EUR/USD – Larger Correction On The Cards?
Crypto Derivatives Powerhouse Phemex Launches Trading Contest With a Colossal $750,000 Prize Pool
Some say trading is a game of luck; others view it as an adventure sport. Just like athletes love performing mind-blowing maneuvers, there’s a thrill that comes with executing the perfect trade, For those newer to the scene, trading competitions allow novice traders to learn and grow as a broker, and give more experienced participants the chance to overcome a new challenge.
If you know what you’re doing, trading competitions can be a fun way to make a quick buck, but the level of risk can be hard to justify when you don’t have much to invest, especially with lackluster prizes and unpredictable markets. Phemex is no stranger to hosting trading contests, having successfully conducted Bitcoin Bonanza last month celebrating the launch of their inverse BTCUSD contracts. This time, however, the stakes are being raised.
This November, Phemex, a Singapore-based crypto derivatives powerhouse, is launching the fourth edition of its ‘Phemex Trader’s Arena’ trading contest, encouraging teams to compete for a colossal $750,000 prize pool.
The Fun & Games
Unlike Bitcoin Bonanza, where only the inverse BTCUSD contract volumes counted towards the contest, all of Phemex’s contract products will count towards participant scores. This means each player will record ROI in both their USD and BTC trading accounts, with the higher value counting towards a team’s final ROI. Results for individual prizes are calculated using the aggregate PnL across both USD and BTC trading accounts.
Additionally, participants that make deposits into their contract trading accounts during the registration period will receive further prizes, with the chance of winning trading bonuses of up to $1000 for deposits over 2 BTC (or $100,000). Furthermore, users are only allowed to participate using a single account, and players with trading volumes under $500 will be disqualified from receiving rewards.
Team and captain registrations will open between Nov. 25th 2021 and Dec. 9th 2021, and with BTC worth three-quarters of a million dollars on the line, the stakes are enormous. Teams must have at least ten members to be valid, and groups that do not meet this requirement will be randomly reassigned to other teams after being disbanded.
Captains who successfully manage to build a team can win up to $6000 depending on the number of team members. The ranking of teams will depend on the average ROI of its top 10 traders, though players will also receive rewards and ranks at an individual level using PnL.
The Pot of Gold
78% of the total prize pool is allocated to prizes for teams, while the other 22% is set aside for individual traders. 25% will be awarded to the first-ranked team, 15% will go to the second team, and 8% to the third. The last 30% will be equally distributed between the remaining seven of the top 10 teams.
Captains receive a 40% share of their team’s winnings, and 30% will be distributed among the team’s top 10 traders, with all other team members sharing the remaining 30%. However, for teams having less than 20 members, captains still receive 40% of the prize, with the remaining 60% being equally distributed between the rest of the team.
Of the 22% allocated to individual rewards, 8% will be given to the person in 1st place, 5% to the runner-up, and 2% to the third-place winner. The last 7% will be shared equally between the remaining members.
Phemex is also conducting a series of Twitter campaigns to help spread the word, inviting all registered participants to follow their page @Phemex_official. Followers selected at random will be eligible to receive rewards through the entire duration of the competition, including limited edition and themed merch.
This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.
source https://news.bitcoin.com/crypto-derivatives-powerhouse-phemex-launches-trading-contest-with-a-colossal-750000-prize-pool/
BRD Wallet and Unbound Security — Coinbase Acquires 2 Companies in Less Than a Week
The publicly-listed crypto-asset exchange Coinbase has announced the company has acquired the Israeli firm Unbound Security. The announcement follows Coinbase acquiring the cryptocurrency wallet BRD last week and the Unbound acquisition is aimed at the company’s “commitment to providing the safest, most secure, and most trusted venue for anyone to interact with the [crypto economy].”
Coinbase Acquires Israeli Company Unbound Security
Ever since Coinbase (Nasdaq: COIN) was publicly listed, the company has acquired a number of smaller companies. Prior to the listing on Nasdaq, the company acquired the firm Bison Trails and on April 30, the crypto-focused data analytics company Skew revealed it was purchased by Coinbase. The publicly-listed crypto asset exchange further purchased Zabo in August and during the first week of November, Coinbase acquired the company Agara. During the last week, Coinbase has revealed two more acquisitions.
On Tuesday, Coinbase announced the acquisition of Unbound Security, a firm that works with multi-party computation technology. Coinbase asserts that Unbound’s multi-party computation technology “will play a foundational role in Coinbase’s product and security roadmap.” The move will also increase Coinbase’s presence in Israel, the crypto exchange highlights. Coinbase says that it believes Israel is “a hotbed of strong technology and cryptography talent.”
