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മാറുന്ന കാലത്തിന് ഒപ്പം മാറുന്ന പണമിടപാട് , ബാട്ടർ സിസ്റ്റത്തിൽ നിന്നും കോയിൻലേക് ,കോയിനിൽ നിന്നും ബിറ്കോയിൻലേക് .. ഫോർ ഓൾ ബിറ്കോയിൻ ന്യൂസ് ,, ജോയിൻ നൗ.....
CoinDesk
Singapore, Japan, UK, Swiss Regulators Plan Asset Tokenization Pilots
Project Guardian seeks to advance digital asset tokenization pilots in fixed income, foreign exchange and asset management products.
Bitcoin News
SEC Commissioner Hester Peirce Blasts ‘Scorched Earth’ Approach Against LBRY
https://static.news.bitcoin.com/wp-content/uploads/2023/10/ddfffssdddd.webp Hester Peirce, commissioner of the U.S. Securities and Exchange Commission (SEC), issued a statement of dissent that referred to how the commission dealt with the LBRY case. Peirce criticized the approach that the SEC took when, according to her, the company had made significant disclosures about its token offering, having “no path” to register its token offering.
Commissioner Hester Peirce Raises Her Voice on SEC v. LBRY
Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC) known as “Crypto Mom,” has recently issued a statement of dissent regarding how the commission managed the case against LBRY, which created a blockchain decentralized publishing platform with its token, now that litigation in this case is over.
In an industry of frauds and scams, Peirce criticized the SEC’s determination to go after LBRY when the company had already created a working product and took a more “conservative approach” than other projects.
Given that LBRY did make a series of disclosures to customers that the SEC didn’t qualify as “fraudulent or misleading,” Peirce criticized the “scorched earth” approach the commission took in this particular case.
Peirce stated:
Why go after a company that sold a token for a functioning blockchain with an established use when we could have pursued plenty of other projects that were outright frauds and did not attempt to comply with the securities laws?
‘There Is No Path for a Company Like LBRY to Come in and Register’
Peirce continued to blast the commission for this enforcement action, arguing that there is no clear path for crypto projects to register their operations with the commission.
Peirce explained:
The application of the securities laws to token projects is not clear, despite the Commission’s continuous protestations to the contrary. There is no path for a company like LBRY to come in and register its functional token offering.
Peirce’s statements resonate with ideas expressed by executives of companies battling SEC’s enforcement actions, like Coinbase CEO Brian Armstrong and Ripple’s CEO Brad Garlinghouse, who have criticized the lack of clarity in the space.
Nonetheless, SEC President Gary Gensler has stressed several times that there is indeed a clear path for crypto companies to register with the commission, with a firm called Prometheum being the only receiver of a special purpose broker-dealer for digital assets.
Prometheum is currently being probed by several lawmakers, who have qualified its license approval as “shady.”
What do you think about SEC Commissioner Hester Peirce’s thoughts on the legal actions against LBRY? Tell us in the comments section below.
CoinDesk
Thailand’s Kasikorn Bank Buys Majority Stake in Satang Crypto Exchange for $103M
The move continues a trend of Thailand's major traditional financial institutions moving into crypto.
Bitcoin News
Latam Insights: Argentina Prepares for Run-off Election With Crypto on the Agenda, Colombia Works on Digital Peso
https://static.news.bitcoin.com/wp-content/uploads/2023/10/latam-1-768x432.jpg Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Argentina prepares for a run-off election with crypto on the agenda, Colombia works to formulate a digital peso, and Prosegur will build a crypto-secure bunker in Brazil.
Argentina Will Face a Run-off Election With Crypto on the Agenda
The first round of the presidential election in Argentina determined that Javier Milei, the libertarian candidate, and Sergio Massa, the current economy minister, will be facing a run-off election that has a crypto element to it.
While Milei has repeatedly proposed the elimination of the Central Bank of Argentina and the adoption of the dollar as legal tender in the country as the main points of his hypothetical administration, Massa recently discussed the creation of a national digital currency, which would be used by his administration to reduce tax costs and curbing tax evasion by bringing more of the Argentine economy to formality.
Massa, who led the first round in the election, also added another element to consider: the possibility of using gas from Vaca Muerta, one of the most significant Argentine crude oil deposits, to mine bitcoin.
At a meeting with Argentine cryptocurrency enthusiast Santiago Siri, Massa stated:
I like the Vaca Muerta proposal because it results in the reduction of carbon emissions. It has all the symbolic capital that Argentina needs in the coming years.
Colombia Advances to Create a Digital Peso
Ricardo Bonilla, economy minister of Colombia, recently revealed that the country was still working on creating a national central bank digital currency (CBDC), the digital peso. During a forum that examined the future of banking, Bonilla called Colombians to forget about cash, also charging against cryptocurrencies, stressing these were not “the best means for clear and transparent transactions.”
Bonilla clarified that the construction of the digital peso was being examined by the Central Bank of Colombia, the Superfinanciera (the national stock and financial regulator), the economy ministry, and the Congress. He added that the central bank would be the issuer of any CBDC.
Prosegur Will Build a Secure Crypto Bunker in Brazil
Prosegur, a Spain-based insurance and security company, announced that it will build a secure facility for cryptocurrency in Brazil. The so-called “bunker,” to be built in Sao Paolo, will include several security measures to avoid attacks, including 24/7 monitoring by redundant vigilance centers and a fog machine capable of filling the bunker in 30 seconds, leaving attackers trapped.
Jose Angel Fernandez Freire, Prosegur’s executive president, said that clear regulations helped the company build this facility in Brazil as an entrance door to provide these services to entities in other countries like Chile.
To follow all the latest developments in crypto and the economy in Latin America, sign up for our Latam newsletter below.
What do you think about this week’s Latam Insights report? Tell us in the comment section below.
Bitcoin News
Deutsche Post Launches Crypto Stamp With AI-Generated Images of Historical Sites
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_2277339813-768x432.jpg Germans can now order a “crypto stamp” that will feature images of historical buildings rendered by artificial intelligence (AI). The stamp, to be released by Deutsche Post in November, is already available for pre-order and will come in both physical form and as a non-fungible token (NFT).
Germany’s First NFT Stamp Shows an AI Interpretation of the Brandenburg Gate in Berlin
Deutsche Post, part of the DHL Group and successor to the former state German mail authority Deutsche Bundespost, is preparing to issue an official crypto stamp. It will come as a physical stamp and as a blockchain-based digital version, or NFT.
Both the original stamp and access information for the tokenized stamp will be included in a booklet that can be ordered since mid-October, BTC Echo reported. “The offer is very well received and exceeds our expectations,” a spokesperson told the German crypto news outlet.
A total of 250,000 copies will be issued, the Deutsche Post representative said, noting that the relatively large circulation seeks to also cater to Germany’s traditional philatelic community which is one of the largest in the world.
The first stamp in the series, which will depict historical sites and buildings, has the imprint “Germany” on it and shows an image of Berlin’s landmark Brandenburg Gate as interpreted by AI. It represents a simplified image of the monument and its surroundings resembling the pixelated style usually associated with the digital world.
The crypto stamp will have a postage denomination of €1.60 and will be available in the Deutsche Post online shop starting from Nov. 2. The retail price of the combo with the NFT is €9.90. Another 800,000 copies will be issued as conventional stamps only. The official issuer of all Germany-branded stamps is the Federal Ministry of Finance.
Crypto stamps have already been issued by other postal services around the world. In September 2021, Swiss Post announced it will offer one to “bridge the gap between the physical and digital worlds in philately.” When the stamp was launched in November of that year, high demand crashed the state-owned company’s online store.
Do you think crypto stamps will become a big attraction for philatelists and NFT collectors? Tell us in the comments section below.
services directly rather than relying on their weakening national currencies, and increasingly turning to digital currencies like bitcoin (BTC) and stablecoins. Numerous reports underscore the prevalent use of cryptocurrency in the regions most affected by inflation. In Venezuela, USDT is a popular means of settlement.
