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Litecoin

Chemical Messiah – Cointelegraph Magazine

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Cointelegraph Magazine is a new publication that goes beyond the daily news and delves much more deeply into the stories, trends, and personalities that inspire cryptocurrency and blockchain conversations around the world.

We are people-centric, delving into *why* the true believers of blockchain feel they can change the world (and why they think it needs to be changed).

Through long-form features, thoughtful analysis, and a little humor and satire, we illustrate how the implementation of this technology is affecting the lives of countless people — today, right now, not at some distant point in the future.

Terms / Privacy

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Litecoin

Creaticles – Cointelegraph Magazine

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Cointelegraph Magazine is a new publication that goes beyond the daily news and delves much more deeply into the stories, trends, and personalities that inspire cryptocurrency and blockchain conversations around the world.

We are people-centric, delving into *why* the true believers of blockchain feel they can change the world (and why they think it needs to be changed).

Through long-form features, thoughtful analysis, and a little humor and satire, we illustrate how the implementation of this technology is affecting the lives of countless people — today, right now, not at some distant point in the future.

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Litecoin

Bitcoin, Ethereum and Litecoin Price Analysis: 08 August

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Bitcoin closed above $45,000, for the first time since May 19, and this milestone pumped the altcoins too. BTC’s next resistance is at $48,000,  whereas, Ethereum eyed a move towards $3500. Conversely, Litecoin failed to mimic its larger counterparts as it noted a minor decline in prices.

Bitcoin (BTC)

Bitcoin, Ethereum and Litecoin Price Analysis: 08 August

BTC/USD, TradingView

BTC traded at $45,312 after closing above an important resistance level of $42,000. The next is resistance  at $48,000. The 4-hour chart of BTC pointed towards strengthening of the bulls in the market.

Parabolic SAR’s dotted lines were seen below the candlesticks implying a rise in prices. Green signal bars amplified on the Awesome Oscillator suggesting bullish momentum along with an increased buying pressure. The Relative Strength Index was spotted in the overbought zone validating the aforementioned statement. 

In case of a decline, the first support lies at $42,770 and then at $41,172. 

Ethereum(ETC)

Bitcoin, Ethereum and Litecoin Price Analysis: 08 August

ETH/USD, TradingView

Ethereum registered impressive gains right after the London Hard Fork.  It gained almost 15% over the last two days after the London Hard Fork.  It was valued at $3139 at press time, however, it recorded minor gains of 2% since yesterday.

If ETH continues to rise, the resistance to watch out for, would be at $3500. On the flip side, the support region for ETH is at $2800 and $2400.

Buying pressure mounted as the Relative Strength Index displayed overbought conditions in the market. Capital inflows remained higher than outflows at the time of writing and the MACD indicator continued to observe green bars, however, the indicator also noted declining bullish momentum.

Litecoin (LTC)

Bitcoin, Ethereum and Litecoin Price Analysis: 08 August

LTC/USD, TradingView

LTC was priced at $155 after it increased by 1% yesterday. The technical outlook for LTC remained bullish. However, if the coin remained at the current price level over upcoming trading sessions, it could fall to its support level of $143.

On the upside, it could again try to cross the $156 resistance level. MACD despite trading above the half-line noted receding buying pressure. Awesome Oscillator displayed a green signal bar after a session of trading in the red, which verified the ab0ve mentioned reading. 

Bollinger Bands, however, opened up underlying chances of increased market volatility. 

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British artist Damien Hirst uses NFTs to blur the boundaries between art and money – Cointelegraph Magazine

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“I used to give a lot of art away to people,” reflects Damien Hirst at one of his sprawling West London studios. “And they’d always sell it after a lot less time than I thought they would. You know, they wouldn’t sell it for leukaemia treatment for their children or mother or something; they’d sell it to buy handbags. And I’d be like, ‘Damn, I hate that!’”

Hirst is not on a quest to make a few bucks from a collectible nonfungible token (NFT). He’s not particularly interested in celebrating career highlights, or even attracting a younger, richer, snazzier audience.

He wants to know where the line between art and money is drawn — and if it can be drawn at all.

