roadrunner

Ricardo Salinas Pliego, Mexico’s third-richest man and founder of Grupo Salinas, sees bitcoin as an asset with extraordinary properties, describing the cryptocurrency as “gold for the modern world.” He recommends bitcoin, thinks that fiat money is a fraud and the idea of the U.S. dollar being a hard currency is a joke. Mexico’s Third-Richest Man Sees Bitcoin as Asset With ‘Extraordinary Properties’ Ricardo Salinas Pliego talked about bitcoin and fiat money in an interview with José Rodríguez, published last week. He explained that he considers bitcoin a financial asset so it is not important to him whether BTC is a currency or not. The billionaire pointed out that precious metals are also not currencies, noting: “You cannot go to a store with a gold coin and buy a computer. You have to exchange the gold for fiat and then you buy the computer.” Citing a number of advantages, including divisibility, ease of transfer, and the simplicity of storage without counterparty risk, the billionaire opined: For me, bitcoin is an asset that has extraordinary properties … All the advantages that bitcoin has, for me, make it gold for the modern world. Salinas Pliego is also the owner of Mexico’s Banco Azteca. His current net worth is $15.8 billion, according to Forbes. He also recommends having bitcoin in investment portfolios. “Bitcoin is an asset that has international value, that is traded with enormous liquidity worldwide and that, therefore, should be in any portfolio,” he affirmed. Salinas Pliego noted that scarcity is a major factor making bitcoin so valuable and different from fiat money and cryptocurrencies with unlimited supplies. However, the third richest man in Mexico believes that there are some useful cryptocurrencies, such as privacy coins monero (XMR) and zcash (ZEC). Turning attention to how governments view bitcoin and what he thinks of fiat money, Salinas Pliego described: Governments don’t like bitcoin … it burns them that people can get out of their fiat trap, because that is what fiat money is, a fraud … The fraud fiat is inherent to the fiat system and we can see it today in the U.S. … the dollar as hard currency is a joke. He shared that when he started his professional career in 1981, the exchange rate was 20 Mexican pesos to $1. “Today, on the other hand, we are at 20,000 [pesos] for $1 … that is here, in Mexico, but if we do it in Venezuela, Argentina or Zimbabwe, the figures lose all proportion,” he opined. As for risks, he said the government could ban bitcoin but he does not believe that it would be the end of the cryptocurrency, elaborating: Governments, people with power, could decree that it is illegal … [but] I think it would continue to be used even if it were illegal, but many people will be afraid of it. The billionaire was also asked hypothetically that if he could travel 30 years into the future and could choose money, assets, or goods to take with him, which he would choose. He laughed and said that he would not carry “any stinking fiat money, not a peso, not a fiat paper” on his journey through time. He would not carry gold either due to its portability problem. “The problem with gold is where you keep it, that is, the custody of gold bars is not an easy thing,” he noted, adding that for this reason, he chooses bitcoin. “In case of political, social, or financial turbulence, you have a better chance of running away with your bitcoins than with some gold bars, so I would take the bitcoins with me,” he concluded. On Sunday, the billionaire confirmed that 10% of his portfolio is in BTC, adding: I recommend the use of bitcoin, and me and my bank are working to be the first bank in Mexico to accept bitcoin. What do you think about Ricardo Salinas Pliego’s view on bitcoin and fiat money? Let us know in the comments section below. View the full article

John McAfee was reportedly hiding out in a Spanish “ghost hotel” with a bitcoin mining farm in the basement prior to his arrest. Clues from images and messages the antivirus tycoon posted on social media point to a semi-abandoned hotel owned by a Russian. ‘Ghost Hotel’ With Bitcoin Mining Farm After John McAfee was reportedly found dead in his prison cell in Spain, reports have emerged that the antivirus tycoon’s hideout place was a secret bitcoin mining farm. The place was a semi-abandoned hotel in Cambrils called Daurada Park Hotel, El Pais publication reported Friday. Cambrils is a coastal town in the province of Tarragona, Catalonia, Spain. The hotel is dubbed “a ghost hotel” by the Spanish publication El Confidencial because reservations were pretty impossible to make as no one answered the phone even when the hotel was still operational. The publication tried to contact the hotel about the McAfee story back in 2018 but to no avail. There are few reviews of the hotel on Tripadvisor and none after 2017. Most reviewers found the hotel to be “terrible.” Daurada Park Hotel was bought by an unidentified Russian businessman, the Diari de Tarragona previously reported. Authorities became suspicious of the hotel when a huge laser pointing at the sky was built on its roof. The Catalan police raided the premises in 2018 and found a bitcoin mining farm in the basement of the hotel that was operating 24-7. According to reports, the police lacked the authority to shut down the bitcoin mining operation at the time as cryptocurrency was an unregulated industry. The publication noted that it was unclear what happened to the mining farm. The hotel is now permanently closed. McAfee recently said that the Feds suspected that he had some hidden cryptocurrencies, which he denied, adding that all of his assets had been seized by the Feds. Daurada Park Hotel when it was still in business. Tracing McAfee’s Location to the Semi-Abandoned Hotel McAfee never said he was at this hotel. However, a group of computer enthusiasts pieced together clues from images and comments he posted online using methodologies, such as open-source intelligence, Spanish publications conveyed. When the cybersecurity mogul said he was hiding out near Belarus, several clues placed him in Spain instead. Some of the images he posted on social media included his photos on beaches and balconies matching images on Google maps of the Daurada Park Hotel. In March, during the coronavirus pandemic, McAfee shared photos of empty supermarkets where prices were in Catalan. He was also spotted earlier with a bottle of Catalan Sumarroca cava wine, Spanish Bezoya water bottles, and ATO cream which was also made there. McAfee eventually admitted that he had been in Catalonia when he “visited Spain for a few days.” However, the group believed that this hotel was his long-term base. “He himself has said that he often came to Catalonia since 2018 or 2019 and it seems that he was based in this hotel,” they said. The antivirus tycoon was arrested on Oct. 3 last year at the El Prat airport in Barcelona as he was planning to fly to Turkey. The next day McAfee was admitted to Brians 2 prison in Sant Esteve de Sesrovires after appearing before Spain’s high court. He was indicted by the U.S. Department of Justice in March. After the 75-year-old was found hung in his prison cell, speculation about him having a “dead man’s switch” began to circulate. What do you think about John McAfee hiding out at a bitcoin mining farm? Let us know in the comments section below. View the full article

