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At the Consumer Electronics Show (CES) in Las Vegas, multinational computer networking company Netgear, based in San Jose, California, showcased the company’s Meural digital art frames. According to an announcement, Netgear has added non-fungible token (NFT) tech support, and the Metamask Web3 wallet will be able to sync with the product. Netgear Adds NFT Support to Meural’s Digital Art Platform Non-fungible tokens (NFTs) are very popular and it doesn’t seem like the trend is going away any time soon. For instance, four NFT collections now have billion-dollar market valuations including projects like Axie Infinity, Cryptopunks, Artblocks, and Bored Ape Yacht Club (BAYC). Additionally, single NFTs have sold for multi-millions from artists like Beeple, Pak, and Xcopy. Netgear, the multinational computer networking company founded in 1996, has noticed the NFT trend and the company’s Meural digital art frame will support the technology. Following the announcement at CES, the head of product and content for Netgear Meural, Poppy Simpson, told venturebeat.com that NFT owners will be able to connect their Metamask wallet to Meural. Netgear acquired Meural in 2018 and it sells 13.5 x 7.5-inch displays, as well as 16 x 24-inch and 19 x 29-inch digital frames. Simpson further explained to venturebeat.com that the NFT support was meant for devices like Meural. “It’s doing what Meural has always wanted to do, which is foster communication and community around visual culture,” Simpson remarked in the interview. “This new feature is particularly aimed at those people who buy the frame to display their personal memories.” Samsung Fuels Competition With NFT TV, Netgear’s Previous Partnership With Async Art Hinted at Meural NFT Support Netgear’s entry into the NFT industry follows a recent NFT-related announcement from Samsung Electronics. On Monday, Samsung introduced the world’s first television-based NFT platform which will allow NFT owners to showcase their digital art from their smart TV. “With demand for NFTs on the rise, the need for a solution to today’s fragmented viewing and purchasing landscape has never been greater,” the company explained to the press. Since 2020, Samsung has also been manufacturing hybrid digital frames called “The Frame.” Presently, Netgear’s Meural NFT support is in beta, according to The Verge reporter Alice Newcome-Beill. Netgear further detailed that the beta NFT service and integration with the Metamask wallet is “starting in January.” The recent announcement detailing that Meural will support NFTs is not Netgear’s first foray into the NFT industry. In July, Netgear revealed a partnership with Async Art “to add dynamic, programmable NFTs to the Meural Library.” “From its inception, the Meural platform has been building solutions for digital art, artists, photographers and collectors,” Simpson said in a statement concerning the Async Art partnership. “NFTs are the latest innovation in a world where the Meural display and content platform is the undisputed leader, and this exciting partnership with Async is another step towards driving forward to a new era of art appreciation.” What do you think about Netgear’s Meural platform adding NFT support and Metamask integration? Let us know what you think about this subject in the comments section below. View the full article

The number of ATMs in Spain has been progressively shrinking to levels the country saw in the year 2002. Reports from local media suggest these actions have been taken to reduce costs and to push payment and operation digitalization in the sector. The highest number of ATMs was registered in 2008 when there were 61,714 active machines in the network. Banks in Spain Reduce ATMs The number of ATMs in Spain has dropped to its lowest level since 2002, when the network had 1,795 more ATMs than it has today. According to a recent report from the Bank of Spain, the network had 48,081 ATMs at the end of the third quarter of 2021. This reduction has to do with attempts to lower costs in the banking sector amidst a push for digitalization in payments and banking processes. The highest number of ATMs in the network was registered in 2008 when there were 61,714 ATMs registered in the country. Since then, banks have progressively removed machines from this network. However, utilization of the remaining ATMs has gone up, according to the same report. Just in Q3-2021, Spaniards made 171,300 withdrawal transactions using ATMs, an increase of 1.04% compared to the same period in 2020. The Push for Digitalization The Spanish government has been reducing the amount of money that can be paid in cash per transaction. Last year, Spain’s antifraud law, which also regulated some issues regarding cryptocurrency assets, passed controls for cash payments depending on the type of transaction. The aforementioned law established that payments in cash could only be made up to the limit of €1,000. Sidestepping this law could result in sanctions of 25% of the payments made, which would be paid by each party to the transaction. However, local media states these developments could disproportionately affect Spanish citizens in rural areas, who are the ones that depend most on cash for their everyday needs. The recent push has driven more and more residents of the country to digital payments. For example, the national survey for cash payments, carried out July 2021, found that only 35% of the surveyed citizens used cash for payments. This constitutes a significant change compared to how payments were made in 2014, where 80% of citizens used cash as a payments tool. While cash usage has gone down, Spain still uses more cash for payments than countries like Sweden, where less than 10% of the population uses physical paper and coins to pay. What do you think about the reduction in ATMs and the push for digital payments in Spain? Tell us in the comments section below. View the full article

PRESS RELEASE. Bitcoin of America, a popular digital currency exchange, has surpassed 1500 plus Bitcoin ATMs. Bitcoin of America is a popular virtual currency exchange, registered as a money services business with the United States Department of Treasury (FinCEN)(RegNum). Apart from ensuring a fast and hassle-free transaction, their customer support makes them the best in the industry. Bitcoin of America is currently headquartered in the city of Chicago. Bitcoin of America has demonstrated rapid growth in 2021. In June of this year, Bitcoin of America’s Chief Financial Officer reported record company growth. In January, the company had a total of 630 Bitcoin ATMs. As of December 31st, Bitcoin of America has 1500 plus locations across the US. They have seen a 153.968% increase in Bitcoin ATM locations. Bitcoin of America has also seen enormous growth in their number of employees. In just one year their team grew over 32 percent. Bitcoin of America has made a ton of updates to their Bitcoin ATMS this year. Ethereum is now available to buy and sell at Bitcoin of America ATM locations. In May, Bitcoin of America announced their new Universal Kiosk. This new universal kiosk combines the capabilities of a traditional ATM with a Bitcoin ATM and offers 3 main functions. The first is the traditional ATM feature where customers can dispense cash from a debit card. The second function is being able to buy cryptocurrency with cash. The last is that customers can sell crypto in return for cash. Bitcoin of America has continued to expand their footprint across the USA. They are currently in 30 plus states and growing. You can find their Bitcoin ATM locations in most major US cities. Most of their Bitcoin ATMs are open 24 hours and 7 days a week. Their locations are placed for convenience. This means that Bitcoin of America BTMs are usually located in places where you already shop. You can easily buy cryptocurrency while you fill up a tank of gas or pick up groceries. 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

