The price of bitcoin, the world’s largest cryptocurrency by market capitalization, was down 99% on crypto tracking site CoinMarketCap. But don’t worry, your bitcoins aren’t suddenly worthless. The extreme drop in prices was due to a glitch on the website, which surfaced during the early hours of Wednesday.

The glitch wrongly displayed cryptocurrency trading prices and was solved after nearly an hour. Pricing data has since come back to normal at press time, but data for all-time highs for cryptocurrencies remains faulty. For example, bitcoin’s all-time high is still being displayed as $8.6 million on CoinMaketCap, which is far beyond its $69,000 peak in May 2021, as per CoinGecko.

This led to the price of bitcoin being displayed as high as $789 billion, giving it a market capitalization of $14.7 quintillion. Other large-cap cryptocurrencies like ether and ADA witnessed similar woes, reaching prices as high as $757,200 and $256, respectively. The real prices, at press time, are $3,867 and $1.25.

“This recent glitch is exactly why blockchain applications and smart contracts need to use decentralized oracle networks like Chainlink,” he said in a message to CoinDesk. “Relying on a single oracle, or a single source of data, is a recipe for disaster that undeniably puts user funds at risk.”

Also, some decentralized finance (DeFi) projects that use CoinMarketCap data halted their offerings as a measure to protect their mechanisms. “Due to an error with the CoinMarketCap API, all DeFiChain Vaults have automatically been halted, for now, ensuring the safety of your loans,” said DeFiChain, a bitcoin-centric lending service.

Meanwhile, CoinMarketCap addressed the glitch and detailed the next steps in a tweet this morning, “Following the irregularities we observed on our platform this afternoon, despite the issue having been fixed, we will be rebooting our servers as a final step in accordance with our internal remediation plan.”

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The Bank of England has said that bitcoin could be “worthless” and people investing in the digital currency should be prepared to lose everything.

In a warning over the potential risks for investors, the central bank questioned whether there was any inherent worth in the most prominent digital currency, which has soared in value this year to close to $50,000 (£37,786) a piece.

The cryptocurrency peaked above $67,000 in early November, but suffered a sell-off after news first broke of the Omicron variant of coronavirus, before stabilising around its current level in the past week.

The deputy governor, Sir Jon Cunliffe, said the Bank had to be ready for risks linked to the rise of the crypto asset following rapid growth in its popularity. “Their price can vary quite considerably and [bitcoins] could theoretically or practically drop to zero,” he told the BBC.

The market capitalisation of crypto assets has grown tenfold since early 2020 to about $2.6tn, representing about 1% of global financial assets. About 0.1% of UK households’ wealth is in bitcoin and similar crypto assets, such as ethereum and Binance coin. As many as 2.3 million people hold crypto assets, at an average amount of about £300 each.

The Bank’s financial policy committee, set up in the wake of the 2008 financial crisis to monitor risks, said on Monday there was little direct threat to the stability of the UK financial system from crypto assets. However, it warned that, at the current rapid pace of growth, such assets could become more interconnected with traditional financial services and were likely to pose a number of risks.

Publishing its regular health check on the financial system, the Bank said major institutions should take a cautious approach to adopting crypto assets and that it would pay close attention to developments in the market.

“Enhanced regulatory and law enforcement frameworks, both domestically and at a global level, are needed to influence developments in these fast-growing markets in order to manage risks, encourage sustainable innovation and maintain broader trust and integrity in the financial system,” it said.

In a separate blogpost published on its website on Tuesday, a member of the Bank’s staff said bitcoin failed to fulfil many of the features required of a currency and that it risked being inherently volatile.

Thomas Belsham, who works in the Bank’s stakeholder and media engagement division, wrote: “The problem is that, unlike traditional forms of money, Bitcoin isn’t used to price things other than itself. As Bitcoiners themselves are fond of saying, ‘one Bitcoin = one Bitcoin’. But a tautology does not a currency make.”

He said scarcity of the crypto asset – which is limited to 21m bitcoin – is among the key reasons for its attraction for investors, but this feature embedded into its design “may even, ultimately, render Bitcoin worthless”.

About 19m bitcoin is currently in circulation, with new coins added when “miners” validate changes to the blockchain ledger underpinning the cryptocurrency. While the ultimate number of bitcoin in circulation is not expected to be reached until February 2140, it would become harder to sustain this system over time, Belsham said.

“Simple game theory tells us that a process of backward induction should, really, at some point, induce the smart money to get out. And were that to happen, investors really should be prepared to lose everything. Eventually.”

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Back in 2018, Chris Allessi — who tells CNBC he was Wisconsin’s first-ever electric car dealer — decided to tinker with his Tesla.

This is nothing new for Allessi, also known as K-Man on his YouTube channel, who builds custom electric cars in his free time and bills himself as a modern-day Doc Brown, the character from the film “Back to the Future” who retrofits a car into a time machine.

“I like electricity. I like zapping stuff, building stuff. You give me an electric motor, I give you a finished product,” he said.

Similar to Raval, Allessi has tried out a couple different ways to transform his Tesla Model S into a crypto mining rig.

