Five Institutions Trying To Wipe Out The Crypto Industry 

As cryptocurrency adoption continues, the opposition from institutions that control and benefit from the corrupt financial system that cryptocurrency is in the process of replacing also continues. These powerful institutions have significantly increased their efforts to bring down the crypto sector specifically. 

Below are five organizations that have been working hard to regulate, restrict, subvert, and tear down the crypto industry for the last few years, and it's time to call them out by name. So, how are they trying to do it? Will they succeed? And what will it mean for cryptocurrency?

1: The Bank for International Settlements

The Bank for International Settlements (BIS) is the first institution trying to destroy crypto. This is the self-described bank for central banks. The BIS is based in Basel, Switzerland, and is owned by the 63 central banks that make up its membership. The BIS was founded way back in 1930 and is technically the oldest International financial institution in existence. 

Interestingly, the BIS was supposed to be disbanded in 1944 as part of the Bretton Woods Conference, but it hasn’t happened yet. On its **website, the BIS says this is because the financial elite at Bretton Woods didn't believe the BIS would play a useful role once the IMF and the World Bank had been established. 

**Image source: BIS website

Curiously, however, a memoir by one of the economists present at the Bretton Woods Conference revealed that the institution's intended dissolution was because the BIS had allegedly assisted the Nazis in taking gold and other assets from occupied countries. This was proven true in 2013 when the Bank of England declassified documents about how it helped the BIS and the Nazis take gold from Czechoslovakia. 

Despite this history, the BIS was never disbanded, partly due to influential economists like John Maynard Keynes. Keynes is famous for pioneering so-called demand-side economics; it’s the theory that the demand for goods and services is what causes economic growth and inflation, fundamentally; a view popular with many Central Bankers.

Today, the BIS has undertaken a similarly disturbing role, and that's to assist central banks in developing their respective Central Bank Digital Currencies, or CBDCs. This financial system will give the central banks the power to decide what you can buy, when you can buy it, where you can buy it, how much money you can spend, and even how much you can save. In the words of BIS manager Agustin Carstens, “The central bank will have absolute control…” and “…will have the technology to enforce that control.” 

Image source: Twitter 

Not surprisingly, the BIS is opposed to cryptocurrencies of all kinds, especially stablecoins. This is because cryptocurrency undermines the total control of the currency that its associated central banks are explicitly trying to achieve with their CBDCs, which are essentially direct competitors to stablecoins.

The BIS’s anti-crypto activities have been limited to reports about why cryptocurrencies are bad and why CBDCs are better, as detailed in this article and clearly shows that nobody is buying what they’re selling. Many are skeptical and can see through their agenda; still, the BIS has undoubtedly an incredible amount of influence given its history and the advocacy of central bankers worldwide. 

2: The Financial Action Task Force

The Financial Action Task Force (FATF), an international organization based in Paris, France, is the second institution trying to stymie crypto. It consists of 40 countries and dozens of other international organizations, including the IMF and World Bank. The FATF was founded in 1989 and was initially established to combat money laundering worldwide. 

Its mandate has since expanded to include anything threatening the system's integrity. It achieves this by issuing so-called recommendations about the kinds of financial regulations that countries should implement. The FATF drafted its first set of 40 recommendations one year after it was founded. 

The most infamous of these recommendations is the so-called travel rule, which requires financial institutions to collect detailed information about anyone sending or receiving more than a certain amount of money, usually around $1000. Although the FATF doesn't have the power to write national laws, any countries that fail to comply with its recommendations often find themselves on its grey list or, worse, its black list. 

Being on the former makes it difficult to interact with the Global Financial System, and being on the latter makes it impossible. That's why more than 200 countries have chosen to comply with the FATF's recommendations. 

Now, if you're wondering who writes the FATF’s recommendations, the answer is nobody really knows. That's because the FATF consists of unelected officials who hold meetings behind closed doors, where they decide what recommendations to pass and which countries land on which list. 

Image source: Islamabad Post

The FATF officials are also effectively “above the law,” thanks to the Vienna Convention on Diplomatic Intercourse and Immunities passed in 1961. Under the Vienna Convention, folks like FATF officials cannot be arrested or detained, they cannot be charged with a criminal or civil crime, and they do not have to pay taxes. FATF officials are also not subject to pandemic travel restrictions. 

While it's not precisely clear who decides what the FATF does, it's clear that it has strong connections to the United States, specifically, the United States Treasury Department. As recently as 2018-2019, Treasury served as President of the FATF, and two of the three lead authors of the finalized recommendations for cryptocurrency were from the Treasury Department. The document notes that the United States is the primary driver behind compliance with the FATF's recommendations. 
 
This may explain why the United States isn't on the FATF’s grey list or black list even though up to 40% of all money laundering happens in the USA and why the countries that do end up on the FATF's gray and black lists tend to be at odds with the interests of the United States. 

Given these facts, it looks like the FATF is another financial weapon the United States occasionally uses against its enemies, and it's a weapon that's being used against cryptocurrency as well.  

Having said that, the FATF doesn't actually want to ban cryptocurrency; it just wants no more peer-to-peer transactions and no more privacy and hopes to achieve this by labeling any technology or activity related to these two as high risk. In other words, the FATF wants to turn crypto into another arm of the existing financial system, which the United States, of course, controls. 

However, countries and indeed crypto firms are reticent and slow on the uptake of its crypto recommendations, and it looks like there are a few which might not implement the crypto regulations the FATF wants to impose. This might have to do with the fact that its recommendations don't work in combating illicit Finance. 

The FATF's own statistics suggest it hasn't made a dent in dark money in over 30 years. If this non-compliance by countries continues, it will be difficult for the fat F to achieve its goal in time. After all, if crypto adoption reaches a Tipping Point, it will be impossible for politicians to pass the crypto regulations the FATF wants to see because the people will vote against such politicians. 

It's also possible that by the time compliance starts, the financial system will have fragmented to such an extent that the FATF no longer has any influence. The unprecedented sanctions against Russia have accelerated this fragmentation. 

3: The International Monetary Fund – The World Bank

The International Monetary Fund (IMF) and the World Bank are the third institutions trying to cancel out crypto. The IMF was created as part of the Bretton Woods agreement mentioned above in 1944. The Bretton Woods agreement is where the world decided to make the US dollar the world's reserve currency. More accurately, it's where the world decided that the other currencies would be pegged to the US dollar at a fixed exchange rate, and the US dollar would, in turn, be backed by physical gold. 

The IMF's initial job was to ensure the exchange rates between other currencies and the US dollar remained stable. But after the US dollar officially stopped being backed by gold in 1971, the IMF turned its focus to financial stability worldwide. The IMF achieves this financial stability by issuing loans to countries in crisis to ensure that the situation the country is facing doesn't become an international crisis. 

These loans are known for including all sorts of terms and conditions that benefit certain institutions. Whereas the IMF issues loans, the World Bank provides longer-term financial and technical support to developing countries. You can think of the World Bank as the “unofficial” other half of the IMF, as it was also created as part of the Bretton Woods conference. 

It’s clear that the IMF is firmly aligned with the interests of the United States, simply because the USA has the most voting power of the IMF's 190 member countries. Arguably, the IMF's hatred of cryptocurrency has mostly to do with BTC. That's because Bitcoin is starting to be adopted as legal tender by the kinds of developing countries the IMF is trying to control, notably El Salvador and the Central African Republic. 

Image source: Cointelegraph

This is why the IMF included a clause in its debt deal with Argentina to discourage cryptocurrency adoption. Something that I'm sure is going to become more common as more countries start adopting crypto and BTC in particular. By the way, the clause didn't work, as Argentinians are still adopting BTC and stablecoins to protect themselves from inflation. 

The IMF's report about the decline of the US dollar stated that the IMF knows that central banks around the world are slowly ditching the greenback in favor of alternative currencies and why it's possible other countries could adopt BTC. 

Case in point, the chairman of the Central Bank of Switzerland recently noted that it could hold BTC on its balance sheet once it becomes big enough. At that point, it's only a small step to legal tender status. It's safe to say this is something the IMF doesn't want to see in any developed countries, which is why the institution has seemingly focused its attacks on BTC.

Lately, these attacks have centered around Bitcoin’s energy use, with the IMF claiming CBDCs are superior because they use less energy. What the IMF won't tell you is that Bitcoin’s energy use is negligible in the grand scheme of things. 

4: Wall Street

The fourth institution trying to invalidate crypto is Wall Street, which is more of a collection of established financial institutions rather than a single entity. As almost everyone around the world knows, Wall Street’s power is truly unprecedented, and most of this power resides in a handful of asset managers like BlackRock and Vanguard and mega banks like JPMorgan and Bank of America. 

Notably, the only reason why these asset managers and banks were able to become so prominent is that they're pretty much first in line at the Federal Reserve money printer. They also have unbelievable influence over politics and regulations in the United States and elsewhere.

You may recall that the Securities and Exchange Commission (SEC) allegedly destroyed documents about the 2008 financial crisis when it was supposed to investigate the asset managers and big banks that caused it. 

A 2012 article from The Huffington Post also notes that Wall Street spent more money on lobbying than any other industry between 1998 and 2011. A spending streak that has now been overshadowed by big tech giants like Meta and mega-corporations like Amazon, which are now the biggest lobbyists. 

The IMF even published a paper in 2019 about the regulatory capture of bank lobbying and how it led to the global financial crisis. While the authors argued that regulations resolved these issues, I think it's apparent to the average person that Wall Street has only become more powerful. 

Like the central banks at the BIS, the asset managers and banks on Wall Street do not want to be replaced by cryptocurrency, which is why most of them have historically been anti-crypto. The thing is that the asset managers and banks on Wall Street also don't want to be replaced by Central Bank Digital Currencies either, and these are quickly becoming a more significant threat than crypto. 

