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Swiss Town Of Wetzikon Launched Tezos-Backed COVID-19 Aid Program

Swiss Town Of Wetzikon Launched Tezos-Backed COVID-19 Aid Program

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The Swiss town of Wetzikon will now be using blockchain technology for targeted local business aid induced by the Coronavirus. On Friday, the city which is best known for its idyllic churches and pastures launched a Tezos-backed program to support small and medium local businesses that were affected by the ongoing pandemic so let’s read more in today’s Tezos news.

Valued at 250,000 Swiss francs, the initial aid will be funded with a municipal credit line that has earmarked for the Coronavirus and will be distributed to about 25,000 residents of the Swiss town in the form of an e-coupon that is worth 10 Swiss francs. Residents can access the disbursement via a smartphone app which will be using the aid program as a pilot trial for the platform. According to the website, ecoo is designed to help entities like government agencies and event organizers to distribute earmarked funds in the form of points and coins. The platform was built on Tezos in a collaboration between the Swiss company’s Paper Ag and subsidiaries of Farner Consulting AG.

covid-19

On the app, the residents will be able to convert their coupons into “WetziKoins” which can later be used to make purchases at local companies. The business owners can then convert the currency back into Swiss francs from the town’s administration via the app. Ruedi Rufenacht, the mayor of the Swiss town said:

Under the current circumstances, it is imperative for us to act in favor of the local economy in a sustainable manner. With ecoo, we have found a viable solution to motivate the people of Wetzikon to shop in local stores instead of just buying online or from wholesalers outside our town. ”

Wetzikon is not the only government that started exploring blockchain technology as a response to the Coronavirus. The Bank of Canada executive Timothy Lane previously called on central governments to prepare for Central Bank Digital currencies by encouraging cross-border digital payments.

XTZ Faces Potential, tezos, price, level

As recently reported, The federal Department of Finance of Switzerland initiated a consultation process for blanket ordinance in the blockchain and distributed ledger technology space. The consultation will happen among the Swiss cantons, parties, and other groups in this space. It is also scheduled to continue for more than three months which means it will end on February 2, 2021.

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Bitcoin was the third-worst performer last year as low cap altcoins showed the biggest returns

Looking at the top 20 cryptocurrencies by market cap (excluding stablecoins), altcoins showed the biggest returns leaving Bitcoin in the dust.
The post Bitcoin was the third-worst performer last year as low cap altcoins showed the biggest returns appeare

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Looking at the top 20 cryptocurrencies by market cap (excluding stablecoins), altcoins showed the biggest returns leaving Bitcoin in the dust.

According to Kraken Intelligence’s Crypto-in-Review report, the crypto market had a huge disparity in returns last year, with Shiba Inu (SHIB) amassing a return of 41,800,000%, while Bitcoin (BTC) recorded a return of just 58%.

And while these numbers might seem high when compared to traditional financial assets like the S&P 500 index, it’s important to note that Bitcoin was the third-worst performer of the 20 largest cryptocurrencies—well below the median return of 646%.

Bitcoin fails to leave a mark in last year’s performance metrics

Last year has been monumental for the crypto market. After a painfully volatile 2020 scarred by the global pandemic, 2021 started with tangible positivity in the air. It reinstated the macro bull trend in the market, bringing much-needed upward price action that revitalized the industry.

In its 2021 Crypto-in-Review report, Kraken Intelligence found that, as a whole, the market finished 2021 up 187%. And while this pales in comparison to 2020’s 310% return, it’s still miles ahead of 2019’s 58% return.

As a beacon of the broader crypto market, Bitcoin’s performance is always taken as an indicator of the de facto state of the market. Just like every year in the past 4-year market cycle, Bitcoin outperformed most traditional financial assets such as the S&P 500, the NASDAQ, gold, government bonds, and high-yield bonds.

However, while Bitcoin showed returns that are highly unlikely in the traditional finance market, its 2021 performance looks bleak when compared with the rest of the crypto market.

Kraken’s report looked at the top 20 cryptocurrencies by market capitalization excluding stablecoins and found that Bitcoin was the third-worst performing asset. Litecoin’s (LTC) extremely modest 16% return made it the worst-performing asset among the group, while Bitcoin Cash (BCH) posted returns of just 26% and was the second-worst in Kraken’s list.

