Thursday, February 2, 2023

Is the Metaverse really turning out like ‘Snow Crash’?

Neal Stephenson’s science fiction novel Snow Crash predicted the Metaverse in 1992. This cult book has the amusingly-named Hiro Protagonist running around in an artificial cyber world, trying to stop a virus that wipes minds, aided by his hacker friend Y.T. Reality is a place to escape from, a neoliberal future wrecked by hyperinflation and […]

Snow Crash
Snow Crash by Neal Stephenson

Neal Stephensons science fiction novel Snow Crash predicted the Metaverse in 1992. This cult book has the amusingly-named Hiro Protagonist running around in an artificial cyber world, trying to stop a virus that wipes minds, aided by his hacker friend Y.T. Reality is a place to escape from, a neoliberal future wrecked by hyperinflation and inequality and run by corporations and gangsters and insane bureaucracy.

In many ways, the book is horribly prescient. (Its also horribly written in places, more like an info dump than a novel.) The Metaverse was a place where people had digital avatars, where they hung out with friends, went shopping and attended concerts. It was full of ads, the infrastructure was owned by a billionaire, and a virus was wreaking havoc on society. It all sounds familiar.

It wasnt COVID-19 of course. The Snow Crash virus caused the infected to lose the ability to think for themselves, and they start speaking in tongues.

Obviously, at the time, we didnt have social media, Stephenson told The Washington Post, but added, I was writing about just a long-standing human trait, which is this tendency for the mind to get hijacked by ideas.

The metaverse cant enslave you, yet, but the addictive nature of social media suggests its possible you might get hooked on a better virtual world, where your hotter-looking avatar interacts with people from all over the planet and has adventures that are not possible in reality.

Macbeth Final Production
Macbeth Final Production

To give you one crazy example of the possibilities, there is an actual theater company in the zombie-infested online wasteland survival game Fallout 76 that puts on Shakespeare plays. So, you can be part of the audience, or even audition and act, if you desire. Almost normal, except you may have to blast a few zombies in the middle of Romeo and Juliet. The ushers patrol the perimeter with chainsaws and AK-47s to annihilate any undead critics seeking to make their analytical discourse upon the performance.

This is all very Snow Crash. There is a real tension between the use of virtual worlds for escape or leisure and the impetus for profiteering. Many corporations see the metaverse and metaverse platforms as new continents to be colonized and exploited. If the metaverse develops under a centralized model, then it will be Amazon, Facebook and Google all over again: whale time. A decentralized metaverse built around blockchain technology would be more egalitarian and put the power back in the hands of users.

Enter the metaverse, stage left

Dr. Christina Yan Zhang
Dr. Christina Yan Zhang Z (Supplied)

Dr. Christina Yan Zhang, nicknamed Dr. Metaverse, wrote her 2012 thesis about MMORPGs and the early metaverse platform Second Life, so shes been thinking about this longer than most. Shes now the CEO of the Metaverse Institute.

I think the beauty about the current development of the metaverse is basically the convergence of a whole range of different technologies coming together. Many of them are getting more advanced to really help to create the next generation of internet, which is more immersive, interactive and intuitive. 

She sees the metaverse as an enabling technology to improve interaction in both real and digital worlds.

Gaming writer Wagner James Au has just finished a book that will be published in June titled Making a Metaverse That Matters. Back in the early 2000s, he was the virtual journalist named Hamlet in Second Life. His white-suited avatar (a nod to Tom Wolfe) went around submitting dispatches from that virtual world. 

He envisions there being multiple metaverses: Its going to be based on the community; its going to be based on culture and aesthetics. For example, Roblox is huge, but its primarily with kids. And the aesthetics are very intentionally looking like Legos. You could jump from Roblox to Fortnite, then Fortnite to VR chat. So, it will not be a single, virtual world.

Wagner James Au in Second Life
Wagner James Au in Second Life (New World Notes)

He continues, I define it very directly from what Snow Crash described: It was a vast virtual world with user creation tools and highly customizable avatars that is integrated with the real world economy.

In other words, you can make money from it and also integrate with external technology so you can actually hook it up to other technology beyond the immersive 3D experience.

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Snow Crash and capitalist realism

Science fiction and fantasy are known for creating new worlds to experience through literature, art and cinema. These genres have roots in the pervasive zeitgeist of their time, so they can often end up being unimaginative about new political or social opportunities. Tragic, influential British culture theorist Mark Fisher (who committed suicide in 2017) defined this as capitalist realism, the notion that capitalism is the only political structure and even visionary literature can rarely rise above imagining variations on this.