Image source: Markets Insider

It’s already been determined that they would effectively cut commercial banks out of the equation. Even though the CBDC Systems proposed by central banks often include commercial banks at the front end, the BIS and its central banks have admitted in multiple reports that it would be next to impossible for commercial banks to remain profitable under such a system. 

Furthermore, the roles asset managers and banks play could easily be filled by companies in the financial technology sector, such as Revolut and PayPal. It's even possible that crypto companies like ConsenSys could play this role. 

Now this leaves only one option for the asset managers and banks: to take control of the crypto industry and leverage its technology to ensure they remain profitable and ideally leverage it to the point that they can continue to compete with fintech companies. So, how can asset managers and banks take control of the crypto industry?

Well, besides investing heavily in centralized projects with close ties to their constituents, asset managers and banks are also trying to control crypto by forcing it to comply with their ESG agenda, which stands for Environmental, Social, and Governance; in other words, total control. 

The inability to control Bitcoin under this framework is ultimately why Wall Street dislikes Proof-of-work. On the other hand, the Proof-of-stake protocol allows them to procure a controlling stake in any crypto project since they have the capital. 

A scary scenario is that they will be able to implement whatever rules they see fit. If everyone ends up using Proof-of-stake cryptocurrencies, the asset managers and mega banks would finally have total control of the financial system, eliminating governance, politicians, and their accountability. 

I think it’s fair to say many crypto companies would oppose such a takeover from the privileged few, but it's essential to be aware of the game being played and the influential people sitting at the table.

5: The World Economic Forum

The World Economic Forum (WEF) is the fifth institution trying to eradicate crypto. A non-governmental organization or NGO based in Geneva, Switzerland. Klaus Schwab founded the WEF in 1971, and he has served as its executive chairman ever since. 

 As its website states, the WEF’s purpose is to “ shape global, regional and industry agendas. The WEF has the power to do this because it consists of over 4,000 of the world's most influential individuals and institutions, including all the ones mentioned in this article. 

In a previous article, I explain its plans for the world, and they are intensely at odds with the average person. It has astonishing ideas such as “you’ll own nothing and be happy,” which comes directly from the technocratic brain of Klaus Schwab himself. 

The WEF is where ESG standards were established. The recent annual meeting in Davos included a few crypto companies and personnel and a series of panel discussions about crypto-related topics. Seemingly, the WEF had cryptocurrency on its radar since 2013, when crypto bull runs started to occur. However, the WEF isn't all that interested in cryptocurrency per se. Its interest is in the powerful technology that cryptocurrencies use. 

A historical example is the WEF’s Tipping Points Report from 2015, highlighting Smart contracts as a point of interest. Note that this report was published not long after Ethereum was created. A more recent example is this year's Davos meeting, where the Metaverse was almost as big a topic as ESG, with multiple discussions and articles produced by the WEF. 

What the WEF wants is to use technology, like Blockchain, Smart contracts, and the Metaverse, to create the dystopia its constituents want. Regarding the Blockchain, the WEF wants to use it for digital ID, social credit scores, and tracking everything and everyone. Also, tokenizing real-world assets so that their ownership can be controlled and engaging in “stakeholder capitalism via proof of stake consensus mechanisms.” 

If you're wondering who the stakeholders will be, Klaus has stated in many interviews and speeches that he created the WEF so that stakeholders could gather. Let that sink in. 

Image Source: World Economic Forum

Now, when it comes to Smart contracts, the WEF wants to use them for things like automated censorship to prevent the purchase of specific goods and services and to create the kinds of incentive structures the WEF wants to see—for example, artificially increasing meat prices to decrease meat consumption.  

When it comes to the Metaverse, the WEF wants to use it to limit population growth, pacify people in developing countries, and in the words of Schwab's closest advisor, Yuval Noah Harari, “…to give all the useless people something to do.” 

Image source: Mind Matters

The 99% Wake Up And Withstand

Fortunately, the world is starting to wake up to what the WEF is trying to do with cryptocurrency and other technologies intended to free rather than enslave the average person. There's no shortage of individuals and institutions starting to push back, including from the world of crypto and the next giants in social and market media, where freedom, liberty, financial sovereignty, and the entrepreneurial spirit are paramount. 

The few that think they have the right to control every living soul are trying their best to extinguish the entrepreneur and oppress their spirit.  A path to self-sovereignty is here with Markethive and brings a whole new level to empower people. Entrepreneurs are the lifeblood of liberty and freedom; liberty and freedom are a gift from God. In today’s world, Markethive is a blessing and unrivaled by any other platform out there today.

Reference: Coinbureau.com

Tim Moseley

Tornado Cash Whirlwind: Fed Prohibits U.S. Citizens From Using the Service.

Cryptocurrency mixing service Tornado Cash has been blacklisted in the U.S. Now, this has created a whirlwind in the crypto community. It is essential to understand exactly what's happening here as it will have important implications for the industry. However, this is not the first time the U.S. government has imposed a ban on crypto-related companies.

Tornado Cash's blacklisting sparks outrage in the crypto community as the U.S. Treasury sanctions the Ethereum hybrid protocol. The developers working on Tornado Cash and the log itself have been removed from the popular code hosting site Github. Vitalik Buterin has publicly admitted that he used the protocol in good faith, and his supporters have condemned censorship as unconstitutional. At the same time, someone started sending illicit Ethereum from Tornado Cash to a range of celebrities, from Jimmy Fallon to Jake Paul.

Tornado Cash is a firm that allows customers to conceal the origin of their cryptocurrency transactions. The U.S. Treasury Department has banned all Americans from using the website because it played a crucial role in laundering billions of dollars worth of cryptocurrencies. It is one of the main tools hackers use, most notably the $625 million breach of Axie Infinity's Ronin network by North Korea's Lazarus Group in March.

Before I go further, let's dive into the ecosystem of Tornado Cash to understand what the network is about and its functionalities.

Image source: Moralis Academy

What is Tornado Cash?

The blockchain transactions of Ethereum and Bitcoin, the two largest cryptocurrencies in the world today, are fully public and visible. Thanks to this high level of transparency, almost anyone can use their public address to track users' spending behavior. If they wish to disclose their transaction history, they only need user data for a single transaction that occurred.

Of course, the anonymous nature of public addresses doesn't necessarily mean they know users' personal information. Still, this leaves a lot to be desired for more privacy-conscious crypto users. Various privacy-conscious solutions and protocols have been developed to address the "problem" of transparent pseudonyms, but arguably none have been more successful than transaction mixers.

Transaction mixers essentially pool the funds of multiple users with their transactions: before each transaction reaches its intended destination, it is "shuffled." Once this shuffling process happens, it's complicated for anyone to track whose money went where and how much.

In practical use of transaction mixers, the developed protocol increases transaction anonymity by sending numerous random transactions across multiple addresses. However, these transactions can still be tracked in the public ledger, so this is not an entirely successful solution.

Tornado Cash aims to solve the privacy issues of transparent blockchains through private transactions. A fully decentralized, custody-free protocol increases transaction privacy by breaking the chain connection between sender and receiver addresses. To improve privacy, Tornado Cash uses smart contracts to accept ETH and other tokens from one address and allow them to be withdrawn at another.

These smart contracts work as a package, mixing all the deposited funds and generating a private key to prove that you have completed the deposit process. The sender can then use this private key to withdraw the deposited funds to any address at their chosen time. Tornado Cash has grown in popularity due to the rise of cryptocurrency events. It has also become a place to store stolen funds and a haven for many hackers.

Feds Blacklist Tornado Cash

The U.S. Treasury has added Ethereum mixing service to its list of Specially Designated Nationals. In a Press Release published by the U.S. Department of the Treasury, the body added the Tornado Cash website and a long list of Ethereum addresses to its list of Specially Designated Nationals and banned U.S. citizens from using the tool or doing business with the firm.

The announcement added that the state-backed North Korean hacking group Lazarus Group used Tornado Cash to launder more than $96 million after it hacked Harmony Bridge in June. It also said criminals used Tornado Cash to launder money, with $7.8 million stolen in the Nomad Bridge hack.

The Treasury Department's announcement lists some Ethereum addresses related to the Tornado Cash community, including addresses where people can donate money. According to Nansen researcher Andrew Thurman, the list of blocked addresses includes addresses that received funds from Gitcoin, an Ethereum-based platform used to fund open-source projects.

The Treasury Department said the measure was taken because criminals used Tornado Cash to launder money. In April, Tornado Cash said it used a tool from blockchain tracking firm Chainalysis to block U.S. government-approved addresses from using privacy apps. This is not good enough for the U.S. authorities. Brian E. Nelson, Treasury Undersecretary for Terrorism and Financial Intelligence, added:

"Despite public assurances otherwise, Tornado Cash has repeatedly failed to impose effective controls designed to stop it from laundering funds for malicious cyber actors on a regular basis and without basic measures to address its risks."

Ethereum is the network behind the second-largest cryptocurrency by market capitalization, with thousands of tokens running on its blockchain. The native token ETH is trading at just under $1,897 and has a market cap of over $219 billion at the time of this writing.

As a result of this ban, all U.S. individuals and entities are prohibited from interacting with Tornado Cash or any Ethereum wallet addresses associated with the protocol. Anyone who does so faces criminal penalties.

Tornado Cash announced in July that it had fully open-sourced its user interface code as part of its goal of complete decentralization and transparency. Mixer's website includes a compliance tool that allows users to view the source of each transaction.

Image source: Coindesk

Sanctions may not prevent the operation of Tornado Cash itself. Co-founder Roman Semenov explained that the privacy service is designed to work without central control. When he and his team write and release code, the Decentralized Autonomous Organization (DAO) must approve any changes.

He told CoinDesk:

"If the DAO doesn't like what we are doing, then we will be forced to change our approach, and we cannot do it in a way that would satisfy the DAO's demands or expectations… The DAO has no way of forcing us to make those changes because our code base runs on a decentralized network where we don't have to talk to anyone else or ask for permission."

Is the U.S. Government in a Crypto War?