“Venezuela has had one of the worst ever hyperinflation rates at over 1 million percent,” one citizen told Chainalysis in an October 2023 report. “Cryptocurrency, particularly stablecoins, has helped many Venezuelans overcome this.”
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Both the general populace and financial institutions in Zimbabwe are increasingly exploring crypto assets. In Argentina, economic uncertainty has led residents to lean on crypto assets and stablecoins, while in Sudan, there has been a noticeable shift toward digital currencies. Additionally, besides the U.S. dollar, the Turkish lira is gaining traction as one of USDT’s leading trading pairs globally. These borderless financial assets offer individuals a viable alternative, empowering them to preserve their wealth against an inflating fiat currency.
What do you think about the ten countries with inflation above 40%? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Vaneck Charts the Course of Solana’s Future With 2030 Valuation Study
https://static.news.bitcoin.com/wp-content/uploads/2023/10/solanasnnsnd-768x432.jpg Vaneck, a leading digital asset manager, has recently unveiled a study on the network Solana, providing a wide spectrum of SOL valuation scenarios for the year 2030. Authored by Patrick Bush, the senior investment analyst, of digital assets, and Matthew Sigel, the head of digital assets research, the report dives deep into Solana’s potential, presenting a balanced view from base-case to bearish to bullish prospects. Vaneck Research Report Offers Solana Valuation Scenarios for 2030
On October 27, 2023, Vaneck published a report on the Solana (SOL) network, exploring various SOL valuation scenarios for the year 2030. The document authored by Bush and Sigel aims to provide a detailed examination of Solana’s potential future, covering a range of possibilities.
The Vaneck study outlines different potential futures for Solana, with predictions ranging from $9.81 to $3,211.28 per SOL by 2030. The forecast considers various market share predictions and revenue estimates across several sectors, acknowledging the unpredictable nature of the crypto asset.
“Solana is vastly more capable than any of its legacy competitors regarding blockchain processing capabilities,” the Vaneck research details. “Parallel to this, but much more importantly, Solana has translated its pioneering spirit into an ecosystem philosophy of risk-taking and techno-optimism.”
Bush and Sigel analyze a scenario where Solana achieves significant user adoption. This part of the report explores Solana’s potential scalability and user adoption, compared to other blockchain technologies.
The report compares Solana with Ethereum, suggesting that SOL could monetize at 20% of ETH’s rate and achieve less than half of ETH’s market share. This perspective considers both the challenges and opportunities that Solana might face.
“In this note, we model a scenario in which Solana is the first blockchain to host an application that onboards 100M+ users,” Bush and Sigel explain. “We assume SOL monetizes at only 20% of ETH’s take rate and achieves less than half of ETH’s market shares due to a fundamental difference in community philosophy.”
The report discusses the importance of technological advancements and network stability for Solana’s future success. It highlights the need for continuous innovation and strong security measures. The Vaneck team also addresses the potential risks and uncertainties associated with Solana, advising a balanced and informed approach when considering this crypto asset.
“Long-term pricing of Solana’s [block space] and how much it costs to utilize Solana is another thorny issue,” the Vaneck researchers state. “The chief problem of a monolithic chain like Solana is that it is difficult to extract value from users and remit that back to token holders.”
The report warns on several occasions and more specifically captions associated with the charts that say, “There may be risks or other factors not accounted for in the scenarios presented that may impede the performance of Solana.” The study further discloses that “Past performance is no guarantee of future results.”
Today, solana (SOL) is the seventh largest crypto asset by market capitalization, and over the last 30 days, it has risen 64.1% against the U.S. dollar. While BTC dominates the $1.3 trillion crypto economy by more than 51% and ETH captures 17%, SOL’s market cap at $13.38 billion equates to 1.026%. However, on October 28, 2023, SOL is down more than 87% lower than its all-time high recorded on November 6, 2021.
What do you think about Vaneck’s latest report on the Solana network and its native token SOL? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
As Gold and BTC Rise Key US Equities Index Now Down By Over 10% from July 31 Peak
The key U.S. equities index the S&P 500 has now declined by just over 10% from its July 31 peak on fears that the U.S. economy is headed for a recession. One expert characterized the index’s drop as the first correction since the market bottomed in the fourth quarter of 2022. In contrast, the prices of safe haven assets like gold and bitcoin have been on the rise. S&P 500 in Correction Territory
Mounting fears that the U.S. economy is headed for recession have now seen the key S&P 500 index drop by just over 10% from the July 31 peak of 4,577 points. Similarly, the Dow Jow Industrial Average ended the last week of October 2023 1.7% lower at just under 32,420 points. The fall of both indices came just days after it was reported that the yield on 10-year U.S. Treasury notes had crossed the 5% mark for the first time since 2007.
The S&P 500 has now corrected 10% from its July 31 peak. This is the first such correction since the market bottomed on October 12, 2022.
I'm surprised I see no screaming red headlines about this. It tells me it is not viewed as a big deal.
Then … the decline will continue… pic.twitter.com/R2HjEPHnJD
— Jim Bianco (@biancoresearch) October 27, 2023
Several media reports have characterized the S&P 500 decline to 4,117 points as a movement to the correction territory. Experts on the U.S. economy like Jim Bianco of Bianco Research concur and believe the trend will likely continue until it becomes a “big deal.” Bianco, who has been warning about the world economy post-COVID, stated in a post X (formerly Twitter) that this is the first time the market has bottomed since Oct. 2022.
“The S&P 500 has now corrected 10% from its July 31 peak. This is the first such correction since the market bottomed on October 12, 2022. I’m surprised I see no screaming red headlines about this. It tells me it is not viewed as a big deal. Then … the decline will continue until it becomes a big deal,” the expert warned.
According to a CNBC report, all three major U.S. stock indices had incurred losses of between 2.1% and 2.6% in the week ending on Oct. 27. The report also attributes the losses to poor earnings reports by corporate giants like Ford and Chevron.
Yet, prior to the said correction, economists warned the rising yield on U.S. Treasury notes would ultimately make them more attractive than equities. When this happens it will spur a flight of capital from equities to U.S. Treasuries which, in turn, starves companies of vital investment funds and help raise the cost of borrowing. Safe Haven Assets
Besides, seeking sanctuary in “safe” U.S. Treasuries, more investors are seemingly picking gold and this is evidenced by the commodity’s rise above $2,000 per ounce for the first time since May. Interestingly, the so-called correction in U.S. equities has seemingly coincided with bitcoin (BTC)’s surge to its best performance in 2023.
As reported by Bitcoin.com News, BTC went past the $35,000 mark for the first time since March 2022. The top crypto asset’s surge has been linked to speculation that the U.S. Securities and Exchange Commission (SEC) will approve spot bitcoin exchange-traded funds (ETF).
Still, some crypto enthusiasts insist BTC’s rise just like that of gold may be tied to fears that the U.S. economy is imploding and could plunge into a recession similar to that in 2008.
What are your thoughts on this story? Let us know what you think in the comments section below.
Bitcoin News
Blackrock / BTC Price Speculation, Musk Wants ‘Comprehensive Deregulation,’ Kiyosaki Not Trying to Be Warren Buffet — Week in Review
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_2140677181-768x432.jpg As speculation continues about a possible Blackrock spot bitcoin exchange-traded fund (ETF) approval, Elon Musk calls for “comprehensive deregulation” amidst United States Securities and Exchange Commission (SEC) regulatory turmoil, and Rich Dad Poor Dad author Robert Kiyosaki describes the kind of bitcoin investor he is, differentiating his investment style from that of billionaire Warren Buffet. This and more directly below in the latest Bitcoin.com News Week in Review.
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Bitcoin Soars as Blackrock Moves Closer to Launching Spot Bitcoin ETF
Blackrock is moving forward with the process of bringing its spot bitcoin exchange-traded fund (ETF) to market. The world’s largest asset manager has secured a ticker symbol and a CUSIP number for its forthcoming spot bitcoin ETF, which is now listed on the Depository Trust and Clearing Corporation (DTCC), the entity responsible for clearing Nasdaq trades. Additionally, Blackrock’s spot bitcoin ETF filing signals the firm’s intention to buy bitcoin to seed its upcoming ETF this month.
