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The Importance of Simplicity in Cryptocurrency Trading

The Importance of Simplicity in Cryptocurrency Trading

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Introduction: The cryptocurrency market, with its rapid growth and volatility, offers attractive investment opportunities for many traders. However, the complexity

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  • Neither Pure DAO nor Centralization Works: Lessons from BitShares

    Neither Pure DAO nor Centralization Works: Lessons from BitShares

    Both fully decentralized DAOs and centralized organizations have critical flaws. Using BitShares as an example, let’s explore why extreme decentralization failed, why centralization is also problematic, and why a strong community is essential.

    The Problems with Pure DAOs

    • Slow and Inflexible Decision-Making
      DAOs rely on token-holder voting for governance. This can make it difficult to respond quickly to emergencies or fast-changing situations, such as technical issues or security breaches.
    • Lack of Developers and Leadership
      When a DAO pushes for total decentralization, it can lose its core developers and leaders. This happened with BitShares: as the project became more decentralized, it lost the people who could drive innovation and solve problems, leading to stagnation.
    • Legal and Social Uncertainty
      DAOs operate in a gray area legally, with unclear accountability and regulatory risks.

    The Problems with Centralization

    • Lack of Transparency and Power Concentration
      Centralized organizations concentrate decision-making in the hands of a few, making it harder to ensure transparency and increasing the risk of abuse or corruption.
    • Lack of Flexibility and Diversity
      Top-down decision-making often ignores diverse perspectives from the community and can be slow to adapt to change.

    What Went Wrong with BitShares

    BitShares was a pioneering decentralized exchange with a unique Delegated Proof of Stake (DPoS) system. However, its push for total decentralization led to several issues:

    • Weak Development and Operations
      As BitShares aimed to become a “pure DAO,” it lost its core developers and leadership, making ongoing development and updates difficult. The project lost momentum and competitiveness.
    • Community Weakness
      Without active core members, technical and operational challenges went unaddressed, and the project stagnated.
    • Historical Context
      While decentralization was a reaction to repeated hacks and scandals at centralized exchanges, BitShares showed that extreme decentralization can undermine a project’s sustainability.

    The Importance of Community

    • DAO Success Depends on Community Engagement
      For a DAO to thrive, it needs more than just decentralized mechanics; it needs an active, engaged community. Open communication, collaborative decision-making, and shared leadership are essential for flexibility and resilience.
    • Balanced Governance is Key
      The ideal structure is neither fully decentralized nor fully centralized. Instead, a balance between community autonomy and some degree of leadership or specialization is crucial for long-term success.

    Conclusion

    • Pure DAOs risk stagnation due to slow decisions and lack of leadership.
    • Centralized organizations risk corruption, lack of transparency, and inflexibility.
    • BitShares showed that extreme decentralization can weaken a project’s development and operations.
    • Sustainable organizations need strong communities and a balanced approach to governance.

    Neither pure DAOs nor centralization is the answer. The future belongs to organizations that put community at their core and find the right balance between decentralization and leadership.

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  • Is Crypto Still Capitalism?

    Is Crypto Still Capitalism?

    Short answer: Absolutely yes. Crypto is basically capitalism on steroids.

    The Rich Get Richer Game

    Look at Bitcoin – it’s basically a “whoever has the most money wins” system. Mining? You need expensive computers to compete. Trading? Big investors can manipulate prices however they want.

    Studies show that 0.1% of Bitcoin miners control 50% of the entire network. Sound familiar? It’s just like the regular stock market where the wealthy dominate everything.

    It Became a Speculation Casino

    Remember when crypto was supposed to be “money without banks”? Well, now it’s basically just a gambling platform. Most people buy crypto hoping to get rich quick, not because they actually want to use it as currency.

    Even the big exchanges like Coinbase and Binance are just regular companies trying to make profits. So much for “decentralization” – it’s pretty centralized when you think about it.

    Governments Jumped on the Bandwagon

    Now governments are talking about “strategic Bitcoin reserves” and stuff. At this point, crypto has been completely absorbed into the traditional financial system. It’s not replacing anything – it’s just another asset class.

    Bottom Line

    Crypto didn’t change capitalism – it made it more extreme. Sure, the technology is cool, but economically speaking, it’s still the same old “rich people get richer” game that defines capitalism.

