Bitcoin (BTC) price remains pinned below $22,000 as the lingering impact of the Aug. 19 sell-off at $25,200 continues to be felt across the market.
According to analysts from on-chain monitoring resource Glassnode, BTC’s tap at the $25,000 level was followed by “distribution” as profit-takers and short-term holders sold as price encountered a trendline resistance following a 23-consecutive-day uptrend that saw BTC trading above it’s realized price ($21,700).
Bitcoin total inflows and outflows to all exchanges (USD). Source: glassnode
The firm also noted that the “total inflows and outflows to all exchanges” metric shows exchange flows at multi-year lows and back to “late-2020 levels,” which reflects a “general lack of speculative interest.”
Stocks and crypto clearly risk off until we hear the Fed perspectives coming out of Jackson Hole this week/end. $BTC price continues to range, but looks a bit “soft.” pic.twitter.com/jpVjG2jslh
From a higher-time frame perspective, Bitcoin’s current price action is simply a continuation of its near three-month-long chop in the $18,500 to $22,000 range, but the real damper on sentiment is persistent non-crypto-related concerns in the United States and global economy.
On August 25, the Jackson Hole Economic Symposium begins and from this, the public will learn more about the Federal Reserve’s perspective on the U.S. economy, its plans for future interest rate hikes, whether the inflation target remains at 2% and if the Fed thinks the U.S and global economy are in a recession. Anticipation over the symposium has clearly made investors skittish and these frayed nerves are visible in the S&P 500, DJI and crypto markets this week.
According to Serhii Zhdanov, CEO of EXMO cryptocurrency exchange:
“It appears there is no single driver for the recent decline. The global crises continue, and it is not certain where the bottom is. Inflation is forcing people to get rid of their investments to get cash to cover daily expenses. In many countries the total amount of credit card debt is breaking to new record highs. Recent data shows that Covid isn’t gone and geopolitical tension further adds fuel to global markets’ decline.”
Ether marches to the beat of its own drum
Ether (ETH), on the other hand, appears to be showing some upside promise from a technical analysis point of view. Last week, the asset corrected alongside BTC and endured a few blows related to centralization fears after the Office of Foreign Assets Control, or OFAC, sanctioned Tornado Cash and the crypto community grew fearful over potential outcomes of the proof-of-stake transition making the network (and its largest ETH stakers) susceptible to censorship and regulation.
ETH/USDT daily chart. Source: TradingView
Generally, the bullish “merge” narrative remains in play and the large cup and handle pattern seen on Ether’s daily timeframe, plus the bounce off the $1,500 level are enough to support traders’ dreams of ETH price rising into the $2,500 to $2,900 range.
Ether looks similarly juicy in its ETH/BTC pair, which bounced off support in the 0.073 BTC range.
MVRV on-chain data points to undervalued Bitcoin
As @big_smokey1 mentioned “stocks and crypto [are] clearly risk off” with Jackson Hole upcoming and in terms of price action, this is likely to manifest as continued resistance at Bitcoin’s long-term descending trendline until a sufficient catalyst to provoke a trend change emerges.
For the time being, Bitcoin’s short-term price prospects are less than optimistic, but Jarvis Labs resident analyst “JJ” pinpointed a key on-chain metric that suggests BTC is trading in a generational buy zone.
Price versus MVRV difference for BTC. Source: Jarvis Labs
According to JJ, Bitcoin’s MVRV (Market Capitalization versus Realized Capitalization) indicator is printing a reading that is “extremely low.”
Does this mean that investors should go out and put every last penny into BTC? Probably not, but as the MVRV chart above shows, dollar cost averaging into BTC when its on-chain and technical metrics hit extreme lows has proven to be a profitable strategy in the last three bull markets.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Bitcoin (BTC) experienced a 16.5% correction between Aug. 15 and Aug. 19 as it tested the $20,800 support. While the drop is startling, in reality, a $4,050 price difference is relatively insignificant, especially when one accounts for Bitcoin’s 72% annualized volatility.
Currently, the S&P 500’s volatility stands at 31%, which is significantly lower, yet the index traded down 9.1% between June 8 and June 13. So, comparatively speaking, the index of major U.S.-listed companies faced a more abrupt movement adjusted for the historical risk metric.
