roadrunner

The Central Bank Of Venezuela applied the announced redenomination plan for the national fiat currency, the bolivar on October 1. This redenomination implied slashing six zeroes from the currency, to make payments and currency handling easier, according to earlier statements. However, just hours after applying this measure, the bolivar lost more than 20% of its value against the U.S. dollar. Venezuela Slashes Six Zeroes From Its Currency The Central Bank of Venezuela, the institution that dictates the monetary policy of the country, has applied a redenomination of its fiat currency, the bolivar, to simplify the action of paying and handling big amounts of money. This redenomination implied slashing six zeroes of the current value of the currency, effectively making 1,000,000 Bolivares just 1 Bolivar now. The measure was announced in August, where the Central Bank announced it was changing the name of the currency to the “Digital Bolivar,” which sparked speculation about a possible issuance of a central bank digital currency in the country. But the bank did not present any reports in this regard and instead announced the issuance of new bills to complement the redenomination plan. Banking and financial institutions stopped their services to the public on September 30 to apply the necessary changes in their platform to adequate the amounts to the new redenominated currency. Crippling Devaluation But, even with this measure taken, the so-called digital bolivar is still losing its value at a fast pace. According to one of the most popular dollar price sites in Venezuela, Monitor Dolar Paralelo, the exchange rate went from 4,317,970.70 bolivares per dollar to 5,140,000 (or 5.14 in the redenominated currency) in just two days. This means the fiat currency lost 19% of its value on the verge of the redenomination plan. Some analysts have reported that the government is likely to enter the foreign currency market by injecting resources to keep the exchange rate low in the short term. Tomás Socías López, a Venezuelan analyst, declared to local media the government could introduce liquidity to the exchange market putting up to 30 million dollars each week, with the objective of keeping this rate low in an artificial way. However, this decision would be costly to Maduro’s government, which would have to divert resources directed for other purposes to control the exchange rate. The country is now facing fuel shortages, and citizens have to endure big lines to fill their tanks as a consequence of a multitude of factors, including the poor state in which local refineries are. This is why more and more Venezuelans are considering cryptocurrencies as an alternative source of investment and savings. But the dollar is still the king currency in the country, that is going through an unofficial dollarization process. What do you think about the fiat redenomination plan in Venezuela? Tell us in the comments section below. View the full article

PRESS RELEASE. Right after the Marnotaur DeFi leverage platform announced the extremely quickly completed of its Marnotaur NFT collection presale, the team announced that the collection would go public. The date for the sale has been set for October 4th on the official website https://nft.marnotaur.com/ and there are expectations in the community that it will not last long. In this article, you get a look at the design, utility and sustainability of the collection’s tokenomics model. Created by NFT256, inspired by Bullish DeFi Cycle (which will bring BTC to $100,000) The first release of the Marnotaur NFT collection contains 2,775 uniquely designed creatures – Marnotaurs. The collection is issued in squadrons of 555 NFTs. Every NFT is designed and created by members of the renowned artistic community – NFT256. This group unites talented people from all over the world, artists who are interested in modern technology but are still in love with art. NFT256 artists collaborate with the best crypto projects, making exclusive NFT art available to millions of people. The collective created thousands of individual NFTs for the Marnotaur project and the team endowed them with a variety of traits and features, diversifying the rarity of each single NFT. When you buy this NFT, you are actually buying an embryo. A short time after, a Marnotaur is born from the embryo and until that moment, the rarity, appearance and traits of each Marnotaur remains a mystery, impossible to predict. The distribution of tokens is made entirely on a random basis and the team is considering using the Chainlink randomizer for this purpose in the future. As a VIP option, the Marnotaur team will offer users the chance to customize their NFT with their own facial and body features. These upgrades will increase the Marnotaur’s rarity, pumping up its price. Inside the Marnotaur NFT Collection Financial benefits for Marnotaur NFT owners Royalties from secondary market sales To participate in this profit sharing campaign, users need to hold a Marnotaur NFT and some $TAUR tokens (a minimum equivalent of $500). If you comply with these conditions, you are eligible for the distribution of royalties, which is 50% of all the collected royalties from secondary market sales on OpenSea. Price increase with every new emission The emission of NFTs belonging to the Marnotaur collection is divided into 18 squadrons. Each squadron has its own floor price. NFTs from squadrons #1-5 start trading from 0.05 ETH, while the price of the NFTs from each subsequent squadron MUST be priced at least 50% higher than the preceding squadron’s sale price. This means that those holding NFTs from any of the first 5 squadrons will get the juiciest rewards – a chance to receive up to 1,300% payback on their initial investment. The final price will be decided by the community via the DAO voting process, which is available to all Marnotaur NFT token holders. The community might consider implementing a Bonding Curve mechanism. Besides the obvious profit potential of selling your first-gen Marnotaur on the secondary market, there is a profit sharing program for token holders. It distributes 30% of the proceeds from the sale of NFTs originating from squadron #6-18 to holders of Marnotaur NFTs. Staking & Farming Marnotaur NFTs can be used for staking and earning rewards in Marnotaur’s native utility token ($TAUR), which will be used for multiple purposes within the project ecosystem. There is also a buy & burn program to take pressure off the token price. Marnotaur DeFi-leverage platform benefits for traders, liquidity providers and keepers The Marnotaur platform has three types of users: liquidity providers, margin traders and keepers. The platform features a basic leverage of 5x, though there will be options to gain access to higher leverage for some categories of users. Marnotaur NFT holders will also be able to enjoy a higher leverage ratio. The exact multiplier will be announced later and will be subject to change, based on the decision of the DAO. Liquidity providers are not left out by any means. For holding a Marnotaur NFT, they will be granted a yield farming reward-booster. This sweet bonus is intended to attract new LPs in the early stages of the project and pamper early providers who demonstrate their trust in the concept and the team. But most interestingly, Marnotaur NFT holders are able to take up the role of a liquidity keeper for the platform. Those who do, will receive rewards for liquidating positions that hit the agreed price point. And one more nice bonus for owners of these NFTs is exclusive access to a private Discord server where they can chat with team members, get news, read reports and gain insights about the project at lightning speed. Developing DAO Marnotaur invests in strengthening the DeFi community The Marnotaur NFT is also part of the growing DAO and provides various benefits to token holders. These include: learning opportunities from the team and access to data based on traders’ performance and behavior. The data collected will also form the basis of analytical reports for holders as well. This information empowers anyone who’s privy to it to build a trading strategy and avoid the mistakes of their peers. As mentioned above, the DAO has the casting vote when it comes to setting the price of NFTs from squadrons #6-18 (as well as the power to totally stall new emissions). Members also get to vote on the platform’s development in general, determining the direction of the venture and its future. The Marnotaur NFT is a part of the rapidly growing gameFi ecosystem and is meant to be used in cross-platform games and projects, pumping the price of the token and providing extra profits for holders. Besides all that of course is the fun you get from any good game. Summing up Marnotaur NFT Looking at the Marnotaur website https://nft.marnotaur.com/ it is looks obvious – the team has considered all angles and covered all the factors that make a “good” NFT. There is high potential in this asset and users can appreciate the meticulous designs that highlight the immense effort made by the artists who participated in the creation of the collection. 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

