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The Gold market is stuck in neutral but there are still plenty of triggers

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The Gold market is stuck in neutral but there are still plenty of triggers

The gold market is stuck in neutral and could remain there through the rest of the summer as U.S. economic data continues to support the Federal Reserve's monetary policy tightening bias; however, analysts say that near-term weakness could be seen as a buying opportunity as the market waits for a new spark to trigger a broader rally.

While the gold market has been fairly resilient, with December gold futures holding support around $1,950 an ounce, analysts said that the precious metal still faces a challenging environment, especially as short-term bond yields continue to yield around 5%.

The gold market is seeing its second week of sharp losses. December gold last traded at $1,946.50 an ounce, down 1.5% from last Friday.

"Gold has a lot of competition as a safe-haven asset as the idea of a soft landing in the U.S. economy grows as consensus," said Edward Moya, senior market analyst at OANDA. "The long-term interest in gold is there, but this is going to be a tough environment. Gold will struggle until we see a market risk event."

Ole Hansen, head of commodity Strategy at Saxo Bank, said he also sees gold prices struggling as opportunity costs for holding the precious metal continue to rise. He added that investors are frustrated with holding gold as they liquidate their positions and move into equity markets.

He said that with the U.S. economy remaining fairly resilient in the face of the Federal Reserve's aggressive rate hikes, there is no urgency for investors to get into gold. He added that the gold market is waiting for the right trigger, which could take some time.

Analysts note that markets remain laser-focused on economic data as the Federal Reserve keeps its options open and remains data-dependent. The problem for traders and investors is that the data is still not providing any clear guidance.

This past week's Consumer Price Index shows that inflation is still well above the Federal Reserve's 2% target and looking ahead, some analysts are not expecting U.S. retail sales numbers to provide any new insight into personal consumption.

Analysts also said that the minutes from the Federal Reserve's July monetary policy meeting are also unlikely to provide any solid guidance ahead of September's decision.

Analysts have said that U.S. economic data has to turn decisively negative before interest rate expectations start to shift.

"CPI is still too high for the Fed to be relaxed about inflation for now. Higher carry, and opportunity cost make it very expensive to hold bullion," said analysts at TD Securities. "With gold currently trading at around $1,914/oz, we think that gold runs below $1,900/oz support (fib/200dma) from here, should data remain firm and inflation edge higher due to energy. Longer-term, however, positioning and likely aggressive action on the easing front, once data turns convincingly negative, should catalyze a robust rally which could take the yellow metal into $2,100/oz territory in late 2023-early-2024."

Sean Lusk, co-director of commercial hedging at Walsh Trading, said that despite the near-term challenges for gold, weakness should be bought. He noted that gold still remains well supported in the long term.

Aside from the economic data, the bond market is something that analysts are keeping an eye on, as higher volatility could be the spark that ignites a broader rally. While the U.S. bond market is not expected to see an immediate collapse, analysts said they are looking for cracks.

"At some point, investors need to realize that the government is printing too much money and once they do, gold will rally," said Lusk.

  Gold price to rise as investors lose faith in U.S. dollar – Commodity Discovery Fund's Willem Middelkoop

Hansen said that although the debt burden is not an immediate threat, it remains a significant reason why investors won't want to sell too much of their gold.

Concerns over U.S. debt levels started to grow after Fitch Ratings downgraded U.S. long-term debt. Those fears were sharpened this past week following a disappointing 30-year bond auction.

"This weak auction highlighted for the first time this week the structural issue that the market is struggling to absorb all the new debt sales/issuance," said Nicky Shiels, head of metals strategy at MKS PAMP. "At some point, the U.S. debt issue will matter for gold, but as long as the market plays for larger debt sales (read higher US yields), gold is just another proxy to short/sell.

Price levels to watch

Analysts note that the contango in the gold market, between December futures and spot prices, remains a risk in the marketplace. In this environment, some analysts have said that they expect futures markets will likely have to fall closer to spot prices as economic data has proven to be more resilient than expected, raising expectations that the U.S. will avoid a harsh recession this year.

Analysts have said that critical support in December gold futures comes in between $1,950 and $1,940. Michael Moore, the creator of Moore Analytics, said that gold is headed lower unless there is a decent break above $1,955.30 an ounce.

In the spot market, analysts are expecting gold to test support at around $1,900 an ounce, which also represents the market's 200-day moving average.

Next week's data:

Tuesday: U.S. Retail Sales, Empire State Manufacturing

Wednesday: U.S. Housing Starts and Building Permits, FOMC meeting minutes

Thursday: Weekly Jobless Claims, Philly Fed Survey
 

By

Neils Christensen

For Kitco News

Time to Buy Gold and silver

Tim Moseley

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Bank of Canada finds little reason for Canadians to adopt a CBDC RCMP wants a digital repository for seized crypto

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Bank of Canada finds little reason for Canadians to adopt a CBDC, RCMP wants a digital repository for seized crypto

An investigation conducted by the Bank of Canada (BoC) has found that the average Canadian sees little reason to adopt a central bank digital currency (CBDC), which could lead to problems with such a product being broadly accepted should the central bank ultimately decide to release a digital loonie.

The main focus of the investigation was on the scenario where “the emergence of a cashless society” could warrant the introduction of a general-purpose, cash-like CBDC in Canada

In the event that a cashless society emerges, the BoC determined that “most people, represented by the typical consumer and early adopters, would continue to have their usual payment needs met without cash by using various electronic methods” including digital and mobile wallets. “Technology-averse consumers would have access to fewer payment methods in a cashless environment but could continue to transact using debit and credit cards as well as cheques.”

The BoC made a point to stress that it is “committed to supplying cash as long as demand for it remains,” and “will not unilaterally stop supplying bank notes.”

“If the volume of cash transactions were to fall to a significantly low level, it would not be because of the Bank’s decisions,” the BoC said. “It would result from the cumulative behavior of most consumers, merchants and cash distributors (such as banks and other operators of ABMs) moving away from cash.”

In the scenario where the BoC issues a CBDC focused on providing payment services in a cashless environment, the bank determined that “A universally accessible CBDC that facilitated online purchases could benefit cash-dependent consumers,” especially those who are unbanked, as long as “their access to CBDC did not require a bank account.”

“Currently, most Canadian consumers do not experience gaps in their access to payment methods, and this will likely remain the case in a cashless environment,” the BoC said. “Some people could, however, face difficulties making payments if cash were no longer widely accepted as a method of payment.”

The report said that 98% of Canadian adults have a bank account, 87% have a credit card, and 90% of rural and urban households combined can access high-quality internet.

In order for a CBDC to serve as a cash replacement in a cashless society, it “would need to be widely adopted and used at scale by the dominant consumer groups who face few gaps in meeting their payment needs,” they said. “Such adoption and use would be necessary to motivate merchant acceptance, which, in turn, would encourage further consumer use and merchant acceptance.”

“However, the dominant consumer groups in this analysis may have relatively weak incentives for adopting and using a CBDC, so achieving widespread merchant acceptance could be challenging,” the BoC added.

“As a practical matter, achieving wide adoption, acceptance, and use of CBDC could be challenging because most Canadians have access to several methods of payment using commercial bank money, provided by sophisticated incumbents,” the BoC said. “Overcoming such barriers could require significant and sustained investment by the central bank.”

Instead of releasing a CBDC, the BoC outlined several steps that could be taken to help provide services to the underbanked, including improving internet access, expanding low-cost bank account availability, increasing merchant collaboration with remote communities, and continuing to supply cash.

  Canada's financial regulator updates guidance for crypto asset exposure

RCMP puts out the call for a digital repository for seized assets

In other blockchain news out of Canada, the Royal Canadian Mounted Police (RCMP) and Shared Services Canada (SSC) announced they are looking to develop a digital asset solution “to facilitate the seizure and storage of cryptocurrency and non-fungible tokens (NFTs) from multiple public blockchains.”