Given the ensuing avalanche of blacklists, does that mean Tornado Cash will only be used by criminals to launder money? Due to the transparency inherent in the blockchain, Tornado Cash offers many other less "illegal" use cases that are common when using traditional fiat currencies.

Recently, defenders of Tornado Cash have launched their offensive against the decision in various ways. First, they drew attention to a glaring logical flaw in the decision: anyone interacting with the Tornado Cash contract was illegal. Individual users cannot reject incoming transactions. Small amounts of cryptocurrency have been sent to well-known public wallet addresses – including those associated with Jimmy Fallon and Shaquille O'Neal – a concern that challenges the Treasury to take action to seize the entire Community.

Congress is deliberating a measure that permits the U.S. Treasury broad authority to prohibit or freeze certain digital assets, particularly if they relate to foreign banking institutions, transactions or if one or more types of accounts are of primary money laundering concern.

But the decision has drawn backlash from many in the crypto community, who see it as a government offense that runs counter to its core values ​​of privacy and autonomy. Crypto attorney Collins Belton tweeted:

"arguably the most significant legal action that has occurred in crypto" and warned that it could produce "absolutely gargantuan ripple effects."

However, this action also suggests that OFAC sanctions, which are intended to more broadly push the introduction of cryptocurrencies into the world's financial system as a way to make payments without going through a trusted third-party financial institution should ultimately bypass it.

A bigger fight may be on the horizon: some prominent crypto lawyers have already begun to float the idea of ​​challenging the decision on constitutional grounds. "Banning software publication is banning speech," said Peter Van Valkenburgh, director of research at Coin Center, at a cryptocurrency conference in Las Vegas.

He also said:

"Even laws that unreasonably chill speech are constitutionally suspect and can be challenged even before enforcement."

The sanctions were particularly notable because they were placed not on a person or particular digital wallet address but on the use of a smart contract protocol, which in the most basic form is just information. The precedent set by these actions is not favorable for open source software development in the sector.

Bottom Line

The Feds’ actions shocked the crypto community just as it was starting to relax and enjoy a summer rally led by Ethereum and the promise of its coming upgrade, The Merge.

The news that the U.S. Treasury Department has banned all Americans from using Tornado Cash crypto-mixing service or any Ethereum wallet addresses tied to the protocol after North Korean hackers allegedly used it to launder stolen crypto funds has once again heightened doubts on the stability of the whole sector.

This news highlights the cryptocurrency market's fragility and the regulators' ability to crack down on service providers for various reasons, particularly national security. While general market conditions appear to be slightly improving, despite contrasting economic data, this news casts a shadow over the cryptocurrency market. It may discourage further investments from people fearing their coin may be the next one to be targeted.

Tim Moseley

Ethereum 2.0 and the Merge: What You Need to Know About the Transition.

The Ethereum Merge has been one of the hottest topics in the cryptocurrency community lately. In this article, you will get to know about it and when Ethereum 2.0 will appear. Ethereum, the most popular altcoin and second most traded cryptocurrency, is planning a major software update that could affect your crypto investments.

After years of being the #1 smart contract blockchain, Ethereum is transitioning to a less energy-intensive technology. You may have heard of the planned update for Ethereum 2.0 or Eth 2.0, but the Ethereum Foundation is now calling it the Ethereum merger.

The move is expected to reduce Ethereum's power consumption by 99% while reducing the net issuance of the asset. Many expect the issuance of ETH to be a net negative, earning it the nickname "ultrasound currency."

The following focuses on the details of the merger, some brief technical details, and a timeline, and debunks some of the most common misconceptions.

What is The Merge?

As mentioned above, "The Merge" describes Ethereum's transition from a proof-of-work consensus algorithm to a proof-of-stake algorithm.

Ethereum gives a precise definition of the term here:

"The Merge represents the joining of the existing execution layer of Ethereum (the mainnet we use today) with its new proof-of-stake consensus layer – the Beacon Chain."

Source: Ethereum.org

This is to handle the energy-intensive mining process while securing the network with staked ETH. The move aims to ensure greater security, sustainability, and scalability for the Ethereum network.

Let's dig deeper into the technical aspects for greater clarity and understanding.

Beacon Chain: ETH 2.0 Processing Engine

The Beacon Chain is the important feature of the Ethereum 2.0 architecture. It exists and operates in parallel as an independent blockchain of the Ethereum network. It does not process transactions on the main network but achieves consensus on its own. This is done by agreeing on active checkers and their account balances.

Unlike the Ethereum network, which still operates through proof-of-work, the signal chain is powered by a consensus algorithm. It was developed on December 1, 2020.

In short, the Beacon Chain has so far served as the de facto testnet for Ethereum 2.0, but all of this will change with the merger.

As shown in the diagram above, the merger represents the moment when two systems (Ethereum mainnet currently running on PoW and the beacon chain running on PoS) come together. This merge will replace the PoW consensus algorithm with Proof-of-Stake (PoS).

This holds up some substantial implications for the network, but the crucial considerations include:

• No history will be lost
• Funds are safe
• No more mining of ETH

When Will the Merge Happen?

It's worth noting that Ethereum 2.0 has been in development for years, and the exact date of the "merger" always looks like something might happen in the not-too-distant future.

All of the delays ended on July 14, 2022, when a member of the Ethereum Foundation shared a timeline showing what came to be known as a "soft" timetable for the merger.

The Superphiz timeline shared on Twitter includes a specific client release date and the so-called The Merge date. Despite the date, Superphiz also stated that "this merger timeline is not final," The developer stressed that people should "consider it as a planning timeline, and keep an eye out for any official announcements. The call, titled "PoS Implementers' Conference Call" Document #91 – 2022-07-14" states that the "proposed" timeline for discussion is as follows:

• Goerli/Prater client releases 27th or 28th of July.
• Announce 28th/29th.
• Prater Bellatrix on the 8th of August
• Goerli Merge on the 11th.
• ACD 18th August plan mainnet Merge:
• Bellatrix early September;
• Merge two weeks later (week of Sept 19th).

As shown above, the merger is scheduled to take place on September 19, 2022, barring unforeseen events, including "the Goerli merger won't blow up." That date is not set in stone, though; delays may occur if complications arise.

Get Ready for The Merge?

This is one of the most significant events in the entire history of the cryptocurrency industry, so many bad actors will likely try to take advantage of it and scam innocent people.

Hence, it is essential to know that ETH users and holders do not need to do anything with their funds or wallets before merging.

The entire history of Ethereum – dating back to its creation, will remain unchanged and intact after the transition to PoS. Even after the merger, all funds in the wallet will still be accessible, and there is no need to upgrade on behalf of users and holders. 

Moreover, as part of the preparation for regular traders, it’s imperative to know that you are not expected to take any action for the upgrade. Beware of scammers who would want to rip you off your coins.

Ethereum Network After the Merge

One of the major promises of Ethereum 2.0 is that of scalability, and Vitalik Buterin claimed that the network would be able to process 100,000 transactions per second. However, The Merge is just the first stage of five from the protocol’s incoming development. These phases will see ETH 2.0 evolve into a full-fledged platform capable of handling millions of daily users.

It means there will be many more potential uses for the cryptocurrency than just smart contracts, like an app store or even gambling sites. If the Ethereum developers want ETH 2.0 to become one of the significant blockchains used worldwide, they need to ensure that the tech is scalable enough to handle all the projects on their roadmap.

The five developmental stages are as follows:

The Merge
This is the proof-of-work to proof-of-stake conversion discussed hereafter, merging Ethereum's current mainnet with the beacon chain.

The Surge
At this stage, this is what sharding brings to the protocol. A scaling solution divides the network into separate partitions called "shards" to spread workloads across the main network.

The Verge
This phase refers to the introduction of the so-called "Verkle tree." It includes an upgrade to Merkle Proofs designed to optimize data storage for Ethereum nodes.

The Purge 
Also, this upgrade affects validator data storage and reduces the disk space required by validators, optimizing network congestion.

The Splurge
This is the last upgrade in the pipeline and is intended to provide various progress updates to ensure the network's overall smooth operation.

Misconceptions About the ETH 2.0

As with all highly anticipated major events, the cryptocurrency community has had many common misconceptions floating around for some time now. Below are five of the most common.

It needs to stake 32 ETH to run a node
There are two kinds of nodes on the Ethereum network – the ones that can propose blocks and those that cannot. Those not required to commit ETH do not propose blocks, but they are also an integral part of network security, as they hold all block proposers accountable.

Gas fees will be reduced after the merger
The merger will change the general consensus algorithm and will not increase network capacity – and, therefore, will not result in lower gas tariffs. However, scaling solutions are being developed to do this, most of which are layer 2.

Transaction speed will be greatly improved
Transaction speeds on the merged mainnet will remain relatively unchanged, albeit with some minor changes.

Consolidation will cause downtime for the entire network
Merge upgrades are designed to avoid downtime. The network should always behave as expected except for minor issues, which are usual with software installation.

All staked ETH will be withdrawn after the transition
Validators leaving the network are rate limited. This is for security reasons. There is a limit to allow withdrawals of around 43,200 ETH per day. As of this writing, more than 13 million ETH has been staked in ETH 2.0.

Summary 

All in all, The Merge is undoubtedly one of the most important moments in the history of cryptocurrencies, as one of the greatest protocols is about to undergo a huge change. Now that the timetable is in place, all of this has been tightened considerably, albeit "softly." However, there are still many details we don't know yet, and no doubt they will be revealed in due course, so it's best not to get too excited or nervous yet.

Tim Moseley

MARKETHIVE THRIVES – Announcements Forthcoming

Markethive will soon make history with the impending wallet release and the cessation of the Entrepreneur One (E1) upgrade subscription to new members. The current E1s will continue as usual and receive one-tenth or 0.1 ILP every year when completing 12 consecutive monthly payments per year. 