In the past year, internet giants like Amazon and Google all experienced outages which were blamed on errors and failed upgrades. The occurrence of such outages and their impact around the world again highlighted the importance of having a decentralized internet. Also, just like how the Covid-19 pandemic showed the world that blockchain-based digital currencies are the future, the outages suffered by the powerful internet companies may have given an impetus to those that champion the Web3.0. However, this Web3.0 can really take off if players in this ecosystem play their part in building the critical infrastructure. That is what Lucky Uwakwe, the co-founder of Stoor, says he is attempting through the startup’s blockchain-based cloud storage service. In a question and answer interview with Bitcoin.com News, Nigeria based Uwakwe explains the concept of decentralized cloud storage and how the blockchain makes this kind of storage possible. He also shares thoughts about the trajectory of Web3.0 and why he thinks the world is now ready for this next stage of the internet. Below are Uwakwe’s written responses to questions sent to him. Bitcoin.com News: Can you explain this concept of blockchain decentralized cloud storage? Lucky Uwakwe: The concept of decentralized cloud storage is basically utilizing the benefit of blockchain decentralized cloud storage. Unlike centralized databases, the existing decentralized cloud storage systems were designed to take advantage of the blockchain by incorporating the following features that are an improvement from the traditional cloud storage providers: Decentralized systems ensure that the cloud storage is distributed across many computers and in multiple locations. Hackers would have a more challenging time accessing large amounts of data, so they can seldom go down. This also means that no single government or institution can interfere with the blockchain, as long as other servers are running the database outside their jurisdiction. They are designed to run with the input of every user of the network, which is to say, peers in the system can share information without requiring a central administrator’s supervision or approval. They incentivize users to participate in the network by encouraging them to provide unused storage on their devices and earn money from this. They take advantage of unused hard drive space from devices all across the world to establish a data storage marketplace that is more dependable and less expensive than traditional cloud storage providers. They encrypt and distribute all files across a decentralized network. This means every uploader of files own their keys and own their data. No outside company or third party can access or control one’s files. BCN: How is this different from centralized storage and why do you think it is needed now? LU: Centralized databases storage systems have typically been the ones handling data storage. They are physically run on one server and are controlled by a designated authority. But as customer demands continue to grow, it is getting more difficult for the data center industry to ensure higher uptimes, while maintaining security and keeping costs at a minimum. They are an easy target for hackers who can potentially gain access to a lot of data stored in one location. Talking about incentives, only shareholders or board members of this centralized cloud company get to earn dividends unlike in decentralized blockchain solution where everyone can be given the opportunity to earn dividend BCN: Who should use this type of storage? LU: Every user of the internet or someone that upload or save any type of file via the internet or on their device (phone, laptop, iPad, tablet, desktop etc.) BCN: In your pitch, you also introduce the concept of earning as you store. Can briefly explain what this entails and why this is necessary? LU: Centralized solutions like Microsoft Azure, Google Cloud, Amazon Web Service, iCloud, Dropbox etc. only comes with the incentive of storing users’ data and at a price considered to be cheap enough. On the other hand, decentralized services like Sia, Filecoin and Arweave come with an incentive from the centralized system and with additional incentives to storage space providers on their network. However, (at our company) Stoor we have all the above as well as incentives to those uploading files. There are incentives for holders of our token, app developers and platform owners which ensures all users in the ecosystem are covered. These opportunities and corresponding rewards speak to our company’s core ethos: The people who make up the entire ecosystem matter; they must be rewarded. BCN: What made you decide to venture into this business? LU: The world is obviously ready for web 3.0 and we are moving away from the web 2.0 era, blockchain has shaped this for us all. However, it becomes a concern when we see web 3.0, which should be independent and progressive, continue to depend not on the blockchain but on centralized Amazon and Google cloud to store data for web 3.0 solutions. We have been getting more reports of these cloud providers being taken offline due to hackings or errors in upgrades while the companies never update us about the integrity of our stored data after each attempted hack or successful hack. At Stoor we believe it too risky for the world to depend mainly on these few centralized platforms. If we truly want to get into web 3.0 we need a solution that is web 3.0 driven BCN: In your opinion, is Africa and the rest of the world ready for blockchain storage? LU: The world is ready for a blockchain decentralized storage solution, it is just that we have not had a perfect blend that captures all the participants in the ecosystem and we know our solution to be a better plan that captures all ecosystem participants in the area of data storage. BCN: Jack Dorsey, the founder of Twitter, recently stirred controversy when he tweeted about the VCs’ role in building the Web3.0. Do you agree or disagree with what Dorsey said? LU: I respect Jack as a person and his bold vision. As a person and co-founder at Stoor, I have taken the path to build and build with the mindset of putting the majority of the power of web3.0 to the people. What are your thoughts about this interview? Tell us what you think in the comments section below. View the full article

Defi Kingdoms, a metaverse-based blockchain game, is experiencing a rise in activity due to the push that metaverse projects are now having in the market. According to Dappradar, the activity on the game has risen considerably. This is also accompanied by the rise in the price of its native token, JEWEL, issued on top of the Harmony blockchain, a token that reached all-time high (ATH) levels in a sideways market. Defi Kingdoms Grows Among Its Peers Defi Kingdoms, a play-to-earn (P2E) game inspired by metaverse elements that include non-fungible tokens (NFTs) as part of its structure, has been getting traction amidst the group of blockchain games that are coming out after the recent Web3 hype. According to data from Dappradar, a decentralized finance (defi) activity tracker, the number of users of Defi Kingdoms has grown more than 300% in the last month. Also, the number of transactions in the network has more than doubled in the same time, reaching 7.32 million. The game, which also includes purely decentralized finance activities that users can harness without playing it, like staking and liquidity mining, has also experienced a rise in the value of its native token, JEWEL. The price of the token touched ATH values today, breaking the $20 dollar mark amidst a general slump in the cryptocurrency market. The Rise of Decentralized Gaming According to the views of Yosuke Matsuda, president of Square Enix, who addressed the subject in a letter, last year was the year of NFT’s and the metaverse. While smaller companies have been creating projects inspired by these concepts before, last year was when the industry started pumping funds in a more substantial way. As a result, projects like Decentraland and The Sandbox, which had already been established long before, are already benefiting from this push. Axie Infinity became one of the most played decentralized games during this year, due to its play-to-earn mechanics that appealed to people with low incomes in countries like the Philippines and Venezuela, that perceived a higher income playing these than by occupying normal jobs in their countries. Due to this success, traditional gaming companies (like Square Enix and Ubisoft) are now trying to introduce these elements into their gaming ecosystems, proposing to create token economies and marketplaces that would allow these universes to be self-sustainable in the future. However, AAA gaming companies have not released an installment of a major franchise integrating NFTs yet. What do you think about the rise of Defi Kingdoms and decentralized gaming? Tell us in the comments section below. View the full article

The Jamaican central bank successfully completed the pilot testing of its central bank digital currency, a statement from the bank has said. The statement however reveals that only one payment service provider participated in the pilot. Only One Payment Provider Participated in the Pilot The Bank of Jamaica (BOJ) recently revealed that it had successfully completed the trial of its central bank digital currency (CBDC). The claim by the BOJ follows the completion of an eight-month test run that commenced in May 2021. However, in a statement released on the last day of 2021, the BOJ reveals that only one institution participated in the pilot. The statement explains: The scope of the CBDC pilot was limited to wallet providers who indicated their readiness to participate within the scheduled timeframe. National Commercial Bank [NCB] based on the extent of their experience in the Sandbox came onboard with BOJ to test the range of services to be offered using the CBDC solution. The statement also explains that the success of the pilot project had been “dependent on whether a CBDC along with the attendant technology solution could be successfully implemented in Jamaica.” $230 Million Worth of CBDCs Minted The statement reveals that three activities were completed during the pilot phase. The first of these activities was the minting of $230 million worth of CBDC “to be issued to deposit-taking institutions and authorized payment service providers.” A day after minting the digital currency on August 9, 2021, the BOJ went on to issue $1 million worth of CBDC which was distributed to the bank’s staff. Next, on October 29, 2021, about $5 million worth of the CBDC was issued to NCB and this marked the first issuance of a CBDC to a deposit-taking institution in Jamaica. After receiving the digital currency, NCB then “successfully onboarded 57 customers which included 4 small merchants and 53 consumers.” In turn, the 57 customers went on to conduct person-to-person, cash-in and cash-out transactions via “37 accounts and completed transactions with small merchants (local craft jewellers, footwear designers and fashion and garment boutiques) through an NCB-sponsored event, ‘Market on the Lawn’ held earlier in December 2021.” The statement in the meantime reveals that the national rollout of the CBDC is now scheduled to begin in the first quarter of 2022. During this period, NCB — which is the only authorized payment service provider that participated in the test phase — “will continue onboarding existing customers and new customers.” At the same time, two more wallet providers “will be able to order CBDC from BOJ and distribute to their customers.” Tests to determine the interoperability of transactions between customers of various participating wallet providers will also be undertaken during this period, the statement added. What are your views on this story? Tell us what you think in the comments section below. View the full article