“With the rise of new and innovative methods to store and transfer assets, Canadian Law enforcement needs a safe and secure method to identify and seize said assets,” the RCMP said. “This challenge aims to leverage the private sector's innovation to develop a system used by the police to seize and store the ill-gotten gains from criminal activities.”

“The development of a centralized repository solution would allow police officers to seize these assets in a user-friendly manner, while also offering significant security to prevent the theft of said assets during their storage,” they added.

The RCMP listed 17 requirements that would be needed for such a repository, including the ability to process transactions for the top 20 cryptocurrency blockchains by market capitalization and the ability to scale to support new blockchains and NFTs in the future.

The proposed solution should also “Allow officers to query a public blockchain address and view balances and transactions; Present officers with clear instructions on how to seize assets through a step-by-step guide in the application; and Be able to accept and process transactions for the top 100 cryptocurrency blockchains by market capitalization,” RCMP said.

Submissions that receive a ‘Phase 1’ contract can receive up to CAD$150,000 and have 6 months to develop their product. Eligible businesses that successfully complete Phase 1 will be invited to submit a proposal for ‘Phase 2,’ which offers up to CAD$1 million in funding and allows 12 months to submit a final product. The RCMP estimates that it will accept four submissions in Phase 1 and two submissions in Phase 2.

“Final decisions on the number of Phase 1 and Phase 2 awards will be made by Canada on the basis of factors such as evaluation results, departmental priorities and availability of funds,” the RCMP said. “Canada reserves the right to make partial awards and to negotiate project scope changes.”

By

Jordan Finneseth

For Kitco News

Time to Buy Gold and silver

Tim Moseley

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New Use Cases For Bitcoin Ordinal Theory Disturbs Bitcoin Purists Competition For Ethereum?

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New Use Cases For Bitcoin. Ordinal Theory Disturbs Bitcoin Purists. Competition For Ethereum? 

Bitcoin is evolving with the introduction of inscriptions, which has caused an explosion in innovation, creating new use cases for Bitcoin that many thought it would never advocate. Some believe these use cases are inappropriate for Bitcoin's primary mission of decentralizing money and being a store of value. These use cases include BRC-20 tokens, and Ordinal Inscriptions likened to an NFT called Digital Artifacts, and many are wondering whether they will compete with NFTs and ERC-20 tokens on Ethereum. 

This article illustrates what Inscriptions, Ordinals, and BRC-20 tokens are, how they work, and evaluates what impact the Ordinal theory could have on BTC. Also, how will these protocols impact Ethereum? Could ETH lose NFT market dominance as a result? 

When Did It All Start

The history of Bitcoin's recent innovations begins with the Taproot upgrade, which went live in November 2021. Essentially, Taproot removed limits on how much data each BTC transaction can use, allowing a single transaction to fill an entire Bitcoin block. This opened the door to attaching additional data to BTC transactions, including individual Satoshis. (Sats). For context, each BTC comprises 100 million Sats, like cents to a dollar. 


Image Source: Cointelegraph

As the name suggests, inscriptions make it possible to attach data to individual Sats, including audio, video, and text. Bitcoin Ordinal inscriptions can be fungible or non-fungible, depending on who owns the Ordinal and whether they wish to preserve the individual Satoshi. 

The concept of adding data to individual Sats isn't necessarily new. In fact, Bitcoin creator Satoshi Nakamoto and early Bitcoin developer Gavin Andresen discussed creating a domain name system on Bitcoin in 2010. This eventually led to the creation of Namecoin, one of the first Bitcoin forks. In 2012, the CEO of eToro proposed the concept of colored coins, which involves attaching data to BTC transactions to tokenize real-world assets effectively. 

The main reason why these concepts failed to reach mass adoption was because of data limits on BTC transactions, which Taproot has since removed. Another reason why these inscriptions failed to reach mass adoption was because it was challenging to create or keep track of them. This is what the Ordinals protocol does. It allows anyone to inscribe individual Sats with additional data and keep track of where they are. 

Ordinal Protocol and Inscriptions

As stated on the Ordinal website, a Sat inscription is an NFT; however, "digital artifact" is used instead because it's simple and familiar to artists, collectors, and traders. The phrase "digital artifact" is highly suggestive, even to someone who has never heard the term before. In comparison, NFT is an acronym that feels like financial terminology and doesn't indicate what it means if you haven't heard it before.

Bitcoin developer Casey Rodarmor created the Ordinal protocol in late January 2023. In an interview, Casey explained that he'd been considering making the protocol since he saw generative art NFTs on Ethereum in early 2022. Casey wanted to bring similar kinds of NFTs to Bitcoin. However, Casey stepped down as the lead developer of Ordinals in late May and announced a pseudonymous developer named Raph Japh would be taking his place as he couldn't give the protocol the attention it deserves.

Interestingly, Ordinals only need two things to run the protocol: a full Bitcoin node and a Bitcoin wallet that can read and write Ordinal inscriptions. Casey explained in an interview that the Ordinal protocol was designed to require no extra infrastructure; it exists entirely on Bitcoin. Even more interesting about Ordinals is that the inscriptions apparently can't be searched using a browser, at least for now. 

Casey explained that this is because of “instability.” This means that you must search for inscriptions manually on Ordinals.com, which isn't easy because there are many. For reference, there were more than 10 million inscriptions when Casey stepped down from the protocol in late May. It’s not surprising considering that multiple NFT marketplaces had started supporting Ordinals inscriptions, and a new type of inscription was also invented, the BRC-20 token. 


Image source: X [Twitter] Ordinals Wallet

What Is A BRC-20 Token?

The BRC-20 token experiment was introduced by a pseudonymous on-chain analyst named Domo in early March 2023; that enables users to create fungible tokens natively on Bitcoin. However, before launching BRC-20, Domo stressed that the token is “simply a fun experiment.” 

The BRC-20 token standard is similar to the ERC-20 token standard commonly used on the Ethereum blockchain. However, unlike the popular token standards on Ethereum, BRC-20 tokens do not use smart contracts. Instead, users store a script file on Bitcoin and use that to attribute tokens to individual satoshis. BRC-20s embed JSON data into ordinal inscriptions to enable users to deploy, mint, and transfer tokens. BRC-20s are considered “semi-fungible” since users can only exchange BRC-20 tokens in set increments. 
 
BRC-20 tokens have limited functionality compared to their ERC-20 counterparts on Ethereum. Unlike ERC-20s, which can be used as collateral in various dApps, BRC-20s are restricted to minting and moving fungible tokens on the Bitcoin blockchain. This is why there were over 10 million Ordinals but only around 40,000 BRC-20 tokens. Each Sat inscribed with an Ordinal Digital Artifact only contains one image, video, or text, whereas each Sat inscribed with a BRC-20 can have millions of units of a single token.

BRC-20 Memecoin Craze Causes Fees To Skyrocket

Naturally, BRC-20 tokens caused the number of inscriptions to surge, and the subsequent BRC-20 memecoin craze caused transaction fees on Bitcoin to spike. By May, the market cap of BRC-20 tokens had passed $1 billion, with crypto wallets adding support and exchanges listing the biggest ones. The most popular crypto wallet for BRC-20s and Ordinal Digital Artifacts is the UniSat browser extension. The browser wallet has been downloaded over 300,000 times so far. To put things into perspective, the wallet only had 100K downloads in mid-May – a 3X increase in a month.

Screenshot: Chrome Web Store

Meanwhile, the number of non-zero Bitcoin addresses, i.e., the number of Bitcoin wallets holding more than 0 BTC, has gone parabolic over the same period. Bitcoin miners have also been raking it in from the transaction fees. The fees actually surpassed the block rewards for the first time since 2017. At the same time, innovation around both Ordinals NFTs and BRC-20s had increased. 

