roadrunner

PRESS RELEASE. Miami, FL – VAST, the multimedia NFT marketplace that dropped the first-ever NFT sitcom featuring Snoop Dogg and The Harlem Globetrotters, has announced the completion of their strategic private investment round with leading blockchain venture capital firms: GHAF Capital, NGC Ventures, Skyman Ventures, Infinity Ventures Crypto, and Spartan Protocol. The VAST backers are made up of leading visionaries in the blockchain space whose portfolios form much of the backbone of blockchain infrastructure and innovation. Initial seed investors include: Huobi Ventures, Polygon Studios, HyperEdge Capital, GHAF Capital, SL2 Capital, PrimeBlock Ventures, GBV Capital, NGC, Spartan, IVC, Skyman Ventures, LD Capital and Quantstamp. “We are incredibly grateful to our investors for supporting the future of VAST,” says Michael Jurkovac, VAST co-founder and CEO. “With their help, we are providing amazing opportunities and experiences for creators and the millison of fans who support them.” “As the metaverse phenomenon grows, the potential for VAST – and the celebrity metaverse it is creating, is huge,” Sandeep Nailwal, Co-Founder and COO of Polygon says. The exciting news about this private round comes on the heels of VAST, built on leading decentralized blockchain Polygon, securing a credit card integration onto their platform, the first for any platform on Polygon. With this new integration, VAST users can easily purchase MATIC, Polygon’s digital currency, directly with their credit card to purchase NFTs. The completion of this raise enables VAST to put the finishing touches on their next product, VAST EngageFi, the first-ever “Engage to Earn” decentralized NFT platform,. With VAST EngageFi, creators can drop NFTs that will deliver direct value to fans who engage with their content. Details about VAST EngageFi will be announced in the coming weeks. “VAST is one of the most exciting investments I’ve made in the past three years,” says Hubertus Thonhauser, partner at GHAF Capital, “I can’t wait to see this platform, which cares so much about creating a better economy for artists, build a new rewards-ecosystem including creators, collectors and media.” ABOUT VASTx VAST is the first premium multimedia delivery platform for buying and selling highly collectible NFTs. VAST was developed to help Creators, Influencers, and Brands build deeper engagement with their social network by launching NFT-Enhanced Content through online channels they own and control. To date, VAST has generated over 5 billion audited media impressions for content on their platform from some of the top media sites around the world – including ESPN, Vogue, Vanity Fair, GQ, Architectural Digest, and Harper’s Bazaar. For more information about VAST, follow the project on Twitter and Instagram. This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

It’s now 4.33% easier to mine bitcoin over the next two weeks as the difficulty adjustment algorithm (DAA) dropped from 31.25 trillion to today’s 29.85 trillion. It’s the largest DAA drop since July 17, 2021, when the difficulty dropped 4.81% at block height 691,488. Bitcoin Mining Difficulty Dips 4.33% — The Largest Drop Since July 2021 Mining bitcoin is a lot less difficult than it was before May 25, 2022, as Bitcoin’s difficulty adjustment algorithm (DAA) saw a 4.33% reduction in difficulty. Prior to the drop, Bitcoin’s difficulty was approximately 31.25 trillion and today, it’s approximately 29.85 trillion after the largest drop since July 2021. The DAA change occurred at block height 737,856 on Wednesday. Bitcoin’s USD value has been lower in recent times, so a downward difficulty adjustment helps miners recoup some of the losses by making it 4.33% easier to find bitcoin block rewards. Currently, a Bitmain Antminer S19 Pro+ Hyd. with 198 terahash per second (TH/s) in hashpower can get an estimated $9.24 per day in BTC profits. Bitcoin’s global hashrate has been consistent and above the 200 exahash per second (EH/s) region for quite some time now. On May 2, 2022, Bitcoin’s hashrate tapped an all-time high at 275 EH/s at block height 734,577. Right now, there are 1,864 bitcoin (BTC) blocks left to be found until the next DAA change on June 8, 2022, and 101,992 blocks left until the next reward halving. There will be roughly 51 consecutive DAA changes every two weeks before the block reward halving occurs. Bitcoin’s current difficulty, the USD value, and a cost of $0.12 per kilowatt-hour (kWh) makes it so machines that produce 30 terahash per second (TH/s) are not very profitable, unless the miner pays less than $0.12 per kWh. For example, the Innosilicon T3+ (52 TH/s), gets around $0.21 per day in BTC profits if electricity costs $0.12 per kWh. Three-day mining pool statistics indicate that there are 12 known mining pools today dedicating SHA256 hashpower to the BTC chain. Approximately 1.44% of the global hashrate is operated by unknown or stealth miners with roughly 3.04 EH/s of hashpower. Metrics over the past 72 hours show Foundry USA has been the top bitcoin mining pool in terms of global hashrate and blocks found. At the time of writing, Foundry’s hashrate is approximately 24.28% of Bitcoin’s global hashrate or 51.10 EH/s. The pool found 101 BTC block rewards out of the 416 blocks found during the past three days. Bitmain’s Antpool managed to find 61 blocks out of the 416 found in three days, making it the second largest pool in terms of computational power. Antpool’s 30.86 EH/s of hashrate equates to 14.66% of the global aggregate. With BTC’s difficulty running at 29,850,529,410,160 estimates currently show another reduction is in the cards, but 13 days can change the estimation a great deal. At the time of writing, the DAA is estimated to reduce roughly 0.16% lower. What do you think about the downward difficulty change on May 25 at block height 737,856 on Wednesday? Let us know what you think about this subject in the comments section below. View the full article

AVAX was one of the biggest movers in crypto markets on Thursday, as prices fell by over 10%, hitting a two-week low in the process. ATOM was also trading in the red, with its value dropping by as much as 13% in the day. Avalanche (AVAX) AVAX was one of today’s biggest losers, as prices fell by over 10% on Thursday, pushing them to a two-week low. Following a low of $23.72 during Wednesday’s session, AVAX/USD climbed to a peak of $28.54 earlier in the day. Today’s drop saw AVAX hit its lowest point since May 12, and comes as its recent support point of $29.20 was broken. Prices now seemed to have found a lower floor at the $24.10 level, which is not far off from a ten-month low of $22.30. Looking at the chart, the Relative Strength Index (RSI) is tracking below 30, after its ceiling of 32 was held earlier in the week. This has resulted in an increase of bearish strength, and an extension of an almost six-week down cycle. So far, the latest floor has held somewhat firm, and bulls will potentially look to use it to push prices back towards resistance at $28. Cosmos (ATOM) ATOM also dropped by double digits on Thursday, as it too fell below its recent price floor during today’s session. The floor of $10.00 was broken as prices of ATOM/USD fell to an intraday low of $9.37, which, like AVAX, is also a two-week low. Thursday’s drop follows a high of $10.90 during yesterday’s session. However, following four consecutive sessions of declines, prices are now in single digits. As can be seen from the chart, the 10-day moving average is no longer downward facing, which is a positive sign for those hoping for a rebound. Typically, price uptick comes when we see an upward cross between the 10-day and 25-day moving averages, so with the 10-day beginning to move closer to the 25-day, this possibility is slightly higher. Traders will now wait to see if ATOM can recapture the $10 level. If so, then we could likely see an influx of short-term minded bulls. Will ATOM drop even further before any future rebound in price? Let us know your thoughts in the comments. View the full article