Mark Fisher Tribute Archive
Mark Fisher Tribute Archive

Snow Crash posits a dystopian real world that makes escape into an alternative fantasy more attractive: Hiro is a pizza delivery boy in real life; in the Metaverse, he is the greatest swordsman alive.

The greatest tragedy would be if the specter of capitalist realism made the metaverse a mirror of the existing world. A virtual world where we peddle virtual crap to each other to keep our likes or crypto coming in. Roblox is a classic example: Its business model involves kids creating stuff with other kids that provides an income stream from their creativity. Web1 promised liberation but didnt fulfill it. Web3 needs decentralization so that corporations do not overwhelm it as they have with previous iterations of the internet.

The metaverse is not without its challenges. Magazines Jillian Godsil looks at some issues here. Author and futurist Bernard Marr also highlights some serious drawbacks.

Seven big problems

Bernard Marr
Bernard Marr. (BernardMarr.com)

Author and futurist Bernard Marr says, Im super-excited about this technology, but that comes with a warning about the potential perils of the metaverse. He has identified seven major problems and disadvantages highlighting the downsides to the virtual worlds. Most are quite knotty challenges, which wont be easy to solve in a malleable, constantly evolving world open to deviant behavior. 

Privacy issues

We already have privacy concerns when we browse the web, Marr says. The technology that is already tracking our behavior online will also exist in the metaverse, and the tracking is likely to become even more invasive and intense.

Wearable, haptic devices could measure all kinds of physical effects such as heart rate and sweating. Enormous amounts of data could be collected and used by companies for marketing or other purposes, Marr continues.

Safety of children

As parents, its already difficult to track what our kids are doing online, and that challenge will continue with the metaverse. Understanding what our kids are doing in the metaverse will be even more challenging because we cant see the world theyre looking at in their VR headset, and there is no process in place for monitoring their screens using tablets or phones, Marr opines.

Health concerns

The result of spending your entire life in the metaverse could result in everyone looking like the Axios Humans in Wall-E. VR hangovers are also a thing: The sadness and angst that come from leaving a very intense, absorbing experience and returning to reality can create a comedown similar to drugs or drinking. Gaming or internet addiction is already impacting mental and physical health, so it could potentially be even worse in the metaverse.

Axios Humans in Wall-E
Axios Humans in Wall-E (Pixar)

Access inequality

Bernard Marr says, In order to use augmented reality, we need the latest smartphone and handset technology, and VR experiences require high-tech, expensive headsets as well as strong and reliable connectivity, he says.

How can we make sure that everyone in the world has equal access to the metaverse, and not just the people who have the most money and live in developed countries? This issue concerns Zhang, too. She sees Starlink as a way forward: The reason I mentioned Starlink is because one-third of the global population are still suffering from the digital divide, so they do not have access to the internet. Those smaller Starlink satellites can cover the most remote areas in the world.

Laws and regulations

A significant problem with all new technology is how slowly legislators and regulators are to formulate appropriate legal responses to the challenges presented. With something thats immersive, global and anarchic, which includes cryptocurrencies as well as the metaverse, authorities have difficulties keeping up with these technological changes.

Desensitization

Marr also worries that even more realistic violence will desensitize people to real-life violence. Although the zombie-hunting amateur thespians of Fallout 76 seem pretty balanced when Magazine chats with them. The counterargument might be that therapeutically killing orcs and zombies or catapulting angry birds is a relief valve for real-world stresses. These are not exclusive issues for the metaverse of course and have been leveled at games for years.

Identity hacking

If your avatar is hacked, a malicious entity could spread damage or possibly steal from you. This is yet another use case for blockchain technology in the metaverse as NFTs or blockchain-based identity technology is a solution suggested by Marr. So, your avatar could be anyone, but to enter the world, you would have to produce a digital, verified identity. That is similar to KYC processes to sign up for most crypto exchanges.

Interoperability

Au believes that there will be many different metaverse platforms, catering to different audiences. Wang disagrees, believing that interoperability will be an important way to ensure that users can move between experiences in the metaverse, via agreed protocols of interoperability, standardization of the metaverse and all additional assets by organizations worldwide. Interoperability and one unified Metaverse were the vision in Snow Crash.