Major fashion company H&M has denied the rumor that it is opening a store in the metaverse. According to false reports, customers could walk through the store and purchase products in the Ceek metaverse. H&M Denies Metaverse Rumor and Collaboration With Ceek Several major publications reported Monday that retail clothing giant H&M has opened a 3D store in the metaverse, including the Economic Times and Mashable India. H&M (Hennes & Mauritz) is a major fashion and design company with 53 online markets and stores in 75 markets worldwide. One of the largest clothing brands in the world, H&M has 4,856 stores globally as of Sept. 30, 2021. Its largest markets are Germany, the U.S., the U.K., France, Sweden, Russia, Italy, and the Netherlands. However, the company has denied the reports that it is opening a store in the metaverse. When Bitcoin.com News inquired about the news, a spokesperson for H&M clarified: We’d like to confirm that H&M is not opening a store in Metaverse at this time. According to the false reports, the company said that customers will be able to walk through the store, choose the products they want, and purchase them in the Ceek City universe. Payments must be made with ceek tokens (CEEK). Ceek virtual reality environments are governed by smart contracts on the Binance Smart Chain (BSC), its website details. In addition, the false reports also claim that customers will be able to order clothes seen in the H&M metaverse store from its physical stores later. The rumor of H&M opening a store in the metaverse followed a tweet by Ceek’s official Twitter account on Dec. 7 last year. The company said it created a “concept VR store” to be presented to H&M. However, the spokesperson for H&M told Bitcoin.com News: We are also not collaborating with Ceek. The official Twitter account for Ceek subsequently clarified Monday: “The H&M store in the Ceek metaverse was just a concept that was presented to H&M and not an actual virtual store yet. We are in discussions with people at H&M to make this a reality, but this is not something that’s a reality as of now.” Do you think H&M should open a store in the metaverse? Let us know in the comments section below. View the full article

The U.S. Commodity Futures Trading Commission (CFTC) has ordered a “decentralized” prediction market platform to shut down non-compliant markets and pay a fine of $1.4 million. “Polymarket had been operating an illegal unregistered or non-designated facility for event-based binary options online trading contracts, known as ‘event markets,'” said the derivatives regulator. CFTC Takes First Crypto Enforcement Action of the Year The Commodity Futures Trading Commission (CFTC) has taken the first crypto enforcement action of the year in the U.S. The derivatives regulator announced that it entered an order Monday “filing and simultaneously settling charges against Delaware-registered Blockratize, Inc. d/b/a Polymarket.” The company was charged “for offering off-exchange event-based binary options contracts and failure to obtain designation as a designated contract market (DCM) or registration as a swap execution facility (SEF),” the CFTC wrote. The regulator detailed: The order requires that Polymarket pay a $1.4 million civil monetary penalty, facilitate the resolution (i.e. wind down) of all markets displayed on Polymarket.com that do not comply with the Commodity Exchange Act (CEA) and applicable CFTC regulations. The New York city-based company must also “cease and desist from violating the CEA and CFTC regulations, as charged.” According to the order, “By January 14, 2022, [the] respondent shall cease offering access to trading in markets displayed on Polymarket.com” unless they comply with the CFTC’s rules. Polymarket describes itself as “a decentralized information markets platform, harnessing the power of free markets to demystify the real-world events that matter most to you.” It advertises that users can “bet” on their beliefs about the outcome of real-world events. The site lists a number of markets that users can bet on, such as “What percent of US Covid-19 cases will be from the Omicron variant on January 1, 2022?” and “Will annual inflation in the European Union be 5.4% or more in December?” However, its website notes: “The markets listed here are for informational purposes only. We take no profits from them.” According to the derivatives watchdog, “Polymarket had been operating an illegal unregistered or non-designated facility for event-based binary options online trading contracts, known as ‘event markets'” since approximately the beginning of June 2020. Noting that the platform “has offered more than 900 separate event markets since its inception while deploying smart contracts hosted on a blockchain to operate the markets,” the regulator described: Polymarket creates, defines, hosts, and resolves the trading and execution of contracts for the event-based binary option markets offered on its website. The CFTC explained that “Polymarket’s markets cover a large variety of binary options, including cryptocurrency [and] digital assets, current events, and financial conditions, among other events.” The regulator emphasized that event market contracts offered on the Polymarket platform “constitute swaps under the CFTC’s jurisdiction, and therefore can only be offered on a registered exchange in accordance with the CEA and CFTC regulations.” The platform’s civil monetary penalty has been reduced due to its “substantial cooperation with the Division of Enforcement’s investigation of this matter,” the CFTC noted. Following the CFTC’s announcement, Polymarket issued a statement, explaining: We are pleased to confirm that we have successfully agreed to a settlement with the CFTC … the three markets set to resolve after January 14, 2022 that do not comply with the Act will be prematurely wound down and participants refunded. What do you think about the CFTC’s action against this prediction marketplace? Let us know in the comments section below. View the full article

The Republic of Turkey’s economy and the country’s native fiat currency the Turkish lira continue to experience turmoil as inflation has risen to 36%. Since this time last year, the lira has lost 44% of its value against the U.S. dollar. Meanwhile, the use of stablecoins in Turkey has skyrocketed and today, 28.96% of all trades with tether are paired against the Turkish lira. Inflation in Turkey Rises to the Highest Level in 19 Years, TRY Is Tether’s Top Pair Capturing 29% of All Trades, TRY Commands 7.20% of BUSD Trades Reports from the ​​Turkish Statistical Institute on Monday detail that inflation in Turkey has soared to 36%, which is the highest rate it’s been in 19 years. Reuters explains that during the month of December a basket of consumer prices shot up to 13.58%. During the last 12 months, the Turkish lira has lost 44% of its value against the USD. The current inflation has never been higher during Tayyip Erdoğan’s rule. Just recently the nation’s central bank introduced a concept that encourages people to convert gold into lira time deposits. Turkey’s central bank has slashed the country’s benchmark interest rate down four months in a row. The rate cut in mid-December dropped the Turkish lira to a record low of 15.5 against the USD. 2021 has shown that demand for bitcoin (BTC) in Turkey has risen a great deal. At the time of writing, TRY represents 0.69% of all BTC trades and 0.72% of all ETH swaps. Turkey’s demand for stablecoins is much larger than the traditional crypto assets like BTC and ETH. Data shows on January 3, 2021, that the stablecoin tether’s (USDT) largest fiat trading pair is TRY with 29.42% of USDT swaps. The stablecoin issued by Binance BUSD has recorded 7.20% of all trades with the Turkish lira today and TRY is BUSD’s second-most traded pair. Turkey doesn’t use USDC much, as TRY only represents 0.36% of all USDC swaps today. Reports have shown that the lira’s sluggish year has contributed to a great deal of crypto-asset trades with the fiat currency. Turkish President Recep Tayyip Erdoğan, however, has clarified Turkey’s stance on cryptocurrencies and said “we have a separate war, a separate struggle against them.” Metrics indicate that the Turkish inflation is due to a number of factors including the cost of transportation, food and beverage costs, and household items “skyrocketing” in comparison to a year ago today. In addition to the gold conversion ploy, Erdoğan has urged Turkish businesses and high net worth individuals to help protect the country’s native currency. “As long as we don’t take our own money as a benchmark, we are doomed to sink. The Turkish lira, our money, that is what we will go forward with. Not with foreign currency,” Erdoğan stated on Friday. What do you think about Turkey’s inflation soaring to 36% and the country’s demand for stablecoins? Let us know what you think about this subject in the comments section below. View the full article