On May 25, seven blocks were reorganized on Ethereum’s Beacon chain at 8:55:23 a.m. (UTC) at block height 3,887,075 all the way to block 3,887,081. The reorganization was discovered by Martin Köppelmann who noted the “current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain.” Ethereum’s Beacon Chain Reorgs While all eyes have been glued to development surrounding Ethereum’s upcoming transition to proof-of-stake (PoS) via The Merge, the chain that will be crucial to the transition, Ethereum’s Beacon chain, suffered a seven-block deep reorganization. A blockchain reorganization, otherwise known as a reorg, is basically a chain split and nodes receive blocks from a new chain amid the existence of the old chain. In the case of Ethereum’s Beacon chain, the reorganization occurred at block height 3,887,075 to block 3,887,081. Martin Köppelmann, the co-founder of Gnosis, noticed the event and tweeted about it on social media. “The Ethereum beacon chain experienced a 7-block deep reorg —2.5h ago,” Köppelmann said. “This shows that the current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain… (proposals already exist).” Köppelmann added: This, unfortunately, shows that the analysis by [Georgios Konstantopoulos] and [Vitalik Buterin] here was too optimistic when the article claimed reorg stability will improve in PoS over PoW. We have not seen 7 block reorgs on Ethereum mainnet in years… At this point, it is unclear whether the reorg we saw was caused by an attack or just unfortunate network conditions. Vitalik Buterin: ‘Truth-Seeking Is More Important Than Not Giving the Wrong People Rhetorical Ammunition’ After talking about the issue on Twitter, Köppelmann remarked that some of the attention his tweet garnered, specifically from Ethereum detractors, made him regret tweeting about it. “However, I think it is a strength of the Ethereum community to openly discuss all challenges, and spend more energy on finding a better solution, instead of spending time defending an issue,” Köppelmann said. Ethereum’s co-founder Vitalik Buterin responded to Köppelmann’s regret comments and told the Gnosis co-founder not to regret it. “Truth-seeking is more important than ‘not giving the wrong people rhetorical ammunition’ or whatever,” Buterin said. “As long as truth-seeking results in action and not just commentary,” one individual responded to Buterin’s statement. The Ethereum co-founder replied: “In this case, client teams have been scrambling to understand the situation so they can figure out what to fix for the last couple of hours — Already some good hypotheses.” Buterin’s reply was tethered to a tweet written by Ethereum developer Preston Vanloon who gave his opinion about the reorg situation. Vanloon said: We suspect this is caused by the implementation of Proposer Boost fork choice has not fully rolled out to the network. This reorg is not an indicator of a flawed fork choice, but a non-trivial segmentation of updated vs out of date client software. Ethereum’s blockchain reorganization follows both Vanloon and Buterin saying The Merge could be implemented in August. However, Buterin was quick to follow up his statement by saying there’s always a “risk of problems” and “delays.” He then said that September and October could be possible as well. What do you think about Ethereum’s recent seven-block deep reorganization? Let us know what you think about this subject in the comments section below. View the full article

Ethereum slipped below $1,900 during Thursday’s session, as prices dropped to a two-week low. Bitcoin was also trading lower over the course of the day, as it fell under $29,000. Overall, crypto was down over 3% as of writing. Bitcoin BTC fell below $29,000 earlier in today’s session, as bearish pressure continued to intensify heading towards the end of the week. Following a high of $29,972.64 only yesterday, the world’s largest cryptocurrency dropped to an intraday low of $28,954.97 earlier in the session. The move saw BTC/USD head for its support point at $28,800. However, it stopped short of this target, as bulls pushed prices slightly higher. As of writing, BTC/USD is currently trading at $29,018.85, which is roughly 1.26% lower than yesterday’s peak. Relative strength continues to track below its own resistance point, which is under 40, and currently resides at 37, which is marginally above support at 36.6. We will not likely see any significant price movements unless one of these levels is broken. Ethereum The headline story in crypto markets on Thursday was undoubtedly ETH falling to a two-week low during today’s session. Less than 24 hours after trading at a high of $2,014.37, ETH/USD sank to a bottom of $1,810.35 earlier in the day. This move took ethereum to its lowest point since May 12, and comes as prices fell from their recent support point. Prices have mostly held this floor at $1,950 for the last fifteen days, however as bearish pressure intensified, we saw this level finally cave in. What has not caved in is the ceiling on the 14-day RSI at 37, which held steady despite attempts from bulls to force a breakout. This resulted in today’s drop, with the RSI now tracking at 31, which is close to a one-week low. Could we see ETH drop even further in the upcoming days? Leave your thoughts in the comments below. View the full article

A Chinese indexes company, Hang Seng Indexes, has launched a new index which tracks the performance of metaverse-related companies in mainland China. The index is calculated and disseminated in real-time at two-second intervals, the company said. Rising Popularity of the Metaverse Hang Seng Indexes Company Limited, an entity that manages and compiles the Hang Seng Family of Indexes, recently announced the Hang Seng China Metaverse Index launch. The new index tracks the performance of mainland Chinese companies involved in metaverse-related businesses. As explained in a statement released by the company, the decision to launch the index comes against a background of growing popularity of the metaverse as an investment theme among investors. Besides the metaverse index, Hang Seng Company Limited — a wholly-owned subsidiary of Hang Seng Bank — said it has also added Oncology Index to its Megatrend Index Series. Remarking on his company’s launch of the two indexes, Daniel Wong, director & chief index officer said: New megatrends are having an increasingly significant impact on our daily lives. Our two new megatrend indexes are designed to help investors capture potential opportunities arising from these innovative and transformative trends in the mainland China and Hong Kong stock markets. According to a press statement, the two new indexes will be calculated and disseminated in real-time at two-second intervals. As shown in the statement’s appendix, the top ten constituent companies in the Hang Seng China Metaverse Index include China’s multinational technology and entertainment conglomerate Tencent Holdings and Baidu Inc. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

In recent times, the impact of bitcoin mining on the environment has been a topical discussion as climate change activists believe proof-of-work (PoW) mining is too energy-intensive. However, a recent report written by the ESG analyst Daniel Batten explains that bitcoin mining could eliminate the world’s carbon emissions by 5.32%. Batten’s study notes that if bitcoin mining entities “aggressively” targeted leaked methane, bitcoin mining has the potential to avoid 0.15% of warming by 2045. ESG Analyst Claims Bitcoin Mining Is Currently the Only ‘Technologically Feasible’ Way of Reducing Methane Emissions On May 23, 2022, the CEO of Geneious and ESG analyst, Daniel Batten, published a report that shows bitcoin mining could help the environment. Batten tweeted about his study and said that the findings suggest “using [bitcoin] mining to combust leaking methane can eliminate 5.32% of all global CO2-eq emissions. In fact, Batten’s study says that bitcoin mining is one of the only ways to remove carbon emissions in a sustainable fashion. “Reducing methane emissions is the fastest way to reduce global warming and complements CO2 reduction strategies,” Batten’s report details. The study’s executive summary adds: Bitcoin mining is currently the only way of reducing these methane emissions which is both technologically feasible and does not require significant behaviour change in order to work. Bitcoin mining, and more specifically PoW mining, has been criticized a great deal for using so much energy. However, many believe certain detractors have an agenda and most people do not question the amount of carbon and state-enforced violence that is needed to keep fiat currencies afloat. Furthermore, crypto asset industry players have been introducing ESG (environmental, social, governance) friendly concepts to the digital currency mining ecosystem. Furthermore, a mining report that covers Bitcoin’s electricity usage data shows that consumption levels decreased by 25% in the first quarter of 2022. Batten’s research goes further and notes how bitcoin mining is more effective than leveraging carbon credits or governmental systems. “Bitcoin mining is also currently the only way to combust leaking methane that is both economically and logistically feasible without carbon credits or the governments of major industrialized nations needing to issue tax incentives and funding in unison,” Batten’s report explains. “Bitcoin mining has shown early evidence of being able to scale with an exponential growth rate.” Report Says ‘Bitcoin Mining’s Energy Consumption Is Obvious, but Its Environmental Benefit Is Not Immediately Obvious’ In fact, bitcoin (BTC) or PoW mining, in general, can be leveraged to combat leaking methane from a number of different sources. For instance, the report notes that mining could help in areas where flare or vented gas is expelled by the oil and gas industry. Bitcoin mining could help fight landfill gas, and areas that have orphaned oil wells. The researcher’s findings detail that bitcoin mining could also mitigate gas waste issues from biogas sources like manure, farming and waste regions, and waste from the food industry. “In future papers, we will quantify the CO2-eq reduction possible by using bitcoin mining with biogas or wastewater,” the report says. “Unlike solar, whose environmental benefit is obvious but whose consumption of carbon (via coal furnaces used to melt silicon) is less obvious, bitcoin mining’s energy consumption is obvious, but its environmental benefit is not immediately obvious,” the study about quantifying the potential impact of bitcoin mining claims. “Perhaps for this reason, it is easy to make a premature and superficial assessment based only on energy consumption that Bitcoin has a net negative environmental impact. Such reasoning is flawed, since net impact can only be established by considering both environmental cost and benefit.” In addition to the flawed reasoning, Batten describes a number of misconceptions about bitcoin mining using methane for energy. The misconceptions include: “Burning methane releases CO2 which will increase our carbon emissions.” “We should be focusing on renewable energy, not burning methane.” “When oil [and] gas companies flare methane, it removes methane anyway.” (Closely related to 3) “The benefits of generating power from flared gas are marginal.” “We should be using that flared gas for something more useful” – hospitals, residential heating, anything. “Oil companies will just use that money to do more oil exploration.” Agriculture is the biggest methane-polluter: eating less meat would solve it. Batten explains how each and every one of the aforementioned reasons is a miscalculated error and he believes bitcoin mining can reduce the world’s methane emissions even quicker than the United Nations Environment Programme’s (UNEP) carbon reduction goals. “Bitcoin mining can eliminate 0.94 + 4.38 = 5.32% of all global emissions. This represents 23% of all global methane emissions: more than half the UNEP’s methane reduction target,” Batten’s study deduces. The ESG analyst adds: That means Bitcoin mining has the potential to achieve half our methane reduction target. That also means that Bitcoin mining has the realistic potential to help humanity avoid nearly 0.15% of warming by 2045. To our knowledge, this can be legitimately claimed by no other technology. Batten’s report called “Quantifying the Potential Impact of Bitcoin Mining on Global Methane Emissions” can be read in its entirety here. What do you think about Daniel Batten’s report on how bitcoin mining could be beneficial to the environment in contrast to the current narrative? Let us know what you think about this subject in the comments section below. View the full article