Furthermore, Coinbase plans to “establish a tech center of excellence in Israel that will ensure that Coinbase is always at the bleeding edge of security and blockchain technology.” The company stresses that it will gain insights from some of the most prominent cryptographic experts.
“With this acquisition, Coinbase not only gains access to some of the world’s most sophisticated cryptographic security experts, including Unbound Security co-founder and current vice president of Research and Development, Guy Peer, who brings more than 20 years of experience in cryptographic security, but also a presence in Israel, a well-established and rapidly growing technology hub,” Coinbase added.
Coinbase Acquired BRD Wallet Last Week for an Undisclosed Sum
Six days before the Unbound Security acquisition announcement, it was revealed that Coinbase acquired the open-source BRD wallet. Adam Traidman BRD’s co-founder and CEO explained that BRD grew to a community of 10 million customers since its inception in 2014. “We would like to share the news that members of our team will be continuing our mission at Coinbase, where we will work together to bring the power of decentralization to even more users around the globe,” Traidman wrote to BRD users on November 24.
Traidman further added that “nothing will change in the BRD wallet app” but in the future, BRD wallet users “will have an optional migration path to self custody with Coinbase Wallet.” Moreover, the BRD users that migrate will get a “special gift” and Traidman added that BRD users should stay tuned in 2022. The native token tied to the BRD community, bread (BRD), saw the coin’s value swell by more than 500% this past week and is still up 460% at the time of writing.
What do you think about Coinbase acquiring Unbound Security and the acquisition of BRD last week? Let us know what you think about this subject in the comments section below.
source https://news.bitcoin.com/brd-wallet-and-unbound-security-coinbase-acquires-2-companies-in-less-than-a-week/
Bitcoin correction weakest of 2021 so far, as hopes of Santa Claus rally rise
Bitcoin has fallen just 17% from ATH which makes this correction the shallowest of the year so far.
source https://cointelegraph.com/news/bitcoin-correction-weakest-of-2021-so-far-as-hopes-of-santa-claus-rally-rise
Crypto Exchange Binance Explains Its ‘Rare’ Dogecoin Issue — Resumes DOGE Withdrawals
Cryptocurrency exchange Binance has explained its dogecoin issue which resulted in withdrawal suspension and Tesla CEO Elon Musk calling the problem “shady.” The exchange says it was a “rare issue” and no one was at fault.
Binance’s ‘Rare’ Dogecoin Issue, Withdrawals Resumed
Binance explained its dogecoin problem Monday, stating:
What began as a fairly straightforward upgrade, turned into an issue where Binance users were unable to withdraw DOGE for the last 17 days. In addition, 1,634 users were sent old transactions.
“The truth is that a combination of unlikely factors led to an unforeseen issue that ultimately only affected Binance,” the company admitted.
Binance explained that any platform will have the same issue if it had listed dogecoin back in 2019 at v1.14.0, had transactions stuck in the wallet, and had upgraded the wallet to v1.14.2 and then updated it to v1.14.5.
The exchange added: “Unfortunately for Binance, we had inadvertently threaded the needle with all of the above parameters, which led to the coins being re-sent and requiring a new wallet needed to be built.”
Binance emphasized:
No single entity was at fault, neither Binance nor DOGE Network had prior knowledge of this rare issue. So rest assured, as CZ said – no one’s getting fired.
The company noted that it has been working with the Dogecoin Core maintainers “to diagnose, solve, and prevent similar issues from occurring.”
Furthermore, the exchange added that on Saturday, “we tested everything by opening up withdrawals again, but we did it silently to ensure there were no further issues, and now we’re pleased to announce that from today withdrawals are fully open again.”
The DOGE problem at Binance has been widely discussed on social media. Tesla CEO Elon Musk recently commented that the problem “sounds shady.” Binance CEO Changpeng Zhao (CZ) argued that Musk was incorrect in his assessment, accusing the Tesla boss of lacking knowledge of the situation.
What do you think about Binance’s dogecoin issue? Let us know in the comments section below.
source https://news.bitcoin.com/crypto-exchange-binance-explains-rare-dogecoin-issue-resumes-doge-withdrawals/
Retail Giant Newegg Unveils Shiba Inu Support on Massive Billboard: SHIB to Be Accepted for Payments in December
A leading tech-focused retailer, Newegg, has announced its support for the meme cryptocurrency shiba inu (SHIB) with the launch of a massive billboard ad campaign. Newegg says it is set to accept shiba inu for payments in early December, which would be sooner than when AMC Theatres plans to add SHIB.
