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Company Profile: Maker. An Express Visit

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  • Alexander Goborov
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    No opinions and rants, only straight facts about Maker, quick and easy to understand

Company Profile: Maker. An Express Visit
Cover image via u.today

Company name: Maker

Cryptocurrency [utility / governance token]: Makercoin / MKR (volatile)

Cryptocurrency [stablecoin]: Dai (pegged against the USD)

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Price per unit of MKR (at the time of writing): ~660 USD, 2nd in the world after Bitcoin

Market capitalization of MKR (at the time of writing): ~480 million USD, 22nd in the world

Year founded: 2015

Founded by: Rune Christensen

“MakerDAO works using collateralized debt positions (CDP) on a decentralized platform. People can take out debt positions using our stablecoin, the Dai (1 Dai = $1). The Dai credit system uses tokens or assets to back up their value… Leverage seekers or borrowers put collateral, like Ethereum, into the system and generate Dai based on that collateral… MakerDAO and the MKR token use a decentralized governance structure to bring stability to our stablecoin, the Dai. We believe money and credit systems should be transparent, so no one can sneak in their own agenda.”

Support platform (Blockchain): Decentralized Autonomous Organization (DAO) on the Ethereum network

Structure: Collateralized Debt Position (CDP) + Target Rate Feedback Mechanism (TRFM)

Standard protocol: ERC-20

Top wallets: Ledger Nano S (hardware), Trezor (hardware), MetaMask (web), MyEtherWallet (desktop)

Recommended exchange platforms: Bitfinex, Bibox, Gate, Okex, Paradex

Mining: Not permitted

This week’s stats:

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From all of us here at U.Today: happy trading and have a pleasant weekend!

About the author

Alexander Goborov (MSc) is U.Today’s chief editor of analytics. Before joining our publication, he worked in research and education, and, briefly, as an academic ghostwriter.

His articles range from scientific to creative, among them those that came out in Journal of Language Learning, St Petersburg Times, and Kommersant.

At U.Today, he and his team specialize in the economic analysis of the Blockchain market, infographics, as well as interviews.

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Bitcoin Price Can Be Easily Pushed Down by Whales: Professor John Griffin

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  • Alex Dovbnya
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    John Griffin says that rapid price swings are possible because it can be manipulated by deep-pocketed whales who are not stronger than ever

Bitcoin Price Can Be Easily Pushed Down by Whales: Professor John Griffin
Cover image via u.today
Contents

Economics professor John Griffin recently rang alarm bells over the impact of Bitcoin whales on the Bitcoin market. 

Griffin told Bloomberg that a few large players could easily push the BTC price down at a whim. 

"The problem with a few large players holding crypto is that when they sell they can easily push the price down, which makes the market susceptible to rapid swings."  

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Whales are getting more powerful 

According to data released by CoinMetrics, the number of orange coins controlled by deep-pocketed Bitcoin investors reached its highest point in four years in 2019. As of December, a whopping 42.1 percent of Bitcoin's total circulating supply is stored in wallets that hold between 1,000 and 1 mln BTC. 

While crypto exchanges are known to be the owners of the richest Bitcoin addresses, investor Aaron Brown warms some of the new whales on the block are family offices and affluent individuals who are not exactly keen Bitcoin believers who might be tempted to jump ship if things turn south. 

“I doubt they have infinite patience, and without significant growth in actual use, I would expect them to quietly withdraw to chase other promising technologies,” Brown said.

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Becrying Tether's impact on Bitcoin 

Speaking of those who don't believe in Bitcoin, Griffin probably takes the cake as one of the most prominent naysayers. Back in June 2018, together with his colleague Amin Shams, he published a paper that explores how Tether was allegedly responsible for propelling Bitcoin to new highs during the peak of the previous bull market in December 2018. 

At the beginning of November, the two academics came up with an even more shooking claim -- the historic ascent of Bitcoin to its current all-time high of $20,000 was the deed of a single whale on Bitfinex, the affiliated exchange of Tether.

Tether dismissed the updated study as a puff piece that was meant to back up a $1.4 trln lawsuit against the flagship stablecoin issuer. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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