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IDO Will Follow On November 26th Anomus has been a well-anticipated project that has gained much attention over the last few months. Today Anomus is announcing the closure of its private sale round with a very successful and promising oversubscription. The oversubscription was well anticipated by the team; which is due to the project’s hype which, backed by well-known names in the blockchain space and a team of crypto professionals, has been building up a lot lately. Anomus plans to launch its ‘Initial Dex Offering’ (IDO) on the 26th of November 2021; the team, investors, and partners are excited in anticipation of the alpha launch of the platform, which is expected to roll out during December 2021. Anomus Is The Future of News & Journalism Anomus is a decentralized protocol that aims to restore fairness, objectivity, and balance to news reporting. Its goal is to create a platform for publishers to save their work in blockchains, where it will be permanently recorded and accessible worldwide while protecting the publisher’s intellectual property rights. Publishers, auditors (Fact-Checkers), and readers will all be rewarded in various ways as a result of their participation in the system. Publishers now have a way to create and monetize their content without censorship or restrictions, all while having it governed by the community and preserved for future generations. Aside from publishers, Anomus aims to create an ecosystem that utilizes ANOM tokens to all users’ benefit, providing everyone with incentives to publish, audit, and read content by issuing rewards for participation and the proper use of the platform. The project will feature: A censorship-free environment that encourages free speech Autonomous, community-governed platform Reward system for publishers, fact-checkers, and readers Content preservation through blockchain and permaweb technology Join Anomus today by signing up to become part of this decentralized revolution. ANOM tokens will be governed by the Anomus Tokenomics. Find out more about Anomus by visiting the Website and reading the Whitepaper. Follow Anomus: Website Twitter Reddit Medium Discord This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

With the ETH 2.0 upgrade still months, if not years, from a full launch, third-generation blockchain protocols are quickly racing up to dethrone Ethereum as the “go-to” hub for dapps and defi. Blockchain Metamorphosis to Catalyze Future Defi Growth Although many people may only be discovering it recently, blockchain technology has been around long enough to have moved on from first to second, and now third-generation protocols. The first-gen blockchain started with Bitcoin, a proposed alternative to the hegemony of centralized financial services. It laid the foundation for a decentralized financial ecosystem, but the Bitcoin network offered limited functionalities, required immense computational power to operate, and suffered from a severe lack of interoperability. This led to the emergence of Ethereum in 2015, marking the dawn of the second generation of blockchain protocols. As Vitalik Buterin introduced the smart contract functionality on the blockchain, it sparked a paradigm shift that enabled cryptocurrencies to transition from financial tools to serve a more practical purpose. Ethereum’s Problems Continue to Pile Up Ethereum opened the doorway to decentralized finance (defi) by enabling “conditional transfer” of data and value on-chain. Since then, Ethereum has been on a rolling spree, cementing itself as the go-to platform for launching dapps, NFTs, and defi protocols. Developers and adopters embraced Ethereum and began generating their own ERC20 tokens, so much that the social media platforms started talking about “the flippening” — where ETH would overtake BTC in terms of market capitalization. However, despite its success, problems soon became evident on the Ethereum blockchain. As new projects entered the Ethereum ecosystem en masse, the network started facing scalability issues. Gas fees shot through the roof, and limited transaction throughput became an everyday problem. Vitalik Buterin, the creator of Ethereum, has also expressed his doubts regarding Ethereum’s ability to scale, saying, Scalability [currently] sucks; the blockchain design fundamentally relies on bottlenecks where individual nodes must process every single transaction in the entire network. While the proposed Ethereum 2.0 upgrade promises solutions to the current problems clouding the Ethereum network, things haven’t progressed as planned. Initially slated for a 2019 rollout, the first phase of ETH 2.0 started in December 2020. And with two more phases to go, there are minimal chances of a full-fledged release before 2022. As such, it isn’t hyperbole to claim that the network has a long road ahead before it can achieve its core vision of becoming the world’s “decentralized computer.” Here Come Third-Generation Protocols Despite the innovations brought forward by Bitcoin and Ethereum, the chains are plagued by their respective scalability and efficiency issues. At the same time, both networks require significant computing resources to operate. All of this has led to a perpetual cycle of painfully slow throughput rates and excessively high costs. Many layer-2 scaling solutions have been developed to overcome the inherent problems with Bitcoin and Ethereum, each achieving varying degrees of success. Layer-2 solutions have addressed the interoperability and scalability issues to an extent, but the core problems related to consensus mechanisms and mining are yet to be addressed. This is where third-generation blockchains come into the picture. While some third-generation protocols can complement existing blockchain networks, others are totally new blockchains that boast a wide range of features and functionalities. From multi-layered architectures to innovative consensus mechanisms, third-generation blockchain protocols are not just fully capable of resolving scalability issues as they arise, but are also highly interoperable, fast, and cost-efficient. There is no denying that the defi boom happened because of Ethereum and that Ethereum still dominates the defi market. However, as new defi projects built on third-gen blockchain protocols enter the picture, Ethereum’s authority will undoubtedly be challenged. As defi continues to expand its market, the next “Defi Boom” will most likely come from emerging chains that are more agile and focused than earlier blockchain network innovations. That said, promising projects are lining up for newer blockchains as the cryptoverse sets the table for the “next big flippening.” The Battle for Defi: Featuring Cardano, Solana, and Polkadot When it comes to market dominance, Cardano, Solana, and Polkadot are leading the pack. Each platform offers a range of features, which is why a consortium of new projects are lining up to start building their ideas on these chains. For instance, Ardana, Cardano’s stablecoin and defi hub, enables Cardano to expand into the defi landscape. The platform and its constituent protocols are designed from a defi macro-perspective to offer users the required functionalities to help maintain all types of decentralized economies on the Cardano chain. It will function as a financial base layer, supporting Cardano’s decentralized economy by employing historically proven protocol models for composability, capital efficiency, and stability. As part of its strategic roadmap, Ardana will soon launch dUSD. This verifiable, on-chain collateral-backed stablecoin will help users put their ADA and other supported assets to work. The platform will also launch its AMM dex (decentralized exchange), Danaswap, for stable multi-asset pools. Per the Ardana team, Danaswap will offer capital-efficient swaps while aiming for minimal slippage and enabling liquidity providers to leverage low-risk yield opportunities. Another ambitious initiative picking up the baton where Ethereum left off is Acala, the defi liquidity hub leveraging the built-in features of third-generation blockchain protocol Polkadot. Currently, almost every stablecoin is built on the Ethereum network, limiting adoption and use. Acala wants to shift this reality by leveraging Polkadot’s speed, cross-chain interoperability, and cost-efficiency to offer a defi hub with built-in liquidity and readymade decentralized financial applications. Likewise, Acala claims to settle transactions for a fraction of what other networks require, building a quantitative edge in the defi race. The platform will support micro gas fees that are only slightly affected by transaction complexity through Polkadot’s weight-based fee model. In addition, Acala will also introduce an “algorithmic risk adjustment” feature that will automatically modify risk parameters on its lending and borrowing protocol, including interest rates and collateral ratios. Finally, in this ongoing war for defi market share, Atani, the all-in-one crypto trading platform built on Solana’s blockchain network, is another heavyweight contender to monitor. The platform features free crypto trading tools and has partnered with top exchanges like Kucoin, Binance, Okex, Bitfinex, Poloniex, and more to offer users lower trading fees. Atani recently launched its new dex aggregator on Solana, to deliver order routing features while offering add-ons like portfolio tracking, price alerts, technical analysis, and more. With this aggregator and Solana’s embedded qualities, Atani’s plan is to reduce friction between the fragmented defi ecosystem, serving up the liquidity from cexs (centralized exchanges) and dexs to the Solana ecosystem while assuring multi-chain support. The Road Ahead We haven’t really scratched the surface when it comes to tapping into the real potential of defi. Web 3.0 is growing, and the global village is becoming a lot smaller. At the same time, defi services are so revolutionary for both the global unbanked and the underbanked that they need more space to expand, just as existing protocols push network capacity limits. From an unbiased perspective, Polkadot, Cardano, Solana, and several other third-generation blockchain platforms offer the much-needed solutions to scalability and interoperability that have handicapped the legacy chains. They are faster, more secure, cost-efficient, and have low resource consumption, positioning them as all-in-one solutions that broadly benefit the entire cryptocurrency industry. With Ethereum 2.0’s debut still a long way off, third-generation blockchain protocols are already here to do the heavy lifting and take defi to the next level. Which network do you think will win the defi race? Let us know in the comments section below. View the full article