U.S. Senator Ted Cruz says he is “incredibly bullish” on bitcoin and purchases the cryptocurrency weekly for his portfolio. Emphasizing that cryptocurrency “will change the world,” the senator said, “Uncontrolled, decentralized currency is terrifying for those who want control of currency.” Senator Ted Cruz ‘Incredibly Bullish’ on Bitcoin, Crypto Senator Ted Cruz (R-TX) discussed bitcoin at the Heritage Foundation’s Bitcoin and the American Experiment event Monday. He began: I gotta say when it comes to bitcoin, when it comes to crypto more generally, I am incredibly bullish. “I think it is in the process of, and in the future even more so, will change the world,” he opined. He proceeded to talk about various reasons why people are attracted to bitcoin. Firstly, many are using it as a hedge against inflation. Secondly, he explained that “there’s also an appeal of speed, the ability to instantly carry out a financial transaction anywhere in the world instantaneously, and virtually costless.” He continued: “And then there is the advantage of freedom. There is nobody in charge. That terrifies government decision-makers.” Referencing that communist China and U.S. Senator Elizabeth Warren want to control currencies, Cruz commented: Uncontrolled, decentralized currency is terrifying for those who want control of currency. The Texan senator proceeded to explain why bitcoin mining is good for the environment. “I actually think bitcoin has an incredible potential to benefit us on the energy front,” he stressed. He gave the example of natural gas flaring, the process of lighting natural gas on fire during oil production, praising bitcoin’s ability to turn the energy waste into value. He also explained, “One way to think of bitcoin is as a battery,” adding that when there’s a need, “Bitcoin mining rigs can be turned off at a fraction of a second” and “suddenly the energy that was going to bitcoin mining can be instantly available” for people. Senator Cruz Buys Bitcoin Weekly: ‘I Believe in Dollar Cost Averaging’ Regarding his own cryptocurrency investments, Cruz confirmed: “I’m an investor in bitcoin. I have invested my own money in bitcoin.” The senator added: I have a weekly buy that’s an automatic buy every week of bitcoin because I believe in dollar-cost averaging. “I’m not smart enough to play the market. If I invest the same amount every month, every week, that oughta work out,” he shared. “I believe in bitcoin and so wanted to have a portion of our portfolio in it, not a massive portion, but a portion of it.” In February, the senator declared that he had purchased bitcoin worth up to $50K. Commenting on other cryptocurrencies, he said: “Other forms of crypto, I’ll confess I understand less well so my risk tolerance is… I’m a little more hesitant to go there myself.” What do you think about the comments by U.S. Senator Ted Cruz? Let us know in the comments section below. View the full article

JPMorgan sees “significant upside” to the price of bitcoin. The global investment bank’s price target for the cryptocurrency is 28% above its current price. JPMorgan has also replaced real estate with cryptocurrencies as its “preferred alternative asset class along with hedge funds.” JPMorgan’s Bitcoin Price Target Is 28% Above Current Price Global investment bank JPMorgan published a bullish note on bitcoin and cryptocurrency Wednesday. The bank’s strategists, including Nikolaos Panigirtzoglou, wrote that their price target for bitcoin remains at $38,000, “implying significant upside for digital assets from here.” At the time of writing, bitcoin is trading at $29,784, down 2.4% over the past seven days and almost 25% over the last 30 days. JPMorgan’s fair value estimate for bitcoin is nearly 28% higher than the current price of BTC. The JPMorgan strategists detailed: The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for bitcoin and crypto markets more generally. While the investment bank’s price target for bitcoin is $38K, its strategists have said that their long-term theoretical target price for the cryptocurrency is $150K. Crypto Becomes JPMorgan’s Preferred Alternative Asset Class, Replacing Real Estate In addition, the global investment bank now sees cryptocurrencies as its “preferred alternative asset class,” replacing real estate amid soaring mortgage rates. JPMorgan detailed that the recent market downturn hurt cryptocurrencies more than other alternative investments, including real estate. Noting that this trend suggests crypto has more room to rebound, the strategists wrote: We thus replace real estate with digital assets as our preferred alternative asset class along with hedge funds. The JPMorgan note followed a massive sell-off in the crypto market amid the implosion of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST). The strategists noted that while the dramatic collapse of the two cryptocurrencies has weakened the sentiment of many crypto investors, there was little sign so far that venture capital funding into the crypto sector is slowing down. Coincidentally, major VC firm Andreessen Horowitz (a16z) announced Wednesday the launch of its new $4.5 billion crypto fund. What do you think about JPMorgan’s bitcoin price prediction and the bank replacing real estate with crypto as its preferred alternative asset class? Let us know in the comments section below. View the full article