Acquiring the ILP entitles you to 20% of Markethive’s net revenue per month. You are considered an early adopter and shareholder in the company, which is the first of its kind to integrate blockchain technology and cryptocurrency micropayments, thereby creating an ecosystem for the entrepreneur.  

In other words, Markethive is not just a social media site where people gather. It’s not just an inbound marketing or broadcasting platform where the marketer or creative pays for its services. Blockchain and cryptocurrency have enabled Markethive to offer its users many opportunities to create an income, the most lucrative being the ILP. 

By upgrading to Entrepreneur One, not only are you supporting and assisting in building the monolithic project of a Web 3 Social Market Media, you are essentially the venture capitalists. You are the organic element in Markethive, the Ecosystem for Entrepreneurs, and creating a legacy financially for yourself and your loved ones. 

As an incentive and because the Entrepreneur One upgrade will end soon, all who upgrade and maintain their monthly subscription for 12 months this year will receive a half or 0.5 ILP. 

The Premium Upgrade will also launch once the wallet is released, with many benefits for Markethive members. It increases your earning potential and allows you to monetize the initiatives Markethive has implemented. Click here to preview the features of the Premium Upgrade.

Watch this video of Thomas Prendergast, the CEO of Markethive, explaining in depth the benefits of the E1 upgrade and the opportunity of the ILP as he crunches the numbers. Markethive is a Divine Vision of our Lord, Jesus Christ, and Tom’s mission to bring it to ‘we the people” so that we may enjoy financial sovereignty, freedom of speech, liberty, and peace of mind in this uncertain world. 

The Entrepreneur One ILP special offer, features, and benefits are detailed in this article. The Entrepreneur One ILP Special 

About The Wallet

The Markethive Wallet, as detailed in this article, is now on the Solana Blockchain and is currently being BETA tested on the Markethive Development Site. The image below demonstrates a behind-the-scenes look at the blockchain working and transferring our token to a Solana wallet. The next step is to delegate a chosen BETA group of members who are Entrepreneur Ones to transact (send and receive) the coin via a Solana wallet. 

These people will promote Hivecoin (HVC) by asking their contacts to receive a chosen amount of coins, essentially sending the coin back and forth to people who accept your offer. These people can be users of Bitcoin Forum, Reddit, Telegram, or any site that you are affiliated with. The goal is to create transactional activity in the thousands.

It’s important to be active on the sites mentioned above, as the next step will be engaging five coin exchanges to list HVC on their platforms. The exchanges will do their due diligence and see that Markethive ranks very high in traffic, which will bode well for listing the coin, so it’s critical to have as much interest and activity as possible. 

Being listed on five coin exchanges is significant as it helps create stabilization and equilibrium, whereby a Moving Average or Mean can be calculated.  Moving averages are typically shown as a line on a chart, showing a mean of a previous set of periods. Because they are the mean (or average) of the data, they help to show the general trend and can then be used to map the direction of the coin visually. 

About Markethive’s Coin

The current Markethive Token (MHV) has a total supply of 8.8 billion and is only used internally. As we move forward, our cryptocurrency coin, HIVECOIN, will be the coin of Markethive that will be traded on the open market in crypto exchanges. The coin will replace the Markethive Token and have a total supply of 45 million. A much more realistic figure for the coin’s price action, supply, and demand.  

Phase one of the wallet is about to be released with a new vault and processor. The new hub will produce the new Markethive Credit, replacing the old Markethive Coin used internally. The Markethive Credit can be used to purchase the many services in Markethive and will also have a new staking advantage.

We are not staking the old Markethive Coin, as that is considered a violation of federal regulations that continue to evolve; however, there are ways around it. Our new Markethive Credit is not considered a Security as it can only be transacted one way. You can buy it within Markethive, but you can’t sell it on exchanges.   

You buy Markethive Credits to purchase services and for the purpose of staking, where you receive monthly interest on any given amount. There will also be significant incentives for all members to buy the new Markethive Credits. 

Wrap Up

Markethive has a fully operational inbound marketing system and social interface that is being uniquely enhanced with the new dashboard while simultaneously concentrating on the crypto side of things to get our coin up and running on the open market.  

So, it is almost “all systems go,” and you could help by supporting Markethive to expedite this humongous undertaking, not owned by the elite but by “we the people” so that every individual has a safe haven online. 

Make sure you upgrade to Entrepreneur One before the opportunity ends, and remember that you get a bonus of 0.5 ILP this year for the full 12 months. The Entrepreneur One opportunity for new members ends when the wallet is released.

Be sure to come to the meeting on Sunday at 10 am MST to hear the latest updates. You’ll find the link to the meeting room in the Markethive calendar. And stay tuned; the Markethive wallet is about to be announced. Praise the Lord! 

Tim Moseley

Markethive’s Premium Platform Explained

Entrepreneur One To Be Phased Out – Premium Upgrade To be Phased In 

As Markethive moves forward, our Entrepreneur One Loyalty upgrade (the ultimate loyalty program for Markethive’s early adopters) will be phased out and unavailable to new members. However, this makes way for our next phase, the Premium Upgrade, which is in preparation for launch and will be released about the same time the Markethive wallet is integrated. 

Currently, the Entrepreneur One Upgrade (E1) is still available to new members. There will be a countdown ticker badge of 30 days placed on the Markethive home page for you to view, giving you ample notification of its cessation to new members. 

There is also a moratorium for canceled or lapsed E1 accounts, starting simultaneously with the countdown badge. This allows former Entrepreneur One members to resume their membership as though they never left. The months that lapsed will be compressed to show a continuation of a paid year to date. 

Once this 30-day period has ended, the wallet and Premium Upgrade will be released. We have a lot going on now; it’s thrilling that Markethive is coming out of BETA with this launch. The innovative visions and tireless work of the Founders’ are coming to fruition for all of us. 

Premium Upgrade Illustrated 

The Premium Upgrade will include everything stated below. This is the first and basic draft, so there might be a few additions and may be subject to change, but this is primarily the features.  

1. The first is the large wallet transfer/transactions. There's no limit for the Entrepreneur One member; however, the Premium Upgrade will be the second-largest wallet transfer. So the number of MHV coins you can transfer out with this wallet will be substantial. 

2.  You will enjoy a matching bonus when you refer new members, just like Entrepreneur One has a matching bonus. This consists of a 100% matching bonus on the first three that sign up with you, which is 50% more than a free member, and then 25% on each subsequent sign-up for the duration of your active membership.

For example, if the new sign-up airdrop is 100 MHV, you will get 25 coins for as long as you are active in the Premium Upgrade. 

3. You get the entire inbound marketing system. All the features and functions will be available, except for the email broadcasting system, which is limited. You can email your associates (sign-ups) and your group members, but not your friends you have accumulated on Markethive; that is only available to Entrepreneur One associates. 

4. You will have access to total data on the first 16 visitors. This includes their other social media accounts, phone number, and email address. This means you'll get access to the first 16 people who visit your Markethive profile and be able to see who they are. You can contact and reach out to them because they are obviously interested in you, as they came to see you.

5. Access to a friend’s “Friends List” gives you access to your friends’ list, similar to LinkedIn and Facebook.

6.  Automatic video and blog posts to the news feed. Coming very soon is the four different types of newsfeed that are four different types of feeds. As a Premium Upgrade, you will have access to the first three.

1. First is the general newsfeed, similar to a Twitter/Facebook feed.
2. The second is the blogging system, which will display your blogs in that feed. 
3. The third is the video feed, where you can upload organic videos to the Markethive Video Channel and your videos from 3rd party video platforms. All the videos you upload will be shown in your video newsfeed. 
4. The fourth newsfeed is the curation newsfeed limited to Entrepreneur One members only. 

7. Increased Limits On your Video Uploads. Notably, with YouTube, you need to be qualified to be able to upload unlimited videos. If you do not pass their qualifications, they limit the size of your video uploads. As an Apprentice Upgrade, there is no limit to the size, length, or number of videos you can upload.

8. 10% Discounts on Services, such as Press Releases, Banner Impressions rebate, Boost, Video Ads, etc. E1s get more discounts; however, free members must negotiate with either Entrepreneur One or Premium level and pay them to acquire any of these services or purchase them at full price from Markethive, the company.     

9. Upgrade activities interest (staking) on the Vault.  As a Premium Upgrade, you will receive an increase in micropayments for all your activities in Markethive. Plus, any Markethive Credits you hold in the Vault will be paid interest. 

10. KYC (Know Your Customer). All Premium level and Entrepreneur One associates will have a blue verification checkmark on their profile. So your KYC verification steps will be a lot easier to do as an upgrade than they would be if you were a free member.

11. Newsfeed Rich Text Formatting. You will be able to highlight with bold, italics, or underline in your newsfeeds as a Premium Upgrade. This makes your posts stand out a lot more. 

12. Fully Functioning Storefronts. It is also known as Groups but with the added advantage of monetizing it with capture pages, custom Splash pages, videos, co-ops, shopping carts, etc. You create a complete campaign with a capture page that lands on the splash page built into the group. Essentially, this is a Storefront where people can visit and buy your products listed via your shopping cart.

So you can essentially turn your group into a landing page that allows you to communicate with those in that storefront group, much like a forum. It really is an innovation that takes the whole thing and turns it into a turnkey Marketing System.

A free membership gets the group, but you’re getting a storefront when you upgrade to Premium or Entrepreneur One.

13. Group/Storefront posts in profile feed option.  So whenever you post in your group newsfeed, you have the opportunity to post into your profile feed automatically.

14. Full Video Channel System is a complete YouTube-like video system where followers, friends, and associates can subscribe to your channel. They can comment on your videos, and all the features on YouTube will also be in the myhive.tube video system. 

The other great thing about the entire video channel system is that as an Upgrade, the system will ask if you have accounts on other video platforms whenever you upload your video. (e.g., YouTube, Vimeo, Daily Motion, Facebook, Twitter) You'll be able to link to all of these 3rd party video platforms. 