    What was supposed to be “revolutionary money” turned out to be just “a fancy investment product.” The promise of financial freedom? More like financial speculation with extra steps.

    The whole “neutral money” thing was basically a pipe dream. Crypto got swallowed up by the same power structures and wealth concentration patterns that exist everywhere else in capitalist markets.

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  • Why I Just Can’t Get Motivated to List NFTs on Hive

    Why I Just Can’t Get Motivated to List NFTs on Hive

    Lately, I have zero motivation to get involved with Hive. The reason’s simple: it’s not EVM-compatible. Even if Hive has its own NFT marketplace, honestly, I just don’t feel like listing anything there.

    No EVM Compatibility, No Motivation

    EVM-compatible chains are just so much easier. You can use all your favorite Ethereum apps and tools right out of the box. MetaMask works, everything you already know just works, so there’s no stress.

    Hive, on the other hand, is a different story. It’s got its own setup, MetaMask doesn’t work. There’s way too much new stuff to learn, and it just feels like starting from scratch all over again. Most users are probably thinking, “If I can’t use my usual wallet, forget it.”

    Hive’s NFT Marketplaces? Not Really Feeling It

    Sure, Hive has NFT marketplaces like NFT Showroom, but honestly, they just don’t compare to EVM-based ones like OpenSea. There’s less liquidity, fewer users, and not much cross-market action. With EVM chains, everything connects easily and moving assets around is simple. I just don’t see a strong reason to bother listing on Hive.

    Hive Is Evolving, But Not Quite There Yet

    To be fair, Hive is working on VSC (VSC Smart Contracts), a Layer 2 solution aiming for EVM compatibility. But it’s still early days, and it’ll probably take a while before the whole ecosystem really benefits.

    In the End, EVM Chains Are Just Too Convenient

    Right now, EVM-compatible chains totally dominate the Web3 space. Development, listing NFTs, attracting users-it’s all smooth and easy. Hive definitely has its own unique charm, but honestly, it’s only natural to feel unmotivated if it’s not EVM-compatible. Once you get used to how comfortable EVM chains are, it’s hard to get excited about starting something new on a non-EVM chain. For now, sticking with EVM-compatible chains just makes sense.

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  • The Problem with Bitcoin Cash: Chasing Two Rabbits

    The Problem with Bitcoin Cash: Chasing Two Rabbits

    Bitcoin Cash (BCH) emerged in 2017 as a fork of Bitcoin (BTC), promising faster and cheaper transactions by increasing block size and aiming to fulfill the original vision of Bitcoin as “peer-to-peer electronic cash”. Yet, years after its creation, BCH finds itself in a curious and precarious position-caught between two worlds, striving to be both a form of money like Bitcoin and a flexible protocol platform like Ethereum. This dual ambition is at the heart of its identity crisis, and, as the proverb goes, “He who chases two rabbits catches neither.”

    Bitcoin: Digital Money

    Bitcoin was designed as a decentralized, peer-to-peer digital currency-a form of money that operates without central authority, enabling secure transactions across the globe. Its core strength lies in its simplicity and security: a robust, immutable ledger with a fixed supply and a singular focus on being a store of value and a medium of exchange. Bitcoin’s limited scripting language intentionally restricts programmability, prioritizing security and resistance to manipulation over flexibility.

    Ethereum: The Protocol

    Ethereum, by contrast, is not just money-it is a protocol, a decentralized “world computer” designed to run smart contracts and decentralized applications (dApps). Its native currency, Ether (ETH), powers a vast ecosystem of programmable finance, games, and marketplaces. This flexibility comes at the cost of greater complexity and a broader attack surface, but it has enabled innovation far beyond simple payments.

    Bitcoin Cash: Caught in the Middle

    Bitcoin Cash was created to address Bitcoin’s perceived shortcomings as a transactional currency-namely, slow speeds and high fees during periods of congestion. By increasing block size and adjusting difficulty algorithms, BCH can process more transactions quickly and cheaply, making it attractive for everyday payments.

    However, BCH’s ambitions do not stop at being “better Bitcoin.” Over time, it has added features like smart contract capabilities (via protocols like SmartBCH), token issuance, and DeFi applications-ventures that encroach on Ethereum’s territory. This attempt to be both a fast, reliable currency and a flexible protocol platform creates a fundamental tension:

    • As a currency, simplicity and security are paramount. Too much programmability can introduce vulnerabilities and undermine trust.
    • As a protocol, flexibility and innovation are key, but this can compromise the reliability and predictability required for money.

