GM. This is Ponder Crypto.
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Your pen pal that loves crypto, LEGO, and frozen grapes.
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🌿 Golden Cross Tension
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💖 Proof of Virtue on Web 3
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💵 Bitcoin as Legal Tender in Arizona
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🎥 This Week on PonderTube
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🌿 Golden Cross Tension
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Bitcoin is staring down a freight train.
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There are two infamous chart patterns called "The Golden Cross" and "The Dealth Cross".
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- The Golden Cross is when the 50-day moving average for the price of Bitcoin crosses ABOVE the 200-day moving average.
- Conversely, The Death Cross is when the 50-day moving average crosses below the 200-day.
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You can calculate the moving averages using different intervals and up to this point, Bitcoin has never had a Death Cross using a 7-day interval.
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That may change in a couple weeks.
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Unless we have a price jump to 28k in the next week, the death cross is inevitable.
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These patterns are used by traders to predict what the market MIGHT do.
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You will often see price movement around these well-known patterns but that is because the market trades on anticipation of the event and basically creates a self-fulfilling prophecy.
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If you look at the 1 day interval, Bitcoin is positioned to turn and actually make a golden cross pattern!
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How can you have a Death Cross and Golden Cross events happening simultaneously? Welcome to the world of trading.
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Do follow 1-day intervals or 7-day interval charts? Are you a Jazz man or Country Music man.
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Pick you a horse, bet the trifecta and cheer that baby on as it rounds the corner!
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Or better yet, put your Bitcoin in cold storage, go play outside and come back in 4 years when none of this will matter.
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💖 Proof of Virtue on Web 3
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Humans are flawed. Humans are also self-aware.
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One of our flaws is a natural desire to appear virtuous by other hairless monkeys.
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The internet today, known as Web 2.0, has enabled every one of us the ability to shout with a megaphone about anything we desire.
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Mix in a pinch of self-interest with this tech, and you have endless virtue signaling on your hands.
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Virtuous actions can be great, even when underlined with self-interest, but the barrier to entry for APPEARING virtuous is non-existent.
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Web 2.0 is a black hole that will gladly accept any image, content, slur, fact, claim, opinion, or Harry Potter quiz you throw at it.
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With the introduction of Blockchain and the ability to create immutable records, many developers are now Pondering () a Web 3.0 sequel, not only rooted in a decentralized model but created from a framework that puts PROOF ahead of CLAIMS.
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I can feel eyebrows raising as this could be construed as limiting free speech, but that is not the intent.
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What I am saying is, right now, there is no way to filter claims or motives for virtuous actions.
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- Is it virtuous if a corporation donates $50k to a charity but receives a tax break?
- Does it affect the gesture if a billionaire donates money to build a library but receives positive press?
- Does the message ring hollow if someone tweets, "factory farming has to stop!" while eating a cheeseburger at McDonald's?
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The point is everyone has beliefs and their own morality, but no one has to put their money where their mouth is on the internet.
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What if when you made a claim, you could give it more weight because your actions were verifiable?
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Vice versa, what if you made a claim but couldn't substantiate it with action, so instead of elevating your image, you diminish it by choosing to only shout into the black hole?
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The incentive structure emphasizes action over a claim which could reduce the amount of virtue signaling and place a premium on proof.
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A world where Web 3.0 enables Proof of Virtue might be a step in the right direction that society needs. Put up or Shut up, not by force but by the nature that there is now a quantifiable measurement to validate and prove your claim.
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💵 Bitcoin as Legal Tender in Arizona
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State Sen. Wendy Rogers (R-AZ) has introduced a set of bills that would make bitcoin a legal currency in Arizona and let state agencies accept it as payment.
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The proposed law wants to make bitcoin a legal form of currency in Arizona so that it can be used to pay off debts, taxes, and other bills.
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This would mean that all transactions that are currently done with U.S. dollars could be done with bitcoin, and people and businesses would have the option to use bitcoin as they see fit.
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The legal tender bill defines bitcoin as "the decentralized, peer-to-peer digital currency in which a record of transactions is kept on the Bitcoin blockchain. New units of currency are created by the computational solution of mathematical problems, and that works without a central bank." Quite a mouthful.
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This is the second time Sen. Rogers has put forward a bill to make bitcoin a legal form of payment in her state. In January 2022, she tried to pass the same change, but it died in the second reading. If at first you don't succeed, right?
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Even though it seems unlikely that the bill will pass this time, the fact that El Salvador has made bitcoin legal tender has been good for growth and investment in the country.
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Recent actions in Texas, New Hampshire, Missouri, and Mississippi show that more U.S. states are becoming interested in bitcoin and its benefits.
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Should a state officially make Bitcoin legal tender, federal implications will come into question, specifically around tax treatment on Bitcoin transactions.
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One thing is certain: as more people buy and use bitcoin, these kinds of bills will become more likely to pass. It's all about the reps.
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🎥 This Week on PonderTube
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The BIGGEST Money-Making Trend in Crypto is Coming...
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There are a lot of new developments going on in the world of artificial intelligence: including AI-powered tools, AI-powered artwork, and AI-powered character generation.
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With tools like ChatGPT, Midjourney, and Character.AI, you can write code, make artwork, and even chat with entirely AI-generated characters, all for free! (we'll see how long that lasts).
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Combine this with the world of Crypto, and you've got the beginning stages of possibly the largest money-making trend. Investors will need to tread carefully because, with every potential revolutionary project, there will be ten scams with compelling demos.
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We're going to see some crazy things happen in the next few years with this new technology, so keep your wallet on a swivel and buckle up!
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This is not financial advice. I am merely stating my own opinion on how I am perceiving the current market structure and conditions. Consult with a legal investment advisor and all the other good legal stuff that needs to be said.
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Disclosure: All content shared in the Ponder Crypto website, newsletters, video channels or any other medium are for entertainment purposes only and should not be received as legal or financial advice. We are not legal experts or financial planners so please, exercise proper due diligence and do your own research.
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