How has the COVID-19 pandemic affected the crypto space? Experts answer

How has the COVID-19 pandemic affected the crypto space? Experts answer

Experts in blockchain technology and crypto take on the question: What impact has the COVID-19 outbreak had on the industry?


Image courtesy of CoinTelegraph

            NOV 22, 2020

Who could have imagined a year ago how different our lives would be in just 12 months? Without any doubt, last November will remain a significant point in humanity’s history — the time when it all started. Although “patient zero” has not yet been confirmed — if it ever will be at all — we now know that everything began in China back on Nov. 17, 2019, when the first patient reportedly presented symptoms of a novel coronavirus disease named COVID-19, according to the South China Morning Post with references to government data.

In January 2020, Wuhan city in central China suffered from the massively expanding COVID-19 epidemic, and “41 admitted hospital patients had been identified as having laboratory-confirmed” cases, according to a publication in The Lancet. Just two months later, in March, the World Health Organization declared COVID-19 a global pandemic. One by one, governments worldwide closed their national borders, suspended public events, and banned people’s gatherings. The conversation unearthed two terms, rarely used before, which have now been declared 2020 words of the year by British Collins Dictionary: “lockdown” and “social distancing.”

It’s hard to imagine which spheres of our lives have not been affected by these dramatic and tragic events, with the number of confirmed global cases exceeding 55 million.


(Click image for larger view)

Despite everything, the ongoing COVID-19 crisis has also had a positive impact on the world. European conservatism, which has long relied on the traditional financial system, was questioned as the pandemic forced Europeans to shift toward cashless payments and cryptocurrencies. Some say it even fastened the mainstream adoption of crypto and DLT-based business solutions globally by changing people’s understanding of money.

Related: What the COVID-19 pandemic means for blockchain and crypto

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Specifically, the COVID-19 outbreak has propelled Bitcoin’s (BTC) safe haven narrative as central banks print an estimated $15 trillion in stimulus in an attempt to ease the pandemic’s effects on global economies. Amid rising inflation rates, people are turning to Bitcoin as the next inflation hedge.

Related: Not like before: Digital currencies debut amid COVID-19

Meanwhile, in the name of public health, governments are initiating COVID-19 tracking programs, raising serious concerns about privacy violations and the tightening grip of centralization in the process. Not stopping there, governments have also taken another step in eroding civil autonomy via the development of central bank digital currencies, initiatives for which have been boosted globally due to the COVID-19 crisis. While experts see the solution to safeguarding privacy in decentralized technologies, the question about over-promised decentralization remains open.

Nonetheless, the coronavirus outbreak significantly changed everyone’s lives, creating the new normal we now live by. Yet, despite all the challenges we are facing economically, politically and socially since the start of the year, there is no doubt that the pandemic is propelling digital innovation and accelerating humanity 20 years forward in technological development.

It is too early to tell when it all ends, as COVID-19 is still gaining speed. Now, a year since Wuhan’s first case, Cointelegraph reached out to experts in blockchain technology and the crypto space for their opinions on how the coronavirus pandemic has impacted the industry.

What impact has the outbreak of the COVID-19 pandemic had on the crypto space?

Asheesh Birla, general manager of RippleNet:

“COVID-19 exacerbated the inequities for many people who are unbanked or underbanked and highlighted the gaps that we have in our financial infrastructure where those who have the least, pay the most — on average the cost to send $200 is $14. Despite the pandemic, people still need to send money to family and friends abroad. As a result, remittances have continued to surge in some of the largest corridors. The U.S. to Mexico corridor, for example, saw a considerable increase in remittances from the start of the pandemic, with Mexico receiving $4.02 billion from abroad in March 2020, a 36% increase from March 2019. Ripple can help lower the cost of remittance payments by using crypto and blockchain to make cross-border payments faster, cheaper, and more reliable. Bitso, one of Mexico’s leading exchanges, is transacting close to 10% of total remittance flows from the U.S. to Mexico through Ripple’s technology that uses XRP as a bridge currency. In tandem, there’s more interest in the space than ever before with major companies like PayPal and Square placing their bets on crypto, pushing it to the mainstream. Validation from these companies has contributed to more interest in the utility of cryptocurrencies, and their ability to better serve their businesses and customers."

Da Hongfei, founder of Neo, founder and CEO of OnChain:

“From my perspective, COVID-19 did not negatively impact the blockchain space — if anything, it drove increased demand for blockchain innovation and adoption. By revealing the weaknesses of our current paradigm, COVID-19 also highlighted the urgent need for blockchain technology. For example, COVID-19 demonstrated the failings of today’s centralized supply chain system, revealing its fragility and lack of agility. By leveraging blockchain, we can build a decentralized supply chain which can quickly ascertain and then distribute products based on a specific area’s needs. Similarly, blockchain technology could also be deployed to more efficiently track and trace infection cases while also protecting patients’ privacy. In fact, we’re already seeing this shift to blockchain in a time of uncertainty — increasingly more institutions and people are embracing Bitcoin as it is viewed as a stable, mainstream asset in these trying times. If anything, I believe that COVID-19 firmly proved the need for not only blockchain, but also a truly digital and smart economy. Moving forward, we must break from our current paradigm to embrace a truly digitized and globalized world which has the flexibility, agility, and efficiency to flourish and thrive.”