According to a recent announcement from the Terra blockchain team, the community voted and passed a proposal that plans to launch a new genesis version of the Terra blockchain without an algorithmic stablecoin. The governance proposal called “Terra Ecosystem Revival Plan 2” has been amended and the final release of the new Terra Core codebase has been released to prepare for the new network. Terra Ecosystem Rebirth to Happen on May 27, Latest Version of Terra Core Has Been Released and Audited On May 27, a new blockchain will launch that’s based on the Terra blockchain network but does not include an algorithmic stablecoin like terrausd (UST). The old chain token will be called “Luna Classic (LUNC)” and the new token will take the old name “Luna (LUNA).” The Terra team announced the May 27 launch and explained that the governance proposal passed on May 25. According to the team, the latest Terra Core code has been released and the codebase was audited by SCV Security. The governance decision further details the new LUNA token distribution which includes 30% for the community pool, 35% for pre-attack LUNA holders, 10% for pre-attack aUST holders, post-attack LUNA holders will get 10% and post-attack UST holders are eligible for 15% of the supply. Additionally, the Terra team mentioned that the Terraform Labs wallet, Luna Foundation Guard’s wallet, and the community pool distribution module account will be removed from the LUNA airdrop. The Terra team’s Twitter thread adds: The removal of these wallets from the airdrop whitelist will make Terra a fully community-owned chain. We believe this is an important step to empowering our ecosystem. Controversy, a Class-Action Lawsuit, and Mirror Protocol Accusations There’s been a lot of controversy surrounding the Terra blockchain network and the face of the project Do Kwon. Just recently, a LUNA investor who lost $2.4 million was arrested for visiting Kwon’s home and knocking on his door. Then there’s a Twitter account called “@fatmanterra (Fatman)” that has said a class action lawsuit is being planned in order to get compensation for the class of LUNA and UST victims. Fatman said the action will be free to join and the team is researching jurisdictions like Singapore where investment protection is laxer. Fatman said: I am happy to announce that three law firms have offered to commit over $15m (maybe more) to this historic fight for justice – they are looking to fund the case and will collect fees on a contingency basis. This could never have happened without all of you. But that’s not all Fatman has been doing, as the Twitter account has published accusations about specific Terra-based projects and partners. In one specific thread written by Fatman, the social media account says Terra’s Mirror Protocol, a decentralized and synthetic stock exchange, was “really just a farce designed to enrich Do Kwon/VCs.” The Twitter thread discusses how Mirror Protocol’s governance system was allegedly rigged. Centralized Exchange Platform’s Binance, Bybit, and Huobi Plan to Support New LUNA Token The Terra team doesn’t seem to be bothered by the controversy surrounding the project and the litany of accusations on social media. Moreover, many rumors have been flying around social media concerning Kwon’s and the Terra development team’s decisions. Kwon has been responding to question after question about the new Terra chain, eligibility, and the airdropped LUNA tokens. The Terra team details that it is working closely with centralized exchange partners like Bybit and Binance in order to support LUNA holders who left funds on exchanges. Huobi Global revealed it would support the new LUNA chain. Binance tweeted about the rebirth of the new Terra network as well. “The Terra community just passed a vote to ‘Rebirth Terra Network,’” Binance said. “We are working closely with the Terra team on the recovery plan, aiming to provide impacted users on Binance with the best possible treatment. Stay tuned for further updates.” What do you think about the new Terra blockchain project? What do you think about the controversy surrounding the Terra ecosystem? Let us know what you think about this subject in the comments section below. View the full article

Billionaire hedge fund manager and founder of Pershing Square Capital Management, Bill Ackman, believes “inflation is out of control.” The investor thinks that if the Federal Reserve “doesn’t do its job” by applying “aggressive monetary tightening,” the U.S. economy could collapse. Pershing Square Founder Bill Ackman Thinks ‘Inflation Is out of Control’ While the headlines talk about the Federal Reserve’s chair, Jerome Powell, getting “aggressive” with monetary policy by implementing rate hikes and revealing the central bank would tighten large asset purchases this summer, many economists and financial players don’t believe the Fed can do its job. Moreover, Atlanta Fed president Raphael Bostic told the press that Fed policymakers could pause interest rate hikes. On Tuesday, founder of Pershing Square Capital Management Bill Ackman explained on Twitter that if the Fed doesn’t step in to fix inflation, the market will complete the job. “Inflation is out of control. Inflation expectations are getting out of control,” Ackman tweeted. “Markets are imploding because investors are not confident that the Federal Reserve will stop inflation. If the Fed doesn’t do its job, the market will do the Fed’s job, and that is what is happening now.” The billionaire hedge fund manager, who is also considered an “activist investor,” further added: The only way to stop today’s raging inflation is with aggressive monetary tightening or with a collapse in the economy. With today’s unprecedented job openings, 3.6% unemployment, long-term supply/demand imbalances in energy, ag and food, housing, and labor, and with the wage-price spiral that is underway, there is no prospect for a material reduction in inflation unless the Fed aggressively raises rates, or the stock market crashes, catalyzing an economic collapse and demand destruction. Hedge Fund Manager Says ‘Current Fed Policy and Guidance Are Setting Us up for Double-Digit Sustained Inflation’ Ackman is not the only one that’s concerned about the Federal Reserve’s ability to stop inflation. Gold bug and economist Peter Schiff doesn’t think inflation will let up, no matter what the Fed does. “Don’t try to figure out why inflation is so high now, but why it’s been so low in the past,” Schiff said on Tuesday. “Once you understand how inflation entered the economy and the long lag between rising asset prices and rising consumer goods prices, you’ll understand why high inflation is here to stay.” Following Jerome Powell’s recent statements and Bostic’s opinion, the Pershing Square executive noted how Fed policymakers have been making dovish comments. “In the last day or so, various current and former Fed members have waffled and made dovish remarks proposing a modest increase in rates and a pause in the fall,” Ackman tweeted. “The Fed has already lost credibility for its misread and late pivot on inflation. There is no economic precedent for 200 to 300 bps of fed funds addressing 8% inflation with employment at 3.6%.” Similar to Schiff’s commentary, the Pershing Square founder explained that inflation could end up being a long-term problem. Ackman continued: Current Fed policy and guidance are setting us up for double-digit sustained inflation that can only be forestalled by a market collapse or a massive increase in rates. The difference between Schiff and Ackman is the Pershing Square hedge fund manager seems to be a bit more hopeful the Fed will get things right, in contrast to Schiff, who believes the central bank will ultimately fail. Ackman thinks poor policy is the reason no one is buying stocks and talked about how the “downward market spiral [can] end.” “It ends when the Fed puts a line in the sand on inflation and says it will do ‘whatever it takes,’” Ackman concluded on Tuesday. “And then demonstrates it is serious by immediately raising rates to neutral and committing to continue to raise rates until the inflation genie is back in the bottle. Stocks (of real businesses) are cheap once again.” Ackman further said: Markets will soar once investors can be confident that the days of runaway inflation are over. Let’s hope the Fed gets it right. What do you think about Bill Ackman’s recent Twitter thread about inflation and the Fed stepping in to fix the situation with aggressive monetary policy? Let us know what you think about this subject in the comments section below. View the full article

Roughly six months ago, bitcoin and a number of digital assets reached all-time highs and the crypto economy crested above $3 trillion in value. Today is a different story as a great majority of cryptocurrencies are down between 57% to over 80% against the U.S. dollar. While Cryptos Are Down From the ATHs, 2020 Holders Are Still in the Green On November 9, 2021, or 196 days ago, the crypto economy was valued at over $3 trillion, and today it’s worth roughly 56% less at $1.31 trillion. Six months ago, bitcoin (BTC) touched an all-time high (ATH) at $69K per unit and today, it’s down more than 57% in USD value. The second leading asset, ethereum (ETH), has lost 59.85% after reaching $4,847.57 per ether six months ago. The fourth-largest crypto asset BNB is down 52.65% after tapping $689 per unit. XRP is not even close to its January 07, 2018 ATH the digital asset tapped four years ago when it reached $3.40 per coin. XRP today is down more than 87% against the U.S. dollar from that point in time. Cardano (ADA) hit its ATH nine months ago at $3.10 per ADA and currently, ADA is down 83.5% against the U.S. dollar. Solana (SOL) touched its ATH seven months ago and is down 81.5% in USD value. The tenth-largest crypto asset today, dogecoin (DOGE) is down 88.8% from the meme coin’s ATH a year ago. While prices are down since 2021’s high, crypto investors that purchased digital assets in 2020 have seen it their cryptocurrencies rise. For instance, the price of bitcoin (BTC) since 2020 is up 303.28% and ethereum (ETH) is up 465.70%. The same can be said for many of the top coins today. Binance’s BNB token has jumped 173.53% in two years and cardano (ADA) is up 443.83%. Gains are even bigger for those who purchased crypto assets in 2017 as bitcoin (BTC) is up 1,294.85% since that year. The second leading crypto asset ethereum (ETH) is up 8,985.15% since 2017 against the U.S. dollar. XRP holders have seen the most gains since 2017 as XRP has skyrocketed in value by 31,346.47% during the last four years. 2017 was a bullish time for crypto investors as BTC hit an all-time price high that year at $20K per unit and 2021 was similar in terms of bullish price values. Crypto’s Strong Correlation With Stocks, 289-Day Bear Runs, and Further Capitulation Market strategists believe most bear markets have a duration of just under 9.5 months. Moreover, in recent times cryptocurrencies have been correlated with equities markets and more specifically stock indexes like Nasdaq 100 and the S&P 500. This could mean that the crypto bear market won’t end until the stock market bear run is finished. Bank of America strategists recently detailed that the S&P 500 has recorded a total of 19 bear market cycles. The average duration for each cycle was roughly 289 days and the S&P 500’s average bottom was 37.3% lower than the ATH. If cryptocurrencies are to follow the pattern, it could mean the bearish sentiment could last another three months longer, if history repeats and digital assets continue to follow the current correlation with equities. Unfortunately for crypto investors, S&P 500’s average drop of 37.3% is nothing like the lows the crypto economy has seen during extreme capitulation. Three bitcoin (BTC) bottoms have been more than 80% lower than the ATHs recorded during the bull cycle. While the top ten crypto assets are down 57% to over 80% already, prices could go much lower. An 80% drawdown from BTC’s $69K high would be $13,800 per unit and an 80% cut in ether’s ATH value would result in a price of $970. Currently, crypto assets like BTC and ETH are seemingly at a turning point that will take the value one of three ways. For example, the price of bitcoin could consolidate in this region for quite some time, the price could also rise again back into a bullish scenario, or the value drops even lower from here resulting in more capitulation. What do you think about crypto assets being down 57% to over 80% lower than their price highs? Let us know what you think about this subject in the comments section below. View the full article