Newegg Launches Massive Ad Campaign for Shiba Inu
Major online retailer Newegg (Nasdaq: NEGG) announced its plan to accept the meme cryptocurrency shiba inu (SHIB) for payments Tuesday.
Newegg is one of the leading tech-focused online retailers in North America, with a global reach in Europe, Asia Pacific, Latin America, and the Middle East. Its platform focuses on computer parts, PC components, laptops, gaming systems, automotive parts, and office supplies.
The announcement explains:
Newegg will begin accepting SHIB in early December, further cementing Newegg.com as a preferred destination for online shoppers who want to pay with cryptocurrency.
SHIB will be accepted “as a form of payment on its platform in time for the holidays,” Newegg emphasized. Tuesday’s announcement follows a tweet the company made on Friday stating that SHIB is “coming soon” to Newegg.
The SHIB acceptance announcement was made “on a grand scale with a massive digital out-of-home (DOOH) campaign displayed on The Reef, North America’s largest DOOH billboard,” the e-commerce giant explained.
Located in downtown Los Angeles, California, the Reef “wraps around three sides of a large office building spanning an entire Los Angeles city block,” Newegg noted. “At 55 feet tall and 736 feet wide, the 40,000+ square foot DOOH billboard is one of the most impressive billboards in the world,” the company described.
Newegg currently accepts a number of cryptocurrencies via Bitpay. According to the CEO of AMC Theatres, Adam Aron, the crypto payment service provider decided to add SHIB to its list of supported cryptocurrencies at his request.
Aron said in early November that he expects AMC to be the first company to accept SHIB via Bitpay. However, the theater chain is currently not using Bitpay and Aron said the meme coin shiba inu will be accepted in 60 to 120 days from the date of his announcement. This plan would put AMC behind Newegg in accepting SHIB.
Andrew Choi, Newegg’s director of brand marketing, commented:
We are always looking for ways to innovate the shopping experience on Newegg.com, and something our customers want is greater flexibility and options, including the ability to pay with a wide range of cryptocurrencies.
“Through our partnership with Bitpay, we have the ability to move quickly and lead the market with flexible cryptocurrency payment options. To that end, we’re excited to offer SHIB as a payment option on Newegg.com,” the director opined.
What do you think about Newegg’s SHIB billboard ad and its plan to accept shiba inu for payments? Let us know in the comments section below.
source https://news.bitcoin.com/retail-giant-newegg-shiba-inu-support-massive-billboard-shib-accepted-for-payments/
Grayscale tells SEC 'no basis' to approve Bitcoin futures ETFs and not spot ETFs
A letter to the secretary of the SEC outlines discrepancies in its rejection of Bitcoin spot ETFs and acceptance of Bitcoin futures ETFs.
source https://cointelegraph.com/news/grayscale-tells-sec-no-basis-to-approve-bitcoin-futures-etfs-and-not-spot-etfs
Grayscale Launches Solana Trust — Company Now Manages $54 Billion Across 16 Crypto Investment Funds
Grayscale Investments has launched a solana trust. The company now has nearly $54 billion in total assets under management. The new trust, which is the company’s 16th crypto investment product, will solely invest in solana (SOL). The CEO of Grayscale said that investors are increasingly “diversifying their exposure beyond digital assets like bitcoin and ethereum.”
Grayscale Adds Solana to Its List of Investment Products
Grayscale Investments, the world’s largest digital currency asset manager, announced Tuesday the launch of Grayscale Solana Trust. The new trust, which will “solely and passively” invest in solana (SOL), the native token of the Solana network, is Grayscale’s 16th crypto investment product.
The announcement notes:
The trust is now open for daily subscription by eligible individual and institutional accredited investors. The trust functions the same as Grayscale’s other single-asset investment trusts.
Grayscale’s other single-asset investment products provide exposure to bitcoin (BTC), basic attention token (BAT), bitcoin cash (BCH), chainlink (LINK), decentraland (MANA), ethereum (ETH), ethereum classic (ETC), filecoin (FIL), litecoin (LTC), livepeer (LPT), stellar lumens (XLM), zcash (ZEC), and horizen (ZEN).
In addition, Grayscale offers diversified products: Grayscale Digital Large Cap Fund and Grayscale Defi Fund. The former provides coverage of the upper 70% of the crypto market by market capitalization. The latter provides exposure to a selection of industry-leading defi (decentralized finance) protocols.