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Mike Belshe, CEO at BitGo:

“The economic upheaval due to our pandemic times are creating shifts in attitudes and greater interest in digital assets. COVID-19 has significantly accelerated the adoption and interest in crypto around the world. Important to note is that the determined effort of companies like ours to build a secure, compliant foundation is enabling the influx of new crypto investors, including large institutional firms such as investment banks and major custodians. Fortunately, we are able to meet the moment as a result of all the hard work we’ve put into building a new monetary system from scratch these past 10 years. Prior to COVID-19, most people weren’t paying as much attention to the economic factors that make Bitcoin relevant. Frankly, they didn’t need to. If you’re generating a return from the stock market, you stay with what you know, and you don’t have to worry about learning something new. But now that’s all changed with the pandemic — fiscal policy around the globe is causing governments to wildly print money, reducing its value and causing inflation. Investors now understand they have to get ahead of this. They are asking a lot more questions and are grasping the underpinning of Bitcoin’s thesis — that an asset’s scarcity matters. Digital assets are a hedge against inflation and a safe store of value. Investment leaders such as Paul Tudor Jones, Stanley Druckemiller and Bill Miller are demonstrating that Bitcoin is now an important part of any portfolio. This year has brought so much uncertainty but people are feeling empowered to educate themselves on what they need to do to get involved with crypto. All the building blocks are in place — compliance, custody, liquidity, portfolio management and wallet technology, as well as tax tools — giving investors the tools they need to invest in digital assets.”

Preston Byrne, Partner at Byrne & Storm, P.C.:

“The COVID-19 outbreak’s most tangible impact on crypto was validation of crypto’s core thesis that our societies are brittle and math, not men, is likely to form a sounder basis for future social organization. The reliance of practically every major economy on fiscal and monetary stimulus to stay afloat reinforced and widened public perception of the weakness of fiat money and institutions. ‘Crypto,’ so-called, is a diverse array of beliefs and areas of interest ranging from hard money, to censorship-resistance, to secure communications. These technologies are uniquely responsive to social and enterprise adaptation to stressors that have dominated headlines in the last year, whether we’re talking about ‘Money printers go brr,’ the ongoing exodus from big tech, or widespread social unrest in the cities.”

Tim Draper, venture capitalist and noted Bitcoin investor:

“A lot of people, stuck in their homes finally made the time to set up a Bitcoin wallet, but the real impact of Covid was that the lockdown was devastating for many families, and when the government printed $13 trillion to try to put a bandaid on it, it made it clear that you would rather be holding Bitcoin than these diluted and dilutable dollars. I expect ‘fiduciary duty’ to now include owning some Bitcoin as a hedge against government currency flooding and manipulation.”

These quotes have been edited and condensed.

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

Original article posted on the CoinTelegraph.com site, by Max Yakubowski.

Article re-posted on Markethive by Jeffrey Sloe

Bitcoin price dips below 18K Time to watch these ‘whale cluster’ support zones

Bitcoin price dips below $18K — Time to watch these 'whale cluster' support zones

Bitcoin price has lost the $18,000 support level but several whale clusters below suggest that the dip will get aggressively bought up.


Image courtesy of CoinTelegraph

            NOV 22, 2020

Bitcoin (BTC) price dropped below the $18,000 support level on Nov. 22. This comes after BTC continuously saw high over-the-counter (OTC) and institutional volume throughout November.


BTC/USD 1-hour chart. Source: Tradingview (Click image for larger view)

Data suggests that the growing institutional demand was likely one of the main catalysts behind the BTC price rally to $18,965.

According to the data from Skew, Grayscale Bitcoin Trust’s volume on OTC Markets increased significantly in the fourth quarter.

OTC Markets is a securities exchange in the U.S. that allows institutional and accredited investors to purchase various securities. The Grayscale Bitcoin Trust trades on OTC Markets, similar to an exchange-traded fund (ETF).


Grayscale Bitcoin Trust daily volume. Source: TradingView.com (Click image for larger view)

This is an institution-led Bitcoin rally

There is a clear difference between the ongoing uptrend and the 2017 rally. This time, Bitcoin has shown more composure and stability throughout the uptrend, consecutively reclaiming major resistance levels.

Bitcoin saw a large spike in spot volume, futures exchange open interest, and institutional demand. Yet, various metrics such as Google Trends have shown the mainstream interest for Bitcoin is relatively low.

The combination of the two above mentioned factors suggests institutions have likely been the primary driving force of the recent rally.

The heavy involvement of institutions in a prolonged Bitcoin rally is optimistic because institutions are likely to accumulate BTC with a long-term strategy.

This trend explains why most of the major dips Bitcoin saw in November were aggressively bought up. As Cointelegraph reported, Dan Tapiero, the co-founder of 10T Holdings, said “big boys will buy dips now."

Tapiero also emphasized that real fundamentals are driving the ongoing rally, unlike the 2017 mania. He said:

“3rd wave up to dwarf the 2017 move and should persist for several years.”

Michael Novogratz, the billionaire Bitcoin investor, also said that Bitcoin has become an institutional asset along the way.

