Atlas Shrugged (film series) – Wikipedia

Trilogy of American science fiction drama films

Productioncompany

The Strike Productions (Part I)

Release dates

Running time

Atlas Shrugged is a trilogy of American science fiction drama films. The series, adaptations of Ayn Rand's 1957 novel of the same title, are subtitled Part I (2011), Part II (2012) and Part III (2014); the latter sometimes includes Who Is John Galt? in the title.

The films take place in a dystopian United States, wherein many of society's most prominent and successful industrialists abandon their fortunes as the government shifts the nation towards socialism, making aggressive new regulations, taking control of industries, while picking winners and losers.

See Part I's production, Part II's production, Part III's production

See Part I's plot, Part II's plot, Part III's plot

The trilogy received predominantly negative critic reviews[3] and the aggregate USA box office is just under $9 million, with each film performing worse than the last on both accounts.

Part I was released on DVD and Blu-ray on November 8, 2011; Part II on February 19, 2013; and Part III on January 6, 2015.

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Atlas Shrugged (film series) - Wikipedia

Ayn Rand – Wikipedia

Russian-born American writer and philosopher (19051982)

Alice O'Connor (born Alisa Zinovyevna Rosenbaum;[a] February 2 [O.S. January 20], 1905 March 6, 1982), better known by her pen name Ayn Rand (), was a Russian-born American writer and philosopher. She is known for her fiction and for developing a philosophical system she named Objectivism. Born and educated in Russia, she moved to the United States in 1926. After two early novels that were initially unsuccessful and two Broadway plays, she achieved fame with her 1943 novel, The Fountainhead. In 1957, Rand published her best-known work, the novel Atlas Shrugged. Afterward, until her death in 1982, she turned to non-fiction to promote her philosophy, publishing her own periodicals and releasing several collections of essays.

Rand advocated reason as the only means of acquiring knowledge; she rejected faith and religion. She supported rational and ethical egoism and rejected altruism. In politics, she condemned the initiation of force as immoral and opposed collectivism, statism, and anarchism. Instead, she supported laissez-faire capitalism, which she defined as the system based on recognizing individual rights, including private property rights. Although Rand opposed libertarianism, which she viewed as anarchism, she is often associated with the modern libertarian movement in the United States. In art, Rand promoted romantic realism. She was sharply critical of most philosophers and philosophical traditions known to her, except for Aristotle, Thomas Aquinas, and classical liberals.

Rand's books have sold over 37 million copies as of 2020. Her fiction received mixed reviews from literary critics. Although academic interest in her ideas has grown since her death, academic philosophers have generally ignored or rejected her philosophy because of her polemical approach and lack of methodological rigor. Her writings have politically influenced some right-libertarians and conservatives. The Objectivist movement attempts to spread her ideas, both to the public and in academic settings.

Rand was born Alisa Zinovyevna Rosenbaum on February2, 1905, to a Russian-Jewish bourgeois family living in Saint Petersburg. She was the eldest of three daughters of Zinovy Zakharovich Rosenbaum, a pharmacist, and Anna Borisovna (neKaplan). She was twelve when the October Revolution and the rule of the Bolsheviks under Vladimir Lenin disrupted the life the family had enjoyed previously. Her father's business was confiscated, and the family fled to the city of Yevpatoria in Crimea, which was initially under the control of the White Army during the Russian Civil War. After graduating high school there in June 1921, she returned with her family to Petrograd (as Saint Petersburg was then named), where they faced desperate conditions, occasionally nearly starving.

When Russian universities were opened to women after the revolution, she was in the first group of women to enroll at Petrograd State University. At 16, she began her studies in the department of social pedagogy, majoring in history. Along with many other bourgeois students, she was purged from the university shortly before graduating. After complaints from a group of visiting foreign scientists, many of the purged students were allowed to complete their work and graduate, which she did in October 1924. She then studied for a year at the State Technicum for Screen Arts in Leningrad. For an assignment, Rand wrote an essay about the Polish actress Pola Negri, which became her first published work. By this time, she had decided her professional surname for writing would be Rand, and she adopted the first name Ayn (pronounced ).[b]

In late 1925, Rand was granted a visa to visit relatives in Chicago. She departed on January17, 1926, and arrived in New York City on February19, 1926. Intent on staying in the United States to become a screenwriter, she lived for a few months with her relatives learning English before leaving for Hollywood, California.

In Hollywood, a chance meeting with famed director Cecil B. DeMille led to work as an extra in his film The King of Kings and a subsequent job as a junior screenwriter. While working on The King of Kings, she met an aspiring young actor, Frank O'Connor; the two married on April15, 1929. She became a permanent American resident in July 1929 and an American citizen on March3, 1931.[c] She made several attempts to bring her parents and sisters to the United States, but they were unable to obtain permission to emigrate.

Rand's first literary success came with the sale of her screenplay Red Pawn to Universal Studios in 1932, although it was never produced.[d] Her courtroom drama Night of January16th, first staged in Hollywood in 1934, reopened successfully on Broadway in 1935. Each night, a jury was selected from members of the audience; based on its vote, one of two different endings would be performed.[e]

Her first published novel, the semi-autobiographical[f] We the Living, was published in 1936. Set in Soviet Russia, it focused on the struggle between the individual and the state. Initial sales were slow, and the American publisher let it go out of print, although European editions continued to sell.[48] She adapted the story as a stage play, but the Broadway production was a failure and closed in less than a week.[49][g] After the success of her later novels, Rand was able to release a revised version in 1959 that has since sold over three million copies.[51]

Rand started her next major novel, The Fountainhead, in December 1935, but took a break from it in 1937 to write her novella Anthem. The novella presents a vision of a dystopian future world in which totalitarian collectivism has triumphed to such an extent that even the word I has been forgotten and replaced with we. It was published in England in 1938, but Rand could not find an American publisher at that time. As with We the Living, Rand's later success allowed her to get a revised version published in 1946, which has sold over 3.5million copies.[56]

During the 1940s, Rand became politically active. She and her husband were full-time volunteers for Republican Wendell Willkie's 1940 presidential campaign. This work brought her into contact with other intellectuals sympathetic to free-market capitalism. She became friends with journalist Henry Hazlitt, who introduced her to the Austrian School economist Ludwig von Mises. Despite philosophical differences with them, Rand strongly endorsed the writings of both men throughout her career, and they expressed admiration for her. Mises once referred to her as "the most courageous man in America", a compliment that particularly pleased her because he said "man" instead of "woman". Rand became friends with libertarian writer Isabel Paterson. Rand questioned her about American history and politics long into the night during their many meetings, and gave Paterson ideas for her only non-fiction book, The God of the Machine.[h]

Rand's first major success as a writer came in 1943 with The Fountainhead, a novel about an uncompromising young architect named Howard Roark and his struggle against what Rand described as "second-handers"those who attempt to live through others, placing others above themselves. Twelve publishers rejected it before Bobbs-Merrill Company accepted it at the insistence of editor Archibald Ogden, who threatened to quit if his employer did not publish it. While completing the novel, Rand was prescribed the amphetamine Benzedrine to fight fatigue. The drug helped her to work long hours to meet her deadline for delivering the novel, but afterwards she was so exhausted that her doctor ordered two weeks' rest. Her use of the drug for approximately three decades may have contributed to what some of her later associates described as volatile mood swings.

The success of The Fountainhead brought Rand fame and financial security. In 1943, she sold the film rights to Warner Bros. and returned to Hollywood to write the screenplay. Producer Hal B. Wallis hired her afterwards as a screenwriter and script-doctor. Her work for him included the screenplays for Love Letters and You Came Along. Her contract with Wallis also allowed time for other projects, including a never-completed nonfiction treatment of her philosophy to be called The Moral Basis of Individualism.[i]

While working in Hollywood, Rand became involved with the anti-Communist Motion Picture Alliance for the Preservation of American Ideals and wrote articles on the group's behalf. She also joined the anti-Communist American Writers Association. In 1947, during the Second Red Scare, Rand testified as a "friendly witness" before the United States House Un-American Activities Committee that the 1944 film Song of Russia grossly misrepresented conditions in the Soviet Union, portraying life there as much better and happier than it was. She also wanted to criticize the lauded 1946 film The Best Years of Our Lives for what she interpreted as its negative presentation of the business world, but was not allowed to do so. When asked after the hearings about her feelings on the investigations' effectiveness, Rand described the process as "futile".

After several delays, the film version of The Fountainhead was released in 1949. Although it used Rand's screenplay with minimal alterations, she "disliked the movie from beginning to end" and complained about its editing, the acting and other elements.

Following the publication of The Fountainhead, Rand received many letters from readers, some of whom the book had influenced profoundly.[78] In 1951, Rand moved from Los Angeles to New York City, where she gathered a group of these admirers that included future chair of the Federal Reserve Alan Greenspan, a young psychology student named Nathan Blumenthal (later Nathaniel Branden) and his wife Barbara, and Barbara's cousin Leonard Peikoff. Initially, the group was an informal gathering of friends who met with Rand at her apartment on weekends to discuss philosophy. Later, Rand began allowing them to read the manuscript drafts of her new novel, Atlas Shrugged. In 1954, her close relationship with Nathaniel Branden turned into a romantic affair, with the knowledge of their spouses.

Published in 1957, Atlas Shrugged was considered Rand's magnum opus. She described the novel's theme as "the role of the mind in man's existenceand, as a corollary, the demonstration of a new moral philosophy: the morality of rational self-interest".[83] It advocates the core tenets of Rand's philosophy of Objectivism and expresses her concept of human achievement. The plot involves a dystopian United States in which the most creative industrialists, scientists, and artists respond to a welfare state government by going on strike and retreating to a hidden valley where they build an independent free economy. The novel's hero and leader of the strike, John Galt, describes it as stopping "the motor of the world" by withdrawing the minds of the individuals contributing most to the nation's wealth and achievements. The novel contains an exposition of Objectivism in a lengthy monologue delivered by Galt.[85]

Despite many negative reviews, Atlas Shrugged became an international bestseller, but the reaction of intellectuals to the novel discouraged and depressed Rand. Atlas Shrugged was her last completed work of fiction, marking the end of her career as a novelist and the beginning of her role as a popular philosopher.