The Central Reserve Bank of Peru, the Peruvian central bank, is planning to develop a central bank digital currency (CBDC) like other economies of the world. The announcement was made by its president, Julio Velarde, who stated that the currency would be designed for use primarily in payments. However, Velarde also acknowledged this was not the best time to present the currency due to the current uncertainty in markets. Peru to Hop on CBDC Bandwagon Julio Velarde, president of the Reserve Bank of Peru, announced the institution was already working on the creation of a national central bank digital currency (CBDC). The announcement was made last week during the 59th virtual edition of the annual executive summit. He stated that the creation of such a currency is a must in a digitally based future. Velarde stressed: We have been working on a digital currency. We are in a lot of projects with several central banks: with India, Singapore, Hong Kong and with a lot of central banks, thinking of a digital currency that is going to be the one that will prevail in the future. While this digital currency is yet in its early stages of development, according to Velarde this puts it in the same class as others being developed by economies of similar size. However, Mexico and Brazil are usually pointed to for CBDC advancements in the area. Payment Focused Peru’s cryptocurrency design seems to be focused on aiding the payments sector which, according to Velarde, will be radically different in an eight-year period. With this work, the country seeks to keep advancing in the field as other economies are doing. However, Velarde acknowledged that Peru still lacks the necessary resources to complete this project now, or to face the risk that the completion of such a project brings to Peru’s economy. The head of the central bank maintains this is not the ideal time to pursue this goal. The announcement surprised many economic actors in the country, given that Peru is not known for being a nation especially friendly towards cryptocurrencies. The country is still in its initial stages of embracing crypto, given that there is no legal framework to support cryptocurrency (or CBDC) activity in its economy. Adopting a CBDC is something that countries like China are already doing, while countries like El Salvador decided to go through a radically different process, adopting Bitcoin as legal tender. What do you think about Peru starting the development of its own CBDC? Tell us in the comments section below. View the full article

On Friday, Electric Coin Company (ECC), the developers behind the privacy-centric crypto-asset zcash, revealed the network plans to transition to proof-of-stake (PoS) consensus. ECC also revealed the team plans to launch an official ECC wallet, as well as bolster the network’s cross-chain interoperability. Zcash to Change From PoW to PoS The Zcash network currently leverages a proof-of-work mining algorithm called Equihash, which allows miners to compete in order to find new blocks on the Zcash chain. In a blog post published on November 19, ECC announced the network will transition toward a proof-of-stake (PoS) consensus algorithm over the next three years. Zooko Wilcox-O’Hearn discussed the network moving from PoW to PoS in a blog post published on August 3, 2021. Furthermore, ECC’s CTO Nate Wilcox also published a blog post about the PoS subject a week after Zooko’s post. In the roadmap post published on Friday, ECC explains that transitioning to PoS will “increase the utility for ZEC through capabilities that include yield generation through staking.” Alongside this, PoS can also lead the ZEC chain toward onchain “governance mechanisms,” the ECC roadmap details. ECC Looks Toward a ‘Reduction of Zcash’s Energy Footprint’ — Zcash-Based ASIC Miners Still Rule the Roost ECC’s blog post further states that a PoS-based ZEC chain can contribute to the “reduction of the ZEC energy footprint.” During the course of the year, PoW consensus algorithms have received a lot of criticism concerning PoW’s effect on the environment. ECC’s roadmap post adds: We believe the shift to proof of stake is achievable within three years if we are able to focus our time and efforts and hire additional talent. The value per zcash (ZEC) has jumped a great deal since the news and is up 23.6% during the last 24 hours. During the initial launch, the Zcash network’s blocks were processed by miners with graphics processing units (GPUs) but during the last few years, application-specific integrated circuit (ASIC) miners have taken over. At the time of writing, a Bitmain Antminer Z15 that processes the Equihash algorithm at 420 ksol/s gets $33.44 per day in ZEC rewards. Innosilicon’s A9++ Zmaster does around 140ksol/s and gets $8.13 per day in profit using today’s ZEC exchange rate. What do you think about Zcash transitioning over to PoS? Let us know what you think about this subject in the comments section below. View the full article

Kirill Doronin, mastermind of the Russian crypto Ponzi scheme Finiko, has proposed to testify against dozens of his former associates he claims violated his order to accept only cryptocurrency from investors. The founder of Russia’s largest financial pyramid in modern times has already provided detailed testimonies against a long list of accomplices, a media report revealed. Kirill Doronin Ready to Expose His Closest Finiko Associates The man behind the cryptocurrency pyramid Finiko has offered to cooperate with Russian authorities in a likely attempt to limit the repercussions for himself. Kirill Doronin, an Instagram influencer associated with other scams in the past, now wants to testify against 44 of his subordinates who, as he claims, “went against the precepts” of Finiko by taking fiat cash from victims, which he insists he never authorized. Doronin was detained as the Ponzi scheme crumbled this summer, and has since been moved from the Russian Republic of Tatarstan to the capital Moscow where the federal Ministry of Internal Affairs (MVD) took over the Finiko investigation due to the size of the fraud. Three months after his arrest, the mastermind of the “automatic profit generation system,” continues to deny any responsibility and puts the blame for its collapse on his partners and assistants. An article published by the Russian “Business Online” portal, quoting law enforcement sources, reveals that Doronin has recently offered to provide exposing information about his accomplices. “I am ready to give revealing testimony about the participants of the Finiko company who illegally collected fiat money (Russian rubles and U.S. dollars),” the head of the phantom entity said in a petition addressed to the chief investigator on the case, Grigory Antonov. During an interrogation on Nov. 18, which lasted for hours on end, Kirill Doronin gave the MVD officials a list of 44 people, around 10% of Finiko’s “stars” or the pyramid’s influencers, whose task was to entice investors. “In relation to each of the above persons, I am ready to provide both incriminating testimony and additional evidence confirming the illegality of the actions of these persons,” Doronin wrote in the document, further stating: I have always been categorically against attracting fiat funds and have always (during meetings) talked about banning fiat, only cryptocurrency transactions. “Business Online” notes that Doronin’s defense is obviously trying to convince investigators, and the court at some point in the future, that the founder of Finiko has ordered its employees to accept only cryptocurrency. But this can prove problematic for him as crypto deals are not legal in Russia and also because the Ponzi scheme’s members had offered investors, the majority of whom did not possess digital currency, the option to convert their fiat funds into crypto assets. According to a report by blockchain forensics firm Chainalysis, the scam has indeed received a serious amount of cryptocurrency, over $1.5 billion worth of bitcoin in 800,000 separate deposits made between December 2019 and August 2021. Its victims are citizens of the Russian Federation, neighboring Ukraine and other former-Soviet countries, several EU member states, and the U.S. Among the 44 names on the blacklist, prepared and signed by Doronin, are many of the already known faces of Finiko. These include two of his vice presidents, Ilgiz Shakirov and Dina Gabdullina, as well as Lilia Nurieva, who rose to the rank of a so-called “10th Star,” who were also arrested and subsequently transferred to Moscow. Doronin Becomes Father, Seeks House Arrest Kirill Doronin’s lawyers hope that authorities will agree to change his detention to house arrest in exchange for his cooperation with the investigation, especially in the light of him recently becoming a father. This is unlikely to happen, however, as the Finiko mastermind is still refusing to admit personal guilt. What’s more, his testimony does not mention the identities of those who “technically” designed the fraudulent scheme, facilitated the transfer of funds abroad, and most importantly, the criminals and potentially officials who protected Finiko, allowing it to grow from a regional scam to the level of the notorious MMM pyramid from the 1990s. At the same time, the report points out, the Russian public is still waiting to hear the answer to the main question: Where is the money? In early November, reports quoted Russian Youtuber Andrey Alistarov who alleged that 750 BTC, worth around $48 million at the time, had been withdrawn from a wallet associated with Finiko. Alistarov believes the transactions have been ordered by three of its high-ranking members, close associates of Doronin, who managed to leave the Russian Federation and avoid detention. In September, a high court in Tatarstan confirmed the international arrest warrants for Zygmunt Zygmuntovich and Marat and Edward Sabirov. According to another article by “Business Online,” the fugitives have escaped to the United Arab Emirates through Belarus. Some sources claim, however, that Zygmuntovich, considered to be Doronin’s right hand, is hiding in Abkhazia, a Russia-backed breakaway republic of Georgia, while another source has been quoted as stating that the three Finiko co-founders are now in Turkey. Do you think Russian authorities will be able to restore the funds of defrauded investors and bring the responsible Finiko members to justice? Tell us in the comments section below. View the full article