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Skybridge Boss Scaramucci Predicts Bitcoin’s Value Could Multiply 11-fold With Blackrock’s ETF Approval
Anthony Scaramucci, founder of Skybridge Capital, believes that if the U.S. Securities and Exchange Commission (SEC) approves Blackrock’s spot bitcoin exchange-traded fund, the value of bitcoin could surge significantly. Scaramucci also discussed Sam Bankman-Fried, the former head of FTX, and Gary Gensler, the current chair of the SEC.
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Tesla CEO Elon Musk Calls for ‘Comprehensive Deregulation’ After Predicting SEC Overhaul
Billionaire Elon Musk, the CEO of Tesla and Spacex, has underscored the need for “comprehensive deregulation.” He made this call in response to several actions by the U.S. Securities and Exchange Commission (SEC) that he believes are severely constraining our civilization. This comes after his prediction of a “comprehensive overhaul” of the SEC with 100% probability.
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Robert Kiyosaki Shares His Investment Strategy — Says He’s Not Trying to Be Warren Buffett
Rich Dad Poor Dad author Robert Kiyosaki has revealed his investment strategy, emphasizing its divergence from the investment approach adopted by Berkshire Hathaway CEO Warren Buffett. “I am an average investor ‘accumulating’ the asset I want for the long term. I have been accumulating gold, silver, bitcoin, and real estate for years,” the famous author detailed.
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What are your thoughts on this week’s top stories? Be sure to let us know in the comments section below.
Bitcoin News
SEC Wants $770 Million From Ripple — Lawyer Says SEC Is ‘Pissed and Embarrassed’
https://static.news.bitcoin.com/wp-content/uploads/2023/10/ripple-sec-xrp-768x432.jpg The U.S. Securities and Exchange Commission (SEC) reportedly wants Ripple to pay a $770 million penalty for violating securities laws. Crypto lawyer John Deaton explained that the securities regulator is “pissed and embarrassed” after it lost several legal battles against the crypto firm.
SEC Wants $770M From Ripple
Crypto lawyer John Deaton detailed on social media platform X Wednesday that the U.S. Securities and Exchange Commission (SEC) is demanding a $770 million penalty from Ripple for violating securities laws.
The SEC is pursuing this penalty after losing several legal battles against Ripple. Last week, the regulator dropped charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. Earlier this month, District Judge Analisa Torres rejected the agency’s bid to appeal her ruling regarding XRP. Deaton opined:
The SEC is pissed and embarrassed and wants $770M worth of flesh.
“What people need to understand is that the penalty phase is like a second case requiring more depositions, interrogatories, requests for production of documents, emails, bank statements, contracts, ODL [on-demand liquidity] transactions, etc.,” he explained. “I don’t expect a final judgment, issued by Judge Torres, until late summer, at the earliest. It literally could take a full year before an appeal is filed in this case.”
The lawyer cited the case of LBRY, a blockchain-based file-sharing and payment network, in which the SEC initially sought $23 million from the company. He pointed out: “It took eight months of additional litigation before the judge ultimately issued a fine of $130K.”
Deaton also anticipates that the outcome of the SEC’s lawsuit against cryptocurrency exchange Coinbase (Nasdaq: COIN) will impact the final amount that Ripple will have to pay the regulatory body. He believes that if Coinbase wins its motion-to-dismiss (MTD) the SEC’s lawsuit, then “the SEC will be forced to pivot its anti-crypto agenda and then work out a possible settlement with Ripple.” However, he predicts “no settlement” if Coinbase loses its MTD.
Noting that the “oral argument on the Coinbase motion” is scheduled for Jan. 17, 2024, he said: “A ruling is likely 60-120 days later.” The lawyer emphasized:
Until then I think Ripple will spend tens of millions of dollars in legal fees fighting to greatly reduce the $770M.
Deaton further stated that he believes Ripple will be successful in drastically reducing the $770 million penalty figure. “This isn’t a fraud case,” he stressed. “The goal is to reach an appropriate fine against Ripple for engaging in transactions that qualified as the sale of unregistered securities, but sold in the context of a new asset that other federal agencies declared ‘virtual currencies.'”
What do you think about the SEC wanting $770 million from Ripple? Let us know in the comments section below.
Bitcoin News
Mark Cuban Explains What Crypto’s Really About — Says It’s Missing Application ‘Grandma Really Wants to Use’
https://static.news.bitcoin.com/wp-content/uploads/2023/10/mark-cuban-crypto-768x432.jpg Mark Cuban, a Shark Tank investor and the owner of the NBA team Dallas Mavericks, has shared what he thinks crypto is really about. “Crypto is still waiting for its Instagram moment,” the billionaire said, noting that “What crypto is missing is that one application that grandma really wants to use.”
Mark Cuban Shares What Crypto Needs to Go Mainstream
Billionaire Mark Cuban, a Shark Tank star and the owner of the NBA team Dallas Mavericks, answered a number of questions from users on social media platform X during an episode of Wired’s “Tech Support,” broadcast on Wednesday. Some questions were about cryptocurrency and non-fungible tokens (NFTs).
Replying to a question about whether he thinks crypto is dead, Cuban promptly said: “No. Hell no.” However, the billionaire added:
But I do think crypto has some problems. Number one, most people, when they think crypto, they think speculation. That’s not what crypto’s really about.
“Number two, crypto is really about creating new applications that make things better and easier,” he continued.
Cuban then explained what crypto needs in order to go mainstream. “Think back to the iPhone. It came out in 2007. But it wasn’t until the best apps like Instagram and Snapchat and Facebook went mobile that the App Store and the iPhone really took off. Crypto is still waiting for its Instagram moment,” the Dallas Mavericks owner opined. He emphasized:
What crypto is missing is that one application that grandma really wants to use.
The billionaire proceeded to talk about NFTs. “It won’t be all that much longer where we’ll be able to use an NFT as a ticket. Once the ticket is resold, we don’t make a penny. The scalpers make all the money. If that ticket was an NFT, and it will be in the future, every time it’s resold, the original ticket holder can make some money, the team can make some money,” he detailed. “You can’t do that with physical tickets. You can’t do that with traditional digital transfer. You can do that when you turn it into crypto or an NFT. When that happens, crypto go up.”
The Shark Tank investor also advised: “With NFTs, the best time to buy is when you’re a collector and you love the NFT.” He cautioned:
Don’t buy to speculate. You know what happens to speculators? They get their ass handed to them.
In September, Cuban disclosed a crypto wallet hack resulting in the theft of approximately $870,000 in cryptocurrency. He has also repeatedly criticized the approach taken by the U.S. Securities and Exchange Commission (SEC) to regulate the crypto industry. In July, he said the SEC made mistakes in its regulatory approach and described the regulator as “arrogant.” Additionally, he provided recommendations for how the securities watchdog should regulate crypto.
Do you agree with Dallas Mavericks owner Mark Cuban about crypto’s true purpose and what it needs to go mainstream? Let us know in the comments section below.
cerns that Alameda was on the brink of bankruptcy. Bankman-Fried insists he was taken aback, having not anticipated the severity of the situation. Ellison appeared nervous as she delivered this news, Bankman-Fried argued in court. This revelation prompted him to postpone a planned trip to Washington, D.C., where he was set to discuss crypto legislation with senators.
While dealing with Alameda’s financial instability, Bankman-Fried then claimed to have learned of an $8 billion bug in the system. He insists that he instructed his team, specifically Nishad and Adam Yedidia, to rectify the issue and strengthen the underlying system to prevent future occurrences. Despite not recalling specific discussions about Alameda’s liabilities, Bankman-Fried took measures to address the situation.
Alameda reportedly proceeded to repay approximately $1 billion in loans, and Bankman-Fried engaged in discussions with Blockfi about the situation. Additionally, Bankman-Fried had conversations with Yedidia about creating a “bulletproof” plan, though he could not recall the specifics of the location or content of this discussion.
In August 2022, Bankman-Fried had discussions with Singh about the Korean account and potential hedging strategies with Ellison. He contemplated shutting down Alameda, questioning if the right management was in place. Bankman-Fried also said he expressed concerns about the marketing team and hesitated to approve new marketing initiatives, though he acknowledged the success of some initiatives, like the MLB umpire patch.