In 1958, Nathaniel Branden established the Nathaniel Branden Lectures, later incorporated as the Nathaniel Branden Institute (NBI), to promote Rand's philosophy through public lectures. He and Rand co-founded The Objectivist Newsletter (later renamed The Objectivist) in 1962 to circulate articles about her ideas; she later republished some of these articles in book form. Rand was unimpressed by many of the NBI students and held them to strict standards, sometimes reacting coldly or angrily to those who disagreed with her. Critics, including some former NBI students and Branden himself, later described the culture of the NBI as one of intellectual conformity and excessive reverence for Rand. Some described the NBI or the Objectivist movement as a cult or religion. Rand expressed opinions on a wide range of topics, from literature and music to sexuality and facial hair. Some of her followers mimicked her preferences, wearing clothes to match characters from her novels and buying furniture like hers. However, some former NBI students believed the extent of these behaviors was exaggerated, and the problem was concentrated among Rand's closest followers in New York.

Throughout the 1960s and 1970s, Rand developed and promoted her Objectivist philosophy through her nonfiction works and by giving talks to students at colleges and universities.[98] She began delivering annual lectures at the Ford Hall Forum, responding to questions from the audience. During these appearances, she often took controversial stances on the political and social issues of the day. These included: supporting abortion rights, opposing the Vietnam War and the military draft (but condemning many draft dodgers as "bums"), supporting Israel in the Yom Kippur War of 1973 against a coalition of Arab nations as "civilized men fighting savages", saying European colonists had the right to invade and take land inhabited by American Indians,[106] and calling homosexuality "immoral" and "disgusting", while also advocating the repeal of all laws concerning it. She endorsed several Republican candidates for president of the United States, most strongly Barry Goldwater in 1964, whose candidacy she promoted in several articles for The Objectivist Newsletter.

In 1964, Nathaniel Branden began an affair with the young actress Patrecia Scott, whom he later married. Nathaniel and Barbara Branden kept the affair hidden from Rand. When she learned of it in 1968, though her romantic relationship with Branden had already ended, Rand ended her relationship with both Brandens, and the NBI was closed. She published an article in The Objectivist repudiating Nathaniel Branden for dishonesty and other "irrational behavior in his private life". In subsequent years, Rand and several more of her closest associates parted company.[114]

Rand underwent surgery for lung cancer in 1974 after decades of heavy smoking. In 1976, she retired from writing her newsletter and, after her initial objections, allowed a social worker employed by her attorney to enroll her in Social Security and Medicare. During the late 1970s, her activities within the Objectivist movement declined, especially after the death of her husband on November9, 1979.[118] One of her final projects was work on a never-completed television adaptation of Atlas Shrugged.

On March6, 1982, Rand died of heart failure at her home in New York City. At her funeral, a 6-foot (1.8m) floral arrangement in the shape of a dollar sign was placed near her casket. In her will, Rand named Peikoff as her heir.

Rand described her approach to literature as "romantic realism". She wanted her fiction to present the world "as it could be and should be", rather than as it was.[124] This approach led her to create highly stylized situations and characters. Her fiction typically has protagonists who are heroic individualists, depicted as fit and attractive. Her villains support duty and collectivist moral ideals. Rand often describes them as unattractive, and some have names that suggest negative traits, such as Wesley Mouch in Atlas Shrugged.

Rand considered plot a critical element of literature, and her stories typically have what biographer Anne Heller described as "tight, elaborate, fast-paced plotting". Romantic triangles are a common plot element in Rand's fiction; in most of her novels and plays, the main female character is romantically involved with at least two different men.[131]

In school Rand read works by Fyodor Dostoevsky, Victor Hugo, Edmond Rostand, and Friedrich Schiller, who became her favorites. She considered them to be among the "top rank" of Romantic writers because of their focus on moral themes and their skill at constructing plots. Hugo was an important influence on her writing, especially her approach to plotting. In the introduction she wrote for an English-language edition of his novel Ninety-Three, Rand called him "the greatest novelist in world literature".

Although Rand disliked most Russian literature, her depictions of her heroes show the influence of the Russian Symbolists and other nineteenth-century Russian writing, most notably the 1863 novel What Is to Be Done? by Nikolay Chernyshevsky. Rand's experience of the Russian Revolution and early Communist Russia influenced the portrayal of her villains. Beyond We the Living, which is set in Russia, this influence can be seen in the ideas and rhetoric of Ellsworth Toohey in The Fountainhead, and in the destruction of the economy in Atlas Shrugged.

Rand's descriptive style echoes her early career writing scenarios and scripts for movies; her novels have many narrative descriptions that resemble early Hollywood movie scenarios. They often follow common film editing conventions, such as having a broad establishing shot description of a scene followed by close-up details, and her descriptions of women characters often take a "male gaze" perspective.[141]

Rand called her philosophy "Objectivism", describing its essence as "the concept of man as a heroic being, with his own happiness as the moral purpose of his life, with productive achievement as his noblest activity, and reason as his only absolute".[142] She considered Objectivism a systematic philosophy and laid out positions on metaphysics, epistemology, ethics, political philosophy, and aesthetics.

In metaphysics, Rand supported philosophical realism and opposed anything she regarded as mysticism or supernaturalism, including all forms of religion.[144] Rand believed in free will as a form of agent causation and rejected determinism.[145]

In epistemology, Rand considered all knowledge to be based on sense perception, the validity of which she considered axiomatic, and reason, which she described as "the faculty that identifies and integrates the material provided by man's senses".[147] Rand rejected all claims of non-perceptual knowledge, including "'instinct,' 'intuition,' 'revelation,' or any form of 'just knowing'". In her Introduction to Objectivist Epistemology, Rand presented a theory of concept formation and rejected the analyticsynthetic dichotomy. She believed epistemology was a foundational branch of philosophy and considered the advocacy of reason to be the single most significant aspect of her philosophy.[151][j]

In ethics, Rand argued for rational and ethical egoism (rational self-interest), as the guiding moral principle. She said the individual should "exist for his own sake, neither sacrificing himself to others nor sacrificing others to himself".[153] Rand referred to egoism as "the virtue of selfishness" in her book of that title. In it, she presented her solution to the isought problem by describing a meta-ethical theory that based morality in the needs of "man's survival qua man". She condemned ethical altruism as incompatible with the requirements of human life and happiness, and held the initiation of force was evil and irrational, writing in Atlas Shrugged that, "Force and mind are opposites".

Rand's political philosophy emphasized individual rights, including property rights. She considered laissez-faire capitalism the only moral social system because in her view it was the only system based on protecting those rights. Rand opposed collectivism and statism,[156] which she understood to include many specific forms of government, such as communism, fascism, socialism, theocracy, and the welfare state.[157] Her preferred form of government was a constitutional republic that is limited to the protection of individual rights. Although her political views are often classified as conservative or libertarian, Rand preferred the term "radical for capitalism". She worked with conservatives on political projects, but disagreed with them over issues such as religion and ethics. Rand denounced libertarianism, which she associated with anarchism. She rejected anarchism as a naive theory based in subjectivism that would lead to collectivism in practice.

In aesthetics, Rand defined art as a "selective re-creation of reality according to an artist's metaphysical value-judgments". According to her, art allows philosophical concepts to be presented in a concrete form that can be grasped easily, thereby fulfilling a need of human consciousness. As a writer, the art form Rand focused on most closely was literature. She considered romanticism to be the approach that most accurately reflected the existence of human free will.

Rand's ethics and politics are the most criticized areas of her philosophy. Numerous authors, including Robert Nozick and William F. O'Neill, in some of the earliest academic critiques of her ideas, said she failed in her attempt to solve the isought problem. Critics have called her definitions of egoism and altruism biased and inconsistent with normal usage. Critics from religious traditions oppose her atheism and her rejection of altruism.

Multiple critics, including Nozick, have said her attempt to justify individual rights based on egoism fails.[171] Others, like libertarian philosopher Michael Huemer, have gone further, saying that her support of egoism and her support of individual rights are inconsistent positions.[172] Some critics, like Roy Childs, have said that her opposition to the initiation of force should lead to support of anarchism, rather than limited government.

Commentators, including Hazel Barnes, Albert Ellis, and Nathaniel Branden, have criticized Rand's focus on the importance of reason. Branden said this emphasis led her to denigrate emotions and create unrealistic expectations of how consistently rational human beings should be.

Except for Aristotle, Thomas Aquinas and classical liberals, Rand was sharply critical of most philosophers and philosophical traditions known to her. Acknowledging Aristotle as her greatest influence, Rand remarked that in the history of philosophy she could only recommend "three A's"Aristotle, Aquinas, and Ayn Rand. In a 1959 interview with Mike Wallace, when asked where her philosophy came from, she responded: "Out of my own mind, with the sole acknowledgement of a debt to Aristotle, the only philosopher who ever influenced me."

In an article for the Claremont Review of Books, political scientist Charles Murray criticized her claim that her only "philosophical debt" was to Aristotle. He asserted her ideas were derivative of previous thinkers such as John Locke and Friedrich Nietzsche. Rand found early inspiration from Nietzsche, and scholars have found indications of this in Rand's private journals. In 1928, she alluded to his idea of the "superman" in notes for an unwritten novel whose protagonist was inspired by the murderer William Edward Hickman. There are other indications of Nietzsche's influence in passages from the first edition of We the Living (which Rand later revised),[184] and in her overall writing style.[185] By the time she wrote The Fountainhead, Rand had turned against Nietzsche's ideas, and the extent of his influence on her even during her early years is disputed.

Rand considered her philosophical opposite to be Immanuel Kant, whom she referred to as "the most evil man in mankind's history";[189] she believed his epistemology undermined reason and his ethics opposed self-interest.[190] Philosophers George Walsh and Fred Seddon have argued she misinterpreted Kant and exaggerated their differences. She was also critical of Plato, and viewed his differences with Aristotle on questions of metaphysics and epistemology as the primary conflict in the history of philosophy.[193]

Rand's relationship with contemporary philosophers was mostly antagonistic. She was not an academic and did not participate in academic discourse. She was dismissive toward critics and wrote about ideas she disagreed with in a polemical manner without in-depth analysis. She was in turn viewed very negatively by many academic philosophers, who dismissed her as an unimportant figure who need not be given serious consideration.