Jean-Pierre Verster, the founder of a South African hedge fund Protea Capital Management, has said he does not believe there is “intrinsic value” in cryptocurrencies. He insists that cryptocurrencies have “elements of a Ponzi scheme” and for that reason, he has not invested in them. A ‘Wonderful Technology’ In remarks made during an interview, Verster however appears to adopt a stance on blockchain technology that is similar to that of cryptocurrency opponents. He explained: I think the technology of blockchain is a wonderful technology. And will find applications when it comes to having open ledgers – when it comes to transactions that you need to make sure are captured somewhere or recorded somewhere in a way that people can’t after the facts – fiddle with those recordings. For that blockchain is great. Although he points to foreign exchange restrictions and hyperinflation as some of the legitimate factors that contribute to the popularity of cryptocurrencies, Verster still attacks “the application of blockchain into cryptocurrency.” Inevitable Crash He also warns of an inevitable crash should all the people who wanted to get involved in the currencies finally do so. Verster explained further: So it has got these elements of a Ponzi scheme, which means that for a long period of time, prices go up, go up, and it looks like value increases, and then it all comes crashing down. So I have not invested in crypto myself. These latest anti-crypto comments by Verster — who also confesses that he is no crypto bull — are a reiteration of his disdain for types of investments that make him “dependant on what the other person thinks the asset is worth.” Do you agree with what Verster has said about cryptocurrencies? Tell us what you think in the comments section below. View the full article

Threats related to cryptocurrency have followed prices, decreasing significantly after the market slump in May, suggests a recent report released by a leading internet security firm. Detections fell by almost a quarter but Russia remains the most affected country, with the U.S. ranking in the top three as well. ESET: 1 in 10 Crypto-Focused Threats Detected in Russia Software threats in the crypto space, mining malware in particular, are quite dependent on developments in the cryptocurrency market, cybersecurity company ESET has concluded in its Threat Report T2 2021. However, the drop in cybercriminal activity surrounding cryptocurrencies “does not mean that all was quiet,” note the authors of the study, covering the second third of the year, and add: Cryptocurrency investments scams, in which con artists lure their unsuspecting victims to fake investment websites or impersonate government authorities and even celebrities, are more popular than ever. Victims lost at least $80 million to this type of scam in only a few months since October 2020, the U.S. Federal Trade Commission announced in May. Meanwhile, a single crypto Ponzi scheme in Russia, Finiko, received more than half of the $800 million in crypto funds sent from Eastern Europe to scam addresses, blockchain forensics firm Chainalysis revealed in a preview of its latest Geography of Cryptocurrency report. Nevertheless, ESET’s detections of all crypto-related threats in T2, 2021 have fallen by 23.6%. At the same time, certain countries remain deeply affected by the phenomenon. Most notably, the Russian Federation is still topping the chart, accounting for 10% of all cases. Russia is followed by Peru, with 6.8%, while the United States places third with 5.3%, the report details. “In the past few months, we could see that while cryptominer detection rates fluctuated along with cryptocurrency prices, cryptostealer detections did not seem affected by the same factors,” said Jiří Kropáč, head of Threat Detection Labs at the Slovakia-based ESET. Cryptominers, like prices, are influenced by government regulations and major investments in specific coins, he explained. Cryptostealers, however, are not so dependent on the volatile market, Kropáč further added. “There’s no reason for cybercriminals to abandon them if a coin drops in value, since they represent a reliable tool, bringing in profit as well as blackmail opportunities,” the ESET executive elaborated. The European cybersecurity company also said it continued to monitor cryptojacking domains during the period covered in the report. “By the very nature of this activity – running cryptomining software in the background of compromised websites – the most visited cryptojacking domains continue to be portals with adult content, free streaming websites, torrent sites, and forums,” ESET pointed out. Do you agree with ESET that crypto-related threats in cyberspace are influenced by cryptocurrency prices? Let us know what you think in the comments section below. View the full article

Virgin Galactic’s chairman and CEO of Social Capital, Chamath Palihapitiya, says bitcoin has effectively replaced gold. Having predicted that the price of the cryptocurrency would hit $200,000, the executive said bitcoin’s “market cap is just going to grow.” Palihapitiya: ‘I Can Pretty Confidently Say That Bitcoin Has Effectively Replaced Gold’ Virgin Galactic Chairman Chamath Palihapitiya talked about bitcoin in an interview with CNBC at the Delivering Alpha Conference last week. The billionaire executive is also the founder and CEO of Social Capital. Earlier this year, Palihapitiya predicted that the price of BTC would hit $200K in about five years. Commenting on his price prediction, he said Wednesday: It’s very hard for me sitting here to give you a price prediction, but I can pretty confidently say that bitcoin, I think, has effectively replaced gold. And it will continue to do so. And so that market cap is just going to grow. The price of bitcoin is $48,093 and its market cap is $905.8 billion at the time of writing, based on data from Bitcoin.com Markets. Palihapitiya has long been a supporter of bitcoin. He revealed last year: “In 2013, I bought a lot and at one point I think I had almost 5% of all the bitcoins. My basis is about 80 bucks a coin. I’ve never bought more.” The billionaire investor was quoted last week as saying: “I haven’t put a lot of money outside of bitcoin obviously. You know, tens of millions, hundreds of millions — like small capital right now. It could get very big. But irrespective of what I do, I will say we all need to pay attention to it because I think the implications are enormous.” He explained that cryptocurrencies and decentralized finance (defi) are part of Web 3.0 while Google and Facebook dominated the first two versions of the internet. The next stage of the evolution of the internet “is rebuilding all of that stuff without an obvious leader,” the Virgin Galactic chairman said. “It’s completely headless. It’s entirely peer-to-peer. And I think that that’s both scary and exhilarating.” Palihapitiya also reportedly commented on whether regulators could kill bitcoin or cryptocurrency. Some people, such as Bridgewater Associates founder Ray Dalio, have warned that governments could kill cryptocurrency if it becomes really successful. However, many others said it is not possible to kill crypto, including Tesla CEO Elon Musk, who recently suggested that governments should “do nothing” to regulate or control crypto. Palihapitiya opined: I think it’s very hard to kill [bitcoin]. Technically, it’s very difficult. Just the way that it’s architected, it is the most profound iteration of the internet that we’ve seen. Do you agree with Chamath Palihapitiya that bitcoin has replaced gold? Let us know in the comments section below. View the full article

The Nasdaq-listed crypto exchange Coinbase has been meeting with members of Congress to discuss the cryptocurrency regulation it plans to propose, according to CEO Brian Armstrong. In addition, the company has met with more than 30 crypto firms, four major law firms, and three trade groups about its crypto proposal. Coinbase Meeting Congress Members and Crypto Firms on Regulatory Framework for Crypto Coinbase is on a mission to influence crypto regulation in the U.S. CEO Brian Armstrong tweeted Thursday: We’ve now met with 30+ crypto firms, 25+ members of congress and/or staff, 4 major law firms, and 3 trade groups about our regulatory proposal for crypto. Our policy team is doing great work and we’re trying to be part of the solution. Armstrong first revealed that his company was preparing a draft regulatory framework to submit to lawmakers in an interview at Techcrunch Disrupt 2021 on Sept. 22. He said that he expected to begin distributing the crypto regulatory proposal this month. The CEO revealed that he had been asked multiple times for a crypto regulatory framework proposal as regulators often seek industry feedback when creating new rules. He shared during the interview: “When I go to DC, I’ve met with a number of people in government, and they typically will ask us ‘Well, do you have a draft, do you have a proposal of something we could try to shop around about how this could be regulated federally?’” Armstrong noted that Coinbase is currently licensed as a money transmitter and lender in 50 states. He added that Coinbase operates under the purview of the Financial Crimes Enforcement Network (FinCEN), the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Internal Revenue Service (IRS), the Treasury, and the Office of Foreign Assets Control (OFAC). The Coinbase boss indicated that he prefers a federal framework instead of having to deal with independent state-by-state rules and agencies. He was quoted as saying: We have a proposal that we actually want to put out there that could help maybe create at least one idea about how to move forward. But this is going to require input from a lot of people. Coinbase recently ran into trouble with the SEC over its lending product which the Commission considers to be a security. The SEC threatened to sue the company if it went ahead with the Lend product without registering, prompting Coinbase to abandon its plan to launch the product. SEC Chairman Gary Gensler recently explained that crypto platforms that accepted funds from investors and offered returns “should consider the securities laws carefully and talk to the agency about getting registered.” What do you think about Coinbase meeting with U.S. lawmakers to discuss a regulatory framework for cryptocurrency? Let us know in the comments section below. View the full article

