and technologies such as the Lightning Network, AMP, sharding, and sidechains offer promising ways to address this challenge. As these technologies continue to evolve and mature, they are likely to play a critical role in driving adoption of Bitcoin as a currency.

Privacy and Security Aspects of Bitcoin

Privacy and security are two critical aspects of Bitcoin that have been at the forefront of discussions since its inception. The decentralized nature of the network has made it an attractive option for many users, but it has also raised concerns about the privacy and security of transactions.

One of the most significant privacy upgrades to the Bitcoin network was the implementation of Segregated Witness (SegWit) in August 2017. This upgrade separated the transaction signature data from the transaction data, allowing for more efficient use of block space and increased transaction capacity. Additionally, SegWit enabled the implementation of second-layer solutions like the Lightning Network, which further enhances the privacy and security of transactions.

At the protocol level, Bitcoin's security is maintained through a consensus mechanism called Proof of Work (PoW). This mechanism ensures that all transactions are validated and added to the blockchain in a secure and tamper-proof manner. However, the PoW mechanism requires a significant amount of computational power, which has led to concerns about the environmental impact of Bitcoin mining.

Privacy is also a concern for Bitcoin users, as the public nature of the blockchain means that all transactions are visible to anyone who has access to the network. To address this, users can utilize various privacy-enhancing technologies like CoinJoin and Schnorr signatures. These technologies help to obfuscate the transaction data, making it more difficult to trace the flow of funds.

In conclusion, while Bitcoin's decentralized nature provides many benefits, it also presents challenges related to privacy and security. However, the implementation of upgrades like SegWit and the development of second-layer solutions like the Lightning Network have helped to address these concerns. As the network continues to evolve, it is likely that additional privacy and security enhancements will be implemented to ensure the continued growth and adoption of Bitcoin.

The Intersection of Bitcoin and NFTs

Bitcoin's Lightning Network has been gaining popularity in recent years as a way to speed up transactions and reduce fees. However, the Lightning Network is not without its challenges, including the need for users to manage channels and the risk of channel closures.

Ordinal inscriptions may provide a solution to some of these challenges by allowing users to create NFT-like inscriptions on the Bitcoin blockchain. These inscriptions can be used to represent ownership of various assets, including non-fungible tokens (NFTs) and even profile picture (PFP) NFTs like the popular Bored Apes.

By inscribing ownership of these assets on the Bitcoin blockchain, users can ensure that their ownership is secure and immutable. This can also help to reduce the risk of fraud and theft, as the ownership of the asset can be easily verified on the blockchain.

While the use of ordinal inscriptions for NFTs is still in its early stages, it has the potential to drive adoption of Bitcoin's Lightning Network by providing a more seamless and secure way to manage channels and assets. As more developers work on ways to integrate ordinal inscriptions into Bitcoin wallets and other applications, we may see a new wave of innovation in the NFT space that is powered by Bitcoin's Lightning Network.

Overall, the intersection of Bitcoin and NFTs is an exciting area of development that has the potential to revolutionize the way we think about digital ownership and asset management. As more users and developers explore the possibilities of ordinal inscriptions, we may see a new era of innovation and growth in the Bitcoin ecosystem.

Bitcoin and Other Cryptocurrencies

Bitcoin is the world's first and most popular cryptocurrency. It was created in 2009 by an anonymous person or group under the pseudonym Satoshi Nakamoto. Bitcoin is decentralized, which means it is not controlled by any government or financial institution. Instead, it is powered by a network of computers around the world that validate transactions and maintain the ledger of all Bitcoin transactions, known as the blockchain.

Other cryptocurrencies have emerged in the wake of Bitcoin's success, such as Ethereum (ETH), Solana (SOL), Shiba Inu (SHIB), Uniswap (UNI), Crypto.com Coin (CRO), and many others. These cryptocurrencies have their own unique features and use cases, such as smart contracts on the Ethereum network, meme tokens like Dogecoin (DOGE), and BRC-20 and ERC-20 tokens that can be used on various blockchain platforms.

Bitcoin's Lightning Network is a layer-two scaling solution that allows for faster and cheaper Bitcoin transactions. It works by creating payment channels between users that can be used to send and receive Bitcoin without having to wait for confirmations on the blockchain. The Lightning Network has the potential to significantly increase the adoption of Bitcoin by making it more practical for everyday transactions.

Ordinal inscriptions, a new development in the Bitcoin space, allows users to create digital artifacts, such as NFTs, on the Bitcoin blockchain for storage, trade, and exchange. While inscriptions could increase the network's overall security budget, it may also increase fees and consistency of fees for Bitcoin miners, thereby increasing mining desirability, and ultimately increasing the network's security.

In conclusion, Bitcoin and other cryptocurrencies are rapidly evolving and changing the way we think about money and finance. The Lightning Network and ordinal inscriptions are just two examples of the innovations that are driving the adoption of Bitcoin and making it more practical for everyday use. As the cryptocurrency space continues to grow and mature, we can expect to see even more exciting developments in the future.

Role of Miners and Transaction Costs in Bitcoin Network

Miners play a crucial role in the Bitcoin network as they are responsible for verifying transactions and adding them to the blockchain. They are incentivized to do so by earning rewards in the form of newly minted bitcoins and transaction fees.