The first reviews Rand received were for Night of January 16th. Reviews of the Broadway production were largely positive, but Rand considered even positive reviews to be embarrassing because of significant changes made to her script by the producer.[198] Although Rand believed that her novel We the Living was not widely reviewed, over 200 publications published approximately 125 different reviews. Overall, they were more positive than those she received for her later work.[199] Her novella Anthem received little review attention, both for its first publication in England and for subsequent re-issues.[200]

Rand's first bestseller, The Fountainhead, received far fewer reviews than We the Living, and reviewers' opinions were mixed.[201] Lorine Pruette's positive review in The New York Times, which called the author "a writer of great power" who wrote "brilliantly, beautifully and bitterly", was one that Rand greatly appreciated. There were other positive reviews, but Rand dismissed most of them for either misunderstanding her message or for being in unimportant publications.[201] Some negative reviews said the novel was too long; others called the characters unsympathetic and Rand's style "offensively pedestrian".[201]

Atlas Shrugged was widely reviewed, and many of the reviews were strongly negative.[204] Atlas Shrugged received positive reviews from a few publications,[204] but Rand scholar Mimi Reisel Gladstein later wrote that "reviewers seemed to vie with each other in a contest to devise the cleverest put-downs", with reviews including comments that it was "written out of hate" and showed "remorseless hectoring and prolixity". Whittaker Chambers wrote what was later called the novel's most "notorious" review for the conservative magazine National Review. He accused Rand of supporting a godless system (which he related to that of the Soviets), claiming, "From almost any page of Atlas Shrugged, a voice can be heard ... commanding: 'To a gas chambergo!'".[k]

Rand's nonfiction received far fewer reviews than her novels. The tenor of the criticism for her first nonfiction book, For the New Intellectual, was similar to that for Atlas Shrugged. Philosopher Sidney Hook likened her certainty to "the way philosophy is written in the Soviet Union", and author Gore Vidal called her viewpoint "nearly perfect in its immorality". These reviews set the pattern for reaction to her ideas among liberal critics. Her subsequent books got progressively less review attention.

With over 37million copies sold as of 2020[update], Rand's books continue to be read widely.[l] A survey conducted for the Library of Congress and the Book-of-the-Month Club in 1991 asked club members to name the most influential book in their lives. Rand's Atlas Shrugged was the second most popular choice, after the Bible. Although Rand's influence has been greatest in the United States, there has been international interest in her work.

Rand's contemporary admirers included fellow novelists, like Ira Levin, Kay Nolte Smith and L. Neil Smith; she has influenced later writers like Erika Holzer, Terry Goodkind, and comic book artist Steve Ditko. Rand provided a positive view of business and subsequently many business executives and entrepreneurs have admired and promoted her work. Businessmen such as John Allison of BB&T and Ed Snider of Comcast Spectacor have funded the promotion of Rand's ideas.

Television shows, movies, and video games have referred to Rand and her works. Throughout her life she was the subject of many articles in popular magazines, as well as book-length critiques by authors such as the psychologist Albert Ellis and Trinity Foundation president John W. Robbins. Rand or characters based on her figure prominently in novels by American authors, including Mary Gaitskill, Matt Ruff, Kay Nolte Smith, and Tobias Wolff. Nick Gillespie, former editor-in-chief of Reason, remarked that, "Rand's is a tortured immortality, one in which she's as likely to be a punch line as a protagonist. Jibes at Rand as cold and inhuman run through the popular culture." Two movies have been made about Rand's life. A 1997 documentary film, Ayn Rand: A Sense of Life, was nominated for the Academy Award for Best Documentary Feature. The Passion of Ayn Rand, a 1999 television adaptation of the book of the same name, won several awards. Rand's image also appears on a 1999 U.S. postage stamp illustrated by artist Nick Gaetano.

Rand's works, most commonly Anthem or The Fountainhead, are sometimes assigned as secondary school reading.[235] Since 2002, the Ayn Rand Institute has provided free copies of Rand's novels to teachers who promise to include the books in their curriculum. The Institute had distributed 4.5million copies in the U.S. and Canada by the end of 2020.[215] In 2017, Rand was added to the required reading list for the A Level Politics exam in the United Kingdom.

Although she rejected the labels "conservative" and "libertarian", Rand has had a continuing influence on right-wing politics and libertarianism. Rand is often considered one of the three most important women (along with Rose Wilder Lane and Isabel Paterson) in the early development of modern American libertarianism. David Nolan, one founder of the Libertarian Party, said that "without Ayn Rand, the libertarian movement would not exist".[242] In his history of that movement, journalist Brian Doherty described her as "the most influential libertarian of the twentieth century to the public at large". Historian Jennifer Burns referred to her as "the ultimate gateway drug to life on the right".

The political figures who cite Rand as an influence are usually conservatives (often members of the Republican Party), despite Rand taking some atypical positions for a conservative, like being pro-choice and an atheist. She faced intense opposition from William F. Buckley Jr. and other contributors to the conservative National Review magazine, which published numerous criticisms of her writings and ideas. Nevertheless, a 1987 article in The New York Times referred to her as the Reagan administration's "novelist laureate". Republican congressmen and conservative pundits have acknowledged her influence on their lives and have recommended her novels. She has influenced some conservative politicians outside the U.S., such as Sajid Javid in the United Kingdom, Siv Jensen in Norway, and Ayelet Shaked in Israel.

The financial crisis of 20072008 spurred renewed interest in her works, especially Atlas Shrugged, which some saw as foreshadowing the crisis. Opinion articles compared real-world events with the novel's plot. Signs mentioning Rand and her fictional hero John Galt appeared at Tea Party protests. There was increased criticism of her ideas, especially from the political left. Critics blamed the economic crisis on her support of selfishness and free markets, particularly through her influence on Alan Greenspan. In 2015, Adam Weiner said that through Greenspan, "Rand had effectively chucked a ticking time bomb into the boiler room of the US economy". Lisa Duggan said that Rand's novels had "incalculable impact" in encouraging the spread of neoliberal political ideas. In 2021, Cass Sunstein said Rand's ideas could be seen in the tax and regulatory policies of the Trump administration, which he attributed to the "enduring influence" of Rand's fiction.

During Rand's lifetime, her work received little attention from academic scholars. Since her death, interest in her work has increased gradually. In 2009, historian Jennifer Burns identified "three overlapping waves" of scholarly interest in Rand, including "an explosion of scholarship" since 2000. As of that year, few universities included Rand or Objectivism as a philosophical specialty or research area, with many literature and philosophy departments dismissing her as a pop culture phenomenon rather than a subject for serious study. From 2002 to 2012, over 60 colleges and universities accepted grants from the charitable foundation of BB&T Corporation that required teaching Rand's ideas or works; in some cases, the grants were controversial or even rejected because of the requirement to teach about Rand.

In 2020, media critic Eric Burns said that, "Rand is surely the most engaging philosopher of my lifetime", but "nobody in the academe pays any attention to her, neither as an author nor a philosopher". That same year, the editor of a collection of critical essays about Rand said academics who disapproved of her ideas had long held "a stubborn resolve to ignore or ridicule" her work, but he believed more academic critics were engaging with her work in recent years.

In 1967, John Hospers discussed Rand's ethical ideas in the second edition of his textbook, An Introduction to Philosophical Analysis. That same year, Hazel Barnes included a chapter critiquing Objectivism in her book An Existentialist Ethics. When the first full-length academic book about Rand's philosophy appeared in 1971, its author declared writing about Rand "a treacherous undertaking" that could lead to "guilt by association" for taking her seriously. A few articles about Rand's ideas appeared in academic journals before her death in 1982, many of them in The Personalist. One of these was "On the Randian Argument" by libertarian philosopher Robert Nozick, who criticized her meta-ethical arguments. Other philosophers, writing in the same publication, argued that Nozick misstated Rand's case. In an article responding to Nozick, Douglas Den Uyl and Douglas B. Rasmussen defended her positions, but described her style as "literary, hyperbolic and emotional".

The Philosophic Thought of Ayn Rand, a 1984 collection of essays about Objectivism edited by Den Uyl and Rasmussen, was the first academic book about Rand's ideas published after her death. In one essay, political writer Jack Wheeler wrote that despite "the incessant bombast and continuous venting of Randian rage", Rand's ethics are "a most immense achievement, the study of which is vastly more fruitful than any other in contemporary thought".[273] In 1987, the Ayn Rand Society was founded as an affiliate of the American Philosophical Association.

In a 1995 entry about Rand in Contemporary Women Philosophers, Jenny A. Heyl described a divergence in how different academic specialties viewed Rand. She said that Rand's philosophy "is regularly omitted from academic philosophy. Yet, throughout literary academia, Ayn Rand is considered a philosopher." Writing in the 1998 edition of the Routledge Encyclopedia of Philosophy, political theorist Chandran Kukathas summarized the mainstream philosophical reception of her work in two parts. He said most commentators view her ethical argument as an unconvincing variant of Aristotle's ethics, and her political theory "is of little interest" because it is marred by an "ill-thought out and unsystematic" effort to reconcile her hostility to the state with her rejection of anarchism. The Journal of Ayn Rand Studies, a multidisciplinary, peer-reviewed academic journal devoted to the study of Rand and her ideas, was established in 1999.

In a 2010 essay for the Cato Institute, Huemer argued very few people find Rand's ideas convincing, especially her ethics. He attributed the attention she receives to her being a "compelling writer", especially as a novelist, noting that Atlas Shrugged outsells Rand's non-fiction works and the works of other philosophers of classical liberalism. In 2012, the Pennsylvania State University Press agreed to take over publication of The Journal of Ayn Rand Studies, and the University of Pittsburgh Press launched an "Ayn Rand Society Philosophical Studies" series based on the Society's proceedings. The Fall 2012 update to the entry about Rand in the Stanford Encyclopedia of Philosophy said that "only a few professional philosophers have taken her work seriously". That same year, political scientist Alan Wolfe dismissed Rand as a "nonperson" among academics, an attitude that writer Ben Murnane later described as "the traditional academic view" of Rand. Philosopher Skye C. Cleary wrote in a 2018 article for Aeon that, "Philosophers love to hate Ayn Rand. It's trendy to scoff at any mention of her." However, Cleary said that because many people take Rand's ideas seriously, philosophers "need to treat the Ayn Rand phenomenon seriously" and provide refutations rather than ignoring her.