At the start of this week, crypto investors’ sentiment worsened after weaker conditions in Chinese real estate markets forced the central bank to reduce its five-year loan prime rate on Aug. 21. Moreover, a Goldman Sachs investment bank strategist stated that inflationary pressure would force the U.S. Federal Reserve to further tighten the economy, which negatively impacts the S&P 500.
Regardless of the correlation between stocks and Bitcoin, which is currently running at 80/100, investors tend to seek shelter in the U.S. dollar and inflation-protected bonds when they fear a crisis or market crash. This movement is known as a “flight to quality” and tends to add selling pressure on all risk markets, including cryptocurrencies.
Despite the bears’ best efforts, Bitcoin has not been able to break below the $20,800 support. This movement explains why the $1 billion Bitcoin monthly options expiry on Aug. 26 could benefit bulls despite the recent 16.5% loss in 5 days.
Most bullish bets are above $22,000
Bitcoin’s steep correction after failing to break the $25,000 resistance on Aug. 15 surprised bulls because only 12% of the call (buy) options for the monthly expiry have been placed above $22,000. Thus, Bitcoin bears are better positioned even though they placed fewer bets.
Bitcoin options aggregate open interest for Aug. 26. Source: CoinGlass
A broader view using the 1.25 call-to-put ratio shows more bullish bets because the call (buy) open interest stands at $560 million against the $450 million put (sell) options. Nevertheless, as Bitcoin currently stands below $22,000, most bullish bets will likely become worthless.
For instance, if Bitcoin’s price remains below $22,000 at 8:00 am UTC on Aug. 26, only $34 million worth of these put (sell) options will be available. This difference happens because there is no use in the right to sell Bitcoin below $22,000 if it trades above that level on expiry.
Bulls could secure a $160 million profit
Below are the four most likely scenarios based on the current price action. The number of options contracts available on Aug. 26 for call (bull) and put (bear) instruments varies, depending on the expiry price. The imbalance favoring each side constitutes the theoretical profit:
Between $20,000 and $21,000: 1,100 calls vs. 8,200 puts. The net result favors bears by $140 million.
Between $21,000 and $22,000: 1,600 calls vs. 6,350 puts. The net result favors bears by $100 million.
Between $22,000 and $24,000: 5,000 calls vs. 4,700 puts. The net result is balanced between bulls and bears.
Between $24,000 and $25,000: 7,700 calls vs. 1,000 puts. The net result favors bulls by $160 million.
This crude estimate considers the call options used in bullish bets and the put options exclusively in neutral-to-bearish trades. Even so, this oversimplification disregards more complex investment strategies.
Holding $20,800 is critical, especially after bulls were liquidated in futures market
Bitcoin bulls need to push the price above $22,000 on Aug. 26 to balance the scales and avoid a potential $140 million loss. However, Bitcoin bulls had $210 million worth of leverage long futures positions liquidated on Aug. 18, so they are less inclined to push the price higher in the short term.
With that said, the most probable scenario for Aug. 26 is the $22,000-to-$24,000 range providing a balanced outcome between bulls and bears.
If bears show some strength and BTC loses the critical $20,800 support, the $140 million loss in the monthly expiry will be the least of their problems. In addition, the move would invalidate the previous $20,800 low on July 26, effectively breaking a seven-week-long ascending trend.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Cross-chain bridges have increasingly become targeted by malicious entities. However, not all hackers can run away with millions in their exploit attempts. Some end up losing money from their own wallets.
In a Twitter thread, Alex Shevchenko, the CEO of Aurora Labs, told the story of a hacker who attempted to exploit the Rainbow Bridge but ended up losing 5 Ether (ETH), worth around $8,000 at the time of writing.
According to Shevchenko, the hacker has presented a falsified NEAR block to the Rainbow Bridge contract and submitted the required 5 ETH safe deposit. Thinking that the team would be slow to react during the weekend, the attacker timed the exploit attempt on a Saturday.
Despite the hacker’s plan, the CEO highlighted that there were automated watchdogs in place that fought off the malicious transaction. Within 31 seconds, the attempt was suppressed, leading to the hacker losing their safety deposit.
Because of the increasing exploit attempts, the CEO noted that their team is considering increasing the amount required for safe deposits. However, the idea was dumped as the team wants to stay as committed to decentralization as possible.
Shevchenko also left a message to the attacker. The CEO urged the hacker to try to do good for the community by working on bug bounties instead of stealing users’ money and trying to launder the stolen assets.