The year’s outperformer was, unsurprisingly, Shiba Inu (SHIB) which removed Dogecoin (DOGE) from its throne as the king of memecoins. Launched in 2020, Shiba Inu amassed an astronomical 41,800,000% return in 2021—that’s 41.8 million for those unsure about the number of zeros.

The top 20 cryptocurrencies by market capitalization showed an average return of 2,240,000% and a median return of 646%. However, when excluding Shiba Inu and its unprecedented return, the average and median readings drop to 2,524% and 454%, respectively.

Chart showing the return for the top 20 cryptocurrencies by market cap, excluding SHIB

A 12-month long alt season

When accounting only for downside volatility, called the “Sortino Ratio,” Bitcoin remained the third-worst performing asset. The Sortino ratio is a variation of the Sharpe ratio that recognizes the difference between harmful volatility and overall volatility. This ratio is calculated by subtracting the risk-free rate from an asset and then dividing that amount by the asset’s downside deviation. As the Sortino ratio focuses only on the negative deviation of an asset’s return, it’s thought to give a better view of its risk-adjusted-performance. Just like the Sharpe ratio, a higher Sortino ratio result is better.

With a ratio of 1.5, Bitcoin ranked extremely low on the list. Litecoin remained an underperformer here as well, posting a ratio of just 0.9, while Shiba Inu’s outrageous return gave it a Sortino ratio of 35.1.

Polygon (MATIC), Dogecoin (DOGE), Terra (LUNA), and Solana (SOL) were among the top 5 cryptocurrencies with Sortino ratios that came in well ahead of the group’s average and median ratings of 5.3 and 3.5, respectively.

sortino ratio
Chart showing the Sortino ratio for the top 20 cryptocurrencies by market cap

Once the main driving force behind every movement on the market, Bitcoin seems to have taken the backseat in 2021. While Kraken acknowledged that Bitcoin had several historic moments during which it sustained revisions to its levels of dominance, it found that the trend in 2021 was defined by altcoins taking a greater share of the market capitalization.

One of the biggest obstacles to Bitcoin’s significant growth this year was the law of large numbers, which states that an asset cannot sustain the same growth as it increases in market capitalization. And with a market cap of more than $786 billion at press time, it’s hard to show the returns we’ve seen among the low-cap altcoins last year.

“The ebbs and flows associated with market participants shifting their preference for altcoins in favor of BTC and vice versa can help explain the short- and medium-term shifts in the market,” Kraken Intelligence reported.

Diving deeper into Bitcoin’s relationship with the rest of the market also shows another interesting trend—the decrease in Bitcoin’s dominance.

The year started with Bitcoin’s dominance sitting at just under 70%—meaning that 70% of the entire crypto market capitalization was locked in Bitcoin. However, shortly after the year began Bitcoin entered into a 5-month downtrend which ended June as its market dominance dropped to just 39%. According to Kraken Intelligence, this downtrend coincided with the broader market sell-off in May, which led to several months of slow rebounding for Bitcoin.

Throughout the second half of 2021, Bitcoin’s dominance was largely range-bound between 40% and 50%. This is a result of a rather interesting phenomenon—the majority of market participants see Bitcoin as a safe-haven asset within the crypto ecosystem. This view of Bitcoin means that most traders tend to trade back into Bitcoin to preserve their wealth and avoid drawdowns that hit altcoins the hardest.

The post Bitcoin was the third-worst performer last year as low cap altcoins showed the biggest returns appeared first on CryptoSlate.

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Man Suffers “Agonizing” Penile Blood Clot Caused By COVID

Man Suffers "Agonizing" Penile Blood Clot Caused By COVID

As it turns out, one man’s bodily reaction to COVID has proven that the virus truly isn’t confined to the throat and upper respiratory tract.

According to a foreign medical journal,.

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Man Suffers "Agonizing" Penile Blood Clot Caused By COVID

As it turns out, one man's bodily reaction to COVID has proven that the virus truly isn't confined to the throat and upper respiratory tract.

According to a foreign medical journal, an Iranian man has drawn the interest of doctors after reporting "agonizing" pain in his penis that turned out to have been caused by blood clots that seriously threatened the man's sexual health.

The man, who wasn't named in the news reports about the incident, had suffered penile pain for three days before being seen by a urologist in Iran, who referred him for tests. Keep in mind: one of the side effects of mRNA COVID jabs is they cause blood clots in the heart.