“And I suppose this whole project is like a test of that sort of area, right? I came to terms with it — it’s like, you know, when you walk downstairs in your house if you got a painting, and it’s not long before the spots represent dollar signs. I’ve been thinking about that for a long time.”

Instead of allowing it to lurk in the background, his latest work brings the tension between money and art to the fore. “The Currency” is the name for his drop of 10,000 NFTs, each tied to a physical painting created in 2016. After the $2,000 purchase of a “Tender,” as Hirst calls them, collectors will have to choose whether to keep the NFT, which will be a high-resolution photo of the painting, or turn the NFT in for the physical painting.

 

Source: HENI

 

“The Currency” blurs the line between fungibility and non-fungibility, between money and art, and the project’s core choice will force each collector to make a value judgement between paintings in meatspace and NFTs. By nature, “The Currency” raises a number of philosophical questions: For starters, what is the value of the art versus the dollar value of selling it on the secondary market? What is the value of displaying it on the wall versus on a monitor? What is the value of portability versus permanence?

These complex, perhaps unanswerable, queries may be obscuring a more intimate one he’s ultimately posing to his audience, however: What am I worth to you?

First lessons

It’s like Isaac Newton getting bopped on the head with an apple: As Hirst was first learning about art, he was simultaneously learning about the art market. 

Hirst often cites an early art teacher as a foundational influence — a “really great guy, a theatrical guy” who recruited him as Bottom in a school production of A Midsummer Night’s Dream; who fought valiantly to secure him a spot in the sixth form; and perhaps most importantly, who kept the classroom stocked with art auction catalogs. 

“From very early on, I was looking at all the items on auction, which is a good way in, […] and I’d look at the prices, and I remember you could do like 10 grand, 20 grand for a Picasso or something,” Hirst tells Cointelegraph. “It wasn’t a lot of money, but to me, it was a lot of money at the time. Just seeing art and money in that catalog was good.”

In much the same way a happy accident helped Newton apprehend a fundamental law of physics, Hirst grasped early on that the attainment of fame in his field meant accepting and adapting to the reality that fine art and money are inextricably linked. 

Today, his remunerative wizardry is widely renowned — even occasionally taking the spotlight from his work. He’s a master and a trailblazer when it comes to what crypto aficionados might call “pumpanomics” — the slurry of marketing, conceptual or visionary heft, and simple supply/demand mechanics inherent in scarcity that can make a project’s value soar to stratospheric heights. 

Highlights include the 2008 sale of “Always Beautiful Inside My Head Forever” — a complete exhibition of 223 works that, in an unprecedented move, bypassed galleries to sell directly at auction for a staggering $200 million — and “For the Love of God,” a diamond-encrusted platinum cast of a skull that sold for $100 million to a consortium of owners that included himself. At multiple points in his career, he’s held the record for the most expensive work of art sold by a living artist; he currently sits in second place — adjusted for inflation, anyway. 

 

Source: HENI

 

“I mean, I worked out a long time ago that, you know, if there are two people with a lot of money, and there’s not a lot of something, it’s going to sell for a lot,” he observes. Where some artists accidentally ride Veblen curves to fortunes, Hirst constructs, aligns and launches himself from them like Evel Knievel. 

Hirst and NFTs may be a perfect match for this experiment. NFTs, by simple virtue of existence, often set critics apoplectic — digital goods, they argue, don’t have “real” value. Or, by contrast, there’s an emerging faction of pearl-clutchers who say NFTs paradoxically have too much value — that they represent a perfect tool for the commodification and/or securitization of art. 

And here’s Hirst, an artist who has faced similar criticism at both ends of the value spectrum, taking these liminal notions often floating at the fringes of contemporary fine art and concocting an experiment to force collectors and critics alike to choose. 

“People get upset if I say, ‘My art is connected in a biological way to money.’ I just love it that people hate it. It just inspires me to do it. I want to look at it and see what happens. Will it do this? Can you push it this far without it breaking? Or will it break? I’ve done that in everything, in individual art and in this project.”

The “master of exponential growth”

In part, “The Currency” can be viewed as a response to a hypocrisy Hirst has been battling throughout his career — that art has always been “associated with lots of money” but “people weren’t really allowed to talk about it.”