More Innovations Ensued

One of the most famous innovations happened in February 2023, when a crafty hacker found a way to upload a cloned version of the 30-year-old video game classic DOOM to the Bitcoin blockchain as an inscription on the network’s Ordinal protocol. You can literally play a simplified version of Doom on Bitcoin. 

More recently, another pseudonymous Ordinal developer named Leonidas introduced recursive inscriptions, making it possible for inscriptions to interact. This, in turn, makes it possible to upload playable video games larger than one Bitcoin block and unlocks other new use cases. 

In May 2023, Milady’s NFT enthusiasts launched a new Ordinals NFT standard with the help of an Ordinal Digital Artifact marketplace that makes it possible to bridge NFTs from Ethereum to Bitcoin. The catch is that the conversion is currently a one-way trip, but it foreshadows more interoperability for Ordinal Digital Artifacts and BRC-20s. 

On that note, the first BRC-20 stablecoin was launched in late May. The caveat is that the issuer of this stablecoin appears to be somewhat sketchy. Even so, it foreshadows the launch of more reputable stablecoins directly on the Bitcoin blockchain, likely resulting in even more Bitcoin adoption. 


Image source: BRC-20.io

Bitcoin Maxis Pushing Back

Not everyone is applauding Bitcoin's recent innovation, however. Many have argued that Ordinals are useless. This argument has some merit, considering that some of the earliest Ordinal inscriptions contained unsavory types of content that have since been hidden. Still, as it’s been inscribed into the blockchain, the image itself is immutable.

Some have also argued that BRC-20 tokens are harmful. This is also understandable, considering that they caused transaction fees on the Bitcoin blockchain to spike. It’s made it more expensive for people in developing countries to send BTC transactions, all because some degens wanted to trade memecoins. 

Others have argued that Bitcoin shouldn't be used for anything other than regular peer-to-peer BTC transactions. This is reasonable, considering the Bitcoin white paper says peer-to-peer electronic cash. Never mind that the more complexity you add, the more vulnerabilities you create. 

Crypto analyst Eric Wall explained in an interview that the way the ordinals protocol was coded is akin to an exploit. Crypto VC partner Nick Carter also pointed out in an interview that this unforeseen use of the Taproot upgrade could make the Bitcoin community more hesitant to approve future upgrades. Nick believes that Bitcoin won't be seeing another upgrade for a long time because of the unforeseen risks it will create. 

On the other hand, many, including Nick, have argued that the objectively useless Ordinal Digital Artifacts will be priced out due to the increased transaction fees. It makes sense because whoever pays the highest price has their transaction processed first. People won't continue to pay a high price to inscribe useless data. 

Progressive Bitcoiners Counter

Some have argued that Layer 2s will solve the blockchain bloats supposedly caused by BRC-20s like the Lightning Network. This also makes sense because higher transaction fees on the base chain create an incentive to generate scaling solutions, an incentive lacking in Bitcoin. 

Others have argued that the fees from peer-to-peer BTC transactions alone may not be enough to secure the Bitcoin blockchain as time passes, so additional use cases should be allowed. This makes sense because Bitcoin isn't just a crypto; it's the most secure network in the world, the ideal base layer. It's not just the progressive Bitcoiners saying this, either. Bitcoin OGs like Blockstream CEO Adam Back have acknowledged that Bitcoin can be used for whatever people want. 

Many Ordinal supporters have also noted the technology’s contribution to the freedom of speech. One Bitcoin observer posted on X stating, “I know everyone hates Ordinals, but whether it’s text or images, the ability to publish uncensorable information on the Bitcoin time chain effectively makes speech uncensorable worldwide forever.” 

What matters at the end of the day is the demand for block space and BTC, ideally from objectively valuable use cases. F2Pool CMO Li Qingfei underscored that Ordinals and BRC-20 tokens will eventually give rise to these objectively valuable use cases once all the hype is gone. The consensus is that both innovations are a net benefit and clear advantage to Bitcoin, but it's still too soon to say what's hype and what's here to stay. 

Ethereum Gearing Up for Competition

Many people have pointed out that conversations around Ordinal Digital Artifacts and BRC-20 tokens sound eerily similar to those around the first NFT craze and the ICO boom on Ethereum in 2017. At the time, people were also arguing about Ethereum’s future in light of these disruptive innovations. Some of you will recall how pictures of cartoon cats once caused massive congestion, jamming up the Ethereum network.

You may also know that most crypto projects launched on Ethereum were utterly worthless. Notably, all will appreciate that many of the NFTs and ERC-20s that survived are valuable and useful. Chances are that we will see the same thing happen with Ordinal Digital Artifacts and BRC-20 tokens. This means that Bitcoin could become more akin to Ethereum; if it does, it will make BTC a more direct competitor to ETH, and it appears that ETH has already been gearing up for this direct competition. 

To explain, BTC is considered to be digital gold. This is primarily because BTC's tokenomics make it an ideal hedge against currency debasement and, arguably, inflation – It is “Sound money.” Conversely, ETH is considered to be digital oil. This is primarily because ETH is the fuel that runs Ethereum, which hosts most dApps and tokens. The narrative around ETH started to change in mid-2021 with the EIP1559 upgrade. 

EIP1559 burns a portion of all transaction fees on Ethereum to refresh your memory. With enough activity, this makes ETH deflationary. Hence, the new narrative of ETH is “Ultrasound money.” Obviously, the term is meant to imply that ETH is a superior store of value to BTC due to its deflationary nature. 


Image source: X [Twitter] 

Ethereum’s transition from Proof-of-Work to Proof-of-Stake also made ETH more appealing to institutional investors because they can stake it to earn a yield, and we know institutions love earning yield. Regarding the environmental aspects of Proof-of-Work versus Proof-of-Stake, you should know that ESG-obsessed institutional investors aren't really concerned about the E part. They're worried about the G, the Governance, i.e., the control. Bitcoin can't be controlled, and ESG investors don't like that.

What Makes BTC More Appealing

Given that ETH can be deflationary and earn a yield via staking, it begs the question of what makes BTC more appealing than ETH to investors, particularly institutional investors. Many people have been asking this question lately, especially as ETH continues to change and BTC stays relatively static. The answer to the question is “security.” 

The Bitcoin blockchain is the most secure network in the world, mainly because it is static compared with all the others, which change constantly. It is the ideal base layer on which additional innovations can be built. The only thing missing was the incentives to create them. Ordinal Digital Artifacts and BRC-20s have introduced these incentives and prepared Bitcoin’s ecosystem to see the same explosive growth Ethereum did after NFTs and ERC-20s saw genuine adoption. 

The difference is that Bitcoin’s ecosystem will be much more secure due to its base layer. This is significant because security is the only thing institutional investors love more than token burns and yield. They want to be sure that the tokens they mint on a cryptocurrency blockchain will stay there forever, and Bitcoin arguably provides more certainty than Ethereum here. 

This is for many reasons, including that Proof-of-Work is more secure than Proof-of-Stake. The infrastructure used to interact with Ordinal Digital Artifacts and BRC-20 tokens exists on Bitcoin itself—the fact that Bitcoin doesn't change, and it's been around for much longer than Ethereum. Never mind that BTC is the only crypto the SEC has said is not a security. 

Bitcoin Innovation Risks

As bullish as Ordinal Digital Artifacts, BRC-20 tokens, and other Bitcoin innovations will be for BTC, there will also be risks. This is one undeniable advantage that Ethereum has: it has moved fast, broken things, and fixed them. Bitcoin hasn't broken anything yet, but unlike Ethereum, it can't afford to. 