Following a bearish start to the day, XMR climbed to a two-week high during today’s trading session. Gains in monero come as LRC also saw its price move higher, rising for a fifth consecutive day, as it approaches a multi-week high of its own. Monero (XMR) Monero extended a recent bullish streak during today’s session, with prices rising to a two-week high as a result of strong gains. XMR/USD hit an intraday peak of $204.69 earlier in the day, which is over $10 higher than yesterday’s low. Today’s rally comes as prices have now risen for six out of seven sessions, with today’s the highest XMR has hit since May 9. On May 12, prices declined to a bottom of $112.98, which was a fifteen-month low, however since then, we have seen significant rebounds. This resurgence in price is encapsulated by the ascending triangle currently shown on the chart, however prices now look to have landed at a resistance level. Resistance at $205 has so far held firm, with the RSI tracking at its own ceiling of 55. Should we see a breakout from this ceiling of 55, then bulls will likely target take profits at $230. Loopring (LRC) LRC made a run for its long-term resistance level on Wednesday, as prices rose for a fifth day on the bounce. Today’s run saw LRC/USD rise to an intraday high of $0.60, which is over 10% higher than yesterday’s low of $0.5207. As a result of Wednesday’s surge, LRC is now marginally below its long-term resistance level at $0.6210. To start the week, loopring broke past this ceiling, hitting a two-week high of $0.6742 in the process, and it appears as if it could be headed back there. One obstacle in the way of this will likely be the ceiling of 50, which hasn’t been broken in just over two months. Should this happen, there will likely be an influx of bulls pushing to take prices back towards $1.00, after falling below this last month. Do you expect LRC to hit $1 in June? Let us know your thoughts in the comments. View the full article

Authorities in Thailand have formally introduced a value-added tax (VAT) exemption for transfers of cryptocurrencies through government-approved exchanges. The tax break, in force until the end of next year, will also apply to digital currency issued by the Bank of Thailand. Royal Decrees Enforce VAT Exemption for Crypto Trading in Thailand Investors moving cryptocurrencies and digital tokens through exchanges in Thailand will benefit from a 7% VAT exemption on such transactions. A decree published in the Royal Gazette on Tuesday enforced the tax break retroactively from April 1, 2022. It will be in place until Dec. 31, 2023, local media reported. The measure, which was approved by the government in March, concerns trading platforms registered with the Ministry of Finance. The decision has now become part of Thai law as it enters into force on the day following its publication in the official journal. According to the document, the main purpose of the tax relief is to promote cryptocurrency trade on authorized exchanges, allowing crypto transactions to be regulated and carried out under the supervision of relevant departments like the Securities and Exchange Commission (SEC). Thailand’s Finance Minister Arkom Termpittayapaisit is convinced that the relaxed tax rules will make cryptocurrency exchange in the country more reliable and stable. He was also quoted as stating: This would encourage Thailand to have an infrastructure and payment system that would be ready for the future digital economy. Director-General of the Revenue Department Ekniti Nititthanprapas added that crypto trading will be more convenient for investors who will enjoy fair tax treatment and safe transactions while Thailand improves its image in the global digital space. Another royal decree, also published on May 24, extends the VAT exemption to transfers with a retail central bank digital currency (CBDC) issued by Thailand’s monetary authority. In December, the Bank of Thailand announced it’s planning to start testing the CBDC in late 2022 in transactions between financial institutions and users as an alternative means of payment. Crypto investment and trading have grown significantly in Thailand over the past few years. In late March, citing the need to prevent various financial and economic threats, the country’s financial regulators took steps to curb the use of cryptocurrencies for payments, with the SEC announcing rules designed to discourage digital asset operators from offering related services. Do you expect other countries in the region to follow Thailand’s example and relax taxation for cryptocurrency trading? Tell us in the comments section below. View the full article

Bitcoin was lower for a second consecutive session, as bears maintained recent pressure on crypto markets. This pressure also saw ETH move lower, as it continued to trade under $2,000 during hump-day. Bitcoin The world’s largest cryptocurrency once again traded below $30,000, as bears continue to maintain a chokehold on prices. As of writing, BTC/USD is trading at $29,502.71, which is roughly 1% higher than yesterday’s low of $28,786.59. Wednesday’s movement in bitcoin is ultimately a continuation of yesterday’s move, with prices now consolidating at its current range. This range sees prices hovering at a floor of $28,800, with a resistance level of $30,500, which has not been truly broken since early May. In addition to the price ceiling, relative strength is also tracking at a resistance point of its own, which is under 40. Until we see a move past this point, then we will likely see a continuation of current price consolidation. Ethereum ETH moved to a lower low during today’s session, as its own price continues to trade under a key point of $2,000. The world’s second largest cryptocurrency dropped below its support level on Tuesday, hitting an intraday low of $1,920.69 in the process. This saw ETH/USD about $30 below its support level at $1,950, which has mostly held firm during this latest round of bearish activity. Overall, ethereum is now in its second week trading at its current floor. However, following its huge declines in April, into May, consolidation was to be expected. Looking at the chart, you can see that the 10-day moving average in red is moving sideways, which is a strong indication of a future change in momentum. Traders will now wait to see if bulls will use this signal as an indicator, prior to re-entering the market. Will ETH’s $1,950 support level be broken this week? Leave your thoughts in the comments below. View the full article

A new report indicates that the metaverse might be a significant factor in the growth of economies in Latam and the world in the coming decade. The study, issued by Analysis Group, estimates that Latam might benefit from a surge of $320 billion or an approximate 5% of its GDP, in the next 10 years. This is the biggest percentage share of GDP of the regions in the study’s projection. Analysis Group’s Metaverse Report The metaverse is becoming a subject of intense focus in crypto and business at large, and many companies are already projecting the impact that it might have in several countries and areas in the future. In a recent report titled “The Potential Global Economic Impact of the Metaverse” issued by international economic consulting firm Analysis Group, the opportunities that the emergence of the metaverse could open in the next ten years are examined, assuming “adoption begins in 2022.”. In the document, the researchers compare the rise of the metaverse with mobile technologies and examine the growth as if this new technology were to evolve in a similar way. This industry was selected “because of similarities to the metaverse in the way it combined existing and nascent innovations to fundamentally alter global technological and economic landscapes.” Major Latam Growth and GDP Estimates According to the report, the metaverse and its related activities have the potential of representing 5% of the GDP of Latam in the tenth year after adoption begins (2022), contributing $320 billion to the economies of the area. The report also projects that the growth in Latam will be the biggest percentage-wise, while the APAC region would have the biggest growth volume-wise, representing more than $1 trillion of its GDP. Globally, the study estimates that the metaverse will generate $3.01 trillion, becoming more than 2% of the GDP of the world ten years from now. Per the report, this growth will only happen if the sector reaches its expected potential, having “far-reaching applications, with the potential to transform a wide range of economic sectors such as education, health care, manufacturing, job training, communications, entertainment, and retail.” Other companies have also predicted the possible impact of this new activity and the economic opportunity it will present for different industries in the future. Grayscale, one of the leading cryptocurrency asset managers, estimated that the metaverse might become a $1 trillion business opportunity in the future. Goldman Sachs also predicts the metaverse will be an $8 trillion opportunity. JPMorgan has stated that this $1 trillion market “will likely infiltrate every sector.” What do you think about Analysis Group’s metaverse report? Tell us in the comments section below. View the full article