“There’s the Van Gogh thing where you’re supposed to be a starving artist and you don’t make any money, never sell a painting. And everybody wants that. It’s a complicated thing. I mean, the thing about art is, it’s magic. You know, the whole thing is magic. You’re taking really cheap ingredients, and you put them together in a way that they become worth beyond their wildest ingredients. […] Alchemy. That’s what art really is.”

Viewers and collectors only selectively believing in the “alchemy” of art have long frustrated him — no one “looks at the ‘Mona Lisa’ and says, ‘That’s just 20 quid in canvas and paint’” — but by contrast, throughout his career, he’s often been asked about the prices of his sculptures relative to the cost of materials used to create them. It’s a false dichotomy that artists minting NFTs and dealing in digital scarcity are likely familiar with — and perhaps why Hirst was quick to embrace them as a medium. 

“I don’t really know why, but I didn’t have that massive resistance that a lot of people I respect have got. I saw it as a really amazing thing. I saw it like the invention of paper. It’s like, you’re arguing about paper, like, ‘I’m not going to stop using papyrus!’ You’re already living in a world where you can have artworks, prints and editions, and it seems like now you can have artwork, prints, editions and NFTs.”

Part of the immediate comfort could be that Hirst intuitively understands digital ownership. He recounted a story about one of his sons purchasing $10,000 worth of digital goods in Clash of Clans, but even grown-up collectors are increasingly drawn to virtual expressions of ownership as well.

“In the world I was living in, where increasingly, I’ve noticed all art collectors are coming up to me, going, ‘I’ve just bought this, I’ve just bought this’ on [their phones], and you’re looking at Picassos and Jackson Pollocks, crazy stuff that they’ve got that’s worth huge amounts of money. And they’re sitting in bars, going, ‘I’ve got this, I’ve got this.’”

As a result, he’s now pondering whether digital or physical ownership is a more powerful psychological draw — and he’s eager to force people to make the determination:

“Looking at the NFTs and the actual artwork, I look at it and I think, ‘I don’t know, I’m excited by both, I don’t know which is most important.’ But then when I think about it, when I go, ‘What will people do?’ it sort of tells me where I lie, which is that most people will keep the [physical] art.” 

An ironic element to the experiment is that Hirst freely admits that he’d be relieved if the project’s technical and market elements flopped. He tells a story about a collector who approached him once, griping that he was unable to sell a painting; Hirst thought to himself: Well, put it on the wall!

There is a universe where “The Currency Tenders,” instead of being fractionalized and digitized and widely traded and living forever on the blockchain, are simply framed and hung and enjoyed — as an artist, Hirst thinks that would be a comfortable place for the experiment to end. The risk for him is in “letting go,” in knowing that collectors may take, break, sell or even destroy his work. 

Letting go also means that the project becomes something that is “alive” — trading, moving throughout the world in marketplaces, changing hands, reaching new audiences. This effort involves the brilliance of Joe Hage, who Hirst calls “the master of exponential growth.” 

 

Source: HENI

 

Hage, who was once described by ARTnews as a “significant but rarely discussed force behind the scenes,” is Hirst’s equivalent of a chief technology officer. Commanding a small army of data scientists, lawyers and smart contract developers, Hage — one of the partners of Palm, the ConsenSys-backed NFT-centric sidechain where “The Currency” will drop — tinkered with the specifications of the project to create what may turn out to be a generous drop strategy. 

His team likely could have charged thousands more per “Tender” (Meebits, a project from NFT maestros Larva Labs, recently brought in over $70 million compared to “The Currency’s” $20-million sale), but for the thing to take flight, you need to offset some of that potential gain to collectors, who are then tested by thriving secondary markets. If prices do soar, it will tempt the greed of collectors, who will have to weigh potential profits — another key element in “The Currency’s” broader experiment.

Cults, gods and creators

Forty years after a child aimlessly flipped through a stack of auctions catalogs, in an innocuous former car park in West London, there is a temple being built to Damien Hirst. Palatial vaulted ceilings capped with translucent golden windows bathe the top floor with almost cathedral lighting (“‘An Almost Cathedral Light!’ Hirst bellows at this reporter from across the park, “I like that! I’m going to use that!”). 