On June 7, Aurora Labs paid a bug bounty of $6 million to an ethical security hacker who pointed out a critical vulnerability to the Aurora team. The bug was promptly patched, and user funds were secured. If the whitehat hacker decided to exploit the network, over $200 million could have been lost.
Meanwhile, the entities that executed the Ronin Bridge hack have transferred the stolen funds into Bitcoin (BTC). Using privacy tools Blender and ChipMixer, the hackers are still trying to spread out the stolen funds in the hope of outmaneuvering the authorities.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it eyed $21,700 at the time of writing, near resistance in place since last week’s near-12% drop.
The pair gained momentum as the U.S. Purchasing Managers Index (PMI) prints for August showed a drop versus the month prior, hitting the lowest levels since May 2020 at the height of the first round of COVID-19 lockdowns.
“The S&P Global Flash US Services Business Activity Index posted at 44.1 in August, down from 47.3 in July, to indicate a further reduction in overall services activity,” a press release from curator S&P Global stated.
“The decrease in business activity was sharp overall and the fastest since May 2020. Service providers noted that hikes in interest rates and inflation dampened customer spending as disposable incomes were squeezed.”
Yikes! The US Composite #PMI just fell to 45.0! That is near #recession levels. The Services PMI is down to 44.1, where an increase to 49.8 was expected. pic.twitter.com/GwSKfnOXS3
The implied slowdown in demand caused an immediate knock-on effect for dollar strength, with the U.S. dollar index (DXY) falling from new twenty-year highs.
U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView
The inversely-correlated DXY had conversely gained rapidly in the days prior, this coinciding with U.S. stocks facing resistance and Bitcoin seeing multiple trips below $21,000.
“The Aug. PMI Composite Index fell to 45 from 47.7 in July. It was expected to rise to 49.2,” gold proponent Peter Schiff reacted.
“The Services PMI tanked to 44.1, the lowest since May 2020 and Mfg. sank to 51.3, the lowest since July 2020. The U.S. PMI is weaker than any PMI in Europe or Asia.”
S&P Global Flash US PMI Composite Output Index chart. Source: S&P Global/ Twitter
The S&P 500 and Nasdaq Composite Index were up a modest 0.25% and 0.45% at the time of writing, respectively
BTC bulls face $21,700 challenge
Analyzing what could be next for risk assets, commentators hoped for a rally in stocks on the back of a declining dollar.
Popular Twitter account Game of Trades called the S&P 500 “extremely oversold in the short-term” based on relative strength index (RSI) data.
“Watch out for all the potential bullish RSI divergences it has picked up along the way,” part of a fresh update read.
On Bitcoin, optimism from some likewise focused on a return to the range highs since June, with a “clean break” above $25,000 being the deal breaker for $28,000 or more to appear.
For on-chain analytics resource Material Indicators, meanwhile, it was $21,700 that needed to be cracked as a first step.
“If we don’t see more BTC bids coming in above $21k, the downside illiquidity (dark areas) will be exploited,” it warned alongside a chart of support and resistance levels on the Binance order book.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
On this week’s “The Market Report” show, Cointelegraph’s resident experts discuss some of the main factors that contributed to the collapse of this bear market rally.
To kick things off, we broke down the latest news in the markets this week
Bitcoin (BTC) to lose $21K despite miners’ capitulation exit? Five things to know in Bitcoin this week. Miners are a glimmer of hope in a barren Bitcoin landscape this week ahead of a key Federal Reserve event in Jackson Hole. After dipping below $21,000 over the weekend, the largest cryptocurrency is consolidating around 10% lower than a week ago, and the fear across crypto markets is clearly visible. As August nears the end, what will September bring in terms of inflation, price volatility and other macro triggers?
Data shows Bitcoin and altcoins at risk of a 20% drop to new yearly lows. The total crypto market capitalization dropped to the $1 trillion support, and weak stablecoin demand and a largely absent funding rate reflect traders’ negative sentiment. Will crypto investors’ sentiment shift toward more bearish? Are we on our way to retesting yearly lows?