In recent months, more institutions, hedge funds, and investment banks have started comparing BTC to gold. Novogratz said on CNBC:

“Bitcoin is now an institutional asset. Period. The good thing is most institutions aren’t in yet. It’s why 2021 will be as good or better than 2020.”

3 whale clusters to watch as BTC dives below $18,000

Whales, or high-net-worth investors, typically use OTC and exchanges simultaneously to accumulate Bitcoin.

Throughout November, analysts at the on-chain analysis firm Whalemap found the emergence of major whale clusters.

Whale clusters are price levels where whales buy BTC and do not move their holdings. Clusters often signify areas where whales buy Bitcoin.


Bitcoin whale clusters throughout November. Source: Whalemap (Click image for larger view)

The data from Whalemap show that $16,411, $16,278 and $15,691 remain as the big whale clusters. Hence, even if BTC sees a short-term pullback, the aggressive accumulation from whales in November has established crucial support areas.

In the near term, following BTC’s recent minor correction from $18,865 to below $18,000, whale clusters are expected to act as important support levels. The $17,300 and $16,411 price levels remain as the major support levels.

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Original article posted on the CoinTelegraph.com site, by Joseph Young.

Article re-posted on Markethive by Jeffrey Sloe

WHO Recommends Against Using Gilead Sciences’ Remdesivir For Covid

WHO Recommends Against Using Gilead Sciences' Remdesivir For Covid

By RTTNews Staff Writer | Published: 11/20/2020 1:47 AM ET

The World Health Organization or WHO has warned against using Gilead Sciences' Covid-19 drug remdesivir to treat hospitalized patients. According to the agency, there is currently no evidence that remdesivir improves survival and other outcomes in these patients.

Remdesivir is an FDA-approved intravenous antiviral drug, sold under the brand name Veklury. It has been approved or authorized for the treatment of Covid-19 in about 50 countries across the world. The drug is supposed to work by stopping the replication of SARS-CoV-2, the virus that causes COVID-19.

As per a WHO Guideline Development Group panel, the evidence suggested that the drug has "no important effect on mortality, need for mechanical ventilation, time to clinical improvement, and other patient-important outcomes."

The conditional recommendation by WHO against the use of remdesivir is part of a living guideline on clinical care for COVID-19, developed by the panel that consists of 28 clinical care experts, 4 patient-partners and one ethicist.

The group reviewed interim results of the WHO Solidarity Trial along with 3 other randomized controlled trials for the guidelines. In all, data from over 7000 patients across the 4 trials were considered.

The guidelines were developed in collaboration with the non-profit Magic Evidence Ecosystem Foundation that provided methodologic support.

The panel urged for more research, especially to provide higher certainty of evidence for specific groups of patients. They supported continued enrollment in trials evaluating remdesivir.

The WHO decision comes as the U.S. Food and Drug Administration issued an emergency use authorization for Eli Lilly and Co.'s rheumatoid arthritis drug baricitinib, in combination with remdesivir, to treat COVID-19 patients.

The authorization is to treat suspected or laboratory confirmed COVID-19 in hospitalized adults and pediatric patients two years of age or older requiring supplemental oxygen, invasive mechanical ventilation, or extracorporeal membrane oxygenation or ECMO.

Remdesivir received FDA approval on October 22 to treat patients with COVID-19 requiring hospitalization. The drug is indicated for patients of age 12 years and older and weighing at least 40 kg.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

The Bitcoin Dragon Will Eat the Kingdom of Gold Microstrategy CEO

The Bitcoin Dragon Will Eat the Kingdom of Gold – Microstrategy CEO

John P. Njui   •   BITCOIN (BTC) NEWS • CRYPTOCURRENCY   •   NOVEMBER 21, 2020

Quick take:

  • Microstrategy CEO, Michael Saylor, has compared Bitcoin to a dragon that will eventually eat the Kingdom of Gold
  • His comments were in response to the CIO of BlackRock, talking about Bitcoin eventually replacing Gold as a store of value and a choice of investment amongst Millenials
  • Bitcoin devouring Gold’s market cap of $9 Trillion means BTC will eventually be valued at $500k

The CEO of MicroStrategy, Michael Saylor, has compared Bitcoin (BTC) to a dragon that will eventually devour gold. Mr. Saylor’s exact words were as follows.

"When the Bitcoin Dragon emerges from its lair, the first thing it will eat is the Kingdom of Gold."

Bitcoin is More Functional Than Passing a Bar of Gold Around

His comments were in response to a CNBC interview in which the CIO of BlackRock, Rick Reider, explained that Bitcoin will eventually replace Gold. One of Mr. Reider’s main argument was that Bitcoin is ‘more functional than passing a bar of gold around’. His exact commentary on Bitcoin was as follows.

"I think cryptocurrency is here to stay. I think it is a durable…and you’ve seen central banks that have talked about digital currencies.