Theres also disagreement over the level of immersion. Wagner thinks that there is sufficient computing available for most people to have a reasonably immersive experience via their smartphones, without needing VR headsets. Zhang disagrees, feeling that a large increase in computing power and probably quantum computing will be needed to fully realize an immersive VR system with millions of users.

Where is the metaverse heading?

In this difficult time in the crypto universe, many metaverse projects seem to be reorientating themselves. People are exploring ventures with a longer timescale to reach fruition. Zhang thinks that it will take 10 years to reach mass adoption. She views the European Unions provisional agreement on the Markets in Crypto-Assets (MiCA) proposal which aims to safeguard investing while fostering innovation as an important step forward for regulating the sector.

Wagner sees the drivers of the metaverse as users at both ends of the age spectrum: kids because they will find value in the play space, and seniors, driven by disability or social isolation, but able to interact via their avatars in ways that wouldnt be so easy in the real world. Wagner quotes the example of an 86-year-old blues guitarist he met busking in the street in Second Life.

Interestingly, Snow Crashs Stephenson has now launched a metaverse startup called Lamina1. 

Wagner says, Neal Stephenson launched it with a major player in the Bitcoin industry, Peter Vessenes. Theyre making what they call a metaverse-as-a-service so, a way for creators to monetize their content across various, multiple metaverse platforms.

Vessenes, a Bitcoin pioneer, called it the base layer for the open metaverse: a place to build something a bit closer to Neals vision one that privileges creators, technical and artistic, one that provides support, spatial computing tech, and a community to support those who are building out the metaverse.

Lamina1 is very much built around the interoperability vision: that there should be one internet-like platform where players big and small can mutually coexist and flourish. That said, Web1 and Web2 arguably didnt reach that goal, so it isnt certain that a future version wont get dominated by big players as the web is now.

The metaverse is another new technology that has enormous potential for both financial and social rewards. It also has significant negatives that could stifle its growth. But Zhang opts for the glass-half-full viewpoint:

Fundamentally, we want to use technology to really benefit more people to have a more diverse, equal and sustainable world. We dont want the technology to be for a few people who have privilege or they are lucky to be financially free. So, I think there needs to be a really coordinated movement by governments, investors, NGOs and individuals coming together to ensure the rest of one-third of the population, in countries where the basic infrastructure is not in place, can be given more opportunity to flourish so no one is left behind. That needs to be addressed on a much higher level internationally.

See, the world is full of things more powerful than us. But if you know how to catch a ride, you can go places.
Neal Stephenson, Snow Crash

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Wednesday, February 1, 2023

Bitcoin bulls plan to flip $23K to support by aiming to win this week’s $1B options expiry

BTC bulls are positioned to win this week’s $1 billion options expiry, but the market's post-FOMC reaction could alter their plans.

Bitcoin's (BTC) price has been trading above $22,500 for 12 days. Of course, this situation can change even if Federal Reserve chair Jerome Powell issues positive statements about the economy in today’s post-FOMC presser. 

Even if the decision matches the market consensus, the post-meeting statement should be investors' primary area of focus. Specific areas to focus on would be clues for the next meeting in March.

Troubling news for the largest stablecoin Tether (USDT), could also cause a meaningful impact after a Celsius bankruptcy examiner report showed that "Tether's exposure eventually grew to over $2 billion" in Sep. 2021. However, it is unclear if iFinex — Tether’s issuer — suffered any losses. iFinex CTO Paolo Ardoino denied exposure to Celsius and suggested that the examiner had "mixed up" prepositions in the report.

Is a strong correction in stock market ahead?

Legendary portfolio manager Michael Burry, known for being one of the most vocal critics of the subprime mortgage crisis in 2007 to 2008, posted a short note on Twitter on Feb. 1, suggesting that investors "sell."

While the message lacks a supporting thesis, one could conclude that Burry expects a meaningful correction in traditional markets. Considering the 40-day correlation between Bitcoin and the S&P 500 index at 75%, the odds of a BTC price retrace become evident.

Consequently, this week's Feb. 3, $1 billion BTC options expiry can go either way because bears can still flip the tables as the tide currently favors the bulls.

Bitcoin bears were caught entirely off-guard

The open interest for the Feb. 3 options expiry is $1 billion, but the actual figure will be lower since bears were caught by surprise after the 9.6% rally between Jan. 20 and Jan. 21.

Bitcoin options aggregate open interest for Feb. 3. Source: Coinglass

The 1.61 call-to-put ratio reflects the imbalance between the $640 million call (buy) open interest and the $400 million put (sell) options.