Grayscale CEO Michael Sonnenshein commented that for the past eight years:
We have had a front row seat to the mainstream acceptance and adoption of crypto, and increasingly find that investors are diversifying their exposure beyond digital assets like bitcoin and ethereum.
The company reported $53.5 billion in total assets under management (AUM) on Tuesday. Its most popular product is the bitcoin trust (GBTC) which has more than $37.2 billion in assets under management, followed by the ethereum trust (ETHE) with an AUM of almost $14.2 billion.
What do you think about Grayscale launching a solana investment product? Let us know in the comments section below.
source https://news.bitcoin.com/grayscale-launches-solana-trust-54-billion-16-crypto-investment-funds/
$3.3B Bitcoin mining company Griid to list on NYSE via SPAC deal
The company projects it can mine up to 25,000 BTC per year by 2024.
source https://cointelegraph.com/news/3-3b-bitcoin-mining-company-griid-to-list-on-nyse-via-spac-deal
TabTrader Token Is Launching on AcceleRaytor and Solanium
PRESS RELEASE. Amsterdam, the Netherlands, 29th of November, 2021: TabTrader is excited to announce the launch of our own token (TTT) on Solanium and AcceleRaytor on December 1 🚀, aspiring to be the ‘ultimate trading terminal’; we are now on the way to drastically expand. DeFi is the future and TabTrader 2.0 makes sure to be a part of it!
Following a recent closing of an $5.8 million equity round, TabTrader is ready to launch TTT to incentivize trading and accrue value for token holders. By participating in the IDO, users are taking active part in the project’s development, can benefit from a limited time offer, and an interesting investment opportunity given the scale of growth of the company. Tokens will be used within the platform in the future. Token holders will be able to use them for in-app purchases, as well as for transaction fees, and governance.
⚫️ White Paper
Persons located in or residents of the United States, North Korea, Iran, Venezuela, any sanctioned countries as provided by OFAC, or any other jurisdiction in which it is prohibited from using any of the services offered on the Raydium and Solanium websites, are not permitted to participate in this token sale.
About TabTrader: TabTrader is a mobile app that allows users to trade cryptocurrencies on multiple exchanges in one experience. The company was founded by Kirill Suslov and is based in Amsterdam. It will help you stock performance and price and data analysis. All that information and analysis will definitely make you a wiser crypto investor. TabTrader is one of the most used Cryptocurrency Portfolio Tracker.
How to participate
Discord will be the main channel for all the news and requests about the IDO.
Contact information
Author: Petr Lehto
Phone: +31202170298
Twitter: https://twitter.com/tabtraderpro
LinkedIn: https://www.linkedin.com/company/tabtrader/
Telegram Community: https://t.me/tabtrader_en
E-mail: pr@tab-trader.com
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
source https://news.bitcoin.com/tabtrader-token-is-launching-on-acceleraytor-and-solanium/
Bitcoin Mining Company Griid Plans for Public Listing on NYSE via SPAC Deal
After the vertically integrated bitcoin self-mining company Griid revealed it secured a $525 million credit facility from Blockchain.com, the company revealed it plans to go public via a special purpose acquisition company (SPAC) deal. Griid will be listed on the New York Stock Exchange (NYSE) after merging with the company Adit Edtech.
Griid to Go Public in a Merger With Adit Edtech Acquisition Corp
Griid Infrastructure currently operates three U.S.-based mining facilities and aims to have 734 megawatts (MW) operational by 2023. On Tuesday, the company announced it entered a significant SPAC deal with the firm Adit Edtech Acquisition Corp. and after the merger, the two companies will have a combined value worth $3.3 billion. Griid started a newly formed holding company and the Griid parent company, called Griid Holdco LLC, and the holding company will be acquired by Adit Edtech.
Griid explains that the firm expects a fiscal-year 2023 revenue return of around $1.6 billion after expanding the company’s MW capacity. Currently the firm has a total of 1,300 MW under agreements via MOUs or LOIs. With 734 MW operational by 2023 and a breakeven bitcoin production cost at $6,225 per BTC, the firm anticipates Griid’s growth will accelerate. Additionally, Griid states that the firm “supports the growth of carbon-free energy generation.”
“We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public bitcoin miners at the lowest cost of scaled production,” Trey Kelly, CEO of Griid said in a statement sent to Bitcoin.com News. “Our team has demonstrated a track record of successful execution over the past three years since starting the company, and we look forward to delivering expansion of capacity through this transaction.”