A growing number of fund managers and institutional investors now prefer bitcoin over gold. They see the cryptocurrency as a better store of value and a better inflation hedge. “I think it’s probably going to be ten times better than gold over a long period of time,” said the founder of one asset management firm. Bitcoin vs Gold: Bitcoin Is a Better Store of Value Fund managers and institutional investors are increasingly opting to invest in bitcoin rather than gold, seeing the cryptocurrency as a better store of value and a preferred hedge against inflation. During his company’s Q3 earnings call last week, Galaxy Digital Holdings CEO Mike Novogratz talked about bitcoin being a better store of value than gold. While stating, “I still think gold was probably an okay asset to own in this environment,” he emphasized that “It’s just gotten crushed by bitcoin.” Novogratz added: Bitcoin is just a better version of a store value and it’s being accepted at an accelerating pace … There are now over two hundred million people around the world that participate in the bitcoin ecosystem, and it continues to grow. Skybridge Capital founder Anthony Scaramucci also expects bitcoin to outperform gold. He said last week that bitcoin “will eventually eclipse gold.” He has been saying that it is still very, very early for bitcoin, predicting that the price of the cryptocurrency will easily reach $500K. He urges investors to own some BTC now. In a discussion about market capitalization, Scaramucci opined: I think it’s probably going to be ten times better than gold over a long period of time … I’m not going to be surprised if bitcoin goes up at an exponential rate and gold goes up at a linear one. Another famed fund manager who recently admitted that he prefers bitcoin over gold is Paul Tudor Jones. He said last month that he prefers bitcoin as a hedge against inflation in the current economic environment, stating: Clearly, there’s a place for crypto. Clearly, it’s winning the race against gold at the moment … It would be my preferred one over gold at the moment. Global investment bank JPMorgan said in October that institutional investors have been dumping gold for bitcoin. “Institutional investors appear to be returning to bitcoin perhaps seeing it as a better inflation hedge than gold,” the firm’s analysts described. In September, the pro-bitcoin Nasdaq-listed company Microstrategy said it avoided “a multi-billion dollar mistake” by choosing bitcoin over gold last year. The company now hodls about 114,042 BTC. CEO Michael Saylor said last week that he expects bitcoin to become a $100 trillion asset class. “It’s pretty clear that bitcoin is winning, gold is losing … and it’s going to continue … It’s pretty clear digital gold is going to replace gold this decade,” Saylor opined. Goldman Sachs’ head of energy research said recently that he has seen funds moving out of gold into bitcoin. “Just like we argue that silver is the poor man’s gold, gold is maybe becoming the poor man’s crypto,” the executive noted. What do you think about fund managers preferring bitcoin to gold? Let us know in the comments section below. View the full article

Users of Russia’s central bank digital currency are going to pay a fee for each transaction, a high-ranking representative of Bank of Russia has recently announced. The digital ruble charge, however, is not going to exceed those currently applied to fast payments in the country. Bank of Russia to Charge for Digital Ruble Transfers The Central Bank of Russia (CBR) is planning to impose fees on transactions with the digital ruble, revealed Kirill Pronin, director of the regulator’s Financial Technologies Department. The official emphasized that these commissions will be lower than current charges for transfers in the banking sector. Speaking at a forum under the banner “Banking System of Russia: Ensuring Availability of Services and Resources in the Face of Increasing Risks,” Pronin further noted that the fees will certainly not exceed the costs of transfers with Russia’s Faster Payments System (FPS). Quoted by the business news agency Prime, he stated: We assume fees on transactions with the digital ruble will be lower than existing fees on wire transfers for market participants and definitely not higher than commissions within the FPS framework. Russia launched its Faster Payment System in January 2019. It allows Russian residents to send money using only a phone number and pay for goods and services with a QR code. Transfers of up to 100,000 rubles per month (approx. $1,350) are free of charge. A fee of 0.5%, but not more than 1,500 rubles (around $20), is applied to transfers exceeding this amount. The Russian Federation’s central bank digital currency (CBDC) is still under development with experts working on its precise format. The digital ruble is expected to be implemented as a unique code, stored in a special electronic wallet, and become a full-fledged payment instrument alongside the regular ruble in its other two incarnations – cash and bank money. Bank of Russia started contemplating a digital ruble back in 2018 and decided to explore the possibility of issuing the CBDC last year. A consultation paper was published in October 2020 to gather feedback from financial sector players and other stakeholders. In April 2021, the authority released a digital ruble concept outlining its principle architecture. In June, the monetary authority formed a pilot group joined by over a dozen banks. CBR plans to complete the platform’s prototype in December 2021 and commence trials in January 2022. Elvira Nabiullina, the bank’s chair, recently stated that the digital ruble will provide Russian citizens with an alternative to cryptocurrencies and fiat-backed stablecoins while enabling cheap and reliable payments. Do you think Russians will prefer to use the digital ruble platform over existing methods of money transfer? Tell us in the comments section below. View the full article

The broadband internet connectivity platform, 3air, aims to bring seamless broadband connectivity within Africa. The recently announced platform recognizes the internet connectivity issues and the enormous interest in blockchain technology on the African continent. 3air solves the connectivity challenge by using wireless broadband technology to reach previously under-connected areas. 3air is built on the Cardano blockchain, leveraging the chain’s progressive technologies. Furthermore, the 3air token takes advantage of the IOHK Atala Prism Identification Management solution. The company plans to build broadband in developing countries where other institutions have not been able to lay out the required infrastructure. Most of Africa’s internet users connect using mobile internet, which is often limited in bandwidth, expensive and unreliable. 3air plans to offer broadband internet with speed up to 1 Gbps, along with IP telephony and digital TV subscriptions. According to the World Bank, building out the infrastructure for high-speed broadband internet will take at least until 2030 and require over $100 billion in investment. 3air’s proposed solution launches broadband services in a new country within 6 months and investments of around $10-$20 million. 3air Strengthening K3 Last Mile Tech One of 3air’s most vital partners is K3 Telecom, a leading telecommunications service provider in the industry today. Its technology distributes microwave radio signals through the air, offering a faster and more cost-effective way of procuring services. The K3 last mile technology institutes a base station which distributes internet services to users within a 30+mile radius. Teams on the ground conduct extensive research on city layouts to install base stations in strategic locations to optimize reach and performance. In the long run, 3air’s vision is headed towards straightforward, affordable, and reliable communication pathways, unlike 3G networks. Moreover, the startup plans to educate Africa on blockchain technology after efficiently improving the region’s broadband internet connectivity. The platform has also garnered several partnerships throughout its inception, joining forces with technology-based companies like CV Labs, Iceaddis, and more on its cause. Identity management on the blockchain 3air is built on the Cardano blockchain, leveraging the chain’s progressive technologies. Furthermore, the 3air token takes advantage of the IOHK Atala Prism Identification Management solution. The Atala Prism system allows for creation of digital identities called DID’s, that can be used for identification and personal information tracking with privacy options to give users their provable identities. This also allows for tracking credit scores for the user. With regular usage of broadband services and adding additional payment data, users can build their credit scores that can be used to take out loans within or even outside the platform. 3air to Unveil Africa’s Untapped Potential To estimate the market potential, 3air lays out several estimations for rollout in different countries in its whitepaper. According to their research, Nigeria alone has the potential of generating $60 million of annual revenue in the broadband telecommunications industry. Combined with other developments within the continent, it shows the unprecedented potential that lies here. Creating stable high-speed networks is one way to derive the best results from the developing cities while bringing more worth to citizens. Sandi Bitenc, CEO of 3air, talks about the importance of setting up broadband infrastructure: “Imagine your private or business life without a fast and reliable internet connection. Unfortunately, this is the reality of many people in developing countries. Now imagine the troubles of such a country as a whole. Development of a 3rd world country needs to focus on multiple areas including economic development, social development, environmental protection, poverty eradication and others. Solving them is hard and occasionally conflicting, but solving them without information and connectivity is virtually impossible.” To be a part of the 3air community and follow the company’s progress, you can register for the public pre-sale set to kick off on November 26 here. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