The central bank of Laos intends to explore issuing its own digital currency, according to a media report that provided details on the plan. A study on the matter will commence soon and will be conducted with the support of a fintech startup based in Japan. Central Bank of Laos Joins Race to Develop Digital Fiat The Bank of the Lao People’s Democratic Republic is going to launch the study focused on the development of a central bank digital currency (CBDC) as early as this month, Nikkei Asia unveiled on Sunday. The monetary authority has employed the Japanese fintech firm Soramitsu which was involved in a similar project in neighboring Cambodia. The report of the collaboration comes out after Laos recently signed a memorandum of understanding with the Japan International Cooperation Agency. Soramitsu, a company specializing in blockchain finance, took part in the establishment of the Bakong digital payment system in Cambodia designed to reduce the country’s dependence on the U.S. dollar. The Bakong payment application has been downloaded by 200,000 users since it was presented to the public. The app can be used to pay for goods and services at 2,000 stores in Cambodia while Soramitsu and other fintech entities are working to further expand the coverage of the digital payment platform across the nation. The Laos study, assisted by the Japanese startup, will assess the role of commercial banks and other financial intermediaries as well as the country’s needs in terms of financial inclusiveness. If authorities in Vientiane eventually decide to issue a state-controlled digital currency, Soramitsu is going to play a role in its actual development, too. A digital version of the Laotian kip would improve the government’s ability to gather data needed to “take the pulse of the economy” and better track the amount of money in circulation, Nikkei noted. The move comes as the regional powerhouse, China, advances with its digital yuan project and some neighbors want to prevent excessive yuan inflows into their economies by launching their sovereign digital currencies. Laos, a landlocked country in Southeast Asia, borders the People’s Republic which is its second-largest trading partner after Thailand, according to the World Bank. While the Chinese CBDC is mostly tested domestically at this stage, Beijing is likely to promote it as a tool for international transactions, sooner or later. China is already working with Thailand, and UAE on a project led by the Bank for International Settlements (BIS) Innovation Hub. Its special administrative region of Hong Kong announced in June it wants to connect its domestic payments system with the e-CNY infrastructure to trial the digital currency in cross-border scenarios. Besides the People’s Bank of China, dozens of central banks around the world are currently working to develop and launch CBDCs. These include the U.S. Federal Reserve, Bank of Russia, and the European Central Bank. In Asia, Bhutan and U.S.-based blockchain firm Ripple announced last month their partnership on a pilot digital currency project. The tiny Himalayan kingdom, which also borders China, plans to experiment with the digital version of the national fiat currency, the ngultrum, on Ripple’s private ledger. Do you expect more Asian countries to start exploring options to issue national digital currencies? Tell us in the comments section below. View the full article

The Salvadoran president, Nayib Bukele revealed on Friday that Chivo wallet users will be able to get a discount on petroleum fill-ups at the largest gas stations in the country. Chivo wallet users paying for fuel will save $0.20 per gallon using the government’s crypto wallet. Salvadoran President Nayib Bukele’s Government Subisidizes Country’s Gasoline Market Following the Salvadoran president, Nayib Bukele revealing the volcano-powered bitcoin mining facility last week, this Friday, Bukele told his Twitter followers about two positive implementations the government has enacted. To start, Bukele explained that he signed a decree that authorizes a fund to stabilize the price of gas in El Salvador. He noted that gas prices were expected to increase but his decree has stopped the increase. In fact, gas prices will see a “slight reduction,” Bukele stressed. “The Government will absorb the increases that are taking place in the international market for one year,” the Salvadoran president disclosed. “If there are reductions, they will be transferred directly to the price of LPG cylinders (of all existing brands in our country) to consumers,” Bukele added. The president also said that households that already receive a gas subsidy will continue to get the help and since gas prices will not increase, they will see reductions instead. “This will not only alleviate the pockets of households but also that of small businesses, helping to strengthen our economy, and the most vulnerable sectors will also feel the benefit of the economic growth that our country is having,” Bukele said. Chivo Wallet Users to Save $0.20 per Gallon Following those statements, Bukele then detailed that Chivo bitcoin wallet users will be able to get a gas discount per gallon when they fill up. The guidelines for this new discount are not super clear, but Bukele said that a number of the largest gas station companies in the country will drop the price of gas per gallon by $0.20 if a customer uses the Chivo wallet application to pay. He also shared a few advertisements that showed a few of the participating gas stations. Bukele said: The state company Chivo negotiated with the largest gas station companies in our country, so starting tomorrow, these gas stations will sell each gallon of fuel $0.20 cheaper, with the Chivo wallet. What do you think about Salvadoran residents getting $0.20 off per gallon when they pay for gas fill-ups using the Chivo wallet app? Let us know what you think about this subject in the comments section below. View the full article

Several U.S. lawmakers have called on Federal Reserve Chairman Jerome Powell to support cryptocurrency innovation. “The Federal Reserve must work to support domestic innovation … Our government should never be in the business of thwarting innovation.” Members of Congress Urge Fed Chair Powell to Support Crypto Innovation Several U.S. Congress members have sent a letter to Fed Chair Jerome Powell asking him several questions regarding the Fed’s effort on cryptocurrency regulation. The bipartisan letter is signed by Reps. Tom Emmer, Darren Soto, Frank Lucas, Ted Budd, Ro Khanna, Glenn “GT” Thompson, and Eric Swalwell. Rep. Emmer described: Empowering individual Americans to become everyday investors should be our highest priority – decentralized digital assets provide that opportunity. The Federal Reserve must work to support domestic innovation … Our government should never be in the business of thwarting innovation. The congressman explained that his letter “highlights concern with Powell’s statement that the biggest supporting argument for a Fed-issued digital currency is that it could eliminate the need for private sector innovation.” The letter points out that cryptocurrencies are subject to “overlapping regulation from multiple regulators,” including the Fed, the Financial Crimes Enforcement Network (FinCEN), the Securities Exchange Commission (SEC), and the Commodities Futures Trading Commission (CFTC). Noting that crypto adoption has been “hobbled by a lack of regulator clarity,” Powell was asked what steps the Fed is taking “to coordinate with other federal regulators on the development of policy guidance for digital assets such as cryptocurrencies, and other critical related policy issues such as custody and accounting, to ensure the United States remains a leader in financial innovation.” In addition, the Fed chair was asked what steps the Fed is taking “on its own or in coordination with regional Federal Reserve Banks to provide regulatory clarity to banks that wish to offer cryptocurrency or other digital asset custody to their customers.” Chairman Powell was further questioned when the Fed plans to release the discussion paper on the design of a U.S. central bank digital currency (CBDC) and whether he believes a CBDC would make cryptocurrencies and their applications — “from decentralized identity to decentralized file storage” — obsolete. The lawmakers’ letter to Powell concludes with a request: We appreciate your prompt response, no later than October 15, 2021, to the questions detailed in this letter. Powell testified before the House Financial Services Committee in July, stating that “you wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency.” He recently admitted that he misspoke and the word cryptocurrencies should be omitted from the statement. He told Rep. Budd last week that he has no intention to ban or limit the use of cryptocurrencies. What do you think about U.S. lawmakers urging Fed Chair Powell to support crypto innovation? Let us know in the comments section below. View the full article