Academic consideration of Rand as a literary figure during her life was even more limited than the discussion of her philosophy. Mimi Reisel Gladstein could not find any scholarly articles about Rand's novels when she began researching her in 1973, and only three such articles appeared during the rest of the 1970s. Since her death, scholars of English and American literature have continued largely to ignore her work, although attention to her literary work has increased since the 1990s. Several academic book series about important authors cover Rand and her works,[m] as do popular study guides like CliffsNotes and SparkNotes. In The Literary Encyclopedia entry for Rand written in 2001, John David Lewis declared that "Rand wrote the most intellectually challenging fiction of her generation." In 2019, Duggan described Rand's fiction as popular and influential on many readers, despite being easy to criticize for "her cartoonish characters and melodramatic plots, her rigid moralizing, her middle- to lowbrow aesthetic preferences... and philosophical strivings".

After the closure of the Nathaniel Branden Institute, the Objectivist movement continued in other forms. In the 1970s, Peikoff began delivering courses on Objectivism. In 1979, Peter Schwartz started a newsletter called The Intellectual Activist, which Rand endorsed. She also endorsed The Objectivist Forum, a bimonthly magazine founded by Objectivist philosopher Harry Binswanger, which ran from 1980 to 1987.

In 1985, Peikoff worked with businessman Ed Snider to establish the Ayn Rand Institute, a nonprofit organization dedicated to promoting Rand's ideas and works. In 1990, after an ideological disagreement with Peikoff, David Kelley founded the Institute for Objectivist Studies, now known as The Atlas Society. In 2001, historian John McCaskey organized the Anthem Foundation for Objectivist Scholarship, which provides grants for scholarly work on Objectivism in academia.

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Ayn Rand - Wikipedia

Atlas Shrugged II: The Strike (2012) – IMDb

James Taggart: Here's to my wife, Mrs. James Taggart. Love does, indeed, conquer all. Even social and economic barriers. You know, money cannot buy happiness. Truer words were never spoken. We're no longer chasing the almighty dollar. Our ideals are higher than profit. Instead of the aristocracy of money, we have...

Francisco d'Anconia: The aristocracy of pull. I mean, now, it's about influence. But you knew that already.

James Taggart: What I know is that you need to learn some manners.

Reception Guest #1: If you ever doubted that money was the root of all evil, there's your proof.

Francisco d'Anconia: So, you think that money is the root of all evil. Have you ever asked yourself "What's the root of money?" Money is a tool that allows us to trade with one another. Your goods for mine. Your efforts for mine. The keystone of civilization. Having money is not the measure of a man. What matters is how he got it. If he produced it by creating value, then his money is a token of honor.

James Taggart: Look who's talking about honor.

Francisco d'Anconia: But if he's taken it from those who produce, then there is no honor. Then you're simply a looter.

Reception Guest #2: Seor d'Anconia, we all know that money is made by the strong at the expense of the weak.

Francisco d'Anconia: What kind of strength are you talking about? The power to create value? Or the ability to manipulate, to extort money in back room deals, - to exercise pull?

James Taggart: All right... just leave.

Francisco d'Anconia: Hey. When money ceases to be the tool by which men deal with one another, then men become the tools of men. Blood, whips, chains or dollars. Take your choice. There is no other. And your time is running out.

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Atlas Shrugged II: The Strike (2012) - IMDb

Five myths about Ayn Rand and Objectivism – Learn Liberty

Ayn Rand (1905-1982) was a Russian-American novelist, playwright, and philosopher who has a lasting legacy as one of the foremost thinkers of the twentieth century. Her philosophy of Objectivism, presented throughout both her works of fiction and nonfiction, is groundbreaking and unique.

Objectivism is consistently mischaracterized and stereotyped in popular media, and is blamed as responsible for any right-leaning political development. Here are five common myths that you may have heard about Ayn Rand.

A cornerstone of Ayn Rands philosophy was her opposition to altruism and her support of selfishness. Naturally, in common language this would imply she was fundamentally opposed to any and all forms of charity.

Charitable giving under the guise of altruism is contrary to the principles of Objectivism. However, giving can be fully consistent with rational self-interest. Giving money to specific individuals or causes actually has an important role to play in a nightwatchman state.

Rand held that some individuals are unable as opposed to unwilling to provide for themselves, and thus voluntary charity would be the only legitimate means of survival for some. However, it is of crucial importance that such giving remains motivated by reason rather than a sense of altruism.

In her article The Ethics of Emergencies, Rand stated:

By elevating the issue of helping others into the central and primary issue of ethics, altruism has destroyed the concept of any authentic benevolence or good will among men.

Objectivism holds that government should not be in the business of redistributing money. Critics of Ayn Rand would point to her eventual collecting of Social Security money as a point of hypocrisy.

In Letters of Ayn Rand (letter 524, to Mrs. Milton W. Broberg), she addressed a fan whose husband had become unemployed and was receiving money from the government. Rand asserted that the man should not be ashamed to receive this assistance.

This was on the grounds that he had earned money that the state had plundered from him while he was working, and that he was merely getting back some of what was already his. It is precisely because Rand opposed collectivist wealth redistribution that she viewed collecting Social Security as restitution for what had been taken.

Furthermore, one of the characters in Atlas Shrugged, Ragnar Danneskjld, would rob US merchant ships, convert the loot into gold, and return it to the people in Galts Gulch whose earnings had been taken by the state.

Objectivism is a philosophy fundamentally at odds with religion, where there is no room for metaphysical mysticism. This does not mean, however, that Ayn Rand was intolerant of religious people. On the contrary, Ayn Rand is known to have held certain religious people in high regard and, while disagreeing, would gladly listen to their ideas and engage in debate.

Thomas Aquinas, a 13th-century priest, was one of two philosophers that Rand drew significant influence from, alongside Aristotle. Rands appreciation of Aquinas stems from the latters attempts to apply Aristotelian logic to his own beliefs. Reason was important to Aquinas, even though he ultimately did not reach the same conclusion as Rand.

Moreover, when writing her magnum opus, Atlas Shrugged, Ayn Rand had initially intended to include a priest in the story, a character who would be a most glamorized projection of a Thomist philosopher, of a man who thought he could combine reason with religion.

Objectivism does not condemn the pursuit of money something that makes it stand out from other philosophies. However, money is not one of the cardinal values of Objectivism.

Instead, these are reason, purpose, and self-esteem. The means of reaching these values are rationality, productivity, and pride. As such, money is not a goal in and of itself but is rather the outcome (in a capitalist society) of productivity, which is the central purpose of a rational mans life.

In Atlas Shrugged, Rand presents heroes and villains at both ends of the wealth spectrum. Indeed, many antagonists in the story, such as James Taggart and Orren Boyle, are wealthy characters, while Galts Gulch has a place for productive people in all lines of work.

Due to a number of conservative figures crediting Ayn Rand as an influence, a pervasive myth has arisen, claiming her as a conservative. Rand, however, would have categorically rejected this idea. Indeed, she was known to be fiercely critical of conservatives, disliking conservative figures such as Richard Nixon and Ronald Reagan.

Ayn Rand disagreed with conservatives on religion and religious morality. She also disagreed with them on policy. But, importantly, she also staunchly disagreed with the conservative approach to defending capitalism.

When conservatives defend capitalism, it is usually approached from an altruistic or utilitarian angle, i.e. it produces the greatest good for the greatest number of people. Conservatives may also defend capitalism on the grounds of tradition, rejecting the disruption of socialism. However, conservatism does not defend capitalism for the sake of capitalism.

In her essay Conservatism: An Obituary, Ayn Rand characterizes conservatives as follows, They declare that we must defend the American political system not because it is right, but because our ancestors chose it, not because it is good, but because it is old.

If you would like to receive a free copy of thirteen previously unpublished letters by Ayn Rand, be sure click on the button below.

Rand, Ayn. The Ethics of Emergencies. The Virtue of Selfishness: A New Concept of Egoism. Fiftieth anniversary edition. New York: Signet, 1964, 49.

Rand, Ayn. The Journals of Ayn Rand. Ed. David Harriman. New York: Plume, [1997] 1999. 540-541.

Rand, Ayn. Conservatism: An Obituary. Capitalism: The Unknown Ideal. 2nd ed. New York: Signet, [1966] 1967, 221.

This piece solely expresses the opinion of the author and not necessarily the organization as a whole. Students For Liberty is committed to facilitating a broad dialogue for liberty, representing a variety of opinions.

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Five myths about Ayn Rand and Objectivism - Learn Liberty

What is Ethereum? | ethereum.org

Cheaper and Faster Crossborder Payments

Stablecoins are a novel type of cryptocurrency that relies on a more stable asset as the basis for its value. Most of them are linked to the United States dollar and therefore maintain the value of that currency. These allow for a very cheap and stable global payment system. Many current stablecoins are built on the Ethereum network.

Ethereum and stablecoins simplify the process of sending money overseas. It often takes only few minutes to move funds across the globe, as opposed to the several business days or even weeks that it may take your average bank, and for a fraction of the price. Additionally, there is no extra fee for making a high value transaction, and there are zero restrictions on where or why you are sending your money.

If you are lucky enough to have multiple banking options through trusted institutions where you live, you may take for granted the financial freedom, security and stability that they offer. But for many people around the world facing political repression or economic hardship, financial institutions may not provide the protection or services they need.

When war, economic catastrophes or crackdowns on civil liberties struck the residents of Venezuela, Cuba, Afghanistan, Nigeria, Belarus, and Ukraine, cryptocurrencies constituted the quickest and often the only option to retain financial agency.1 As seen in these examples, cryptocurrencies like Ethereum can provide unfettered access to the global economy when people are cut off from the outside world. Additionally, stablecoins offer a store of value when local currencies are collapsing due to superinflation.

In 2021 alone, artists, musicians, writers, and other creators used Ethereum to earn around $3.5 billion collectively. This makes Ethereum one of the largest global platforms for creators, alongside Spotify, YouTube, and Etsy. Learn more.