The American social media personality and model, Alexis Ren believes the fiat economy is “collapsing” and recently she told the press she thinks cryptocurrencies offer a viable alternative. In a recent interview, Ren explained her interest in crypto is fueled by the socialite’s reservations in the dollar-based economy. Alexis Ren: ‘The Economic Structure We Have Been Living on Is a Lie and It’s Delusional’ During the last 12 months, numerous analysts and economists have said that the U.S. economy faces uncertainty. At the end of October Robert Kiyosaki, the best-selling author of Rich Dad Poor Dad, explained that he believes America is “sliding into depression.” On Friday, Harvard economist Kenneth Rogoff told the media that he thinks “we’re on a knife-edge” in terms of where inflation in the U.S. is going. However, famed novelists, analysts, and American economists are not the only ones predicting bad times are ahead for the U.S. economy. Business Insider’s (BI) Jim Edwards discussed the subject with the socialite and model Alexis Ren after she’s been telling people that she thinks the economy is based on lies. “I think the economic structure we have been living on is a lie and it’s delusional and it’s just an agreement and so we need to find something better, and I think bitcoin and cryptocurrency is that,” Ren explained in a Youtube video she crafted called “Truth or Drink.” Speaking with Edwards, the Instagram star with 15 million followers told the BI reporter in a video call that the devaluation of USD is an issue. “They keep printing more of it, so that it has no value,” Ren stressed. “It used to be backed by gold and it’s not anymore. And so we don’t have any value except their belief and faith in it and that’s even scarier. Because now they’re just utilizing our faith in the dollar. And then there’s no set amount. And so there needs to be a new thing,” she went on to say. Model Says the Current Economic System Is ‘Not Sustainable’ The popular model further detailed that the U.S. economy was “collapsing” and she highlighted that the current money creation issue is a never-ending cycle. “I know that but we’re in debt, so we’re trying, we’re printing more money to pay back debt and then we just keep accumulating more debt. It’s a black hole,” Ren said. The social media star thinks that the economic system is “not sustainable” and opined what she thinks American citizens want. “An economy that’s sustainable and that can move with us,” Ren added. The interview further explains Ren’s appreciation for cryptocurrencies and non-fungible token (NFT) assets. Ren is the founder of a tech platform called Yourstage.io and the project recently revealed its plans to tie NFTs to the company’s brand. Yourstage.io will leverage NFTs for a subscription to the service rather than cash payments. Concluding the interview with BI’s contributor Jim Edwards, Ren told the reporter that people should invest a small amount “in cryptocurrencies every month.” What do you think about the recent interview with the social media star and model Alexis Ren? Do you agree with her that the dollar-based economy is “collapsing” and cryptocurrencies are a viable alternative? Let us know what you think about this subject in the comments section below. View the full article

A teenager has been arrested in Canada after committing what law enforcement officials in Ontario have described as the largest crypto theft by a single person. The Canadian is accused of stealing tens of millions of dollars through a SIM swap targeting a crypto holder in the U.S. Teen Arrested in Canada for Stealing Crypto Fortune From American A young Canadian from Hamilton, Ontario province, has been accused of stealing cryptocurrency worth $46 million Canadian dollars (over $36 million). The digital money was allegedly misappropriated in a SIM swapping attack on a victim residing in the United States. Local police believe this is the largest crypto theft committed by one man, the Toronto Star reported. In March 2020, Canadian law enforcement joined forces with the U.S. Secret Service Electronic Crimes Task Force and the FBI on the investigation which led to the arrest of the teenager, according to a statement by the Hamilton Police Service. The press release revealed that police officials were able to identify the perpetrator when he used some of the digital coins to buy a rare online gaming username. If it wasn’t for this decision, the newspaper notes, the youngster could have gotten away with the crime. The teenager now faces a sentence of up to 10 years in prison for the staggering cryptocurrency theft. Canadian authorities also announced they had already conducted multiple seizures of crypto assets at an estimated value exceeding seven million Canadian dollars (over $5.5 million). In a SIM swap, fraudsters manage to port a victim’s phone number to different SIM card by exploiting security weaknesses at the mobile phone service provider. Scammers often convince or bribe employees of the carrier to conduct the transfer, after which they would receive any messages and calls on a device they control, including those that are intended for authentication purposes. Crypto-targeting SIM swapping attacks have been on the rise globally as bitcoin prices broke all-time highs this year. In February, Europol detained 10 members of a SIM swapping criminal gang that allegedly stole coins worth $100 million, as Bitcoin.com News reported. The arrests followed an international investigation into a series of cases involving this particular technique in 2020. Do you expect SIM swapping attacks on cryptocurrency holders to further increase in the future? Share your thoughts on the subject in the comments section below. View the full article

A California man has been sentenced to three years in federal prison “for operating an unlicensed business that exchanged at least $13 million in bitcoin and cash, often for drug traffickers,” the U.S. Department of Justice said. He agreed to forfeit various assets, including seized cryptocurrency. Bitcoin Exchange Operator Sentenced to 3 Years in Jail The U.S. Department of Justice (DOJ) announced Thursday that a California man, Hugo Sergio Mejia, was sentenced “to 36 months in federal prison for operating an unlicensed business that exchanged at least $13 million in bitcoin and cash, often for drug traffickers.” The 50-year-old San Bernardino County man pleaded guilty on July 1 to “one count of operating an unlicensed money transmitting business and one count of money laundering,” the DOJ detailed. Mejia operated a cryptocurrency exchange business converting bitcoin to cash and vice versa from May 2018 to September 2020. He charged commissions for these transactions but never registered his business with the Financial Crimes Enforcement Network (FinCEN). In addition, he established companies to mask his true activity, including Worldwide Secure Communications LLC, World Secure Data, and The HODL Group LLC, the Department of Justice detailed, elaborating: During the nearly 2½-year period, according to the plea agreement, Mejia exchanged at least $13 million. The DOJ described that Mejia met with a client who was working with law enforcement several times between May 2009 and March 2020 “to exchange bitcoin for tens of thousands of dollars in cash.” While conducting an exchange of 14.273 bitcoins for $82,150 in cash plus fees in March 2020, the client who worked with law enforcement informed Mejia that “his primary customer was a methamphetamine buyer in Australia who purchased methamphetamine every four to six weeks and sold it in Australia for five times more than the average price in the United States,” the DOJ explained. The Justice Department noted, “Mejia and the client who was working with law enforcement conducted five bitcoin-cash transactions that cumulatively exceeded $250,000,” adding: As part of his plea agreement with the government, Mejia agreed to forfeit all assets derived from the illegal conduct, including $233,987 in cash seized from residences in Santa Ana and Ontario, silver coins and bars, and approximately $95,587 in various cryptocurrency seized. Do you think Mejia should go to prison for 3 years? Let us know in the comments section below. View the full article

Former presidential candidate Hillary Clinton has urged nation-states to “start paying greater attention to the rise of cryptocurrency.” She warned that crypto could undermine the role of the dollar as the world’s reserve currency and could destabilize nations. Hillary Clinton Warns Cryptocurrency Poses Risk to US Dollar and Nations’ Stability Former Democratic presidential candidate Hillary Clinton talked about cryptocurrency Friday during a panel discussion at the Bloomberg New Economy Forum in Singapore. While addressing a range of new challenges, including disinformation and artificial intelligence (AI), Clinton said, “One more area that I hope nation-states start paying greater attention to is the rise of cryptocurrency.” The former Secretary of State added: What looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations, perhaps starting with small ones but going much larger. Clinton is not the only one seeing that the rise in popularity of cryptocurrency could hurt the U.S. dollar. Former President Donald Trump has said on several occasions that he does not like cryptocurrency because it competes against the U.S. dollar. “I don’t want to have other currencies coming out and hurting or demeaning the dollar in any way,” he stressed. In July last year, global investment bank Goldman Sachs warned that the “Real concerns around the longevity of the U.S. dollar as a reserve currency have started to emerge.” Legendary fund manager Stanley Druckenmiller said in May: “I’m worried now for the first time that within 15 years we lose reserve currency status and of course all the unbelievable benefits that have accrued with it.” However, some people believe that crypto will not replace the dollar as the world’s reserve currency. Mohamed El-Erian, chief economic advisor at financial services company Allianz, said this week that crypto “will always exist in the ecosystem but it’s not going to be a global currency … It’s not going to replace the dollar.” What do you think about Hillary Clinton’s comments? Let us know in the comments section below. View the full article