I think digital currencies and the receptivity, particularly millenials receptivity of technology and cryptocurrency is real…digital payment systems is real. So, I think Bitcoin is here to stay…

Do I think it’s a durable mechanism, do I think it will take the place of gold to a large extent? Yeah, I do, because it’s so much more functional than passing a bar of gold around"

Bitcoin Could Hit $500k With Gold’s Marketcap

The possibility of Bitcoin ‘devouring’ gold’s market cap was recently explored in a report by Tyler Winklevoss in which he pleaded the case of BTC eventually being valued at $500,000. His analysis was based on Bitcoin chipping away at and finally reaching Gold’s market cap of $9 Trillion.

The possibility of Bitcoin ‘devouring’ gold’s market cap was recently explored in a report by Tyler Winklevoss in which he pleaded the case of BTC eventually being valued at $500,000. His analysis was based on Bitcoin chipping away at and finally reaching Gold’s market cap of $9 Trillion.

His analysis of Bitcoin was published in late August and it concluded that Bitcoin was undervalued by a factor of 45x.

This means that Bitcoin investors are relatively early into the game and BTC is still undervalued as it approaches $20k.

Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Here’s Where a Bitcoin Bear Whale Has Put Up a Massive Sell Wall

Here’s Where a “Bitcoin Bear Whale” Has Put Up a Massive Sell Wall

By Cole Petersen – November 18, 2020 in ETH Reading Time: 2min read

Bitcoin’s price action as of late has greatly favored buyers, with the cryptocurrency being caught within the throes of an intense bout of sideways trading just below $19,000 as buyers try to garner enough buy-side pressure to break through this level.

The selling pressure here has been intense, but it has yet to catalyze any type of intense selloff throughout the past few days.

This seems to point to immense underlying strength amongst buyers and may indicate that near-term upside is imminent. If bulls can break above this level, they may face some resistance around $19,300 before they can push the crypto to new all-time highs.

One trader is noting that there is a Bitcoinbear whale” that has sell orders placed at this level, which may prove difficult to surmount upon the first attempt.

That being said, one analyst explained in a recent tweet that he is expecting Bitcoin to break above this resistance and set fresh all-time highs in the near-term.

Bitcoin Shows Signs of Strength as Bulls Target $19,000

At the time of writing, Bitcoin is trading up marginally at its current price of $18,750. This is around where it has been trading throughout the past few days.

A strong break above $19,000 could catapult BTC to fresh all-time highs, as the resistance in the lower-$19,000 region level is the last resistance seen before $20,000. Once it sets new all-time highs, the media cycle and retail “FOMO” could send it rocketing even higher.

Because of the current strength being projected by Bitcoin, it does seem like a clean break above this level is imminent.

Once new all-time highs are set, it may enter a price discovery mode that results in it seeing significantly further upside.

This “Bear Whale” May Slow BTC’s Ascent

He also notes that there is a “bear whale” that is putting up some serious sell walls at $19,300.

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“Longed BTC: Chad Bear Whale is resting at $19.3k and needs relieved of his corns. But more importantly, we have an all time high to make.”


Image Courtesy of LedgerStatus. Source: BTCUSD on TradingView. (Click image for larger view)

Although it may take some time for bulls to chew through these sell orders, it’s clear skies ahead for the crypto once this resistance is broken.

Featured image from Unsplash.
Charts from TradingView.

The original article was written by Cole Petersen and posted on NewsBTC.com.

Article reposted on Markethive by Jeffrey Sloe

Thanksgiving is Under Attack Again

Thanksgiving is Under Attack… Again

By Nov 20, 2020 by Gary DeMar

The usual dissenters come out of the woodwork every October to disparage Columbus and November to attack Thanksgiving. Here’s the latest:

Sen. Tom Cotton (R-Ark.) is being called "a racist piece of trash" and a "white supremacist" after defending the legacy of the Mayflower Compact and criticizing an article in the New York Times that called the story of the Pilgrims a "myth" and re-examined the "cruel history" of Thanksgiving.

Someone named Frederick Joseph, author of The Black Friend, wrote the following: “The fact that overt white supremacist, Tom Cotton, ran unopposed by a Dem is a great example of why the party needs new leadership.” Does this pass for an argument? Joseph should be reminded that Republicans elected a diverse number of people for Congress and the Senate this year:

  • In Oklahoma City, Republican state senator Stephanie Bice flipped a Democratic seat and became the first Iranian-American ever elected to the U.S. Congress.
  • In New Mexico, former GOP state representative Yvette Harrell flipped a Democratic district, becoming the first Cherokee woman ever elected to the U.S. Congress.
  • In Salt Lake City, former Oakland Raider Burgess Owens is leading Democrat Ben McAdams (this is the district Mia Love used to represent).
  • Cuban-American Republicans Maria Elvira Salazar and Carlos Gimenez ousted, respectively, incumbent Democrats Donna Shalala and Debbie Mucarsel-Powell.
  • In New York City, assemblywoman Nicole Malliotakis, the daughter of Greek and Cuban immigrants, won the Staten Island district represented by Democrat Max Rose.
  • Outside of Charleston, S.C., Republican Nancy Mace, the first woman to graduate from the Citadel, took back a seat from incumbent Democrat Joe Cunningham.
  • Republican Michelle Steel, who is Korean, defeated first-term Rep. Harley Rouda on Tuesday in a Southern California district.
  • Young Kim, who also is Korean, defeated Democratic Rep. Gil Cisneros in the 39th District in California.