President Joe Biden says that the U.S. will bring together 30 countries to stop “the illicit use of cryptocurrency.” The United States is “partnering closely with nations around the world” to respond to the cybersecurity threats, Biden further said. US Will Bring 30 Countries Together to Combat Illicit Use of Crypto, Says Biden The White House released a statement by President Joe Biden Friday on the government’s cybersecurity efforts as October is Cybersecurity Awareness Month. President Biden explained that the U.S. is “partnering closely with nations around the world” to respond to the cybersecurity threats, “including our NATO allies and G7 partners.” He added that this month: The United States will bring together 30 countries to accelerate our cooperation in combating cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency, and engaging on these issues diplomatically. “The Federal government needs the partnership of every American and every American company in these efforts. We must lock our digital doors — by encrypting our data and using multifactor authentication, for example—and we must build technology securely by design, enabling consumers to understand the risks in the technologies they buy,” Biden continued. The U.S. president opined: “I am committed to strengthening our cybersecurity by hardening our critical infrastructure against cyberattacks, disrupting ransomware networks, working to establish and promote clear rules of the road for all nations in cyberspace, and making clear we will hold accountable those that threaten our security.” The Biden administration has been increasing efforts to fight ransomware. In September, the U.S. Department of the Treasury announced “a set of actions focused on disrupting criminal networks and virtual currency exchanges responsible for laundering ransoms” as part of the whole-of-government effort to counter ransomware. The Bank for International Settlements (BIS) said in June that in many cases, cryptocurrencies “are used to facilitate money laundering, ransomware attacks, and other financial crimes.” What do you think about President Joe Biden’s efforts to stop “the illicit use of cryptocurrency”? Let us know in the comments section below. View the full article

In 2021, the subreddit forum r/wallstreetbets, also known as Wallstreetbets (WSB) became an extremely popular forum after the members played a major role in the Gamestop short squeeze escapade. In recent times, the founder of WSB, Jaime Rogozinski has been behind a new decentralized finance project called the Wallstreetbets Dapp (wsbdapp.com). Rogozinski spoke with Bitcoin.com News this past week and he discussed the Wallstreetbets Dapp and how traditional and crypto finance are spilling over into each other. Wallstreetbets Collides With Decentralized Finance Just recently, Bitcoin.com News chatted with Jaime Rogozinski, the founder of the infamous Wallstreetbets forum. These days, Rogozinski is very focused on defi and the WSB founder is now behind a new defi project called the Wallstreetbets Dapp (wsbdapp.com). Rogozinski discussed the project with Bitcoin.com News in great detail, in order to give our readers some perspective of the decentralized app, exchange-traded portfolios (ETPs), non-fungible token (NFT) assets, and his thoughts about defi regulation. Bitcoin.com News (BCN): Can you tell our readers about the Wallsteetbets Dapp and how you got involved with the idea? Jaime Rogozinski (JR): I was invited to join on after the idea was solidly developed by the founding team to basically create this decentralized financial (defi) ecosystem. When they invited me to come on board, I decided to put my twist on trying to combine crypto with regular equities. To bring in a lot of the people that are just exclusively trading equities and realizing the huge number of tools that are available via defi and blockchain technology. The decentralized app (wsbdapp.com), what it does is create a trading ecosystem on a blockchain with defi. We have several components that are now available and we’re constantly looking to improve the product offerings. We have socially built exchange-traded portfolios (ETPs), as community members leverage the dapp by purchasing the tokens and they can vote on which ETPs they want to create. What kind of weighting they want to put on the ETP or how they want to rebalance it. Members of the @WSBDapp community should use your powers to make and vote on an ETP that includes the latest stock picks by members of congress. Can't beat 'em, join 'em — WallStreetBets.nft (@wallstreetbets) October 2, 2021 These ETPs can have a combination of regular equities, not only the U.S. stock exchange but really any stock exchange, as well as crypto-assets like bitcoin (BTC). So the ETPs get minted and are available for anyone to purchase, not just people using the dapp either as the tokens are publicly available. Another product we offer is single stocks, these are tokenized synthetic assets. So you can get stocks like Apple, Microsoft, or whatever type of stock you want. Individual stocks that trade 24/7 and they are available all over the world. We’re also unleashing tokenized stocks that are not synthetics. Someone goes out and purchases the underlying share, passes the dividend rights, voting rights, and all that stuff to the user. That one will be trading 20 hours a day and seven days a week. I'm going to drop 0.2 ETH tomorrow at 6pm ET to a random wallet holding a Diamond Hands raffle ticket. Go to https://t.co/iBhZQfviys if you don't already have one. — WallStreetBets.nft (@wallstreetbets) October 1, 2021 We’ve launched a couple of ETPs and we launched one this week that’s not really meant to be like an investment or like an index fund, it’s meant to be a hedge against macro-level events like inflation. BCN: Why do you think there’s a big influx of retail investors getting into the traditional stock market today and many flocking to crypto markets too? JR: The trends have been there for a long time. They have already been pointing out with hard facts the exponential growth of retail participants getting into the stock market and into crypto. I think there were a couple of catalysts that accelerated that pre-existing trend. We were going to get here anyway but we got here a lot faster thanks to coronavirus. They put everyone in quarantine and turned off all entertainment, sports or whatever, and people look for something else to do. So whether they turn to it for entertainment or to make money, they turned to the stock market which is one of the few things that was available. The second catalyst, like what we saw with Gamestop earlier this year, put the spotlight on Wallstreetbets giving people the impression that Wallstreetbets is where retail people, without really any professional training or anything, can get involved with the stock market. I think that was a very inviting moment where it lifted the veil of sophistication and it showed, in a digestible entertaining manner, what it is like to participate in the stock market. BCN: Some people say the stock market is in a bubble. How do you feel about that description? JR: I don’t know that we’re in a bubble, the economy is a cycle and it goes up, and then it goes down. We’ve been in an uptrend for like 10-15 years, so I guess at some point stocks are going to go back down. I wouldn’t say that it’s a bubble because you gave a lot of participants that are flowing in and they are flowing in with various amounts of money. I think the market share just increased at this point. People have been screaming forever that the Fed has been printing money and that’s why the stocks go up. Maybe that’s the case, but they’re still printing money and the stocks continue to go up. It’s gonna happen until it stops happening. The same thing goes on in the crypto world I think. It goes in cycles, we’ve had a few bullish years and then we had some bearish years, and now kind of on a bull run. When exactly the cycle switches I don’t really know. It’s impossible to predict, we know that it will happen, and when it happens, it will recover again. WSB Founder: ‘It’s Inevitable That Traditional Finance and Crypto Finance Are Merging’ BCN: Recently, the WSBdapp team released NFTs. Can you tell our readers about the WSB NFTs? JR: With the NFTs, coming from a real traditional finance background, wanting to get into the NFTs for me was an exercise of like let’s give these things utility. Let’s make these things kinda like membership tokens. Where people purchase these tokens and get access to all sorts of benefits within our ecosystem. Like increased percentages on yield, or providing liquidity, access to special rooms, access to additional airdrops that were gonna be thrown out there with additional NFTs. I heard someone planning to use the Diamond Hands NFT to propose, in lieu of a boomer engagement ring. Absolute boss move. pic.twitter.com/HaPrY4e4v2 — WallStreetBets.nft (@wallstreetbets) October 2, 2021 That’s my personal vision, but the team that I am working with has their perspective on the NFTs, and they say well that’s great we’ll put all that stuff there but we like the pictures, the profiles, and people really like the artwork behind it. So we’re also making sure that it has that artwork component to it. People can buy right now and basically it’s like a raffle, a maneuver to lower the gas fees to get the Diamond Hands NFT. Once people have that they will get an airdrop of additional ones that we’ve mapped out. BCN: Were you familiar with blockchain and crypto-assets like bitcoin before WSB’s massive growth? JR: When bitcoin first started I was aware of it and later I mined some coins and played around with it. It was really cumbersome to get involved so I became more of an observer of bitcoin and hoped that it would be adopted and become mainstream. Sure enough, it did, and the price started going up. Then at that point, it’s like a regular asset with the supply and demand and the price that gets spit out as a function of that. I stopped paying attention to crypto for a few years. I saw that new coins would come out and read a little bit about them and said ok cool, this is a different protocol. They figured out ways around certain inefficiencies and I hadn’t realized just how powerful the world of defi had become. Even still when I tell people I’m doing things with defi, a non crypto person’s initial reaction is are you bullish bitcoin. These defi protocols are so much more than just coins. My imagination runs wild with possibilities. It’s also inevitable that traditional finance and crypto finance are merging. We’re already seeing them spill over into each other. BCN: In recent times, regulators have had their sights set on decentralized finance. Do you think U.S. regulators will come down on defi? JR: I don’t know. I wouldn’t use the words come down. Right now it feels that way and antagonistic. I’m hoping the regulators learn about defi and because it legitimizes it. Right now it’s really difficult without a framework to work with. Any person that’s getting involved with this is taking a chance that it might go away or might change. I do believe the regulators have the best interest at heart. As far as we are concerned with Wallstreetbets, we are super-positioned for regulation. Everything we do, we’re going above and beyond with audits and legal opinions, and we’re trying to anticipate what these rules might look like. What do you think about the Wallstreetbets Dapp and our discussion with the WSB founder Jaime Rogozinski? Let us know what you think about this subject in the comments section below. View the full article