Many argue that the most significant risks associated with Bitcoin innovation appear to be regulatory. Bitcoin evangelist Michael Saylor believes there could be regulatory risks, mainly for BRC-20 tokens. Like the ERC-20 tokens on Ethereum, Michael thinks that some BRC-20 tokens could be classified as securities by the SEC. It's ironic, considering that BTC itself is supposedly immune from scrutiny. 

Definitively, the most considerable risk associated with innovation on Bitcoin is one that's been overlooked, and that's centralization. As transaction fees on the Bitcoin blockchain rise because of the innovation, more people, mainly those who don't have much money, will switch to using Layer 2 protocols. 

The Lightning Network is Bitcoin’s Layer 2 solution for its renowned slow transaction speed. It consists of payment channels that contain large amounts of BTC. Individual payment channels between various parties combine to form a network of Lightning Network nodes that can route transactions among themselves. The interconnections between different payment channels result in the Lightning Network. 

Unless you have enough BTC and technical know-how to open your own payment channel, you must use a payment channel that a third party of some kind operates. The harsh reality is that sending BTC transactions on the lightning network using a payment channel run by a third party is no different from using a bank to send fiat transactions. 

That's because every BTC transaction is tracked, and you technically don't own your BTC, meaning it can be frozen or stolen. Because of this protocol’s current vulnerabilities, third parties must run on nodes to prevent fraud within the Lightning Network, called a watchtower, which monitors transactions.

Today's gas fees on Ethereum transactions are unaffordable for most people, forcing them to use Layer 2s, which are centralized and controlled by VC investors. It’s fair to say that's not what crypto is about and what anyone wants for Bitcoin, Ethereum, or other cryptocurrencies. All being well, Bitcoin will take a different approach to growing and scaling its ecosystem than other Layer 1s. All it takes is the right incentives. 


Image source: Ordinals Marketplace

In Closing

The developers of the Ordinal theory have expressed that the most essential thing the Bitcoin network does is decentralize money. They acknowledge all other use cases are secondary, including Ordinals. However, they believe that Ordinal theory helps Bitcoin's primary mission, at least in a small way. 

Suppose inscriptions prove to be highly sought-after digital artifacts with a rich history. In that case, they will serve as a powerful hook for Bitcoin adoption: Come for the fun, rich art, and stay for the decentralized digital money.

Ordinals and inscriptions increase demand for Bitcoin block space, which increases Bitcoin's security budget. This is vital for safeguarding Bitcoin's transition to a fee-dependent security model, as the block subsidy is halved into insignificance and ensures that Bitcoin remains secure.

Many hope that the Ordinal theory strengthens and enriches Bitcoin and gives it another dimension of appeal and functionality, enabling it to serve its primary use case more effectively as humanity's decentralized store of value.

This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

 

 

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.
 
 

 

 

 

 

 

 

 

Tim Moseley

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Gold silver a bit firmer after tame US inflation report

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Gold, silver a bit firmer after tame U.S. inflation report

Gold and silver prices are slightly higher in choppy, two-sided trading at midday Thursday. The metals are supported by a U.S. consumer price index report that came in a bit tamer than market expectations. However, gains are limited as the U.S. dollar index has pushed well up from its early-session lows and as U.S. Treasury yields have up-ticked slightly. December gold was last up $2.30 at $1,952.60 and September silver was up $0.184 at $22.92.

The U.S. data point of the week saw the July U.S. consumer price index up 3.2%, year-on-year, which is slightly below the consensus forecast of up 3.3%. The CPI rose 3.0% in the June report. Meantime, the weekly U.S. jobless claims report came in a bit higher than expectations. These two reports fell into the camp of the U.S. monetary policy doves. Today's data also suggests the Federal Reserve will not raise interest rates at its September meeting. The U.S. producer price index report is out on Friday morning.

Asian and European stock markets were mixed to firmer in overnight trading. U.S. stock indexes are firmer at midday.

A Wall Street Journal headline today reads: "China slips into deflation in warning sign for World economy." This follows a 0.3% drop in China's consumer price index in July.

Another WSJ headline today reads: Sputtering trade fuels concerns about a fractured global economy." This headline follows downbeat China import and export numbers reported earlier this week.

The summertime rally in the U.S. stock market has hit a speed bump, gold and silver prices have dipped, while grain markets have also sold off—all due in part to the slowing Chinese economy creating concerns about less demand for global supplies.

Look for China's central bank to continue to implement economic stimulus measures in the coming weeks, in an effort to prop up the listing Chinese economy. Importantly, if the stimulus does not put a charge into the Chinese economy in the coming few months, the other major economies of the world will start to feel the sting of the slower China growth. Such a scenario would be significantly bearish for raw commodity markets, as China is a voracious consumer of raw commodities. Global stock and financial markets would also likely be negatively impacted by a weakening of the Chinese economy.

  Gold price to rise as investors lose faith in U.S. dollar – Commodity Discovery Fund's Willem Middelkoop

In the coming weeks, keep a closer eye on economic data coming out of China—because the "smart money" in the marketplace will be doing the same and acting upon that data.

The key outside markets today see the U.S. dollar index modestly lower after trading solidly lower and hitting new daily lows following the U.S. CPI data. Nymex crude oil prices are down and trading around $83.50 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 4.018%.

Technically, December gold futures prices hit a five-week low today. Bears have the overall near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the June low of $1,939.20. First resistance is seen at today's high of $1,963.50 and then at Tuesday's high of $1,972.80. First support is seen at $1,939.20 and then at $1,925.00. Wyckoff's Market Rating: 4.0.

September silver futures prices hit a four-week low today. The silver bears have the overall near-term technical advantage. Prices are in a fledgling downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $24.50. The next downside price objective for the bears is closing prices below solid support at the June low of $22.34. First resistance is seen at $23.255 and then at $23.50. Next support is seen at today's low of $22.665 and then at $22.34. Wyckoff's Market Rating: 4.0.

September N.Y. copper closed down 125 points at 377.10 cents today. Prices closed near 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 July high of 402.40 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 today's high of 383.15 cents and then at this week's high of 387.70 cents. First support is seen at Wednesday's low of 376.45 cents and then at this week's low of 372.65 cents. Wyckoff's Market Rating: 3.5.

By

Jim Wyckoff

For Kitco News

Time to Buy Gold and silver

Tim Moseley

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Gold silver weaker on more weak China data technical selling

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Gold, silver weaker on more weak China data, technical selling

Gold and silver prices are down in midday U.S. trading Wednesday, with both metals dropping to four-week lows. The precious metals are pressured by another economic report out of China that suggests less consumer demand for goods and services, which includes metals. Chart-based selling is also featured at mid-week, as the near-term technical postures for gold and silver have turned more bearish. December gold was last down $7.80 at $1,952.10 and September silver was down $0.057 at $22.75.

There was more downbeat economic data coming out of China today. The second-largest global economy has slipped into deflation territory for the first time in two years, due to weaker consumer demand. Chinese consumer prices fell 0.3% in July, year-on-year. The reading was in line with market expectations.

Asian and European stock markets were mixed to firmer in overnight trading. U.S. stock indexes are weaker near midday.

Key U.S. inflation reports this week are also in focus for the marketplace. The July U.S. consumer price index it out Thursday and the producer price index is out Friday. Both the CPI and PPI are expected to uptick just a bit from the June reports.

'If you are going to take big risks, it has to be for big rewards' – Rick Rule on resource investing

The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are higher and trading around $84.00 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 4.182%.

Technically, December gold futures prices hit a four-week low today. Bears have the overall near-term technical advangtage. Prices are in a three-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the June low of $1,939.20. First resistance is seen at today’s high of $1,966.10 and then at Tuesday’s high of $1,972.80. First support is seen at $1,950.00 and then at $1,939.20. Wyckoff's Market Rating: 4.0.