The patient's discomfort began following an erection while having sex, according to the 41-year-old married man, who had not experienced any trauma to his pelvic area that might explain his behavior.

Scientists have learned over the course of the pandemic that COVID doesn't just cause respiratory symptoms: One of its other features is to increase the tendency of blood to clot. In fact, this is often the cause of death.

"Roughly, 20% to 50% of hospitalized patients with COVID infection have abnormal coagulation tests," Morteza Bagheri wrote.

"Searching the literature showed no previously published similar case of deep dorsal penile vein thrombosis following COVID infection and our patient is the first reported case," Bagheri continued.

Penile complications have occurred in the US, too. A 69-year-old man in Ohio suffered a three-hour erection - a condition called priapism - due to blood clotting problems in his penis.

Writing in the American Journal of American Medicine, a team of medics said that they believed COVID had caused clots to form in his penis, trapping blood in the erection chambers. Doctors had to drain blood from the penis using a needle because ice packs didn't work to bring the stiffness down.

Over in France, another man in his 60s had to go through the same procedure after COVID left him with an erection that lasted for four hours.

However, the damage caused to the man's blood vessels during this episode could make it more difficult for him to get future erections.

None of this is news, of course: As we reported last year, one study established a link between erectile dysfunction and COVID.

"In our pilot study, we found that men who previously did not complain of erectile dysfunction developed pretty severe erectile dysfunction after the onset of COVID-19 infection," the study's authors wrote.

This doesn't bode well for birth rates, which have fallen substantially in recent years in the West, as Tesla CEO Elon Musk pointed out in a series of tweets earlier this week.

Tyler Durden Tue, 01/18/2022 - 21:10

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Georgian citizens made to swear an oath to stop mining crypto

A holy oath was taken to try to ensure the region’s power grid would work at its most efficient level, as crypto miners are blamed for drawing off too much juice.
Residents of Svaneti, Georgia, have reportedly been made to pledge…

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A holy oath was taken to try to ensure the region’s power grid would work at its most efficient level, as crypto miners are blamed for drawing off too much juice.

Residents of Svaneti, Georgia, have reportedly been made to pledge a holy oath they will not mine cryptocurrency in order to deal with energy shortages blamed on Bitcoin mining.

The economy of the northwest Svaneti region of Georgia depends on tourism spending, which rose every year from 2000 to 2019 according to Macrotrends. As a result of the Covid-19 pandemic, however, tourism plummeted in 2020 and has only recently begun to return to pre-Covid levels of growth.

To make do, hundreds of residents turned to mining crypto which has been blamed for severely disrupting the electrical supply.

A video cited by local media outlet Sputnik Georgia show miners crowding a church on Dec. 30 2021 to pledge a holy oath to St. George that they would not mine cryptocurrency. Such pledges are traditionally seen as unbreakable bonds.

Crypto mining has become a controversial topic, with residents staging protests in the Svaneti town of Mestia and the electric company that provides them with power, Energo Pro, threatening to increase electricity tariffs.

Svaneti is a mountainous region of Georgia which currently enjoys free electricity in some parts, which makes mining more attractive.

This situation is becoming increasingly common around the world. Bitcoin miners have flocked to countries with cheap energy to the chagrin of local residents. In the cases of Kosovo and Kazakhstan, governments have banned crypto mining in order to preserve the gr.

The municipality of Mestia issued a statement at the end of 2021 explaining the extent to which crypto mining has disrupted the local energy supply. It said, “In comparison with earlier years, consumption has grown by 237% this year.”

Energy company Energo Pro called the vast increase in consumption “unsustainable.” On Jan. 5, the company stated to local media that the region was consuming 27 megawatts, nearly four times the amount of power the infrastructure was designed to handle.

Related: Bitcoin miners’ resilience to geopolitics — A healthy sign for the network

Kosovo in southern Europe recently banned crypto mining due to a dangerous winter supply drain. The Kosovar government seized 300 mining rigs on Jan. 10, forcing mining operations to sell their rigs or move to nearby countries.

Kazakhstan was the second most active country for Bitcoin mining but effectively pulled the plug on miners amid political protests in the first week of this year. An internet blackout in the central Asian country led to a 13.4% decrease in hash power across the Bitcoin network.

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