The government of Kyrgyzstan has recently revised its electricity tariffs for various groups of consumers. Authorities in Bishkek have raised the rates at which crypto mining businesses buy power citing the energy-intensive nature of the coin minting process. Crypto Miners in Kyrgyzstan to Pay More for Electricity Companies operating crypto mining facilities in Kyrgyzstan will have to pay a higher price for the electrical energy they need to mint digital currencies. The increase follows a government decision to update electricity rates across the board in order to “ensure the stable and reliable functioning of the energy sector.” According to an official announcement, the changes are part of the country’s Medium-Term Tariff Policy for Electricity (2021–2025), approved by the Cabinet of Ministers. “Mining entities (cryptocurrency)” is one of the 14 groups of end users affected by the revision. The base tariff for consumers in that category is calculated with a multiplying factor of 2.0, the published documents detail. Crypto miners will pay a 2.52 Kyrgyzstani som (less than $0.03) for each kilowatt-hour of electricity they use. The new rate is the result of an increase of 12.5%, government numbers show. For the remaining four years of the period covered by the new tariff policy, prices will be adjusted each year to reflect the average level of annual inflation. Authorities in Kyrgyzstan have listed crypto mining farms alongside enterprises in the gold mining industry and producers of alcoholic beverages as consumers that require significant power supplies. The revised tariffs for these users take into account the additional operating costs of the country’s thermal power plants as well as the costs of distribution, the government explained. The region of Central Asia, where the Republic of Kyrgyzstan is situated, has become a hotspot for cryptocurrency mining, attracting miners with its low electricity rates. The government in Bishkek has been taking steps to regulate the growing industry. In August 2020, the Ministry of Economics put forward a bill to introduce taxation for mining activities. The draft law proposes a 15% tax on the cost of electricity consumed to mint digital currencies. The legislation requires mining companies to apply for registration in order to operate legally in the country. Do you think Kyrgyzstan will maintain its electricity rates low enough to continue to attract cryptocurrency miners? Tell us in the comments section below. View the full article

Sky Mavis, the team that created the Ethereum-powered non-fungible token (NFT) game Axie Infinity, revealed the project plans to launch a decentralized exchange (dex), according to the company’s co-founder Jeff Zirlin during a podcast with Frank Chaparro. Moreover, Axie Infinity recently captured over $2 billion in NFT sales, making it the second-largest project in terms of NFT sales, just below the marketplace Opensea. Axie Infinity Plans to Launch a Dex Platform The Axie Infinity economy has swelled exponentially during the last few months, as the Ethereum-powered game has seen $2.27 billion in all-time sales among 687,495 traders. While the project offers an in-game experience with NFTs, Axie Infinity also has two native token assets. The token asset axie infinity (AXS) has increased 55.4% in value during the last month. Meanwhile, year-to-date, Axie Infinity’s other native token smooth love potion (SLP) is up 98.7% against the U.S. dollar. Jeff Zirlin appeared on the podcast The Scoop in episode 61 with host Frank Chaparro and he revealed that Sky Mavis was creating a decentralized exchange (dex) platform. “The broad idea behind Axie is to introduce the world to a kind of scary and fun, exciting new technology, blockchain through something that’s relatable and nostalgic,” Zirlin explained. “So Axie’s are similar to Pokemon or Tamagotchi, these things we grew up with, you can battle them, collect them, you can breed them. Also even play games with them to earn cryptocurrencies with real value.” ‘Web3 Is Turning Communities Into Economies’ When speaking about building the dex, Zirlin mentioned that the project would benefit from its large and established user base. When he was asked if the dex platform would facilitate concepts like liquidity pools, Zirlin said he would neither confirm nor deny whether this feature will be available. The Axie Infinity dex will allow the trading of tokens like AXS and SLP among the project’s user base. Meanwhile, stats show dex platforms like Uniswap, Pancakeswap, Sushiswap, Curve, and more are seeing billions of dollars worth of crypto swaps regularly. Zirlin further stressed during the podcast that the idea was to make it so users don’t have to leverage a cross-chain bridge to acquire or swap tokens. The Axie Infinity co-founder sees a lot of potential with “hyper-social” game concepts melding with blockchain and NFTs in the future, but not every game. “Web3 is turning communities into economies, and what are the games that would do really well with these digitally native economies? I think games that are very social, or hyper-social — Not every game, like a single-player game might not need a blockchain game or NFT game. More like community-driven really social games.” What do you think about Sky Mavis adding a dex to the online crypto game Axie Infinity? Let us know what you think about this subject in the comments section below. View the full article

Kazakhstan is facing electricity shortages and cryptocurrency mining has been singled out as the main culprit. Amid an ongoing crackdown in China, the Central Asian nation has become a magnet for crypto miners who are taking advantage of its low electricity rates. Republic of Kazakhstan Sees 7% Increase in Electricity Demand Due to Crypto Miners Kazakhstan plans to boost its power generating capacities in the coming years but right now the country is experiencing electricity shortages. In 2021, consumption has surged by 7% in comparison with last year, a government official revealed at a press conference. The spike in demand is largely due to a growing number of data centers devoted to cryptocurrency mining, Energy Minister Magzum Mirzagaliev told local media this week, referring to numbers released by the grid operator, KEGOC. Stressing that “this is a very big increase,” he stated: We need to make a number of decisions. First, we must be able to ensure that system operators have the right to limit or reduce the consumption primarily of mining data centers at a time when there may be a shortage of electricity. Mirzagaliev’s statement was quoted by Kazakhstan Today which remarked in its report that the activities of crypto miners now do not have a significant positive impact on the socio-economic indicators. Mining consumes the cheap electricity generated in Kazakhstan, competing with the growing needs of the rest of the economy and the population. The minted cryptocurrency is usually sold elsewhere and profits are accumulated abroad. Nevertheless, the head of the Ministry of Energy insisted that Kazakhstan needs to develop its crypto mining sector and expressed confidence that the industry will evolve. Mirzagaliev pointed out there are “very good opportunities” for that, highlighting the country’s potential to expand the use of renewable energy. In light of the current deficit, however, the department has prepared a number of proposals on how to deal with power shortages caused by miners. These include measures to limit the electricity consumption of existing mining data centers and suspend the connecting of new crypto farms to the grid. At the same time, the government in Nur-Sultan will focus on increasing electricity production. Minister Mirzagaliev revealed that the country intends to build power plants with a combined 3,000-megawatt capacity in the next five years. While these electric stations will operate on natural gas, Kazakhstan will also launch new facilities relying on renewable energy sources. Their share in the country’s energy mix is expected to reach 6% by 2025 and at least 15% in 2030. A study released by the University of Cambridge this year showed that the country has seen its share in the global extraction of bitcoin increase six times in less than two years. Kazakhstan now ranks third in the world by crypto mining volume. In July, the government decided to introduce a surcharge for the electricity used by miners, but that hasn’t stopped the influx of mining companies. Do you expect Kazakhstan to successfully deal with its power supply deficit and continue to attract cryptocurrency miners? Tell us in the comments section below. View the full article