September silver futures prices also hit a four-week low today. The silver bears have the overall near-term technical advantage. Prices are in a fledgling downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.00. The next downside price objective for the bears is closing prices below solid support at the June low of $22.34. First resistance is seen at $23.00 and then at Tuesday’s high of $23.255. Next support is seen at $22.50 and then at $22.34. Wyckoff's Market Rating: 4.0.

September N.Y. copper closed up 250 points at 379.15 cents today. Prices closed near mid-range. 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 July high of 402.40 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 Tuesday high of 384.20 cents and then at this week’s high of 387.70 cents. First support is seen at today’s low of 376.45 cents and then at this week’s low of 372.65 cents. Wyckoff's Market Rating: 4.0.

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Jim Wyckoff

For Kitco News

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Tim Moseley

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Weak China data sinks gold silver markets

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Weak China data sinks gold, silver markets

Gold and silver prices are lower in midday U.S. trading Tuesday. The two precious metals were pressured following surprisingly weak import and export data coming out of China overnight. A rally in the U.S. dollar index and weaker crude oil prices also weighed on the metals today. December gold was last down $9.60 at $1,960.50 and September silver was down $0.437 at $22.79.

Risk appetite receded following the news that China got some more dour economic data Tuesday, as the world’s second-largest economy saw its exports drop a worse-than-expected 14.5% in July, year-on-year, the steepest decline since the Covid period in February of 2020. Imports in July fell more than expected, down 12.4%. These poor numbers will likely prompt more Chinese central bank stimulus measures soon.

Asian and European stock markets were mostly lower in overnight trading, on the China news. U.S. stock indexes are lower at midday.

Key U.S. and China inflation reports this week are also in focus for the marketplace. The July U.S. consumer price index it out Thursday and the producer price index is out Friday. Both the CPI and PPI are expected to uptick just a bit from the June reports.

  Turkey imposing extra fees and quotas to meet unprecedented gold demand and rebuild reserves while keeping a lid on trade deficit

The key outside markets today see the U.S. dollar index solidly higher. Nymex crude oil prices are slightly lower and trading around $81.75 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 4.014%.

Technically, December gold futures bears have the overall near-term technical advangtage. Prices are in a fledgling downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the June low of $1,939.20. First resistance is seen at today’s high of $1,972.80 and then at this week’s high of $1,981.70. First support is seen at last week’s low of $1,954.50 and then at $1,950.00. Wyckoff's Market Rating: 4.0

September silver futures prices hit a four-week low today. The silver bears have the overall near-term technical advantage. Prices are in a fledgling downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.00. The next downside price objective for the bears is closing prices below solid support at the June low of $22.34. First resistance is seen at today’s high of $23.255 and then at this week’s high of $23.775. Next support is seen at today’s low of $22.72 and then at $22.50. Wyckoff's Market Rating: 4.0.

September N.Y. copper closed down 775 points at 375.75 cents today. Prices closed nearer the session low and hit a four-week low today. The copper bears have the overall near-term technical advantage. A nine-week-old uptrend on the daily bar chart has been negated. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the July high of 402.40 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 380.00 cents and then at at today’s high of 384.20 cents. First support is seen at today’s low of 372.65 cents and then at 368.30 cents. Wyckoff's Market Rating: 4.0.

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Jim Wyckoff

For Kitco News

Time to Buy Gold and silver

Tim Moseley

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Gold silver down amid rising bond yields hawkish Fed-speak

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Gold, silver down amid rising bond yields, hawkish Fed-speak

Gold and silver prices are lower in midday U.S. trading Monday, with silver prices sharply down and hitting a four-week low. The precious metals are seeing selling interest on rising U.S. Treasury yields, hawkish comments from a Federal Reserve official, and as the near-term technical postures for both markets have turned slightly bearish. December gold was last down $8.10 at $1,968.00 and September silver was down $0.491 at $23.23.

Some hawkish “Fed speak” over the weekend also dampened the metals market bulls today. Federal Reserve governor Michelle Bowman expressed the potential need for further increases in U.S. interest rates to successfully lower inflation to the Fed's target of 2%. Despite recent data suggesting a slow inflation trend, Bowman recommended consistent evidence proving inflation is significantly moving toward the 2% target. Additionally, Fed officials Raphael Bostic and Austan Goolsbee analyzed recent jobs data and suggested that the labor market is improving, which might prompt the Fed to reconsider how long they should maintain the current elevated rates.

Asian and European stock markets were mixed in overnight trading. U.S. stock indexes are firmer at midday.

Key U.S. and China inflation reports this week will be the major data points for the marketplace. The U.S. consumer price index for July is out Thursday, followed by the July producer price index on Friday. July CPI is expected to uptick a bit from the June report, seen at up 3.3%, year-on-year, compared to the 3.0% rise in June. The PPI in July is also expected to rise slightly from June.

  Central banks become net gold buyers in June, ending three-month selling streak

Traders will also be closely watching the U.S. Treasury market this week, as prices have been dropping (yields rising).

The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil prices are lower and trading around $82.00 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 4.088%.

Technically, December gold futures bears have the slight overall near-term technical advangtage. Prices are in a fledgling downtrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at the July high of $2,028.60. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the June low of $1,939.20. First resistance is seen at today's high of $1,981.70 and then at $1,992.20. First support is seen at last week's low of $1,954.50 and then at $1,950.00. Wyckoff's Market Rating: 4.5.

September silver futures prices hit a four-week low today. The silver bears have the slight overall near-term technical advantage. Prices are in a fledgling downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the July high of $25.475. The next downside price objective for the bears is closing prices below solid support at the June low of $22.34. First resistance is seen at today's high of $23.775 and then at $24.00. Next support is seen at $23.00 and then at the July low of $22.72. Wyckoff's Market Rating: 4.5.

September N.Y. copper closed down 400 points at 382.75 cents today. Prices closed near the session low today. The copper bulls have the slight overall near-term technical advantage. Prices are still in a nine-week-old uptrend on the daily bar chart, but just barely. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the April high of 418.25 cents. The next downside price objective for the bears is closing prices below solid technical support at the June low of 368.30 cents. First resistance is seen at today's high of 387.70 cents and then at 390.00 cents. First support is seen at last week's low of 382.05 cents and then at 380.00 cents. Wyckoff's Market Rating: 5.5.

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Jim Wyckoff

For Kitco News

Time to Buy Gold and silver

Tim Moseley

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Analysts more bullish on gold following lower job growth higher wage inflation

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Analysts more bullish on gold following lower job growth, higher wage inflation

The gold market rallied following a weaker-than-expected U.S. jobs report for July, which included downward revisions for May and June and strong wage growth, sending spot gold prices from $1931 to an intraday high of $1946.79

The latest Kitco News Weekly Gold Survey showed that the loss of momentum for the U.S. labor market, even as inflation pressures remain in place, had most market analysts bullish or neutral on gold's prospects for the coming week.

This week, 15 Wall Street analysts participated in the Kitco News Gold Survey. Eight of them, or 53%, said they expect to see higher prices for gold next week, while six analysts, or 40%, had a neutral outlook. Only one analyst predicted lower prices for the precious metal over the next seven days, representing 7% of the total.

Kitco Gold Survey

Wall Street

Bullish53%

Bearish7%

Neutral40%

"The U.S. jobs market is slowly cooling, and that's exactly what the Fed wants to see," said Adam Button, Chief Currency Analyst at Forexlive.com. "The market is increasingly comfortable that we are at the terminal rate in Fed funds. When that's confirmed, I think the only place for interest rates to go is down, which is bullish for gold."