As the testimony reached a natural breaking point, discussions turned to the schedule for the remainder of the trial. The jurors were dismissed until Monday, and the parties discussed the schedules for closing arguments, the charge conference, and the potential conclusion of the trial.
What do you think about Sam Bankman-Fried’s testimony on Friday? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Sky-High Surges to Staggering Losses — Unpacking the Crypto Market’s 300-Day Journey
https://static.news.bitcoin.com/wp-content/uploads/2023/10/allststhdjj-768x432.jpg Year-to-date, the dynamic landscape of crypto data reveals a 106% surge in bitcoin (BTC) value against the U.S. dollar. However, it’s noteworthy that it does not clinch the title of the top performer in this period. A closer look at the metrics since the dawn of the year illuminates the impressive rise of several cryptocurrencies eclipsing the 700% mark against the greenback. Meanwhile, a selection of these digital assets has experienced a staggering loss, plummeting over 60% in value within the fiscal year’s framework.
Outshining Bitcoin: The Altcoins That Soared Beyond 700% in 2023
A journey through the last 300 days since January 1, 2023, unveils the volatile performance of various digital currencies against the U.S. dollar. While bitcoin (BTC) has experienced a commendable 106% increase, other tokens like aptos (APT) and chainlink (LINK) have also basked in the glory of gains surpassing 100%.
Nevertheless, it’s crucial to highlight that 26 other cryptocurrencies have outshone Bitcoin in terms of gains since the calendar year’s inception. Notably, bitcoin cash (BCH) has soared by 151%, and maker (MKR) has climbed a staggering 177% year-to-date. The digital currency realm has witnessed five gaining crypto assets skyrocketing more than 700% against the greenback.
This group is led by rollbit coin (RLB), boasting a 7,429% surge, followed by pendle (PENDLE) at a 1,807% increase, and injective (INJ), which spiked by 961%. Trailing closely are kaspa (KAS) and tellor (TLB), rising 898% and 717%, respectively. While tominet (TOMI) did not make it to the top five, it still marked a significant 686% increase against the U.S. dollar year-to-date.
In a broader spectrum, over 50 coins have recorded a 50% or more uptrend against the U.S. dollar since the year’s start. Contrastingly, there are also 50 coins that have witnessed a decline of 8% or more against the greenback. The steepest fall is noted in flare (FLR), plummeting by 97.83%.
Other significant losses include arbitrum (ARB) with an 81.75% decrease, sei (SEI) dropping 74.86%, terra (LUNA 2.0) shedding 62.43%, and apecoin (APE) losing 62.12%. Pancakeswap (CAKE) also finds itself in a precarious position, marking a 61.09% loss, and taking the sixth spot in the list of losers year-to-date. Other notable losers over the past 300 days include LUNC, ETHW, HT, and ALGO.
What do you think about the year-to-date gainers’ and losers’ performances so far? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Bitcoin Miners Brace for 4th Consecutive Difficulty Rise Amidst Hashrate Surge
https://static.news.bitcoin.com/wp-content/uploads/2023/10/minerssddd-768x432.jpg Despite facing a formidable difficulty level of 61.03 trillion, bitcoin miners are gearing up for their fourth consecutive difficulty rise set to unfold on October 30, 2023. Surprisingly, the previous three surges in difficulty failed to thwart Bitcoin’s hashrate, which soared to an all-time peak on October 12, 2023. What’s even more interesting is that the recent epochs for block times have consistently outpaced the traditional ten-minute average.
Bitcoin’s Hashrate Skyrockets to Historic High Despite Rising Difficulty, 4th Increase Expected in 2 Days
The surge in bitcoin’s (BTC) value has translated into burgeoning profits for miners, with the world’s largest mining pools continuing to commit substantial hashpower to the network. On October 12, based on a simple moving seven-day average, Bitcoin’s hashrate reached an unprecedented 456 exahash per second (EH/s), marking an epoch-making milestone.
As of now, the hashrate has stabilized around 443 EH/s, according to the seven-day average. Forecasts currently indicate an anticipated increase in difficulty of 2.21% to 2.5% by October 30. This follows the recent 6.47% uptick observed at block height 812,448 on October 16, as well as the two prior increments.
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Notably, the current block intervals are consistently shorter than the typical ten-minute average, clocking in between eight minutes and 30 seconds and nine minutes and 48 seconds, indicating that 2,016 blocks will likely be mined faster than the two-week average.
Approximately 42 mining pools are channeling their SHA256 hashrate towards the Bitcoin blockchain, propelling Namecoin’s hashrate beyond the 300 EH/s threshold. Namecoin, which shares its mining infrastructure with BTC via merge-mining, reached a record-breaking 396 EH/s at block height 687,123.
Among these 42 pools, Antpool has led the pack over the past three days, accounting for a significant 29.56% of the total hashrate, equivalent to 132 EH/s. Following closely behind, Foundry USA commands a substantial 27.56% share, amounting to 123 EH/s, while Viabtc holds a respectable 11.56% of the hashrate, tallying up to 51.86 EH/s.
Completing the roster of top mining pools after Antpool, Foundry, and Viabtc, are F2pool and Binance pool. As of October 28, 2023, more than 25,000 blocks remain to be mined before the next reward halving. While the anticipated halving event is slated for April 21, 2024, the possibility of an earlier occurrence in March 2024 or earlier looms if the trend of expedited block times persists.
What do you think about bitcoin miners dealing with another difficulty rise in two days? Share your thoughts and opinions about this subject in the comments section below.
itional finance lies in the usage of clearing systems, which mitigate counterparty risks and obviate the need for speedy settlements. This vector has yet to be fully explored and optimized in the crypto domain.
BCN: Decentralized exchanges using Layer-1 chains have low throughput hence they often struggle to meet the expectations of major traders and institutions. Now it is said that Layer-3 solutions such as yours use state channels to improve the public blockchain throughput. What are these state channels and how do they improve the throughput?
LB: State channels are very simple primitive smart contracts that lock funds based on a state. The use of state channels allows for depositing collateral on-chain and then continuing operations off-chain. This bypasses the consensus bottleneck and expedites transaction finalization, significantly enhancing throughput.
Using state channels significantly reduces congestion and transaction fees, making it ideal for apps requiring rapid transactions as we see on decentralized exchanges.
BCN: Your peer-to-peer (P2P) mesh network is said to connect brokers across blockchains which allows them to reach tokens locked on isolated networks without cross-chain bridging. Could you briefly explain to our readers how this works?
LB: Our P2P mesh network uses a decentralized protocol allowing for assets and collaterals to be locked securely. This protocol is compatible with existing custodian solutions since assets don’t partake in the trading process. Participants have the flexibility to withdraw their assets or request settlements on their preferred blockchain, eliminating the necessity for cross-chain bridging.
BCN: It is quite common and logical that traders do not want their sensitive trade information to be made available to the public. How do the so-called state channels ensure the privacy of user information?
LB: This is an additional benefit of using state channels, from the moment all operations go off-chain, there is strict privacy on the trade channel. The way state channels work is only reflecting the initial state and the final result of trades on the main blockchain. The rest of the transactions are only visible to channel participants.
What are your thoughts about this interview? Let us know what you think in the comments section below.
➖ Sent by @TheFeedReaderBot ➖
CoinDesk
Crypto Exchange Linked to 3AC Founders Drops Lawsuit Against Mike Dudas
OPNX voluntarily dropped its defamation suit against the venture investor and crypto personality.
Bitcoin News
Crypto Exchange Wants to See India Lower Tax on Trading
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_1038208168-768x432.jpg Indian government should lower a tax on crypto transactions as it’s not fulfilling its stated purpose, a local cryptocurrency exchange said. The company blames the levy, which was introduced last year, for driving Indian crypto trading volumes to overseas platforms.