The International Monetary Fund (IMF) warns that the rising popularity of cryptocurrencies poses new challenges to financial stability. “Cryptoization can reduce the ability of central banks to effectively implement monetary policy. It could also create financial stability risks.” IMF Sees New Challenges to Financial Stability From Crypto The International Monetary Fund (IMF) warned about the risks posed by the cryptocurrency boom in a blog post published Friday. The post, titled “Crypto boom poses new challenges to financial stability,” is authored by three financial experts from the IMF’s Monetary and Capital Markets Department: Dimitris Drakopoulos, Fabio Natalucci, and Evan Papageorgiou. Noting that “The total market value of all the crypto assets surpassed $2 trillion as of September 2021 — a 10-fold increase since early 2020,” they said that many entities in the ecosystem “lack strong operational, governance, and risk practices.” These include exchanges, wallets, miners, and stablecoin issuers. The authors proceeded to discuss “Consumer protection risks,” stating that they “remain substantial given limited or inadequate disclosure and oversight.” They warned: “Looking ahead, widespread and rapid adoption can pose significant challenges by reinforcing dollarization forces in the economy — or in this case cryptoization — where residents start using crypto assets instead of the local currency.” The IMF experts further described: Cryptoization can reduce the ability of central banks to effectively implement monetary policy. It could also create financial stability risks. Moreover, they stated: “Threats to fiscal policy could also intensify, given the potential for crypto assets to facilitate tax evasion. And seigniorage (the profits accruing from the right to issue currency) may also decline. Increased demand for crypto assets could also facilitate capital outflows that impact the foreign exchange market.” The authors also suggested policy action. “As crypto assets take hold, regulators need to step up,” they wrote. “As a first step, regulators and supervisors need to be able to monitor rapid developments in the crypto ecosystem and the risks they create by swiftly tackling data gaps,” they detailed. “The global nature of crypto assets means that policymakers should enhance cross-border coordination to minimize the risks of regulatory arbitrage and ensure effective supervision and enforcement.” The IMF experts suggested: “National regulators should also prioritize the implementation of existing global standards. Globally, policymakers should prioritize making cross-border payments faster, cheaper, more transparent and inclusive through the G20 Cross Border Payments Roadmap.” They concluded: Time is of the essence, and action needs to be decisive, swift and well-coordinated globally to allow the benefits to flow but, at the same time, also address the vulnerabilities. What do you think about the IMF’s warning and suggestions? Let us know in the comments section below. View the full article

One of the largest darknet markets (DNM), White House, announced the market is retiring as the DNM’s administrators say the team has reached its goal. After revealing the retirement plan, White House admins explained that user registration and orders have been disabled. Darknet Market White House Plans to Close Its Doors Soon, User Registration and Orders Have Been Disabled When the DNM Dark Market was seized by global law enforcement, White House marketplace became the second-largest DNM just below the Russian darknet behemoth Hydra. White House also was a monero (XMR) only DNM, which means XMR was the only digital currency accepted by White House vendors. White House and the DNM Archetyp Market were the only two DNMs that had a strict XMR only rule. However, the administrators of White House market announced the DNM is closing down voluntarily as the team has reached its goal. White House (WH) admins further emphasized that users should not expect the DNM to return so if a WH platform does appear on the deep web, it’s a phony or knock-off and not run by the original WH creators. “We have reached our goal and now, according to plan, it’s time for us to retire,” the WH admins detailed in an announcement posted to the DNM forum Dread. “Effective immediately user registration and ordering have been disabled, everything else (yes, withdrawals included) is working as usual. We will keep the market online for a limited time until open orders are finalized, disputes handled and coins withdrawn. We don’t know how long that will take but don’t expect to come back 6 months from now and find the market up,” the WH team member’s farewell letter notes. The WH retirement letter further adds: All market rules are still in effect so users should not try to take advantage of the situation and scam, the feedback system is still working and will be shared with Recon and other markets. Because this week’s featured listings and stickies won’t generate any revenue, vendors who paid for them will be refunded via their market wallet. Vendors can now advertise the markets where they operate on their vendor profiles however direct contacts are still disallowed. 11 Darknet Markets Still Accept Monero On October 2, the researcher and official Twitter account for Dark.fail, an anonymous journalist researching the uncensored internet, gave his followers an alert that WH was retiring. “ALERT: White House Market is retiring,” Dark.fail tweeted on Saturday. “New orders and registrations are disabled. The site remains online. There is no indication of an exit scam or compromise,” the researcher added. As mentioned above, monero (XMR) users can still access the DNM called Archetyp Market in order to use XMR. Furthermore, there are DNMs that offer a mix of both BTC and XMR acceptance. Versus Market, Cannazon, Tor 2 Door, Cypher Market, and Revolution offer both BTC and XMR by choice while Monopoly Market, Dark0de, ASAP Market, World Market, Cartel Marketplace, and Liberty Market admins force all vendors to accept both coins. What do you think about White House administrators announcing on Dread that the marketplace will be closing its doors and won’t be returning? Let us know what you think about this subject in the comments section below. View the full article

Federal Reserve Chairman Jerome Powell confirmed during a hearing before the House Financial Services Committee that he has no intention to ban or limit the use of cryptocurrencies. He also commented on the regulation of stablecoins. Powell Says ‘No Intention to Ban’ Crypto The chairman of the Board of Governors of the Federal Reserve System, Jerome Powell, talked about cryptocurrency, stablecoins, and central bank digital currencies (CBDC) during a hearing before the House Financial Services Committee Thursday. The main focus of the meeting, however, was the Federal Reserve’s and Treasury’s responses to the Covid-19 pandemic. Treasury Secretary Janet Yellen spoke for the Treasury Department. U.S. Congressman Ted Budd from North Carolina said to Powell: “In a July hearing before this committee, you were asked about CBDCs or the central bank digital currencies and their impact on stablecoins and other cryptocurrencies, and you stated, ‘You wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a digital U.S. currency.’” Rep. Budd continued: So Mr. Chairman, as a matter of policy, is it your intention to ban or limit the use of cryptocurrencies like we are seeing in China. Powell immediately replied: “No.” The Fed chairman quickly followed his answer with an admission that he “had misspoken” earlier when he said, “you wouldn’t need cryptocurrencies.” Powell added, “Take the word cryptocurrency out of that sentence.” Rep. Budd felt that Powell’s reply regarding the banning of cryptocurrencies was not clear enough so he asked again. “But, no intention to ban?” Powell confirmed that there is no intention to ban crypto. The Fed chair proceeded to talk about stablecoins, stating: Stablecoins are like money market funds. They’re like bank deposits but they are to some extent outside the regulatory parameter and it’s appropriate that they be regulated, same activity, same regulation. On Friday, the Wall Street Journal reported that the Biden administration is seeking to regulate stablecoin issuers as banks. What do you think about Fed Chair Powell saying there is no intention to ban crypto? Let us know in the comments section below. View the full article