Adit Edtech’s Founder Envisions ‘Broader Economic Potential of Green Infrastructure’
After the merger, the combined company will operate under the name Griid Infrastructure Inc., and will be listed on NYSE under the ticker “GRDI.” Griid’s merger announcement follows the firm securing a $525 million credit facility from the well-known crypto company Blockchain.com. Adit Edtech’s founder and managing partner, Eric Munson, believes there’s a lot of potential in the industry for eco-friendly infrastructure.
“Griid’s focus on utilizing next-generation computing power for more efficient clean power utilization and grid management demonstrates the broader economic potential of green infrastructure,” Munson said.
What do you think about the SPAC deal between the bitcoin miner Griid and Adit Edtech? Let us know what you think about this subject in the comments section below.
source https://news.bitcoin.com/bitcoin-mining-company-griid-plans-for-public-listing-on-nyse-via-spac-deal/
Bitcoin, stocks and commodities correct after Fed chair mentions policy change
BTC, stocks and commodities took a hit after the Federal Reserve acknowledged that inflation is more than just a “transitory” problem and hinted that tapering could occur sooner than expected.
source https://cointelegraph.com/news/bitcoin-stocks-and-commodities-correct-after-fed-chair-mentions-policy-change
Conforming limits close to $1M in high cost areas
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Kimbal Musk Launches a Charitable DAO
The biggest crypto news and ideas of the day Nov. 30, 2021 If you were forwarded this newsletter and would like to receive it, sign up here. Sponsored by Welcome to The Node.
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Today's must-reads Top Shelf THE OTHER MUSK: Kimbal Musk, the billionaire Tesla board member and brother Elon Musk, has launched a charitable decentralized autonomous organization (DAO) focused on food justice called Big Green DAO. Membership applications are open, if you're interested. In an interview with CoinDesk's Andrew Thurman, Musk said that one of the goals of the charity is to overhaul the philanthropy industry with the use of blockchain-based tooling – a sector he believes is plagued by inefficiencies. INNOVATIVE BODIES: The Federal Reserve Bank of New York launched the New York Innovation Center (NYIC) to build and test new financial technology, including central bank digital currencies (CBDC), stablecoins and cross-border payments, the central bank division announced Monday. Fed Chair Jerome Powell announced the "innovation center" on Monday, calling it a strategic partnership between the Fed and international monetary body Bank for International Settlements (BIS). 'FIGHTING CRYPTO': Assistant Governor of Bank Indonesia Juda Agung said the quiet part out loud today, when saying the digital rupiah – a proposed central bank digital currency (CBDC) – would be one tool to "fight crypto" and its effect on the nation's financial sector. "We assume that people would find CBDC more reliable than crypto," Agung said. ELITE CONSENSUS: In another signal of how traditional power brokers are getting wise on crypto, a 14-year veteran of Citi, Matt Zhang, announced a $1.5 billion venture fund called Hivemind Capital Partners to invest primarily in the Algorand digital economy. Algorand, a layer 1 blockchain protocol, joins the fund as a strategic partner. Across the seas, owners of an Italian-built, Jacuzzi-equipped luxury yacht called Vianne will accept crypto and "top tier" non-fungible tokens (NFT) for the sale of their $10 million boat. That said, a 10% fiat deposit is required. LATIN AMERICA: 2TM, the holding company for Mercado Bitcoin, Brazil's largest crypto exchange by market valuation, raised an additional $50.3 million in a second closing of its Series B funding round. In June, Mercado Bitcoin raised $200 million in a round led by the SoftBank Latin America Fund at a $2.1 billion valuation. FTX and Kraken are among the new backers for the exchange operator, which called expansion to Argentina, Chile, Colombia and Mexico "main priorities."
A message from Nexo When it comes to buying, borrowing or earning on your crypto, you won't find and easier, safer way to do it than Nexo. And here's what'll happen next: you and your referrals will both get $25 in BTC within 30 days of them passing Advanced Verification and topping up the equivalent of $100 or more of any asset supported on the Nexo platform. There's no limit on the number of people you can refer, so invite as many friends as you'd like!
What others are writing... Off-Chain Signals
A message from Horizen You are invited to Horizen's Zendoo mainnet launch party! There will be ZEN and swag giveaways!
Horizen is the zero-knowledge network of blockchains powered by the largest and most decentralized node system. Its blockchain deployment protocol, Zendoo, is launching on mainnet on Dec 1st, 2021!
Zendoo enables developers and businesses to deploy private and public blockchains with unmet scalability, flexibility, and throughput to support any real-world needs.