Play to earn games (where players are actually rewarded for playing the games) have recently emerged and are transforming the gaming industry. Traditionally, it is often prohibited to trade or transfer in-game assets to other players for real money. This forces players to use black market websites that are often a security risk. Blockchain gaming embraces the in-game economy and promotes such behavior in a trusted manner.

Moreover, players are incentivized by being able to trade in-game tokens for real money and thus being truly rewarded for their play time.

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What is Ethereum? | ethereum.org

Ethereum: Buy the Dip? | The Motley Fool

It has been an extremely difficult year for investors. Not only is the stock market, as measured by the S&P 500 index, down almost 25% in 2022, but cryptocurrencies have seen their values plunge as well. A softening economy, spurred by central banks around the world hiking interest rates, is resulting in a risk-off mentality among market participants.

The bright spot, though, is that times like these provide astute investors who can take a long-term approach the opportunity to scoop up assets on the cheap. With the price of Ethereum (ETH -2.58%) down 65% in 2022, is now the time for investors to buy the dip?

On Sept. 15, Ethereum completed an update called The Merge, which changed the blockchain's consensus mechanism from a proof-of-work (PoW) system to proof-of-stake (PoS). PoW is known to be very energy intensive and expensive, whereas Ethereum says its move to PoS cuts the network's energy usage by 99.95%. With PoS, new transactions are validated by those who own the most tokens.

Why was a successful integration of The Merge so important? It all comes down to scalability. Ethereum can only process 12 to 15 transactions per second (TPS), not nearly enough to one day reach mainstream adoption. The Merge paves the way for sharding to be introduced sometime in 2023. Sharding will let the database load be split across the network, which can allow throughput to rise and fees to drop.

This is critical for Ethereum to continue moving forward. As a blockchain enabled with functionality for smart contracts, the opportunity to create real-world use cases is huge. Ethereum is already a leader in the world of decentralized applications, including decentralized finance protocols and non-fungible tokens (NFTs).

Even with innovative features on the horizon, ones that potentially will allow Ethereum to process a lot more transactions at much lower costs, there is stiff competition. For example, Cardanoand Solana, the eighth and ninth most-valuable cryptocurrencies, respectively, are projects attracting real interest from both users and developers. Both were launched with PoS protocols from the very beginning, avoiding having to make the switch like Ethereum. And they can process a lot more TPS as well.

Nevertheless, Ethereum still reigns supreme when it comes to smart-contract cryptocurrencies. It's valued at $157 billion as of this writing, and it has produced a stellar return of more than 45,000% since its launch in July 2015. If investors are bullish on the promise of cryptocurrencies and blockchain technology, now might be the time to seriously consider buying Ethereum.

Cryptocurrencies, including Ethereum, are difficult to value because they don't generate revenue or profit like regular companies do, so knowing the best times to buy or sell can be tricky. This means that it's probably a good idea to closely observe changes in asset prices and be ready to take advantage during times of market weakness, like right now.

Purchasing Ethereum today, when its price is 74% off its all-time high, could prove to be a winning investment over the long term. But it's wise to only invest money that you're willing to lose, as digital assets are still extremely speculative financial instruments. Plus, investors will have to deal with a ton of volatility.

If you accept these conditions and you've figured out how much risk you can take, it's time to buy Ethereum on the dip. It might just end up being your best investment over the next five to 10 years.

Neil Patel has positions in Ethereum. The Motley Fool has positions in and recommends Ethereum and Solana. The Motley Fool has a disclosure policy.

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Ethereum: Buy the Dip? | The Motley Fool

Ethereum Price: ETH/USD & Live Charts

About Ethereum

Ethereum is a decentralized blockchain network providing global smart-contract functionality and decentralized application (dApp) integration. Ethereum is known for its native token Ether (ETH) and is the second-largest cryptocurrency by market capitalization.

The open-source distributed computing platform that powers the ETH network permits active participants to establish digital ledgers publicly ensuring:

As the need for blockchain grows, Ethereum remains a top choice for developers to leverage their DeFi technologies, relying on the blockchains multi-functional and multi-layered ease of access.

Some of the major use-cases of Ethereum so far have been:

These are just a handful of the applications conceived for Ethereum.

Ethereum set the standard for smart contracts, with its network currently servicing more than 1.45 million smart contracts on its blockchain. Smart contracts provide a decentralized protocol to facilitate and verify negotiations that cannot be tampered with or manipulated.

These programmable and self-executing contracts offer transparency since participants are free to view and audit the transaction logs. In addition, the permissionless capabilities of these smart contracts mean that anyone can deploy one.

Apart from smart contracts, Ethereum serves a major role in other areas of decentralized finance (DeFi). Through the use of the networks decentralized apps (dApps), users essentially become their own banks with elevated speed, transparency, and security.

This means there is no need to open accounts or provide personal information. You can get a loan, lend crypto, buy derivatives, and trade using Ethereums decentralized services. Some examples of its DeFi use cases include:

The NFT market gained immense traction in 2021 as tokenized digital items were made available using Ethereum. The networks blockchain provided the necessary platform to run NFT marketplaces whereby users can mint and trade their creations.

In addition, most NFT markets require ETH to conduct trades on the platform. Although other blockchains now provide NFT functionality, it was Ethereum that started it.

ETH remains the leader for NFT integration due to the blockchains highly-secure network and its connection to an entire growing market that gives NFT users maximum exposure.

Ethereum was founded by Canadian programmer Vitalik Buterin, co-founder of Bitcoin Magazine, and Joe Lubin, founder of blockchain software company ConsenSys. Along with Gavin Wood, Charles Hoskinson, and Anthony Di Lorio, an idea to revolutionize blockchain technology beyond a means of virtual payments gave rise to Ethereums legendary inception.

Vitalik, who published Ethereums white paper and introduced it to the public in 2014, spent much of his early days studying mathematics, economics, and programming. His passion for code later expressed itself during his travels when he visited other developers who shared the same enthusiasm.

After being awarded a $100,000 grant from venture capitalist Peter Thiel, he devoted his remaining time and energy to creating Ethereum. The official Ethereum blockchain network went live in 2015 along with its native token Ether (ETH) which followed an $18 million crowd sale.

The goal behind the creation of a new blockchain was to provide a decentralized platform to encourage developers and users to build their own peer-to-peer apps. Using Ethereums network, smart contracts and dApps began to revolutionize the financial sector.

This new way of doing business omitted the need for financial intermediaries and eventually led to the Ethereum Virtual Machine (EVM) Ethereums underlying operating structure. In 2016, due to a system manipulation resulting in $50 million of Ether being stolen, the network experienced a hard forkchanges to the protocolwhich resulted in two separate blockchains, with Ethereum Classic serving as the original.

Since then, seven more hard forks would ensue. Today, much of Ethereums praise comes from the NFT market since it is the main blockchain network that enables users to mint and trade their NFTs.

Ethereums susceptibility to price swings shouldnt come as a surprise considering the extreme volatility of the crypto market. However, a close study of the coins overall price trend certainly proves the long-range potential of the second largest cryptocurrency.

Ethereum made its debut in the market with a token launch price of $0.31 and reached an astounding all-time high (ATH) above $4,880 in November 2021.

During the course of Ethereums price trajectory, the market experienced a couple of bull cycles as well as some catastrophic crashes. When 2017s bull cycle soared ETHs price to $826, Ethereums first major spike was marked.

After a continuous stride of peaks and valleys, ETH gained even more traction in the following year in January, when it reached another ATH of $1,396 before tumbling down and closing the year off at only $141.

However, it wasnt until 2021 when the NFT market exploded, that Ethereum was to receive mass adoption. Ethereums smart contract capabilities fully enabled the minting and trading of NFTs, and because NFT users needed ETH to trade on the platforms, this alone allowed the token price to skyrocket to a whopping $4,0000.

The Ethereum blockchain currently runs on a proof-of-work (PoW) consensus protocola protocol in which computer nodes expend copious amounts of computational power to come to a consensus on the network. The high energy consumption has led to slower and more costly transactions. In an effort to keep the network sustainable and environmentally friendly, a consensus merge is now underway to allow the blockchain to run on a proof-of-stake (PoS) protocol instead.

The merge is a solid representation of Ethereums urgency to provide a more robust architectural infrastructure for a next-generation scaling system. This upgrade, referred to as Ethereum 2.0, aims to resolve the issues surrounding high gas fees and slow transaction speeds that crypto mining operations are implicating.

With the blockchain operating on a proof-of-stake network, proposed validators will handle the validation process followed by an attestation of the other contributing nodes. This ensures consensus without the need to run computational functions as is currently done on a PoW. Moreover, the new consensus model is predicted to reduce energy consumption by 99.95%.

In addition to supporting a more sustainable network, PoS incentivizes the ethereum staking validators for their work by rewarding them with cryptocurrency. In the same fashion, validators are penalized for malicious behavior, giving them more reason to run the system efficiently.

Ethereum co-founder Vitalik Buterin has expressed legitimate approval for the proof-of-stake mechanism, stating that an attack on a PoS is far less harmful and easier to recover from than an attack on a PoW.

Ethereums core developers involved in making the transition a success know that a merge of this magnitude is far too complex, and will require many steps until completion. To increase the number of validators and ensure transactions are processed securely, the Ethereum mainnet needs to merge with the Beacon Chainthe formal consensus layer of PoS which currently holds more than 375,000 active validators.

The Beacon Chain is a separate network that runs parallel to Ethereum and will be responsible for coordinating block activity and selecting validators. Furthermore, the merge will be accompanied by the 2023 introduction of shard chains that should provide extra storage layers for cost efficiency and speed. As per when this all will take place, the merge is currently projected to take effect around September 15, 2022.

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Ethereum Price: ETH/USD & Live Charts

The ‘Merge’ did not fix Ethereum – Financial Times

  1. The 'Merge' did not fix Ethereum  Financial Times
  2. Ethereum price in danger of a 15% pullback as ETH supply in loss hits 4-month high  FXStreet
  3. Ethereum Price Is Unstoppable and Why Break Above $1,400 Seems Imminent  NewsBTC
  4. Pay No Attention to the Price of Bitcoin and Ethereum  Decrypt
  5. 2 key Ethereum price indicators point to traders opening long positions  Cointelegraph
  6. View Full Coverage on Google News

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The 'Merge' did not fix Ethereum - Financial Times

Ethereum solo validators that censor blocks should ‘be tolerated’ Buterin – Cointelegraph

Ethereum co-founder Vitalik Buterin believes that solo validators that choose not to include certain transactions should be tolerated to stop the Ethereum community from becoming the morality police.

