Happy Thanksgiving Eve to all our US Litepaper readers!
The crypto market experiences the same kind of ‘quiet’ that stonks and commodities face just before a major holiday.
But unlike the stonk market, holidays for crypto can sometimes be about as comfortable as family Thanksgiving when you told your family to buy Bitcoin ($BTC.X) last November.
Today’s Litepaper focuses on Cardano’s ($ADA.X) entrance into the stablecoin market, Coinbase’s 2022 institutional investor survey, and a list of the 10 Oldest Cryptocurrencies.
Green across the board today, with some of the past months’ biggest losers turning into the biggest gainers, mainly Solana ($SOL.X), which closed up an expected +16%.
Here’s how the market looked at the end of the trading day:
|Binance Coin (BNB)||$296.29||12.15%|
|Ethereum Classic (ETC)||
|Bitcoin Cash (BCH)||
|Altcoin Market Cap||
|Total Market Cap||$781 Billion||2.34%|
You scratch our backs. We’ll scratch yours. 😉
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Cardano’s ($ADA.X) primary development team, Input Output Group (IOG), is stepping into a type of cryptocurrency that has a very, very bad reputation:
If you don’t know what algorithmic stablecoins are (or regular stablecoins, for that matter), check out our Crypto 101: Stablecoins article.
The most recent algorithmic stablecoin disaster was the collapse of Terra’s TerraUSD ($UST.X) – which was the first domino that triggered the 2022 crypto collapse.
So what makes Cardano’s stablecoin different than Terras?
No friggen clue. That’s why I’ve reached out to IOG to explain it like I’m 5. Why would IOG need to explain it like I’m 5?
Good Lord, look at the differences between Do ‘Con’ Kwon UST’s 15-page long middle-school report titled: Terra Money, Stability and Adoption and Djed’s
Russel Crowe I mean Jonathan Nash-ish 86-page mathematical sorcery titled: Djed: A Formally Verified Crypto-Backed Pegged Algorithmic Stablecoin.
This is the most complicated math stuff in Do ‘Con’ Kwon’s UST whitepaper:
And this is just one page of many pages of the A Beautiful Mind-esque jibba-jabba hoobly-boobly math in Djed’s whitepaper:
We’ll keep you updated if/when IOG gets back to us from whatever alien planet or 5th dimension of reality they reside in. 🔬
The survey involved 140 institutions representing roughly $2.6 trillion in assets under management.
We’ve summarized some key points made in the report:
Will crypto move higher over the next 12 months?
- 62% of institutions increased their allocation to crypto, 12% reported decreases.
We’re starting with the cryptocurrency that began the crypto we know today: Bitcoin ($BTC.X). Was Bitcoin the first cryptocurrency? Technically, no, we’d have to back to the 1980s – but we’re not going to start there.
Stocktwits Ticker: $BTC.X
Still around? Yes.
This one doesn’t need much of an introduction.
Hard to believe it’s been 13 years since Satoshi Nakamoto published his whitepaper: Bitcoin: A Peer-to-Peer Electronic Cash System.
Stocktwits Ticker: $LTC.X
Still around? Yes.
You don’t hear this comparison much anymore, but if Bitcoin is considered ‘digital gold,’ then Litecoin was once considered ‘digital silver.’
Litecoin was started by Charlie Lee, the same Charlie Lee who worked at Coinbase ($COIN) as their Director of Engineering until 2017ish. Litecoin was created to address concerns about how Bitcoin was mined: GPUs. Litecoin’s response was to develop mining done with CPUs. But a lot of things have changed since then.
Depending on who you talk to, some consider Litecoin as the first hard fork of Bitcoin.
Stocktwits Ticker: $NMC.X
Still around? Yes. Sort of. But it’s mostly dead.
Namecoin’s claim to fame was the creation of the top-level domain .bit. .bit is not under the control of ICANN (Internet Corporation for Assigned Names and Numbers).
Namecoin has a much stronger claim to being Bitcoin’s first true hard fork. Why? Because Namecoin was being considered as far back as 2010. Satoshi Nakamoto participated in the BitcoinTalk forum and encouraged the ideas that ultimately formed Namecoin.
But Namecoin isn’t really around that much. It’s only listed on three extremely low-volume exchanges, and one of them accounts for nearly 90% of its trade volume – so it’s on its last leg and has been for quite some time.
Stocktwits Ticker: $PPC.X
Still around? Yes, kind of.
And here is the first Proof-of-Stake cryptocurrency ever. But it’s not the first solely Proof-of-Stake crypto. Peercoin uses both Proof-of-Work and Proof-of-Stake. PoW creates the tokens, while PoS maintains the network.