Indian Exchange Expects Government to Reduce Crypto Tax Burden
Authorities in New Delhi imposed a 1% tax deducted at source (TDS) on crypto transactions in 2022, declaring that the main goal is to track buying and selling rather than raise revenue for the state budget. But the levy has proven counterproductive and must be lowered, according to the Indian crypto exchange Coindcx.
The tax has driven 95% of Indian trading volumes to platforms operating abroad that Indian officials can hardly monitor, the company’s CEO Sumit Gupta said, quoted by Bloomberg. “The whole purpose of the TDS was to track and trace transactions but that is getting defeated,” he pointed out.
As a result of the tax, market makers have exited Indian exchanges due to higher costs, hurting liquidity and deterring trading. Domestic trading platforms remain in limbo even as the current crypto rebound boosts volumes in other markets, the report notes.
In a funding round in April 2022, Coindcx was valued at $2.15 billion. Its revenues now are around a third of those registered before the 1% tax was introduced in July last year and the firm has cut 12% of its staff, Gupta revealed. He added that the company’s compliance expenses have gone up in the meantime, since the government applied anti-money laundering laws to the sector.
Earlier this year, India introduced new penalties for crypto tax evasion. Besides the TDS, crypto profits in India are taxed at a 30% rate. No changes were made to the existing tax regime regarding crypto transactions in the nation’s budget for 2023 and no tax relief was given to the industry or crypto investors and traders.
Gupta also said he anticipates more regulatory clarity from the government by the end of 2025, after the general election next year. India, which holds the G20 presidency, has called for a global approach to crypto regulation through international institutions. Last month, its Economic Affairs Secretary Ajay Seth indicated New Delhi intends to finalize its stance on crypto in the coming months.
While activity on Indian exchanges has decreased significantly, adoption continues to grow through other means, including offshore crypto trading and various related financial services. According to blockchain analytics firm Chainalysis, Indians have received crypto assets valued at around $250 billion in the year through June.
Do you think the Indian government will revise its crypto tax policy? Share your expectations in the comments section below.
CoinDesk
CME on the Cusp of Replacing Binance as Top Bitcoin Futures Exchange
With a notional open interest (OI) of $3.54 billion, CME is now the second-largest bitcoin futures exchange.
Bitcoin News
Lucky Solo Miner With 11 PH/s Bags Bitcoin Block Reward Amid Giant Pools
https://static.news.bitcoin.com/wp-content/uploads/2023/10/1miner-768x432.jpg Recent insights reveal that a solo miner successfully mined block 814,308 employing a mere 11 petahash per second (PH/s) of mining power. This feat was achieved through Solo Ckpool, a service for solo miners endowed with lower hashrates or older, less efficient hardware.
Solo Miner Finds Another Block in 2023; Unveils Unpredictable Vein of Bitcoin Mining
The realm of solo miners—entities mining bitcoin without the support of behemoth pools—has witnessed the discovery of several blocks this year. On October 28, 2023, Con Kolivas, a developer who manages Solo Ckpool announced that a lone bitcoin miner discovered block 814,308 wielding 11 PH/s of hashpower.
Unlike the colossal BTC mining pools that share the spoils of most of today’s block discovery, unique platforms like Ckpool are engineered to empower solo miners to carve their path independently. Although Ckpool boasts 3.1 exahash per second (EH/s) of hashpower, the scenario morphs when a solo miner strikes gold by mining a block.
Upon the successful mining of a block subsidy, the fortunate miner reaps 99% of the block reward, leaving other miners in the pool with empty hands. Just 72 days earlier, on the morning of August 18, 2023, Kolivas revealed that block height 803,821 had been mined by a solitary miner with only 1 PH/s of hashrate.
Kolivas further noted that a miner with 1 PH/s has a chance of success once every seven years to find a block, given the network’s difficulty. Despite the stroke of fortune, another miner found even greater luck in June, discovering block height 793,607 with only 17 terahash per second (TH/s) of mining power. At the time, Kolivas suggested the miner was likely using an old Bitmain S9 unit.
Besides small miners with low hashrates, solo entities with significantly more hashpower have been finding blocks without the assistance of large pools. In March 2023, a solo miner with 1 EH/s found block 782,845, and shortly thereafter, the same solo miner with 1 EH/s of hashpower located block 782,867. By employing techniques that enable solo miners to uncover lucrative block subsidies, these rare instances are occurring more sporadically.
The appeal of solo mining pools largely stems from the independence they afford to miners. The world of bitcoin mining is more random and unpredictable than commonly believed, with the discovery of a block not always correlating directly with a miner’s computational power. Often, it’s a game of chance, similar to a fortunate individual clinching victory with a single lottery ticket, compared to another who’s purchased multiple tickets to improve his odds.
What do you think about solo miners discovering blocks among the mining pool giants? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Hackers Steal $4.4 Million From 25 Users of Lastpass Password Management App
https://static.news.bitcoin.com/wp-content/uploads/2023/10/hhhhhoooooooo-768x432.jpg Digital assets worth approximately $4.4 million were reportedly stolen from more than 80 addresses belonging to 25 users of the password management app Lastpass. Crypto theft investigator Zachxbt has urged crypto asset holders using the password manager to consider removing their keys and passphrases from the app.
More Than 80 Addresses Compromised
According to the online crypto theft investigator Zachxbt, approximately $4.4 million was stolen from more than 25 individuals using the password manager app Lastpass. The theft, which is said to have occurred on Oct.25, is suspected to be the work of a single threat actor. At the time of writing, more than 80 distinct addresses were compromised.
An analysis of the breach published on Chainabuse suggests that the theft may be “related to a larger case that dates back to at least December 2022.” As previously reported by Bitcoin.com News, the password management app’s cloud-based storage environment was breached in August 2022 but Lastpass only confirmed this on Dec. 22, 2022.
Following the revelation, Lastpass attempted to reassure worried users but this was largely met with scepticism.
Just on October 25, 2023 alone another ~$4.4M was drained from 25+ victims as a result of the LastPass hack.
Cannot stress this enough, if you believe you may have ever stored your seed phrase or keys in LastPass migrate your crypto assets immediately. pic.twitter.com/26HsxrlnCb
— ZachXBT (@zachxbt) October 27, 2023
Other Victims Urged to Share Transaction Hashes of the Thefts
Meanwhile, in a warning shared via the social media platform X (formerly Twitter), Zachxbt urged users of the password manager to remove their passphrases from the app.
“Just on October 25, 2023 alone another ~$4.4M was drained from 25+ victims as a result of the LastPass hack. Cannot stress this enough, if you believe you may have ever stored your seed phrase or keys in Lastpass migrate your crypto assets immediately,” Zachxbt cautioned.
The crypto investigator urged followers who may also be victims of the Lastpass hack to share the transactions hashes of the theft.
Reacting to Zachxbt’s post, some social media users appeared to blame the victims for having chosen to use the password management app in the first place. However, in response, the online investigator suggested that many people including unnamed high-profile people are using the app.
What are your thoughts on this story? Let us know what you think in the comments section below.
Bitcoin News
From Venezuela’s 360% to Ghana’s 42%, 10 Countries Worldwide Feel the Sting of Inflation
https://static.news.bitcoin.com/wp-content/uploads/2023/10/10countryyyysyysd-768x432.jpg Drawing upon the latest statistics, ten nations are grappling with inflation rates surpassing 40% as of October 2023, while four countries are enduring inflation rates in excess of 100%. A look into the data curated by the International Monetary Fund’s World Economic Outlook reveals that the Venezuelan bolivar is weathering significant inflation at a rate of 360%, closely followed by the Zimbabwean dollar at a rate of 314.5%. 10 Nations Grapple With Soaring Inflation, Surpassing 40% and Shaking Economies
Numerous fiat currencies have faced challenges throughout 2023, resulting in a depreciation when measured against others. In essence, this inflation translates to a diminished capacity to purchase goods and services with the same amount of money, directly linked to decreased purchasing power. Inflation significantly influences consumers, and it equally disrupts businesses, leading numerous companies to collapse. Moreover, hyperinflation is typically characterized by monthly inflation rates that soar above the 50% mark.