The Department of the Interior of Uruguay is taking steps to warn users about the danger they face when investing in certain crypto projects that could be scams. The campaign is called “Fake Coins: Cryptocurrency Scams” and seeks to educate the population about the most common kinds of crypto scams. Uruguay Educates on Crypto-Related Scams More and more government bodies are becoming aware of how some parties are using crypto to execute different kinds of scams, and also more of these institutions are working to educate citizens on this fact. The Ministry of the Interior of Uruguay has warned about this, presenting a new campaign called “Fake Coins: Cryptocurrency Scams,” launched in partnership with El Paccto and Cibel@, two EU-Latam joint organizations that fight against organized crime. According to the Fake Coins document: [The project seeks to] raise awareness about the main scams detected in cryptocurrency operations. In this way, citizens will be able to identify how they are produced and what tricks the fraudsters use. The campaign has participation from police departments and prosecutions from 17 different countries, including Argentina, Bolivia, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Spain, Guatemala, Honduras, México, Panama, Paraguay, Peru, Portugal, Dominican Republic, and Uruguay. Cryptocurrency Scam Warning Signs and Regulation The project uses several cryptocurrency projects and fake token names which the organization has defined as scams to show the Latam audience how a crypto scam is different from legit cryptocurrency projects. Also, the campaign typifies these scams into different kinds, depending on their focus. Among these are scams through simulation or impersonation, scams through seduction, pyramid recruitment scams, and false e-mail promotions. The problem of cryptocurrency scams in Latam has grown significantly with the popularization of crypto in countries like Argentina, Brazil, and Venezuela. In fact, this kind of scam has been mentioned as one of the factors that have accelerated the establishment of cryptocurrency regulations in some of these jurisdictions. In Brazil, where a number of citizens have been affected by such occurrences, the newly passed crypto law modifies the penal code to include crypto crimes. The crimes are denominated as “fraud in the provision of services of virtual assets, securities, or financial assets,” with penalties including imprisonment from two to six years plus fines. The Ministry of Uruguay advises visiting the web page of the project for more information in this regard and to report any cryptocurrency project suspected of being a scam. What do you think about Uruguay’s warning regarding cryptocurrency scams? Tell us in the comments section below. View the full article

Sumitomo Mitsui Trust, one of the major banking institutions in Japan, will reportedly enter the cryptocurrency custody business. The company is entering a partnership with Bitbank, a Tokyo-based cryptocurrency exchange, to launch a new company that will focus on offering institutional-grade custody for digital assets and NFTs. Sumitomo Mitsui Trust Bank to Enter Digital Custody Business Sumitomo Mitsui Trust Bank, a major financial institution in Japan, has decided to enter the cryptocurrency custody business. The company announced that it will launch a digital assets custody company in partnership with Bitbank, a Tokyo-based cryptocurrency exchange. The company, which will be named Japan Digital Asset Trust — and owned 15% by Sumitomo Mitsui Trust and 85% by Bitbank — will focus on providing custody of crypto and NFTs to institutional customers. According to local media, the objective behind the move is to capture the local institutional market that still sees the issue of custody as a deterrent to investing in these new products. Sumitomo Mitsui Trust believes that investors will be more comfortable holding digital assets if the custody is provided by recognized institutions in the financial world instead of crypto exchanges, which often don’t face the same scrutiny from the established regulatory bodies. The capital of the company is reportedly 300 million yen ($2.3 million) at its start, with the two companies expecting other investors to dive into this proposal to reach 10 billion yen ($78 million). Operations and Competition The new company aims to start its operation this year, as others competitors are also rushing to bring these services to the Japanese market. Nomura and Crypto Garage are also launching a joint venture to offer similar services to their customers. However, the Japan Digital Asset Trust will also be offering a different product. According to reports, the new company has plans to issue a yen-pegged stablecoin, supported by regulations allowing banks to launch this kind of product. There have been no further details on this from any of the players in the partnership. While the company is entering the crypto sector during a downturn in the market, with bitcoin and other cryptocurrencies losing a large part of their value, the rise of the metaverse and blockchain gaming could power the interest in cryptocurrency during this period. Japan Digital Asset Trust is said to expect demand for stablecoins, which usually don’t suffer the same volatility problems that other cryptocurrencies do, to increase as metaverse worlds rise to prominence. What do you think about the new custody company that will be launched by Sumitomo Mitsui Trust? Tell us in the comments section below. View the full article