The well known electronics giant Samsung, the manufacturer of LCD and LED panels, laptops, mobile phones, memory chips, and televisions, revealed that the firm’s upcoming smart TVs will incorporate non-fungible token (NFT) technology. Samsung Reveals Smart TV With NFT Capabilities One of the largest electronics manufacturers worldwide, Samsung Electronics, has noticed how popular NFTs are today and the company believes there’s something needed to view these digital artworks. The U.S. Samsung Newsroom published a summary of the company’s latest lineup of MICRO LED, Neo QLED, and Lifestyle TVs with “cutting-edge personalization options.” The NFT description is toward the end of the announcement which explains that “Samsung’s 2022 Smart TVs come with a new Smart Hub.” In addition to features like the “Gaming Hub,” “Watch All,” and an NFT Platform. “This application features an intuitive, integrated platform for discovering, purchasing and trading digital artwork through MICRO LED, Neo QLED and The Frame,” Samsung’s announcement details. Samsung also spoke about the NFT Platform with the news publication The Verge as the company said it has noticed the popularity of NFT technology. The electronics giant says the new TVs will be the first of their kind with an NFT explorer and market. “With demand for NFTs on the rise, the need for a solution to today’s fragmented viewing and purchasing landscape has never been greater. In 2022, Samsung is introducing the world’s first TV screen-based NFT explorer and marketplace aggregator, a groundbreaking platform that lets you browse, purchase, and display your favorite art — all in one place,” Samsung said. Samsung’s entry into the world of NFTs has come as a great number of well known brands and celebrities have jumped on the NFT bandwagon. Last year, single NFTs sold for multi-millions in crypto-assets and a number of NFT projects have gathered billion-dollar market caps. What do you think about Samsung introducing the world’s first smart television with NFT technology? Let us know what you think about this subject in the comments section below. View the full article

U.S. inflation is red hot and a number of analysts and economists are predicting America will face further economic issues as politicians and the Biden administration blame corporations. This perspective on rising inflation has led finance authors like Isabella Weber to believe that price controls could ease America’s economic burdens. Biden Administration Blames Inflation on Corporate Greed, Monopolistic Behavior America is dealing with the worst inflation in over four decades and the White House thinks that tougher anti-monopoly policy could fix the situation. Furthermore, a few congressional leaders want to stifle online ecommerce giants like Amazon with proposals like Senator Amy Klobuchar’s (D-Minn.) American Innovation and Online Competition Act. Senator Tom Cotton’s (R-Ark.) Platform Competition and Opportunity Act (PCOA) is also aimed at reforming anti-trust laws. The White House is blaming the loss of purchasing power in America on monopolistic behavior. Last month, the White House shared data that claimed four corporate entities in the meat-processing industry have been fueling inflation. NYU professor Marion Nestle told the New York Times in an interview that “their goal is to control the market so that they can control the price.” Despite the opinion from Biden’s administration, the North American Meat Institute says the claims are false. Economist Believes It’s Time to Consider Price Controls This has led to a raging debate and just recently finance author Isabella Weber published an opinion editorial via the Guardian that says “we have a powerful weapon to fight inflation: price controls. It’s time we consider it.” Weber’s editorial says that during World War II, U.S. economists “recommended strategic price controls.” Essentially, price controls restrict free market activity as mandated prices and restrictions are set in place and enforced by governments. It means that the manufacturer has no say in pricing goods and services and the government has full control. Weber ideas are not very popular and even the Nobel laureate and economist Paul Krugman blasted the concept. In a now-deleted tweet, Krugman wrote: “I am not a free-market zealot. But this is truly stupid.” However, the following day, Krugman apologized to Weber and said he deleted the tweet. Krugman said: Deleting, with extreme apologies, my tweet about Isabella Weber on price controls. No excuses. It’s always wrong to use that tone against anyone arguing in good faith, no matter how much you disagree — especially when there’s so much bad faith out there. Price Control Concept Mocked, Harvard Economist Insists There’s ‘No Basis Whatsoever Thinking That Monopoly Power Has Increased’ Another individual mocked the price controls idea and said: “We’ve gone from ‘inflation is temporary’ to ‘f***, we need price controls’ in the space of a quarter.” “Anyone calling themselves an economist who is also a proponent of price controls deserves to be mocked, shamed, and spoken down to,” the Twitter account dubbed Hazlitt tweeted. The host of the “Smart People Sh*t” podcast Dennis Porter said: Price controls are the thing every government does before the whole thing collapses. Even the Democrat economist and senior official for the Obama administration, Larry Summers, insists bolstering antitrust laws will not help the U.S. economy. In a tweetstorm, Summers said: “The emerging claim that antitrust can combat inflation reflects ‘science denial.’ There are many areas like transitory inflation where serious economists differ. Antitrust as an anti-inflation strategy is not one of them.” Lastly, the Harvard economist stressed that monopolistic behavior has not accelerated like inflation. “There is no basis whatsoever thinking that monopoly power has increased during the past year in which inflation has greatly accelerated,” Summers tweeted. What do you think about the rising inflation in the U.S. and the White House blaming monopolistic behavior? What do you think about the concept of leveraging price controls? Let us know what you think about this subject in the comments section below. View the full article

13 years ago today, the anonymous creator of the Bitcoin protocol kickstarted the network by mining the genesis block. Satoshi started the genesis block on Saturday, January 3, 2009, at precisely 1:15 p.m. (EST), and since then more than 700,000 blocks have been mined into existence. Kickstarting the Bitcoin Network Today, bitcoiners and cryptocurrency advocates worldwide are celebrating the 13th anniversary of the Bitcoin network’s launch. On this day, 13 years ago, Bitcoin’s inventor Satoshi Nakamoto launched the genesis block, otherwise known as “block zero.” There are several unique characteristics of the genesis block that make it different than the blocks that followed. For instance, the genesis block has a 50 BTC block reward subsidy that can never be spent. Block zero also has two more leading hex zeroes in the hash which was common for bitcoin blocks mined in the early days. The genesis block also contains a special message stored in the coinbase parameter. The message derives from a London Times January 3, 2009 headline and reads: The Times 03/Jan/2009 Chancellor on brink of second bailout for banks. Seven-Day Theory, Timechain, Virtual Poker Many people are unaware that the Bitcoin protocol did not produce another block until six days after the genesis block was mined. It is assumed Satoshi had a reason for this wait time, as it resembles something out of Machiavellian folklore or the King James Bible’s Genesis tale when the earth was created in seven days. Satoshi Nakamoto mined the Bitcoin network with a standard personal computer or central processing unit (CPU). It is assumed Nakamoto was a Microsoft user, and the protocol’s codebase was written in the coding language C++. In addition to the coding language, users leveraged a Windows GUI mining application to mine BTC blocks back then. When bitcoiners examined a pre-code release prior to Jan. 3, 2009, distributed to bitcointalk.org member “Cryddit,” a number of interesting findings were discovered. For instance, the document mentioned the term “bitcoin miner” for the first time, and it also referred to the blockchain as a “timechain.” The pre-release Bitcoin source code also contained an early framework for an IRC Client, a peer-to-peer (P2P) marketplace, and a virtual poker game. Additionally, according to Bitcointalk.org user Deepceleron on Dec. 23, 2013, and a few other armchair sleuths, “there’s no source code to recover off Sourceforge through the Internet Archive, but here’s a screenshot from January 3, 2009, (same date as genesis), with an unreleased blockchain at block 213 and three other connections.” It is assumed by some people that Nakamoto and some early users may have tested the blockchain launch prior to January 3, 2009. Bitcoin Protocol Sees Many Milestones in 13 Years, Computational Power Achieves Exponential Growth Last year, on the 12th anniversary of the genesis block, a mystery miner spent 1,000 BTC from 2010 after letting the bitcoin sit idle for well over a decade. The 13th anniversary follows BTC’s lifetime price high on November 10, 2021, when the crypto asset tapped $69K per unit. Furthermore, on January 1, 2022, the network’s hashrate reached an all-time high of over 200 exahash per second. On January 9, 2009, Bitcoin’s hashrate was around 68.96 kilohash per second (KH/s) or 68,000 (sixty-eight thousand) hashes per second (H/s). That also equates to around 0.068 megahash per second (MH/s) or 0.000068 gigahash per second (GH/s), too low of a denomination to measure in terahash per second (TH/s). Whoever was mining at this time on January 9, 2009, and the following week (we assume it was Satoshi Nakamoto), was still dedicating more computational power than it would take to mine bitcoin (BTC) with paper and pencil (0.67 hashes per day) or a Nintendo Game Boy (0.8 H/s). Since that day on January 9, 2009, the network’s hashrate has grown exponentially stronger by a whopping two hundred sixty-seven quadrillion percent. What do you think about the 13th anniversary of the Bitcoin network’s genesis block? Let us know what you think about this subject in the comments section below. View the full article