The Nasdaq-listed cryptocurrency exchange Coinbase has disclosed that at least 6,000 users were victims of a hacking campaign to gain unauthorized access to the accounts of Coinbase customers. The hackers also took advantage of a flaw in Coinbase’s SMS Account Recovery process to gain access to user accounts. Cryptocurrencies of at Least 6,000 Coinbase Customers Stolen by Hackers Cryptocurrency exchange Coinbase reportedly informed over 6,000 customers this week that their accounts had been compromised and funds were removed. A copy of the letter is posted on the website of California’s Attorney General. In the letter, the exchange explained: Unfortunately, between March and May 20, 2021, you were a victim of a third-party campaign to gain unauthorized access to the accounts of Coinbase customers and move customer funds off the Coinbase platform. At least 6,000 Coinbase customers had funds removed from their accounts, including you. In order to access a user account at Coinbase, the hackers needed to know the email addresses, passwords, and phone numbers linked to the accounts, and have access to a personal email inbox, the company said. “This type of campaign typically involves phishing attacks or other social engineering techniques to trick a victim into unknowingly disclosing login credentials to a bad actor.” Coinbase further explained that “for customers who use SMS texts for two-factor authentication, the third party took advantage of a flaw in Coinbase’s SMS Account Recovery process in order to receive an SMS two-factor authentication token and gain access to your account.” The exchange noted that once the hackers got into the affected user accounts, they were “able to transfer your funds to crypto wallets unassociated with Coinbase.” The letter also noted that Coinbase updated its SMS Account Recovery protocols as soon as it learned of the issue, adding: We will be depositing funds into your account equal to the value of the currency improperly removed from your account at the time of the incident. Some customers have already been reimbursed — we will ensure all customers affected receive the full value of what you lost. You should see this reflected in your account no later than today. The Nasdaq-listed crypto exchange also said that it is conducting an internal investigation into this incident and the company is working closely with law enforcement to find the individuals behind this hack. Nonetheless, Coinbase insisted, “We have not found any evidence that these third parties obtained [user] information from Coinbase itself.” What do you think about this security breach affecting over 6,000 Coinbase users? Let us know in the comments section below. View the full article

Bitcoin logged price losses once again for the crypto asset’s fifth consecutive September in its lifetime, but as soon as the month ended, billions of dollars came back into the crypto economy. Metrics show that while September has consistently been a bad month for bitcoin, October, on the other hand, has traditionally been a good month for bitcoin since 2013. Bitcoin Has Been Profitable in October 77% of the Time In 2020, the price of bitcoin (BTC) closed the month of September at around $10,750 per unit but the following month, BTC spiked 25% to roughly $13,450 per unit. This year, September has been dreary price-wise, and many crypto proponents have asked to be woken up when “September ends.” On September 26, Civic co-founder Vinny Lingham wrote: “This feels like September 2017 again… Who remembers what happened next?” On October 1, 2021, BTC surged from $43,500 per unit to Friday’s high of $48,500 per BTC. That’s an increase of around 11.49% and the spike happened very quickly at around 3 a.m. (EST) in the morning. Prior to July and August, BTC saw roughly three months of negative returns, and in September prices once again slipped into the negative range. The downward drop was blamed on China cracking down on bitcoin (BTC) and cryptocurrency exchange for the seventh time since 2013. Bitcoin also saw losses on the day El Salvador adopted the cryptocurrency as legal tender and furthermore, BTC slid when the Evergrande real estate crisis shook the global economy. While September Was Sluggish, Institutional Bitcoin Products Saw Some Upside All of these dips took place after BTC reached a high of $52K before September started and crypto markets looked seemingly bullish at the time. While September prices were not so hot, metrics from a recent Cryptocompare report showed that institutional products tied to BTC saw some upside. “Bitcoin-based products saw the highest level of inflows out of any asset, averaging $31.2 million per week,” Cryptocompare’s research details. “There could be upside going into the last quarter of 2021.” While BTC has neared the $50K zone on October 1, the crypto asset has some resistance to fight at the $50K handle and even more so when it reaches $53K. Moreover, as bitcoin (BTC) has seen profitable increases in value during the month of October since 2013, the months of November and December have seen much larger spikes in value. What do you think about bitcoin’s performance during the month of September and the trends tied to bitcoin’s October performances during the last few years? Let us know what you think about this subject in the comments section below. View the full article

About 83.7% of those surveyed by Luno in a recent study believe the price of bitcoin will rise significantly in the next few months. In fact, 59.4% of the more bullish respondents are expecting the leading crypto to rise to as much as $100,000. Bullish Beyond Bitcoin These are the findings of Luno’s Q3 Customer Sentiment Survey that was conducted between August 20 and September 20. A total of 1,870 customers of Luno cryptocurrency exchange from South Africa, Malaysia, Indonesia, and the U.K. participated in the study. Aside from bitcoin, study participants were also asked to share their thoughts about the prospects of altcoins like ETH, XRP and BCH. As the study findings suggest, many of the respondents across the four countries are similarly bullish on altcoins as well. South Africans Less Bullish on ETH However, it would appear that Luno customers in the U.K. and Malaysia are more bullish on such cryptos as ETH than their counterparts in South Africa. The exchange’s blog explains: “While 64.5% of our South African users are most optimistic about bitcoin, ethereum is second at 55.4%, followed by XRP (28.6%), bitcoin cash (25.9%) and litecoin (17.8%). Meanwhile, although Malaysian and British customers both share strong enthusiasm for bitcoin, they’re most optimistic about ethereum. Nearly 70% of Malaysian customers are feeling optimism for ethereum, with 75% of investors in Great Britain sharing the same sentiment.” Concerning customers’ understanding of cryptocurrencies as a long-term investment, the study found that 38% of respondents intend to hodl their investments. While 28% of the respondents do consider themselves day traders, the blog still concludes that “the idea of bitcoin as something you’re in the long haul for seems to have certainly taken root.” What are your thoughts on the findings of this study? Tell us what you think in the comments section below. View the full article

A spokesperson for the Central Bank of Nigeria (CBN), Osita Nwanisobi, has said the launch of the much-hyped e-naira central bank digital currency (CBDC) has now been postponed to a later date. Nwanisobi’s announcement came less than 24 hours before the CBN was scheduled to launch the digital currency. Launch Date Clashes With Nigeria’s Day of Independence In a Facebook post that reveals the reasons behind the deference, Nwanisobi points to the clash of the CBDC’s launch date with Nigeria’s day of independence. According to the post, the spokesman explained that: The planned unveiling on October 1, 2021, has now been deferred due to other key activities lined up to commemorate the country’s 61st Independence anniversary. However, despite this postponement, Nwanisobi reassures Nigerians that the CBN and its partners are “working round the clock to ensure a seamless process.” According to the CBN post and Nwanisobi, this is being done “for the overall benefit of the customer, particularly those in the rural areas and the unbanked population.” Not All Banks Are Ready Meanwhile, in his response to suggestions as well as fears that some banks were not yet ready for the e-naira, Nwanisobi concedes that “not all banks customers were expected to commence transaction on the day of the launch.” The spokesperson reportedly assured financial institutions in Nigeria that they “remained key actors and were a critical part of the Central Bank Digital Currency (CBDC).” As previously reported by Bitcoin.com News, the CBN has routinely reminded Nigerians of the CBDC’s launch date. However, just a few days before launch, a local payments firm claimed the CBN had infringed on its duly registered trademark. The firm now wants the country’s High Court to force the CBN to desist from using the term “Enaira.” In his Facebook statement, Nwanisobi neither acknowledges the existence of the lawsuit against the CBN nor seeks to address speculation surrounding the competencies of the central bank’s technical partner Bitt Inc. Instead, the spokesperson regurgitates the CBN claim that the e-naira is going to enable Nigerians to carry out peer-to-peer transfers to another person’s e-naira wallet as well as pay for goods and services at selected merchants. Are you surprised by the CBN’s decision to delay launch of the e-naira? You can share your views in the comments section below. View the full article

