The German government transferred the confiscated Bitcoins to trading platforms such as Kraken, Coinbase and Bitstamp in three installments, totaling 1,300 Bitcoins (worth more than 75 million USD), and sold a total of 9,600 Bitcoins since June. Shortly after the transfer, the price of Bitcoin fell below 57,000 USD, which became the second lowest price since 70,000 USD in March. Sun Yuchen expressed his willingness to negotiate with the German government to purchase all its BTCs off-market to minimize the impact on the market. If this is true, Sun Yuchen is still quite capable.
Although the price of Bitcoin has fallen to 57,000 due to the German government's market crash, I think this is a very good time to buy the bottom. The first logic: the technical side forms a W bottom with the bottom on May 1, and the German market crash cannot be sustained, so the probability of effective support is high; the second logic: the Fed's interest rate cut is imminent, and once the quantitative easing cycle starts, mainstream assets will benefit and rise. Buying the bottom in this wave of correction is to prepare for the bull market next year; the third logic: in the past month, altcoins have generally experienced a "halved" decline, and the cost-effectiveness has fallen, so the time to buy the bottom is ripe.
What to buy at the bottom? We strongly recommend AI and DePIN concepts! Looking at the entire capital circle, the most active track is none other than AI, which is popularized by ChatGPT. The most popular DePIN track in the cryptocurrency circle is related to this. @io.net is the only project with AI and DePIN attributes among the new projects this year.
Before introducing io, let’s learn about DePIN.
DePIN refers to a decentralized physical infrastructure network, similar to the Internet of Things (IOT). The Internet of Things means that devices or machines in the real world can be connected to the Internet for remote monitoring and operation. DePIN goes a step further. On the basis of IOT, it further connects idle resources in real-world devices to the network, providing different resources such as computing power, storage space, and bandwidth. Therefore, in DePIN, while contributing to the entire decentralized network system, you can earn cryptocurrency rewards.
io.net is one of the representative projects of the decentralized GPU DePIN computing network. Different from the computing power currently provided by NVIDIA and other companies, io is a distributed GPU system based on Solana, Render, Ray and Filecoin. Through its core decentralized resource aggregation function, it can utilize GPUs dispersed around the world. In short, anyone or project can apply to access the io.net computing system and use the idle computing power for "mining".
Although many mining teams and individuals had connected their computing power to the io.net system before Binance's #Launchpad Pool was launched on June 11, the success of $IO in Binance TGE has brought the rare AI and DePIN dual-concept projects in the cryptocurrency circle to the public: it turns out that cryptocurrency projects can also participate in the AI wave!
Currently, there are more than 200,000 GPUs on io.net that have passed the hashrate authenticity verification, including more than 20,000 A100, H100, L40S and other professional AI graphics cards, making it the DePIN project with the most hashrate in Web3. There is no doubt that more hashrate and mining machines will choose to access the io.net network in the future.
In addition, according to the DePIN project section information of Coingecko, the current Dragon One and Dragon Two are $RNDR and $FIL , both of which have a market value of more than 2 billion US dollars, while IO's market value is only 240 million US dollars, and there is a lot of room for imagination from the ceiling. Due to IO's token incentive model, it forms a direct competitive relationship with projects such as Render and Filcoin. The vision of io.net is to aggregate the idle computing power of the world, and it has the hope of challenging the leading opportunity of the entire DePIN track in the currency circle, and at the same time has the strength to break out of the circle. If you just look at the price of IO, after several declines, it is also attractive enough.
The above judgment, in addition to the recognition of the io.net project, is also based on the confidence in the DePIN track. This year is the "AI year" of global capital, and ChatGPT is praised as the "miracle year". Based on AI, human technology will achieve breakthrough progress, and even the entire human civilization will undergo earth-shaking changes. The most rigidly needed industry for the development of AI is computing power, which can be seen from Nvidia's stock price.
io.net chooses GPU computing power, which can handle many real-time tasks, such as rendering, audio and video animation production, game testing and other graphics and image processing scenarios, and is also suitable for scientific computing scenarios such as computing, modeling, and genomics. Therefore, from a business perspective, io.net can not only provide computing power for companies outside the industry, but also provide support for projects such as Gamefi within the industry.
With the continuous development of technologies such as AI, DePIN, with its decentralized advantages, will form a direct competitive relationship with existing large-scale suppliers in terms of computing power and storage. For the entire blockchain market, DePIN is highly expected. I think it is one of the few tracks that can directly break out of the circle and form large-scale commercial value. I look forward to the success of io.net, and I look forward to DePIN gathering the resources of the entire real world. #IO去中心化算力网络 @io.net @币安广场
