Daily Crypto NewsEDITION #62, 27 October 2020

The Digital Age is here

Hey #Moni Maker 👌

Today, in 1982, China announced that its population exceeded one billion. According to the 2017 data, the population of China has already been 1.4 billion. Our planet's population is constantly growing, and it is very important to remember that there will ever be 21 million bitcoins issued. Do you want to make an asymmetric bet? Split 18 million (a couple of million bitcoins are forever lost) by the potential number of people on Earth in 10 years.

Got it? Well, let's go check out the news then!

CryptoPotato showed it on the infographics. It concludes that innovative financial companies, such as Square and PayPal, have significantly outplayed their old-timers, the banking sector.

Bitcoin also showed significant growth since the beginning of the year, and Ethereum outran them, making 3X gains.

So what?

*Hans Zimmer's music playing* and here comes the Beginning of the End!

Guys, we didn't come here as conquerors, but as liberators - throw your strict suits, uncomfortable shoes, and briefcases into the flames of inflation and join us in making history!

Representatives of one of the largest banks in the world JPMorgan, said in a new report that Bitcoin exceeds gold as an alternative currency and has a much better chance of continued growth.

The key factors are the growth of millennials' importance as market participants over the next few decades; their preference for Bitcoin over gold in combination with a relatively small Bitcoin capitalization should lead to the asset's significant growth.

Bitcoin's market capitalization is still extremely small compared to gold, and the cryptocurrency will have to grow 10X to match the $2.6 trillion physical gold market capitalization.

"Even a slight displacement of gold as an 'alternative' currency over the longer term will lead to doubling or tripling of bitcoin's price," JPMorgan analysts write.

So what?

Bitcoin is not gold's competitor, it is its closest successor. More precisely, it is the only one.

And who is interested in gold now? If you look at younger and more advanced people? Except for the WOW fans, ... but what about real life?

Month after month, year after year, Bitcoin after gold.

Why? Most likely because of a hacker attack on Harvest Finance. The attacker withdrew $25 million from the project's pools in 7 minutes and then traded it for renBTC (rBTC). Part of the assets was passed through a transaction mixer Tornado Cash. And the price of FARM token fell by more than 60%.

According to Larry Chermak from The Block, the hacker used Uniswap for instant swaps. He exchanged a large amount of USDC for USDT to increase the latter's price and transferred the received amount to Harvest Finance. After that, he repeated the scheme in the opposite direction - USDT to the USDC to reduce the price of USDT. As a result, the hacker withdrew more USDT than he deposited. The process could be repeated endlessly; more details here.

It affected the trading volumes, which have increased several times since yesterday. The volume of Uniswap increased from $148 million to $2 billion - about 92% was generated in USDT/ETH and USDC/ETH pairs, and $5.76 million was earned by liquidity providers.

So what?

Let's forgive DEXs and all the other players in the crypto universe. We are still too young and even have a few green spots on our bodies.

And thanks to the hacker - let there be more attacks like this. Does it sound cynical? The crypto can turn into gold if brought to a boil. So the hacker's activity is necessary.

More attacks = more protection = less attacks = more recognition. Got it?

If you earned $10,000 every day, 365 days a year since the day Egyptian pyramids were built, you would have only made 12% of the fortune of Jeff Bezos today.

So what?

Pf, we don't mind :) That's how the world would look at it, anyway…

Today everyone who has at least a little Filecoin (FIL) is at the TOP of the Portfolios' Battle

Even @CryptoLamer, who collected "Worst Ever" (Худший Евер) portfolio to take the last place, takes an honorable 3rd place (at the time of writing).