So you upload your videos into Markethive, which will also upload your thumbnail to those videos and remotely publish out to all the other video accounts you may have so you get extensive video distribution.

It’s worth noting that when videos are posted on another platform, only a snippet of the video can be viewed. Users will be directed back to the Markethive platform to watch the whole video. This is a huge advantage considering YouTube’s predilection to censorship.

15. Full Conference Room Channel. All members will have access to Markethive’s free conference rooms; however, they will be limited according to your membership level. Free members will have two seats (you and a guest). Premium will have ten seats, and the Entrepreneur One Upgrade will have unlimited seats.  

Our conference room system is integrated into inbound marketing, calendars, and timers, making it a very sophisticated system.

16. Bookmark Newsfeed Management. If there are posts in the news feed that you like or want to remember, you will be able to bookmark them if you’re going to reference them again, creating easy access to them in the future. 

17. Self Deleting Posts (Set timer option) Like Snapchat, you will be able to send a message to someone or make a post, then set a timer for it to self-delete. This is an excellent option if you have a time-sensitive message or post. 

18. Send Messages to anyone in Markethive. (Limited to ? per month) The number of people you can message is still yet to be determined. However, as an upgrade, you will be able to message any member, no matter their level. You can send a message to them if you see their profile page or a post they did. 

Once this feature is in place, nobody else can send messages to anybody unless their first-level friends.

19. Markethive sub ROKU Channel. Markethive already has a Roku Channel, and we can build Roku sub-channels into it. What this means is, as a Premium or E1, you will be able to have your own sub-channel, which will be named, yourusername.markethive.  

So when you upload a video into Markethive, you can designate to upload it as well to your Roku sub-channel. 

Premium Platform Plan Proposal

So there you have it. This is an impressive menu of options for the Premium Upgrade, which can be paid in part using MHV along with BTC or credit/debit card. The subscription prices are not set in stone as yet; however, a mock-up of the various plan options proposal is pictured below. The MHV is based on the value of one penny in the image. However, the coin price will fluctuate when listed on the exchanges, so the amount of MHV will be adjusted accordingly. 

**Note that the Markethive coin (MHV) will be renamed to Hivecoin (HVC) once we list it on coin exchanges. The total coin supply will be drastically reduced, which will only benefit the coin's price. 

Markethive built this system to lift you up financially while giving you a mighty broadcasting Social Network. Our foundation is built upon the precept that freedom and liberty are very much at the forefront and our main product. Upgrading to Premium Level gives you additional leverage and greater power to broadcast your message while supporting our mission to lift up the entrepreneurial spirit found in all of us. 

Still Time To Secure Your Entrepreneur One Upgrade

And of course, there is still time to upgrade to the ultimate loyalty program, The Entrepreneur One, for US$100 per month, which includes a 1/10th ILP after 12 months of consecutive payments. Essentially you have shares in the company! This is a golden opportunity; think of the Web 2.0 social media platforms like Facebook et al., when they were looking for funding; they engaged affluent Venture Capitalists. The difference here is you are the VCs without needing the capital, and you will reap the rewards as Markethive becomes the next tech giant of Web 3.0. 

Finally…

Stay up to date with the progress by attending the Markethive meetings on Sundays at 10 am Mountain Time. Come with us as we make our way through the final stages of BETA, where the full potential of Markethive will be realized, creating more leverage, opportunities, and the ability for you to achieve your personal and professional goals. The link to the meeting room can be accessed in the Markethive calendar. 

Tim Moseley

Report Reveals Market’s Pain In First Half Of 2022. Some Crypto Ecosystems Continue To Thrive

The first half of 2022 was painful for the crypto market. This is mainly because of the events during the second quarter, such as Terra’s collapse and Three Arrows Capital’s insolvency. A recent report produced by the popular crypto price-tracking site Coin Gecko has examined precisely what happened during this chaotic second quarter and how it could affect cryptocurrency in the remaining half of this year. 

The following is some background about this report, summarizing what it says in simple terms and what it could mean for the crypto market going forward. 

The report begins with a note from Coin Geckos founders where they talked about how crypto lost more than half of its market cap during Q2 and how this was due to a combination of macro factors and Terra’s collapse. The founders also mention Three Arrows Capital and how its insolvency took down crypto platforms exposed to it, like Voyager Digital, and noted the gradual decline in the NFT market.

On a more positive note, the founders point out that many crypto ecosystems continue to thrive, despite the bear market. They note that most of the leverage has been flushed out by the recent crashes and that many crypto companies and projects, including Coin Gecko, continue to operate as usual. 

The Market Landscape

The first part of the report provides an overview of the crypto market. As mentioned in the report’s introduction, crypto lost nearly 56% of its market cap during the second quarter of this year and was 70% down from its November highs. Interestingly, trading volume during the second quarter was essentially the same as the first quarter, suggesting the same pool of traders and investors has stuck around since that time. 

The authors then turn to the market dominance of the top 30 cryptocurrencies. Market dominance refers to how much of the total market cap comes from a single cryptocurrency. BTC’s dominance remains the same, while Ethereum fell significantly in June. 

ETH’s decline may have something to do with the news that Ethereum developers had delayed Ethereum's “difficulty bomb,” which was interpreted by ETH investors as a sign that Ethereum’s merge to proof of stake was also delayed.

Another noteworthy thing in the report was that Bitfinex’s exchange token, Leo, was the only cryptocurrency that didn't end up in the red during the second quarter of this year. Some exchange tokens such as Binance have seen exponential growth, particularly in the last bull market. 

Because of token utility and perks that exchanges can offer traders, and because they use trading fees to buy back and burn their native tokens, often causing their prices to rise artificially, they’re holding their own in the current bear market. 

In the matter of the market cap of stablecoins, nearly $39 billion were lost as a result of Terra’s collapse. Tether’s USDT lost 20% of its market cap, with circle’s USDC picking up most of the slack. The report suggests that this is evidence that investors were cashing out of crypto completely during Q2. 

The analysts found that the top 30 cryptocurrencies by market cap strongly correlate to the S&P 500 stock index, stating that the correlation was high at 0.92, which increased from 0.72 in Q1 of 2021. They highlight that crypto assets’ correlation with traditional markets is not surprising given the perceived risky nature and suggest that stocks were the primary drivers of crypto prices in Q2. 

The authors provide an infographic of a timeline of the significant events in crypto during the second quarter of this year and include many important milestones for crypto. Such as Solana NFT launch, STEPN banned in China, Harmony Bridge hack, Grayscale’s ETF application denied by the SEC, Coinbase added to Fortune 500, and so on. 

Bitcoin Analysis

The second part of the report provides an analysis of Bitcoin that shows how BTC briefly fell below its previous bull market top of 20K in June. It recorded nine consecutive weeks of being in the red. Notably, the broader equity market also fell at the same time, which dragged Bitcoin along with it. 

Meanwhile, Bitcoin's hash rate only continues to climb and even managed to set an all-time high on June 8th of this year, despite the downward trend. For those who don't know, Bitcoin’s hash rate measures how much computing power is connected to the Bitcoin blockchain. 

Bitcoin vs. Major Asset Classes

When comparing BTC to other major assets, the authors found that the only ones that saw any gains were oil and the US dollar. In comparison to the Q2 of 2021 return of oil at 22% and USD at -1% rose by 7% during Q2. The possible reasons are the current constricted oil supply and rising interest rates. It might also have something to do with the US dollar being backed by oil.

Interestingly, Bitcoin has simulated the behavior of US equities dipping in unison whenever the Federal Reserve announced a rate hike. The report states that the correlation between Bitcoin and other equities has been on an upward trend as the year progresses. Whether this trend will capitulate as we enter a recession has yet to be determined.

Ethereum Analysis

The third part of the report analyzes Ethereum and starts with an even scarier chart that shows how ETH fell by nearly 70% during Q2. The authors attribute this crash to Lido finance’s staked ETH token, notably its use in Terra’s now-defunct anchor protocol. Also, its use by alien crypto platforms like Celsius and its exposure to failed hedge funds, like Three Arrows Capital. 

Next, the authors provide an updated timeline for Ethereum, transitioning from proof of work to proof of stake, which is already a bit outdated but puts the merge in Q3 this year, which is technically correct. 

Interestingly, the authors found that the amount of ETH staked on Ethereum’s Beacon chain peaked at around 11% of ETH's total Supply. The authors also note that Lido Finance remains ETH's most significant single staker at over 32%. Then the authors show how much lido Finance’s staked ETH token deviated from its peg relative to ETH. But it's important to note that the peg was quickly restored after Ethereum developers confirmed a tentative date for the merge. 

The Aftermath Of Terra’s Collapse

The fourth part of the report provides some perspective on Terra’s collapse. It starts with UST’s disastrous de-pegging from $1 to $0. It had a $1.8 billion market cap at its peak and fell to a mere $807 million at the end of June. The de-pegging event resulted in a 99% drop in value, with UST hitting lows of $0.007 since rebounding to $0.05.  

The report referenced Jump Crypto, a crypto trading and VC firm heavily involved in the Terra ecosystem and rumored to have lost a lot of money defending UST’s peg. 

The UST de-pegging had a domino effect causing LUNA’s painful implosion from $120 down to zero. The authors also note that LUNA’s supply increased by a whopping 1.9 million% before Terra’s validators turned off the mint and burn mechanism.  

The report shows a detailed timeline of Terra’s collapse, but interestingly, it doesn’t mention the alleged attack on the 4pool on Curve Finance that occurred after the Terra team withdrew UST liquidity, the exact timing of which was not publicly known. 

Investigations by on-chain analytics platforms such as Chain Analysis suggest that this alleged attack caused UST's initial de-pegging. This is something that each subsequent investigation found was exacerbated by Celsius withdrawing massive amounts of UST from the Anchor Protocol out of caution. 

The authors of this crypto report seem to blame Terra’s collapse on the broader crypto market conditions, which also played a role. 