Button said gold is already at a fairly elevated price despite strong headwinds from the Fed. "The starting spot right now is around $1940, so how high can gold run in a rate cutting cycle?" he asked. "We've seen high real rates, and when you take a step back and look at how gold has performed during this rate hiking cycle, it's extremely encouraging."

He added that while it's still a little bit early in seasonal terms, by the time Q4 rolls around it will be clear that the Fed is done and that rate cuts are coming in 2024. "That's when I expect gold to take off."

Button said he is also bullish on gold in the short term. "I expect next week's CPI report to emphasize that inflation is contained and will slowly subside, and that should help to lift gold," he said.

Marc Chandler, Managing Director at Bannockburn Global Forex, also sees upside potential for the yellow metal.

"I like gold higher next week," said Chandler. "I think the recent pullback, aided by a rise in rates and a stronger dollar, has run its course. A potential key upside reversal is unfolding after the employment data and gold's decline to a nearly four-week low slightly below $1926 in the spot market. A move back above $1950 suggests potential back toward $1965-$1970."

Colin Cieszynski, Chief Market Strategist at SIA Wealth Management, also expects gold to post gains in the coming days. "I am bullish on gold for the coming week," Cieszynski said. "Technically, it looks like the recent rally in USD and correction in gold is ending. If gold holds on to today's gains, we would have a really nice bullish Morning Star candlestick pattern."

And Darin Newsom, senior market strategist at Barchart.com, also saw technical confirmation that gold was poised for short-term gains.

"December gold is in position to complete a bullish key reversal on its daily chart, confirming the short-term trend has turned up," Newsom said. "Thursday's close saw daily stochastics complete a bullish crossover below the oversold level of 20%, a signal the short-term trend was set to change direction. The previous 3-wave downtrend began with a bearish key reversal on Thursday, July 20, with a high that day of $2,028.60."

"All that is needed for December gold to complete its pattern Friday is a close above Thursday's settlement of $1,968.80," he said.

Representing the neutral camp as he did last week, James Stanley, senior market strategist at Forex.com said he expects gold prices to remain in a sideways holding pattern, though he sees next week's inflation data as a key risk event. "Unchanged, but CPI can change that quickly depending on how it hits," he said.

Stanley said this week was another bear trap, and he doesn't see gold ready for a larger breakdown just yet. "USD was really strong and there was an open door for bears, but they didn't walk through it so I have to think the breakdown theme isn't here yet," he said. "The 1980 area is still key, so if we see a lower-high inside of that next week, the bearish case will grow a bit more attractive."

The lone voice of pessimism among market analysts this week was Kitco's own Jim Wyckoff, who said he sees enough evidence to expect gold prices to fall next week.

"Steady-lower as prices are in a fledgling downtrend on the daily bar chart," he said.

Gold prices continued to trade in positive territory on Friday afternoon, but the precious metal was still down 0.25% on the week, with spot gold last trading at $1940.56 at the time of writing.

By

Ernest Hoffman

For Kitco News

Time to Buy Gold and silver

Tim Moseley

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CPI could be a make-or-break moment for gold next week as prices look for direction

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CPI could be a make-or-break moment for gold next week as prices look for direction

The gold market is back in no-man's land as the price is pushed and pulled between rising bond yields and continued economic uncertainty. According to some analysts, next week's inflation data could be a "make or break" moment for the precious metal as it struggles to find direction.

Gold's neutral outlook comes as prices look to end the week holding critical near-term support levels but cannot generate enough momentum to retest important resistance. December gold futures last traded at $1,977 an ounce, down 1% from last week.

Although the gold market is looking to end the week off its lows, analysts note that the precious metal still faces some problematic headwinds as economic data does not provide definitive evidence that the Federal Reserve can ease away from its hawkish bias.

Friday's nonfarm payrolls report provided markets with a mixed picture at best as the headline employment number missed expectations, but wage inflation rose. The latest nonfarm payrolls report showed that 187,000 jobs were created in July, compared to economists' expectations for job growth of 200,000. At the same time, wages grew 0.4% last month.

Some analysts have said that for gold to regain its luster and hold gains above $1,980 an ounce, the June Consumer Price Index, published next week, must come in cooler than expected.

"I'm cautiously bullish on gold next week, but if CPI is weak and gold can't rally, then I think this market is done for now," said Dan Pavilonis, senior commodities broker with RJO Futures. "If gold can't rally in that environment, then I think the market needs to reset and consolidate at lower prices."

However, some analysts are not convinced that inflation is ready to drop further. Christopher Vecchio, head of futures and forex at Tastylive.com, said he is not convinced that inflation will reach the Fed's 2% target.

He added that base effects supporting CPI's decline since last year's highs are now working themselves out of the market. He also pointed out that the U.S. economy is facing a renewed rise in food and energy prices.

"I think the risk is that the inflation data supports the Fed's view that interest rates will have to stay higher for long. We could also see markets start to price in a November rate hike. That would create a tough environment for gold," he said.

Vecchio said that he is neutral on gold as he also doesn't want to bet against gold as it looks like U.S. 10-year bond yields above 4% could be peaking.

  Gold prices test critical support following Fitch downgrade, will take time to regain safe-haven status

"I haven't seen any direction in gold for a few weeks. Every time we bounce past $1,950, the rally doesn't last long; every time we drop below, the selloff doesn't last. Frankly, the technicals are a mess," said Vecchio.

He added that there is also a risk that even if the inflation data comes in weaker than expected, it might not be enough to change the Federal Reserve's hawkish basis as there are still a lot of numbers to be published ahead of September's or November's monetary policy meetings.

But it's more than just the Federal Reserve's monetary policy stance hanging over the gold market. The precious metal has found solid support as fears of a slowing economy support safe-haven demand.

Added to the mix was this past week's debt downgrade from Fitch Ratings. Tuesday night, the rating agency downgraded the U.S. government's long-term debt to 'AA+' from 'AAA.

Ed Moya, senior North American market analyst at OANDA, said there is a concern that this downgrade put more focus on the health of the U.S. economy and that rising bond yields could actually create some safe-haven demand for gold.

"If bond yields continue to rise, that could spook markets," he said. "Higher rates for longer is still an environment that gold can thrive in, especially if Wall Street becomes fixated over the deficit.

Despite gold's near-term volatility, Moya said there are still good reasons to be bullish on gold long term as the Federal Reserve nears the end of its tightening cycle.

"It's going to be a bumpy ride to get inflation down to 2%, but the Fed can achieve that goal because the economy is slowing," he said. "We are starting to see the end of monetary policy tightening as the Fed gets closer to its goal and that supports gold prices."

However, Vecchio said he doesn't expect the recent debt downgrade to create much fear in the market. He added that economic conditions are completely different than they were in 2011 when the S&P 500 spooked markets with its downgrade, which ultimately drove gold prices to then-all-time highs above $1,900 an ounce.

"The Fitch downgrade made a nice headline, but the criteria they used seems kind of flimsy," he said. "We saw bonds selloff this past week because investors are buying into the soft-landing and reducing their exposure to safe-haven assets."

While bond yields have room to move higher before they challenge the multi-year highs in October, analysts note that they are currently at levels that sparked the banking crisis in March and April, which saw several major regional U.S. banks collapse.

Next week's data:

Thursday: U.S. CPI, weekly jobless claims

Friday: U.S. PPI, University of Michigan Consumer Sentiment

By

Neils Christensen

For Kitco News

Time to Buy Gold and silver

Tim Moseley

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Tangled Browser: Causes and Solutions

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Tangled Browser: Causes and Solutions

tangled

Tangled Browser is a new browser that offers users a unique browsing experience. The browser is based on the open-source version of Google Chrome called Chromium but with one significant difference – no personal data or browsing history is shared or stored on the network. Users do not have to register an account with Tangled Browser, and the browser does not collect or compile data about its users.