Ertha’s Listing and TGE will be hosted on Huobi as a Prime List on the 4th of January, 2022. Listing on Huobi ensures that ERTHA Metaverse becomes the leading token in the GameFi & NFT space. Gaining a Primelist brings new levels of visibility and prestige to the project, introducing us to a wider demographic of investors and supporting the value and longevity of the token. It also provides the community a convenient way to access the $ERTHA token. Huobi is the industry’s leading digital asset exchange in both liquidity and real-trading volume. It ensures that ERTHA continues to be the world’s most in-demand and highly anticipated Metaverse. This news comes shortly after the conclusion of three record-breaking IGOs hosted by GameFi, Seedify, and RedKite. Each community pool sold out in under one minute, and to date, the project has raised $5.4 million from a number of world-renowned VC investors including: LD Capital Polygon Syndicate OKEx Blockdream Ventures Shima Capital GD10 Genblock Capital Dialectic Momentum 6 X21 Terranova AU21 Zen Capital & Many others. Ertha’s Gameplay Ertha’s world is a complex and intricately designed playspace ripe for the creation of new governments, economies, and shaky alliances between its playerbase. The Metaverse is divided into 350,000 land plots, each of which collects taxes, fees, and other forms of revenue from the transactions taking place on them. Ertha has been designed to replicate a real-life environment with a player-driven economy. A Player’s actions, whether political or environmental, in times of conflict or peace, can create real change and have far-reaching consequences. Owners have a say in everything from international trade laws to taxes on the transactions being conducted in their territory. Just like in the real world, each HEX owner will profit from their real estate investment. You can see the mechanics in the new gameplay trailer. If you’re to get involved in Ertha, or expand their portfolio of HEX plots, you can visit our marketplace where our land sale continues with the recent addition of South Africa and increased availability in Brazil and India. Social Media Channels: Twitter : https://twitter.com/ErthaGame Discord : https://discord.gg/ertha Medium : https://erthium.medium.com/ YouTube : https://www.youtube.com/channel/UCHiXL-GSDqd9jIa1hsr20Kw Telegram : https://t.me/erthagame This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

The Argentinian government is starting to inquire about the power consumption of bitcoin mining companies after some provinces in the country faced power cuts during the last days of 2021. Cammesa, the state-owned power wholesaler, has sent a memo to big power consumers to reveal whether they are mining cryptocurrency. If so, the companies should reveal their actual power consumption so a price hike can be coordinated, and they will need to invest in power infrastructure. Argentinian Government Sets Sights on Bitcoin Mining The Argentinian government is trying to pinpoint the exact power usage that bitcoin miners require from the national power grid, in order to take measures to improve the current power crisis the country is facing. Cammesa, the state-owned energy wholesaler, has sent a letter to all registered large-scale consumers, requesting they report the energy consumption of possible mining operations they may host, including the power consumed by what the company calls the “server group,” the refrigeration equipment to cool the miners, and other associated equipment. According to local media reports, the Argentinian government — via the Undersecretary of Electric Energy — could be planning to take action to get miners to pay more for this energy, launching a new tariff scheme and making cryptocurrency miners invest in the power system directly. This with the objecting of relieving the stress these operations are said to be causing the national grid, which in some cases has faced power cuts affecting more than 80,000 citizens and provoking protests. Covert Mining Operations Local cryptocurrency experts explained some companies have migrated to offer their space to host cryptocurrency mining operations, something that has affected the grid negatively. An unnamed source disclosed that these businesses were common and that there are more than 200 farms of this kind in the country, with at least half of them operating in Buenos Aires, the Argentinian capital. The reason for the covert operations popping up is said to be the profitability investors can achieve by avoiding taxes. Doing things covertly can speed up return on investment (ROI) times for mining investors, who can reportedly recover their investment in six months, compared to ROI times of up to 18 months for other operations. Bitcoin mining companies have been eyeing Argentina due to its affordable power costs. One of these groups is Bitfarms, which is already building a mega-mining complex in a partnership with a private third party that will ostensibly provide the power without impairing the national grid. What do you think about the new measures the Argentinian government is planning to take regarding bitcoin mining? Tell us in the comments section below. View the full article

Lee Jae-myung, nominated by the ruling party in South Korea for the upcoming presidential elections this spring, is preparing to raise funds in cryptocurrencies and issue non-fungible tokens for supporters. His campaign hopes that the initiative will woo young and tech-savvy Korean voters whose interest in digital assets is growing. Ruling Party of South Korea to Collect Crypto Funds for Presidential Bid The Democratic Party of Korea, the country’s leading political force, is going to raise election funds through cryptocurrency and issue receipts to donors in the form of non-fungible tokens (NFTs), Korean media reported on Sunday. The money will be used to finance the campaign of the party’s presidential nominee, Lee Jae-myung. Bitcoin (BTC), ethereum (ETH), and up to three other cryptocurrencies are now under consideration. The final list of coins to be accepted will be announced in mid-January, the committee managing Lee’s run unveiled, quoted by the Korean Herald and the Yonhap news agency. The NFTs will feature photos of the candidate and his election pledges to those who donate to the fundraising campaign for the presidential vote on March 9. The tokens are expected to serve as a new medium for communication with younger voters, especially the generation of digital natives. Campaign official Kim Nam-kook elaborated: As the young generation in their 20s and 30s are interested in emerging technologies, including virtual assets, NFTs and the metaverse, this type of fundraising could appeal to them. The reports note that the Democratic Party has been exploring ways to accept cryptocurrency donations and issue NFT receipts to highlight its bet on technology and attract millennial voters. Lee Kwang-jae, who heads the committee on future economy in the campaign team, said that the DP was told by the National Election Commission that it doesn’t violate any election laws by accepting crypto. On Thursday, the lawmaker announced he will himself start to take digital coins from supporters. “With politics, we should break the regulations and foster new industries such as metaverse and NFT and give hope to the young people,” Lee Kwang-jae insisted. Party officials claim that if Lee Jae-myung’s initiative is successful, he will become the world’s first candidate to issue NFTs as part of efforts to finance a presidential bid. The non-fungible tokens, representing political memorabilia, could also hold future value and serve as an investment for the donors. The donated digital money will be converted into Korean won through a crypto exchange and then deposited into the campaign’s account. Do you expect more Korean politicians to start accepting cryptocurrency donations? Tell us in the comments section below. View the full article