If Bitcoin price remains above $23,000 at 8:00 am UTC on Feb. 3, less than $7 million worth of these put (sell) options will be available. This difference happens because the right to sell Bitcoin at $22,000 or $23,000 is useless if BTC trades above that level on expiry.

Related: Retail giant Pick n Pay to accept Bitcoin in 1,628 stores across South Africa

$23,000 Bitcoin would give bulls a $180 million profit

Below are the three most likely scenarios based on the current price action. The number of options contracts available on Feb.3 for call (bull) and put (bear) instruments varies, depending on the expiry price. The imbalance favoring each side constitutes the theoretical profit:

  • Between $21,000 and $22,000: 2,700 calls vs. 10,700 puts. The net result favors the put (bear) instruments by $165 million.
  • Between $22,000 and $23,000: 4,400 calls vs. 4,200 puts. The net result is balanced between call and put options.
  • Between $23,000 and $24,000: 7,800 calls vs. 100 puts. The net result favors the call (bull) instruments by $180 million.
  • Between $24,000 and $25,000: 12,400 calls vs. 0 puts. Bulls extend their gains to $300 million.

This crude estimate considers the call options used in bullish bets and the put options exclusively in neutral-to-bearish trades. Even so, this oversimplification disregards more complex investment strategies.

For example, a trader could have sold a call option, effectively gaining negative exposure to Bitcoin above a specific price, but unfortunately, there's no easy way to estimate this effect.

In essence, Bitcoin bears need to push the price below $22,000 on Feb. 3 to flip the tables and secure a $165 million profit. But, for now, bulls are well positioned to profit from the BTC weekly options expiry and use the proceeds to further defend the $23,000 support.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.



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Retail giant Pick n Pay to accept Bitcoin in 1,628 stores across South Africa

Grocery retailer Pick n Pay is expanding its Bitcoin coverage to all stores in the country following a three-month pilot testing phase.

The South African grocery retailer Pick n Pay is expanding its Bitcoin (BTC) coverage to all 1,628 stores across the country following a three-month pilot testing phase in 39 locations. 

As part of its nationwide rollout, store customers will be able to pay for items using cryptocurrency via smartphone apps or by scanning a QR code and accepting the South African rand's conversion rate at the time of payment.

To pay with BTC, customers will need a Bitcoin Lightning Wallet and the CryptoQR scanner app from CryptoConvert, which is linked to the Bitcoin Lightning Wallet. The payment process requires users to scan an item's QR code through the CryptoQR app and then proceed to the Lightning Wallet to confirm the rate and complete the transaction.

Related: South African crypto landscape primed for TradFi growth after FSCA ruling

Twitter users shared their experience with using Bitcoin to pay for everyday items at Pick n Pay stores:

The move came after the country's financial regulator, the Financial Sector Conduct Authority (FSCA), amended its financial advisory legislation in October 2022 to classify crypto assets as financial products, bringing cryptocurrencies under regulation for the first time in South Africa, and allowing financial service providers to offer crypto-assets both domestically and internationally.

The retail chain disclosed plans to roll out crypto payments nationwide in November 2022, after years piloting the service in selected stores. A first experiment with cryptocurrencies took place in 2017, when the company began accepting Bitcoin as a form of payment in Cape Town, but transaction costs and wait times hindered the process.

During its pilot program, Pick n Pay partnered with Electrum and CryptoConvert to enable customers to pay via the Bitcoin Lightning Network, a second layer added to Bitcoin’s blockchain that allows off-chain transactions

Among the African nations, South Africa appears to be making considerable progress in adopting cryptocurrency. South Africa ranks 30th globally in terms of cryptocurrency adoption according to Chainalysis' 2022 Global Crypto Adoption Index. It has been estimated that about 10% to 13% of the South African population holds crypto assets.



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MakerDAO launches $5M legal defense fund

At its inception, the defense fund will receive a budget of $5 million held in the DAI stablecoin.

According to a new social post on Feb. 1, Maker decentralized autonomous organization, or MakerDAO, has approved the creation of a new fund dedicated to expenses related to legal defense. 

MakerDAO is the issuer of the DAI United States dollar stablecoin. As told by developers, Maker will allocate 5 million DAI to "reimburse legal defense expenses in case of legal or regulatory action against specific participants of MakerDAO." The post further explained:

"Initially, the coverage will be provided to Recognized Delegates, Core Unit Facilitators, Core Unit permanent contributors, and active MKR holders. The legal action against the beneficiary must be directly related to its activities at MakerDAO."