One day, it’ll be an excellent museum, perhaps Hirst’s equivalent of The Andy Warhol Museum in Pittsburgh; for now, it’s one of the best private galleries in the world. When Cointelegraph visited, dozens of his cherry blossom paintings decorated the walls; French gallerist Hervé Chandès reportedly took one look and offered Hirst an exhibition on the spot. Hage notes that “less than 100 people in the world know this is here” — many of them, no doubt, took in all that beauty and ended up eager buyers of Hirst’s wares. 

Religions need gods, cults need cult leaders, and often, cryptocurrencies need founders. The founders attend conferences — yearly ritual gatherings in the major capitals of the world — where they nourish the souls of their followers with announcements, announcements of announcements, roadmap updates, new white papers, and even, ever-so-rarely, genuine technical improvements that (even more rarely) might offer functional utility to crypto hodlers. 

 

 

In short, until the advent of decentralized finance and the birth of “productive” cryptoassets, buying a cryptocurrency meant speculators were buying a vision — a story about a possible future, often from a charismatic leader. 

Set aside the artistic implications and take Hirst at his word, however ironic: He’s creating a currency. This is another powerful form of magic, one which even just a few centuries ago was the exclusive provenance of god-kings and emperors. As an artist and a modern icon, however, Hirst might be perfectly suited to launch his own.

For starters, when he talks about money, he talks like a crypto founder, eagerly citing David Graeber’s Debt: The First 5000 Years.

“It’s just amazing when you realize [money] is just trust. The debts get too big, then they wipe it out, and they start again, and the whole cycle goes over and over again, and people are getting ripped off continuously as well.” 

He has a keen understanding of what Charles Eisenstein would call “Sacred Economies” — the knowledge that all money is ultimately backed by nothing more than a story — that “the proclamation that money is backed is little different from any other ritual incantation and that it derives its power from collective human belief.” While critics like to call Bitcoin an elaborate Ponzi scheme, in that respect, it’s not much different than the United States dollar.

Me, you and value

But what does this mean for “The Currency?” Which of the two forms of magic at play — money and art — is more powerful? Unlike a traditional crypto founder, Hirst readily admits his doubts. Since he first sold a piece for over 1 million British pounds, he told Cointelegraph, he’s wondered about the tenuous relationship between the two and claims that if he ever discovers the money is more important than the art, he’d “stop making it.” 

“I guess I had a fear very early on that money was more important. And then, through that, I’ve always tried to challenge it. But when I sold a piece for 1 million pounds, I got total fear. I just thought, ‘It’s not worth it.’”

In a project that seeks to raise questions about the nature of value, about art and money, about the physical and the digital, this is the most important question Hirst is now asking his audience: What am I worth

“Really, it’s like a test, isn’t it? You know, about that belief. It’s like, ‘Can you believe in me? Can you believe in this? Can you really believe in this? How long can you believe in me? Does it last; does it stack up; does it spread out?’ […] I mean, I don’t know where the art ends and the money starts or ends. The whole thing’s crossed over.”



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Litecoin

Litecoin is ‘cruising,’ but here’s why there’s so much more to it

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Most market altcoins rallied on the back of decent on-chain activity over the past fortnight. While many of these cryptos hiked as anticipated, Litecoin took many in the market by surprise. It was not just the price gains, but the general growth from an on-chain perspective as well.

Ergo, the question – Can there be anything more to that? 

These numbers paint a bullish picture 

Price-wise, at the time of writing, Litecoin was holding up well with weekly gains of almost 6%. Curiously, LTC was down by 66% in three months following its last ATH. And yet, it seemed to register a one-month ROI of +5.74% and a yearly ROI of +146.05%. 

That being said, an interesting spike in new addresses for Litecoin on 5 August really stirred up the network. New addresses have almost doubled in a span of just five days. Such high numbers were last seen on 11 May, around the time of LTC’s high of $410.05. 

Source: Glassnode

Moreover, a high transaction count supported the high number of new addresses, the former hitting a monthly high. But, what was the reason behind the surge in new addresses?