    The Identity Crisis

    This dual pursuit leaves Bitcoin Cash in a difficult position:

    • Not as secure or trusted as Bitcoin for long-term value storage, given its smaller network and history of contentious forks.
    • Not as flexible or widely adopted as Ethereum for decentralized applications, lacking the developer momentum and ecosystem depth.

    Supporters tout BCH’s lower fees, faster transactions, and growing smart contract functionality. Critics argue that it lacks a clear identity and is overshadowed by both BTC’s security and ETH’s innovation. The result is a project that risks being “good enough” at neither role.

    Conclusion: Chasing Two Rabbits

    Bitcoin is money. Ethereum is a protocol. Bitcoin Cash, in trying to be both, faces the classic pitfall of overextension. The proverb rings true: “He who chases two rabbits catches neither.” For BCH to thrive, it must decide whether to double down on being the world’s best digital cash, or to compete head-on in the protocol wars. Until then, it remains caught in the middle-fast, cheap, and programmable, but not quite the best at any of them.

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  • Why EVM-Compatible Chains Rule

    Why EVM-Compatible Chains Rule

    There are tons of blockchains out there, but whether a chain is EVM (Ethereum Virtual Machine) compatible is a huge deal. Let’s break down why EVM-compatible chains are so popular-and why non-EVM chains often have a tougher time.

    What Makes EVM-Compatible Chains Awesome

    1. Everyone’s Using Them

    Chains like Polygon, Arbitrum, and BSC are EVM-compatible, which means they work almost exactly like Ethereum. Apps and services that run on Ethereum can be moved over super easily. Developers love it because there’s hardly anything new to learn.

    2. Tons of Tools and a Big Community

    If you know Solidity (the main smart contract language), you’re good to go on any EVM chain. There are loads of development tools, and if you get stuck, there’s plenty of info online. Plus, the community is huge-so you’re never alone.

    3. Wallets Just Work

    Popular wallets like MetaMask and Ledger support EVM chains right out of the box. Users can jump onto new chains without any hassle, which makes trying out new stuff a breeze.

    4. DeFi and NFTs Are Booming

    Big names like Uniswap and Aave are all over EVM chains, so there’s lots of liquidity and tons of users. Moving assets around is quick and easy.

    Why Non-EVM Chains Have a Harder Time

    1. Higher Barrier for Developers

    Chains like Solana or Aptos use their own languages and systems. You can’t just copy-paste your Ethereum app-you have to rebuild a lot. For developers, that means more stuff to learn and more work to do.

    2. Users and Liquidity Get Spread Thin

    Unlike EVM chains, non-EVM chains often have smaller, more scattered user bases and less money flowing around. It’s just harder to get that “network effect” going.

    3. Wallet and Tool Support Is Hit or Miss

    A lot of big wallets don’t support non-EVM chains, so users might find they can’t use their favorite tools. That can be a real turn-off.

    That Said, Non-EVM Chains Have Their Perks

    Some non-EVM chains, like Solana, are super fast or have cool, unique features. If you need something special or want to try a totally different approach, these chains can be a good fit.

    The Bottom Line

    EVM-compatible chains are popular for a reason: everyone uses them, the tools are great, wallets work, and there’s plenty of money and activity. Unless you have a specific reason to go with a non-EVM chain, sticking with EVM-compatible options is usually the safest bet. Non-EVM chains are best when you need something really unique or want to experiment with new tech.

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  • Cryptocurrency Payment Diversity: The Key to Enhancing User Experience

    Cryptocurrency Payment Diversity: The Key to Enhancing User Experience

    Today, an experience at a flower shop made me reflect on the importance of payment method diversity. Being forced to use cash because PayPay wasn’t accepted offers valuable insights that also apply to the world of cryptocurrencies.

    Current State and Challenges of Cryptocurrency Payments

    When accepting cryptocurrencies in business, it’s crucial to support multiple currencies, not just one. This approach enhances customer convenience and creates more transaction opportunities.

    Currently, the cryptocurrency market features numerous currencies, each with its unique characteristics and supporter base. By accommodating major cryptocurrencies, as well as emerging ones, businesses can appeal to a broader customer base.