Cryptocurrencies react to Jackson Hole, Fed rate hike plans and a weakening bear market rally. The price action in Bitcoin, altcoins and stocks reflects investors’ anxiety over the Fed’s rate hike plans, a weakening bear market rally and this week’s Jackson Hole economic symposium. Is the fear of future interest rate hikes by the Federal Reserve making investors nervous? Is this macro uncertainty keeping the institutional investors away from the crypto markets?
Bitcoin whales attack sellers at $22.3K as the euro drops below USD parity. Bitcoin struggles to make a return to higher levels despite geopolitical uncertainty striking the eurozone. The weekend lows however preserved the lows from July. Could this mean that the bear market rally could make a return? What happens if Bitcoin moves above the critical 200-week moving average (WMA)?
Next up is a new segment called “Quick Crypto Tips,” which aims to give newcomers to the crypto industry quick and easy tips to get the most out of their experience. This week’s tip: Be wary of exchanges.
Market expert Marcel Pechman then carefully examines the Bitcoin and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down. The experts also go over some markets news to bring you up to date on the latest regarding the top two cryptocurrencies.
Lastly, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. The analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: DeXe’s DEXE and DIGG’s DIGG.
Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room, and write your questions there. The person with the most interesting comment or question will be given a $50 CT store gift voucher.
The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.
Prague is the birthplace of the world’s first hardware wallet, the first Bitcoin mining pool, and, reportedly, even the first Bitcoin cafe. It is among the most affluent cities in Central Europe, visited by millions of tourists each year.
Ranked as one of Europe’s most charming and beautiful cities, Prague is a burgeoning tech hub with a new generation of crypto-saavy individuals populating its streets.
Fast facts
City: Prague Country: Czechia Population: 2.7 million (Metropolitan Area) Established: 8th Century Languages: Czech, Slovak, English, Ukrainian, German, Vietnamese, Russian
Prague was a leading metropolis in the adoption of Bitcoin.
Understand
Known for its bridges, majestic fortifications and Bohemian architecture, Prague was voted the most beautiful city in the world last year by Time Out Magazine. At the crossroads of Europe, it’s visited by over 8 million tourists annually and has become a popular choice among filmmakers as a backdrop, including the makers of Mission: Impossible and Casino Royale.
More than 1,000 years ago, the migration of the Czech people — a Western Slavic tribe — founded the City of Prague on the banks of the Vltava river. Prague quickly developed into a major metropolitan center in medieval times and was the seat of many Bohemian kings who would also reign as the emperors of the Holy Roman Empire.
Ruled over variously by the Austrian Empire, a short era of independence, and then by Nazi Germany, Prague managed to escape destruction at the hands of Nazis or Allied bombers. But after just three years of independence after the war, communists backed by the Soviet Union staged a coup and toppled the country’s democratic government in 1948. Development stalled during communist times, and despite a flicker of hope for liberalism in the Prague Spring of 1968, it wasn’t until the Velvet Revolution protests that the ruling communist party resigned on Nov. 28, 1989, putting the local people once again in charge of their own destinies.
The Powder Tower during the Habsburg era. Source: Old-Prague.com
Crypto culture
Today, Prague is a leading tech hub in Central Europe. Having changed currencies once a generation due to their various rulers and independence, the Czech people are known for monetary skepticism and have enthusiastically adopted digital currencies. This interest has been compounded by the growing inflationary pressure on the Czech koruna (CZK), which stood at 18.0% per annum in June 2022.
Firms such as SatoshiLabs, Alza, Trezor, Braiins and many others have ramped up education about digital assets in the country. However, the Czech National Bank has largely remained on the sidelines with regard to regulating the industry. While interest in crypto remains strong among the Czech people (especially those in Prague), recent industry blowups and bear market sell-offs have hampered confidence somewhat.
But that does not take away from the fact that it was here where the world’s first hardware wallet, first Bitcoin mining pools and first Bitcoin coffee shop all came into action within the past decade. In recent years, Prague has also become a hotspot for digital nomads, being voted as the top destination in the world for remote work, along with Krakow, Poland in 2021. Thanks to the effort of early adopters, the city is rife with crypto meetups, hackathons, venues and seminars that make it distinct from its neighbors in Central Europe.
Prague’s Old Town Square. Source: Zhiyuan Sun
Notable Projects
Nowadays, cryptocurrency hardware wallets are renowned for their ability to safeguard investors’ assets in a self-custodied manner, but just who invented them? The idea all started in 2011 after a Bitcoin conference in Prague.