As of October 2023, data from the International Monetary Fund (IMF) highlights that Venezuela is experiencing the world’s highest inflation rate at 360%. Situated at the northern tip of South America, the country has long been at the top of global inflation charts, with the Venezuelan bolivar persistently struggling against diminishing purchasing power. Zimbabwe’s dollar is also grappling with triple-digit inflation, registering at 314.5%, as per the IMF’s data.
This landlocked nation in Southern Africa has been wrestling with escalating inflation for a considerable period. In Sudan, nestled in Northeast Africa, the Sudanese pound is enduring an inflation rate of approximately 256.2%. For an extended duration, the country’s currency has been on a downward spiral, marked by significant devaluations and fluctuations in recent times. Meanwhile, in the southern hemisphere of South America, Argentina is facing its own economic turmoil with an inflation rate soaring to 121.7%.
Argentina’s inflation saga is extensive, with a significant driver being the swift increase in money supply. Over the previous year, the Argentine peso has witnessed a substantial decline in purchasing power. On the other hand, Suriname, the smallest sovereign nation in South America, is experiencing an inflation rate of 53.3% as of October 2023. The inflationary pressures in Suriname stem from a myriad of factors, including rampant money creation, fiscal imbalances, and external disruptions. Notably, the Surinamese dollar (SRD) underwent a 228% devaluation from August 2020 to October 2021.
https://static.news.bitcoin.com/wp-content/uploads/2023/10/dollr.jpg
Meanwhile, Turkey, straddling the borders of Southeast Europe and West Asia, is contending with an inflation rate of 51.2%. This economic challenge is fueled by Turkish President Recep Tayyip Erdogan’s unconventional stance favoring low interest rates. Turkey’s economic narrative has been punctuated by numerous instances of rapid and prolonged inflationary periods. Venezuela, Zimbabwe, Sudan, Argentina, Suriname, and Turkey presently top the global charts with the six highest inflation rates. Finding Refuge in Barter Systems and Digital Currencies
Completing the list of the top ten nations grappling with the highest inflation rates are Sri Lanka (48.19%), Iran (47%), Haiti (43.6%), and Sierra Leone (42.9%), with Ghana closely following in the 11th spot, experiencing an inflation rate of about 42.2% as of October 2023. Residents in each of these countries are adopting various strategies to mitigate the effects of inflation.
These include engaging in barter systems, trading goods and [...]
Bitcoin News
Bitcoin Ordinal Inscriptions Defy Downturn, Embark on Resurgence as Daily Counts Soar
https://static.news.bitcoin.com/wp-content/uploads/2023/10/study-768x432.jpg Over the weekend, the cumulative count of Ordinal inscriptions briskly surpassed the 36 million milestone, signaling a departure from the month-long downturn in daily onchain inscription issuances. While the staggering peaks of early September still remain unreached, a discernible resurgence has unfolded since October 25, with daily inscriptions once more eclipsing the 100,000 benchmark.
From Slump to Surge, Bitcoin Ordinal Count Ignites Onchain Revival
Unfolding over 33 days from September 24, 2023, the realm of Ordinal inscriptions witnessed a pronounced decline, presenting a vivid contrast to September 15, when an astonishing 440,760 inscriptions were orchestrated within a mere 24-hour span.
The ensuing period was characterized by a substantial descent, reaching a low on October 13, with less than 10,000 inscriptions minted. Yet, a week later, the winds of change began to stir, hinting at a potential renaissance of Ordinal inscriptions. The pivot materialized on October 24, and on that day, approximately 74,257 inscriptions were tendered to the Bitcoin blockchain.
Following suit, on the 25th, a robust 184,480 inscriptions were minted. Since that juncture, daily inscriptions have consistently surpassed the 125,000 threshold. Mirroring the manner in which daily inscriptions accumulate transactions in Bitcoin’s mempool or transaction backlog, a similar trend is re-emerging. Presently, over 29,000 to 40,000 unconfirmed transactions are in a holding pattern, awaiting miner validation.
Commencing October 25, the Bitcoin blockchain has leaped from the former 250,000-300,000 transactions per day spectrum to the current 400,000-475,000 transfers per day. To this point, solely from inscription minting, bitcoin miners have amassed 2,137 BTC, valued at approximately $72 million. On October 28, the tally of daily inscriptions ascended to 283,950, surpassing October 25 by a substantial 99,470 inscriptions.
What do you think about the revival of Ordinal inscriptions over the past week? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Anthropic’s $2 Billion Deal With Google Brings Hope to FTX Creditors
https://static.news.bitcoin.com/wp-content/uploads/2023/10/claud-1-768x432.jpg A few weeks back, a coalition of creditors from FTX, known as the “FTX 2.0 Coalition,” shed light on how the defunct exchange’s vested interest in Anthropic could significantly enhance their compensation. Now, Anthropic has successfully secured $2 billion in funding from Google. Although the exact updated valuation remains undisclosed, preliminary estimates suggest the generative artificial intelligence (AI) company reportedly boasts a post-valuation ranging from $20 to $30 billion. FTX Creditors Look to Reap Benefits as Anthropic Gains $2 Billion
In 2023, there is no doubt that artificial intelligence (AI) has experienced significant growth, with billions of dollars in capital flowing towards companies such as Anthropic and Openai. These two competitors have developed two generative AI chatbots known as “Claude” and “Chatgpt.”
Towards the end of September, Bitcoin.com News reported that Amazon pledged $4 billion to support Anthropic. Prior to this investment, Google had already invested $300 million in the AI startup. It is also widely known that before Amazon and Google made their investments, former FTX CEO Sam Bankman-Fried (SBF), along with some of his senior executives, infused $500 million into Anthropic.
On October 4, it was reported that a consortium of FTX creditors, known as the “FTX 2.0 Coalition,” explained the potential for the Anthropic investment by SBF to potentially wholly reimburse customers and clients. This particular discussion followed Amazon’s injection of $4 billion into Anthropic.
https://static.news.bitcoin.com/wp-content/uploads/2023/10/jonnyspot.jpg
Three weeks later, on October 27, creditors got some hopeful news as reports confirmed that Google was pledging $2 billion to Anthropic. Exact post-valuation figures remained undisclosed, although preliminary estimates had ranged from $20 billion to $30 billion.
The FTX 2.0 Coalition reposted the Wall Street Journal’s (WSJ) social media update regarding Google’s recent injection, with WSJ being the initial source of the report. Meanwhile, the FTX estate has opted to postpone the sale of the Anthropic investment, resulting in a contentious legal issue.
U.S. prosecutors, who have charged SBF with fraud, asserted that although Anthropic’s investment may benefit customers, it should not diminish the charges SBF is facing. In the early stages of the trial, prosecutors attempted to exclude the Anthropic investment from the trial’s proceedings.
Moreover, the announcement page, which detailed SBF as the leader of the Series B funding round with participation from Caroline Ellison, Jim McClave, Nishad Singh, Jaan Tallinn, and the Center for Emerging Risk Research (CERR), now displays a 404 error HTTP status code. However, the link remains accessible and can be viewed through archive.org’s Wayback Machine, after being saved on April 29, 2022.
What do you think about Anthropic getting a $2 billion injection from Google? Do you think that it will help FTX creditors? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Trading Slump Wiped $12 Billion From Binance Founder’s Fortune, Bloomberg Says
https://static.news.bitcoin.com/wp-content/uploads/2023/10/cz-binance-768x432.jpg Binance founder and CEO Changpeng Zhao (CZ) has reportedly lost nearly $12 billion from his wealth amid declining crypto trading volumes this year. According to Bloomberg’s estimates, the world’s largest trading platform for digital assets has seen a 38% decrease in revenues.
Bloomberg Estimates CZ’s Wealth at Over $17 Billion in a Challenging Year for Binance
The Bloomberg Billionaires Index has cut its estimate of Binance’s revenues by 38% based on data showing that trading volumes on the platform decreased in 2023. This has erased $11.9 billion from the fortune of Changpeng Zhao, the exchange’s founder and chief executive.
In a report this week, Bloomberg said that CZ’s wealth has dropped to $17.2 billion. The news agency also noted it’s using spot and derivatives trading data from the crypto tracking services Coingecko and Coinpaprika to calculate Binance’s revenue.
