Hello, folks, it’s time for the weekly Nutbox report again.
Prices of cryptocurrencies continued to fall last week. Some said:
this was related to the ban on all cryptocurrency activities in mainland China.
However, it seemed that the price of Bitcoin bounced back a bit two days after the news came out.
I have read a report recently stated that
the Bitcoin is an asset, and rather difficult to be the global currency of the world.
The legal tender requires to have an intrinsic value, medium of exchange, store of value, and standard of deferred payment.
In the past, gold and silver first were used as production tools, they changed production relations, and gradually evolved into currency that could be used reserve values and exchanged other products. This process requires the need the existence of such materials.
I disagree, but there are some truths in that statement.
Let's talk about the world's most dominate currency, the US dollar; in the process of rising and falling of the economic crisis, the US Dollar has been printed for QEs and eventually recycled in a later stage. It brings the value up and down. However, everyone still uses U.S. dollars as the currency for transactions in global trade. The main reason is not that the paper used for printing money is special, or backed by gold.
The support of the US dollar's strongest position is the strong productivity and consumption power of the United States; coupled with the military might that can reach anywhere in the world. However, with the economic slowdown of the United States in recent years, fiat currencies from other countries have gradually come to the challenge the dominate position. Although none has not been able to knock down the dollar yet, it surely makes the dollar worry a little bit.
The use of bitcoin or other cryptocurrencies can be excited and even utilized as legal tenders as we saw in El Salvador. It can to some extent fill the void of the devalued U.S. dollar.
However, the biggest value of Bitcoin at this moment is to store values. Most big investors just treat it as investment. In everyone else life, it is not an indispensable means of trade.
Although there are many coins/tokens used with specific use cases, most of the cryptocurrencies are still used with only one of the four fundamental values of a true currency. And the values of most of crypto fluctuate and change with the rise and fall of Bitcoin; not to mention, the world is full of countless " Scam tokens" or meme coins. Those do not contribute much to economic development and legitimate of cryptocurrency.
All in all, if cryptocurrency wants to become a THE next "money" in the history of currency reforms, it still needs to fulfill more roles of a true currency and gain more credibility; but not act as a security/stock to earn a quick buck.
$PNUT Pricing
Let's talk about the price of $PNUT.
Following the big brothers and sisters tokens in the cryptocurrency world, The $PNUT continues to fall slowly last week. The price dropped from $0.0269 on Monday to $0.0237 (-13%) on Sunday, the decline was worse than Bitcoin or Ethereum, etc. in the same period.
Hope that the next Halving within 6 days will bring some momentum to $PNUT and starts its rebound.
The tweets below is the link about PNUT Halving notice, and there is a lucky draw event that will give 10,000 $PNUT to 10 lucky winners for participation. Don't miss out.
https://twitter.com/NutboxDao/status/1442713493711491072
- NutboxDao
Total Delegated SP
The price drop did not slowdown the increase of total delegations. We had yet another ATH on Sunday. The passive income from delegating to Nutboxes' Peanut project brings a variety of active income and passive income to the holders.
This type of investment integrated with temporary income and continuous income is the main reason why everyone's confident are high during a price drop period.
Development update
- Contracts and Relayer:
- Update the extended functions of the distribution policy to accommodate more general policies
- Excutor is updated to slot mode, supporting subsequent function upgrades
- Fixed the binding logic of cross-chain accounts, supporting the binding of various POS chain accounts with the main chain account
- Walnut front-end
- New interface reconstructs each module of the official page
- Optimize the calculation method of APY
- The backend:：
- Added community, pool, asset-related fields, and listening methods for the new front-end