The CEO of Microstrategy says that bitcoin will emerge as a $100 trillion asset class and will grow 100X from where it is today. He said the cryptocurrency is winning against gold as a store of value and he is not worried about regulation. “I’m not at all troubled with the regulations that’s going on right now.” ‘Bitcoin Is Winning, Gold Is Losing’ as Store of Value Microstrategy CEO Michael Saylor talked about the future outlook for bitcoin in an interview with CNBC Friday. He discussed the institutional adoption of bitcoin, crypto regulation, market volatility, gold versus bitcoin, and BTC as the world’s dominant digital asset and safe-haven investment. His company currently hodls 114,042 BTC. He was asked whether he is going to keep stacking bitcoin at the current price or wait for a further pullback. He replied: “We are going to keep stacking forever.” On the topic of bitcoin vs. gold, Saylor was asked whether he thinks “bitcoin has replaced, or will replace, or is in the process of replacing gold as the store of value for most investors.” Noting the advantages of bitcoin over gold, such as the ease of transfer the low storage cost, he said: It’s pretty clear that bitcoin is winning, gold is losing … and it’s going to continue … It’s pretty clear digital gold is going to replace gold this decade. Regarding regulation, including the controversial crypto provision in the $1 trillion infrastructure bill, Saylor said, “I’m not at all troubled with the regulations that’s going on right now.” He explained, “The safe haven for institutions is to use bitcoin as a store of value,” emphasizing that “Bitcoin is the only ethical, technical, and legal safe haven in the entire crypto ecosystem.” The pro-bitcoin Microstrategy boss noted that the crypto regulation that is being discussed in Washington will “have an impact on security tokens, defi [decentralized finance] exchanges, crypto exchanges, all the other use cases of crypto that are not bitcoin.” ‘Unstoppable’ — Bitcoin to Become $100 Trillion Asset Class, a 100X Increase Saylor was also asked what he expects in terms of a realistic price target for bitcoin and whether he sees BTC being worth $1 million a coin someday. He replied that if bitcoin doubles every year, then: At the end of the decade it will have flipped gold, and then it will flip monetary indexes, a little bit of bonds, a little bit of real estate, a little bit of equity, and emerge as a $100 trillion asset class. So, 100X of where it is right now. He continued: “When we get there, it will be 5% to 7% of the worldwide economy. The U.S. dollar will probably replace 150 currencies. Maybe there will only be 2 to 3 left. There might be the euro, the CNY, and the dollar. Everything else is probably going to disappear. And then bitcoin will be the world’s monetary index. If you simply want to keep your money, and you don’t want to express a credit sentiment, or an equity sentiment, or some property or real estate sentiment.” Lastly, Saylor was asked how countries will react to the scenario he described and whether bitcoin is unstoppable or whether getting to the point he described will depend on governments. He affirmed: I think bitcoin is unstoppable as digital property. He proceeded to explain that there will be three classes of countries. The communist countries, such as North Korea, “will not give you property rights” and “will not let you own anything,” he described, adding that “They will probably ban it.” The second category comprises countries with weak currencies. They “will have capital controls. They will let you own it but they don’t want you to exchange it or trade it,” Saylor noted. He then pointed out: “It’s not illegal to own bitcoin in China. They just don’t want you to move billions of dollars out of their economy.” The third category comprises western nations that have strong currencies, like the U.S. dollar. “Of course, it’s going to be deemed property,” Saylor said. “You will pay capital gains tax when you sell it.” Do you agree with Michael Saylor? Let us know in the comments section below. View the full article

The securities regulator of the U.S. state of Alabama has issued a cease and desist order against Acoin Trading and 96 other cryptocurrency websites. The crypto investment schemes promise “excessive returns,” report “fictitious account values,” and impose “undisclosed fees.” US State Regulator Orders 97 Crypto Trading Websites to Shut Down Alabama Securities Commission announced Thursday that it has issued a cease and desist order against 97 cryptocurrency trading websites. The announcement states: The Alabama Securities Commission (ASC) issued a cease and desist order against Sir Philip Zuka owner of Acoin Trading and 96 other fraudulent crypto trading platforms. “The order is a result of Zuka’s failure to register his investment products and failure to register as an investment adviser,” the regulator detailed, adding: Zuka is in violation of Alabama securities laws for promising excessive returns, reporting fictitious account values and imposing undisclosed fees to an Alabama investor. The regulator explained that an Alabama investor discovered Acoin Trading online and was intrigued how the program could make investors eight times the original investment in only a week. “Consequently, the investor participated in a demo and invested approximately $10,000 of bitcoin, which was deposited into a wallet provided on the Acoin Trading website,” the ASC noted. However, when he wanted to withdraw his money, Zuka demanded additional payment before any funds could be withdrawn. The investor soon realized the investment was a scam; he immediately filed a complaint with the ASC and stopped all communication with Zuka and his trading platform. However, the regulator said that the Alabama resident lost the entire investment. According to the order, the owner of Acoin Trading was a Namecheap Inc. user named Sir Philip Zuka, or Sirzuka. The order details: ‘Sirzuka’ created 281 websites through Namecheap Inc. Of the 281 websites, 127 of them function and 96 of them operate in the same manner as Acoin Trading. The IP addresses originated from Nigeria, Europe or the United States. What do you think about the Alabama securities regulator shutting down 97 crypto trading websites? Let us know in the comments section below. View the full article

Cryptocurrencies are anonymous and the government shouldn’t encourage their spread, the head of Bank of Russia has insisted. The regulator remains firmly opposed to the legalization of bitcoin and the like as a means of payment in the Russian Federation. Bank of Russia Reiterates Negative Stance on Cryptocurrencies, Legalization of Bitcoin A “responsible state” should not stimulate the proliferation of cryptocurrencies, according to Elvira Nabiullina, chair of the Central Bank of Russia (CBR). The head of the monetary authority made the declaration in the lower house of the Russian parliament, the State Duma. The high-ranking official emphasized that the bank has “an extremely negative attitude towards cryptocurrencies” which she described as “private currencies pretending to be money.” Quoted by the Tass news agency, Nabiullina elaborated: These cryptocurrencies are anonymous, no one is accountable for them, and, in our opinion, a responsible state should not stimulate their spread and squeeze them out of payments. At the same time, people need to be given an alternative, the governor acknowledged. Bank of Russia is trying to do that through its projects. “I have already spoken about the digital ruble – in our opinion, this should develop,” Elvira Nabiullina added. The head of Russia’s monetary policy regulator remarked that the CBR is not against digital currencies in general, provided they are not used for “shadow operations.” Nabiullina pointed out, however, that Bank of Russia continues to oppose the legalization of bitcoin as a payment instrument in the country. In response to the rising popularity of cryptocurrencies and the significant increase in electronic payments, the Russian central bank has stepped up its efforts to create a digital version of the national fiat, the ruble. This year, the regulator formed a digital ruble pilot group with over a dozen financial institutions. A prototype of the CBDC platform will be launched in December, with trials scheduled to commence in January. The digital ruble is what the Russians need as it will facilitate cheap and reliable non-cash payments, Nabiullina recently told participants in an international banking forum. According to the country’s latest financial market development strategy, the state-issued digital currency should prevent citizens from using ‘money surrogates,’ a term used by officials in Moscow to describe cryptocurrencies. Do you think Russia will ever legalize bitcoin as a means of payment? Share your expectations in the comments section below. View the full article