One possible reason could be the anticipation around the MimbleWimble Extension Blocks (MWEB) upgrade that was in the news recently. The update will be up by the end of this year, according to developer David Burkett. Nonetheless, the developer’s latest update and anticipated changes might have woken up the community. 

Litecoin Hodlers showing strength

Holders play a very important role when it comes to sustaining rallies. In the case of LTC, the alt was unable to sustain its rally, at least over the last three months. However, this rally was different because this time there was a steep decline in LTC’s Liveliness, pushing the 5 August levels to levels last seen on 10 May (the day of LTC’s price ATH).

This decrease in Liveliness suggested that long-term holders are continuing to accumulate and HODL. This also implied that strong hands are getting stronger. But, are they?

Source: Glassnode

By the looks of it, LTC and its Hodlers are showing strength. However, long-term holders did not contribute to its ATH in metrics. Instead, short-term cruisers (addresses holding from one month to a year) are the ones that have been accumulating.

A slow but steady rise in cruisers from May to August highlights the role of these investors in this rally. 

Source: IntoTheBlock

So, is LTC on a path to recovery? 

While a good outlook on metrics along with price tops might seem like a pleasing scenario for Litecoin, as highlighted by a previous article, there aren’t any drastic hikes at the moment. Further, the fact that metrics like Liveliness and New Addresses are seeing their tops (equivalent to the May tops) at a price level that is 65% down from its ATH is a slightly worrying factor. 

By extension, this might mean that LTC’s price high of this rally has been reached and going forward, corrections will ensue. On the upside, however, if these levels are held and followed by more price gains, who knows where LTC ends up at.

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Litecoin

DeFi can be halal but not DOGE? Decentralizing Islamic finance – Cointelegraph Magazine

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While Islamic scholars have long wrestled with the question of whether cryptocurrency is halal, what if it’s really fiat that isn’t permissible?

Islam has strict rules around finance, and it historically defines currency as commodities with intrinsic value — gold, silver, or salt, among others. Waseem Mamlouk, from the DeFi platform Nimbus, argues that government-issued fiat currencies do not have any intrinsic value and may be incompatible with a careful interpretation of Sharia law. This would pose a problem for the burgeoning Islamic finance industry, which aims to produce financial returns in compliance with religious law.

“Mined cryptocurrencies have intrinsic value because it costs a certain amount to produce them — but fiat currencies that are printed digitally onto a balance sheet have no intrinsic value whatsoever.”

Mamlouk sees cryptocurrencies as a viable alternative. As the vice president of Capital Markets for Nimbus, Mamlouk is working to have portions of the business certified as Sharia-compliant in order to dip into the growing pool of investors who want their investments to fit with their religious beliefs. While this would certainly bring profits, Mamlouk also sees Islamic finance as a way to promote responsible long-term investing.

Mamlouk’s contention that fiat money has no intrinsic value is certainly a controversial one and would carry huge ramifications for the Islamic finance industry if his evaluation took on a wider acceptance. In effect, he is saying that fiat is not halal. He is not the first person to question fiat’s potential incompatibility with Islamic finance, as there has long been an academic discussion regarding a desire to return to a gold standard — like in the times of classical Byzantium.

“So, immediately, if we’re going to talk about someone doing dollar-denominated Sharia-compliant funds, it doesn’t really make sense from the get-go. However, with mined crypto’s, it actually does make sense.”

 

 

Islamic Finance

Mamlouk believes that cryptocurrencies hold the key to a better implementation of Islamic banking. In short, this refers to financial and banking practices in line with Islamic religious teachings. Of these religious teachings, the central one is a prohibition on riba, generally equated to usury — or charging interest.

With interest being a major part of the current DeFi landscape, Islamic DeFi, which must not involve interest, will require custom solutions. In the Islamic banking industry, Mamlouk explains that bank fees sometimes replace earnings that would otherwise come from interest, but he is not a fan.

“Banks like to play on people with different words and terms. ‘We’re going to charge you fees but we’re not going to charge you interest’ — we know what that is.”

Islamic economics includes a broad idea that money must be earned through fair and legitimate work instead of unfair exploitation, often compared to the labor theory of value. For that same reason, the money received for work must have real and intrinsic value.