With the approaching tsunami of central bank digital currencies (CBDCs) looming ever closer, it shouldn’t come as a surprise when central banks shill their coins at the expense of sounder assets. Recently, European Central Bank president Christine Lagarde went so far as to say that cryptocurrency is “worth nothing.” According to Lagarde, crypto has “no underlying asset” like the upcoming digital euro. But fiat money’s secret source of value is the real explosive scandal. ‘Worthless’ Innovation European Central Bank President Christine Lagarde recently remarked that crypto is “worth nothing” and needs to be regulated. Nevermind the humor in trying to regulate something worthless, or her failure to understand subjective value, but the once-convicted criminal Christine said something that was very interesting: [With crypto] there is no underlying asset to act as an anchor of safety. She was making this observation in comparison to the upcoming digital euro central bank digital currency (CBDC), and claimed that “any digital euro, I will guarantee — so the central bank will be behind it and I think it’s vastly different.” This begs the question of what guarantees the value of the euro itself, or the U.S. dollar, or any fiat currency. As their worth is supposedly established by the decree of governments (groups of mere individuals just like you and me), what then is the “underlying asset” which gives these currencies their value? In the case of government money, the answer might blow you away. Guns vs. Gold, Silver, and Cowry Shells Gold is sought after for its beauty, rarity, and utility. Societies across time have valued it almost ubiquitously, so it naturally became a good means of exchange and store of value. Cowry shells have also historically enjoyed great currency (pun intended), and thanks to their limited quantity, ease of transport and transfer, and basically uniform units, were employed similarly. I’ve written an op-ed before on the erroneous idea that money is primarily a creation of the state. Money naturally arises in any given society where trade is occurring, regardless of politics: Jack has a wagon wheel. I have butter. I need a wagon wheel. Jack doesn’t need butter. A problem. But if we both like and have gold, or cowry shells, or bitcoin to trade — hey, problem solved. States historically debase and devalue money, as Austrian economist Friedrich Hayek notes above, inflating it and building unsustainable credit bubbles. An early example of this is the Roman Empire, with the state progressively lowering the silver content of the denarius until it was almost nil. A modern example is the current global inflation crisis, brought on by the reckless and virtually endless printing of money. Now, when a population is coerced into using certain monies at the forced exclusion of others they prefer, we are in the world of fiat, and there is effectively no (easy) escape from the bad money. Fiat means, literally, “by decree” — an arbitrary order. Merriam-Webster’s third definition of “fiat” contains an example that may be even more illustrative: According to the Bible, the world was created by fiat. Out of nothing. In the fiat world, central banks are God. Not just anybody can create money for market use. This privilege is afforded solely to the state. For a real life example of what this angry and vengeful god does when people freely try to make their own coinage or currencies, and use them against the will of the almighty, see here: It does not matter how peaceful you are. It does not matter how beneficial to humanity your innovation or discovery is. If the money you create challenges the closed-market fiat hegemony, you will ultimately be presented with three basic options: Cease production and/or free use of your currency. Go to jail — or kill or be killed resisting being put in the cage. Find a “sly roundabout way,” to quote Hayek, to grow your economy and “introduce something they can’t stop.” What I am driving at should be universally recognized, as obvious as it is. The underlying “value” of fiat money is guaranteed by a gun. By a legal monopoly on violence. The reason inflationary and unsound fiat currencies like the euro remain dominant is because to use other, better currencies freely is forbidden. And when you’re from the holy pantheon of central bank elitists like Christine Lagarde, you simply cannot fail. Take it from her: The European Central Bank can neither go bankrupt nor run out of money even if it were to suffer losses on the multi-trillion-euro pile of bonds bought under its stimulus programmes. Market Accountability and Crypto Competition Let’s contrast the violent nature of fiat models for money, where those pointing out problems with the law, or trying to keep their own money are violated, with more voluntary models. In a free and open market, if I decide to make a horrible crypto scam coin and dupe millions out of money, I may make a buck or two, but market actors learn something. One, they learn never to trust or do business with me again — thus severely compromising my ability to thrive in a given society aware of my fraud, even as a rich man. Those I scammed are now unlikely to let me participate in their markets to fulfill my needs. And two, they’ve learned how to better identify and control for avoiding similar scams in the future. With government money, however, the scam itself is baked right into the regulations. The creator of the scam coin is able to demand everyone abandon their preferred assets, and switch over to his sh*tcoin. You may want to laugh in his face, but you can’t. He’s literally got a gun to your head. Businesses everywhere are required by law to accept the government scam coin called fiat, and so in a complete lack of free market consequence, the scammers do whatever they want, and simply print more coins for themselves, devaluing the currency. All the while using this reckless printing to secure and hoard hard assets before the whole thing collapses. Action Without Permission: The Escape From Fiscal Insanity As purely peer-to-peer transactions are increasingly demonized in the mainstream media and so-called public discourse, private crypto transactions could come to be viewed just like the liberty dollar from the video above — illegal — with the scam coin creator (government) now having almost completely co-opted what started out as an experiment in freedom. If this seems unrealistic or paranoid, keep in mind state-associated financial groups and central banks have already long been thinking about implementing measures to make non-custodial and unhosted crypto wallets illegal, as well as planning for the unified global regulation of bitcoin. As Lagarde said in early 2021: It’s a matter that needs to be agreed at a global level, because if there is an escape, that escape will be used. People definitely do want to escape the maniacal printing and debasement of monetary value. They want to escape being extorted to fund wars, and escape paying for the lavish lifestyles of legal criminals like Lagarde who suffer no consequences. The only way to stop this is through individual market action. Trading freely, en masse, regardless of what hypocrites in positions of illegitimate “authority” may say. Permissionless transactions at all levels — from grandiose purchases to tiny, everyday exchanges of value. There are many ways to make sure scams, violent acts, and other undesirable actions are mitigated and defended against even in so-called unregulated, decentralized, stateless economies. But the first recognition that must be made to establish this more peaceful, rational, actually desirable “new normal,” is that the fiat system of money is predicated on violence and intentional ineptitude. If Lagarde’s central bank-based digital euro will indeed be superior to peer-to-peer permissionless cash, what’s she so concerned about? Let the market decide. There’s no need to bring guns into this. What are your thoughts on Lagarde’s recent statements about crypto? Let us know in the comments section below. View the full article

Several crypto firms, including Binance and Circle, have launched a new crypto scam reporting platform. The tool “empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it.” New Crypto Scam Reporting Platform Launched A number of crypto firms have joined forces and launched a new, multi-chain scam reporting platform. TRM Labs, Circle, Solana Foundation, the Aave Companies, Hedera, Binance.us, and Civic announced last week “the launch of a new community-powered scam reporting platform, Chainabuse.” The platform, operated by blockchain intelligence firm TRM Labs, “empowers anyone in the crypto economy to warn others about scams, hacks or other fraudulent activity as they encounter it,” the announcement details, elaborating: The free tool enables crypto users, victims of financial crimes, and crypto businesses to take an active role in making the crypto ecosystem a safer place to operate. Currently, users can file reports under Bitcoin, Ethereum, Solana, Polygon, Hedera, Binance Smart Chain, and Tron. Reports can be upvoted and downvoted. Other platform users can also leave comments to contribute additional information. The announcement describes: Reports on the same addresses or entities are consolidated and housed in a searchable database, which anyone can use to proactively check addresses or projects before engaging with them. At the time of writing, there are 624 reports showing on the platform, including over 100 scams related to Ukraine’s crypto fundraising campaigns. Chainabuse explained that it does not file reports with law enforcement on behalf of users, emphasizing that the purpose of filing a report is primarily to alert others to the scam. However, the platform’s FAQ page explains: Filing a report on Chainabuse may help surface multiple victims of the same scam and provides victims the ability to opt in to contact from law enforcement. “We encourage all victims of cryptocurrency exploits to consider filing a report with the FBI’s IC3, Europol or the relevant law enforcement agency in their jurisdiction,” the Chainabuse team noted. What do you think of Chainabuse and will you be using it? Let us know in the comments section below. View the full article

India’s central bank, the Reserve Bank of India (RBI), has warned about investing in the crypto market following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). “We have been cautioning against crypto and look at what has happened to the crypto market now,” said Governor Shaktikanta Das. RBI’s Governor on Crypto Market and Regulation The governor of the Reserve Bank of India (RBI), Shaktikanta Das, discussed the crypto market downturn and the regulation of crypto assets in an interview with CNBC TV18 Monday. “We have been cautioning against crypto and look at what has happened to the crypto market now,” the governor said, stressing: Had we been regulating it already, then people would have raised questions about what happened to regulations. The crypto market has shed over $1.5 trillion since November last year and almost $500 billion since the beginning of the month. The market slump was exacerbated by the fall of cryptocurrency terra (LUNA) and algorithmic stablecoin terrausd (UST). Describing cryptocurrency, Das said: “This is something whose underlying (value) is nothing.” He added: There are big questions on how do you regulate it. Our position remains very clear, it will seriously undermine the monetary, financial and macroeconomic stability of India. The RBI also recently warned that crypto could lead to the dollarization of the Indian economy. The governor believes that the Indian government shares the central bank’s stance on crypto. “We have conveyed our position to the government and they will take a considered call,” the central bank chief noted. “I think the utterances and statements coming out from the government are more or less in sync. They are also equally concerned.” Das was also asked about the statement made by Brian Armstrong, the CEO of cryptocurrency exchange Coinbase, who claimed that Coinbase India disabled payments by the Unified Payments Interface (UPI) days after launch due to “informal pressure” from the RBI. “I would not like to react on speculative observations made by individuals outside,” the governor replied. The Indian government has been working on cryptocurrency legislation for quite some time. Finance ministry officials have been consulting with the International Monetary Fund (IMF) and the World Bank on crypto regulation. Indian Finance Minister Nirmala Sitharaman said in April that the decision on crypto regulation will not be rushed. Meanwhile, cryptocurrency income is currently taxed at 30% in India, and a 1% tax deducted at source (TDS) will start levying on crypto transactions in July. What do you think about the comments by the RBI governor? Let us know in the comments section below. View the full article