Stocktwits Ticker: $XRP.X
Still around? Yes.
Ok, let’s talk about the names. If you don’t get the name right, the keyboard warriors on the interwebz will come after you. Ripple is not XRP, and XRP is not Ripple. Ripple is a company that developed the cryptocurrency XRP.
However, they’ve become synonymous and remain so.
XRP’s creation had a different purpose than Bitcoin, Litecoin, Namecoin, or Peercoin. Where Satoshi wanted to decentralize currency, Ripple aspired to replace the current SWIFT system essentially.
Additionally, it is extremely centralized.
Stocktwits Ticker: $DOGE.X
Still around? Shockingly, amazingly, astoundingly, yes.
Here it is—the first memecoin. One engineer from IBM and another from Adobe created Dogecoin mostly as a joke.
But it’s a joke that has continued for almost a decade and has seen Dogecoin’s adoption grow into one of the top ten most valuable cryptocurrencies by market cap.
Stocktwits Ticker: $GRC.X
Still around? Technically, yes, but it’s mostly dead.
Gridcoin is one of the first cryptocurrencies that tackled a use case outside of money. Gridcoin, in a nutshell, allows people to share their processing power (GPU and/or CPU) on your computer or smartphone.
Want to support mapping the Milky Way galaxy? Want to help with research into protein structure prediction for finding cures in medicine? Want to lend your power to the University of Warsaw’s physics and astronomy projects?
Gridcoin provides rewards (GRC) for the use of your processing power.
But if you want a cryptocurrency to trade or invest in that you can easily buy and sell, Gridcoin probably isn’t for you. It’s listed on two extremely low-volume exchanges and barely breaks $30,000 (yes, only $30,000) in its average daily traded volume.
A full white list of their projects can be found here.
Stocktwits Ticker: $XPM.X
Still around? Dead.
The same guy (Sunny King – not his/her real name) who co-created Peercoin created Primecoin. It calculated prime numbers.
And it’s pretty much dead. It’s on one shady exchange and did $200 bucks worth of volume.
Stocktwits Ticker: $NXT.X
Still around? Yes, but dying.
Nxt is either the first or one of the first 2nd-generation blockchain networks. Instead of mining, a fixed amount of NXT tokens were created with the consensus mechanism based entirely on Proof-of-Stake.
In many ways, Nxt is like an early version of Ethereum ($ETH.X): a platform for developing businesses and applications. But, unfortunately, it’s essentially getting replaced by its competitors.
It’s not listed on many cryptocurrency exchanges but still finds some volume on Bittrex and Poloniex.
Stocktwits Ticker: $DASH.X
Still around? Yes.
Dash is arguably one of the most important cryptocurrencies ever created. Why? Because it’s the first cryptocurrency that provided anonymity when sending crypto.
But before we look at that, Dash had a bumpy road before it got to where Dash is today.
Dash is one of the first hard forks of Bitcoin, and it was first called Xcoin, but it faced some pamp and damp before rebranding to Darkcoin, which sounded like something illegal.
Then it was rebranded again as ‘digital cash’ – or Dash.
Why the *? Because Dash is technically not the 10th oldest crypto – that goes to Auroracoin, which was created as an alternative currency for Iceland’s krona. 👴
Bullets From The Day:
⚠️ One of the biggest Bitcoin ($BTC.X) miners (also publically traded), Core Scientific, is not immune to the BTC mining space’s problems. Currently, the cost to mine Bitcoin is more than you can sell on the market. Normally, many miners hodl their Bitcoin, but due to rising energy costs, miners’ time to hold their Bitcoin is straining operations. Core Scientific warns that they could shut down by the end of November. Full story from CryptoSlate
🧠 Need some examples of NFT use cases outside of monkeys smoking cigars? The film and TV industry have several, with The Lord of the Rings NFTs unlocking special features of the movies. Stranger Things gave away NFTs of the series’ leads for completing weekly games. Musicians have begun using NFTs as proof of entrance to exclusive online communities. And big names in gaming (Ubisoft, Epic Games, Square Enix, etc.) have all expressed interest in creating and providing ownership of digital in-game items. Decrypt has more examples and use cases
🤯 While the SEC may have won a case against LBRY ($LBC.X), that doesn’t mean they’ll do so against XRP ($XRP.X). The nearly two-year case the SEC brought against Ripple may result in a settlement. Why? According to attorney Bill Morgan, the Hinman material may be so damaging the SEC would have no choice but to settle. The Hinman e-mails and records mostly focus on a speech by then SEC director William Hinman who commented that ether – and, in effect, the broader cryptocurrency space – was not a security. The full interview from ZyCrypto