Though there are no exact numbers, The Economist has estimated that Islamic Finance accounts for $2 trillion a year and is poised to “reach $3.69 trillion in 2024” according to Gulf Business. Considering that the global population of Muslims is “expected to increase by 70% – from 1.8 billion in 2015 to nearly 3 billion in 2060” according to Pew Research Center, financial services geared towards Islamic sensibilities are certain to continue attracting capital.

Though Islamic finance has been around much longer, it is an unlikely brother of the cryptocurrency industry. They are both fast-growing financial industries — each controlling roughly 1% of global assets — and hopes for a much larger share in the years to come.

What are the rules?

Much of the rules of Islamic banking center around the concept of riba, generally understood to mean usury. This makes paying or earning interest haraam, meaning forbidden. “You’re not getting interest on a certain amount of money that you’re depositing,” Mamlouk says.

There is a prohibition on selling what you do not own, according to him, meaning that short selling, derivatives, and potentially even day-trading of stocks are off the table, as stocks do not normally get settled until the end of each business day, and one may end up re-selling shares before they have even “received” them. At least as far as the issue of custody goes, the immediate settlement of swaps on the cryptocurrency market may well be an answer.

While many crypto traders would be horrified at the prospect of limiting themselves to multi-day spot trades instead of high-margin day trading, Mamlouk does not feel that he is missing out. “I’ve never done any of them personally, and you know, here I am, still alive and well — it’s not that difficult to follow the rules,” he says with a friendly laugh.

 

 

Gambling, known as maisir, is also prohibited. This is in part because it implies gaining money by chance instead of through legitimate effort. A comparable concept, bay’ al-gharar, includes any trade that involves excessive, unreasonable risk — that, too, is haraam.

Unreasonable risk sounds a lot like cryptocurrency, especially in the early days. Dogecoin, a cryptocurrency based on speculation and memes, seems to fit the description of gambling or excessive risk. Is Dogecoin haraam? Mamlouk figures it would be, cautiously reasoning that it has “no project,” and “that’s pure speculation.” That’s a no on Doge from Mamlouk (but the jury’s still out).

Another important aspect of Islamic finance, according to Mamlouk, is ensuring that Sharia-compliant funds do not mix with non-compliant funds. He goes on to say that this is a very difficult ask for the modern financial system, as banks contain money from many different sources.

“That could be blood money — that could be an arms dealer’s money sitting in some foreign bank,” with the banking officials having no way to know where their clients’ money truly came from, and thus no ability to tell other clients that the money held in the bank comes from legitimate and permissible sources.

Cryptocurrencies hold the key to fix many of these problems, Mamlouk believes. Chief among these is the inherent traceability of many cryptocurrencies, and that one can mine or acquire newly mined or minted coins with a verifiable pedigree — and thus a moral purity — that can absolutely be ascertained.

The strict approach of Islamic finance might just offer the counterweight that opens the doors for a billion Muslims around the world to participate in the blockchain revolution.

Early passions

Mamlouk was born in DC, USA but grew up in the Kingdom of Saudi Arabia, where his father worked for the government-owned Saudi Aramco oil company. He describes the environment he grew up in — and still lives in today — as a highly “intellectual, international community.” When he was young, he remembers being taken to see a supercomputer, one of only three in the world at that time. The experience stuck with him and led to his interest in technology, crypto and financial solutions.

He returned to his native DC to study commercial law at American University, where he graduated in 1994 and embarked on a career in finance IT advisery (early fintech) and IT security — staying out of the courtroom in favor of lending his advice to financial, tech and telecom corporations in the Middle East and globally.

Back in the day, he says, investment banking did not really exist in the Middle East. Mamlouk took part in founding Atlas Investment Group in Amman, Jordan, later selling to Arab Bank, which he calls the “largest bank in the Middle East.” As he advanced in his career, he saw the growing dominance of computers and the internet, which inspired him to return to the US to study IT at the University of Virginia and graduated in 1999, the year leading up to the infamous Y2K bug.

