Crypto Academy | season 3 | week 8- homework post for @pelon53 | @doyoy
1. Will BTC EVER GET TO $100,000 BEFORE THE END OF JULY 2022
Alot of speculations has been going around about Bitcoin most especially after it hit it's all time high around April 2021. Around this time last year August 2020 BTC price was at $11,878 and we saw a tremendous increase about 440% of rise in it by the year 2021 in the month of April where BTC got to the price of $63,000 and this brought alot of interest in BTC which brought about the speculations of BTC hitting $100,000 before the month of July 2022.
BTC since then has had a setback which took the price down to $29,000 for some time before it started getting it's feet back with it's current price at $44,000. With this in mind can BTC perform more to get to the price of $100,000 or it will take a little more time.
If BTC will get to $100,000 before the end of July 2022 there is a reward of $5 for everyone that supports this and if BTC won't get to $100,000 there is a reward of $10 for those who supports this.
2. WILL BTC DOMINANCE IN THE CRYPTO MARKET DROP TO 35% BEFORE THE END OF DECEMBER 2021
We know BTC is regarded as the king of crypto because it was first successful crypto that was developed. In 2014 it has a dominance of 95% which made it be reffered to as long of crypto, it's dominance has then been dropping down to a lower percentage as other coin come into development.
In 2018 it's dominance dropped to 38% and it has gone back to about 43% today. It reduced from 45% due to the launch of a new fork in Ethereum that has made Ethereum gain more dominance. When BTC losses it's dominance then it won't have much control over the price of other asset and this is what some crypto traders are hoping for.
If BTC dominance gets to 35% there will be a reward for the supporters of $5 and for those who oppose the motion there will be a reward of $2.
3. WILL CRYPTO BE ACCEPTED BY ALL AFRICAN COUNTRIES BEFORE THE END OF DECEMBER 2022
YES: $3. NO: $1
4. WILL PEOPLE BE MOVED TO MARS BY FEBRUARY 2021 AS IT HAS BEEN SPECULATED
Yes: $5 No: $2
5. WILL THE NEW VARIANT OF COVID 19 EXTEND INTO THE YEAR 2022
Yes: $3 No: $5
EXPLORING POLYMARKET
Polymarket is a type of predictive market platform that allows people to trade based on informations that are debated on which odds are been placed on. The outcome of the results determines whether a trader gets reward or not.
Let us explore the platform below. To explore the platform we will load the website polymarket.com on our browser and and then sign up to the platform to have full access to the features. Once you load the site a pop up will be brought for you to sign up, you will then input your email address and activate it through the link sent to your mail as shown below.
After the verification of your account you will then go back to your browser, it will then ask you to select your market of interest which you can either select or skip. This enables you to get latest news about your selected preference.
There are four main features in the polymarket platform which are the market, portfolio, preference and Account.
PORTFOLIO
This feature allows you to see all your assets like your portfolio value, the amount you have used to open positions, the balance left, the amount of liquidity you have added in the market as well.
This is just like your statement of account on the platform.
ACCOUNT
This features allows you to be able to manage your account, it shows how to deposit to the platform either through buying from coinbase as shown in the screenshot above. Using this method a transaction fee will be collected in Eth.
Another way is using the peer to peer method which is free of charge. This way usdc is transferred to a trader by fellow platform users. The usdc is debt directly to the traders wallet or sending usdc to one another true the use of polygon network. Another method is using metamask to deposit usdc using the etheruem network and a gas fee is attached. A gas fee of $9.
We can also use credit card of debit card to purchase crypto to.our wallet directly. A fee is also deducted and this method takes about 4 mins for the transaction to be completed.
PREFERENCE
This is the feature that allows you to set how to revive notifications and what notifications to recieve.
MARKET
This feature has the main action of the platform, this is where we see the informations that will be traded. They are been categorized depending on the selection of the traders and also based on their liquidity, volume, newest and expiring.
The screenshots above shows us the different categories available in the market.
I will be traidng two informations as examples and I will be selecting the crypto category with the newest category.
I have selected my preference and the available market has been shown above so I will be selecting the first 2. To trade on the first I will click on the first question which will be expanded and shows me more information.
The first information is asking what the market cap of super rare token will be after a week of it's trading, the superrare hasn't launched a token but hopefully we hope the token will be launched before the 31st of December and so a range has been set to be between $250M and $3.0B. it's current estimate is placed at $1.08B.
if by the end of the December no token is launched the average of 250 million and $3B will be used to determine the result. I chose yes because the average of the sum will be at the range given so it is a win win situation.
The 2nd question is based on cardanno if the network will.launch a smart contract before the 1st of October.
According to the roadmap of CARDANO it says after the launch of a smart contract other tokens will be available to be built on the network. My response to this information is yes because the network developers has proposed that the mainnet will be launched by Sept. 12 and this if failed shouldn't exceed October 1.
Predictive markets has started getting more attentions and more platforms are beginning to launch their own, some of the popular platforms are polymarket. AUGNUR, Gnosis, Plotx and so more. We will be looking at plot x.
PLOTX
PloyX is a prediction market platform that gives users high rewards whenever they predict the price of an asset which are mainly crypto like BTC, SOL, DOGE,ETH and some others. It is often refered to as uniswap prediction market and it uses AMM algorithm to get the price and settle the market after the time elapses. It gives room for daily and weekly rewards to its users depending on the one they want.
To use the platform you login by loading the site plotx.io after which you sign up which is quite easy either by using email address or by using wallet connect or metamask because the platform is a webd3.
After creating account you can then select any of the token you wish to predict it's price and also select the time frame either daily or weekly.
After registration, deposit funds to your account, the supported tokens are usdt, weth, plotx d some others. Then you choose the time frame as shown in the second screenshot above. To change the coin to predict click on the coin name as indicated on the 3rd screenshot and select whichever one you want.
WHAT WILL HAPPEN TO PREDICTIVE MARKET WITH BLOCKCHAIN TECHNOLOGY
Since we know that blockchain technology gives users the freedom of remaining anonymous and more secured the predictive market will thrive more when developed on blockchain platforms as it is easier for people to place their bets in the convenience of their homes and also get their rewards without the fear of been monitored by thieves.
This makes gamblers more confident about results since the blockchain will always make use of verified results and it can't be manipulated unlike traditional gambling. Also there will be no form of percentage collection by third party after winnings by the gamblers.