One of the primary concerns of internet users is privacy and security. Tangled Browser addresses these concerns by ensuring that users' personal data is not collected, stored, or shared. This makes Tangled Browser an attractive option for those who value their privacy and want to protect their personal information from being tracked or monitored by third parties.

 

 

Key Takeaways

  • Tangled Browser is a new browser that offers users a unique browsing experience.

  • Tangled Browser does not collect or compile data about its users, making it an attractive option for those who value their privacy.

  • Tangled Browser addresses privacy and security concerns by ensuring that users' personal data is not collected, stored, or shared.

 

 

Understanding Tangled Browsers

Tangled Browser is an internet browser that is based on the open-source version of Google Chrome called Chromium. The main difference between Tangled Browser and Google Chrome is that Tangled Browser does not share or store any personal data or browsing history on the network. This is because Tangled Browser does not collect or compile data about its users, and users do not have to register an account with the browser.

Tangled Browser is built on the Millix network, which is a distributed ledger technology that uses a DAG (Directed Acyclic Graph) structure. This structure allows for faster and more efficient transactions, making it ideal for use in a browser. The Millix network also provides a high level of security, as each node on the network is responsible for validating transactions.

One of the key features of Tangled Browser is its security. The browser is designed to protect users from phishing attacks, malware, and other online threats. Tangled Browser uses a variety of security measures, including SSL encryption, to ensure that user data is protected.

The Tangled Browser community is also an important aspect of the browser. The community is made up of developers, users, and other stakeholders who work together to improve the browser and make it more secure. The community is also responsible for maintaining the network and ensuring that it remains secure and reliable.

In terms of network architecture, Tangled Browser uses a decentralized system of addresses to ensure that user data is protected. Each user has their own unique address, which is used to send and receive transactions on the Millix network. This decentralized system helps to prevent hacking and other security breaches.

Overall, Tangled Browser is a secure and efficient internet browser that is built on a decentralized network. The browser is designed to protect user data and prevent online threats, making it an ideal choice for those who are concerned about security. The Tangled Browser community is also an important part of the browser, as it works to improve the browser and maintain the Millix network.

 

 

The Role of Content in Tangled Browsers

The Tangled Browser is a decentralized web browser that uses blockchain technology to provide a secure and private browsing experience. The browser relies on a peer-to-peer network to crawl and store content, distribute search result rankings, and manage economics. It is designed to be more secure and transparent than traditional web browsers that store user data in corporate data centers for profit.

The content is a crucial aspect of the Tangled Browser. The browser's decentralized nature means that each user's browser (node) is eligible to participate in the Tangled search network. Each node crawls content from the internet and stores it in a local database. The local database contains a small fraction of the total amount of content on the internet.

The Tangled Browser's approach to content crawling is different from traditional search engines. Traditional search engines store an index of the internet and users' private search histories in corporate data centers for profit. In contrast, the Tangled Browser distributes small fragments of an internet index on the peer-to-peer network. This approach ensures that no single entity has control over the search results, and the search results are more transparent and secure.

Processing and storage of content are also essential aspects of the Tangled Browser. Each node in the Tangled network processes and stores content locally, ensuring that the content is secure and private. The decentralized nature of the Tangled Browser means that no single entity has control over the content processing and storage.

In conclusion, content is a crucial aspect of the Tangled Browser. The browser's decentralized nature means that each user's browser (node) is eligible to participate in the Tangled search network. The Tangled Browser's approach to content crawling ensures that the search results are transparent and secure. Processing and storage of content are also essential aspects of the Tangled Browser, ensuring that the content is secure and private.

 

 

Security and Privacy Concerns

Tangled Browser has gained popularity due to its decentralized approach to search engine crawling and storage, search result rankings, and economics. However, with the increasing reliance on external services, there are several security and privacy concerns that users of Tangled Browser should be aware of.

One of the main concerns is the security of web pages that are loaded through the Tangled Browser. As with any browser, Tangled Browser is vulnerable to web application security vulnerabilities that can be exploited by attackers to gain access to personal data or to take control of the user's device. Additionally, Tangled Browser's security model may not be as robust as those of more established browsers like Google Chrome, which could leave users more vulnerable to attacks.

Another concern is the privacy of personal data. Tangled Browser's decentralized approach to search engine crawling and storage means that user data is not stored in a centralized location, which could be seen as a privacy advantage. However, users should be aware that their personal data is still being shared with other users on the network, which could potentially lead to privacy breaches.

Tangled Browser also relies heavily on external services, which can introduce security vulnerabilities. For example, the browser loads content from content delivery networks (CDNs) and external services, which could be exploited by attackers to inject malicious code into the browser. Additionally, the browser's decentralized approach to search engine crawling and storage means that search results may not be as accurate or reliable as those provided by more established search engines.

In conclusion, while Tangled Browser's decentralized approach to search engine crawling and storage may be appealing to some users, it is important to be aware of the security and privacy concerns associated with the browser. Users should take steps to protect their personal data and ensure that they are using the most secure version of the browser available.

 

 

Exploring the Millix Network

Tangled Browser provides users with an opportunity to explore the Millix network, a decentralized collection of nodes that exchange data and synchronize time with each other. The Millix network is non-hierarchical, which means there is no central authority that controls the network.

Users can explore various use cases for Millix, including making payments using the Millix cryptocurrency. To make a payment, users need a Millix address, which is a unique identifier on the network. Users can obtain a Millix address by creating a payment address on the Tangled Browser. Once a user has a payment address, they can send and receive Millix cryptocurrency.

One of the advantages of using the Millix network is its availability. The network is always on, and users can make transactions at any time. Moreover, the network is peer-to-peer, which means that users can transact directly with each other without the need for intermediaries.

However, users should be aware of the risks associated with using cryptocurrency. Transactions on the Millix network are irreversible, which means that users cannot cancel or reverse a transaction once it has been sent. Additionally, the value of Millix cryptocurrency can be volatile, and users should be prepared for the possibility of losing some or all of their investments.

Users can earn from transaction fees and advertisement payments on the Millix network. Transaction fees are paid by users who want their transactions to be processed quickly. Advertisement payments are made by advertisers who want to reach a specific audience on the network. Users can earn from these payments by participating in the network as nodes.

In summary, Tangled Browser provides users with an opportunity to explore the Millix network and make payments using the Millix cryptocurrency. Users should be aware of the risks associated with using cryptocurrency and should take appropriate precautions to protect their Millix balance.

 

 

Tangled Browser and Search Engine

Tangled Browser is an internet browser that extends the capabilities of the Tangled Search Engine. It operates as a node on the Tangled Search Engine and has the ability to respond to search requests with matching data. Each time a Tangled Browser responds to a search, it has an opportunity to be paid for its service.

The Tangled Search Engine is a peer-to-peer search engine that decentralizes content crawling and storage, search result rankings, and economics. It addresses the problem of biases that exist in centralized search engines. Tangled Search Engine is indexed by quality, personalization, and context, which makes it a more reliable and accurate search engine.

Tangled Browser and Search Engine work together to provide a more efficient and reliable search experience. Tangled Search Engine provides a decentralized search engine that eliminates the problem of biases. It also provides an opportunity for users to earn money by contributing to the search engine.

Tangled Browser, on the other hand, provides an interface for users to access the Tangled Search Engine. It is designed to be user-friendly and easy to use. It integrates with MetaMask extension and supports minting and reconverting MLX to WMLX.

Overall, Tangled Browser and Search Engine offer a new way of searching the internet that is more reliable, efficient, and unbiased.

 

 

Performance and Accuracy

Tangled Browser is a decentralized peer-to-peer search engine that distributes small fragments of an internet index on the local database of participating nodes. This approach provides better performance and accuracy than traditional centralized data center-based search engines.