Keith Boykin quoted this from Malcolm X (Little): “Our forefathers weren’t the Pilgrims. We didn’t land on Plymouth Rock. The rock was landed on us. We were brought here against our will. We were not brought here to be made citizens.” The Separatists (Pilgrims) did not arrive at Plymouth with slaves.

In fact, the Plymouth colony served as a sanctuary for blacks. There’s speculation that “[s]ome backs may have come from Virginia or from English colonies in the Caribbean.” 

From 1623 to 1640, Colonists of black ancestry arrived in Plymouth Colony…. Although they did not have full equal rights with the English Pilgrims, they were accepted as members of the Plymouth community.

Black Pilgrims served in the Plymouth militia by the 1640s. The white English Pilgrims trusted the black Pilgrims enough to arm them with guns and weapons. These Pilgrims of black heritage would have been given military training including best usage of their weapons and marching in formation. The integrated Plymouth Pilgrim Militia included English, African-Americans and Native Americans.

The Pilgrims in 17th-century Plymouth accepted the concept that blacks had God-given rights. One of these was their right to attend the Pilgrim Congregational Church. People of black heritage had the right to learn the Pilgrim Bible. Pilgrims taught their children to read in order to understand the teachings in the Bible. This was an accepted method of education for all colonists. All Pilgrims of black heritage would have been included — even freemen, blacks who were indentured servants and those who were slaves. (Cape Cod Times)

Of course, I do not want to dismiss the truth that in early America the slave trade flourished and became one of our nation’s most grievous sins.

The Plymouth colony learned the hard way that common ownership of property and goods is a failed economic model. It was a form of slavery. William Bradford, the colony’s first governor, wrote in Of Plymouth Plantation, that a communal lifestyle was “[f]or this community (so far as it was) was found to breed much confusion and discontent and retard much employment that would have been to their benefit and comfort. For the young men, that were most able and fit for labour and service, did repine that they should spend their time and strength to work for other men's wives and children without any recompense.” When families were given their own land to work, the results were immediate. This had very good success, for it made all hands very industrious, so as much more corn was planted than otherwise would have been….”

On Thursday, September 24, 1789, the first House of Representatives voted to recommend—in its exact wording—the First Amendment of the newly drafted Constitution to the states for ratification. The next day, Congressman Elias Boudinot from New Jersey proposed that the House and Senate jointly request of President Washington to proclaim a day of thanksgiving for "the many signal favors of Almighty God." Boudinot said that he "could not think of letting the session pass over without offering an opportunity to all the citizens of the United States of joining, with one voice, in returning to Almighty God their sincere thanks for the many blessings he had poured down upon them." [1]

Roger Sherman spoke in favor of the proposal by reminding his colleagues that the practice of thanksgiving is "warranted by a number of precedents in holy writ: for instance, the solemn thanksgivings and rejoicings which took place in the time of Solomon, after the building of the temple…. This example, he thought, worthy of Christian imitation on the present occasion." [2]

A People Full of Thanksgiving

The colonists of another era were aware of the many instances of thanksgiving celebrations found in "holy writ." Thanksgiving, as it was practiced by the colonists, was a religious celebration that shared the sentiments of their biblical forerunners, giving thanks to God for His faithful provision even in times of want. For these devoutly religious people, thanksgiving would have come naturally. “Twice en route the passengers [aboard the Mayflower] participated in a fast, and once (two days after sounding ground beneath the Arbella) a ‘thanksgiving.’ When the sailing season ended with all ships accounted for, ‘we had a day of thanksgiving in all the plantations.’" [3]

There are numerous claims to the first official Thanksgiving celebrated in the New World. One of the earliest recorded festivals occurred a half-century before the Pilgrims landed at Plymouth. "A small colony of French Huguenots established a settlement near present-day Jacksonville, Florida. On June 30, 1564, their leader, René de Laudonnière, recorded that `We sang a psalm of Thanksgiving unto God, beseeching Him that it would please Him to continue His accustomed goodness towards us.’" [4]

In 1610, after a hard winter called "the starving time," the colonists at Jamestown called for a time of thanksgiving. This was after the original company of 409 colonists had been reduced to 60 survivors. Extreme hardship did not deter the survivors from turning to God in thanksgiving. The colonists prayed for help that finally arrived by a ship filled with food and supplies from England. They held a prayer service to give thanks.

This thanksgiving celebration was not commemorated formally every year. An annual commemoration of thanksgiving came nine years later in another part of Virginia. "On December 4, 1619, 38 colonists landed at a place they called Berkeley Hundred [in Virginia]. ‘We ordain,’ read an instruction in their charter, ‘that the day of our ship’s arrival . . . in the land of Virginia shall be yearly and perpetually kept holy as a day of Thanksgiving to Almighty God.’" [5]

Edward Winslow, in his important chronicle of the history of the Plymouth colony, reports the following eyewitness account of the colony’s thanksgiving celebration:

