Tether & The Swiss City Of Lugano Promise “Europe’s BTC Capital.” Is It, Though?
What’s “Lugano’s Plan B”? The 9th biggest city in Switzerland plans to become Europe’s Bitcoin city. And Tether is there to help. How will the two entities accomplish that? On March 3rd, Tether’s Paolo Ardoino and Michele Foletti, the Mayor of the city of Lugano, will unveil the plan at a live-streamed conference.
#bitcoin and stablecoins are revolutionizing the financial sector. #tether and The City of Lugano
@luganomycity are teaming up to transform Lugano into the European #bitcoin capital.
Every city needs a plan. Join Lugano's Plan ₿ pic.twitter.com/wmhFVePcPo
— Tether (@Tether_to) February 21, 2022
Announcing the event, Tether summarized the situation as follows: “bitcoin and stablecoins are revolutionizing the financial sector. Tether and The City of Lugano are teaming up to transform Lugano into the European bitcoin capital.” For their part, the city’s official Twitter said, “The journey of the City of Lugano continues to discover the innovative sector #blockchain #Bitcoin #StableCoin.”
Continua il percorso della Città di #Lugano alla scoperta del settore innovativo #blockchain #Bitcoin #StableCoinProssimo incontro il 3 marzo 2022, ore 17 al LAC, su iscrizione, oppure streaming @Tether_to @LuganoLivingLab https://t.co/g3NYTffvAT
— Lugano (@luganomycity) February 21, 2022
“We at Tether_to and the Administration of the City of Lugano have been tirelessly working together to prepare Lugano’s Plan ₿!,” completed Tether’s Paolo Ardoino. He was also bold enough to predict, “100% crypto will relocate to Lugano.”
We at @Tether_to and the Administration of the City of Lugano have been tirelessly working together to prepare Lugano's Plan ₿!
3rd March 2022 , I'll join @MicheleLugano (mayor) in a live conference, to disclose the plan!100% #crypto will relocate to Lugano 
#Bitcoin
https://t.co/dely2sBeNM
— Paolo Ardoino (@paoloardoino) February 21, 2022
This all sounds wonderful, but, are they selling smoke? Even though bitcoin is prominently shown in all of the promotional material, a deeper look at the player’s words suggests the Lugano plan is to be a crypto city. Which is very different from a bitcoin city.
Related Reading | USDC Leaves Tether Behind In Terms Of Market Cap And Becomes First On Ethereum
How Much Bitcoin Will Lugano‘s Plan B Have?
In a recent Twitter exchange, Michele Foletti responded to the worst question possible. Someone asked the Mayor of the city of Lugano about the usual bitcoin FUD, that it’s slow and expensive like the Lightning Network doesn’t exist. That it’s bad for the environment like that narrative didn’t collapse a while back. How did Foletti respond?
“We focus on our 3Achain, more sustainable, public and open to all with limited costs http://3achain.org Blockchain for us is an opportunity for all those who look to the future with curiosity.”
Ma noi puntiamo sulla nostra 3Achain, più sostenibile, pubblica e aperta a tutti con costi limitati https://t.co/r6HS5Fs42a Blockchain per noi è un’opportunità per tutti coloro che guardano al futuro con curiosità https://t.co/EQHtidHgcW
— Michele Foletti (@MicheleLugano) February 21, 2022
He basically said “blockchain, not bitcoin.” Why name the program “Plan B” and promise a “European bitcoin capital,” then? And what’s all this about a Proof-of-Authority, completely centralized blockchain that describes itself as “the institutional blockchain platform promoted by the City of Lugano”?
BTC price chart for 02/22/2022 on Bittrex | Source: BTC/USD on TradingView.com Institutional Blockchain Platform Promoted By The City Of Lugano
In an article about the recent Lugano NFT Week, an event that also points at crypto, the Europa Press agency quotes Michele Foletti saying:
“We have always followed the development of new technologies very closely and we have identified blockchain as a topic of great interest for both multinational and local companies, citizens and businesses. We believe that a city must be at the service of citizens and with these initiatives we intend to place Lugano as a top-level player on the international scene, for all applications related to this technology.”