In explaining the decision, developers pointed out that such costs couldn't be "transferred through traditional insurance." The MakerDAO Defense Fund will therefore serve as a self-insurance tool for its participants. On the other hand, the pre-existing DAI foundation fund is used to take action against third parties that infringe on Maker's intellectual property.

The organization stated that an external technical committee would manage claims and payouts with authority to recommend the approval or rejection of payouts based on claim submissions. Simultaneously, a controlling committee will review the technical committee's recommendation and have the final say on the claim. Upon approval, funds are paid out in lump sums.

Related: MakerDAO revenue tumbles 86% on Ether and Wrapped BTC woes

While not unique to Maker, the DAO industry has faced mounting concerns over the legal standing of many entities and which statutes would apply to their relevant operations. Among many items, experts say that developers can be, at times, pressured by community members to perform illegal tasks, which would not hold up as a legitimate defense in most courts of law. 



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Bitcoin advocate Najah Roberts explains why BTC is a tool for empowerment

The Agenda podcast explores the concept of financial sovereignty, Black American empowerment and the promise of Bitcoin with the revolutionary Najah Roberts.

If you ask 10 people what Bitcoin’s original purpose is, at least one person will say it’s meant to cut out the middleman, reduce the cost of transacting and empower those who might not have access to modern financial infrastructure. 

While all of those boxes might be ticked, another phenomenon of financial technology, and technology in general, is that not everyone benefits equally from the revolutionary change it brings. Of course, this happens for a variety of unique reasons, some intentional and others unintentional, but the phenomenon of technological change leaving some people behind presents a rather unique question.

How can Bitcoin empower Black Americans?

In this week’s episode of The Agenda — a Cointelegraph podcast that explores the promises of crypto, blockchain and Web3, and how regular people level up and improve their lives with technology — hosts Ray Salmond and Jonathan DeYoung dig deep into the topic with Najah Roberts, an activist, educator and founder of several crypto-related organizations, including Black Bitcoin Billionaire, a brick-and-mortar Bitcoin exchange and a tech-focused children’s camp.

According to Roberts, Bitcoin (BTC) itself is the last great hope and opportunity for Black American empowerment; and for this reason, she has dedicated the last five years to spreading the good word of Satoshi Nakamoto and the basic tenets of financial literacy.

Bitcoin could be the road to freedom

As a base case for her raison d’etre, Roberts explained that:

“The Emancipation Proclamation was signed over 150-something years ago. And at that time in this country, Black people in America held less than 1% of the wealth. And here we sit, in 2022, and factually, Black folks in America own less than 1% of the wealth. [...] Bitcoin affords us the opportunity to have some self-sovereignty and to be able, for the first time in history, to have control of our money — because he who holds the money rules everything. And so if we are holders of our money, we’ll be able to rule our own lives. And I’m excited about that for our community.”

Roberts explained that financial self-sovereignty is paramount, especially in systems like in the United States where the tools and resources that lead to generational wealth creation have historically been denied to certain groups.

Roberts said:

“We’ve got to get self-sovereign because nobody’s looking out for us except for us, and we got to get that in our head. And that’s what we’ve been teaching the community. So, Bitcoin is just the first stepping stone. Again, he who holds the money holds the power. And so we want to hold our own money so we have power to do the things that we need to do, not only in our families but in our communities. Because when it boils down, everything revolves around the economics.”

Related: Music NFTs are helping independent creators monetize and build a fanbase

Revolutions are not often televised

When asked about Bitcoin’s high volatility, the proliferation of scams in the crypto sector and whether or not it’s smart to advise people with limited financial literacy skills to invest in an emerging, risky asset like Bitcoin, Roberts hinted that the revolution would not be televised.

According to Roberts, literacy is the gateway to self-sufficiency, so her initial focus, and that of the digital underground, is to first help people understand the value of saving, regardless of how much they are able to save. She emphasizes concepts that revolve around compound interest and dollar-cost averaging, and in regard to volatility, Roberts reminds potential investors that time in the market is more effective than attempting to time the market.

“I am not teaching our community to time the market because time in the market is better than timing the market. So, I’m teaching our community to dollar-cost average. [...] Whatever it is that you are doing on a regular basis, continue to do that, but just add some satoshis to your portfolio. So, if you’re going to Starbucks seven times a week, I’m not telling you don’t go to Starbucks — I’m saying go six instead of seven, or five instead of seven, and take that $6 from that coffee and buy yourself some satoshis.”

