VAULT Crypto Investments Weekly Update #7 — The Tesla & Bitcoin (BTC) Tweet Heard Around The World
This week we were reminded of the power that social media has on our lives, including for Bitcoin (BTC) and other cryptocurrencies. Platforms like Facebook and Twitter have increasing influence on shaping public opinion on a variety of subjects from the US presidential elections to what Paris Hilton should wear to the next Hollywood premier party.
On Wednesday the power of Twitter was on full display with one single tweet:
With this simple tweet by Elon Musk of Tesla and SpaceX there was a massive drop in the price of Bitcoin and a controversy was renewed concerning what many consider the major flaw with BTC. Is Bitcoin bad for the environment? Are the global warming crowds now going to renew their efforts to use this argument to bring down BTC?
What kind of financial impact can a single tweet like this have? If you were looking at the overall cryptocurrency market cap at 5:06pm (PST) on May 12, 2021, you would see it was valued at $2.43 trillion according to Coinmarketcap.com.
Less than 3 hours later, the overall market cap dropped to $2.06 trillion. This represented a loss of $365.85 billion US dollars. Bitcoin alone saw $165 billion wiped out 4 hours after this simple tweet was posted.
We have talked about the growth of Bitcoin and the increasing number of wallets holding BTC. This information shows just how skittish many of the new BTC owners are. Many are still quick to dump their newly acquired BTC as soon as there is any adverse news reported. The old school HODLers are quick to take advantage of these newbies and quickly gobble up their dumped BTC.
The fundamentals of BTC didn’t change with the Elon Musk tweet. The climate argument is not new. Isn’t it interesting that the most often cited study on the negative effects of BTC on the environment was funded by Bank of America? Here is some information that they don’t tell you concerning BTC’s impact compaired to other financial alternatives.
In his recent article, Elon Musk and Cathie Wood disagree on Bitcoin’s climate impact, John Detrixhe had this very interesting quote:
ARK analyst Yassine Elmandrija said in June 2020 that it’s a common myth that bitcoin wastes too much energy. Bitcoin mining requires computers to solve increasingly difficult mathematical calculations that verify transactions on the network and result in bitcoin rewards for the miner. He argued that the bitcoin network, which consumes 184 million gigajoules (GJ) per year in electricity, is more efficient than gold mining at 500 million GJ and traditional banking at 2.34 billion GJ. “The environmental impact of bitcoin mining is di minimis,” Elmandjra wrote. “Renewables, particularly hydroelectric power, accounts for a large percentage of bitcoin’s energy mix.”
Always remember to DYOR (do your own research) and don’t get caught up with the FUD (fear, uncertainty and doubt) of the week.
VAULT News this Week
It was a fairly calm week for VAULT. There were no new project/coin listings or ice drops to report this week, but stay tuned for more and let VAULT know which coins you want listed!
I wanted to take this time to remind you of all the great features available currently on the platform.
When you buy VAULT Coin Packs from VAULT.Investments platform or VAULT coins from the exchanges and deposit them to VAULT platform to start earning and compounding masternode rewards passive income with up to 100% reinvest, we give you LIFETIME FREE HOSTING for all VAULT coins! And choosing VAULT to pay hosting fees for other coins we host gives you 50% off our low fees! Thanks to our amazing devs and flexible shared masternode hosting system, we have no minimum or maximum deposit for any coin, so for example you can start with 10, 100, 500 or 1000+ coins!
You can also get free hosting for all coins listed on VAULT.Investments platform with Stronghold, Prime, or by holding enough VAULT coins on the platform so the rewards cover hosting your other coins!
VAULT Coin Packs
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Earn 5–25% Interest on Bitcoin
VAULT’s Hidden Blockchain Strategy
VAULT Platform Overview
VAULT Coin’s Market Performance This Week
Like BTC, VAULT had a challenging week. We saw the high at $11.82 occurring last Saturday. We had a low of $8.45 on Wednesday. We closed out the week at $9.09, down from $10.93 last week for a correction that correlates with that of BTC at -20.2% for the week.
Volume remained strong despite the challenges of this week. We saw an average of $7,077.39 traded daily. This held above the $7,000 daily level and is slightly below last week’s number of $7,173.85.
We saw 100% of the trading volume this week occurring on CREX24. The Minimum Guaranteed Price buy wall of 1,000 VAULT at 10,500 Satoshi continues to be well-protected by investor demand, with orders currently totaling 934.37 VAULT above the wall. Current price is 18,419 Satoshi (0.00018419 BTC), slightly below last week’s closing price of 18,567 (0.00018567 BTC). We only saw a 0.8 % drop in BTC value compared to the 20.2% drop on dollar value.
In addition to the platform, products, use and demand, VAULT continues to benefit greatly from being tied to Bitcoin. This week was a bit of a challenge as BTC had a down week, losing 13.9%.