Yosuke Matsuda, president of Square Enix, a leading game developing company, has voiced his opinion about the rise of new technologies and trends like NFTs, blockchain gaming, and the metaverse concept in the gaming space. Matsuda explains the business strategy around these, detailing how Square Enix is moving to include them in their upcoming games. Square Enix Reveals New Tech Strategy Yosuke Matsuda, the president of Square Enix, the game company behind multibillion-dollar franchises like Final Fantasy, has detailed the next steps when it comes to including new, blockchain-based technologies in his plans for the new year. In a new year’s letter, Matsuda explains that these new technologies, including non-fungible tokens (NFTs) and the concept of the metaverse, had a rise during the last year, and that these will evolve to a more actionable phase during this year. Matsuda remarked the importance of these to their overall business strategy, stating: As this abstract concept begins to take concrete shape in the form of product and service offerings, I am hoping that it will bring about changes that have a more substantial impact on our business as well. As a consequence of this, the president pointed that the company is conducting aggressive research and development (R&D) efforts and investments in areas that include blockchain gaming and artificial intelligence (AI). The Incentives of Decentralized Gaming Matsuda makes a distinction between traditional gaming (what he calls “play-for-fun”), and the new blockchain gaming that has been called “play-to-earn,” (P2E) giving the incentives that some of these games have to earn a token through game actions. This is what distinguishes centralized gaming, which focuses on a unidirectional data flow (from creator to consumer) to craft stories, from decentralized gaming, where the user will have a more involved role through the economy created by the token incentives. This will enable modders, that are third parties that modify games in order to make them better or include more elements, to go from a purely contributional scheme to really earning by their constructions in the game. Matsuda explains: From having fun to earning to contributing, a wide variety of motivations will inspire people to engage with games and connect with one another. It is blockchain-based tokens that will enable this. By designing viable token economies into our games, we will enable self-sustaining game growth. However, the inclusion of these new elements in traditional gaming has been received negatively thus far. GSC Game World, a smaller company, had to recently abandon its intention of including NFT elements in Stalker 2, an upcoming game, after facing a negative reception from the public. Ubisoft, another leading developer, faced a similar problem, when the reveal of its NFT marketplace, Quartz, received 95% of negative reactions on Youtube. What do you think about the vision of Square Enix about blockchain elements in traditional gaming? Tell us in the comments section below. View the full article

Vitalik Buterin, the co-founder of Ethereum, the second-biggest cryptocurrency by market cap, has reacted to some of his earlier beliefs in a new year’s tweetstorm. The developer touched on some subjects including the rise of cryptocurrency in Argentina and how stablecoins are thriving in the country, how ethereum scaling is still a pressing concern for him, and the performance of bitcoin cash. Vitalik Buterin Reflects on Earlier Takes Vitalik Buterin, the co-founder of Ethereum, touched on some of his earlier opinions about some subjects and how these fare against the current state of affairs of the crypto landscape in a new year’s tweetstorm. Buterin started by remembering an article that talked about how bitcoin could help Argentinians and Iranians back in 2019, where he concluded this was due to its uncensorable and international character instead of due to its scarcity that this could happen. Buterin’s vision on this was “generally correct”, according to its views. On this, he stated: My verdict: generally correct. Cryptocurrency adoption is high but stablecoin adoption is really high too; lots of businesses operate in USDT. Though of course, if USD itself starts showing more problems this could change. The stablecoin sector has grown significantly this year, with Tether, the biggest stablecoin project, reaching a market cap of $78 billion. Decentralized alternatives like UST, the main stablecoin of the Terra environment, also thrived, reaching a market cap of $10 billion. Scaling and Bitcoin Cash On the other hand, Buterin recognizes he was wrong when he considered the problem of Ethereum scaling back in 2015. He shared a screenshot of an Ethereum slideshow roadmap where the time estimated to implement proof-of-stake (PoS) consensus was of 6 to 12 months. However, it was just last year that the beacon chain Ethereum 2.0, which will implement the change of proof of work to proof of stake consensus, was launched. He attributes this to an underestimation of the complexity of software development and states that now, the Ethereum team is focused on simplicity, in the design of these solutions, and in the final product. Buterin also addressed his famous five cents commentary, stating: I 100% stand by my comment that “the internet of money should not cost more than 5 cents per transaction”. That was the goal in 2017, and it’s still the goal now. It’s precisely why we’re spending so much time working on scalability. He also commented on the current state of bitcoin cash (BCH), and while he was more inclined to support the big block side in the scaling war and was optimistic about the project, he now considers it “mostly a failure.” Extending on this, he explained the reasoning behind his current opinion, declaring that: Communities formed around a rebellion, even if they have a good cause, often have a hard time long term, because they value bravery over competence and are united around resistance rather than a coherent way forward. What do you think about the opinions of Vitalin Buterin on his early beliefs? Tell us in the comments section below. View the full article

After Eminem revealed that he purchased a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) for $452K, both BAYC and Mutant Ape Yacht Club (MAYC) NFT sales have skyrocketed. Metrics indicate that on Sunday, January 2, 2022, MAYC’s seven-day trade volume of $93.02 million is up 93.41% and BAYC’s weekly volume of $78.26 million is up 150.97%. BAYC and MAYC Weekly Volumes Jump 93% to 150% Higher Bored Ape Yacht Club and Mutant Ape Yacht Club, are two particular NFT projects that have seen significant trade volume during the last seven days. Bored Ape Yacht Club (BAYC) is an NFT project that consists of 10,000 unique apes and today, 6,067 unique addresses hold at least one BAYC. At the time of writing, one ethereum address holds roughly 105 BAYC NFTs. Statistics show that BAYC has seen $78.26 million in seven-day volume among 434 traders. While the BAYC volume is up 150.97%, the number of traders is also up 101.86%, alongside the 122.95% increase in BAYC sales. Currently, all-time metrics indicate BAYC’s overall market valuation is $2.73 billion. At the time of writing, a single BAYC’s floor price is around $273,420 in ether but the average price today is $287,740 per BAYC. While BAYC has seen a major boost, the sister project Mutant Ape Yacht Club (MAYC) NFT collection commands this week’s top volume. MAYC volume today is $93.02 million which is up 93.41%. There’s been 2,234 MAYC traders this week and an individual MAYC’s floor price is $59,180 per NFT, but MAYC’s are selling for $54,270 on average. Mutant Apes Capture $707 Million in Volume — Bored Ape Kennel Club, Bored Ape Chemistry Club, Prime Ape Planet NFT Sales Spike MAYC is an NFT collection of 20,000 mutant apes and the only way to create one is by tethering a BAYC to mutant serum or during the public sale’s mint process. MAYC’s rewarded BAYC holders with a mutant version that can be traded on the open market. To date, there’s been approximately 7,623 mutations. Across 21,956 in lifetime MAYC sales, the project has seen 184,791 ether or $707 million in all-time volume. Furthermore, at the time of writing, there’s 11,148 unique ethereum wallets that hold at least one MAYC. During the last seven days, ​​Bored Ape Yacht Club #3562 sold for 430 ether or $1.64 million five days ago. That was the most expensive BAYC sale this past week, while Eminem’s recent BAYC purchase was this week’s 30th most expensive BAYC sale. On January 2, 2022, MAYC #2209 sold for 26.69 ether or $102K, MAYC #4627 sold for 26.26 ether or just over $100K the same day. In addition to BAYC and MAYC sales on the rise, Bored Ape Kennel Club, Bored Ape Chemistry Club, and Prime Ape Planet PAP all command today’s top NFT collection volume. What do you think about BAYC and MAYC trade volume rising this week? Let us know what you think about this subject in the comments section below. View the full article