Inflation in the U.S. has a large number of Americans worried about the future of their purchasing power as the cost of goods and services has continued to rise faster every month. Reports note that Americans are struggling to pay for child care, groceries, gasoline, lumber, healthcare supplies, and used vehicles. On Friday, Harvard economist Kenneth Rogoff told the press U.S. inflation was “eye popping” and in terms of where inflation is headed, Rogoff stressed he thinks “we’re on a knife-edge.” Members of the US Central Bank Begin to Favor Tapering Asset Purchases — Taper Discussions to Likely Happen at Fed’s December Meeting On Friday, Reuters reported that the U.S. central bank’s policymakers are publicly debating whether or not the Federal Reserve will taper bond purchases and raise the benchmark interest rate. Fed Governor Christopher Waller told the press on Friday that the tapering should begin soon. “The rapid improvement in the labor market and the deteriorating inflation data have pushed me towards favoring a faster pace of tapering and a more rapid removal of accommodation in 2022,” Waller explained in New York. The central bank’s vice chair, Richard Clarida, also spoke about tapering on Friday at the San Francisco Fed’s 2021 Asia Economic Policy Conference. “I’ll be looking closely at the data that we get between now and the December meeting, and it may well be appropriate at that meeting to have a discussion about increasing the pace at which we are reducing our balance sheet,” Clarida stressed. “That will be something to consider at the next meeting,” he added. US Dollar’s Purchasing Power Declines The rising inflation has taken place in America following the U.S. government’s attempt to mitigate the Covid-19 pandemic with lockdown mandates, shutting down small businesses, and choking the supply chain with coronavirus safety measures. Additionally, the government and Federal Reserve increased America’s monetary supply more so in two years than in the country’s 242 years prior. The U.S. dollar doesn’t go as far anymore, as the cost of beef, hotel and motel accommodations, gasoline, laundry supplies, natural gas, eggs, vehicle rentals, furniture, and used cars has skyrocketed over the last 12 months. Metrics from visualcapitalist.com indicate that the U.S. inflation rate saw the largest increase in 30 years. Moreover, the cost of fuel, transportation, and meat products have seen the largest price jump, rising from 24% to 39% in just a year. Childcare and other costs associated with parenting are also surging and bars and restaurants are wrestling with inflation, a labor crisis, and supply chain crunch all at the same time. Across the nation, prices have risen the highest in the Midwest and South in states like South Dakota, North Dakota, Nebraska, Iowa, Kansas, and Minnesota. Mainstream Media Continues to Claim Inflation Is Good, Journalist Insists ‘Inflation in the News Driven by the Rich,’ MSNBC Deletes Tweet That Asserts ‘Inflation We’re Seeing Now Is a Good Thing’ Despite the rising inflation, mainstream media (MSM) headlines have been telling the public things like “don’t worry about inflation” for months. The New York Times tried to explain this week that inflation “is linked to the economic recovery” and recently MSNBC deleted tweets that claimed, “the inflation we’re seeing now is a good thing.” The American journalist who worked for the New York Times, Verge, and Vice Media, Sarah Jeong, has received a lot of backlash for her statements about inflation. “Waaaaah the working class’s income is keeping pace with or outstripping inflation but my capital gains aren’t. Boo f***ing hooooo,” Jeong told her 118,000 Twitter followers. In another controversial statement, Jeong tweeted: “All the stuff you see about inflation in the news is driven by rich people flipping their sh** because their parasitic assets aren’t doing as well as they’d like and they’re scared that unemployment benefits + stimmy checks + 15 minimum wage + labor shortage is why.” Harvard Economist: In Terms of Where Inflation Is Going ‘I Think We’re on a Knife-Edge’ Americans spending more dollars on goods and services has taken a toll on people’s funds and data shows that the so-called rising wages in America don’t seem to be measuring up to the inflation. There have been many reports presenting verifiable data showing that the rise in American wages does not make up for the rising inflation. On Friday, Harvard economist Kenneth Rogoff spoke on the broadcast “Mornings with Maria” and the economist explained that America’s inflation is “eye-popping.” The former IMF chief economist told Maria Bartiromo that he thinks “we’re on a knife-edge” in terms of inflation and there’s a “50-50 chance or a little less” the Fed’s “transitory” prediction is correct. “I think it’s pretty clear that the first stimulus right after Biden took office and maybe the one at the end of the year in 2020 [was] a little too late in the game,” Rogoff explained in his interview. “They have added to the inflation, along with supply chain and everything else,” he added. What do you think about America’s rising inflation and how politicians, Federal Reserve policymakers, and mainstream media pundits are coping with the data? Do you think inflation will be “transitory” or do you think it will last a very long time? Let us know what you think about this subject in the comments section below. 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Ten members of the U.S. House of Representatives have called on House Speaker Nancy Pelosi to address the problem with the crypto provision in the infrastructure law. They explained that the current definition of a broker in the law “would increase uncertainty in the cryptocurrency industry, pick winners and losers … all while eroding our country’s competitive edge against other countries in the digital asset marketplace.” 10 Lawmakers Urge House Speaker Pelosi to Address the Crypto Provision in Infrastructure Law Ten members of the U.S. House of Representatives have jointly sent a letter to House Speaker Nancy Pelosi about the crypto provision in the $1 trillion bipartisan infrastructure bill which President Joe Biden signed into law this week. The letter was signed by Representatives Darren Soto, Ro Khanna, Stacey Plaskett, Eric Swalwell, Tim Ryan, Susan Wild, Marc Veasey, Jake Auchincloss, Al Lawson, and Charlie Crist. “We write to express our concerns with the digital asset provision (Section 80603) of H.R. 3684, the Infrastructure Investment and Jobs Act, otherwise known as the Bipartisan Infrastructure Framework (BIF),” the letter dated Nov. 15 begins. “As you and our colleagues in both chambers work to ‘build back better’ we must ensure appropriate taxation and regulation of the cryptocurrency industry,” it states. Emphasizing that “those making gains in the cryptocurrency markets should pay their fair share of taxes,” the letter urges regulators to also “ensure this innovative technology is not making it easier for criminals to circumvent our laws and regulations.” It continues: As it is written today, however, the BIF would increase uncertainty in the cryptocurrency industry, pick winners and losers, and thwart Internal Revenue Service (IRS) efforts to accurately tax cryptocurrencies, all while eroding our country’s competitive edge against other countries in the digital asset marketplace. The lawmakers stressed, “We must have reasonable regulation on cryptocurrencies, but that legislation should not cripple the industry in doing so.” The letter proceeds to explain the problem with the definition of a “broker” in the infrastructure law. “As it is drafted today, the provision would include miners and other validators, as well as software and hardware wallet makers, who do not engage in trading activities and are beyond the scope of brokerage services,” it explains. “Additionally, many entities included in this expansion have no ability to access the personal, customer information that brokers are required to report to the IRS.” The lawmakers added, “Well-crafted regulation promotes innovation and American ingenuity,” elaborating: As such, we request you to consider a pathway to address the digital asset provision of the BIF in future legislation and during ongoing discussions surrounding this provision. “Your support will help ensure BIF does not capture validators, wallet providers, and others who do not have the ability to comply,” the letter concludes. Last week, Senators Cynthia Lummis and Ron Wyden introduced a bill to amend the definition of a broker in the infrastructure law’s crypto provision. In addition, Senator Ted Cruz introduced a bill of his own to totally repeal the crypto provision. Currently, the requirements in the infrastructure law will not take effect until Jan. 1, 2023. Do you think the crypto provision will be amended? Let us know in the comments section below. View the full article

During the last 90 days, Bitcoin’s hashrate has been climbing higher and has been slowly nearing the all-time high (ATH) the network captured six months ago in May. The accelerated hashrate has caused the network difficulty to rise, as Bitcoin’s mining difficulty has adjusted upward nine times in a row to date and it’s closing in on the network difficulty ATH recorded six months ago. Bitcoin’s Mining Difficulty Approaches Lifetime High Bitcoin’s mining difficulty is approaching the all-time high recorded on May 13, 2021. The network’s difficulty is basically a mechanism Satoshi Nakamoto added to maintain a steady rate of close to ten-minute blocks. Furthermore, the difficulty also makes the entire system stronger security-wise, as a 51% attack becomes a lot more expensive and far more difficult to achieve. When the hashrate changes, every two weeks, the network takes the change into account, and when the hashrate increases the difficulty to mine bitcoin (BTC) also rises. When the hashrate experiences a sudden dive, like it did at the end of June and during the month of July over the bitcoin mining crackdown in China, the difficulty will also lower. When BTC’s hashrate plummeted this year, the network’s mining difficulty slid by 39.8% in different intervals. Difficulty Needs to Increase More Than 10% in Order to Capture New Record High The difficulty’s ATH on May 13, 2021, was roughly 25.05 trillion, and two weeks later it adjusted down to 21.05 trillion. Following July 3, BTC’s mining difficulty slid to a low of 13.6 trillion after it experienced the largest downward difficulty adjustment in the network’s lifetime. That massive downward drop was approximately 27.94% at block height 689,472. Today, BTC’s mining difficulty is 22.67 trillion and getting awfully close to nearing its 25.05 trillion ATH. The bottom line is bitcoin (BTC) will be more difficult to mine than it was six months ago in a short period of time. The mining difficulty will need to increase by 10.27% from the current position to surpass the May 13 record high. At current SHA256 profitability rates, the odds of BTC’s mining difficulty increasing enough to surpass the difficulty ATH recorded six months ago is far greater. ASIC bitcoin mining rigs such as the Microbt Whatsminer M30S++, Ipollo’s B2, and the Bitmain Antminer S19 Pro still make over $25 per day paying $0.12 per kilowatt-hour (kWh) in electricity costs. What do you think about Bitcoin’s network difficulty nearing the all-time high it recorded in May? Let us know what you think about this subject in the comments section below. View the full article

Russian parliamentarians have cautioned against risks associated with the introduction of a digital ruble. Among them are the likely increase of competition pressure on banks and new challenges that may arise in the field of information security. Financial Market Committee Sees Threats in Digital Ruble Project Russia’s digital fiat, currently under development, brings certain risks that lawmakers want the central bank to carefully examine. The implementation of the digital ruble may pose a challenge for the country’s financial sector, members of the important Financial Market Committee at the State Duma, the lower house of parliament, have noted after deliberations on the project. The conclusion comes in response to the “Main Directions of Monetary Policy Until 2024” presented by the Central Bank of Russia (CBR), crypto news outlet Forklog reported this week. The document covers the prospects for the launch of a national digital currency among other aspects of Moscow’s government monetary policy. The deputies are worried that the new form of the Russian currency, the third incarnation of the ruble after cash and bank money, will increase competition in the banking sector. This could hurt the profits of financial institutions and significantly increase the role of the state in the industry. Furthermore, the introduction of a digital, programmable fiat carries new kinds of risks — in the field of information security, for example. The authors of the report have advised Bank of Russia to analyze the threats to macroeconomic stability and the banking sector. They recommend that the regulator prepare response measures in advance, in case these risks materialize. At the same time, the Duma committee expects the digital ruble to ensure fast, simple, and secure payments while reducing the cost of payment services. It “positively assesses the analysis of the introduction of digital currency and believes that it would also be interesting to analyze the impact of the spread of cryptocurrencies in global transactions,” the conclusion reads. With Russians increasingly choosing non-cash payment solutions — these have reached 75% in the past seven years — and with the growing popularity of cryptocurrencies in mind, the CBR and other institutions have seriously taken on the task of offering Russian citizens a government-controlled digital currency. Officials are planning to amend 13 Russian laws and codes to accommodate the central bank digital currency. In June, Bank of Russia formed a digital ruble pilot group with the participation of over a dozen banks and other stakeholders. The authority plans to complete the platform’s prototype in December 2021 and start testing the CBDC in January 2022. The head of the bank, Elvira Nabiullina, recently stated that the digital ruble will give Russians what they need as a state-issued alternative to other forms of electronic money including decentralized cryptocurrencies and stablecoins backed by foreign fiat. Do you think CBDCs like the digital ruble pose serious risks to the traditional financial sector? Share your thoughts on the subject in the comments section below. View the full article