Two crypto enthusiasts, Pavol “Stick” Rusnák and Marek “Slush” Palatinus envisioned a small, single-purpose computer that would securely store users’ Bitcoin private keys. In 2013, the two founded SatoshiLabs. The following year, the first-ever Trezor wallet — Trezor One — launched. Then came the Trezor Model T, which added a touchscreen to the device. Both devices have sold over 1 million units since inception, with their firmware patched monthly or so. It has become the standard for hardware crypto storage worldwide.
We and @invity_io are safe & sound in Miami, ready to discuss sound money with you at @TheBitcoinConf.
Wallets? ✅ Keys? ✅ Booth AMAs, prizes, other activities? You bet!
We will be sharing the conference experience with you along the way. Let our crew tell you more details: pic.twitter.com/vNiEmZtggR
SatoshiLabs comprises a basket of companies (Trezor, Invity and Tropic Square) forming the forefront of crypto and tech development in Czechia.
The famed Trezor Model T
Apart from its flagship product, it is also responsible for creating over 20 industry standards, such as the recovery seed and passphrase used in all cryptocurrency hardware wallets today.
Like many in the crypto industry, they were incensed by the Russian invasion of Ukraine this year and wanted to help. Vojtěch Černý, head of commerce at Trezor, and Bach Nguyen, head of business development at Invity, drove nearly 900 kilometers to the Slovak–Ukrainian border town of Vel’ké Slemence, delivering humanitarian supplies and bringing back four women and two children refugees to safety in Czechia.
SatoshiLabs also donated 1 million euros worth of Bitcoin to charities helping Ukraine shortly after the war started, citing the “effects of occupation and destruction of individual freedom” during five decades of Communist rule over Czechoslovakia as the inspiration.
Invity is another branch of SatoshiLabs.
The firm is a price aggregator that scrutinizes every crypto exchange and other platforms to find the best rates for purchasing cryptocurrency. It combines everything in one place with a straightforward interface designed for users just getting into crypto. Invity also has a wide range of resources about education for novel crypto enthusiasts.
Lastly, during the development of Trezor at SatoshiLabs, it became clear that the firm needed an auditable integrated circuit with better security solutions than market alternatives. Thus, Tropic Square was born with an ambitious plan to make an open-source, auditable custom chip to transform low entropy code into high entropy data for cryptographic operations. Led by tech-savvy developers such as CEO Evžen Englberth and chief technology officer Jan Pleskač, chips developed by Tropic Square are now found in each and every one of Trezor’s hardware wallets.
Tropic Square staff at SatoshiLabs headquarters. Source: Tropic Square
Before he created Trezor, Palatinus founded the first Bitcoin mining project in Prague in 2010, which was simply called Bitcoin.cz. After he moved on, Braiins, a company doing embedded Linux development and research, took over the mining pool and renamed it accordingly (until recently rebranding it back to Slush Pool), with 1.3 million BTC mined since inception.
Fast forward to now, Braiins/Slush Pool has grown to become one of the biggest Bitcoin mining pools. There are currently over 15,000 users of the firm’s mining optimization software in the space, with its total hash rate accounting for 5%–8% of the overall Bitcoin network. The company derives 100% of its income via BTC and charges a 2%–2.5% commission from its mining firmware.
Kristian Csepcsar, chief marketing officer of Braiins, explains that mining and Bitcoin is a way of life — not just a way to make money:
“Bitcoin miners are one of the most hardcore Bitcoiners, and their commitment to secure networks can be seen in the global hash rate numbers. Bitcoin’s price fell more than 70% recently, but the hash rate has only dropped about 20% from all-time highs…. Bitcoin’s relative price to fiat can change, but Bitcoin will be forever one Bitcoin, and miners deeply understand this point.”
Braiins core team at Bitcoin Mining Conference 2022 in Prague. Source: Braiins
General Bytes is the world’s second-largest Bitcoin and ATM manufacturer, with offices in Prague and Bradenton, Florida. Since its inception in 2013, the company has sold over 13,000 machines across 142 countries, most of which are located in the United States.
A General Bytes ATM. Source: General Bytes
More than 180 fiat currencies can be used to purchase 60+ types of digital assets at its cash machines. Over 22.5 million crypto transactions have been performed worldwide on its network of Bitcoin ATMs.