In the first quarter of this this year, the leading crypto trading platform’s market share reached 62% of total crypto trades on exchanges. The report attributes the increase to the offering of zero-fee trading of popular pairs. When the promotion expired, Binance’s share dropped to 51% at the end of Q3, Bloomberg explained, quoting research firm Ccdata.
Binance is not the only major player in the industry affected by the crypto market which has suffered from high-profile collapses, like that of crypto exchange FTX, regulatory uncertainty, and rising interest rates in the fiat world that have increased the attractiveness of other investments. In the third quarter, the spot trading volume on Coinbase, America’s leading crypto exchange, fell 52% from a year earlier.
Besides declining trading volumes, has been dealing with heightened regulatory pressure as well. In the U.S., both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) sued the crypto giant for alleged violations of securities and derivatives laws.
Regulators also accused the cryptocurrency exchange of circumventing rules to allow U.S. users to access its platform, lacking adequate money-laundering controls, inflating trading volumes, and mishandling customer funds.
This year, the trading volumes and market share of Binance’s American arm shrank when it announced it’s transitioning to a crypto-only platform that would no longer process U.S. dollar transactions. Bloomberg’s wealth index slashed its value to zero. In March 2022, Binance US had been valued at $4.7 billion and in January of that year, CZ’s net wealth had peaked at an estimated $96 billion.
Do you expect CZ’s wealth to increase with the end of the crypto winter? Tell us in the comments section below.
Bitcoin News
Elon Musk Unveils Plan to Turn X Into ‘Powerful’ Financial Platform — ‘You Won’t Need a Bank Account’
https://static.news.bitcoin.com/wp-content/uploads/2023/10/elon-musk-x-768x432.jpg Billionaire Elon Musk has revealed that he is turning his social media platform X, formerly Twitter, into an all-encompassing financial platform. “When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform,” he claimed, emphasizing: “You won’t need a bank account.”
Elon Musk’s Plan for X
Elon Musk, CEO of Tesla and Spacex and owner of social media platform X (formerly Twitter), revealed to X employees in an all-hands call on Thursday that he is transforming X into a financial hub for users, The Verge reported, citing an audio recording of the meeting it had obtained.
Noting that he expects financial and payment features to launch on X by the end of 2024, Musk claimed that people will be surprised with “just how powerful it is.” The billionaire described:
When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.
The social media company is currently in the process of securing money transmission licenses across the U.S. in order to offer financial services to users. Musk said during the Thursday meeting that he hopes to obtain the additional licenses X requires within “the next few months.”
In addition, Musk revealed that the X/Paypal product roadmap was written by him and venture capitalist David Sacks in July 2000. Sacks served as Paypal’s first product leader and then as chief operating officer. However, Musk noted that once Paypal was acquired by Ebay in October 2002, “not only did they not implement the rest of the list, but they actually rolled back a bunch of key features.” He opined: “So Paypal is actually a less complete product than what we came up with in July of 2000, so 23 years ago.”
Regarding when the financial features will be available on X, Musk said:
It would blow my mind if we don’t have that rolled out by the end of next year.
The Tesla boss stated last November that X could offer “an extremely compelling money market account,” debit cards, checks, and loan services. Moreover, he previously said that X would become an “everything app.”
Do you think Elon Musk will successfully turn X into a financial platform that everyone will want to use? Let us know in the comments section below.
Bitcoin News
Economist Peter Schiff Says US Dollar Will Tank — Warns of USD Owners Getting Destroyed
https://static.news.bitcoin.com/wp-content/uploads/2023/10/peter-schiff-dollars-768x432.jpg Economist Peter Schiff has warned that the U.S. dollar will tank, taking the U.S. economy and the American standard of living down with it. Noting that everyone who owns U.S. dollars could “get destroyed,” he cautioned: “We are getting very close to a crash in Treasuries. That means the party will finally come to an end. The truth will be laid bare as the day of reckoning arrives with a vengeance.”
Peter Schiff on Treasuries Crashing, US Dollar Tanking
Economist and gold bug Peter Schiff warned about the state of the U.S. economy and the collapse of the U.S. dollar again this week.
“We are getting very close to a crash in Treasuries. That means the party will finally come to an end. The truth will be laid bare as the day of reckoning arrives with a vengeance,” he wrote on social media platform X Wednesday. The economist stressed:
The dollar will tank, taking the U.S. economy and the American standard of living down with it.
“U.S. Treasuries are now the ultimate risk asset, as losses are guaranteed,” Schiff warned in another X post. “There are only two possible outcomes, default & deflation, or devaluation & inflation,” he predicted, adding:
The latter option is more politically expedient, which means everyone who owns U.S. dollars will also get destroyed.
Schiff has warned about the collapse of the U.S. dollar many times. The economist detailed last week: “The primary use for U.S. dollars has been to buy Treasuries. But since the biggest buyers are now sellers, and the national debt and federal budget deficits are soaring, demand for dollars should collapse as well. Once the dollar starts falling, Treasury yields will rise faster.”
The gold bug expects no further interest rate hikes. “We’ve got war in the Middle East, so the Fed can’t raise rates with all that uncertainty out there. And maybe they’ll have to cut rates,” he recently said. Schiff has also repeatedly warned about an impending biggest bond market crash and an unprecedented financial crisis.
Do you agree with economist Peter Schiff about the U.S. dollar? Let us know in the comments section below.
Bitcoin News
From Airbnb to Bahamas Elite — Bankman-Fried Testifies About FTX’s Operations and Alameda
https://static.news.bitcoin.com/wp-content/uploads/2023/10/sbfshdj-768x432.jpg Sam Bankman-Fried took the stand in his fraud trial on Friday, October 27, 2023, and was questioned by his lawyer about the operations of FTX and its relationship with affiliated crypto trading firm Alameda Research. Sam Bankman-Fried’s Trial Testimony Day 2
On Friday, Sam Bankman-Fried stated that FTX was “primarily a margin exchange” that allowed trading similar to a mortgage, with users borrowing funds to trade larger positions. He also discussed FTX’s risk management systems, its handling of Alameda’s accounts, and his responsibilities as CEO. The courtroom testimony was broadcast on X by the legal and investigative journalist Matthew Russell Lee from the Inner City Press.
Bankman-Fried testified that he started Alameda Research in 2017 to trade cryptocurrency arbitrage after previously working at Jane Street Capital. He said Alameda operated initially out of a rented Airbnb in Berkeley, California with a small staff including Gary Wang and Caroline Ellison. Bankman-Fried stated that he limited his own salary to $200,000 per year but that the firm was profitable, making “50 to 100 percent profit, annualized.”
After moving to Hong Kong, Bankman-Fried said they founded the FTX exchange and brought on more staff like Nishad Singh from Facebook. He stated that Alameda was a market maker for FTX, providing liquidity to the exchange. Bankman-Fried discussed risk management systems put in place, including a “risk waterfall” to cover negative account balances. “If an account went negative, we’d start selling off – but if late, we had backstop liquidity,” he stated.
Bankman-Fried admitted to concerns about erroneous liquidations impacting Alameda’s accounts. “I told Gary, we have to stop such liquidations of Alameda’s account. They told me they’d done it. Now I know it was the ‘Allow Negative,'” he testified. He also discussed increasing Alameda’s credit line to FTX to billions of dollars based on conversations with Wang and Singh.
The defendant stressed that he delegated leadership of Alameda to Ellison and Sam Trabucco as he focused more on FTX. However, he stayed involved in ventures and had access to Alameda’s systems. “Alameda’s Pointer pages…were on my auto-open,” Bankman-Fried stated. He also discussed measures he says were taken to avoid market manipulation and provide transparency to FTX users.
The ex-FTX CEO said he started FTX in the Bahamas due to friendlier regulations, lived with nine other employees, and delegated little as his public profile grew. Bankman-Fried admitted he had no marketing background but thought “brand marketing would be better” than digital ads. He decided to advertise at stadiums since their names were well-known. “I did not want FTX to be known as the Kansas City Royals of crypto exchanges,” he quipped.