Our harvest being gotten in, our governor sent four men on fowling, that so we might, after a special manner, rejoice together after we had gathered the fruit of our labors. They four in one day killed as much fowl as, with a little help beside, served the company almost a week. At which time, among other recreations, we exercised our arms, many of the Indians coming among us, and among the rest their greatest king, Massasoit, with some ninety men, whom for three days we entertained and feasted; and they went out and killed five deer, which they brought to the plantation, and bestowed on our governor, and upon the captain and others. And although it be not always so plentiful as it was at this time with us, yet by the goodness of God we are so far from want, that we often wish you partakers of our plenty. [6]

While none of these Thanksgiving celebrations was an official national pronouncement (no nation existed at the time), they do support the claim that the celebrations were religious and specifically Christian in their origin and purpose. "Thanksgiving began as a holy day, created by a community of God-fearing Puritans sincere in their desire to set aside one day each year especially to thank the Lord for His many blessings. The day they chose, coming after the harvest at a time of year when farm work was light, fit the natural rhythm of rural life." [7]

The chain of times set apart for thanksgiving was not even broken during a time of war. Thanksgiving was joined with a spirit of repentance. On October 3, 1863, Abraham Lincoln declared that the last Thursday of November 1863 would be set aside as a nationwide celebration of thanksgiving. His proclamation stated:

No human counsel hath devised, nor hath any mortal hand worked out these great things. They are the gracious gifts of the most high God, who, while dealing with us in anger for our sins, hath nevertheless remembered mercy. . . . I do, therefore, invite my fellow citizens in every part of the United States, and those who are sojourning in foreign lands, to set apart and observe the last Thursday in November next as a day of Thanksgiving and praise to our beneficent father who dwelleth in heaven.

Beginning with Lincoln, United States’ Presidents proclaimed that the last Thursday in November would be set aside for a National Day of Thanksgiving. Franklin D. Roosevelt changed the celebration to the third Thursday in November "to give more shopping time between Thanksgiving and Christmas." [8] Ever since this pragmatic and commercial approach to Thanksgiving was promoted, its original meaning has steadily been lost.

The erosion of the original intent of Thanksgiving as it was practiced by the colonists and sanctioned by presidents and Congress can best be illustrated by the way some textbooks handle the subject. One elementary school social studies book has thirty pages of material "on the Pilgrims, including the first Thanksgiving. But there is not one word (or image) that referred to religion as even a part of the Pilgrims’ life. One mother whose son is in a class using this book wrote . . . that he came home and told her that ‘Thanksgiving was when the Pilgrims gave thanks to the Indians.’ The mother called the principal of this suburban New York City school to point out that Thanksgiving was when the Pilgrims thanked God. The principal responded by saying ‘that was her opinion’—the schools could only teach what was in the books!" [9]

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There is no doubt that these early Christian settlers thanked the Indians for their generosity in supplying venison to supplement the Pilgrims’ meager Thanksgiving rations of parsnips, carrots, turnips, onions, radishes, and beets from their household gardens. As the historical record shows, however, thanksgiving was ultimately made to the God of the Bible. "Governor Bradford, with one eye on divine Providence, proclaimed a day of thanksgiving to God, and with the other eye on the local political situation, extended an invitation to neighboring Indians to share in the harvest feast. . . . This ‘first Thanksgiving’ was a feast called to suit the needs of the hour, which were to celebrate the harvest, thank the Lord for His goodness, and regale and impress the Indians." [10]

Early celebrations of thanksgiving were expressions of deep gratitude to God for life itself. Many who partook of the bounty from God’s creation set before them were thankful just to be alive. How times have changed in America.

  1. The Annals of the Congress, The Debates and Proceedings in the Congress of the United States, Compiled From Authentic Materials by Joseph Gales, Senior (Washington, DC: Gales and Seaton, 1834), 1:949–50.
  2. Annals of the Congress, 950.
  3. David D. Hall, Worlds of Wonder, Days of Judgment: Popular Religious Belief in Early New England (New York: Alfred A. Knopf, 1989), 166.
  4. Diana Karter Appelbaum, Thanksgiving: An American Holiday, An American History (New York: Facts on File Publications, 1984), 14–15.
  5. Jim Dwyer, ed., Strange Stories, Amazing Facts of America’s Past (Pleasantville, NY: The Reader’s Digest Association, Inc., 1989), 198.
  6. Edward Winslow, How the Pilgrim Fathers Lived, 2:116. Emphasis added. CD Sourcebook of American History (Mesa, AR: Candlelight Publishing, 1992). Also see Mourt’s Relation: A Journal of the Pilgrims of Plymouth, ed. Jordan D. Fiore (Plymouth, MA: Plymouth Rock Foundation, [1622] 1985), 67–69.
  7. Appelbaum, Thanksgiving, 186. The celebration of Christmas, in addition to Thanksgiving, has become an ordeal in censorship. Silent Night and other sacred songs have been stripped from public school Christmas pageants and replaced with Jingle Bells and Frosty the Snowman. Public school officials and school teachers are made to substitute "winter holiday" for Christmas. In St. Paul Minnesota, an affirmative action officer for the state tax department, banned what she called the "unwelcome greeting of Merry Christmas" via the department’s electronic mail. (“‘Merry Christmas’ offense, bureaucrat rules,” Atlanta Journal/Constitution (December 11, 1994), A11).
  8. Edmund H. Harvey, Jr., ed., Readers Digest Book of Facts (Pleasantville, NY: The Reader’s Digest Association, [1985] 1987), 125.
  9. Paul C. Vitz, Censorship: Evidence of Bias in Our Children’s Textbooks (Ann Arbor, MI: Servant Books, 1986), 3.
  10. Paul C. Vitz, Censorship: Evidence of Bias in Our Children’s Textbooks (Ann Arbor, MI: Servant Books, 1986), 3.