Backed by the $2.5-billion Rockaway Capital, the Rockaway Blockchain Fund is a venture capital firm backing leading Web3 founders. Founded in 2020, the Prague-based firm has now invested in 36 projects and 26 funds. In addition to investing capital and boosting liquidity, Rockaway backs its projects through community networking, a staking team that runs its validator nodes, and an in-house development team known as RBF Labs. It was one of the early backers of Solana, along with several investments in the Cosmos ecosystem, including Agoric.
Rockaway raised $123 million in its first VC fund, which is now nearly 75% deployed with a portfolio value of approximately $300 million as of June 30. In addition to that, RBF also has a separate lending fund that provides loans to market makers and liquidity to DeFi protocols, with an asset under management of approximately $35 million at the end of June.
Where can I spend my crypto?
Located near the heart of Prague’s Old Town is Bar No. 7, a laid-back venue with multilingual staff that’s extremely popular among expats and locals alike. It’s also a great place to go for value on one’s crypto: One can get delicious cocktails for around 150 CZK each ($6.24) and a pint of beer for just 25 CZK ($1.04) all paid for with crypto. There’s also a Bitcoin ATM located right inside the venue. But beware — it gets packed quickly in the evenings almost every day of the week.
Bar No. 7 Praha. Source: Zhiyuan Sun
For scenic, short-term rentals or long-ish stays, you can book and pay for lodging with Prague Siesta Apartments using Bitcoin. Apartments are located at the heart of Prague, a minute’s walk away from attractions such as the Old Town Square and the Astronomical Clock. Prices vary by season and typically fluctuate above or below 2,000 CZK per night ($83.08) with discounts for longer stays.
Paralelní Polis is the first coffee shop to accept cryptocurrencies in Central Europe and has been active since 2014. Though it has now largely evolved to become a co-working space and club venue, hosting various events, projects and refreshments for its members. But one can still purchase the venue’s original Bitcoin Coffee at its doorstep. Bitcoin, Litecoin or Lightning Network are accepted. It’s named after Czech activist Václav Benda’s 1973 concept of “Paralelní Polis” (Parallel Polis) — an independent society not oppressed by laws and decisions of representatives of central authorities. The idea became a rallying call for political dissidents and sounds very much like Libertarian Bitcoiner politics.
Alza is a leading e-commerce platform in Central Europe with close to $1.2 billion in annual sales. It has a catalog of crypto-related hardware devices that customers can pay for with Bitcoin (Ether and Litecoin payments are expected in the future). It also accepts Bitcoin on its local e-commerce subsidiaries operating in Slovakia, Germany, Austria, the United Kingdom and on Alzashop.com. For crypto tourists who don’t have an address in Prague to deliver to, you can get products shipped to the unique Alza Boxes package lockers for pickup. And thanks to General Bytes, it is also possible to buy cryptocurrencies at some of Alza’s retail locations via in-store ATMs.
Finally, A Maze in Tchaiovna is a solid venue for tea and craft beer lovers alike. It is an all-in-one stop that combines elements of a teahouse, theater, gallery and bar. Cryptocurrency can be tendered for beverages and snacks. Live music is available periodically.
IT’S HERE.
…the handbook with everything you and your friends need to know about the basics of bitcoin mining.
We have 400 free copies to share this week at @MiningDisrupt in Miami, and it’ll soon be available on Amazon (hardcopy) and on the Braiins website (free e-book). pic.twitter.com/vzTCUfXZmI
— Braiins | bitcoin mining tools (@braiins_systems) July 25, 2022
Education
Braiins, the company behind Slush Pool, runs a regular blog about how to get started on one’s Bitcoin mining rig, along with the economics of such an operation. Similarly, Alza has its own blog series dedicated to educating readers and shoppers about Bitcoin. But Braiins takes it one step further by also publishing a series of books about the nature of Bitcoin decentralization and the future. They are free to read and are available in both hard copies and as complete pdfs on its site.
Currently, the University of New York in Prague is issuing digital diplomas using blockchain technology for all degrees accredited by the Czechia’s Ministry of Education. Students are provided a hyperlink to such accreditation with a QR code attached to verify its authenticity and can be freely shared among social networks.
