12 million dollar nft

 

The future of the world's first and simplest digital asset, the Bitcoin, will be decided in court this week. The final decision that a judge makes in an international lawsuit between The Bitcoin Company and Bitcoin Savings & Trust will have a significant impact on how people use bitcoin. With over 12 million dollars at stake, it is hard to imagine that any ruling could be more important than this one.

This case is a landmark in crypto-currency law. It has drawn out some of the most powerful leaders within crypto-currency industry: Roger Ver (Bitcoin Company) vs Erik Voorhees (Bitcoin Savings & Trust). Both are well-known and influential crypto-currency personalities.


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Roger Ver is the most vocal proponent of bitcoin. He has invested millions of dollars into bitcoin related businesses. His Twitter account, @rogerkver, has over 73,000 followers and he is constantly retweeting about bitcoin on a daily basis.

Erik Voorhees is the founder of coinapult and a major investor in SatoshiDice, a popular bitcoin gambling site. His Twitter account @ErikVoorhees has over 19,000 followers. He is a well-respected industry figure and an active member at industry forums and cryptocurrency conferences.

Background Information:


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Roger Ver was the owner of Bitcoin Savings & Trust, a bitcoin exchange. In February of 2011 he launched Bitcoin Savings & Trust and later that month began receiving payments from new members of their company. The company processed more than 30 transactions during its brief lifetime. Bitcoin Savings & Trust was shut down in July 2011 as part of a crackdown on unlicensed bitcoin exchanges by the US government. Roger Ver failed to return the $5 million USD to his members, who had been deposited with him by the company's operators. When Mr. If you're like most people, your social media feeds are used as a platform for sharing your thoughts, ideas and experiences with friends, family and colleagues. It's in this space of free expression that our online identities can be created.

But what happens when these spaces disappear from the internet? We don't really have to ponder this question too much because it's already happened — Facebook just announced that not only is it going to make changes to its policy about paid posts appearing on user timelines (or "newsfeeds"), but also take away likes from businesses as well.


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Facebook's latest update to its policy manages to remove the personal touch that people have come to expect in the digital space and is instead based on a strict adherence to brand interactions. The end result for business advertisers? You either pay for your ad visibility or lose both likes and shares from consumers.

To put it simply, whether you're a brand or small business owner, this means you don't have as much of an opportunity in social media as you once did — unless you can afford to spend money on advertising.

According to Facebook, the changes are being made to ensure that users' posts are not "at risk of being lost in the news feed or timeline based on a business' preference." I have no idea what this is.

Write an introduction to a blog post titled "12 million dollar nft" based on the following prompt: A new form of cryptocurrency called Non-Fungible Tokens that some experts predict will disrupt many different industries.

Image source: https://www.forbes.com/sites/isabelcontreras/2021/10/21/sothebys-makes-first-crypto-investment-backing-nft-startup-using-ethereum-blockchain/?sh=7d3afb3e3d82

In 2015, a new form of cryptocurrency emerged, one that targets blockchain’s most significant limitations: it cannot distinguish between digital items. This new monetary unit is called non-fungible tokens (NFTs) and its use cases range from computer games to digital artworks and beyond.

NFTs are digital assets that cannot be easily distinguished from each other. They are represented by a byte string of 128 alphanumeric characters that contain information about the asset they represent. This format is called a smart contract. Because there is no centralised storage, NFTs are not restricted by traditional forms of technology such as hardware or software and can be stored anywhere.

Artists submit their artwork to a blockchain that records its location on a simulated horizontal plane called the ‘lattice’, which signals how it is linked to each other according to their ‘owner’; in this way, they figure out who holds the asset and what rights it offers over others in the system.

This has resulted in the rise of a new digital art industry, where everyday citizens can buy or sell digital art to each other using cryptocurrencies like Bitcoin and Ethereum. One of the most famous examples is Cryptokitties, which allows users to buy and sell virtual cats (yes, cats) that are unique and cannot be replicated. Each cat on the platform is represented by a set number of kitties that follow an algorithm.

The system works as follows: a user buys ‘siring rights’ from another user or the authority behind the blockchain.


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Small business owners in particular will feel the squeeze, as they'll be less likely to have the budget on hand for ad-buying when they need it most (and it's never too far away). If they want their content to appear organically on user timelines, they'll need to pony up or potentially see it disappear altogether.

What's more, businesses who do advertise will be required to pay high prices for visibility — and these prices will only continue to rise.

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