The chairman of International Banking Law and Finance at the University of Edinburgh, professor Emilios Avgouleas, says that tighter crypto regulation will benefit the industry in the long run. He is bullish about the prospects of cryptocurrencies becoming widely used around the world. Tight Regulation Good for Crypto Industry Professor Emilios Avgouleas talked about how strict regulations are beneficial to the crypto industry in an interview with the Insider last week. The chairman of International Banking Law and Finance at the University of Edinburgh, professor Avgouleas is also a senior research fellow at crypto technology company IOHK. According to the university, he is “a leading international expert on financial reform, fintech policy and regulation, banking theory and regulation, capital markets regulation, law and finance, and global economic governance.” Professor Avgouleas described that governments’ efforts to regulate the crypto industry should make cryptocurrencies more reputable and harder for criminals to use. While admitting that “In the short run, regulation may be a bad thing, because market prices will go down,” he believes that “at the same time regulation will weed out unholy activity and will make these alternative means of payment even more acceptable for the mainstream user.” The professor opined: In the long run, it will make the shift away from government money, to digital means of payment, permanent. Avgouleas also said that central banks exploring issuing state-backed digital currencies, central bank digital currencies (CBDCs), should legitimize cryptocurrencies in the eyes of consumers. An increasing number of countries are getting more serious about regulating cryptocurrencies. China has been cracking down on bitcoin mining as well as payments. In the U.S., the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, has been calling for increased oversight of cryptocurrency exchanges and legislation to protect consumers. However, bitcoin and cryptocurrency are left off the SEC’s regulatory agenda this year. Professor Avgouleas also said he is bullish about the prospects of cryptocurrencies, believing that they could become widely used around the world as they’re private, secure, and international. Do you agree with professor Avgouleas? Let us know in the comments section below. View the full article

Several Indian banks have reportedly halted services to customers dealing in cryptocurrencies despite the central bank, the Reserve Bank of India (RBI), informing them that the banning circular is no longer valid. The latest bank to join the fray is IDFC First Bank. IDFC First Bank has become the latest bank to halt services to crypto companies, Livemint reported last week, citing industry sources. The publication conveyed: IDFC First Bank over the past week temporality stopped services, as it is doing enhanced due diligence regarding banking support to crypto exchanges. This followed the RBI clarifying to financial institutions that its April 2018 circular which banned banks from providing services to crypto businesses is no longer valid and should not be cited or quoted. The central bank added that banks may “continue to carry out customer due diligence processes” in compliance with existing regulations. Other banks that have kept their distance from clients dealing in cryptocurrencies include ICICI Bank, Yes Bank, and Paytm Payments Bank, the publication noted. HDFC Bank and State Bank of India (SBI) have also cautioned their users against the risks of dealing in cryptocurrencies, including bitcoin, due to them being unregulated. However, bitcoin and other cryptocurrencies are not banned in India, both the government and the RBI have confirmed. The Indian government is still working on a cryptocurrency bill. It was supposed to be introduced during the budget session of parliament but it was not. Now, there are reports of the government setting up an expert panel to re-examine the recommendations in the current bill, which seeks to ban all cryptocurrencies except the ones issued by the RBI. “IDFC Bank joins a few of the other nationalized banks that have taken the stance to not service cryptocurrency-based companies,” Sathvik Vishwanath, CEO and co-founder of cryptocurrency exchange Unocoin, was quoted by Livement as saying. He added: While RBI has clarified its stance that the banks can provide services after their due diligence, it is abruptly insane for these banks to take their foot back. These kinds of reactions also alarm the investors of cryptocurrencies for the wrong reason. What do you think about Indian banks halting services to crypto customers? Let us know in the comments section below. View the full article

Cryptocurrency exchange Binance will no longer provide services in the Canadian province of Ontario. The decision comes amid ongoing regulatory pressure on digital asset trading platforms that has already affected the operations of several exchanges. Crypto Exchange Binance Exits Canada’s Ontario Binance, which is one of the world’s leading cryptocurrency exchanges by daily volume, has updated customers on a change that concerns crypto traders in Ontario. The Canadian province is now a restricted jurisdiction, the company announced this week. In a press release, Binance explains the move is part of its continuing compliance efforts. “Binance has updated its Terms of Use to provide that Ontario (Canada) has become a restricted jurisdiction, effective 2021-06-26 at 3:59:59 AM (UTC),” the exchange said, adding: Regrettably, Binance can no longer continue to service Ontario-based users… We apologize for any inconvenience caused. The platform advised cryptocurrency traders in Canada’s most populous region to “take immediate measures to close out all active positions by December 31, 2021.” Exchanges Face Pressure From Securities Regulator In the past weeks and months, the Ontario Securities Commission has been going after digital asset trading platforms in the province. The regulator wants them to comply with the region’s securities legislation that requires registration, which Binance has probably decided to avoid. In March, the OSC urged crypto exchanges to reach out to its staff until April 19 to discuss compliance or face legal action. The commission regards crypto platforms providing access to Ontario residents as local operators, as far as securities regulation is concerned. Many have already found themselves in the crosshairs. This week, the OSC accused BVI-registered Bybit of offering Ontarians to trade securities and derivatives in the form of crypto asset products. Earlier this month, the regulator alleged that two trading platforms run by Kucoin did not comply with the securities law. And in May, the commission said that Seychelles-based Poloniex had failed to contact it in time. Like Binance, crypto derivatives exchange Bitmex decided to leave Ontario last August, as Bitcoin.com News reported. The platform, which was not a registered operator in the province, announced it was restricting access to Ontario users from September 2020. Bitmex explained the move with restrictions imposed by the OSC. What are your thoughts on the regulatory crackdown on crypto exchanges in Ontario? Let us know in the comments section below. View the full article