Gemini, the regulated cryptocurrency exchange founded by the Winklevoss Twins, has raised $400 million in its most recent growth equity funding round. This financial round gave it a valuation of $7.1 billion, being one of the most valuable exchanges in the crypto world. The financial round, led by Morgan Creek, also had the participation of key leaders in the venture capital sector. Gemini has been investing heavily in alternative metaverse proposals. Gemini Hits $7.1 Billion Valuation Gemini, the cryptocurrency exchange created by the Winklevoss twins, the two Facebook dissidents, has raised $400 million in its latest growth equity funding round. The round was led by Morgan Creek, which put up $75 million, with Sachin Jaitly (a general partner at Morgan Creek) becoming the third member of Gemini’s board of directors, apart from Cameron and Tyler Winklevoss. Other important backers in the round included 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and the Commonwealth Bank of Australia. This giant round puts Gemini in an enviable situation, reaching a valuation of $7.1 billion and becoming one of the most important U.S.-based exchanges at the moment. The often criticized regulated approach that Gemini has taken in its cryptocurrency business is likely the catalyst for this. On the subject, Sachin Jaitly stated: Their vision for the role of crypto in redesigning money, the financial system, art, and the Internet, and their track record of incubating and scaling innovative technologies, gives us confidence in Gemini’s ability to continue to be an industry leader. Gemini’s Alternative Proposal One of the objectives that Gemini’s founders have is to propose an alternative metaverse, different from what other companies are doing now. In an interview with Forbes, Cameron Winklevoss talked about the different paths that companies trying to shape the idea of metaverse are following. He stressed: There’s a centralized path… that is one step away from being a metaverse, and that’s totally fine. But there is another path, which is the decentralized metaverse and that’s the metaverse where we believe there’s a greater choice, independence, and opportunity, and there is technology that protects the rights and dignity of individuals. Gemini has already invested in these initiatives through the Gemini Frontier Fund, including projects like Animoca Brands’ The Sandbox. This seems to put the company on a collision course yet again with Mark Zuckerberg and Meta (formerly Facebook), which has a very different perception of the metaverse and its execution. Other exchanges are also interested in entering the metaverse investment scene. Kucoin, an Asian exchange, recently launched a $100 million fund to incubate metaverse startups. What do you think about the $400 million Gemini funding round? Tell us in the comments section below. View the full article

Quentin Tarantino, the acclaimed film director, is being sued by Miramax, a Hollywood film producer and distributing company, due to the auction of a series of NFTs related to “Pulp Fiction,” one of the director’s most popular films. The conflict lies in the interpretation that Miramax makes from the initial contract between the parts, arguing that the sale of NFTs does not constitute a publication of any part of the script. Miramax Sues Quentin Tarantino Miramax, the Hollywood movie company, sued Quentin Tarantino, the acclaimed film director, for the upcoming auction of a series of Pulp Fiction-themed NFT’s. Tarantino announced it would auction a series of never before seen items of the film in the form of NFTs, including the famous “royale with cheese” handwritten screenplay scene. The auction would utilize a blockchain called the Secret Network, which would allow the content of these NFTs to be secret until the sale of the item. Miramax affirms that while Tarantino has the rights to any print publication of the script, NFTs are not part of this. The lawsuit states: The proposed sale of a few original script pages or scenes as an NFT is a one-time transaction, which does not constitute publication, and in any event does not fall within the intended meaning of ‘print publication’ or ‘screenplay publication. The lawsuit further explains that the right to sell any NFTs is owned and controlled by Miramax. Tarantino Fights Back Bryan Freedman, Tarantino’s attorney, challenged the validity of Miramax’s claims, stating that the director had the right to sell “NFTs of his hand-written script for Pulp Fiction and this ham-fisted attempt to prevent him from doing so will fail.” Williams also stressed that the reveal of the details of Miramax’s contract with Tarantino will tarnish the reputation of the company. This means that Tarantino is planning to fight back these allegations in court. This is one of the first high-profile cases that involve NFTs and Hollywood productions going to court. Many other celebrities and artists have already issued and published NFT drops to take advantage of the NFT craze that ensued earlier this year to open new and alternative sources of revenue. In this sense, Miramax attorney Bart Williams stated that Tarantino’s announcement dilutes the value of the Pulp Fiction IP. Williams stated: This one-off effort devalues the NFT rights to ‘Pulp Fiction,’ which Miramax intends to maximize through a strategic, comprehensive approach. What do you think about the Quentin Tarantino vs. Miramax legal battle? Tell us in the comments section below. View the full article

The U.K.’s advertising authority has launched an investigation into advertisements for the cryptocurrency floki inu (FLOKI). The ads, titled “Missed Doge? Get Floki,” have appeared on London buses and the underground. The team behind the floki inu ad campaign says the advertisements are “legally cleared,” and the advertising authority’s action is “an attack against cryptocurrency and against the people’s freedom of choice — a clear attempt at censorship.” UK’s Advertising Authority Investigating Ads for Floki Inu Cryptocurrency The Advertising Standards Authority (ASA), the U.K.’s regulator of advertising, is investigating advertisements placed on public transport in London for the cryptocurrency floki inu (FLOKI). Floki inu is the cryptocurrency named after Tesla CEO Elon Musk’s shiba inu dog. Musk has been called the Dogefather for his support of the meme cryptocurrency dogecoin (DOGE). He tweeted on June 25, “My shiba inu will be named Floki.” The Tesla boss followed up with a tweet on Sept. 12 stating, “Floki has arrived.” FLOKI has both an ERC20 token and a BEP20 token. The floki inu ads have been seen on London buses and in underground stations. The ads feature “Missed Doge? Get Floki” in big, bold writing. The team behind the floki inu crypto ad campaign said the advertisements were “legally cleared.” They told the BBC: These ads also include a clear disclaimer highlighting the volatility of cryptocurrencies. While Transport for London (TFL), the capital’s transport operator, said that there have not been widespread complaints from the public about cryptocurrency advertisements, some politicians in the U.K. have expressed concerns that the TFL should not have approved the ads for floki inu. The mayor of London’s office said, “TFL is writing to the ASA and Financial Conduct Authority (FCA) to ask for their views on the concerns being raised.” Green Party London Assembly member Sian Berry told the Guardian: This should have raised a red flag, and someone at TFL should have looked at this before it was approved. The team behind the floki inu ad campaign told the BBC in an email: The attack against these ads by a certain political party is an attack against cryptocurrency and against the people’s freedom of choice — a clear attempt at censorship. Over the summer, the ASA banned an ad campaign for the cryptocurrency exchange Luno, which ran on TFL. The ad stated that “It’s time to buy” bitcoin. In a statement to the BBC, the ASA said it was looking at different cryptocurrency advertisements, including those for floki inu, across “various media spaces,” not just TFL. “We’ll be assessing whether these ads break our rules and using our findings to inform our regulation in this area, including any follow-up enforcement action,” the authority described. What do you think about the investigation into the ads for cryptocurrency floki inu (FLOKI)? Let us know in the comments section below. View the full article

Israeli police have arrested eight suspects in connection with a cryptocurrency fraud scheme after raiding their homes and seizing evidence. One of the suspects is Moshe Hogeg, a well-known owner of the premier soccer team Beitar Jerusalem Football Club. 8 People Arrested in Crypto Fraud Scheme in Israel Israeli police arrested eight suspects Thursday allegedly stealing tens of millions of shekels in a cryptocurrency fraud scheme. The arrests were made after officers from the police’s Lahav 433 anti-corruption unit raided the suspects’ homes and offices. They gathered evidence and seized items related to the investigation. The investigation lasted several months and unearthed suspected money laundering and tax offenses, the police detailed. One of the suspects is Moshe Hogeg, an owner of Beitar Jerusalem Football Club, an Israeli professional soccer club that plays in the Israeli Premier League. The police explained that the suspects operated a cryptocurrency fraud scheme “in a systematic manner“ over a long period of time. Noting that they defrauded investors in several crypto projects, the police said: Each pocketed millions of shekels while making false presentations to potential investors to invest in seemingly profitable ventures. In addition to cryptocurrency fraud, police said Hogeg is suspected of having committed sexual crimes. Hogeg has denied both allegations. Hogeg and several others were sued in May by former employees of an Israeli venture capital fund who claim that three of Israel’s largest initial coin offerings (ICOs) in 2017 and 2018 were outright scams. The three ICOs, launched by Sirin Labs, Stx Technologies Ltd. (Stox), and Leadcoin, collectively raised $250 million from investors worldwide. Attorneys Moshe Mazor and Amit Hadad representing Hogeg said Thursday that his client “vehemently denies the suspicions against him and is cooperating fully with investigators.” They added: We are sure that at the end of the investigation it will become clear that there are no grounds to the allegations against him. What do you think about this case? Let us know in the comments section below. View the full article