Consensus 2022, the must-attend crypto and blockchain experience of the year, is heading to Austin, Texas, from June 9-12, 2022. This is the only festival showcasing and celebrating all sides of the blockchain and crypto ecosystems, and their wide-reaching effect on commerce, culture and communities. Register now for the lowest price.
Putting the news in perspective The Takeaway Death Is a Disease (Is Bitcoin the Cure?) If you want to live forever, you need a money fit for purpose. Bitcoin, for many, is the ticket. It's the first, largest and most decentralized cryptocurrency. It's widely adopted – from retail investors to pension funds to nation-states. It has a durable brand. There's a case to be made that it's the most recent "Lindy" invention, the idea that ancient phenomena are less perishable by virtue of being around the longest.
But who would want to live forever? As a historical fact, it turns out, many early adopters of cryptocurrency, that's who! How fitting! Transhumanists, a broad category of people who want to improve the human condition – extending life or extinguishing death, spreading happiness and eradicating suffering through technology – looked at bitcoin as a powerful tool in their arsenal.
It's not necessary to name names here, but many of crypto's earliest advocates had ties to the transhumanist movement. Many influential "crypto natives" still do. There are many flavors of transhumanism: Posthuman, cyborgism, immoralism, biohackers, the singularity are all close cognates. The overriding idea is simply that individual human potential isn't constrained by our bodies, our biology or even the evolutionary process of natural selection. There's a pill for that!
Nanotechnology, biotechnology, information technology and cognitive science – sometimes abbreviated NBIC – are at the frontier of scientific advancement, pushing the limits of what's physically and mentally possible. One day, we might have brain-computer interfaces, blending artificial and natural intelligence, perfecting our memories and infinitely expanding the scope of our knowledge. We might have pills to induce a state of bliss. Who knows?
"The purely technical obstacles to transhumanism I'd say are diminishing," David Pearce, co-founder of the World Transhumanist Association (WTA), now known as Humanity+, has said. He's right, to an extent. Using a mix of technologies, human beings are already overcoming their natural limits. Death may be a condition for all living beings now, but maybe not for the creatures we may become – or create.
Not able to know the state of the world they'd be born into, the "temporarily" dead need money that could outlast banks and even governments. Many were of a libertarian bent and thought the U.S. dollar was due to collapse. But you don't need to be a futurist to think bitcoin will persist as long as the internet does. Sufficiently decentralized, bitcoin isn't a hedge against inflation but societal collapse (in theory).
All of this seems like a gamble. But stay with me, and hold the ethical phone.
Transhumanism – literally "beyond human" – is as focused on setting artificial limits around the human condition as it is about additive technologies. Pearce, for one, looks to genetics as the realm for creating perfect human subjects. He notes that when he founded the WTA, the human genome wasn't even decoded. Every year since then we've learned more about the basic building blocks of life – and eventually will be able to arrange them how we please. And why wouldn't we choose perfection?
The "morphological freedom" to design babies to have favorable traits – to be smarter, more athletic, more outgoing than their peers – means identifying and dismantling bad genes. It's literally artificial selection. In a similar way, Bitcoin founder Satoshi Nakamoto imposed an arbitrary limit around his monetary creation – 21 million BTC.
Some maximalists envision a world where all economic activity flows through the Bitcoin network, which would outcompete other currencies. Bitcoin has some advantages over the fiat system: It's borderless, censorship-resistant and has settlement finality. It's only grown in value since being released to the world. And, more importantly, it's bigger than any government can control.
In both instances of transhumanism and hyperbitcoinization, a tiny elite would rule. Bitcoin scarcity means that not everyone can share equally in the wealth, and its deflationary attributes reward the earliest adopters. Meanwhile, although Pearce and many transhumanists are broadly utilitarian and advocate for whatever would create the happiest humans (sometimes animals) in the future, he's not a redistributionist.
In his book, "The Hedonistic Imperative," Pearce argues that the world would be better if everyone was more like Microsoft co-founder Bill Gates, rich and blessed with good genes. Whatever Gates-like post-human comes next, which we will create using the most transformative technologies, would mean the rest of humanity is obsolete – unable to compete. Not every bitcoiner is a transhumanist, and not every transhumanist is a eugenicist, but it's worth looking at how the movements relate and speak to each other. One lesson from a decade of crypto innovation isn't whether something is technologically possible – but whether there is the social and cultural will. What might be most Lindy of all is knowing that technology – always an extension of the self – may always escape our control.
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