Renowned investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says he has “optimism about the future of crypto money.” However, he is skeptical of central bank digital currencies and warned that the world is looking for something to replace or compete with the U.S. dollar. Jim Rogers on Bitcoin, Crypto, and U.S. Dollar Veteran investor Jim Rogers shared his outlook for cryptocurrency and the U.S. dollar in an interview published by the Economic Times Markets Sunday. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management. Despite the Fed and other central banks stating that they would start normalizing, Rogers stressed, “There are still gigantic amounts of money printing all over the world.” He opined: One should not listen to these guys. They rarely tell the truth … The U.S. Fed has more than doubled their balance sheet in the very short period of time. He added: “Even if they cut back for a while, it is not going to be enough to make up for the gigantic money printing that has been going on.” Commenting on the future outlook for the U.S. dollar, Rogers said: “I do not like saying it but the U.S. is the largest debtor nation in world history and the world is looking for something to replace it or compete with the dollar.” He explained that after Russia began its invasion of Ukraine, the U.S. just blocked Russia’s assets. Reiterating that “America just took the Russian’s money away,” Rogers warned: Well, people do not like that and so many countries in the world … are looking for something to compete with the U.S. dollar. Rogers also discussed cryptocurrency during the interview. Replying to a question about whether he owns any bitcoin, the veteran investor revealed: I do not own any cryptocurrency. I wish I had bought bitcoin at $1, at $5. The Quantum Fund co-founder proceeded to talk about central bank digital currencies (CBDCs). He opined: “I do not have great confidence in the future of government cryptocurrencies that all the governments are working on putting money on the computer. It will be their money.” Rogers continued: I have optimism about the future of crypto money but not government crypto money. However, he cautioned: “Governments do not like competition. They like to keep their monopoly.” Rogers previously warned that governments could ban BTC and all other cryptocurrencies. “If cryptocurrencies become successful, most governments will outlaw them, because they don’t want to lose their monopoly,” he said. What do you think about Jim Rogers’ comments? Let us know in the comments section below. View the full article

The South Korean police have reportedly launched an investigation into possible embezzlement involving an employee of Terraform Labs. To prevent fund transfers, the police have requested crypto exchanges to freeze the Luna Foundation Guard’s accounts. Embezzlement Investigation and Asset Freeze The Seoul Metropolitan Police Agency’s Cybercrime ​​Investigation Unit announced Monday that it has launched an investigation into possible embezzlement by an employee of Terraform Labs, local media reported. An official from the Seoul Metropolitan Police Agency was quoted by Chosun as saying: We have received information that there is a person suspected of embezzling corporate funds who is believed to be an employee of Terraform Labs. The police received reports of the alleged embezzlement in the middle of this month and have been looking into the case. As part of the investigation, the police plan to check the details of cash and crypto transactions of Terraform Labs and the Luna Foundation Guard (LFG). The police explained that there is evidence that embezzled funds had flowed into the Luna Foundation Guard’s accounts. The cybercrime unit has therefore requested major domestic cryptocurrency exchanges, such as Upbit and Bithumb, to “urgently” freeze the accounts belonging to the Luna Foundation Guard to prevent withdrawals of funds held at crypto exchanges. However, the police’s freeze request is not a compulsory matter according to Korean laws and regulations but a matter that needs to be arbitrarily performed by each crypto exchange. Therefore, it has not been confirmed whether the freeze requests have been carried out, the publication conveyed. Cryptocurrency terra (LUNA) and stablecoin terrausd (UST) collapsed earlier this month after UST lost its peg to the U.S. dollar. Following the collapse, the Korean government launched an emergency investigation into the two coins and met with representatives of the country’s top crypto exchanges to discuss measures to prevent similar incidents from happening. Last week, a number of victims filed a lawsuit against Terraform Labs CEO Kwon Do-hyung (aka Do Kwon) with the Seoul Southern District Prosecutors Office on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud) and the Act on the Regulation of Similar Receipts. In addition, Do Kwon dissolved Terraform Labs Korea days before the collapse of LUNA and UST. While many suspected foul play, Kwon claimed that the timing was just “coincidental.” He also claims that his company does not owe the Korean government any taxes. What do you think about this case? Let us know in the comments section below. View the full article

Registrations are now open for the VERSE token sale, which will begin in the later part of June 2022. Interested parties who register can participate in the token sale immediately upon launch. Miami, Florida – May 23rd, 2022 – VERSE is the rewards and utility token distributed to holders who participate in the Bitcoin.com ecosystem. Bitcoin.com is a global leader in introducing newcomers to cryptocurrency and is the go-to platform for educational resources, news, and more. Bitcoin.com’s ecosystem includes 30 million wallets and more than five million monthly active users across various products and services. The VERSE token will reward users who engage in buying, selling, spending, swapping, and staying informed about cryptocurrency. Rewards will be allocated by interacting with the Verse DEX, staking VERSE, cashback paid in VERSE, and using VERSE as collateral in various lending pools. Additionally, token holders will receive access to exclusive products and services. VERSE is a cross-chain token using the ERC-20 token standard on the Ethereum blockchain. The Verse team will actively explore opportunities to expand the token into low-fee Ethereum Virtual Machine-compatible networks to provide an optimal user experience. The VERSE supply is fixed at 210 billion tokens, distributed over seven years through a block-to-block approach. A further breakdown looks as follows: 10% sold during Sale A (completed in May 2022) 6% being sold during Sale B (coming in June 2022) 15% allocated to the team 35% set aside for ecosystem incentives 34% will be used for funding future development of Verse and its ecosystem The first token sale raised $33.6 million last month from notable market participants such as Blockchain.com, KuCoin, and Digital Strategies along with thought leaders like Roger Ver, Jihan Wu, and David Wachsman. “We were honored to see such outspoken support during our first token sale round. Furthermore, we could not be more excited about bringing our second token sale to the public and providing more people with access to VERSE. This new utility token marks a crucial milestone for the Bitcoin.com ecosystem. It will enable us to enhance the mainstream appeal of cryptocurrency and blockchain through our buy/sell services, news coverage, and educational tools” said Dennis Jarvis, CEO Bitcoin.com. To participate in the upcoming VERSE token sale, interested parties need to register on the Verse website. They will be the first to know when the VERSE token sale is live. Registrants need an Ethereum wallet – such as the Bitcoin.com Wallet – to receive the VERSE tokens. Payment for the token sale is possible with Bitcoin, Bitcoin Cash, Ethereum, USDT, and USDC. The Verse community already counts over twenty-five thousand participants combined across Telegram and Discord. VERSE tokens will be minted following the conclusion of the Verse public sale in July. The VERSE token sale is not available to U.S. purchasers. View the full article

South Africa’s national broadcaster has suspended one of its employees that is accused of convincing unsuspecting people, including pensioners, to invest in a cryptocurrency scam. More than 100 people are believed to have fallen victim to promises of very high returns to investors in the bitcoin investment scheme. 300% Return on Investment The South African state broadcaster recently suspended one of its radio presenters, Sebasa Mogale, after a media exposé suggested he may have been part of a cryptocurrency scam outfit that reportedly promised a 300% return on investment. The decision to suspend the popular broadcaster, who also plays a role in South Africa’s popular television series Skeem Saam, was made after an investigative report by the media outlet Carte Blanche identified him as one of the masterminds behind the scam that allegedly fleeced more than 100 people. Reports of Mogale’s suspension were confirmed by Gugu Ntuli, the South African Broadcasting Corporation (SABC) group executive responsible for corporate affairs and marketing. In a statement, the executive said: Thobela FM has taken a decision to unschedule Sebasa Mogale, (Ntshirogele) Afternoon Drive presenter, following the Carte Blanche exposé. Mr Mogale is being afforded an opportunity to resolve the issues raised in the recent broadcast which pertain to his personal business dealings involving cryptocurrency. Ntuli added that the SABC will “leave no stone unturned” in its own probe into Mogale’s role in the scam. A Confidence Trickster According to an exposé by Carte Blanche, Mogale had used his celebrity status to lure some listeners of his radio show to invest. The media outlet’s report said investors with no training in personal finance management had “cashed in their pensions and savings policies.” However, in the end, Mogale’s promises turned out to be empty. “But for at least 140 people the man they trusted to guide them through the crypto maze appears to have been little more than a confidence trickster,” reads part of Carte Blanche’s summary of the exposé. Following news of Mogale’s suspension, some of the victims of the scam have come forward to reveal their losses. Sello Bonoko is quoted in another report explaining he became a victim after he listened to Mogale’s bitcoin investment pitch that “sounded convincing.” He also said he trusted Mogale’s promises primarily because these were made on national radio. Bonoko said he lost more than $14,500 (R230,000). Meanwhile, a spokesman for the South African police is quoted in the report telling Mogale’s victims to file reports with law enforcement. He said the police can only act after formally receiving the complaints. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article