‘Bitcoin: Odluka peněz od státu’ (Bitcoin: The Separation of Money From the State) by Josef Tětek and published by Braiins. Source: Josef Tětek
Controversies
Being a closely-knit crypto community, Prague is not known for crypto scams or digital asset-related crime. The majority of misconduct happened in the previous decade, such as the collapse of the Bitcash.cz crypto exchange in 2013 and the theft of approximately 485 BTC. Another instance involved Czech national Tomáš Jiříkovský and his alleged role in laundering $40 million worth of BTC in stolen funds from a securities fraud case in 2015. Earlier this year, an incident occurred with Trezor where the firm’s customer data was breached on third-party data vendor Mailchimp. It subsequently evolved into a phishing scam before it was quickly addressed.
That said, a much more serious incident occurred on August 18. Via a zero-day bug, hackers made themselves the default administrators of General Bytes’ ATMs and modified settings so that all deposits were transferred to their wallet address. A central client access server hosting the entirety of the company’s operation was compromised. General Bytes has urged customers to refrain from using its servers until its owners patches the exploit in an update.
Notable People
Pavol “Stick” Rusnák, co-founder of SatoshiLabs; Mark “Slush” Palatinus, co-founder of SatoshiLabs; Pavel Moravec, co-CEO of Braiins; Jan Capek, co-CEO of Braiins; Bach Nguyen, head of business development at Invity; Vojtěch Frgál, CEO of General Bytes; Evžen Englberth CEO of Tropic Square; Jan Pleskač, chief technology officer of Tropic Square; Josef Tětek, economist and SatoshiLabs’ brand ambassador; Kristian Csepscar, chief marketing officer of Braiins; Vojtěch Černý, head of commerce at Trezor; Tommy Poole, owner of Bar No. 7 Praha.
Cointelegraph members based in Prague:
Ever wonder whose creative mind is behind that of Cointelegraph’s signature artistic style? Well, Cointelegraph’s talented art team is led none-other by lead artist and art editor Anastasia Zhdanova, who is based in Prague. With an art career spanning 13+ years, Zhdanova is also the creator behind the Серые будни магов (The Grey Everyday Life of Magicians) comic series. She graduated from the prestigious Stieglitz Academy of Art and Design in Saint Petersburg, Russia.
Europe and crypto as portrayed by the Cointelegraph art team
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Compliance status
We firmly believe that the internet should be available and accessible to anyone, and are committed to providing a website that is accessible to the widest possible audience, regardless of circumstance and ability.
To fulfill this, we aim to adhere as strictly as possible to the World Wide Web Consortium’s (W3C) Web Content Accessibility Guidelines 2.1 (WCAG 2.1) at the AA level. These guidelines explain how to make web content accessible to people with a wide array of disabilities. Complying with those guidelines helps us ensure that the website is accessible to all people: blind people, people with motor impairments, visual impairment, cognitive disabilities, and more.
This website utilizes various technologies that are meant to make it as accessible as possible at all times. We utilize an accessibility interface that allows persons with specific disabilities to adjust the website’s UI (user interface) and design it to their personal needs.
Additionally, the website utilizes an AI-based application that runs in the background and optimizes its accessibility level constantly. This application remediates the website’s HTML, adapts Its functionality and behavior for screen-readers used by the blind users, and for keyboard functions used by individuals with motor impairments.
If you’ve found a malfunction or have ideas for improvement, we’ll be happy to hear from you. You can reach out to the website’s operators by using the following email peerlybiz@gmail.com
Screen-reader and keyboard navigation
Our website implements the ARIA attributes (Accessible Rich Internet Applications) technique, alongside various different behavioral changes, to ensure blind users visiting with screen-readers are able to read, comprehend, and enjoy the website’s functions. As soon as a user with a screen-reader enters your site, they immediately receive a prompt to enter the Screen-Reader Profile so they can browse and operate your site effectively. Here’s how our website covers some of the most important screen-reader requirements, alongside console screenshots of code examples:
Screen-reader optimization: we run a background process that learns the website’s components from top to bottom, to ensure ongoing compliance even when updating the website. In this process, we provide screen-readers with meaningful data using the ARIA set of attributes. For example, we provide accurate form labels; descriptions for actionable icons (social media icons, search icons, cart icons, etc.); validation guidance for form inputs; element roles such as buttons, menus, modal dialogues (popups), and others. Additionally, the background process scans all of the website’s images and provides an accurate and meaningful image-object-recognition-based description as an ALT (alternate text) tag for images that are not described. It will also extract texts that are embedded within the image, using an OCR (optical character recognition) technology. To turn on screen-reader adjustments at any time, users need only to press the Alt+1 keyboard combination. Screen-reader users also get automatic announcements to turn the Screen-reader mode on as soon as they enter the website.