More Domino Effects 

The report displays an excellent infographic about the second-order effects of Terra’s collapse. On the left side, you have all the institutions which invested in Terra, including Jump Crypto. On the top left are the crypto projects and platforms exposed to Terra, such as Celsius. And on the bottom left are all the different stablecoins that were de-pegged. 

The right side shows Three Arrows Capital which was, of course, exposed to Terra, and on the top are all the different crypto projects and platforms exposed to 3AC. On the bottom right, you have all the crypto companies exposed to 3AC. The authors then provide more details about how Celsius, BlockFi, and Voyager Digital were affected by Terra's collapse and 3AC’s insolvency. 

Defi Analysis

The fifth part of the report analyzes the decentralized finance ecosystem. It starts with another unsurprising chart showing how the total Defi market cap fell by nearly 75% during the second quarter of this year, a crash mainly caused by Terra’s collapse. 

However, they don’t state which cryptos they count as part of their Defi market cap measure, but the silver lining to this gloomy statistic is that Defi managed to retain most of its users, with a decline of only a third. It stated there were multiple instances in Q2 where the need for Defi truly shined. 

What's fascinating is that the authors found that users flocked to decentralized exchanges when centralized exchanges were having issues with LUNA and UST. And users flocked to Defi protocols after Celsius paused withdrawals. In both events, where centralized entities failed, users have converged to enjoy Defi’s permissionless nature. 

They then reveal the different Defi categories, their share of the Defi market, and how much they dropped during Q2. Unfortunately, the authors don't provide specifics about individual Defi projects. The main takeaway seems to be that DEX's are the most significant slice of the Defi pie at 44%. 

Non-Fungible Tokens (NFTs) Analysis 

The sixth part of the report provides an analysis of the NFT ecosystem, and it starts by shedding the spotlight on the massive decline in NFT trading volume since the start of the year.

The authors note that Solana, the latest contender to challenge Ethereum for the NFT crown, and BNB are becoming popular NFT chains because of STEPN; however, China’s ban on STEPN may put a dent into BNB’s numbers. 

The authors found that even though OpenSea is still the biggest NFT marketplace by trading volume, its dominance is declining due to new competitors like Magic Eden, an NFT marketplace on Solana. 

Some would argue that OpenSea’s decline is less due to competition and more due to the platform's controversial actions, such as freezing NFTs and blocking users in sanctioned countries. 

Regarding NFT trends, the authors believe that NFT investors are moving away from move-to-earn and silly NFTs with no utility and moving towards NFT profile pictures and NFTs that are actual art like those found on art blocks. 

This part of the report concludes by focusing on Solana's NFT ecosystem stating that OpenSea and Magic Eden have forged a gateway into the Solana ecosystem. They noted that despite the NFT market’s decline due to bearish macroeconomic conditions, Solana has been chipping away at Ethereum’s NFT Market share. 

Crypto Exchanges In A Sweet Spot

The seventh part of the report provides an analysis of cryptocurrency exchanges. It starts with a surprising statistic: trading volumes on centralized and decentralized exchanges only fell by 11% during Q2. The authors note that centralized exchanges are beginning to increase their dominance despite all the risks associated with centralized crypto platforms. 

This could be because traders and investors are using centralized exchanges to cash out. Alternatively, this increase in dominance could be coming from the fact that some exchanges like Binance recently slashed trading fees, which would explain why Binance's dominance increased significantly during Q2. 

FTX's dominance also doubled during this period, but the authors note that “no one can compete with Binance as they have grown their market share to capture almost 50% of the entire market.” 

By contrast, OKX and Crypto.com’s dominance decreased by 50% each. The authors note that Uniswap dominates the DEX market accounting for 60% of total DEX trading volume. They also note that Curve Finance’s trading volume increased significantly during Q2, likely due to both collapsed USTC pools and the flight to stablecoins. Curve Finance is a stablecoin DEX. 

Also, DEXs on Solana and BNB have increased or maintained their market share, signifying actual market activity on chains other than Ethereum. 

Traders’ Shy Away From Speculation

The authors examine derivatives such as Futures Trading, which involves speculating on the future price of a particular coin or token, often with leverage, in other words, debt. They look at funding rates which is how much money traders put down to cover their long or short positions. 

Interestingly, they note that crypto's recent choppy price action has put traders off from speculation, leading to more conservative stances on Bitcoin's direction, which is good news for crypto market volatility. 

The authors end the report by examining the assets under management for Grayscale’s Bitcoin Trust and the Proshares Bitcoin Futures ETF, which was approved in October last year. 

The authors note that the assets under management for both institutional investment vehicles collapsed by more than 50% alongside BTC’s price, which isn't surprising. They also note that the GBTC discount fell below 30% after the SEC rejected Grayscale’s Spot Bitcoin ETF application. 

What Does This Mean For Crypto?

So the big question is, what do the findings of this report mean for the crypto market? If cryptos' current price action didn't make it clear enough, the massive purge we saw in Q2 has set the stage for a severe recovery rally, which we’re in, arguably. 

However, it's only a matter of time before the markets realize that all the macro factors which caused the recent crypto crashes haven't been resolved, and this could take crypto to new lows. 

You could argue that crypto hasn't seen peak capitulation, not just because many institutional investors like Kevin O'Leary believe that we haven't seen total panic yet. The millionaire investor says, “crypto markets need to hit total panic before revival.”

O'Leary thinks that the market bottom will be marked by “total panic,” at which point weak companies with “idiot managers” will be weeded out, and the industry can continue to grow. He added,

“It’s unfortunate that these companies have gone to zero, but you end up with much stronger species.”

It’s also indicated in the report that although crypto prices have taken a beating, the number of daily defi users has remained relatively stable by comparison. Also, trading volumes have barely budged, and Bitcoin’s hash rate continued to climb even while BTC’s price crashed. 

If what we saw over the last half year had indeed been the market bottom, then it stands to reason that all these metrics would have fallen by much more. For example, the Bitcoin hash rate fell by nearly 50% in previous bear markets but was only 10% off the most recent hash rate highs. 

Not only that, but consider that only two entities exposed to Terra and Three Arrows Capital have collapsed. As the infographic shows, there were nearly two dozen exposed entities, and we're still getting news about some of these running into serious trouble. And that’s apart from all the cryptos that 3AC could soon sell. 

If you're wondering when the current recovery rally could end, some posit mid to late September, when Ethereum’s merge is expected to occur. It’s also when the Federal Reserve will return from its summer holiday with what's likely to be a fresh rate hike to fight inflation. 

Cointelegraph points out that the current ETH rally could be a bull trap with the macroeconomic clouds darkening. A bull trap indicates that a declining trend in a crypto asset has reversed and is heading upward when it will actually continue downward.

With Autumn nearing in many parts of the world, people could start to face skyrocketing energy costs in anticipation of oil and gas shortages over the winter, something that would almost certainly damage assets across the board, such as oil, gas, and the US dollar. 

It’s still risky days ahead given the macroeconomic factors at play, so hang on to your hats and brave the storm. As the saying goes, “No pain, No gain.” The one constant is change, and I believe all these factors are contributing to a more robust, healthier cryptocurrency industry where genuine projects and communities will flourish. 

This information is provided for informational purposes only. Nothing herein shall be construed as financial, legal, or tax advice.

Tim Moseley

Analysts Predict Crypto To Go Mainstream

As cryptocurrencies continue to attract the attention of regulators and investors, some analysts have suggested that Bitcoin could become legal tender in many countries very soon. This proposal argues that Bitcoin is similar to traditional currencies such as US dollars or Euros. So it should be possible to enter the mainstream market as a means of payment and a store of value in the same way paper money does now.

However, several significant differences between the two types of assets make this an extremely complicated task, not least because they are subject to entirely different sets of rules (and their associated risks). In the UK and US, where Bitcoin is a form of payment, the government has been more cautious about regulating it than most other jurisdictions.

Anthony Scaramucci, the founder of Skybridge Capital, expects more countries to adopt bitcoin alongside national and international currencies.

He said:

"I think Bitcoin will be used by many Latin American countries as legal tender over time, not just El Salvador, but other countries,"

El Salvador introduced bitcoin as legal tender alongside the US dollar last September. In January, El Salvador's President Nayib Bukele predicted that two more countries would adopt Bitcoin as the legal tender this year, Bitcoin.com reported. Devere Group CEO Nigel Green indicated that three countries would adopt bitcoin as legal tender this year in January.

Meanwhile, Alex Hoeptner, CEO of crypto derivatives trading platform Bitmex, said last October that five countries would accept bitcoin as legal tender by the end of 2022.

Image source: Reuters.com

Scaramucci also believes that Bitcoin could reach $500,000 per coin in the long run, according to Bitcoin.com. In addition, he expects that by the end of 2025, there will be more than 1 billion wallets containing Bitcoin, and the number of users will reach 250 to 3 billion in the next decade.

"If it gets there, then I think the maturing asset could be a conversation about whether it acts as an inflation hedge," he said.

A Brighter Future Awaits Cryptocurrency

The digital currency landscape is changing, according to a new research paper from Economist Impact commissioned by Crypto.com. The Economist Impact examines how much consumers trust digital payments and what barriers exist to digitalizing essential monetary functions.

Comparing consumer attitudes to similar surveys in 2020 and 2021, they found that cryptocurrencies and central bank digital currencies (CBDCs) are now at the crossroads of credit cards and payment apps.

Economist Impact shared its findings on July 6, 2022, in a PDF file titled Digimentality 2022 – Fear and Favoring of Digital Currency. They surveyed 3,000 people, half of whom came from developed economies such as the United States and the United Kingdom, and the other half from developing countries such as Brazil and the Philippines.

14% prefer CBDC, a significant increase from 4% in 2021. Interestingly, 37% of consumers expect their government or central bank to make cryptocurrencies legal tender within the next three years, and about one-third of consumers expect CBDC adoption.