As the spotlight turns once again towards the environmental impact of blockchain technologies, support for the Crypto Climate Accord has come from curious corners of the industry, raising questions about its signatories’ motives. Authenticity of CCA’s Support Remains Debatable With concerns surrounding blockchain’s environmental impact garnering a lot of attention, the alarms have grown so loud that crypto mining was the hottest topic of discussion during this year’s UN World Environment Day. This echoed increased support for initiatives designed to restore the natural ecosystem, proposed by several prominent personalities and environmentally-conscious investors. For instance, this year’s mid-May crypto market crash started when Elon Musk suddenly tweeted that Tesla won’t be accepting Bitcoin as payment due to ‘environmental concerns.’ While blockchain is a powerful and transformative technology that can support real-world cases across a growing range of sectors, its energy footprint is a matter of concern. Blockchains relying on the proof-of-work (PoW) consensus mechanism require high-performance computers, which consume immense amounts of power, leading to inefficiency, non-renewable resource consumption, and significant electronic waste. To address the carbon footprint of cryptocurrency mining, a newly announced Crypto Climate Accord (CCA) takes on the challenge of transitioning all blockchains to renewable energy by 2030 or sooner and eliminating greenhouse emissions by 2040. Led by private organizations operating within the blockchain and fintech industries, the Accord aims to build a sustainable crypto ecosystem with support from the UN’s Framework Convention on Climate Change. As of now, the accord has garnered support from some influential names, including crypto company Ripple, blockchain software technology developer Consensys, billionaire climate activist Tom Steyer, and the UN’s ‘climate champions.’ But at this juncture where the planet has been filled with carbon emissions, are billionaires and industry evangelists suddenly regaining a conscience to restore the planet’s ecosystem and act for the greater good? Or is this simply a gimmick designed to suppress criticism and provide good PR? Self-Promotion Parading as Environmental Activism `Environmentally conscious’ investors and businesses could finally be waking up to solve the problem at hand, but this also might be more about virtue signaling and trying to appeal to the masses. The most critical aspect to consider is that CCA is a privately-led initiative with no government backing, leading critics to doubt a self-regulated accord could be as effective as government policies for lowering crypto’s carbon footprint. Take Ripple’s involvement in the accord and how it benefits from the green crypto initiative. By design, Ripple uses the less energy-intensive proof-of-stake (PoS) consensus protocol, meaning it already has a minimal impact relative to PoW networks. As more and more blockchains are already opting for the PoS consensus protocol over the PoW protocol, it means that over time, crypto’s energy footprint will automatically decline. Given that nearly all the signatories either already use green energy or are focused on energy efficiency, this Accord feels a bit more like self-serving activism than simply affecting industry change. As such, the Accord’s pronouncements can feel more like a pat on the back than a stern warning to the industry’s main polluters. With no teeth or enforcement, how can this group possibly fight the more significant issue at hand? Institutional investors, VC firms, and angel investors already realize that PoS-based applications are taking over, and they have already invested billions in forthcoming dApps and protocols. So why are these very organizations the sole supporters of the CCA? Could the support be marketing their competitive advantages and designed to attract more users to their platform through a “greener” appeal? With the noose already tightening around the PoW protocol due to its impact on the environment, many voices supporting green crypto appear to fall into the conflicted category of self-interest and selfishness. Given the incentives and money at stake within the industry, especially as networks compete for more users and adoption, this latest attempt to self-regulate feels a little insincere. If money weren’t involved or at stake, the initiative might take on a different look and feel. But given the “winner take all” attitude prevailing in today’s crypto climate, the CCA might just be the edge that organizations feel is necessary to put them on a perceived higher moral plane, despite the genuine environmental concerns the industry must address. Do you think CCA’s cause is environmentally conscious in nature or a self-promotional stunt of the companies on board? Let us know in the comments section below. View the full article

According to new reports, Raees and Ameer Cajee, the two young directors of the recently collapsed crypto investment firm, Africrypt, have “categorically denied” allegations they fleeced clients. Instead, the brothers insist their company is the victim of a hack while also claiming that the media may be overestimating the value of the missing bitcoins. These fresh denials by Africrypt directors come as doubts over the actual number of stolen bitcoins continue to mount. Africrypt Directors Have Little Life Experience Responding to an inquiry from BBC, John Oosthuizen, the lawyer representing Cajees suggested that accusations against his clients had no foundation and lacked “merit.” Still, when asked if his clients had made a police report following the hacking incident, Oosthuizen said “no.” Still, the lawyer suggests that his clients, who are thought to be aged 18 and 20, have “very little life experience.” As a result, when they started receiving death threats, their “first reaction was to keep themselves and their families safe.” Cajee Brothers Willing to Cooperate While Oosthuizen has not revealed the whereabouts of the Cajees, he has, however, said his clients “would co-operate with any future inquiries by the authorities.” Nevertheless, the Cajees would only do this once they have been notified of an investigation, the lawyer explained. Meanwhile, doubts over the exact value of the stolen bitcoins grew after an anonymous Africrypt investor told BBC that while the losses incurred were considerable “they were very much less than the billions that had been reported.” In fact, an archive of Africrypt’s website from Jan 2021 suggests that the investment firm had $100 million under management. This figure is far less than the reported $3.6 billion worth of missing bitcoins suggesting that initial figures were inflated. Do you believe the Cajee brothers’ claims that Africrypt is a victim of a hack? Tell us what you think in the comments section below. View the full article

A court of appeals in France has upheld the verdict in the case against BTC-e operator Alexander Vinnik. His lawyers vowed to continue the legal struggle against Vinnik’s return to Greece in order to avoid a likely extradition to the U.S. Court Confirms Vinnik’s 5-year Sentence for Money Laundering The Court of Appeals of Paris has confirmed the first instance decision in Alexander Vinnik’s trial, Russian media reported. In late 2020, the IT specialist, and alleged cybercriminal, was sentenced to five years in prison for money laundering. Vinnik’s defense team now plans to file a cassation appeal within five days as required by French law, the leading Russian business daily Kommersant wrote, quoting Vinnik’s lawyer, Frédéric Bélot, who also commented: If we summarize what happened, we have to regrettably admit that the court made a “lazy decision.” The judge did not want to investigate the money laundering charges, despite that the prosecution’s evidence is far from certain. Bélot is convinced prosecutors are not in the position to argue that Alexander received remuneration for dubious transactions. “This is not the case,” he insisted. The lawyer expressed his satisfaction with the dropping of most other charges from the verdict, and in particular, the one for extortion of money through malware. Alexander Vinnik’s Lawyers to Fight Extradition to the US Vinnik’s defense will now focus its efforts to ensure that he will not be transferred back to Greece after serving his French term. His lawyers fear that Greek authorities may extradite him to the United States where he is also accused of money laundering. In July 2017, the Russian national was arrested in Thessaloniki where he arrived on a vacation with his family. Vinnik was detained on a U.S. warrant. American prosecutors allege he laundered up to $9 billion through the infamous crypto exchange BTC-e. Frédéric Bélot said the French judge argued that Vinnik’s rights would not be violated in Greece, an EU member state, not recognizing that the Russian faces possible extradition to the U.S. and a new trial “in extreme, not European conditions.” Bélot considers this to be a serious threat to the “already shaken physical and mental health” of his client and is planning to submit a new appeal in the near future. Russia, where Vinnik faces charges of “fraud in the field of computer information,” is also seeking his extradition but the French judiciary rejected Moscow’s request. During his detention in Greece, where he went on a long hunger strike, Vinnik stated he was ready to return and appear in court in his home country. At the latest hearing in Pairs, lawyers were joined by Vinnik’s mother who arrived in May to support her son. What’s your opinion about Alexander Vinnik’s case? Share your thoughts in the comments section below. View the full article