These adjustments are compatible with all popular screen readers, including JAWS and NVDA.
Keyboard navigation optimization: The background process also adjusts the website’s HTML, and adds various behaviors using JavaScript code to make the website operable by the keyboard. This includes the ability to navigate the website using the Tab and Shift+Tab keys, operate dropdowns with the arrow keys, close them with Esc, trigger buttons and links using the Enter key, navigate between radio and checkbox elements using the arrow keys, and fill them in with the Spacebar or Enter key.Additionally, keyboard users will find quick-navigation and content-skip menus, available at any time by clicking Alt+1, or as the first elements of the site while navigating with the keyboard. The background process also handles triggered popups by moving the keyboard focus towards them as soon as they appear, and not allow the focus drift outside of it.
Users can also use shortcuts such as “M” (menus), “H” (headings), “F” (forms), “B” (buttons), and “G” (graphics) to jump to specific elements.
Disability profiles supported in our website
Epilepsy Safe Mode: this profile enables people with epilepsy to use the website safely by eliminating the risk of seizures that result from flashing or blinking animations and risky color combinations.
Visually Impaired Mode: this mode adjusts the website for the convenience of users with visual impairments such as Degrading Eyesight, Tunnel Vision, Cataract, Glaucoma, and others.
Cognitive Disability Mode: this mode provides different assistive options to help users with cognitive impairments such as Dyslexia, Autism, CVA, and others, to focus on the essential elements of the website more easily.
ADHD Friendly Mode: this mode helps users with ADHD and Neurodevelopmental disorders to read, browse, and focus on the main website elements more easily while significantly reducing distractions.
Blindness Mode: this mode configures the website to be compatible with screen-readers such as JAWS, NVDA, VoiceOver, and TalkBack. A screen-reader is software for blind users that is installed on a computer and smartphone, and websites must be compatible with it.
Keyboard Navigation Profile (Motor-Impaired): this profile enables motor-impaired persons to operate the website using the keyboard Tab, Shift+Tab, and the Enter keys. Users can also use shortcuts such as “M” (menus), “H” (headings), “F” (forms), “B” (buttons), and “G” (graphics) to jump to specific elements.
Additional UI, design, and readability adjustments
Font adjustments – users, can increase and decrease its size, change its family (type), adjust the spacing, alignment, line height, and more.
Color adjustments – users can select various color contrast profiles such as light, dark, inverted, and monochrome. Additionally, users can swap color schemes of titles, texts, and backgrounds, with over 7 different coloring options.
Animations – epileptic users can stop all running animations with the click of a button. Animations controlled by the interface include videos, GIFs, and CSS flashing transitions.
Content highlighting – users can choose to emphasize important elements such as links and titles. They can also choose to highlight focused or hovered elements only.
Audio muting – users with hearing devices may experience headaches or other issues due to automatic audio playing. This option lets users mute the entire website instantly.
Cognitive disorders – we utilize a search engine that is linked to Wikipedia and Wiktionary, allowing people with cognitive disorders to decipher meanings of phrases, initials, slang, and others.
Additional functions – we provide users the option to change cursor color and size, use a printing mode, enable a virtual keyboard, and many other functions.
Browser and assistive technology compatibility
We aim to support the widest array of browsers and assistive technologies as possible, so our users can choose the best fitting tools for them, with as few limitations as possible. Therefore, we have worked very hard to be able to support all major systems that comprise over 95% of the user market share including Google Chrome, Mozilla Firefox, Apple Safari, Opera and Microsoft Edge, JAWS and NVDA (screen readers), both for Windows and for MAC users.
Notes, comments, and feedback
Despite our very best efforts to allow anybody to adjust the website to their needs, there may still be pages or sections that are not fully accessible, are in the process of becoming accessible, or are lacking an adequate technological solution to make them accessible. Still, we are continually improving our accessibility, adding, updating and improving its options and features, and developing and adopting new technologies. All this is meant to reach the optimal level of accessibility, following technological advancements. For any assistance, please reach out to peerlybiz@gmail.com