El Salvador’s president has made six predictions relating to bitcoin for 2022. He expects two more countries to adopt bitcoin as legal tender this year. Meanwhile, he expects El Salvador’s Bitcoin City to commence construction during the year and his country’s volcano bonds to be oversubscribed. Bitcoin Predictions 2022 by President Bukele The president of El Salvador, Nayib Bukele, tweeted on Jan. 1 his six predictions relating to bitcoin for the year 2022. El Salvador made bitcoin legal tender alongside the U.S. dollar in September last year. Firstly, President Bukele expects the price of BTC to reach $100,000. Secondly, he believes that two more countries will adopt bitcoin as legal tender. El Salvador has purchased about 1,391 BTC altogether since bitcoin became its national currency. Bukele is not the only one who expects more countries to adopt bitcoin as legal tender by the end of 2022. The CEO of crypto exchange Bitmex, Alex Hoeptner, predicted in October last year that by the end of this year, “we’ll have at least five countries that accept bitcoin as legal tender.” He noted that “All of them will be developing countries.” Furthermore, the Salvadoran president expects Bitcoin City to commence construction this year. He announced his plan to build the world’s first bitcoin city powered by a volcano and financed by bitcoin bonds in November. He also said there would not be any taxes in the bitcoin city except for value-added tax (VAT). Another prediction Bukele made was that the volcano bonds will be oversubscribed. His Bitcoin City announcement came one day before the International Monetary Fund (IMF) issued a report warning El Salvador against using bitcoin as legal tender due to various risks associated with cryptocurrency. Bank of England Governor Andrew Bailey also raised concerns about bitcoin being used as legal tender in El Salvador. Bukele also predicted there will again be a “huge surprise” at the Miami Bitcoin Conference 2022 and that BTC “will become a major electoral issue in U.S. elections.” What do you think about the 2022 predictions by El Salvador’s president? Let us know in the comments section below. View the full article

A finance professor at the Wharton School of the University of Pennsylvania has warned about inflation and the Fed hiking rates many more times than the market expects. He also said that bitcoin has become the new gold for the millennials. Finance Professor on Bitcoin and Inflation Wharton’s finance professor Jeremy Siegel shared his outlook for various markets that he believes investors should have exposure to this year in an interview with CNBC Friday. Siegel is Russell E. Palmer Professor Emeritus of Finance at Wharton School, University of Pennsylvania. His research focuses on demographics, financial markets, long-run asset returns, and macroeconomics. He was asked about gold and commodities as investments going forward. Noting that gold “has been disappointing,” he stressed that “it’s a fact that the young generation is regarding bitcoin as the substitute” for gold. The professor opined: Let’s face the fact, I think bitcoin as an inflation hedge in the minds of many of the younger investors has replaced gold … Digital coins are the new gold for the millennials. “Old people remember the 1970s,” he continued. “That inflation time, gold soared. This time it is not in favor,” he noted. Professor Siegel also believes that investors should have exposure to commodities, which he said could be done by investing in emerging markets, which are commodity-sensitive. The finance professor proceeded to discuss inflation, which he has raised concerns about on multiple occasions. “I’ve been saying this for a long time. I’ve been warning about inflation for a year and a half,” he emphasized. “The Fed and the fiscal authorities so way overdid it, particularly the Fed on liquidity,” he described. “They are so far behind the curve that we have a lot of inflation that is embedded in.” The professor concluded: The Fed is going to have to hike many more times than what the market expects. What do you think about the finance professor’s inflation warning and his comment about bitcoin and gold? Let us know in the comments section below. View the full article

Billionaire Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, has reiterated his warning that governments could outlaw bitcoin. “In history, they’ve outlawed gold and they’ve outlawed silver and so on, and they could outlaw bitcoin,” he stressed. Ray Dalio Continues to Warn About Governments Outlawing Cryptocurrency Bridgewater Associates founder Ray Dalio talked about bitcoin as he reiterated his warning that governments could outlaw the cryptocurrency on the Investor’s Podcast Network, published Saturday. Dalio currently serves as Bridgewater Associates’ chairman and co-chief investment officer. His firm’s clients include endowments, governments, foundations, pensions, and sovereign wealth funds. Dalio warned that “there are regulatory issues” surrounding bitcoin. “When you have an alternative currency, that’s a threat to every government,” he elaborated. “Every government wants a monopoly in their own currency and particularly if you get a better currency because it doesn’t get devalued.” Dalio added: In history, they’ve outlawed gold and they’ve outlawed silver and so on, and they could outlaw bitcoin. Nonetheless, Dalio admitted that he has a small amount of bitcoin in his portfolio for diversification. “I’m Mr. diversification,” he said. The Bridgewater Associates boss also recently revealed that he also owns some ether (ETH). Commenting on the recommendation by another famous fund manager, Bill Miller, who said that investors should hold about 1% to 2% of their portfolio in bitcoin, Dalio said, “I think that’s right.” Despite the worry that governments may ban bitcoin, Dalio opined: It’s very impressive that this concept was programmed something like 10, 11 years ago and has stood the test of time. The billionaire previously said he does not believe that bitcoin will replace gold as some people have suggested. He also does not believe that the price of BTC could reach a very high number such as $1 million. In contrast, Microstrategy CEO Michael Saylor has repeatedly said that bitcoin will replace gold. The pro-bitcoin executive also expects the price of BTC to reach $6 million. In addition, fund managers are increasingly opting to invest in bitcoin over gold, seeing the cryptocurrency as a better store of value. The Bridgewater Associates founder has warned about governments banning bitcoin for quite some time. In September last year, he said that regulators will kill bitcoin if it becomes “really successful.” In addition, he said in May last year that the success of cryptocurrencies could bring tough regulations. For example, he noted regulators could impose “shocking” taxes on digital currency. Do you agree with Ray Dalio? Let us know in the comments section below. View the full article

Russians mining cryptocurrency in their homes have been blamed for the problems with the electricity supply in Irkutsk. Power outages have become a frequent occurrence in the region which maintains the lowest electricity rates in Russia. Subsidized household energy has turned mining into a source of income for many locals. Electricity Consumption Spikes Amid Spread of Home Crypto Mining in Irkutsk Power grid operators in Irkutsk have been dealing with a growing number of outages. The region and the city are experiencing a tangible increase in electricity consumption that overloads the distribution network. Local officials claim this has been caused by cryptocurrency miners who mint digital currencies in their apartments, basements, and garages. As a way out of the exacerbating situation, they are now proposing a set of measures to address the challenges. Authorities want to upgrade the capacity of the distribution network in Irkutsk Oblast, introduce higher tariffs for crypto miners and establish special platforms to host their activities, the Russian business daily Kommersant reported. In December, various parts of Irkutsk experienced either planned or emergency outages, the publication reveals. Since June, there has been a sharp increase in the pressure on the grid in residential areas, the local utility told the newspaper. “Despite the warm weather in November, the load increased by almost 40% compared to last year. The significant loads on the power networks and the growing number of outages are associated with the activities of miners,” the Irkutsk Electric Grid Company (IESC) explained. Its calculations show that consumption in the city of Irkutsk has surged by 108% for the whole of 2021. IESC emphasized that coin minting is very energy-intensive as the equipment operates around the clock. Engineers warn that the existing electrical networks in towns and cities are not designed for the constant, “industrial” load that the mining hardware creates. The company has been forced to cut off the supply in many areas to replace fuses and install power lines with higher capacity. Over 1,100 Cases of ‘Gray’ Crypto Mining Registered in 2021 Utilities in the region have been trying to locate the mining facilities responsible for the spike in consumption. “In Irkutsk, 21 electrical installations suspected of cryptocurrency mining were identified… Mining equipment is installed on balconies, in residential premises and basements of apartment buildings,” Irkutskenergosbyt announced. During the raids, inspectors have found more than 1,100 cases of the so-called “gray” mining in the Irkutsk Oblast in 2021. A recent report unveiled that Irkutskenergosbyt utility has filed 85 lawsuits against people involved in home crypto mining with claims totaling 73.3 million rubles (over $980,000). It has already won nine court cases from which it expects to receive 18.7 million rubles ($250,000) in compensation. In December, the federal government in Moscow allowed authorities in Russian regions to independently determine local electricity rates for the population. The measure is expected to increase the costs of amateur crypto mining. Subsidized household electricity in Russia is often used to mint digital currencies at homes. Irkutsk, which has been called the mining capital of Russia, has the lowest rates in the country at only 0.86 rubles ($0.01) per kWh when the average tariff in Russia is six times higher. Calls have been mounting among officials in Moscow and regions like Irkutsk to recognize mining as a business activity, introduce higher electricity rates for miners and tax them. A working group at the State Duma is discussing regulatory proposals for the sector and other crypto-related activities. Do you expect Russia to soon regulate cryptocurrency mining and raise electricity tariffs for miners? Tell us in the comments section below. View the full article