On Saturday, Bitcoin’s SHA256 hashrate managed to climb back above the 100 exahash per second region after it slid to a low of 91 EH/s three days ago. Meanwhile, in five days the network’s mining difficulty change is approaching and it could see the difficulty drop over 20%. Bitcoin Hashrate Climbs Back Above 100 EH/s, Difficulty Could Drop More Than 20% Next Week Statistics show that bitcoin (BTC) miners are processing blocks a lot faster, as the hashrate has improved during the last 48 hours. On June 26, 2021, the network’s hashrate jumped back above the 100 EH/s zone. The hashrate fell to 91 EH/s on June 23, 2021, following the crackdowns in China stemming from five Chinese provinces with the most recent being Sichuan. Between then and over the last three days, the hashrate has increased 9-13%. The next mining difficulty drop is expected to happen in five days and at current processing power, it could drop around 20.57%. At the time of writing, the network’s mining difficulty is 19.93 trillion and the change could bring it to 15.83 trillion next week. Bitcoin’s mining difficulty is essentially the measurement of how difficult it is to find a hash below a given target. When Bitcoin’s hashrate is high, the difficulty will increase, and when the hashrate drops like it did after China’s crackdown, the mining difficulty will drop lower. Therefore making it easier and harder to mine BTC with every fluctuation. Bitcoin’s network difficulty changes every 2,016 blocks or roughly every two weeks. A lower difficulty will make it easier for bitcoin miners to find blocks and it can be more profitable for miners this month, as bitcoin’s (BTC) price has dropped much lower than it was two weeks ago. The last difficulty change saw the Taproot lock-in take place and the protocol upgrade should activate in November 2021. There’s approximately 16 known bitcoin mining pools with dedicated SHA256 hashrate directed at the Bitcoin chain. One portion of hashrate is considered “unknown” or mystery hashrate, which currently captures 7.57 EH/s or 7.49% of the global hashrate distribution on Saturday evening (ET). The top five bitcoin (BTC) mining pools on June 26, 2021, include Antpool, F2pool, Viabtc, Binance Pool, and Poolin. Those five mining pools capture 62.83% of the Bitcoin hashrate, while the rest is processed by 11 known pools and a 7.49% portion of mystery hashrate. The next difficulty change seems to be pointing toward the largest mining difficulty drop in 2021 thus far. The network did see the largest difficult rise in 2021, with an approximate 21.53% increase, at block height 683,424 on May 13. What do you think about the hashrate climbing back after the crackdowns in China? Let us know what you think about this subject in the comments section below. View the full article

Iranian authorities have so far authorized 30 facilities for cryptocurrency mining. The crypto mining farms are spread across several regions, including Tehran Province. The government has put out the data amid a crackdown on illegal miners in the country. A Third of Authorized Mining Farms Are Based in Two Provinces The Iranian Ministry of Industries, Mining, and Trade has issued licenses to 30 cryptocurrency mining centers, the Financial Tribune revealed this week, quoting official figures published on the department’s website. One of these mining farms is based in Tehran Province where the nation’s capital is situated. Semnan Province, the administrative region to the east of Tehran, is home to the largest number of licensed facilities, with six crypto farms. Alborz Province is next with four, followed by Mazandaran, East Azerbaijan, and Zanjan provinces. The ministry has also issued 2,579 establishment permits for new industrial units across the Islamic Republic, 305 of which are in Zanjan Province. Fars Province, with 262 permits, and West Azerbaijan, with its 247, are ranked second and third respectively, the English language Iranian daily detailed. Iran approved cryptocurrency mining as a legal activity two years ago. The government introduced a licensing regime for entities that want to get involved in the industry. A report indicated that 14 bitcoin mining farms were operating under such licenses last summer. Iranian Miners Are Facing Changing Tides High cryptocurrency prices and low energy costs — authorized miners were initially offered a discount of almost half the regular electricity rate — turned crypto mining into an attractive business in Iran. Things have changed, however, and this year’s power shortages were partially blamed on the energy-intensive coin minting process. In May, authorities said they’ll pull the plug on licensed crypto miners in peak hours of power consumption. According to government estimates, authorized mining facilities use around 300 megawatts of electricity every day. Tehran went after illegal miners as well, accusing them of burning more than 2,000 megawatts daily. According to the state-owned power utility, Tavanir, the country’s electricity deficit amounts to 5,000 megawatts. Eventually, Iran decided to ban crypto mining altogether, until Sept. 22. In a year, Iranian law enforcement has shut down over 180 crypto farms in Tehran Province alone. Earlier in June, authorities confiscated 3,000 units of mining hardware from illegal enterprises. Last week, Iranian police seized 7,000 bitcoin mining machines. What are your expectations about the future of cryptocurrency mining in Iran? Let us know in the comments section below. View the full article

Tesla CEO Elon Musk and Twitter CEO Jack Dorsey have agreed to have “the talk” at the bitcoin event called “The B Word,” which aims to show institutional investors how they can embrace bitcoin. Elon Musk vs. Jack Dorsey at Bitcoin Event Tesla and Spacex CEO Elon Musk and Twitter and Square CEO Jack Dorsey have agreed to have a discussion at a bitcoin event called “The B Word.” According to its website, The B Word event will take place on July 21. It is a “Bitcoin focused initiative that aims to demystify and destigmatize mainstream narratives about Bitcoin, explain how institutions can and should embrace it, and raise awareness around areas of the network that need support,” its website details. Dorsey, who will be a featured speaker at the event, tweeted promoting the event on Thursday. “As more companies and institutions get into the mix, we all want to help protect and spread what makes bitcoin open development so perfect. This day is focused on education and actions to do just that,” the Twitter CEO wrote. Musk replied to Dorsey’s tweet: “Bicurious?” The Tesla CEO appeared to be commenting on what “B” stands for in the event’s name. He later tweeted: “Oh right … Bitcoin haha.” Responding to Musk, Dorsey wrote: “Bizarre! Let’s you and I have a conversation at the event. You can share all your curiosities…” Replying to Dorsey’s suggestion of “Let’s have the talk,” Musk agreed and wrote: “For the Bitcurious? Very well then, let’s do it.” Dorsey followed up with: “Done! Will set up.” Many people are excited that Musk will talk about bitcoin with Dorsey, although neither has clarified what the talk will actually be about. Ark Invest CEO Cathie Wood, who will also be a featured speaker at The B Word event, tweeted: Brilliant. Looking forward to the discussion. Wood and Dorsey have taken the view that bitcoin mining can help the environment while Musk thinks that the activity harms the environment. Wood’s investment company, Ark Invest, and Square have jointly published a report arguing that bitcoin mining is net positive for the environment. Tesla invested $1.5 billion in bitcoin in the first quarter and began accepting the cryptocurrency for payments in March. However, Musk said in May that the electric car company had halted accepting BTC citing environmental concerns. He then said that Tesla will begin accepting bitcoin again “When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.” However, his requirement may be complicated to verify. Many people have tried to convince Musk that he has been misinformed about the environmental effects of bitcoin, including Shark Tank star Mark Cuban. The owner of the NBA team Dallas Mavericks explained to Musk that accepting bitcoin is actually good for the environment. The Tesla CEO also talked to North American bitcoin miners with the help of Microstrategy CEO Michael Saylor. The miners subsequently set up a bitcoin mining council. How do you think the talk between Musk and Dorsey will turn out? Let us know in the comments section below. View the full article

