Tencent Cloud Enters Web3
• Tencent Cloud, a global cloud service provider of China’s leading internet company Tencent Holdings, announced its interest in Web3 on Feb. 22.
• The firm has also reinforced its Web3 speculations through foundations of future partnerships with leading Web3 brands during the global Web3 summit.
• Tencent will target the strategic and most crucial pillars of Web3 including storage, security, identity, data, and analytics.
Tencent Cloud Partnerships
Tencent Cloud has formed several partnerships with leading web 3 companies to develop blockchain API services and other virtual experiences for customers. This includes an MoU signed with Ankr, a leading web 3 platform, as well as alliances with Avalanche, Skroll and Sui. An agreement with Avalanche will see the blockchain’s nodes deployed on Tencent Cloud which allows developers to set up nodes quickly.
New Products Launched
To improve the experience of virtual users and online developers, Tencent Cloud is releasing new products such as the Tencent Cloud Metaverse-in-a-Box offering that features a full suite of blockchain API services.
Increased Demand for Virtual Experiences
The decision to enter web 3 is due to increased demand for virtual experiences by brands, organizations, companies and governments around the globe. Poshu Yeung from Tencent Cloud acknowledged this potential at the first Global Web3 Summit saying there was significant potential where physical and digital worlds meet.
Overall, Tencent Cloud’s entry into web 3 is a move that could have far reaching implications for both businesses and consumers who are looking for more immersive virtual experiences powered by blockchain technology. With numerous collaborations already in place with some of the industry’s top players it looks like this could be an exciting journey ahead for all involved!
• In an interview with Anthony Pompliano, Peter Schiff said that Bitcoin has no value.
• He used the idea that there is no difference in utility between one bitcoin and many bitcoins as it has no physical presence.
• According to Schiff, fiat currency and gold are better alternatives to cryptos.
Peter Schiff’s View on Bitcoin
Investment manager Peter Schiff recently gave his opinion on the value of Bitcoin in an interview with Anthony Pompliano. He discussed how Bitcoin has no physical presence, meaning there is no difference in utility between one bitcoin and many bitcoins – thus having no value according to his definition of value.
The Modern Monetary System
In 1971, U.S Nixon president took the U.S off the post-WW2 de-facto gold standard, otherwise known as Bretton Woods system. This removed the link between money and its physical representation (gold). Since then, modern money has been digital and controlled by central banks – unlike decentralized digital systems such as Bitcoin.
Dark Economic Times Ahead
Peter Schiff predicts dark economic times ahead due to a loss of jobs which could result in inflation problems, especially concerning consumer staples like food; this will leave many Bitcoin holders needing to sell their coins for sustenance rather than investment or trading purposes.
Gold: An Alternative Investment?
Schiff believes that Gold is a good alternative asset to Fiat currency or Cryptocurrency due to its extensive use in electronics and jewelry; also, its long history of being used as a form of payment makes it attractive during times of financial difficulty. The price of Gold began increasing from 2000 onwards after Gordon Brown sold a large amount from Britain’s national gold reserves at the peak bear market in 1980 which started after 1971 when the link between money and gold was broken.
Overall Peter Schiff does not have a positive outlook for cryptocurrency such as Bitcoin; he views them as having no real value compared to traditional fiat currency or assets such as Gold which have more tangible qualities making them worth investing in during darker economic times ahead
• Bitvavo, a Dutch crypto trading network, recently announced that they expect to receive at least 80% of the debt owed to them by Digital Currency Group.
• The duo reached an agreement on February 6th with a recovery rate of between 80-100%.
• The repayment will be made in cash, digital currency and convertible preferred equity notes in DCG.
Bitvavo Expected to Receive 80% of Debt from DCG
Bitvavo just released a statement announcing that they expect to receive at least 80% of the debt owed to them by Digital Currency Group (DCG). According to reports, DCG currently owes Bitvavo around $300 million (280 million euros).
Agreement Reached Between Duo for Repayment
The duo has been working out a deal since January 2021 when DCG proposed making a 70% payment only. However, Bitvavo rejected this proposal and now they have come up with an agreement which includes a recovery rate of between 80-100%. This amount should be paid in different forms including cash, digital currency, and convertible preferred equity notes in DCG.
Next Steps Involved After Agreement Reached
After reaching the agreement between the duo on Feb 6th, there are still more details that need to be worked out. They have agreed upon the Plan Support Agreement (PSA) from this deal which needs approval from the „UCC“ („Unsecured Creditor Committee“). Once approved by UCC it can be presented for ratification before execution process commences and repayment is made.
Genesis Making In-Principle Deal for Restructuring
This news comes after Genesis (a subsidiary of DCG) made an in-principle deal on restructuring with Gemini exchange and other creditors where Genesis could either be sold or its equity turned over to creditors. Many crypto networks suffered last year due to death of Celsius, Terra, and other exchanges resulting in huge losses but now things will hopefully look better with this new agreement.
Bitvavo’s announcement is great news as their optimistic belief that they will receive their settlement is finally becoming true. With many crypto networks suffering losses due to closures last year, this new agreement gives hope that things might get better soon.
• Ethereum (ETH) has been on a bullish track in the start of 2023, trading at $1,572 as of Jan. 30.
• Analysts are anticipating a 25-basis points interest rate hike by the Federal Reserve, which could have an impact on Ethereum’s price.
• The upcoming Shanghai upgrade is set to make waves in the crypto market, allowing users to withdraw their staked ETH without locking it up indefinitely.
Ethereum Price Analysis
Ethereum price analysis indicates potential gains in 2023, with the digital asset firmly on track to record impressive gains at the start of the year.
Factors Affecting Ethereum Price
Various factors will heavily influence Ethereum’s path, from scalability issues and user adoption to The Merge upgrade transitioning from proof-of-work consensus mechanism to proof-of-stake.
Impact Of Federal Reserve Decision
The crypto community is looking ahead to the Federal Reserve’s decision on interest rate hikes expecting a 25-basis points increase, which could have an effect on digital assets such as Ethereum.
The upcoming Shanghai upgrade (EIP-4895) is set to revolutionize the crypto market by allowing users to withdraw their staked ETH without locking it up indefinitely.