The original article was written by Gary DeMar and posted on TheAmericanVision.com.

Article reposted on Markethive by Jeffrey Sloe

XRP Is Entering New Bull Cycle That Could Send Its Price Soaring Towards 1 Analyst

XRP Is Entering New Bull Cycle That Could Send Its Price Soaring Towards $1 — Analyst

By Brenda Ngari – November 20, 2020

As bitcoin sets new highs, XRP appears set to initiate a new bull wave. A cryptocurrency analyst has observed that a particular technical indicator is indicating the possibility of the asset jumping over 192% towards $1.

A Huge Breakout Imminent

The $0.30 region has been pivotal for XRP’s overall trend over the last few years. In August last year, the level acted as sturdy support which helped the token avoid massive losses during pullbacks. Since then, however, the $0.30 region has acted as stubborn resistance hindering any meaningful rally. XRP recently tested this level before a sharp rejection.

Now, analyst Magic is suggesting that XRP could commence the much-anticipated bull market. Magic notes that XRP recently broke out of a massive falling wedge. The analyst projects that the digital currency could soon target the $0.80-$0.92 range. This would mark an appreciation of over 192% from the current $0.28 price level. 

“Based on the size of the falling wedge pattern, I’ve found that the upside target should be around the 0.80 level. However, the 23.6% retrace for the entire bear market is at about 0.92. So, it’s possible that XRP could rally well above the 0.80 level to test the 0.92 level. The MACD is printing a strong expansion to the upside, increasing the probability of a push to higher levels.”

XRP Faces Stiff Resistance Ahead

While Magic’s analysis is music to XRP investors’ ears, the analyst warns that attaining these sky-high prices won’t come easy. For starters, XRP will have to tackle the resistance at $0.30 and $0.35. Magic believes there is a high possibility that the fourth-largest crypto will obliterate these hurdles and this will clear the path for $0.55 and $0.80 next.

“So, while there are some strong resistance levels to contend with, I think XRP could be on the verge of the next powerful bull market that we’ve all been waiting for,” Magic said. 

The increasing number of XRP whales in recent months adds credence to the theory that XRP is poised for a parabolic rally. Whales gobbling up XRP is a sign that big-money investors are expecting the price to go up in the near future.

Nonetheless, XRP has had the worst performance in 2020 compared to its peers. Bitcoin, for instance, is up 143% while ethereum has raked in a whopping 270% gains. XRP, on the other hand, has gained a mere 55% since the beginning of this year.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Ethereum Tests 500 as ETH20 Deposits Hit 20 of 524288 ETH Needed

Ethereum Tests $500 as ETH2.0 Deposits Hit 20% of 524,288 ETH Needed

John P. Njui   •   DEFI • ETHEREUM (ETH) NEWS   •   NOVEMBER 20, 2020

Quick take:

  • Ethereum finally retested $500 before falling back down to $490 levels
  • This feat was accomplished as the ETH2.0 deposits hit 20% of the required 524,288 ETH for Phase 0 to kick-off
  • Investors could increase the rate of their 32 ETH deposits as December 1st draws closer
  • Consequently, ETH could rally a second time above $500

The digital asset of Ethereum (ETH) has finally broken the $500 price ceiling to set a 2020 high of $501.84 – Binance rate. Ethereum last experienced these price levels in June of 2018 and during the brutal bear market that followed the 2017/2018 bull market.

How High Can Ethereum Go?

A quick glance at the daily ETH/USDT chart reveals that Ethereum is more or less in overbought territory as shall be explained using the chart below courtesy of Tradingview.


(Click image for larger view)

  • To begin with, trade volume is in the green further confirming the bullishness
  • Ethereum’s price is above the 50, 100 and 200-day moving averages, also confirming bullishness
  • However, the daily MACD is exhibiting signs of an overbought situation
  • The daily MFI and RSI are also high at 84 and 75 respectively
  • $480 to $490 has now flipped into a support zone and could mark an area of consolidation moving forward

Ethereum rallying above $500 could be as a result of investors speculating that the price of ETH could go higher as Phase 0 of ETH2.0 is launched on December 1st.

A quick glance at data from CryptoQuant.com reveals that a total of 106,976 ETH of the required 524,288 ETH has already been sent to the deposit contract for ETH2.0. This amount is 20.4% of the required Ethereum for Phase 0 of ETH2.0 to be launched by December 1st.

The 524,288 ETH requirement needs to be achieved by Monday, 23rd November, for Phase 0 to kick off on the scheduled date. This leaves a window of 4 days (including today) for Ethereum whales to send the required 32 ETH per validator to the deposit contract.