The chief investment officer of asset management firm Guggenheim, Scott Minerd, thinks he knows where the real bottom of bitcoin’s price is. He warns that the price of the cryptocurrency could fall to the $15K level. Guggenheim’s Scott Minerd Sees Bitcoin Bottom The chief investment officer (CIO) of Guggenheim Partners, Scott Minerd, is back with another bearish prediction for bitcoin and a forecast of where the “real bottom” of the bitcoin price is. Minerd is also the chairman of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. Guggenheim Investments has about $270 billion in total assets under management across fixed income, equity, and alternative strategies. He said in an interview with CNBC Friday: The real bottom, when you look at the technicals, $10,000 would be the real bottom. You know, that’s probably a little extreme, so I would say $15,000. This prediction followed his comment Tuesday on Twitter when he wrote: “Look for more declines in crypto as bitcoin breaks through support. Next likely support level is $20,000.” Minerd explained Friday that the recent BTC price rally has been supported by significant “central bank liquidity.” He cautioned that bitcoin’s price will fall as that liquidity fades. The price of bitcoin dipped below the $30K level last week. At the time of writing, BTC stands at $31,583 based on data from Bitcoin.com Markets. The Guggenheim CIO proceeded to advise that he “wouldn’t be in a hurry” to jump back into bitcoin at $20,000, noting that the cryptocurrency should consolidate sideways for a couple of years before it moves higher. He opined: I don’t think people need to be anxious to be putting money in bitcoin right now. Minerd has made several bearish predictions about the price of bitcoin in the near term. In May, Minerd warned of a massive sell-off in bitcoin after alerting investors to a major BTC correction in April. Despite his short-term bearish forecast, Minerd is bullish about bitcoin in the long run, believing that the price of the cryptocurrency could reach $600,000. “We do a lot of fundamental research. If you consider the supply of bitcoin relative … to the supply of gold in the world … If bitcoin were to go to those kinds of numbers. You’ll be talking about $400K to $600K per bitcoin,” the CIO described. What do you think about Scott Minerd’s bitcoin price prediction? Let us know in the comments section below. View the full article

Just before the Financial Action Task Force (FATF) published the organization’s 12-month review, a working group called the Travel Rule Protocol (TRP) released its 2.0 version of the TRP crypto application programming interface (API) in order to “simplify the end-user crypto exchange experience.” TRP is backed by big banks like Fidelity Investments, Standard Chartered, and ING Bank and 25 virtual currency service providers (VASPs). Travel Rule-Focused Crypto Working Group Releases Protocol Version 2.0 The Travel Rule Protocol (TRP) is an organization that aims to enhance crypto financial transaction data in order to comply with KYC/AML policy. The organization is backed by large financial institutions and crypto exchanges and custodians like Bitgo, Coinbase, Kraken, and Gemini. The Travel Rule Protocol (TRP) was revealed last year as 25 American-based VASPs published a paper showing how the businesses aim to comply with the FATF Travel Rule. The organization also released a TRP crypto application programming interface (API) version 1.0 and the product is a solution for any organization to identify data tied to crypto transactions and that meet the requirements of the FATF-based Travel Rule. This week, the TRP group launched its 2.0 version of the protocol and claims the solution “builds on [the] previous Travel Rule Protocol version 1.1.0 by adding easy to use workflow for end-users while solving the ‘discoverability’ problem.” Moreover, TRP 2.0 provides a straightforward way for VASPs to “comply with FATF recommendations without putting additional burden on end-users.” The organization believes the implementation of the TRP API is easy for VASPs to integrate into their existing framework. “A number of TRP Working Group members have created implementations of the TRP API that can be utilized immediately,” the launch announcement notes. “It was important to the TRP Working Group that the end-user experience was as easy as possible, and no more difficult than typical existing pre-Travel Rule industry practises” the TRP Working Group’s chair, Andrew Davidson, said in a statement. “We decided to adopt a workflow based on the existing LNURL standard, a bech32-encoded query string from the Lightning Network. The solution can be used with any virtual asset and gives the VASP a lot of flexibility to tailor it to their user’s needs while making an easy to implement or adopt solution” Davidson continued: With the LNURL-based workflow, we have allowed end users to have an almost identical user experience to that they are used to with existing Virtual Asset platforms, while at the same time being compliant with the FATF recommendations and bypassing the complexity of the VASP discoverability. ‘TRP Protects Clients From Criminal Third Parties’ The ‘Travel Rule’ is basically a descriptive label for the Bank Secrecy Act (BSA) rule [31 CFR 103.33(g)]. The rule essentially mandates that all financial companies are mandated to pass on transmission data like KYC/AML to the next financial institution. “The funds’ transfer rules are designed to help law enforcement agencies detect, investigate and prosecute money laundering and other financial crimes by preserving an information trail about persons sending and receiving funds through funds transfer systems,” financial regulators explain. FATF’s 12-month review that deals with virtual assets (VAs) and VASPs, stresses that the use of “anonymity tactics” and the “lack of effective” regulation continues to plague the cryptocurrency industry. If the TRP Working Group’s 2.0 protocol API meets the FATF recommendations, it probably follows the “designated threshold above which VASPs are required to conduct customer due diligence is USD/EUR 1,000.” “The latest update to TRP 2.0 allows us and the virtual assets ecosystem as a whole to offer even safer services and protect our clients from criminal third parties,” Christopher Kiew-Smith, the chief compliance officer at Zodia, a member company of the TRP Working Group said. What do you think about the TRP API? Let us know what you think about this subject in the comments section below. View the full article

