The market crash and the catastrophic correction was started by Bitcoin. In fact it wasn't started by BTC, it was started by Elon Musk playing with Bitcoin and than by China FUD against Bitcoin. The good vibes were gone, the FOMO was silenced and the hype vanished in thin air! The Bitcoin value dropped like on a roller-coaster, from nearly $60,000 down to $30,000.
The Bitcoin volatility affected the whole Cryptoverse and everything crushed! This week showed some recovery signs but what is needed now is stability! Bitcoin is currently above $35,000 and seems less volatile.
The financial model based on fairness and trust created by Index Cooperative survived the May Crypto Crush better than other projects. Index Coop and projects such as FLI and DPI had more stability because they are built on the strongest coins on the market, those that had a lesser value drop. The $INDEX token value didn't fluctuated much, and even after two weeks of market correction, it still stands at high value.
The flagship product, DeFi Pulse (DPI) had a set back but the overall usage makes the price correction irrelevant. Not sure what you can do with $DPI? It can be used as DPI - ETH LP to farm $INDEX on Uniswap, can be used for levered farming on Alpha Finance, can be lended on Cream finance or HODL!
As I was in DIPression ... seeing my portfolio value dropping by 65%, I turned my attention to NFTs. This is when I decided to mint the #IndexOwl. The NFT was minted in two variances, a standard NFT and a legendary edition. The standard NFT is on orange background, with a maximum supply of 99. The legendary #IndexOwl is on purple background and only 10 of them will ever be minted. I will check the demand by organizing a twitter giveaway and share some 3 pieces with NFT collectors.
The latest Bitcoin event is not related to market value, but to a huge illegal BTC mine! The mine was discovered by the West Midlands Police in an industrial unit on the Birmingham outskirts. The police raided the building, after the signs of a cannabis farm were reported.
The intel led them to believe a cannabis farm was set up in the industrial unit, after wiring and ventilation ducts were spotted. Also the drone picked up heat coming from the building.
I remember when a cannabis farm was discovered just two houses away from where I live. Police came during the night to ask me if I know the neighbors and if I noticed anything suspicious. I didn't knew those neighbors and I didn't noticed anything suspicious. They found hundreds of pots in the house and they filled a skip with aluminum foil, neon lights and wiring. They found the house while termo-scanning the streets from the police helicopter.
In Birmingham, the only illegal thing was the electric system, were the computers where linked to the main supply, stealing thousands of pounds worth of electric power. The computers were set to mine Bitcoin and the intense energy was the main fact that made them believe it was a Cannabis farm. The mining itself wasn't illegal but the computer equipment was seized due to the illegal connection to the main supply. No arrests have been made.
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hehe, bitcoin farm...