To hear more from Roberts, tune in to the full episode of The Agenda on Cointelegraph’s new podcasts page, Spotify, Apple Podcasts, Google Podcasts or TuneIn — and be sure to check out Cointelegraph’s other new shows as well.

The views, thoughts and opinions expressed in this podcast are the participants’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.



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Bitcoin awaits Fed Powell speech as sellers cement $23.5K resistance

Bitcoin trades sideways at the Wall Street open as all eyes are on the Fed and Chair Jerome Powell.

Bitcoin (BTC) preserved its active trading range into the Feb. 1 Wall Street open as markets looked to the day’s key macroeconomic data.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

$23,500 becomes level to beat for Bitcoin bulls

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it continued to move in a narrow corridor around $23,000.

An upcoming interest rate hike and commentary from the United States Federal Reserve preoccupied traders across risk assets, this potentially sparking fresh volatility in line with previous months.

Fed Chair Jerome Powell was due to speak at 2.30pm Eastern Time on the day.

On the Binance order book, resistance shifted higher on the day, broadening price targets in the event of a catalyst moving the market.

On-chain analytics resource Material Indicators noted that “an entire ladder of BTC ask liquidity was removed from the active trading range and stretched up to $23,500.”

“Clearing liquidity makes way for volatility in both directions,” it commented, warning opportunistic traders not to “get trapped.”

BTC/USD order book data (Binance). Source: Material Indicators/ Twitter

Investment research resource Game of Trades likewise said that the market’s reaction would be “more important” than the rate hike confirmation, with markets practically unanimously expecting 25 basis points.

“Volatility ahead,” Maartunn, a contributor at on-chain analytics platform CryptoQuant, agreed while responding to the Material Indicators data.

U.S. stocks treaded water at the open, riding high on January returns in step with crypto; the S&P 500 saw its best monthly gains in four years.

Trader sees "potential retest" of $21,600

On the topic of where a BTC price downturn could take it, Cointelegraph contributor Michaël van de Poppe eyed the mid-$21,000 area.

Related: Best January since 2013? 5 things to know in Bitcoin this week

The cloud of resistance below $24,000, he said, was now "crucial" — and a failure to knock a hole in it could have consequences.

"Bitcoin rejects crucial area, through which we can assume that we'll need to crack $23.3K if we want continuation," he told Twitter followers.

"Otherwise, I'm projecting a sweep at $22.3K and expecting to see $21.6K as a potential test here."
BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter

For fellow trader Jibon, a bearish retest was also on the cards. Employing Wyckoff analysis, he argued that Bitcoin had seen the peak of its gains for the time being.

"Volume doesn't support this rally. Textbook say, Price Up, Volume Down = Trap," part of a Twitter thread on the topic warned.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.



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Tiffany Fong flames Celsius, FTX and NY Post: Hall of Flame

Tiffany Fong stumbled into content creation and independent journalism after getting burned on the Celsius bankruptcy, moving forward she has no idea where this will lead.

Name: Tiffany Fong
Anonymous: No 
Twitter followers: 51.7K 
Known for: Breaking leaked info on Celsius and interviewing Sam Bankman-Fried after the FTX collapse 

Who is Tiffany Fong anyway? 

Tiffany Fong is 28 years old, has a background in marketing, and describes herself as a reluctant crypto content creator who developed a following after $100,000 worth of her crypto assets were locked up by bankrupt crypto lender Celsius. 

Shes posted more than 20 critical videos about the company since June 2022 and has been blocked by Celsius, founder Alex Mashinsky and his wife, Krissy.

I had no plans to be an influencer or citizen journalist or anything. I just personally lost a bunch of money to Celsius Network, and I was just mad and wanted somewhere to vent.

So, I started posting on YouTube and Twitter about it after Celsius went down, and then it kind of snowballed into more, she adds. Fong says she got into crypto back in 2010 as one of her relatives was mining Bitcoin. Scooping up a bunch of BTC and some other assets early on, Fong said she hodled and remained on the periphery of the space until the Celsius disaster.

How did she get popular on Twitter? 

Fong attributes most of the growth of her Twitter following to her reporting on leaks from Celsius insiders and her interactions with FTX founder and former CEO Sam Bankman-Fried (SBF) not to mention some good old-fashioned shitposting.