Does this man even know about bitcoin? Or is Lugano’s Plan B project using bitcoin in an affinity scam?
Snow in #lugano pic.twitter.com/G5bFEXuIQ5
— Paolo Ardoino (@paoloardoino) February 15, 2022
Let’s go to 3Achain’s website to find out if “the institutional blockchain platform promoted by the City of Lugano” respects bitcoin. This quote summarizes it all:
“It’s not about replacing public (so-called permissionless) blockchains, but about complementing them with a permissioned architecture that guarantees the parties involved not so much through the integrity of the algorithm that validates transactions through computing power, but through the validation of blocks by an independent authority.”
What do they mean by “so-called permissionless”? And, in other words, they’re announcing they solved the blockchain trilemma by getting rid of decentralization. By adding a third party. Have you heard anything more anti-bitcoin?
Conclusion And Disappointment
Bitcoin is a Proof-Of-Work system. To understand it, you have to put in the work. El Salvador was the first country to adopt bitcoin as legal tender. It’s remarkable, almost a miracle, that President Bukele seems to understand the value proposition. Politicians don’t usually have the time for the necessary deep dive, so the world ends up disappointed. With disasters like MiamiCoin and the NY Mayor saying he’s pro bitcoin, but against bitcoin mining.
Related Reading | Cryptocurrency Firms In Switzerland To Offer Tokenized Products On Tezos
And here comes the Mayor of the city of Lugano and Tether to sing bitcoin’s praises. A “blockchain not bitcoin” guy and the organization behind the most controversial stablecoin. Even though it’s suspicious, let’s give them the benefit of the doubt and hear what they have to say. They might surprise us at the March 3rd conference. Maybe Lugano has a Plan B after all.
Featured Image: Snow In Lugano, By Paolo Ardoino. From this tweet. | Charts by TradingView
NewsBTC
Georgia punches well above its weight for Bitcoin mining: Report
The tiny population of Georgia is a dark horse for Bitcoin mining, contributing close to one percent of the industry’s total hash rate, according to a report by Arcane research.
BlockFi settles with the SEC, Russia’s CBDC trials begin and Cointelegraph releases its 2022 Top 100 list: Hodler’s Digest, Feb. 13-19
Georgia lawmakers consider giving crypto miners tax exemptions in new bill
The state is expected to have 56,000 Bitmain miners operating by October as part of an agreement with Bitmain, ISW Holdings, and Bit5iv.
JPMorgan unveils research on quantum resistant blockchain network
“QKD is the only solution that has been mathematically proven to defend against a potential quantum computing-based attack,” JPMorgan emphasized in its announcement.
Crypto is like ‘venereal disease’ and should be banned: Charlie Munger
Comments made by Warren Buffet’s right-hand man and vice chairman of Berkshire Hathaway have gone viral for their imaginative depiction of cryptocurrency.
Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out
Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $ 4,000 level.
Canada invokes ‘Emergencies Act’ targeting crowdfunding and crypto
The broadened scope of the Terrorist Funding rules includes crypto transactions to protesters and gives the government the power to freeze bank accounts.
TA: Bitcoin Breaks Key Support, Why BTC Could Dive Below $40K
Bitcoin started a fresh decline from well above the $ 44,000 level against the US Dollar. BTC broke the $ 42,500 support and remains at a risk of more downsides.
- Bitcoin traded below an important support zone at $ 42,500.
- The price is trading below $ 42,500 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $ 42,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline further if it fails to recover above the $ 42,800 zone.
Bitcoin Price Extends Decline
Bitcoin price failed to clear the $ 45,500 resistance and started a major decline. BTC traded below the $ 43,200 and USD 42,500 support levels to move into a short-term bearish zone.