Argo Blockchain, a London-based cryptocurrency mining company, has announced an expansion of its mining capacity that will more than double its current hashrate. The expansion will be done through the acquisition of 20,000 S19J Pro bitcoin miners from Bitmain, which will be delivered in several installments. These miners will populate the facility the company plans to build in Texas next year. Argo Blockchain Expands Hashrate Argo Blockchain, a London-based crypto mining company, has announced the purchase of 20,000 mining machines to expand its capacity. This is part of the planned company expansion to West Texas, where it will build a mega-mining facility. The mining machines will be provided by Chinese manufacturer Bitmain in consecutive installments. This purchase agreement will allow Argo to more than double its current mining capacity, taking it to 3.7 exahash for Q3 2022, betting big on the future of Bitcoin as a network and a profitable asset. While the amount of the initial deposit for the purchase was not revealed, the company stated that it is being funded with cash reserves. Argo Blockchain has been quick in expanding its mining capacity. In February, it was estimated that the company had 787 petahash. Now the company estimates this number to have risen to 1.7 exahash in less than a year. Texas, a New Miner Mecca It is not strange that Argo picked Texas as the new destination for its upcoming mega-mining center. Texas has been in the sights of miners this year as a destination to settle after the Chinese government declared a cryptocurrency mining ban in several key provinces earlier this year. The key trait that Texas presents to miners is its relatively cheap power tariffs, due to the configuration of its power market. Texas has a deregulated power industry with lots of players in the game, which allows for more competition, and miners plan to take advantage of this in the future. In fact, Argo is just one of the mining companies that have revealed plans to build mining facilities in Texas. In April, mining firm Blockcap announced it was relocating its headquarters to Texas in the midst of a $75 million ASIC purchase. Riot Blockchain, another big cryptocurrency mining firm, bought Whinstone, an in-progress bitcoin mining center also in Texas, for $650 million. What do you think about Argo Blockchain’s plans of establishing a cryptocurrency mining farm in Texas? Tell us in the comments section below. View the full article

PRESS RELEASE. YIELD App, a FinTech company, is thrilled to announce it has become the Official Digital Asset Wealth Management Partner of top Premier League football club, West Ham United. This exciting partnership comes just seven months after the public launch of YIELD App in February 2021, demonstrating the growing attractiveness of digital assets to a mainstream audience across the world. YIELD App enables its users to invest in digital assets and earn as much as 20.5% annual interest at the touch of a button. YIELD App is challenging the status quo of the traditional investment system and has seen significant growth since its public launch, with 60,000 users and an impressive $400 million of managed assets to date. YIELD App users will now benefit from the opportunity to experience hospitality at West Ham United home fixtures, through regular competitions throughout the season. Commenting on the partnership, Justin Wright, Chief Operations Officer of YIELD App, says: “‘We are delighted to partner with West Ham United. The club’s incredible community-driven strategy and its long-term vision for success are on par with ours. We look forward to developing a lasting relationship with the Club and all its fans around the world.” Nathan Thompson, Commercial Director at West Ham United, said: ‘Today, we welcome YIELD App to the West Ham United partner family. We believe YIELD App will provide our growing fanbase with education of, and access to, some of the best investment opportunities. Our partnership will enable our fans to take advantage of these opportunities regardless of their financial or technical knowledge.’ Please visit the YIELD App blog for more details of the partnership and @YIELDApp across Twitter, Facebook, LinkedIn and Instagram. ENDS – About YIELD App YIELD App believes that everyone should have access to the best investment opportunities. Its mission is to unlock the full potential of digital assets, combine them with the most rewarding opportunities available across all financial markets and make these available to the world. To achieve this, the company provides an innovative digital asset wealth management platform that bridges traditional and decentralized finance in the easiest way possible. For more information, visit www.yield.app About West Ham United West Ham United is a Premier League Football Club based in London, England. The club was founded in 1895, originally as Thames Ironworks and reformed in 1900 as West Ham United. The club has won the FA Cup on three occasions, in 1964, 1975 and 1980 and currently play their home games at London Stadium. 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

A government agency in Uzbekistan has published a list of unauthorized crypto exchanges that residents of the country have been advised to avoid. The trading platforms collect personal data and bear no responsibility for the cryptocurrency transactions, officials have warned. Authorities in Uzbekistan Blacklist ‘Unofficial’ Crypto Exchanges The National Agency of Project Management under the President of Uzbekistan has identified a number of online platforms offering crypto trading services without authorization. During a monitoring campaign on the internet, the body registered an increase in activities of such “unofficial” digital asset exchanges. The entities behind them offer Uzbekistani citizens the option to buy, sell or trade crypto assets without having an office in the country. They are usually registered in other jurisdictions and their servers are located abroad, but at the same time they collect personal information from residents of the Central Asian republic, the agency said in a notice published on its website. Half a dozen crypto exchange websites targeting residents of Uzbekistan have been blacklisted: webmoneytashkent.com, wmztashkent.com, wm-torg.com, uzwmz.com, blockchainuz.com, and bitcointashkent.com. Similar services are offered through Telegram bots and groups as well. Their providers, the regulator noted, often remain completely anonymous and can quickly delete a channel. Officials have stressed that these kinds of platforms do not bear any legal responsibility for crypto transactions between various parties and cannot guarantee their legitimacy. Furthermore, they cannot ensure the proper storage of personal data or preservation of confidentiality. The announcement states: The Agency urges citizens to be as vigilant as possible, beware and not use services of such platforms, including so as not to become victims of fraud. Uzbekistan legalized crypto trading in 2018 but then in December 2019 authorities in Tashkent effectively banned residents from purchasing cryptocurrencies though they were allowed to sell. The National Agency of Project Management has now reminded the public that in accordance with the presidential decree “On measures to develop the digital economy in the Republic of Uzbekistan” and the country’s law “On licensing and notification procedures,” the establishment of cryptocurrency exchanges is subject to licensing. The government has tried to encourage certain crypto activities. In January 2020, Tashkent unveiled a plan to set up a national mining pool and the initiative was presented as a priority. The state also said it’s going to establish a licensed cryptocurrency exchange where miners will be able to sell their coins and promised to create a blockchain valley as well as introduce crypto tax exemptions. Uznex, a regulated trading platform operated by the South Korean entity Kobea Group, was launched later that month. However, in September this year, a high-ranking central bank official was quoted as saying that cryptocurrencies such as bitcoin will never be recognized as legal tender. Speaking to local media, deputy chairman of the Central Bank of the Republic of Uzbekistan (CBU) Behzod Hamraev pointed out that unlike cryptocurrencies, the national fiat, the sum, is backed by the bank’s assets. He also expressed his opinion that bitcoin will never be equal to “world currencies” such as the dollar, euro, yen, and ruble. Do you think Uzbekistan will license more cryptocurrency exchanges to provide services in the country? Tell us in the comments section below. View the full article

Compound, one of the trademark defi protocols on the Ethereum blockchain, is experiencing a bug that allows users to reclaim unusually high amounts of its native token. The issue was caused by the implementation of a proposal that modified the contract that awards tokens to users. Compound Labs founder Robert Leshner declared that user funds were safe and that the bug would have to wait seven days to be patched due to platform policies. Compound Hit With Distribution Bug Compound, one of the leading decentralized finance platforms built on top of Ethereum, is experiencing a bug that allows users to claim more comp, the native token of the protocol, than what they normally are able to. The bug was a product of the application of governance proposal 062, which modified the relation in which comp tokens are awarded. According to Robert Leshner, founder of Compound Labs, this was the result of the code for the proposal being written by a community member, aided by other community members in the process. About this, Leshner stated: This is the greatest opportunity, and greatest risk for a decentralized protocol–that an open development process allows a bug to enter production. The impact of the bug is limited to the comp available in the comptroller’s smart contract, which is approximately 280,000 comp, worth $88 million at the time of writing. Lack of Quick Fix Leads to Frustration Due to the governance processes and the policies of applying governance changes to the platform, there is no quick and easy fix to this problem. Each governance proposal requires at least seven days to be passed, approved, and applied. However, proposal 063, presented by some community members, disables the ability to claim comp until the bug is resolved. Leshner tried to warn community members that, if the majority of the claimed comp was not returned, he would report it to the IRS as income, revealing their identities in the process. This caused almost universal uproar from Compound users, who questioned how decentralized the protocol really was. Lesher ultimately backpedaled on this affirmation, declaring: I’m trying to do anything I can to help the community get some of its COMP back, and this was a bone-headed tweet / approach. That’s on me. Compound is tailoring its offer to entice institutions to use its services. The company announced the launch of a service called Treasury in June, designed to offer stable yield opportunities to institutions in the space. What do you think about Compound’s bug and its governance policies? Tell us in the comments section below. View the full article