In industry speak, crypto mining is the energy-intensive process in which machines around the world contribute their computing power to the overall network, in order to create new coins and validate transactions of existing tokens. They do that by running specialized software that crunches complicated math equations. To participate, essentially all you need is a computer and power.

Allessi has tried mining for bitcoin by plugging a Bitmain Antminer S9 — a type of mining rig specifically used to mint the world’s most popular cryptocurrency — directly into his car battery, with the help of a power inverter. The inverter adjusts the voltage of Tesla’s electric battery to a level that’s compatible with his Antminer.

Allessi has also successfully used the vehicle’s internal firmware to mine for altcoins.

“It was no big deal,” he said of the process. He used the built-in computer and screen in the car to navigate to a web page that he had set up specifically to mine for the popular privacy token monero. “I could run the mining program within the browser,” Allessi explained.

Of all the techniques that Raval has tried, the most profitable involves a mix of hacking into Tesla’s internal computer, plus plugging GPUs directly into the car’s electric motor.

Raval uses JavaScript to create a web app that can retrieve data from his Tesla, and in some cases, modify it.

“It’s a computer with wheels…It’s so simple to hack into this computer car,” Raval said, who describes the process as essentially hijacking the car’s internal firmware to allow for extra power usage.

From there, he tethers five GPUs to his Tesla battery, and he switches between running two different hashing algorithms: one mines for ethereum and the other generates polygon tokens.

Professional-grade miners tell CNBC that, in theory, the logistics check out.

“The mechanisms are all there,” explained Whit Gibbs, CEO and founder of Compass, a bitcoin mining service provider.

“You have a power source, you have space, you have the ability to add cooling. There’s certainly enough power provided by the battery to fire up an ASIC and run it,” continued Gibbs.

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NBA Hall of Famer and basketball icon Shaquille O’Neal has freshly harvested $2 million to benefit kids who can use the assistance.

The former Los Angeles Lakers star, four-time NBA champion, TNT analyst, erstwhile rapper and movie star, and mega entrepreneur used NFTs (non-fungible tokens) for charity. O’Neal last month teamed with the NFT marketplace Notables on Shaq Gives Back.

O’Neal verified on Dec. 21 that he would start the collection and give all the proceeds to the Shaq Foundation, per MSN. The organization partners with Boys & Girls Clubs of America and Communities in Schools to back programs and projects targeting underserved youth nationwide, the website reported.

An NFT is basically a digital asset, bought and sold often with cryptocurrency. The NFT business is already skyrocketing and is expected to experience a “massive increase” in volume over the next 12 months as more major investors arrive, BLACK ENTERPRISE reported.

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The effort included 10,000 rare tokens featuring the NBA legend in diverse costumes with amusing facial expressions. Within a day, the collection reportedly raised $1 million for Shaq’s foundation. O’Neal dared his followers to keep supporting the charitable push by boosting the amount to $1.5 million before Christmas. Shortly thereafter, the collection pulled in $2 million based on a Notables post on Instagram.

O’Neal’s philanthropic efforts followed other generosity he showed to help others during the holiday season.  He just presented 500 children in Atlanta with Christmas presents and presents BLACK ENTEPRISE reported.

Even during his playing days, Shaq was known for having a big heart. On Monday, Dec. 20, O’Neal kicked off his Shaq-A-Claus charity work, which began its 24th year in 2021. The event took place at Wesley Lakes Elementary School in McDonough, GA, outside of Atlanta, where O’Neal gave approximately 500 students Christmas gifts to take home.

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Eminem has joined the Bored Ape Yacht Club — an exclusive community of elite NFT owners.

Among other celebrities with an ape token are Jimmy Fallon, Post Malone, Steph Curry, Jermaine Dupri, Snoop Dogg, Lil Baby, and Gunna. The BAYC NFT collection is limited to 10,000 unique images of apes. It was launched in April 2021, and the first apes were minted for 0.08 Ethereum (ETH), which was approximately $185 back then. Since then, their popularity skyrocketed, and Bored Ape became one of the most coveted NFTs on the market, with the floor price for the lowest listed NFT around 52 ETH, or well above $200,000. In five months since the launch, the BAYC NFT series saw a trading value of $1.5 billion.

The secret of the BAYC success might be both the uniqueness of the images and the package of tangible perks that come together with a non-fungible token. Yuga Labs, the anonymous team behind BAYC, organises exclusive events worldwide that are not easy to access but open for token holders. The company website states:

A limited NFT collection where the token itself doubles as your membership to a swamp club for apes.

Yuga Labs have certainly created the aura of exclusivity that attracts new members to the Bored Ape Yacht Club. Just last week, Snoop Dogg got his token and changed his social media avatar to his Bored Ape as it became a fashion.

On the last day of 2021, Eminem did the same. His new Instagram and Twitter avatar is a new Bored Ape NFT that was purchased for 123.45 ETH (currently about $461,868) by an account called “Shady Holdings”.

Interestingly, Shady’s ape is sporting a hat similar to Marshall’s signature Kangol.