The blockchain intelligence and surveillance firm Chainalysis announced the company has raised $100 million in Series E funding from investors such as Coatue, Benchmark, Accel, Addition, Dragoneer, Sequoia Heritage, and SVB Capital. The financing brings the company’s valuation to $4.2 billion and it aims to expand its resources and deepen data to cover more cryptocurrencies and focus on use cases like decentralized finance (defi). Chainalysis Raises $100 Million, Blockchain Intelligence Firm’s Valuation Now Over $4 Billion The blockchain Satoshi designed is a transparent ledger and transactions can be traced all the way back to the genesis block. This doesn’t necessarily mean, however, that a person can pinpoint with accuracy the identity of the individual or organization behind a cryptocurrency transaction. Nevertheless, this data does help an investigator get closer to that answer. In Bitcoin’s early days, blockchain surveillance was mostly nonexistent, but a few years after the network effect gathered momentum it became much more prevalent. There are now over two dozen blockchain intelligence and surveillance firms and over the years these companies have upped the stakes by monitoring dozens of blockchains besides Bitcoin. They have also raised millions of dollars from investors and government contracts. On June 24, the firm Chainalysis revealed it had raised $100 million from investors and it aims to expand operations a great deal. Chainalysis launched in 2013 and the company provides blockchain data to governments, institutions, and exchanges in over 60 countries. The company’s $100 million raise bumps Chainalysis up to a $4.2 billion valuation. The Series E funding round was led by Coatue. Chainalysis Data Platform The Series E follows the $100 million Series D round the company raised in March 2021, and the funds will be used to expand services across the board. Three expansion concentrations are mentioned in the announcement which include deepening data. This would entail monitoring more cryptocurrencies and a focus on defi. Software is next on the list as Chainalysis aims to create software solutions for both the public and private sector. Lastly, Chainalysis said it would provide more access via the use of APIs so “government agencies, financial institutions, and cryptocurrency exchanges” can leverage the firm’s data. The company has competition from the likes of well-known blockchain intelligence firms like Ciphertrace and Elliptic. Other firms involved in the analytics and blockchain monitoring field include organizations like Sixgill, Tibco, Credits, Crystal Blockchain, Dune analytics, Madana, Bitrank, Ocyan, Alethio, Bison Trails, Blockpit, Blockmonitor, Bloxy, Postchain, and Scoreshain. Chainalysis’s Series D and E rounds bring the total amount raised by the firm to $365 million. Blockchain analysis has been big business all across the globe and governments and law enforcement agencies have paid big money for these services. Between Chainalysis and Ciphertrace alone, it was estimated that in 2019 more than 80% of the cryptocurrencies in existence were tracked by blockchain surveillance. What do you think about the blockchain surveillance firm Chainalysis raising $100 million? Let us know what you think about this subject in the comments section below. View the full article

The New York City mayoral candidate in the lead, Eric Adams, has promised that in one year New York will be “the center of all technology,” including “the center of bitcoins.” He will compete with Miami where Mayor Francis Suarez had a head start turning Miami into a bitcoin hub. Mayoral Candidate Promises to Turn New York City Into the Bitcoin Hub The 2021 New York City mayoral election is underway. Brooklyn Borough President Eric Adams, a former police officer, is currently in the lead. He led the first round of voting with 31.7% support. Civil rights lawyer Maya Wiley came second with 22.3%, followed by the city’s former sanitation commissioner, Kathryn Garcia, with 19.5%. Former presidential candidate Andrew Yang came in fourth with 11.7%. During his election night party speech last week, Adams said: I’m going to promise you. In one year, one year, you’re going to see a different city … We’re going to bring businesses here. We’re going to become the center of life science, the center of cybersecurity, the center of self-driving cars, drones, the center of bitcoins. We are going to be the center of all technology. He added: “Miami, you had your run. We’re bringing our businesses back.” In Florida, Miami Mayor Francis Suarez is a bitcoin hodler. He has also been trying to turn his city into a bitcoin hub. He has put forward a proposal to allow the city to pay its employees in bitcoin, accept the cryptocurrency for fees and taxes, and even explore the possibility of holding BTC on its balance sheet. The city recently hosted the Bitcoin 2021 conference and blockchain.com just moved its headquarters there, which “created 300 new jobs and $30 million of recurring economic impact for our city,” Mayor Suarez said at the conference. Another New York City mayoral candidate, Andrew Yang, also wants to turn NYC into a bitcoin hub. He said back in February: “As mayor of NYC — the world’s financial capital — I could invest in making the city a hub for BTC and other cryptocurrencies.” However, the 46-year-old Democrat conceded the race last week. Nonetheless, he could still help the next mayor of NYC with bitcoin adoption as he said: “Though we’re not sure who’s the next mayor is going to be, but whoever that person is, I will be very happy to work with them to improve the lives of the 8.3 million people who live in our great city and I encourage everyone here to do the same.” Do you think New York City will become a bitcoin hub? Let us know in the comments section below. View the full article