The defendant also detailed his venture investments in cryptocurrency projects, political donations, and lobbying efforts. He said he wanted to “impact the world” through policies on issues like pandemic prevention. Bankman-Fried confirmed using encrypted messaging apps like Signal at FTX. When asked about retaining records, he responded that “some had to be kept, some should be not kept, and then those in the middle.” The Unraveling of Alameda
In May 2022, Bankman-Fried observed a significant drop in Alameda’s net asset value, falling from $40 billion to $10 billion by June. He discussed hedging strategies with Ellison, aiming to mitigate potential losses. Bankman-Fried communicated these concerns and strategies to key personnel. Despite suggesting a $2 billion hedge to Alameda, he claims the firm did not implement this strategy.
Ellison allegedly approached Bankman-Fried, expressing her con[...]
Bitcoin News
Biggest Movers: LINK Nears 18-Month High on Saturday, as Bulls Extend Momentum
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_1962634423-768x432.jpg Chainlink moved towards an 18-month high to start the weekend, following a second day of bullish momentum. The cryptocurrency rose by as much as 7% in today’s session, despite the global market cap mostly consolidating on Saturday. Cardano also rallied, nearing a multi-month high of its own.
Chainlink (LINK)
Chainlink (LINK) made considerable gains to start the weekend, as the token rose by as much as 7% in the day.
LINK/USD peaked at a high of $11.59 earlier in today’s session, which comes a day after price fell to a low of $10.80.
Today’s gains pushed price closer to a recent 18-month high of $11.78, which was hit during the week.
The latest bullish push in LINK comes as the relative strength index (RSI) continued to trend upward, and it now sits at 81.68.
A ceiling is fast approaching at the 83.00 mark, and should bulls fail to break out of this level, there will likely be a reversal in price.
Cardano (ADA)
Cardano (ADA) was another notable mover on Saturday, climbing closer to a recent nine-week high.
Following a low of $0.284 on Friday, ADA/USD raced to a peak at $0.2973 earlier in today’s session.
As a result of the surge, cardano edged closer to its highest level since mid-August, when price traded over $0.30.
From the chart, it appears that the 14-day RSI is now tracking at a reading above 77.00, which could prompt some bears to begin entering the market.
As a result, a handful of bulls have begun to secure gains, leading to ADA now trading marginally below today’s peak.
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Will cardano reach $0.30 during November? Let us know your thoughts in the comments.
Bitcoin News
FDUSD’s Meteoric Rise: 62% Surge in Supply and 6th Highest Trading Volume Globally
https://static.news.bitcoin.com/wp-content/uploads/2023/10/fdusududjdjdjjdjdjjd-768x432.jpg In the span of the past 85 days, the recently introduced stablecoin known as FDUSD has witnessed a significant surge in its circulating supply, soaring by 62% since the commencement of August. This surge in supply has propelled FDUSD into the echelons of the top ten stablecoins by market capitalization, while its market volume share has experienced a substantial expansion.
FDUSD Emerges as Dark Horse in Stablecoin Arena
In the realm of dollar-pegged digital tokens, the once-obscure stablecoin known as first digital usd (FDUSD) has witnessed a significant rise. Since August 4, 2023, its supply has undergone expansion, surging by 62% from 260 million to its current standing at 423 million as of October 28, 2023.
A global surge in trading volume has also been recorded, with data revealing that on Saturday, FDUSD secured the sixth position in terms of trading volume among more than 10,000 existing crypto assets. According to metrics from coingecko.com, the past 24 hours have witnessed FDUSD being traded globally to the tune of a substantial $1.62 billion.
While tether (USDT) maintains its position as the leading trading pair for bitcoin (BTC), statistics from cryptocompare.com highlight FDUSD’s distinction as the second-largest trading pair for the leading cryptocurrency. In the hierarchy of cryptocurrency assets by market capitalization, FDUSD holds the 85th position within the top 100.
However, it is worth noting that FDUSD’s trading volume primarily congregates within Binance, and a mere 141 unique addresses hold this stablecoin. Moreover, the majority of the trading activity occurs off-chain, as FDUSD has only recorded a modest 752 transactions since its inception.
The upper echelon of holders exerts dominant control, with the top 100 holders collectively commanding a staggering 100% of the supply, which amounts to 423,305,155 tokens out of the total 423,305,427 supply. Binance emerges as the foremost holder, with a single account wielding authority over a substantial 79.39% of the total FDUSD in circulation.
Among the top five FDUSD wallets, Binance claims ownership of three. The remaining two wallets belong to anonymous holders, with the third holder’s identity shrouded in mystery, yet holding 2.02 million FDUSD. The fifth-largest holder, also operating incognito, boasts control over 999,998 FDUSD. Interestingly, this particular wallet holds additional assets, with $2.6 million in USDT and $1.27 million in USDC to its name.
What do you think about FDUSD’s supply rise and uptick in global trade volumes? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
State Channels ‘Significantly Reduce Congestion and Transaction Fees,’ Ideal for Decentralized Exchanges — Louis Bellet
https://static.news.bitcoin.com/wp-content/uploads/2023/10/shutterstock_1089819557-768x432.jpg According to Louis Bellet, the founder of the Layer-3 peer-to-peer protocol Yellow Network, crypto trading has not scaled largely because it remains unregulated in many places which in turn “greatly slows down its growth and produces tons of scams.” In contrast, traditional finance (tradfi) is widely seen as “a well-oiled machine” and this according to Bellet may be down to the sector’s “well-established regulatory frameworks and policies in place.” State Channels Ideal for Apps Which ‘Require Rapid Transactions’
Still, in his answers sent to Bitcoin.com News, Bellet sought to link traditional finance’s scalability to the “usage of clearing systems.” He argued that such clearing systems help to “mitigate counterparty risks and obviate the need for speedy settlements.” According to Bellet, until and unless this vector is “fully explored and optimized” in the crypto space, trading will not scale as some are hoping.
Meanwhile, when asked about his views on so-called state channels, the Yellow Network founder said these help to “significantly reduce congestion and transaction fees.” Lower fees and a network with less congestion make state channels an ideal option for apps which require rapid transactions, the founder insisted.
State channels, which are described as a blockchain second-layer solution, make it possible for a group of participants to perform an infinite number of transactions off-chain. They can also ensure there is strict privacy on the trade channel, according to Bellet, something which is valued by today’s traders.
Elsewhere, in his written answers sent to Bitcoin.com News via Telegram, Bellet also shared his thoughts on what he sees as factors inhibiting the growth of crypto trading.
Below are Louis Bellet‘s answers to the questions sent.
Bitcoin.com News (BCN): Cryptocurrency trading is generally seen as being siloed and to some extent inefficient. Can you identify some of the challenges associated with these limitations that traders often encounter?
Louis Bellet (LB): Limited Exchange Availability — Despite common misconception, there are very few exchanges, making regulation a rather challenging task. They often assume multiple roles—custodian, broker, and exchange, all under one roof—and operate from jurisdictions where regulatory oversight is lax or non-existent.
Consumer Protection Deficit — Consumers are left with little to no protection, alongside a lack of regulated solutions to choose from.
High Counterparty Risk — The current state of crypto produces a high level of counterparty risk.
Monopolistic Landscape — Existing exchanges enjoy their monopoly, making it almost extremely difficult for new local exchanges to break into the market, especially when it comes to sourcing liquidity.
Web 2.0 Legacy Systems — CEXs [centralized exchanges] are yet to harness the benefits of blockchain technology; they operate on legacy Web 2.0 systems, deemed obsolete by conventional financial standards.
BCN: Although blockchain has brought decentralized computation, the industry has not been able to scale crypto trading to the extent that traditional finance has. In your opinion, what is holding back the scalability of crypto trading?
LB: I know that is not what people in crypto want to hear but traditional finance is such a well-oiled machine mainly because of its well-established regulatory frameworks and policies in place. While we do see steps taken towards keeping crypto under control, it still remains relatively unregulated in many regions, which greatly slows down its growth and produces tons of scams.
The key to scalability in trad[...]