Evidently, Em is getting more and more serious with NFTs after the success of his own limited series ShadyCon. However, for fans who suspected that a new avatar would signal the beginning of an album promo campaign, the story behind the image might be discouraging.

The post Eminem Changes His Social Media Avatar to Bored Ape NFT He Bought For $500,000 first appeared on Eminem.Pro – the biggest and most trusted source of Eminem.

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Technician’s take (Editor’s note): Technician’s Take is taking a hiatus for the holidays. In its place, First Mover Asia is publishing CoinDesk contributor Jeff Wilser’s Q&A with Cathy Hackl, sometimes called the Godmother of the Metaverse,” on the future of the metaverse, includinbg why brands will need a metaverse strategy.

Bitcoin, the oldest cryptocurrency, experienced a small price recovery to as high as about $47,961.0 on Saturday, before it fell into red again on Sunday, based on data from TradingView. But its overall spot trading volume across major centralized exchanges declined on the weekend, meaning that the price move was not supported by strong market activities.

On Friday, about 115,000 bitcoin options and roughly 882,000 ether options contracts, worth a total notional value of $8.67 billion, expired, according to Cayman Islands-based crypto financial services firm Blofin. After the settlement was completed, bitcoin’s price briefly went up sharply to above $48,000 on some exchanges, crypto trading data platform aICoin tweeted on Dec. 31.

But it’s also going to be in our real world with some level of augmentation, probably through a wearable. So, Web 3 is kind of enabling the creation of the metaverse, and the metaverse is a convergence of physical and digital. Think of it as the successor of what comes next on the internet. It’s like your digital lifestyle catching up to your physical life.

Hackl: Yeah. Even Snapchat, the things that they can do with the camera for augmented reality – that’s a metaverse play. That’s all part of the metaverse. I have a pretty expansive view, and part of that comes from working in VR [virtual reality] hardware, spatial computing and augmented reality hardware. And when people think the metaverse is only virtual reality, or only fully immersive, I think that’s a pretty narrow view. And a pretty dystopic one.

Hackl: You cannot enable the open decentralized metaverse that many of us dream of without blockchain, right? Blockchain is the underlying component. NFTs are a bit of a stepping-stone into the metaverse when it comes to ownership of digital assets and digital identity. How do you actually enable that? NFTs are a big part of that equation.

Hackl: One of the big things that I try to explore is, “Is direct-to-avatar the next direct-to-consumer?” Again, it’s stepping-stones. When we text people we use emojis; we don’t even write anymore. We use an emoji to represent a message. Our emojis – and by extension our avatars – are becoming emotional surrogates of ourselves.

In order to represent yourself as an avatar, that’s a big thing. Because it’s a moment of self-expression, it’s a moment of self-exploration. And how do brands play into that? Well, I’m going to have to outfit my avatar. Maybe I want to make a statement and wear Supreme. Fashion and culture go together. How does your avatar show up, right? What does it look like, what does it wear? There are going to be a lot of opportunities for brands. And there will be opportunities for them to engage with the younger generation.

Well, people are saying that Chipotle caused the [Roblox] outage. (Of course they didn’t cause the outage – let’s get that straight.) But a brand like Chipotle can come in and say, “We’re going to do a burrito, and we’re going to give away $1 million worth of burritos in the game.” I think those types of things are interesting and fun, and the audience is engaged, they enjoyed it.

Hackl: There are a lot of things that need to happen. If you look at how many people actually have [digital] wallets, it’s actually a very small number. And it’s a generational thing. My kids understand digital ownership in a way that maybe older generations don’t. They love buying digital assets and their skins. Once my kids get older, they’re going to question, “Why can’t I take this asset that I paid so much money for in Roblox, and move it over to Fortnite?” Eventually they’re going to expect that.

There also needs to be a lot of education within organizations – and not just the brand team – to understand where this is headed. And for companies, there’s already a talent war so it’s hard to hire people. When you realize that every company is going to need a metaverse strategy, then hiring is going to get even harder. That’s why I partnered with Republic Realm to create the Republic Realm Academy, for executive education.

Hackl: I take the good with the bad. I mean, it is a validation of the work that many of us have been doing for years. So, I’ll take that. On the other side, with Facebook being so literal with the name “meta,” it does cast a bit of doubt and shadow on the metaverse. The big thing is confusion – people thinking the metaverse is Facebook. It is not.

Hackl: First of all, I will say “The Oasis” [the fully immersive platform in “Ready Player One”] is not what we should aim for. That’s pretty dystopic, where the real world has gone to s**t, and you have to escape reality. [Laughs.] I don’t want to escape reality, but I want the metaverse to be somewhere fun when I want to have fun – instead of Instagram.

Hackl: I don’t think anyone can put a time or date, but I will say that this decade is a decade of building and pioneering. We’re all testing, trying to understand how it all works. This is the decade where those foundations are created. It’s a time of change and a time for creators. Now is the time to build. Now is when you start to figure out, what does this mean? Where are we going? And what does our company or brand have to do to be prepared for the future?

This content was originally published here.


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