At age 75, the former antivirus tycoon and cryptocurrency advocate, John McAfee, passed away by reported suicide. McAfee was a wild and charismatic man but prior to his death, he was facing tax-related charges and extradition to the United States. For the last few days, the internet has seen myriad theories and assessments of McAfee’s wild rollercoaster of life and death. Jeffrey Epstein Conspiracies and a ‘Dead Man’s Switch’ Theory Follow McAfee’s Death in Spain Three days ago, Bitcoin.com News reported on the death of John McAfee after the Catalan justice department in Spain announced his alleged suicide. Prior to McAfee’s reported death, the Spanish high court ruled in favor of the U.S. government’s attempt to extradite him. Spanish officials told the newspaper, El Pais, that “everything pointed to suicide.” However, when the news went viral on the web, many said they believe McAfee would never take his own life, and speculation about a ‘dead man’s switch’ conspiracy began to circulate. Basically, a dead man’s switch is a switch that is activated when the human operator is either dead or incapacitated in some way. John McAfee’s death has been tied to Qanon theories. Following the alleged suicide, McAfee’s Instagram posted a picture with the letter “Q” raising a lot of suspicions. However, McAfee has said in the past the Instagram account is not associated with him and the “Q” post has since been deleted. One theory spreading around various circles is that McAfee had evidence against the U.S. government and a number of global bureaucrats. On October 15, 2020, from a Barcelona jail, McAfee tweeted: “I am content in here. I have friends. The food is good. All is well. Know that if I hang myself, a la Epstein, it will be no fault of mine.” McAfee’s Epstein reference refers to the convicted sex offender Jeffrey Epstein who ostensibly took his own life in a New York jail cell. McAfee’s cryptic statements have been the primers for most of the wild speculation surrounding his death. An hour after the news of McAfee’s death spread across the internet, McAfee’s official Instagram posted an image of a bold letter “Q.” A while back, before his death, John McAfee said he held incriminating evidence against governments and politicians. Many of McAfee’s old tweets have sparked feverish speculation since the former antivirus tycoon’s death. Still, McAfee had said in the past that the Instagram account was not run by him, and he claimed the person running the account was a “troll who trolled me for years.” The “Q” Instagram post still made people think about the group Qanon, an organization that believes the world is run by a “deep state.” The post has since been deleted on Instagram, but several Qanon members said that the image contained metadata that leads to “31+ terabytes of incriminating data” against the U.S. government, the CIA, and two Bahamian officials. However, others claim the “Q” picture merely held standard Facebook metadata. People have also been discussing an Ethereum-based token that was associated with McAfee at one time. For instance, people said Instagram’s metadata led them to an Ethereum smart contract called “Epstein,” which shows an ERC20 token called “whackd (WHACKD).” Because the Epstein smart contract and whackd tokens have been seeing some onchain movement, people believe these coins are directly connected to McAfee. There’s a number of 4chan posts claiming that the “Q” Instagram post and the whackd ERC20s are connected. Theories stemmed from the 4chan forum, Reddit, and Twitter. The Whackd Tattoo and Alleged 31 Terabytes of Incriminating Data The theory also discusses McAfee’s prior statements and his arm tattoo that says “whackd.” McAfee explained at one time that he knew the government was coming for him. “Getting subtle messages from U.S. officials saying, in effect: ‘We’re coming for you McAfee! We’re going to kill yourself.’ I got a tattoo today just in case. If I suicide myself, I didn’t. I was whackd. Check my right arm. $WHACKD available only on McAfeedex.com,” McAfee explained in November 2019. In the summer, months before he got the tattoo, he also said: I’ve collected files on corruption in governments. For the first time, I’m naming names and specifics. I’ll begin with a corrupt CIA agent and two Bahamian officials. Coming today. If I’m arrested or disappear, 31+ terabytes of incriminating data will be released to the press. A week after that tweet, McAfee wrote: “The instant I disappear the information is released. Those named would be crazy to kill me or collect me. They are simply praying I live forever. If it’s released, revenge takes over and I’m dead.” Adding to the speculation, a former 8kun administrator associated with Q Anon told Newsweek this week that McAfee may be leveraging a dead man’s switch. “Regarding John McAfee: He was in jail. He has a dead man switch. He ‘died’. His dead man switch has not (yet) activated,” the former 8kun administrator said on Telegram. “We will know soon if he is really dead, or managed to escape from prison under the guise of a ‘suicide’ [i.e. Epstein.]” Most of the theories and evidence behind the dead man’s switch theory stem from mere speculation, the controversial Q Anon group, and very little evidence at all. The reasons being, the Instagram post has been contested because McAfee said he didn’t operate the account in the past. And as mentioned above, metadata from the Instagram post is standard Facebook photograph metadata. Further, the ERC20 tokens could be moved by anyone who owns the tokens, and these coins show no direct connection to John McAfee or “31+ terabytes” of so-called hidden data. For now, the story is wildly speculative and considered a conspiracy theory that doesn’t hold much water. McAfee’s Widow Wants a ‘Thorough’ Investigation John McAfee’s wife Janice and John’s close associates, however, believe he was not suicidal. Speaking with the press on Friday, Janice McAfee’s lawyer, Javier Villalba said the official autopsy was taking place and the family wants an independent second autopsy done as well. Janice McAfee (right) and the family’s lawyer, Javier Villalba (left). AP Photo credit: Joan Mateu. “I blame the U.S. authorities for this tragedy. Because of these politically motivated charges against him. My husband is now dead,” Janice told the press at a conference. “His last words to me were: I love you and I will call you in the evening” Janice said. “He would have never quit this way, he would never take his life in this way, ever. Those words are not words of somebody who is suicidal,” she added. Janice McAfee wants a “thorough” investigation and she highlighted during her statements that American politics would not allow John to be a free man in the United States. “Even though he was born in England, America was his home,” Janice said. “He came there when he was a child. He had his first girlfriend there, his first case, you know, his first job. He made his first millions there and he wanted to be there. But, you know, politics just wouldn’t allow for that to happen.” What do you think about the dead man switch theories and conspiracies surrounding John McAfee’s death? Let us know what you think about this subject in the comments section below. View the full article

At its core, social media is a web-based communication tool that facilitates constant and instant interaction and sharing of information between people. On one hand, social media enables socialization and promotes togetherness. On the other hand, it can leave your data open to the world and put a person’s privacy and information at risk. If this data could be linked and managed by each individual personally, social media could become a truly decentralized platform that majorly benefits users – rather than third parties. That’s where Non-Fungible Tokens (NFTs) come in. NFTs are steadily becoming the future of artistic expression and providing real income for users. Creating music and then being able to trade that music and/or be paid royalties when that music is used elsewhere. This development in the digital world completely revolutionizes the world of music production and transforms art/music into revenue for NFT artists. With all this possible through NFTs, Omni sets its objective to pioneer the future of music through the world of NFTs and return social media powers back to users. What Are NFTs? Hailed as the digital alternative to collectibles, NFTs are essentially tokenized artwork linked to a digital certificate of ownership. As opposed to a fungible asset – which, economically, can be interchanged for something else of similar value – NFTs are non-fungible. This means each NFT has unique properties that prevent it from being interchangeable. NFTs come in many forms ranging from animations to images, to texts and tweets, and more on topic – music. Shaping music into NFTs enables the origin and owner of the music to be tracked, traced, and acknowledged whenever a certain piece of music is used/played. Omni develops a monetizable function out of music NFTs by rewarding creators and owners of music within the Omni platform. Imagine a musician, highly talented and their music is loved by many that hear it. Having been busking in the streets and train stations for years, that musician is introduced to the NFT Ecosystem and the means of which to utilize Omni to shape their music into a rewardable and monetizable NFT. Now, that musician’s music is played daily in user videos and other digital NFTs. Every time the NFT music is used, the musician is rewarded – making their art utilizable and capable of generating an income. Omni music NFTs make all of this possible. Omni As The Future of Music NFTs Omni addresses the negative societal aspects of modern social media culture and sets out a path to bring power back to users through a plethora of mechanisms – including NFTs. The Omni Mega App could find itself on smartphones worldwide. By enabling users to create NFT sounds, bytes, mixes, and songs on the platform, NFT music artists receive easily trackable royalties alongside buying, selling, and exchanging rights on each piece. As the videos featuring these NFT sounds become popular, the artist with ownership of NFT rights to that music earns royalties based upon their use. This model furthers the future of music through NFT incorporation and maintains artist ownership over their musical creations. Furthermore, as users make music NFTs on Omni, that sound or piece of music becomes identifiable and trackable. These two elements ensure creators of NFT music rest assured that the origin of their work will forever remain in their name – unless sold of course. This eliminates the need for copyright procedures, the stress of effort to ensure work originality is protected, and, ultimately, protects artists’ work from defamation or fraud. What Is Omni? Omni is the amalgamation of all features from the world’s most renowned social media apps – such as TikTok and Facebook – reformed into one blockchain platform with a catch; Omni aims to reward users. Everyday functions such as posting a video, sharing a post or just talking with friends can all reward users with Omni Coins (OMNI). Omni Coins are designed to allow users to earn profit as the Omni company grows – thus incentivizing users further to remain active and earn more OMNI. Furthermore, Omni coins can be managed and used for shopping for products on the Omni platform – only adding to the increasing number of OMNI use cases. As part of the decentralized movement, Omni understands that the platform can be the vehicle for positive societal reform. They have dedicated their work to form the new standard for society, the economy, and the environment. By combining the features of the main social media platforms, placing power back into the hands of users, and rewarding user activity with monetization – Omni is part of the new breed of user-centric corporations. If you want to learn more about Omni music NFT possibilities/opportunities, visit their website here This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