Jules did an excellent job of keeping the platform up and running and maintaining all the rewards on the shared masternodes.
Bitcoin (BTC) Update
With the recent tweet by Elon Musk there is a renewed focus on the environmental impact of cryptocurrencies and the amount of energy that is required to mine and secure their networks. In a recent study by TRG Datacenters the total energy consumption of several of the top 10 cryptocurrencies was compared. The results of this study are shown below:
This data highlights the severe differences in energy usage between several of the top coins and the massive amount used by BTC currently.
This large amount of energy needed to mine coins like BTC and ETH has caused some coins to rethink how they secure their blockchains. Recently ETH has announced that with ETH 2.0 they will transition to a Proof of Stake (PoS) model. Estimates have shown that by making this transition, ETH will be able to operate on 1% of the energy they are currently consuming with their current Proof of Work (PoW) mining model.
The current PoW model relies on miners with elaborate mining equipment solving complex mathematical cryptographic hash functions in order to generate a reward (currently 6.25 BTC for BTC miners).
Instead of relying on miners with multiple expensive complex computers running to solve these transactions, PoS networks assign voting privileges to crytocurrency owners. Proof of Stake means owners have to “stake” their crytocurrency holdings to vote on the legitimacy of all new transactions for that coin.
The amount of computational requirements needed for PoS transactions is significantly less that required for PoW. You can use older computers and even low cost alternatives like a Raspberry Pi to run validations. Faster confirmations are possible because of the increased ability to solve transactions more quickly since there is no puzzle solving or difficulty involved.
A drawback often cited for PoS validation is that only the rich can profit from it. In order to benefit from this method you have to stake a specific amount of coins. Ethereum, for example, requires 32 ETH as a minimum requirement. This would mean an individual would need to lock up over $124,000 worth of digital currency or join a pool to begin staking.
VAULT coin is a PoS masternode coin that benefits from the Proof of Stake methodology. VAULT Investments and platform solved the high cost of benefitting from PoS coins through its shared masternode hosting service concept. If you don’t have or want to invest enough funds to meet the minimum requirements for a PoS project full masternode, you can still benefit from receiving rewards on any amount of coins you invest. For example a VAULT masternode requires 1000 VAULT coins and if you can buy or want to invest in just 100 coins, you can deposit those coins in a shared masternode and receive 10% of the daily rewards generated by a full VAULT masternode.
VAULT coin is not only environmentally friendly, but it lets you receive the benefits of generating new coins simply by holding coins on the platform. Current ROI is approximately 29%. This means if you hold those 100 VAULT coins on the platform for 1 year and ROI remains the same, you would earn an additional approximately 29 coins!
VAULT Crypto Portfolio Tracker
I wanted to give you a running tally of what you could potentially be earning with VAULT. The example I’m using is holding 1 CRYO VAULT masternode with 0.1 BTC invested in the BTC% program. I wanted to show you what kind of returns you could be earning weekly and cumulatively.
1 VAULT masternode of 1000 VAULT with current 29% ROI generated 5.59 VAULT this week for a total of 39.68 VAULT over the past 7 weeks. Total is now 1039.68 VAULT. The total dollar value earned was $360.69 at VAULT’s current price of $9.09. The total BTC value at VAULT’s current price (0.00018419 BTC) is 0.00730866.
Investing 0.1 BTC in the BTC% program earns you 11% APR, giving you a weekly return of 0.00021089 BTC. Over the last 7 weeks, this would be worth 0.00147623 BTC or $70.84
The total value of your potential returns over the past 7 weeks would be $431.53 or 0.00878489 BTC
Crypto News This Week
Did I Mention That Elon had a Tweet About BTC?
Cardano Don’t Care!
BTC Price Down but Fundamentals Still Strong.
DeFi and NFTs Still Hot
More Banks Gettin Into Crypto
I’m Glad I Had my Financial Advisor Pick up a few Shares of Coinbase
Max Keiser not Worried about Elon. Is Tesla Going to Start “clean” BTC Mining?
Cuba Getting Into Crypto.
More Americans own BTC than there are BTC to Own.
We Are Here To Help You DYOR (Do Your Own Research)
I hope this update has given you some new knowledge. If you have any questions please feel free to contact me Bobtilladhun on Discord (firstname.lastname@example.org) or any team member on the VAULT Discord server:
VAULT Global Ambassadors
kikiriki#9227 — Greece
CryptoEva[Own CS Team]#3733 — Bangladesh
bevan honas#7388 — South Africa
Farting Rocket#0302 — France
wltjnes1#1227 — Nigeria
Long Miguel#6762 — Vietnam
This is not financial advice. VAULT Investments provides a service to its clients and is not responsible for projects listed or featured in its platform or ecosystem. Users should always DYOR. Invest at your own risk!