Vitalik Buterin made the comment in reply to a Twitter poll from latetot.eth, discussing a hypothetical scenario whereby a validator censors a transaction that doesnt align with their beliefs.

The thread, published on Oct. 17, asked what should happen if a solo validator, in a country at war with another, decides not to process a block because it includes donations to the opposing military force.

According to Ethereums co-founder, the answer for a censorship case should be aligned with the level of transgression.

The post attracted notable attention, as Vitalik explained in the thread that any other answer would potentially lead to turning the Ethereum community into morality police:

In Ethereum proof-of-stake (PoS), validators decide what transactions to include in their blocks if any. PoS is a modern consensus method that powers decentralized finance (DeFi) projects and cryptocurrencies.

Also answering the thread, Martin Kppelmann, co-founder of Gnosis and a long-time Ethereum decentralized application developer, said he agreed with tolerating the validator in that situation while warning about how MEV-boost censorship rising in Ethereum following the Merge.

Although the thread discusses a hypothetical scenario, concerns about censorship in the Ethereum network surged last week, with 51% of Ethereum blocks being compliant with the United States Office of Foreign Assets Control (OFAC) standards as of Oct. 14, as MEV-Boost relays take over market share one month after the Merge.

Related:Ripple wants to bring Ethereum smart contracts to the XRP Ledger

MEV-Boost relays are centralized entities acting as trusted mediators between block producers and builders. All Ethereum PoS validators can outsource their block production to other builders. Due to Ethereums upgrade to a PoS consensus, MEV-Boost has been enabled to a more representative distribution of block proposers, rather than a small group of miners under proof-of-work (PoW).

As noted in a recent opinion piece, Slava Demchuk, CEO and co-founder of AMLBot, the Ethereum upgrade could bring modifications in Anti-Money Laundering (AML) and Know Your Customer (KYC) practices in the crypto industry. He stated:

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Ethereum solo validators that censor blocks should 'be tolerated' Buterin - Cointelegraph

Will Big Eyes Coin Reach Heights of Ethereum and Solana? – BeInCrypto

Big Eyes Coin (BIG) is growing each day rapidly in its presale, and the crypto community is excited as it looks to explode before Christmas.

The question on everyones mind is, will Big Eyes (BIG) bring the bulls back and reach the top of the rankings with other high-ranking cryptocurrencies like Ethereum (ETH) and Solana (SOL)?

Lets see if we can predict Big Eyes (BIG) rise to fame and what the next few months will bring.

The Big Eyes Coin (BIG) is a meme coin currently growing in the 5th stage of its presale. It has raised 7.5 million at the time of writing and is set to race through its presale stages with an average of 500k per day.

The meme coin is a community token created with the aim of bringing purpose and value into the wider crypto ecosystem. This coin has got people interested and engaged from within and without the world of crypto, starting with its charitable drive to save the oceans.

The Big Eyes Coin team has earmarked 5% of its total supply of 200,000,000,000 tokens to donate to a charity that is currently working to protect and preserve our oceans and the sealife within them.

These tokens will be held in a visible charity wallet so everyone can rally around a cause that centers their future and that of the planet.

Big Eyes Coin (BIG) is making it super easy to be a part of positive, sustainable action; with its low entry barriers to investing and tax-free shopping, everyone can invest and at the same time support the continued efforts to save our natural resources.

The timing of Big Eyes Coin (BIG) presale and subsequent launch is significant. It coincides with the Merge, which saw Ethereum (ETH) update 2.0 to proof-of-stake (PoS) systems.

This highly anticipated switch to PoS means that cryptocurrency has finally managed to adapt its systems to create a much more sustainable mining alternative.

This shift was initially started by Solana (SOL), but now that other older blockchains have also updated to PoS, there is no longer a barrier between sustainably conscious investors and crypto.

This Merge has therefore welcomed a whole new potential market to the crypto community, and Big Eyes (BIG) sustainable core values are already attracting large swathes of investors who are now at ease with the wider crypto ecosystem.

With this influx of new potential investors, its likely that Big Eyes (BIG) will thrive. It has a long way to go before it reaches the heights of Ethereum (ETH), but with its core sustainable values and cute meme qualities, it is likely to shine in a market full of new buyers with sustainable standards.

Solana (SOL) was created to be more efficient and scalable than its predecessor Ethereum (ETH). Based on the proof-of-stake (PoS) and proof-of-history (POH), this cryptocurrency can manage 250 transactions per second. This makes it very attractive to businesses that want to streamline their global operations and finances.

With inflation and costs rising, cryptocurrencies like Solana (SOL) will thrive because they can decrease costs and save people time and money, two very valuable commodities.

Big Eyes (BIG) is also keen to save people money wherever possible and create wealth for everyone. Big Eyes (BIG) has therefore canceled taxes on shopping and fees. This will help more people invest and more people join the community.

There are some really good signs that Big Eyes will succeed in the current market because of its sustainable core values and community focus. I think a lot of people wont be surprised when Big Eyes Coin races up the crypto rankings.

Big Eyes is currently offering a bonus code to use when purchasing BIG tokens. Use this code to get more BIG: BEYES821

Big Eyes Coin (BIG)Presale | Website | Telegram

DisclaimerAll the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Will Big Eyes Coin Reach Heights of Ethereum and Solana? - BeInCrypto

Crypto Surges: Is Now the Time to Buy Bitcoin, Ethereum, and Cronos? – The Motley Fool

What happened

The incredibly unpredictable price action seen in the cryptocurrency sector is once again in full focus today. In aggregate, the crypto market has moved meaningfully in tandem today, with the overall market rising a little more than 1.5% over the past 24 hours, as of 1:45 p.m. ET.

That said, megacap tokens Bitcoin(BTC -1.84%), Ethereum(ETH -2.50%), and Cronos(CRO -0.87%) remain in focus for most investors, given the size and importance of these key blockchain projects. As of 1:45 p.m. ET, these three tokens surged 1.8%, 2.8%, and 4.4%, respectively, over the past 24 hours.

Interestingly, Bitcoin's move (which was the smallest of the three) follows an 85-minute window on Monday in which no blocks were produced. A difficulty adjustment appears to be tied to this issue, which raised eyebrows in the crypto world.

Other top tokens like Ethereum and Cronos have their own individual catalysts and headwinds. This week, it was announced thatXRPis beginning to test a side chain compatible with Ethereum smart contracts. And Cronos has been benefiting from recent gaming-related updates, which have investors intrigued in this blockchain project's growth potential.

That said, the potential for further interest rate hikes by the Federal Reserve continue to provide headwinds for all risk assets. This makes the price action in these top tokens even more difficult to understand.

There's some very wonky thinking that appears to be taking hold in the markets right now. Given last week's hotter-than-expected CPI and PPI prints, most investors initially took the view that this would lead to more rate hikes, which are bad for risk assets. Cryptos, equities, and bonds sold off immediately on the news.

However, the past few days have seen some bullish momentum return, as some appear to be taking the view that more rate hikes in the near term could lead to a recession in the medium term. Such a recession could result in lower interest rates sooner than expected.

This second-derivative sentiment appears to be at play once again today, with the majority of near-term catalysts appearing to represent net negatives for cryptos still.

The difficulty of forecasting monetary policy decisions remains extremely high, and with most experts failing to see the inflation we're now battling, one could argue that any sort of forward-looking forecast is likely to be incorrect. Such is the nature of forecasts.

That said, the idea that we could be due for lower interest rates in the medium term, as the Federal Reserve breaks something, is one that's starting to gather steam. For risk assets such as cryptos, a return of cheap(er) capital to the system could be the catalyst to drive valuations another leg higher. We'll have to see what happens in the months and quarters to come, but suffice it to say, there's plenty for investors to digest right now.

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Crypto Surges: Is Now the Time to Buy Bitcoin, Ethereum, and Cronos? - The Motley Fool

Tug of war intensifies as Ethereum Classic price grinds closer to a 15% breakout – FXStreet

Ethereum Classic price continues to sink deeper into the abyss, with declines from its most recent high at $45.66 seemingly unstoppable. The PoW (proof-of-work) token may have lost its charm, with investors pulling the rug immediately after the Ethereum Merge in September.

ETC has annihilated various key support areas at $35.00, $30.00 and $25.00 in its futile hunt for solid support. Ethereum Classic price now depends on near-term buyer congestion at $22.00 to validate a falling wedge pattern ahead of a foreshadowed move to $27.30.

The Stochastic RSI on the daily chart reveals that Ethereum Classic bulls are in the process of reclaiming control. First, they defended support at $22.00 and later pushed above $23.00 amidst highly oversold conditions.

A falling wedge is a bullish reversal pattern drawn by connecting an assets lower highs and lower lows using trend lines. As selling pressure gradually decreases into the patterns apex, the price tends to break above the upper level of resistance. A strong trend to the upside starts building as the price breaks above the wedge.

ETC/USD daily chart

Ethereum Classic price will be poised for a 15% bullish recovery if it leaps above the upper trend line resistance. Traders hoping for long positions in ETC will find this a strong buy signal.

The TD Sequential indicator has recently flashed a buy signal on the same daily chart. A red nine candlestick represents the call to buy into ETC while it gears up for a trend reversal. Bear in mind that buy orders are recommended if the low of the sixth and seventh candles is exceeded by that of the eighth and ninth bars in the count; see the chart below.

ETC/USD daily chart

Ethereum Classic price recovery might be a pipe dream on the other side of the fence, considering the drop in on-chain volume. Apart from minor sporadic spikes, the volume of transactions (335 million) on the Ethereum Classic blockchain is a meager reflection of the 5.47 billion in July 2022.

Ethereum Classic on-chain volume

A careful observation of this metrics impact on ETCs performance shows that such an extended drop inhibits price growth. Therefore, Ethereum Classic price may struggle with the expected uptrend. Investors hoping for another run to $45.66 may have to exercise patience as ETC navigates the stubborn bear market forces.