    Advantages of Decentralization

    In the cryptocurrency world, unification into a single currency is unlikely. Instead, further decentralization is expected. This decentralization offers several benefits:

    1. Risk diversification: Reduces risks associated with relying on a single currency.
    2. Promotion of technological innovation: Competition among multiple currencies accelerates technological advancements.
    3. Expanded user choices: Allows selection of currencies that suit various needs.

    Improving User Experience

    Providing a cryptocurrency payment system that users find convenient offers significant advantages for businesses. Supporting multiple cryptocurrencies creates benefits such as:

    • Increased payment method options
    • Easier cross-border transactions
    • Potential for fee optimization

    Conclusion

    As we can learn from the PayPay-incompatible experience at the flower shop, payment method diversity is crucial in the cryptocurrency world too. By supporting multiple cryptocurrencies, businesses can expect improved customer satisfaction and expanded transaction opportunities. Embracing decentralization and creating a convenient and attractive payment environment for users will likely lead to success in future cryptocurrency businesses.

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  • Unable to Create a Collection on OpenSea Using the Polygon Blockchain

    Unable to Create a Collection on OpenSea Using the Polygon Blockchain

    I’ve tried multiple times, but the transaction doesn’t proceed beyond paying the gas fees. Could something be broken?

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  • Zano Joins Bitcoin.com, Advancing Privacy in Cryptocurrency

    Zano Joins Bitcoin.com, Advancing Privacy in Cryptocurrency

    Bitcoin.com has expanded its ecosystem by adding support for Zano, a layer-1 blockchain focused on confidential assets and private decentralized applications (dApps). This integration aims to make privacy-first finance more accessible, bridging the gap between crypto adoption and financial sovereignty. Zano, founded by Andrey Sabelnikov, offers untraceable transactions and has been gaining traction since its development began in 2019.

    Bitcoin.com CEO Corbin Fraser highlighted the importance of financial privacy, emphasizing that it should be a standard feature rather than optional. The integration of Zano into the Bitcoin.com Wallet app is seen as a significant step towards mainstreaming financial privacy, allowing users to manage their assets securely and privately.

    Zano’s integration follows its successful launch on Bitcoin.com’s Verse DEX, where users can trade wrapped ZANO (wZANO). The Bitcoin.com Wallet app, with over 55 million self-custody wallets created, will soon support Zano’s Confidential Assets, including stablecoins and a wrapped form of Bitcoin, further enhancing user security and control.

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  • Monero vs Zano

    Monero vs Zano

    Monero (XMR) and Zano (ZANO) are both privacy-focused cryptocurrencies that aim to provide anonymous and untraceable transactions, but they have some key differences:

    Technology

    Both Monero and Zano are based on CryptoNote technology and use Ring Confidential Transactions (RingCT) for privacy. However, Zano has expanded its capabilities beyond just transactional privacy.

    Features

    • Monero: Focuses primarily on transactional privacy using techniques like ring signatures, stealth addresses, and RingCT.
    • Zano: Offers additional features beyond privacy, including:
      • Confidential Assets: User-creatable privacy tokens on the Zano blockchain
      • Zarcanum: A Proof of Stake scheme with untraceability and hidden amounts
      • Aliases: Ability to send Zano using a username
      • Decentralized governance and private stablecoins

    Consensus Mechanism

    • Monero: Uses Proof of Work (PoW)
    • Zano: Employs a hybrid Proof of Work/Proof of Stake (PoW/PoS) consensus algorithm

    Development and Ecosystem

    Monero has a larger and more established ecosystem, while Zano is a newer project with ambitious goals to create a privacy-focused ecosystem with additional functionalities.

    Regulatory Challenges

    Both cryptocurrencies face scrutiny from regulators due to their privacy features, which can potentially be used for illicit activities.

    In conclusion, while Monero remains the more established and widely recognized privacy coin, Zano is positioning itself as a more versatile privacy-focused ecosystem with additional features beyond just anonymous transactions.

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  • Guide to Issuing Your Own Token

    Guide to Issuing Your Own Token

    Issuing your own token is becoming increasingly popular for community management, building unique economic ecosystems, NFTs, in-game currencies, and more. This article provides a beginner-friendly overview of how to issue tokens on major blockchains, including but not limited to Ethereum.

    1. What Is a Custom Token?

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