Notably, more than 60 central banks are at various stages of CBDC development. China and Sweden have already launched live pilots, according to the 2021 CBDC Global Index by professional services firm PwC.

Skepticism Amidst the Unstable Market and Looming Recession

There is a great deal of skepticism about the future of cryptocurrencies amidst a bear market and looming recession. Some believe that cryptos are nothing more than an overvalued fancy that will eventually crash. In contrast, others remain convinced that they have the potential to revolutionize how we pay for goods and services. However, regardless of people’s individual opinions on cryptocurrency’s long-term prospects, it remains clear that this technology has captured the attention of many investors and enthusiasts across the globe.

In the current state of the market, there is a lot of speculation and few true believers. As a result, the price of most cryptos is in a downward trend, and this will likely continue into the future. Meanwhile, the economy is heading towards a significant recession, likely dampening interest in digital currencies even more.

In the long term, crypto may eventually succeed for several reasons, but it will happen much slower than many belief. First of all, even if the value of the cryptocurrency is rising fast, several factors limit its real value in the market. The value of Bitcoin depends on how many people use it as a currency.

The number of exchanges is limited, and they have to be closed down or bankrupted by regulators; governments can block access to their country, as has happened with China and Russia. Finally, the high volatility of the crypto market means that investors need to accept huge losses or gains; this could be enough to turn off potential customers.

Acceptance of Digital Money Despite Setbacks

Digital money is seen as a more secure and efficient way to conduct transactions. Consumers feel confident in using digital money because it eliminates the need for physical currency, which can be lost or stolen. Additionally, consumers believe digital currencies are protected from fraud and malicious activities. Although the current bear market may have impacted consumer confidence in digital currencies, this does not appear to have dampened their enthusiasm for them overall.

Soon, blockchain technology will be widely adopted by businesses of all sizes. They will increasingly rely on smart contracts to automate and streamline business processes such as: fulfilling customer orders and ensuring the timely delivery of products and services. It’s a significant development for the financial industry, which has been slow in adopting new technologies due to the complexity of legacy systems and the risk of disruption to existing revenue streams should the wrong changes occur during integration with new methods. Blockchain-based solutions will accelerate the adoption of new technologies across other industries, including the healthcare and insurance sectors and supply chain management.

In conclusion, the adoption of cryptocurrencies will continue to grow, and we expect to see more mainstream companies adopting blockchain solutions and services. This is a trend that will accelerate over the next few years as more industries adopt cryptocurrency-based technology for their operations and products, and more merchants accept cryptocurrencies on their websites and in stores using mobile apps or point-of-sale systems.

Tim Moseley

What’s Wrong With News And Social Media Today? 

A democratic society values a free-flowing media ecosystem. A healthy media ecosystem is one of the characteristics of a democratic society. Mass media outlets such as newspapers and cable TV networks were prominent in the past. Today, the internet and social media platforms allow for greater communication across society. 

Journalism, investigative correspondents, and even freelance writers are essential to that ecosystem. High-quality reporting revealing brutal truths and users' scope and exposure on social media to either create or access information are forces that can drive genuine societal change. And even keep the power structures in check. 

Despite the positive aspects mentioned above, harmful practices and negative external forces related to the media ecosystem often eclipse them. These issues are usually easy to recognize once they’re identified. Therefore, it is important to acknowledge them and spread awareness about their potential risks. 

Doing so will help you make informed decisions about how you use media and how it can impact your life and the lives of others. The following are a few issues pervasive in many digital news sites, forums, and social media platforms. 

Image source: VisualCapitalist

Implicit Bias vs. Explicit Bias
An explicit bias in media has two types: explicit and implicit. It is possible for publishers with explicit biases to control the framing of stories in their publications by overtly dictating the types of stories that are covered. They push their agenda by using narrative fallacies or false balance. 

Implicit bias refers to unintentional filtering or skewing of information. This can occur by turning a blind eye to specific topics or issues because they would tarnish an advertiser's image. These are known as no-fly zones, and because the news industry is financially troubled, these zones are becoming increasingly dangerous. 

Difference between Misinformation and Disinformation
Inaccurate information is known as either misinformation or disinformation. While misinformation is unintentionally disseminated due to a lack of knowledge or truth on the topic, disinformation is purposely designed to mislead people. For example, a deepfake image, video, fake news story, or concept is considered disinformation. 

The term 'fake news' is frequently used to describe poorly written news content or inaccurate news reporting, as well as conspiracy theories and poorly written or incorrect tweets by politicians. Fake news might refer more broadly to information that an individual disagrees with.

Context Stripping
Through social media, stories are shared widely by many participants, and the most compelling framing usually wins out. More often than not, the truncated, provocative posts spread the furthest. The process of stripping context away from an idea may distort its meaning.

Sharing video clips on social platforms is a perfect example of this context-stripping process. Despite the absence of context, much discussion occurs around the video, especially if it’s controversial or shocking. As a result, viewers are unintentionally encouraged to stereotype the individuals in the video and to bring their own preconceived notions to the discussion table, helping fill the gaps. 

Cherry Picking 
Media contributors search for attention-grabbing story angles to make their point in an article. This may result in cherry-picking information and ideas. Because the content is usually accurate, it makes sense on the surface, but it is missing critical context. 

So cherrypicking can be questionable and compromising. It is tempting to create simplistic narratives that are compelling such as good-vs-evil, but real-world situations are often much more complicated than they appear. 

Desperate Times Call For Desperate Measures
Journalism is experiencing difficult times. Newsrooms are working with less staff and budgets, and 'churnalism' is one outcome. This term describes the act of publishing articles directly from wire services and PR releases. Even if it isn't widely known, 'churnalism' replaces more rigorous reporting. It is also an avenue for advertising and propaganda and harder to recognize as news. 

Image source: VisualCapitalist

Paywalls
The drive to generate revenue is leading to other issues as well. Quality content is increasingly being restricted to subscribers only, otherwise called paywalls. This has resulted in a two-class system, with subscribers receiving in-depth, well-researched news and everyone else having access to trivial or sensationalized content only. 

It’s not only about people with limited incomes; young people are also widely included. The average age of a paid news subscriber is 50 years old, raising concerns about the future of the subscription business model. 

Advertisement Clutter
Desperate times have led to desperate measures for advertising-reliant outlets. User experience has taken a backseat to ad impressions, with ad clutter (e.g., auto-play videos, pop-ups, and prompts) constantly interrupting content. One or two ads on a web page are manageable, but when ads overrun the site, it's distracting and disorienting. 

Surveillance Capitalism
In surveillance capitalism, organizations collect large amounts of data about their customers, employees, and other groups that are viewed as valuable sources of information. This information can be used for various purposes, such as generating revenue by selling data or predicting consumer behavior and targeting them with highly personalized advertising campaigns to increase their profits.

Some organizations capture and profit from individual information utilizing browser fingerprinting. When you visit certain websites, third-party companies scan your device and browser settings to track you online. Despite all the opt-in privacy prompts, these third-party trackers can still watch your every move digitally. Most people are not aware of this process.
 
Deplatforming
Many individuals and communities have been banned from social and publishing platforms for various reasons. While harassment and violence, fake accounts, and bots are obvious reasons to remove the offenders’ accounts, many would argue the rules are inconsistently enforced. Users are falling victim to being suspended or deleted from a platform for having a different point of view than the mediators of the platform. 

While we all are responsible for our online behavior as individuals, platform owners must also be careful to preserve the value of their platforms by avoiding over-zealous enforcement tactics that could lead to deplatforming. Invariably this causes irrefutable damage to the individual or company with a loss of followers and content. 

In many cases, this behavior from specific platforms is seen as a structural bias and agenda-setting from the top down by placing importance on selected topics and is very quick to censor legitimate political discourse or other forms of honest expression. A problem that seems ingrained with legacy social media and a battle we can’t win. 

Image source: VisualCapitalist

Argument Culture
It’s ultimately deviating to an adversarial approach when encountering people with an opposing worldview. Two examples of this are Twitter flame wars and broadcasts where hyperpartisan critics argue. While these are fun for some people, these activities do not require critical thinking or problem solving and are not helpful for the overall health of our society. 

A flame war is created when multiple users engage in inflammatory responses to an original post, sometimes flamebait. Flame wars often draw in many users, including those trying to defuse the flame war, and can quickly become a mass flame war that overshadows regular forum discussion.

When engaging in argument culture, people will often cherry-pick facts to strengthen their argument, ignore facts that weaken their argument and dismiss facts that reinforce the opposing argument. This approach to facts is often referred to as post-factual. Similarly, people often use hyperbolic language when arguing with others.

Brigading & Social Bots
Social media companies can be powerful enablers and disrupters where users can communicate in new and meaningful ways to help foster community engagement. On the other hand, they can also pose some unique challenges. They are driven by algorithms that privilege engagement with certain kinds of content over others. 

There are autonomous or human-run accounts on certain social media platforms that manipulate discussions and boost specific messages. This alters the tone of online discourse and artificially inflates the spread of messages. These accounts often promote particular agendas, benefit specific groups, or spread misinformation. This type of social media manipulation is referred to as brigading.

Some websites use bots to delete specific comments that they feel do not fit into the narrative of their website and promote what they consider “positive” comments instead. The potential consequences of using bots to promote or suppress specific comments will negatively impact the website and be perceived as one with an agenda that does not allow open discussion. 

Who Can You Trust? 
The issues mentioned above have led to a significant decline in confidence and trust across the various media outlets. A study of news media perception from 40 nations revealed that trust varied widely around the world, with European media trusted the most. Western Europeans trusted their media more than those in other parts of the world, and the Finnish were the most trusting, with 65%. The United States and Slovakia scored near the bottom regarding how much consumers trusted their news media at 26%.

The source is one factor that plays a significant role in whether or not an individual trusts news. On a global level, social media was the least trusted news medium, with Europe and North America leading this sentiment. A survey of U.S. adults found that most news on social media was regarded as biased.