Nimbus

Mamlouk’s next goal is to get some of Nimbus’ solutions certified as Sharia-compliant in order to reach a wider pool of users. Currently based in Malta, Nimbus is a DAO-governed platform giving users access to a number of DApps that opens the door to various potential revenue streams, including things like crypto staking, trading and lending, among others.

So how does a financial venture get certified as Sharia-compliant?

Neither the process nor requirements are standardized, as Islam is not a centralized religion in the way of Catholicism, for example. Instead, each country — Pakistan, Iran, Malaysia and the member states of the Gulf Cooperation Council, for example — will have their own systems and procedures in place.

These systems can differ, as evidenced by Malaysia’s Shariah Advisory Council praising crypto’s “great potential.” Whereas others, including the Grand Mufti of Egypt and Fatwa Center of Palestine, previously declared cryptocurrencies haraam.

Mamlouk has his sights on either Saudi Arabia or Bahrain, which he says have largely interchangeable regulations. Bahrain, whose central bank recently licensed Sharia-compliant crypto exchange, appears somewhat more nimble when it comes to innovation. The plan is to submit a proposal to a local Sharia council.

“That council has to look at various aspects — basically an audit,” Mamlouk explains. Then, they may make a decision or “give you certain pointers” about what to change in order to be approved. After a successful audit by a Sharia council that examines the proposed practices, a project can be declared Sharia-compliant.

“We are looking forward to having it blessed but we’re not looking forward to having a Sharia council because it’s a burden… for us, it’s more about social responsibility.”

From Mamlouk’s perspective, the guidelines around Islamic finance can be thought of as more than the rules of a specific religion. This is because he sees them as generally promoting responsible practices that discourage undue risk while emphasizing transparency and honesty.

“It’s a responsible investment, and it’s realistic,” he says about the method.

Future views

The idea of Sharia Councils giving approvals to business practices and investment vehicles is fascinating and could encourage a captivating co-creation between fintech innovators and religious scholars.

This could point to a future where Sharia Councils audit all types of cryptocurrency projects, tokens and smart contracts before issuing opinions on their appropriateness for Muslim investors. Mamlouk agrees, saying that there is a huge opportunity for all types of rating and ranking services because “we don’t have any of that.”

As for the DeFi industry as a whole, Mamlouk is mega-bullish. He sees adoption skyrocketing around the world in the years to come.

“There’s no way that DeFi grows less than 100%, on average, for the next five years — very year — and it’s going to compound. People are going to look at it after those five years and they’re gonna say ‘wow, how did I not see this coming’.”

 

 



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Litecoin

Traders must be cautious of this negating Litecoin’s bullish thesis

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Litecoin’s turning point was on 23 July after its price closed above its upper sloping trend. This marked a shift from LTC’s downtrend which extended from its late-May levels. The digital asset is now preparing to reclaim areas lost over several retracement stages in June.

At the time of writing, Litecoin was valued at $144.8, up by 4.5% over the last 24 hours.

Litecoin Daily Chart

Source: LTC/USD, TradingView

The Pitchfork tool was plotted on LTC’s rally from its 2o July swing low of $103.8 and the following correctional phase. The decline saw buyers return at LTC’s 78.6% Fibonacci Extension which rested at $137.68. The next resistance zone is at the 100% Extension level and a close above this can push LTC towards the median line of the Pitchfork ($150).

Additional targets lay at $158.58 and $173.45. To invalidate such an outcome, the market’s bears need to target a decline below the 78.6% Fib level.

Reasoning 

After bouncing back from the oversold zone on 20 July, the RSI formed its second peak at 63. A higher peak would indicate further upside going forward. The On Balance Volume also pointed to a rise in northbound pressure over the past few days.

However, LTC could see a minor decline before the next upcycle is initiated. This assertion can be backed by the MACD’s histogram which showed that bulls were losing momentum as the price approached $146.88. Failing to topple this ceiling might result in a retest of $137.68.

Conclusion

Litecoin’s close above its 100% Fibonacci Extension would validate a hike towards the $150-mark. However, there were signs of weakening bullish momentum and traders must be cautious of a close below the 78.6% Fib level. This scenario would negate a bullish thesis for LTC over the coming days.

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