There was also a close below the $ 42,50 level and the 100 hourly simple moving average. A low was formed near $ 41,573 and the price is now consolidating losses. An immediate resistance is near the $ 42,000 level. The first major resistance is near the $ 42,200 level.
Besides, there is also a key bearish trend line forming with resistance near $ 42,200 on the hourly chart of the BTC/USD pair. The next key resistance could be $ 42,500 or the 23.6% Fib retracement level of the recent decline from the $ 45,900 high to $ 41,573 low.
Source: BTCUSD on TradingView.com
The main resistance seems to be forming near the $ 42,850 level or the 100 hourly simple moving average. A clear move above the 100 hourly simple moving average might send the price to $ 43,750. It is near the 50% Fib retracement level of the recent decline from the $ 45,900 high to $ 41,573 low.
More Losses in BTC?
If bitcoin fails to start a fresh increase above $ 42,850, it could continue to move down. An immediate support on the downside is near the $ 41,600 zone.
The next major support is seen near the $ 41,200 level. If there is a downside break below the $ 41,200 support, the price could start a major decline towards the $ 40,000 level.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $ 41,600, followed by $ 41,200.
Major Resistance Levels – $ 42,200, $ 42,850 and $ 43,000.
Maximize Your Crypto Holdings With High Yield Farming On BNB100X
BNB100X is a high-yield farming DApp on the Binance Smart Chain. It allows users to maximize their crypto holdings by receiving a steady return on investment. Investment duration ranges from 7 days to 30 days with a 119% return to as high as 234% return. It is one of the highest and fasting paying high yield farming protocols on BSC allowing users to live off of their BNB.
BNB100X offers a wide variety of crypto investment options to choose from. It is a decentralized financial smart contract platform which is a self-executing contract locked directly in computer code. The code is immutable, meaning that it can neither be edited nor changed, sticking to the core program. It is not controlled by any major party and is outside the reach of governments or banks.
Since it is a trestles application, people can interact directly with the smart contract without the need for an intermediary. No one entity can gain control of the system either, which protects it against attack and collision resistance.
BNB100X is an authentic high yield investment option that is growing quickly in the DeFi space. It is a highly secure contract with no backdoor confirmed by a trusted auditing company. BNB100X offers some of the highest returns on investment across DeFi, allowing investors’ crypto to work for them while they continue holing their coins.
Crypto investing has never been as easy as this. BNB100X will provide the same returns through bull and bear markets, making it a perfect opportunity to ride out the market while it is in a downtrend.
How To Get Started
Using BNB100X is a straightforward process. With a few simple steps, you can start investing your BNB and making daily returns which can be withdrawn at any time.
Create a Wallet
The first step is to create a wallet with Metamask or WalletConnect. Once open, add the Binance Smart Chain to the network.
Transfer BNB and Connect to Wallet
The next step is to transfer BNB to your wallet address. Users can use their existing BNB or buy BNB. After this, click “Connect +” at the top of the website.
Pick Investment Duration and Make a Deposit
Once the wallet is successfully connected, scroll down and pick the number of days to invest for, as well as the amount of BNB to invest. Click “Invest”. A window will open up to your wallet where you will confirm your deposit.
How Are Crypto Dividends Calculated?
Dividends are calculated according to the duration selected by the user. The lowest is seven days, which attracts a 119% return. These dividends are calculated and paid every second. Investors can either choose to wait for the duration of the investment or withdraw dividends by clicking the “Withdraw” button. The withdrawn BNB is automatically transferred to the wallet.
Earn Crypto With BNB100X Referral
BNB100X also offers a withdrawal system that pays up to 5% of the amount deposited from the referred wallet. This is another way for investors to earn passive income as they get a percentage for each level of referrals. The more referrals, the more the earnings.
Happy Investing!
Media Contact
Website: https://bnb100x.com/
Telegram: https://t.me/BNB100x