As 2022 begins, 13 different cryptocurrency exchange platforms have more than a billion dollars each in digital currencies held in reserves. Between all 13 trading platforms, the group of exchange platforms hold a whopping $165.25 billion worth of bitcoin, ethereum, and tether. 13 Crypto Exchanges Hold a Billion or More in Crypto Equalling Over $165 Billion in Assets Under Management At the time of writing, the crypto economy is worth $2.3 trillion and 7.10% of the aggregate or $168 billion is made up of stablecoins. Furthermore, statistics on January 2, 2022, indicate that 13 crypto-asset trading platforms hold a billion dollars or more in cryptocurrencies. The 13 exchanges include Coinbase, Binance, Huobi Global, Kraken, Okex, Gemini, Bitfinex, Bittrex, Bitflyer, Coincheck, Bitstamp, and Bybit respectively. Coinbase is the leader, in terms of crypto reserves held on Sunday, with $56.2 billion in crypto assets under management (AUM). $40.27 billion of Coinbase’s reserves is made up of bitcoin (BTC), with 853,530 BTC in custody. The second-largest exchange in terms of crypto AUM is Binance with $24.85 billion today. Binance has 370,390 BTC, 3.59 ETH, and 1.24 billion USDT under custody. All 13 exchanges hold approximately 165.25 billion in crypto assets on January 2, 2022, which equates to 6.98% of the $2.3 trillion crypto economy. Bybit maintains the 13th position, in terms of crypto reserves, and holds $1.44 billion in digital assets. 10 Crypto Asset Trading Platforms Hold More Than $50 Million, 23 Exchanges Custody Over a Million in Crypto Reserves Approximately ten crypto-asset exchanges command more than $50 million in crypto AUM. 23 exchanges hold a million dollars or more in crypto AUM and dozens of crypto exchanges have no available reserve data. This report’s crypto exchange reserve data published on January 2, 2022, at 8:15 a.m. (EST) was recorded by Bituniverse, Peckshield, Chain.info, and Etherscan. The only organization that surpasses the bitcoin (BTC) reserves Coinbase holds is Grayscale Investment’s Bitcoin Trust (GBTC), and the trust’s 648,069 BTC under custody. The Bitcoin Trust has 3.086% of the 21 million capped bitcoin supply. Another entity that has more than 100K in BTC assets is Block.one with 140,000 BTC under management, while the publicly-listed company Microstrategy holds ​​124,391 BTC today. Grayscale, Block.one, and Microstrategy are the only non-exchange entities with 100K BTC or more. What do you think about the 13 crypto exchanges with $165 billion under management? Let us know what you think about this subject in the comments section below. View the full article

Marshall Mathers, known professionally as Eminem has joined the community of bored apes by purchasing a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collectible for 123.45 ethereum or $452K at the time of settlement. Slim Shady Purchases Bored Ape Yacht Club #9055 for $452K The Bored Ape Yacht Club (BAYC) NFTs have been very popular this year and the project saw more than $1 billion in volume worldwide, according to defillama.com metrics. Now Eminem has joined the BAYC bandwagon by purchasing BAYC #9055 for 123.45 ether on Thursday. The Detroit hip hop star shared the image on Twitter by using it as his social media bio picture. Furthermore, the BAYC #9055 purchase indicates that the new owner is called “Shady_Holdings” on the Opensea platform and the portfolio also owns a number of Lil Baby Doodles X NFTs, Ditaggdogg#1 featuring a stencil image of the rapper, and Superlative Apes #3880. I’m living in a simulation. Thank you @Eminem for buying my ape and joining the club! Madness. Let me write a lyric in your next single 🤣 pic.twitter.com/myGNRmMLeD — GeeGazza  (@Gee__Gazza) December 31, 2021 Eminem also owns the NFTs SABC #2615, Shaq Gives Back #4077, and Adult Fantasy Sub-Dude (130/151). In fact, the Shady_Holdings address holds a myriad of ERC721 NFTs. Eminem purchased BAYC #9055 from the NFT’s owner Geegazza, who shared his excitement on Twitter. Geegazza said: I sold Eminem his @Boredapeyc… Eminem Holds NFTs From 32 Collections According to dappradar.com metrics, Slim Shady owns 166 non-fungible token (NFT) assets from 32 collections. At the time of writing, the address holds 1.52 ether after purchasing BAYC #9055 for 123.45. Eminem got 124 ether from an account that uses the ENS name georgio.eth. That account holds 504 NFTs from 51 collections including Bored Ape Yacht Club #4936 and it spent 43.98 ether ($164,832) on two Cryptopunks. Eminem’s NFT spending spree follows the recording artist’s beat-inspired animated NFTs for Stans in April. Eminem’s NFT sale took place on the NFT marketplace Nifty Gateway. Furthermore, in August, Slim Shady and Paul Rosenberg joined a slew of venture funds that injected $30 million into the NFT market Makersplace. What do you think about Eminem’s Bored Ape Yacht Club (BAYC) purchase for 123 ether and the rapper’s NFT collection? Let us know what you think about this subject in the comments section below. View the full article

The Central Bank of the Republic of Turkey recently revealed it made the decision to provide incentives to gold deposit and participation fund holders that request to convert these into lira time deposits, a statement from the central bank has said. Incentives Intended to Boost Financial Stability The Central Bank of the Republic of Turkey (CBRT) has announced the launch of an incentive scheme that encourages Turkish residents to convert their gold deposits and participation funds into lira time deposit accounts. In a brief statement released in late December 2021, the central bank explained that this incentive scheme is intended “to support financial stability.” As has been widely reported, Turkey is in the midst of a deep economic crisis that has led to the sharp depreciation of the lira and the rising of prices. In turn, this combination of a falling currency and a rising rate of inflation has seen more Turkish residents seek sanctuary in alternative stores of value like gold and digital currencies. As recently reported by Bitcoin.com News, the number of daily cryptocurrency trades in that country recently went past the one million mark. This milestone suggests that more Turkish residents are choosing to protect their savings with alternatives such as bitcoin and gold. Conversion to Lira Time Deposits Therefore, as part of the Turkish government’s latest attempt to halt the lira’s decline, the central bank explained in the statement that “deposit and participation fund holders” choosing to convert their funds into lira will get incentives. “The Central Bank of the Republic of Turkey has decided to provide [an] incentive to deposit and participation fund holders in the event that their gold deposits and participation funds are converted into Turkish lira time deposit accounts at the account holder’s request,” read a statement released by the central bank on December 29. The statement however does not share the details of how the CBRT is planning to reward residents that agree to have their gold or participation funds converted. What are your thoughts about this story? Tell us what you think in the comments section below. View the full article