Unlike centralized search engines, Tangled Browser doesn't rely on a single data center to store and process search queries. Instead, it utilizes a distributed network of nodes that share the workload of crawling and indexing the internet. This approach provides faster search results, as nodes can process and respond to search queries locally without relying on a centralized data center.

Moreover, Tangled Browser's decentralized architecture also enhances accuracy and trust. Since the search results are generated locally on each node, there is no single point of failure or censorship. This approach ensures that search results are not influenced by any central authority or bias.

In addition, Tangled Browser's local database approach also improves performance and accuracy. Since the search index is distributed across multiple nodes, search queries can be processed locally, reducing latency and improving search accuracy. Furthermore, Tangled Browser's local database approach also provides better privacy and security since user search history is not stored on a centralized server.

Overall, Tangled Browser's decentralized peer-to-peer approach provides better performance, accuracy, and trust than traditional centralized search engines. Its local database approach ensures faster and more accurate search results while also providing better privacy and security to users.

 

 

Economic Aspects of Tangled Browsers

Tangled Browser is a decentralized platform that enables peer-to-peer content crawling and storage, search result rankings, and economics. Unlike traditional search engines that store an index of the internet and users' private search history in corporate data centers for profit, Tangled Browser distributes small fragments of an internet index on the network.

Tangled Browser's economic model is designed to reward participants for contributing to the network. Payment for services on the platform is made using the Millix cryptocurrency, which is used to pay transaction fees, advertisement payments, and reserve currency. Transaction fees are paid to search node operators and Millix node operators who provide computational resources to the network.

The platform offers earning opportunities for content creators, content consumers, and content moderators. Content creators can earn Millix by creating high-quality content that is shared and viewed by others. Content consumers can earn Millix by contributing to the network by sharing content and participating in searches. Content moderators can earn Millix by verifying the quality of content and ensuring that it meets the platform's standards.

Tangled Browser's economic model is based on a peer-to-peer network that eliminates the need for intermediaries and reduces transaction costs. This model also reduces the risk of censorship and ensures that the network remains open and accessible to all.

In conclusion, Tangled Browser's economic model is designed to create a decentralized platform that rewards participants for contributing to the network. The platform's use of cryptocurrency and peer-to-peer transactions eliminates intermediaries and reduces transaction costs. This model creates an open and accessible network that is resistant to censorship and provides earning opportunities for participants.

 

 

Tangled Browsers and Social Media

Tangled Browser is a unique web browser that offers a variety of features to enhance user experience. One of the standout features of Tangled Browser is its integration with Tangled Social, a social media platform that offers additional earning opportunities to its users.

Tangled Social was launched in December 2022 and has since gained significant traction, with over 5 million page views and an average of 40,000 page views per day. When new users sign up for Tangled Social, they are greeted with a welcome tutorial that teaches them the basic features. All active Tangled Social users receive frequent stimulus payments, while Tangled Browser users receive larger stimulus payments than users on traditional browsers.

In terms of social media integration, Tangled Browser offers a seamless experience for users who want to stay connected while browsing the web. Users can easily access their social media accounts directly from the browser, without having to open a separate tab or window. This feature is particularly useful for users who want to multitask or stay connected while browsing the web.

Tangled Browser is also well-suited for gaming, with a built-in gaming platform that offers a variety of games for users to play. The platform is constantly updated with new games, ensuring that users always have something new to play. Additionally, the browser offers a variety of tools and features that make gaming more enjoyable, such as ad-blocking and pop-up blocking.

It is worth noting that Tangled Browser is not biased towards any particular social media platform or gaming company. The browser is designed to offer a neutral and unbiased experience for all users, regardless of their preferences. This approach has helped Tangled Browser to gain a loyal following among users who value neutrality and fairness in their online experiences.

Overall, Tangled Browser offers a unique and innovative approach to web browsing, with a focus on social media integration and gaming. Its integration with Tangled Social and built-in gaming platform make it a compelling choice for users who want to stay connected and entertained while browsing the web.

 

 

Technical Aspects of Tangled Browser

Tangled Browser is a unique internet browser that utilizes peer-to-peer technology to decentralize content crawling and storage, search result rankings, and economics. Unlike traditional browsers that store an index of the internet and users' private search history in corporate data centers for profit, Tangled Browser distributes small fragments of an internet index on the network, making it more secure and private.

Tangled Browser is built on top of Chromium, an open-source browser project that powers Google Chrome. It supports HTML and other web technologies and provides a user-friendly interface for browsing the web. The browser is available for Windows, Mac, and Linux operating systems.

Tangled Browser requires a certain amount of computing power to operate efficiently. The browser uses the resources of the user's computer to crawl and store content, making it a resource-intensive application. However, users can adjust the amount of computing power they want to contribute to the network.

The Tangled network is composed of nodes that store and distribute small fragments of an internet index. Each node has a unique address that identifies it on the network. Nodes work together to ensure that the internet index is always up-to-date and accurate.

Addresses on the Tangled network are generated using a unique algorithm that ensures they are unique and secure. Users can generate their own addresses and use them to interact with the network. Addresses can be used to send and receive payments and to participate in the network's governance.

Overall, Tangled Browser is a unique and innovative browser that leverages peer-to-peer technology to provide a more secure and private browsing experience. Its technical aspects, such as its use of Chromium, computing power requirements, a network of nodes, and unique address generation algorithm, make it a powerful tool for browsing the web.

 

 

Conclusion

The Tangled Browser is a unique and innovative browser that offers users a decentralized and peer-to-peer search experience. Unlike traditional search engines that store an index of the internet and users' private search history in corporate data centers for profit, Tangled Search distributes small fragments of an internet index on the network of its users.

With Tangled Browser, users can enjoy a faster and more secure browsing experience. The browser is available for Windows, Mac, and Linux operating systems, and it boasts a simple and easy-to-use interface. It also offers users the ability to earn cryptocurrency by sharing their computing resources with the Tangled network.

Overall, Tangled Browser is an exciting and promising development in the world of browsers and search engines. Its decentralized approach to search and browsing is a refreshing change from the status quo, and it offers users a more secure and private browsing experience. With its growing user base and commitment to innovation, Tangled Browser is poised to become a major player in the world of browsers and search engines.

 

 

Frequently Asked Questions

 

 

How do I download the Tangled app?

To download the Tangled Browser, visit the Tangled website and select the appropriate version for your operating system. Minimum system requirements for Windows include Windows 7, an Intel Pentium 4 processor or later that is SSE3 capable, and 1 GB of RAM. For Mac, OS X El Capitan 10.11 or later is required.

 

 

What is Tangled Talk and how do I use it?

Tangled Talk is a feature in the Tangled Browser that allows users to communicate with each other while browsing. To use Tangled Talk, simply click on the Tangled Talk icon in the top right corner of the browser and start typing in the chat box.

 

 

Can I withdraw money from Tangled and how?

Yes, users can withdraw money from Tangled. To do so, go to the Tangled Wallet section and click on the Withdraw button. Follow the instructions to complete the withdrawal process.

 

 

What is Https khamos tangled com join?

Https khamos tangled com join is not a feature or part of the Tangled Browser. It is possible that this is a phishing scam or a malicious website attempting to imitate Tangled. Users should exercise caution when clicking on unknown links.

 

 

Where can I find the Tangled website?

The Tangled website can be found at tangled.com. From there, users can download the Tangled Browser, access the Tangled Wallet, and learn more about the features and benefits of using Tangled.

 

 

Is Tangled Browser a web browser or a mobile app?

Tangled Browser is a web browser that can be downloaded and installed on desktop and laptop computers. It is not currently available as a mobile app.

Tim Moseley

The Artist that came out of the Winter