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Tug of war intensifies as Ethereum Classic price grinds closer to a 15% breakout - FXStreet

Ethereum Co-Founder Joe Lubin: Today’s Metaverse Is Internet Circa 1994, But the Masses Are Coming – Decrypt

Joe Lubin, the Ethereum co-founder and CEO of crypto software giant ConsenSys, is confident that the metaverse will one day encompass the full human experience. But hes equally confident that day is still years away.

I think [using the metaverse today] is a little bit like logging on to the internet in 1994, Lubin told Decrypt in an exclusive video interview earlier this month. Where you would dial the internet, and I used to go get a coffee and breakfast and then Id come back, and my email would be downloaded.

Though Lubin acknowledges that the user experience currently offered by metaverse projects is comparably clunky, hes adamant that the metaversea future, immersive version of the internetwill become as ubiquitous as email.

The experience of being in Web3 isn't as compelling as it will be pretty soon, Lubin said. That's when the masses will be there.

The ConsenSys CEOs comments come during a period of unprecedented interest in the metaverse from some of the most powerful companies in the world. Meta, formerly Facebook, has fully reoriented its efforts towards dominating the metaverse; Apple and Disney are quietly exploring the space; even traditional brick-and-mortar brands like WalMart are diving in, head-first.

Despite forays into virtual worlds by mega-corporations and web3-native companies alike, however, the metaverse still has yet to catch on as the accessible, entertaining, and smooth-functioning virtual haven it was initially promised to be.

For example, despite going all-in on the metaverse, Meta has only staggering losses in the tens of billions to show for its work. A report surfaced earlier this month that the division responsible for building Metas virtual reality platform, Horizon Worlds, has entered a quality lockdown until the end of the year, as the platform is so unpopular and difficult to navigate that even Metas own employees wont use it.

Some have attributed these early bumps in the road to the simple fact that technology needs to spend a few years catching up to the ambitions of metaverse builders before immersive online worlds can truly flourish. Lubins Ethereum co-founder Vitalik Buterin has stated that while he believes the metaverse will one day dominate commerce and culture, he doesnt believe any of the existing corporate attempts to intentionally create the metaverse are going anywhere.

Lubin similarly thinks that current understandings of the metaverse, and attempts at building it, may not end up working out the first time around. But that doesnt mean hes any less bullish on the promise of platforms that facilitate an immersive online existence.

Call it the metaverse, we will spend a lot of our time online, Lubin said. And our money and our work and our activities will be realized in either augmented reality or virtual reality, or at least with tools that enable us to live rich and hopefully compelling experiences online.

(Disclosure: ConsenSys is one of22 strategic investorsinDecrypt.)

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Ethereum Co-Founder Joe Lubin: Today's Metaverse Is Internet Circa 1994, But the Masses Are Coming - Decrypt

Ripple wants to bring Ethereum smart contracts to the XRP Ledger – Cointelegraph

Ripple users may be able to interact with Ethereum-compatible decentralized applications (DApps) in the future following the launch of a test phase of Ripples new XRP (XRP) Ledger sidechain.

The launch of the sidechain was shared in a Tweet by blockchain development firm Peersyst Technologies on Oct. 17, noting that the new sidechain is compatible with Ethereum Virtual Machine (EVM).

This means that Ripple users could eventually have access to DApps like Uniswap (should it port over) and Web3 wallets such as MetaMask and XUMM Wallet.

The new sidechain also comes with a cross-chain bridge built to transfer XRP and other assets between the EVM-supported sidechain and the XRP Ledger Devnet.

According to RippleX software engineer Mayukha Vadari, the release means developers no longer have to choose between XRPL or EVM-compatible blockchains.

Developers will also be able to access XRPLs fast low-cost transactions and bring Solidity-based smart contracts onto XRPL, he said.

The XRP-based EVM-compatible sidechain was custom-built by the Tendermint protocol and aims to process 1000 transactions per second (TPS).

Vadari noted that the first phase of the EVM sidechain is now currently available for testing on the XRPL Devnet. Phase two will see the EVM-compatible sidechain transition to a permissionless chain with improved scalability.

Vadari said the aim is to achieve block times similar to that of the XRP Ledger for the second phase, which looks set to roll out in early 2023.

The end goal is phase three: a permissionless EVM sidechain and bridge available on the XRPL Mainnet, she added.

Related: Evolve or die: How smart contracts are shifting the crypto sectors balance of power

The news didnt appear to affect the price of Ripples XRP token too much, which is currently priced at $0.476 and is up 23.86% for the month.

The latest announcement comes amid a nearly two-year-long lawsuit against Ripple by the U.S. Securities Exchange Commission (SEC), which has arguably affected the adoption and development of the global settlement network.

Ripple also continues to make moves in the central bank digital currency(CBDC) spacesince it first piloted a CBDC Private Ledger for banks in March 2021, having most recently partnered with The Royal Monetary Authority of Bhutan in Sept. 2022.

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Ripple wants to bring Ethereum smart contracts to the XRP Ledger - Cointelegraph

Bitcoin, Ethereum and XRP Price Prediction: On the Verge of Collapse – BeInCrypto

Bitcoin (BTC) price is in the process of breaking out from a descending wedge. If successful, it would be expected to increase to $22,500. Ethereum (ETH) is trading in the upper portion of a corrective pattern. An eventual breakout is expected.

Even though the XRP price is trading inside a neutral pattern, the preceding trend indicates that an eventual breakout is expected.

BTC price has been falling underneath a descending wedge since reaching a high of $25,211 on Aug. 25. The descending wedge is considered a bullish pattern, meaning that a breakout from it is expected.

So far, the BTC price has reached a low of $18,125 on Sept. 21. The low seemingly caused a breakdown from the $18,800 horizontal support area.

Nevertheless, Bitcoin price regained its footing shortly afterward and reclaimed the support area, rendering the preceding breakout as only a deviation (green circle). This is a sign that often precedes movements in the other direction.

Moreover, the price of Bitcoin created a bullish hammer candlestick on Oct. 13 (green icon), further supporting the possibility of a breakout.

Finally, the bullish divergence trend line in the daily RSI is still intact, and the indicator is in the process of moving above 50.

If a Bitcoin price breakout occurs, the closest resistance area would be at $22,500.

So, there are numerous signs that suggest the most likely BTC price prediction is an upward movement toward $22,500.

ETH price has been falling underneath a descending parallel channel since Aug. 14. Similar to the descending wedge, the descending parallel channel usually leads to breakouts.

While decreasing inside it, the ETH price fell to a low of $1,190 on Oct. 13. While it initially seemed that this had caused a breakdown below the $1,280 horizontal support area, the Ethereum price reclaimed the area shortly afterward and created a long lower wick (green icon).

Afterward, ETH price moved above the middle of the channel. This is a sign that an eventual breakout is expected.

Additionally, the daily RSI is in the process of breaking out from its bearish trend line (green line), validating the possibility of an upward movement.

In a similar fashion to Bitcoin price, there are several signs that point to an Ethereum price breakout:

Unlike BTC and ETH, XRP price is trading inside a symmetrical triangle, which is considered a neutral pattern. However, since the pattern is transpiring after an upward movement and breakout from an ascending parallel channel, a breakout from it would be the most likely scenario.

Additionally, the growing hidden bullish divergence in the RSI (green line) is another sign that a breakout is expected.

If one occurs, the next closest resistance area would be at $0.64. This is both a Fib and horizontal resistance area.

A decrease below the wave C low of $0.44 (red line) would invalidate this possibility and indicate that XRP price is correcting instead.

While the price prediction is less bullish than those for BTC and ETH, the hidden bullish divergence and the preceding breakout from the channel support the continuation of the upward movement.

For BeInCrypto latestBitcoin(BTC) analysis and crypto market analysis,click here

Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

DisclaimerAll the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin, Ethereum and XRP Price Prediction: On the Verge of Collapse - BeInCrypto

Is Tether (USDT) built on Ethereum blockchain? – Kalkine Media

Two of the biggest cryptocurrencies that rank just below Bitcoin are homophones of sorts. For quite some time, Ether (ETH) and Tether (USDT) became a cause for confusion for early cryptocurrency enthusiasts. Tether, however, is not only spelled differently and is an independent project but it is also not a typical cryptocurrency like Bitcoin or Ether. USDTs value must always match with that of the US dollar due to the 1:1 peg, which makes it a stablecoin.

Another question that many ask is whether Tether is based on Ethereums blockchain. Every cryptocurrency, including stablecoins, needs a distributed ledger to operate on. Does Tether use Ethereums network or does it have its own blockchain protocol? Let us explore the Tether ecosystem to find answers and understand the core characteristics of the stablecoin.

Tethers ecosystem comprises tokens but is not an independent blockchain. In Bitcoin, Ether, and other cryptocurrencies like Solana and Cardano, the cryptocurrency comes with a native blockchain protocol. Tether, however, is a plain stablecoin ecosystem where new tokens are issued with a claim that every USDT is backed by adequate reserves.

Tether is said to have begun with Bitcoins blockchain as its transport protocol. Here, tokens could be moved on the Omni Layer, but soon the use of Ethereums blockchain was favoured. Notably, Ethereum bills itself as a network for developers seeking to deploy decentralised products. One such product is ERC-20 tokens, and Tether falls in the same group. In fact, it is the biggest ERC-20 token by market cap. Tethers ecosystem also advises users to carefully undertake the transfer of tokens since it also uses other blockchains aside from Ethereum as a transport protocol.

Data provided byCoinMarketCap.com

Ether is the primary cryptocurrency of Ethereums mainnet with its utility as a payment token. Tether, on the other hand, is not a native cryptocurrency of any blockchain protocol. It is a token that can be issued on any blockchain network, including Ethereum, Algorand, and Solana. Tether bills itself as a digital token for quick payment transfers using blockchain, with a 1:1 value peg with the US dollar.

Tether uses blockchain technology to support the movement of USDT tokens from the sender to the recipient, with both having a specific address within the network. This blockchain can be Ethereum or any other, including Bitcoin. Tether now issues tokens pegged not only to the US dollar but also to other fiat currencies, including the Chinese yuan and the euro.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

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Is Tether (USDT) built on Ethereum blockchain? - Kalkine Media

Ethereum-Based Altcoin Project Jumps After Crypto Exchange Coinbase Adds It to Listing Roadmap – The Daily Hodl

An Ethereum (ETH)-based altcoin is rallying following news that top US crypto exchange Coinbase has added the project to its listing roadmap.