What could happen between now and Sunday, is a rush to deposit ETH to the staking contract which will result in crypto traders longing Ethereum based on the hype surrounding the deposits alone. However, there is also the possibility of the required 524,288 ETH not being achieved by Sunday and thus pushing the Phase 0 launch a few days or weeks forward.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

Textile Firm KayaampKato To Use IBM Blockchain To Track Sustainable Clothing

Textile Firm Kaya&Kato To Use IBM Blockchain To Track Sustainable Clothing

By RTTNews Staff Writer | Published: 11/19/2020 9:06 AM ET

German textile firm Kaya&Kato is partnering IBM to use blockchain technology to track sustainable clothing right from the source of the fiber to the completion of the garment.

The IBM blockchain network for the fashion industry is designed to create transparency about each product to provide consumers with the knowledge that their clothes are sustainably produced.

The new network was developed with the support of the German Federal Ministry for Economic Development (BMZ).

All data through the supply chain to the completion of the final product will be recorded on the blockchain. All the permissioned parties involved will be able to access the transaction data recorded in blocks in an unchangeable record on the chain.

This will enable suppliers of organic cotton and customers of Kaya&Kato to identify the origin and where the fabrics were processed as well as gain an understanding into each production and distribution step. It will create transparency and help develop secured protocol for the traceability of ecological materials.

Blockchain is well-suited to help garment manufacturers by creating shared visibility. The suppliers work together to create a permanent, immutable record of the origin of all materials used in production to build trust among companies and their suppliers, businesses and especially their consumers.

A recent IBM Institute for Business Value study found that 77 percent of consumers say that sustainability is important to them, and 57 percent said they are willing to change their purchasing habits to help reduce negative impact to the environment.

For comments and feedback contact: editorial@rttnews.com

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

Article reposted on Markethive by Jeffrey Sloe

SEC gives OK to social media platform to issue stablecoin without registering as a security

SEC gives OK to social media platform to issue stablecoin without registering as a security

The letter states the regulatory agency “will not recommend enforcement action” against a platform issuing a digital currency capable of being converted to fiat.


Image courtesy of CoinTelegraph

            NOV 19, 2020

The U.S. Securities and Exchange Commission, or SEC, has issued a rare no-action letter in response to a request from a blockchain-backed platform over the issuance of a digital asset.

The SEC letter issued on Nov. 19 says that its Division of Corporation Finance would “not recommend enforcement action” against avatar social platform IMVU issuing its VCOIN digital asset under certain conditions. The commission will allow the firm to offer the token without registering it as a security.

Crypto firms issuing their own tokens often have to abide by the SEC’s regulatory framework, which has proved contentious. The classification of a "security" is for assets dependent on the work of a third party to gain profit. To abide by the no-action letter, IMVU needs to keep its new stablecoin from looking like an investment opportunity, which, for example, Facebook got tripped up doing with its Libra stablecoin.

As part of the terms of the staff recommendation letter, the SEC said IMVU would still be subject to Know Your Customer and Anti-Money Laundering regulations in addition having “specified limits” on VCOIN purchases, conversions, and transfers. The letter stated IMVU would need to make the token “continuously available in unlimited quantities and at a fixed price” of $0.004, and would not “promote or support listing or trading” of the token on any third-party platform. In addition, the company could not use proceeds from VCOIN sales to upgrade its network before the tokens are available.

However, in an apparent first, the regulatory body stated that it would not recommend enforcement action against IMVU for making VCOINs available for their “intended purpose." According to the platform, users can buy, earn, and transfer the tokens off IMVU to convert to fiat.

The letter expresses the Commission’s staff opinion on enforcement, and is not a legal determination. However, such no-action letters have only been issued twice for crypto firms. In April 2019, the SEC confirmed it would not recommend enforcement action against aircraft company Turnkey Jet in the sale of its TKJ tokens.

A few months later, the SEC issued a similar letter for an 8th grader who wanted to release tokens for her crypto gaming company Pocketful of Quarters. But both of those tokens were approved on the basis of being much more siloed than VCOIN, as they don't allow tokens to go back into fiat.

“This no-action letter is meaningful because unlike the other two, this is the first time an ERC-20 token is being blessed by the SEC — it’s saying ‘hey, take it off platform,’” John Burris, IMVU Chief Strategy Officer said to Cointelegraph. “It’ll be allowed to go into the wild, so to speak.”

While Pocketful of Quarters and Turnkey Jet both had very limited use cases, IMVU is already an established platform, with virtual transactions used by roughly 7 million players monthly. Burris theorized that the SEC’s decision was based on establishing a “real proof case” for the broader crypto and blockchain space:

“Our users are already very comfortable with the use case of using cash to purchase a digital currency and then spending that with each other on the platform. We’re very confident in adoption.”

Because the SEC letter says the VCOIN tokens can’t be transferred to third-party platforms, IMVU users will be able to send them out of the virtual world for a 10% transaction fee and into a private wallet, where the company said it will buy them back as requested. VCOIN is definitely not Bitcoin (BTC) — it will be sold at a fixed price and the token supply can be increased later on.

IMVU is planning to start selling the token in the virtual environment starting in January.

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Original article posted on the CoinTelegraph.com site, by Turner Wright.

Article re-posted on Markethive by Jeffrey Sloe