The price of bitcoin has dipped below the $60K zone, a number of people have been talking about the third-largest bitcoin address called “1P5ZED” which has accumulated thousands of bitcoin during the last few days. Nobody knows who the owner of the wallet is but it holds more than 111,359 bitcoin, as it’s been steadily accruing bitcoin since the wallet’s first transaction on February 5, 2019. While some assume the address is a mega bitcoin whale, onchain data indicates that the wallet could be tied to an exchange. A Myriad of Tales Tied to the Third Largest Bitcoin Wallet Speculate the Address Is a Whale That ‘Bought the Dip’ Bitcoin’s fiat value has been volatile and it’s one of those times where everyone is looking for answers to why BTC has slid in value. For instance, on November 10, bitcoin (BTC) slid from a $69K all-time high (ATH) and five days later, it was coasting along in the mid-$65K to $66K per unit range. Since the crypto asset’s ATH, bitcoin is down 16% in value and slid under the $60K zone. Of course, the volatility sparked whale watchers and people talking about bitcoin whale transactions happening in real-time. The third largest Bitcoin whale just bought the dip!- buying a total of 1.123 BTC (72 Million USD) at a price of $64k #BTC #buythedip #cryptobrothers #Ethereum #SHIB #cryptotrading https://t.co/RWA5hIj02A — Crypto Bros. (@CryptoBroUK) November 13, 2021 Bitcoin whales are individuals or organizations with large sums of BTC and the whale can also be of various sizes. Depending on who you ask, BTC whales can be individuals or organizations that own 1,000, 10,000, 50,000, and 100,000+ bitcoin. An entity that holds more than 100,000 BTC would be considered a “mega-whale,” and there are only three bitcoin addresses in existence with 100,000 BTC or more. The top five largest BTC wallets hold anywhere between 84K to 288K BTC, and three of those wallets are marked or tagged as exchanges. Lately, crypto publications and a slew of individuals on social media and forums, have been speculating about the actions of the third-largest bitcoin wallet. The conversation has been trending and many people believe that a large whale “bought the dip,” while the price of BTC slipped. Bitcoin.com News has seen a few large whale sightings as well amid BTC hitting fresh new price highs nine days ago. Although the whales our news team discovered stemmed from mined bitcoin block rewards from over a decade ago. Onchain Data and Cluster Spending Shows the Third Richest Bitcoin Address Belongs to a Crypto Exchange The third-largest bitcoin (BTC) address was first created on February 5, 2019, when it received a small fraction of BTC. Seven days later, onchain data shows the wallet obtained 1,119 BTC on February 12, 2019. The wallet address “1P5ZED” doesn’t look like an individual bitcoin holder and the transactions 1P5ZED has processed look more like exchange activity from a crypto trading platform. As mentioned above, three out of the top five BTC addresses are flagged as being associated with cold wallets belonging to Binance, Bitfinex, and Okex. 1P5ZED has all the tell-tale signs of being associated with an exchange and it’s not known for sure, but it’s been flagged on a few occasions. The address has received a lot of BTC during the last two years and occasionally it spends BTC as well. 1P5ZED’s transactions have very little privacy according to statistics from blockchair.com, as the block explorers privacy tool indicates most of its transactions are done with a very low preference for privacy. Most of 1P5ZED’s transactions have a “critical” to “low” privacy rating in terms of the level of traceability. The transactions suffer from vulnerabilities such as matched addresses and inputs and outputs that are often similar. #Bitcoin 's third largest non-exchange whale address (1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ) has bought a total of 3038 BTC in batches for four consecutive days since the 16th, with an average price of approximately $59744.22 Source👇https://t.co/NwewDCXXqr — CoinCarp (@coincarpcom) November 19, 2021 Block Explorer Annotations Further Suggest 1P5ZED Belongs to an Exchange On the block explorer oxt.me, the address 1P5ZED has notes associated with it, which explain that the address could be tied to an exchange. The first annotation on oxt.me about 1P5ZED says it was submitted by a person named “TEJAS” on November 22, 2020. The individual writes it “could be Bittrex” and also leaves a link in the annotation as well. The article linked references a 717 BTC transfer that was allegedly carried out between Bittrex and 1P5ZED. The second annotation on the block explorer oxt.me was added by “ERGOBTC” on July 14, 2020. The note says the “address source suggests Gemini or Coinbase.” This led our investigation down to parsing 1P5ZED’s transactions during the last two months. Blockchain parsing data shows that 1P5ZED transacts quite a bit with the BTC wallet address known as “1FzWLk.” While 1FzWLk transacts with 1P5ZED a lot, 1FzWLk is also flagged with a note on oxt.me about the address being associated with an exchange. The 1FzWLk annotation was also submitted by ERGOBTC, on the same day the second annotation was applied to 1P5ZED. “[1FzWLk] annotated as Okex by Whale Alerts. Though source and cluster spending suggest closer ties to Coinbase and Gemini,” annotation details. While it’s not certain 1P5ZED (which acts like an exchange cold wallet) and 1FzWLk (which acts more like a hot wallet) belong to a trading platform, there’s a lot more supporting evidence that shows 1P5ZED is likely owned by an exchange. Do you think 1P5ZED is a random whale address or do you think it belongs to an exchange? Let us know what you think about this subject in the comments section below. View the full article

The annual Sports Illustrated (SI) Awards have just revealed the line-up for the firm’s 2021 awards show that will broadcast live from the Seminole Hard Rock Hotel and Casino in Hollywood, Florida. This year, fans will be able to win a whole bitcoin from FTX as the crypto exchange has partnered with the SI Awards ultimate sports sweepstakes. This Year’s Sports Illustrated Awards Features a Bitcoin Sweepstakes The American sports magazine owned by Authentic Brands Group, Sports Illustrated, has been a very popular magazine since its inception in 1954. Since the day SI was created, for 67 years the company has presented the Sportsman of the Year award annually. This year, the SI Awards will be hosted at the Seminole Hard Rock Hotel and Casino in Florida on Tuesday, December 7 at 8:00 p.m. (EST). The 2021 SI Awards will also feature a sweepstakes with rewards provided by the crypto exchange FTX. Fans will have the opportunity to win a single bitcoin (BTC), tickets to the award show, hotel and airfare accommodations, and backstage passes to meet and greet with a “surprise athlete.” FTX has been very involved in the sports industry during the last year and sponsoring the SI Awards comes as no surprise. FTX recently partnered with the MLB legend Shohei Ohtani, Tom Brady and Brady’s supermodel wife Gisele Bündchen. The firm is an official partner of the MLB and has also acquired the naming rights to the NBA Miami Heat’s arena and the professional esports organization TSM. Other prominent crypto companies are also diving deep into the world of sports as Crypto.com signed a massive deal with the MMA company UFC. Crypto.com also inked a 20-year deal for the naming rights to the Staples Center, home of the Los Angeles Lakers. FTX details in an announcement sent to Bitcoin.com News that the firm is “proud to present the most prestigious award of the evening, Sportsperson of the Year.” FTX further added that “honoring this year’s winner as an athlete who best represents the spirit and ideals of sportsmanship, character, and performance. Guests that attend the event will also receive an exclusive Sports Illustrated Awards NFT through FTX US NFT Marketplace to commemorate the event.” In addition to the sweepstakes, the SI Awards will also be hosted by DJ Khaled and Cari Champion. The event will also showcase music performances by 2Chainz and DJ Irie. Other SI Awards attendees that will be in Florida will include JuJu Smith-Schuster, Lamelo Ball, Logan Paul, Rob Gronkowski, Suni Lee, Tyler Herro, Udonis Haslem, Billie Jean King, Brooks Nader, Camille Kostek, Chad Johnson, Candace Parker, DJ Carnage, Haley Kalil, and Jasmine Sanders. The SI Awards are also produced by the firm Medium Rare, an agency dedicated to sports, celebrity, and brand-focused non-fungible token (NFT) assets. Medium Rare was behind the multi-million dollar NFT drops this year that featured the Golden State Warriors and Rob Gronkowski. What do you think about the upcoming SI Awards and the sweepstakes that will be giving away a single bitcoin? Let us know what you think about this subject in the comments section below. View the full article