Transaction costs in the Bitcoin network are determined by the supply and demand for block space. Miners prioritize transactions with higher fees as they are more profitable to include in the next block. This has led to a situation where users who are willing to pay higher fees get their transactions processed faster, while those who are not willing to pay higher fees may have to wait longer.

Bitcoin miners have been facing a dilemma in recent years due to the increasing demand for block space and the limited block size. This has led to higher transaction fees and longer confirmation times, making Bitcoin less attractive as a payment option for small transactions.

Ordinal inscriptions can help solve this problem by reducing the amount of data that needs to be stored in each block. By encoding multiple transactions into a single ordinal, miners can process more transactions per block, reducing the demand for block space and lowering transaction costs.

Furthermore, the Lightning Network, a layer-two solution built on top of Bitcoin, can also help reduce transaction costs by enabling off-chain transactions that do not need to be recorded on the blockchain. This can significantly increase the scalability of the Bitcoin network and make it more attractive as a payment option for small transactions.

In conclusion, miners and transaction costs play a crucial role in the Bitcoin network. Ordinal inscriptions and the Lightning Network can help reduce transaction costs and increase the scalability of the network, driving adoption and making Bitcoin a more attractive payment option for small transactions.

Bitcoin as a Global Currency

Bitcoin has often been touted as a potential global currency due to its decentralized nature and borderless transactions. The use of ordinal inscriptions on the Bitcoin blockchain may further drive its adoption as a global currency. With the Lightning Network, transactions can be completed in a matter of seconds, making it a more practical option for everyday use.

The European Union (EU) has been exploring the potential of digital currencies, with some officials suggesting a digital euro could be introduced in the near future. While the EU has not yet made a decision on the matter, the use of Bitcoin as a global currency could provide an alternative for those looking for a decentralized and secure option.

The CEO of Twitter, Jack Dorsey, is a vocal proponent of Bitcoin and has stated that he believes it will eventually become the world's single currency. While this may be a lofty goal, the use of ordinal inscriptions on the Bitcoin blockchain could further drive its adoption and bring it closer to this vision.

In times of war or economic uncertainty, the use of a decentralized currency like Bitcoin could provide a more stable option for individuals and businesses. The ability to transact without relying on a centralized authority can provide a sense of security and stability in uncertain times.

As Bitcoin becomes more widely accepted, it may also become a more practical option for global exchange. The use of ordinal inscriptions on the blockchain can provide a level of transparency and security that traditional financial systems may not be able to match.

Overall, the use of ordinal inscriptions on the Bitcoin blockchain can further drive its adoption as a global currency. While there are still challenges to overcome, such as regulatory hurdles and scalability issues, the potential benefits of a decentralized and secure global currency are hard to ignore.

Frequently Asked Questions

What is the Lightning Network and how does it improve Bitcoin transactions?

The Lightning Network is a second-layer payment protocol that operates on top of the Bitcoin blockchain. It allows for near-instant and low-cost transactions by creating payment channels between users. These channels enable parties to transact with each other without broadcasting every transaction to the Bitcoin network, thereby reducing transaction fees and increasing transaction speed.

Can payment channels like Lightning Network make Bitcoin more scalable?

Yes, payment channels like the Lightning Network can significantly improve the scalability of Bitcoin. By moving most transactions off-chain, the Lightning Network reduces the load on the Bitcoin network and allows for more transactions to be processed. This increased scalability can enable Bitcoin to become a more widely adopted payment system.

How do ordinal inscriptions enhance the security of Lightning Network transactions?

Ordinal inscriptions are a new type of non-fungible token (NFT) that can be used to create digital artifacts on the Bitcoin blockchain. These inscriptions can be used to verify the authenticity of Lightning Network transactions, making them more secure. Additionally, ordinal inscriptions can be used to create unique digital assets that can be traded or exchanged on the Lightning Network.

What are the benefits of using Lightning Network for Bitcoin transactions?

The Lightning Network offers several benefits for Bitcoin transactions, including near-instant transaction confirmations, low transaction fees, and increased privacy. Additionally, the Lightning Network can enable micropayments, which can be used for a wide range of applications, including tipping content creators, paying for online services, and more.

Are there any potential drawbacks to using Lightning Network for Bitcoin transactions?

One potential drawback of the Lightning Network is that it requires users to lock up funds in payment channels. This can limit liquidity and make it more difficult to move funds between different payment channels. Additionally, the Lightning Network is still a relatively new technology and may be subject to bugs or other security issues.

How does Lightning Network compare to other scaling solutions for Bitcoin?

There are several other scaling solutions for Bitcoin, including increasing the block size limit and implementing Segregated Witness (SegWit). However, the Lightning Network offers several advantages over these solutions, including lower transaction fees, faster transaction confirmations, and increased scalability. Additionally, the Lightning Network can be used in conjunction with other scaling solutions to further improve Bitcoin's scalability.

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The Role of Ordinal Inscriptions in Bitcoin Adoption

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Bitcoin as a Global Currency

Frequently Asked Questions

What is the Lightning Network and how does it improve Bitcoin transactions?

Can payment channels like Lightning Network make Bitcoin more scalable?

How do ordinal inscriptions enhance the security of Lightning Network transactions?

What are the benefits of using Lightning Network for Bitcoin transactions?

Are there any potential drawbacks to using Lightning Network for Bitcoin transactions?

How does Lightning Network compare to other scaling solutions for Bitcoin?

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