Lido DAO (LDO), a staking service for Ethereum and other blockchain projects, has seen more than a 16% price increase in the days following Coinbases announcement via Twitter.

For transparency purposes, Coinbase adds projects to its listing roadmap as a precursor to making them available for trade on its exchange and announces the additions via Twitter.

Lido DAO and its ERC-20 token LDO aims to allow users to stake ETH without locking assets or maintaining infrastructure. When staking on the platform, users receive Staked Ether (stETH) on a 1:1 basis representing their staked ETH, and stETH balances can be used like regular ETH to earn yield or rewards.

At the time of the Coinbase announcement three days ago, the price of LDO was changing hands near $1.25. At time of writing, LDO is trading at $1.46, an almost 17% increase in price.

The Ethereum-based altcoin has a market cap of $1.01 billion, and is about 80% down from its all time high of $7.30.

Coinbase CEO Brian Armstrong previouslysaid the exchange would list as many crypto assets as possible after meeting simple standards.

Its kind of like Amazon or something like that where a product might have three stars or it might have five stars, but if it starts to get one star consistently, its probably fraudulent or defective or something and maybe Amazon will remove it. Otherwise, you want to let the market decide what these things are

My belief is theres gonna be millions of these assets over time, and so I hope it doesnt make news every time we add one in the future, basically.

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Ethereum-Based Altcoin Project Jumps After Crypto Exchange Coinbase Adds It to Listing Roadmap - The Daily Hodl

Why Bitcoin- And Ethereum-Related Stock Silvergate Capital Is Getting Hammered – Silvergate Capital (NYSE – Benzinga

Silvergate Capital Corp SI shares are trading lower by 15.70% to $59.68 during Tuesday's session after the company reported worse-than-expected third-quarterEPS and sales results.

What Happened?

Silvergate Capital reported quarterly earnings of$1.28per share which missed the analyst consensus estimate of$1.34.The company also reported quarterly sales of$89.34 millionwhich missed the analyst consensus estimate of$100.35 millionby11%. This sales figure representsa73%increase over sales of$51.70 million in the same period last year.

Alan Lane, president and chief executive officer of Silvergate, commented, "Silvergate delivered another quarter of strong performance, achieving record net income available to common shareholders of$40.6 million. While volumes on the Silvergate Exchange Network (SEN) decreased this quarter compared to the overall industry, we remain confident in the power of our platform and the opportunities for expansion within the network."

"We continued to see demand for our SEN Leverage product and growth in our new customer pipeline, a testament to the strength of our platform against a challenging backdrop in the broader digital asset industry," Lane stated.

See Also:As China Weakness, PC Market Downturn Take Toll On Semiconductor Sector Ahead Of Q3 Results, Analyst Recommends These Chip Stocks

According to data fromBenzinga Pro, Silvergate Capitalhas a 52-week high of $239.26 and a 52-week low of $50.65.

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Why Bitcoin- And Ethereum-Related Stock Silvergate Capital Is Getting Hammered - Silvergate Capital (NYSE - Benzinga

Ethereum-Based Altcoin Flashing Signal That Preceded 610% Rally: Crypto Analytics Firm – The Daily Hodl

Crypto analytics firm Santiment says that virtual reality blockchain Decentraland (MANA) is quietly flashing an on-chain signal that has previously foreshadowed exponential rallies for the altcoin.

According to Santiment, MANAs profit/loss ratio, which compares the amount of coins sitting at a loss to those at a profit, is sitting at three-year lows.

The last time the profit/loss ratio was at the current level, MANA exploded 610%, as per Santiments data.

Decentraland is a fairly under-the-radar ERC20, non-fungible token (NFT) and virtual reality asset that saw its market cap shrink in 2022.

The profit/loss ratio of MANAs transactions is at its lowest level in three years. Those following six weeks saw its price rise +610%

At time of writing, the Ethereum-based altcoin is trading for $0.63, down over 89% from its all-time high of $5.85. A 610% gain for MANA would mean a rally all the way up to the $4.47 range.

Santiment also has its radar on leading oracle network Chainlink (LINK). According to the firm, LINKs price movements as of late are being preceded by massive spikes in social media activity.

Chainlinks market cap dropped ~5% Friday before bouncing just as the days trading (UTC time) closed. Three social dominance spikes appeared for LINK, indicating traders were making moves. The latest occurred just as the price began rising again.

Looking at Ethereum (ETH), Santiment says that ETH whales and sharks have been pushing down the price over the last five weeks. Based on the firms data, Ethereum addresses holding between 100 and one million ETH triggered both the relief rally in August and the correction of last month.

Ethereums shark and whale addresses (holding 100 to 1M ETH) have dropped 3.3 million ETH in just the past five weeks. This equates to about $4.2 billion in dumped coins. The assets price vs. Bitcoin has ebbed and flowed based on behavior of these key stakeholders.

At time of writing, ETH is trading for $1,308, up 1.66% in the last 24 hours.

Featured Image: Shutterstock/solarseven/Dario Lo Presti/Andy Chipus

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Ethereum-Based Altcoin Flashing Signal That Preceded 610% Rally: Crypto Analytics Firm - The Daily Hodl

Kim Kardashians Ethereum Max ad violated the SECs anti-touting provision – Cointelegraph

In June 2021, Kim Kardashian published an Instagram story informing her approximately 330 million Instagram followers about the EthereumMax (EMAX) crypto token. The Securities and Exchange Commission (SEC) charged Kardashian, claiming she violated the anti-touting provision of the Securities Act when she failed to disclose she received $250,000 in exchange for her promotion of the unregistered security.

The charges incited a public debate is the requirement to disclose the amount paid to promote an investment opportunity important?

Whats new? Celebrities and social media influencers have long enjoyed a lucrative revenue stream in promoting and endorsing services and products ranging from clothing to beauty products, and even supplements and medications. The Federal Trade Commission (FTC) regulates endorsements by requiring various acts and disclosures, including whether a financial relationship exists between the endorser and the company, whether a post was paid for and even by requiring an endorser to personally try a product before endorsing it. Still, the FTC does not go so far as to require endorsers to disclose the amount they were paid to promote a product.

Related: The SEC is bullying Kim Kardashian, and it could chill the influencer economy

So, whats different here? This time, the product is an investment opportunity falling under the watchful eye of the SEC. As is required by the FTCs Endorsement and Testimonial Guidelines, Kardashian made sure to include disclaimers such as #Ad and even this is not financial advice, but thats not sufficient under the SECs regulations, which also required Kardashian to disclose that she was paid $250,000 by EthereumMax to tout the token.

The SECs charges in response to Kardashians seemingly compliant post revealed what appears to be the beginning of the federal agencies heightened regulation and required transparency in connection with endorsements, specifically of highly speculative assets. The charges also beg the question just how much transparency is important?

Some will argue that Kardashians #Ad and this is not financial advice disclosures which would suffice under the FTCs requirements are enough to place her followers on notice that she is a biased, interested promoter of EthereumMax, and that the SECs anti-touting provisions requirement to disclose the exact amount of consideration is senseless. In other words, merely disclosing that she was paid $250,000 to promote the token would not have made a material difference to her followers in their decision to invest.

However, whether or not a particular disclosure is material to a potential investor is a question best answered by the investor in question. The SECs existence is predicated on protecting the investing public. To do so, potential investors should receive as much information as possible to assist them in their decision-making.

Although the difference between celebrities receiving $100,000 versus $200,000 for a social media post may not appear material to investors, a $1,000,000 check may alter potential investors perception about a celebritys inclination to make statements that conflict with or disregard their true beliefs, experience or even lack of knowledge. This tipping point in judgment may differ from investor to investor; therefore, such information should be disclosed and freely evaluated by the investing public.

The trend toward broader disclosure is prevalent. The FTC recently proposed an amendment to its Endorsement Guidelines on Digital Advertising to address the growing influencer market. Of relevance is Section 255.5, Disclosure of Material Connections, which proposes the clear and conspicuous disclosure of material connections that may materially affect the weight or credibility of the endorsement, including business, family, or personal relationships; monetary payments; the provision of free or discounted products or services to the endorser; early access to the product; or the possibility of winning a prize, of being paid, or of appearing on television or in other media promotions.

Related: Federal regulators are preparing to pass judgment on Ethereum

With such disclosures, the appeal of investing in the same companies as their favorite celebrities and influencers might be lost if fans realized the only connection between a celebrity and a promoted product was a hefty check. On the other hand, if followers are aware of a material connection between a celebrity and an endorsed product, they may be even more inclined to invest. Regardless, the argument remains the more information disclosed to the investing public, the more educated their decision-making can be.

SEC Chairman Gary Gensler wasted no time making media appearances to echo the same, warning the general public that celebrities incentives arent typically aligned with consumers best interests. In the SECs press release, Gensler emphasized that celebrities and influencers must be mindful that the law requires them to make heightened disclosures to protect individuals who may rely on them for financial advice.

Celebrities wield significant influence on their fan bases. Many who endorse investment opportunities do not have sufficient expertise to ensure that the investment is appropriate and complies with U.S. securities laws. As a result, celebrities such as Kardashian have the power to influence millions of individuals to make uninformed decisions solely based on their admiration, trust and loyalty.

Kardashians $1.6 million settlement is a reminder that the SEC has an exceptionally high interest in regulating highly speculative asset classes like crypto tokens and will continue to press charges against those with a great deal of influence for unlawfully touting crypto securities. The investing public should beware and always conduct their independent due diligence. The SEC should continue to require broad disclosures from endorsers to allow for and support such due diligence.

Gai Sher is senior counsel in the innovation and technology practice group and the corporate & business and entertainment & sports practice groups at Greenspoon Marder LLP. Originally from Israel, she attended Syracuse University for her undergraduate degrees before obtaining a Juris Doctor from Northeastern Universitys School of Law.

Ariela Benchlouch is a law clerk in Greenspoon Marder's innovation & technology practice group. With a background and passion for entertainment law, music, fashion, media, and blockchain technology, she previously held legal intern roles at LAA Sports & Entertainment and PlayOne NFT.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Kim Kardashians Ethereum Max ad violated the SECs anti-touting provision - Cointelegraph