I started getting leaks from Celsius employees. [From that] I think I gained a little bit more newsworthy attention, she says. So, I think that grew my audience a bit bigger. And thats when Sam [Bankman-Fried] started following me.

Her famous follower would become a massive opportunity down the road. Amid the chaos of the FTX bankruptcy, Fong reached out to SBF on multiple occasions and managed to score a series of interviews and private conversations with him, and even visited him twice recently during his house arrest in Palo Alto.

As such, she has drawn a lot of attention from the media, and even U.S. politicians. 

One phone interview, in particular, was also featured in a collaborative YouTube video between Fong and Coffeezilla, which now has 1.8 million views. She copped criticism online from those who questioned her lack of finger-wagging at SBF, especially given Coffeezillas highly critical tone.

I definitely dealt with a lot of pushback when I initially started posting about my conversations with SBF. Like to me, even if I dont believe what the person is saying, Im kind of personally interested in hearing their claims, she said, adding that: 

Even if I think that theyre lying, to me, more information is better because theyll end up hanging themselves with their own words. Like I think SBF has done multiple times.

What you can expect on her Twitter?

When not posting scoops, shes most likely shitposting. Sometimes literally.

There is no better example of this than her Twitter posts concerning her visit to the White House back in December. 

Sharing a photo of her standing next to President Joe Biden via Twitter on Dec. 17, she captioned the photo: I let @Potus [Biden] smell my hair. 

Its a reference to a popular meme about Biden apparently invading womens personal space by whiffing their hair. 

Adding context on how the hell she managed to score an invite to the White House, Fong said that one of her followers worked for the secret service and lined up an invitation for her. 

I made him send me a photo of him holding his government ID with three fingers up like it was a whole thing. But, like, Im not going to turn down a visit to the White House for free Im not an important person. And theres no other way Im gonna be able to go to the White House, she said. 

Yeah, that turned into a huge conspiracy theory on Twitter that Im like a fed thats like working with Biden or something like that. Im not even political whatsoever. 

Twitter beefs 

Mild beef: BitBoy Crypto

Crypto YouTuber Ben Armstrong traveled to the Bahamas in late November to confront SBF.

Knowing Fong had a direct line to SBF, Armstrong DMed her for a connection, but after she ignored him, he started flaming her. He apparently claimed that I was jealous of him being in the Bahamas, and I was like, Why would I be jealous at all that you flew internationally to unsuccessfully attempt to interview SBF? she says.

Medium rare beef: the Daily Mail and the New York Post 


Reporting on Fongs interactions with SBF in December, the Daily Mail and the New York Post both used bikini pics, called her a sexy crypto influencer and suggested that Fong could be dating SBF. She slammed them on Twitter for their slimy clickbait. 

This led to a spat with the Daily Mail journalist who wrote the article and the publication removing her bikini pictures in their article thumbnails. The New York Post did not follow suit. 

Its definitely annoying, she says, pointing out that she got admissions out of SBF about donating to the Republican Party and admissions about the Bahamian withdrawals.

But I feel like all of that is overlooked. And then they pretty much just pulled like old bikini photos to make that the central focus of the fact that I spoke with SBF.

Top quality beef: Krissy Mashinsky

Alex Mashinskys wife, Krissy, has taken aim at Fong, claiming she is part of SBFs inner circle.

Fongs header photo on her Twitter page displays a tweet from Krissy Mashinsky claiming that she hacked into Celsius Zoom calls. 

The two had numerous spats on Twitter (before the blocking), and Fong does not mince her words: Shes done a lot of stuff thats insane. She posts videos of their multi-million-dollar penthouse in Manhattan after theyve ruined the lives of 1000s of people. So, I think shes just absolutely deranged.

Twitter likes and dislikes

Its fun having a community. And I guess its nice to some degree to have a voice that some people are interested in listening to, she says about the positives. 

What do I not like? I mean, things can become inflammatory really quickly and, obviously, taken out of context. And I dont know Twitter can become an echo chamber where everyone just wants to hear the same thing, she said. 

Looking ahead 

Fong says she has no idea where her social media fame will take her. I never had a plan about any of this. I was just posting, initially just upset about Celsius, she says.

And it snowballed into this. So, I feel like Im just taking it day by day and just in whatever direction the wind blows me. So, I dont have a career plan with this. And I didnt plan on becoming an influencer or citizen journalist.

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