Young people worldwide find it difficult to rely on mass media due to its current climate of polarizing political events and fake news. Older generations also share this viewpoint, and one of the top reasons for avoiding news was the inability to rely on its truthfulness.

Alternative Conservative Platforms Stand Up
Participants who lack trust in these disingenuous and agenda-driven platforms or feel their voice is not heard are migrating to other websites where they can be heard. More alternative media are popping up, Conservative-based, bi-partisan, and some are even non-partisan, with their only agenda being freedom of speech, liberty, and sovereignty. 

Conservatives are expanding their media outlets, aggressively building a conservative ecosystem with their own apps, cryptocurrencies, social media, and publishing houses. It includes Trump’s Truth Social and Gettr, launched by ex-Trump aide Jason Miller, with Rumble, the conservative alternative to YouTube, driving the news.

It is their effort to counter the perceived escalating liberal internet and media institutions and stand up against the developing cancel culture and censorship rife in legacy media. That is very commendable; however, it may well be perceived as still having a right-wing agenda that has the potential to stifle the platform’s ability to proliferate. 

An Alternative To The Alternative
Where can the people go who have no agenda, are critical thinkers, and have a completely unbiased worldview? People with an entrepreneurial spirit and a “live and let live” attitude that can rise above the injustices, evil trickery, and pettiness of the world. 

Today, the Markethive Social Market Broadcasting Network is growing in prominence as the ecosystem for entrepreneurs with a non-adversarial, bipartisan free speech ethic and a collaborative culture. It is a system of all things media, including a video platform and news broadcasting. It is a culmination of several distinct mechanisms that will harmonize, delivering the resources we need for everything we do online in a decentralized sovereign environment. 

Markethive Media has embraced blockchain technology and cryptocurrency, building an ecosystem that belongs to “we the people,” eliminating many of the issues plagued by media outlets today. With its meritocratic culture, dynamic social media interface, and growing community, Markethive is enhancing and bringing the platform into the future internet with new technology and interfaces, but still in keeping with the human touch.

There is no simple solution to the current problems facing news and social media. However, suppose we are more media literate and aware of what’s happening. In that case, we are better equipped to circumvent or even help fix these broken systems by encouraging honesty and transparency in communication channels that bond society, given that these mediums have become the primary source of information and interaction in the current dystopian climate.  

Reference
Visual Capitalist

Tim Moseley

Market Purge Continues As Crypto Industry Strives For Maturity. Perfect Timing For Markethive

Also, Updates On New Integrations And The Markethive Wallet

As the bear market continues wth its crypto-cleanse and traders bemoan the adverse price action, some industry leaders opine these conditions will eradicate bad actors and create more significant opportunities for upcoming projects and future participants. Several leading crypto analysts and engineers embrace the idea that this is the time to engage in moves leading to the loftiest gains when the bull cycle returns. 

Markethive stands firm with these sentiments and continues to build its next-generation entrepreneurial platform and be ready for the market-cleansed bull run. Those on the Markethive journey may be aware that new features are being integrated into the newsfeed in preparation for the five-channel dashboard housing various feeds. 

The new features and upload capabilities now active on the platform include; 

Emojis

Emojis include a range of bees, appropriate for the Hive and a fantastic way to make the workplace and your social interactions fun. A poll conducted by Appboy found that people enjoy emojis in general. More than 64% like or love emojis, compared to only 6% dislike them. 

Polling

Another sought-after feature by many entrepreneurs is now live on the Markethive platform. This is a great way to gauge reactions, opinions, and information from the community at large. Perhaps you could do a poll to see how the Markethive community like the new emoji integration. 

Images and Gifs

We now have a new way to upload images and gifs either directly from any website or personal computer. Simply copy the image from the origin and paste it to the desired location in Markethive, or paste in the image address. With gifs, paste the image address unless you are copying from your files with your device. This is a requirement for the animation to work.  

Videos

Now you can upload videos directly from your device into Markethive as part of the Markethive video system. This is the inception of the Markethive Video Channel that will be integrated into the new dashboard, where you can post your video from Markethive directly to many other media platforms by way of a permalink. 

You can also upload videos from YouTube, Vimeo, Rumble, and Bitchute, which will play directly on the newsfeed. This negates being taken away from the Markethive site.  

Significant upgrades have also been installed for the internal Markethive Messaging interface, Newsfeed, and comments system. 

And It’s Just The Beginning

This is just the beginning of the dynamic transformation and direction Markethive is moving towards. The innovative five-channel dashboard integration will consist of five newsfeeds—the general newsfeed, the blog, the video channel, curation, and surveys.

It will significantly streamline your activities and business facilitation and will include a search engine so you can build your personal algorithms. This will save time and effort by eliminating what you don’t want to see in your newsfeeds, be more intuitive, and enhance the user experience. 

The Markethive Wallet

CEO of Markethive, Thomas Prendergast, and the team of engineers have made substantial headway with the wallet. It is all but done, and the release is imminent. It’s not a simple wallet that just transfers coins. It is a complete portfolio and accounts of all your transactions, payments, and affairs, including your ILPs. The wallet comprises fourteen major foundational processes and is your internal wallet on the Markethive database. 

An itemized account on all elements of the wallet is as follows;

1 Hivecoin wallet (done) for sending and receiving coin (initially for upgrades only) ✅

2 The New Vault (done) with Feed the Vault and Auto fund thresholds and deposits tracking control panel  including the following:
   a. Subscriptions ✅
   b. Payment History ✅
   c. Payment Methods ✅

3 Markethive Credits (done) Markethive Credits are used to pay for Markethive services.✅ 
   A Markethive credit is a credit token valued at $1 USD per token and can be purchased with a credit card, crypto, (and Hivecoin after we are on the exchanges)

4 ILP notes control panel (this is the last function being built)

5 Hivecoin price chart scale (will be integrated when the coin is listed)

6 Subscriptions Control (done) ✅

7 Payment History (done) ✅

8 Payment Methods (done) ✅

9 Crypto Merchant Account (done) (turnkey for upgrade members use also) ✅

10 Feed The Vault (done) ✅

11 Vault Deposit History (done) ✅

12 Vault Threshold (done) ✅

13 New Staking (done). ✅
    Markethive Credits will receive staking. Hivecoin will no longer be staked. 

14 Coin Clip History (done) ✅
 

The many facets of the Wallet are completed except the ILP platform, which is nearing completion. Once these facets are completed, they all need to be designed into the wallet's interface. The Merchant Account, the Vault Interface, and Markethive Credits components are already completed. 

As we approach the wallet release, the Coin Drop incentive for people joining Markethive will be reduced from 500 HVC to 50 HVC, and new Entrepreneur One accounts will no longer be available. Simultaneously, we will release our Premium upgrades at a reduced cost, enabling members to take advantage of the many benefits and services Markethive offers.  

As stated by Thomas Prendergast,

“After the release of the wallet, we will launch a new offshore company to begin building our own exchange. We will also have several campaigns engaged in getting listed on as many exchanges as we can as quickly as we can.”

The Current Crypto Landscape

Although we are deeply immersed in a bear market, Markethive continues to progress in its development. As the entrepreneurial culture is knitted into the fabric of Markethive, its community sees the bigger picture and is aligned with the sentiments of the industry experts.

According to experts, crypto winters are actually good for Bitcoin; For example, pivotal projects like the Lightning Network, a major Bitcoin-related project enabling cheaper, faster Bitcoin transactions, were developed during bear markets. The initial concept of the Lightning Network was formulated during the bear market of 2015. 

Also, people in the industry continue to reiterate that bear markets are actually healthy for the crypto industry, as they remove speculators and scams while providing space to build genuine and excellent products and services.

In recent weeks, a wave of panic has swept through the crypto community, with BTC miners' selling activity rising to seven-month highs as mining profitability dropped to levels last seen in October 2020. 

The Bitcoin Fear & Greed Index  posted that it recently fell to 7, indicating 'extreme fear,' the lowest number since the pre-pandemic Q3 2019. The self-updating image below shows a more positive rating at the time of writing, although it is still in the extreme fear category. But according to some industry experts, the recent events in the industry do not look as bad as they first appear and the bear market is not to be feared. 

Anthony Pompliano, in a recent interview with Fox News, explained that Bitcoin’s value and price are diverging and that weak hands are selling to strong hands. 

“What we’re watching right now is the transfer from weak, short-term oriented people with weak hands into the long-term oriented, strong hands.”

Trezor Bitcoin analyst Josef Tětek told Cointelegraph,

“Bear markets are good for Bitcoin. Builders face fewer distractions, and the fake ‘project founders’ that were only looking for a quick VC funding and naive retail exit liquidity disappear as quickly as they previously appeared. Real builders rejoice when all the bullshit gets washed out.”

Perfect Timing For Markethive

So the timing couldn’t be better for Markethive to distinguish itself and gain prominence in the crypto market as the blockchain-driven multi-media network pioneer. The purpose of Markethive is to deliver a broadcasting platform, marketing systems, and communication interface, all based on Biblical principles where truth, freedom, and liberty are the foundation and intrinsic to the entrepreneur. 

Markethive and its community stand by these principles and are inherently guided by Divine Providence, where everything takes shape in God’s timing, not ours. Markethive is in every country in the world and ready to lift millions of people into an environment of freedom of speech and information, financial sovereignty, and well-being. We are responsible for creating a massive army for the Lord and a foundation for the last days; The final harvest.  

We live in uncertain times, prophesied as the end times, with catastrophic events impacting society on every level. With the global economy in free fall, the need for a different approach is here, and these events are forcing the crypto industry to grow and mature. Markethive is here to pave the way as one of the new innovative technologies that will rise in the wake of this bear market.

 Come to our Sunday meetings at 10 am MST as we approach massive major upgrades and the wallet launch. See and hear explanations, ask questions, and witness the ever-evolving technology and concepts of Markethive. The link to the meeting room is located in the Markethive Calendar. 

Tim Moseley