A New Orleans resident has been charged for selling bitcoin without registering with the Financial Crimes Enforcement Network (FinCEN). If convicted, the seller may receive a maximum of five years in prison, a maximum $250,000 fine, up to three years of supervised release, and a $100 mandatory special assessment. Bitcoin Seller Faces Jail Time The U.S. Department of Justice (DOJ) announced Thursday that a New Orleans bitcoin seller named Michael Yusko has been charged with operating an unlicensed money transmitting business. The announcement details that “Under federal law, any business that engages in ‘the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means’ is deemed to be a money transmitting business.” It adds: Such businesses include those that trade fiat currency, such as U.S. dollars, for cryptocurrency, such as bitcoin, litecoin, and ethereum. These companies must register with the Financial Crimes Enforcement Network (‘FinCEN’) as money transmitting businesses. Yusko was the owner and manager of Nervous Light Capital LLC, court documents show. “He used Nervous Light Capital, along with the bank accounts of four other companies, to sell bitcoin and other cryptocurrencies to customers,” the DOJ noted. The DOJ stated that Yusko did not register any of these companies with FinCEN as money transmitting businesses, noting: If convicted, Yusko may receive a maximum of five years in prison, a maximum $250,000.00 fine, up to three years of supervised release, and a $100 mandatory special assessment. Do you think this man should go to jail for selling bitcoin without a license? Let us know in the comments section below. View the full article

British auction house Christie’s will accept bitcoin and ether for a painting worth an estimated $6 million. The digital wallet used to pay for the painting must be held at one of the approved custodians, such as Coinbase, Fidelity, Gemini, or Paxos. Paying for Paintings With Bitcoin at Christie’s Christie’s, one of the largest auction houses in the world, will accept cryptocurrency for a painting by Keith Haring at its “20th/21st century” sale in London next week. Katharine Arnold, co-head of post-war and contemporary art for Christie’s in Europe, told Reuters that the painting “is probably the very first example that we see of an artist celebrating the computer.” She elaborated: “It was 1984 that Apple Macintosh was first launched. So it’s really a piece of history.” Arnold added: So the potential for paying in cryptocurrency for the full hammer price and buyer’s premium was something that felt like this was a perfect marriage. The painting has an estimated value of 3.9 million pounds – 4.5 million pounds ($5.42 million – $6.25 million). Two cryptocurrencies will be accepted. “Payment in ether or bitcoin must be made via a digital wallet transfer of that currency to Christie’s,” the auction house’s website describes, noting that partial payments from multiple digital wallets will not be allowed. However, the digital wallet used must be held with one of the following custodians: Coinbase Custody Trust, Coinbase, Fidelity Digital Assets Services, Gemini Trust Company, Gemini Europe Ltd., Gemini Europe Services Ltd., Paxos Trust Company, Digivault Ltd., Ziglu Ltd., or Archax Ltd. Christie’s emphasized: Only payments sent from digital wallets maintained at these platforms will be credited towards this lot purchase, and we will not recognise payments from digital wallets hosted at other exchanges or self-hosted wallets. What do you think about Christie’s accepting bitcoin? Let us know in the comments section below. View the full article

Cryptocurrency companies and exchanges are currently facing significant hurdles when recruiting talent. This is because the crypto space is growing at an alarming rate. Traditional finance companies entering the scene seem to be making the talent squeeze even more dire. There are hundreds of positions available at cryptocurrency-based companies waiting to be filled. The Crypto Talent Squeeze Is Real Cryptocurrency companies are struggling to get adequate talent for thousands of available job openings, and companies are fighting for the attention of potential employees left and right. Binance, one of the biggest exchanges in the world, is not out of this equation. There are more than 300 spots available at the booming exchange, but there are few people to fill them. What’s even worse, exchanges and startups are now fighting with banking institutions entering the space for access to this talent. This makes it even harder for a new company to scoop up qualified new hires. Changpeng Zhao talked with Bloomberg about the issue, stating this problem affected them as well. CZ stated: We see the industry growing exponentially on a year-to-year basis, and we need to scale our team to cope with it. We don’t mind where people are, as long as they produce results. Going Remote Getting remote workers has been the answer for many cryptocurrency firms that are facing this predicament. Expanding their borders allows them to find skilled workers in other latitudes. Coingecko, the well-known cryptocurrency price platform, took this path. Located in Malaysia, the company has not been able to fill some important roles and is now accepting applications from global workers. Bobby Ong, Coingecko’s CEO, stated: In the past year, we have tried to hire for more roles but we realized that it is increasingly harder to tap on the smaller talent pool here in Malaysia. Coinbase also switched to a remote-first work model last year due to the coronavirus outbreak. But unknowingly, this also opened a new job market for them. However, even after going global, companies are still not getting the talent they need. This has made some companies lower their requirements to fill needed positions. Neil Dundon, the founder of recruitment agency Crypto Recruit, stated: In terms of length of experience, one or two years is good enough these days. The skills shortage is so bad at the moment that companies are casting a wider net. What do you think about the talent squeeze in the cryptocurrency space? Tell us in the comments section below. View the full article

The Palestine Monetary Authority is exploring the possibility of issuing its own digital currency. For Palestinians, the minting of a national coin would represent a step, at least a symbolic one, towards achieving monetary independence from the State of Israel. Digital Currency to Help Palestinians Cope With Israeli Restrictions Palestinians are currently conducting two studies on the matter of digital currency. While a decision is yet to be taken, the intention is to eventually employ a digital coin “for payment systems in our country and hopefully with Israel and others to use for actual payments,” Feras Milhem, governor of the Palestine Monetary Authority (PMA), told Bloomberg Television. A digital currency issued by the institution that would one day become the central bank of a Palestinian state could potentially provide the Palestinian financial system with a level of monetary independence from Israel. In accordance with the ‘90s accords with the Israeli side, Palestinians don’t have their own fiat money but use the Israeli shekel as a de facto currency, alongside the Jordanian dinar and the U.S. dollar. As a result of various restrictions, including an Israeli law banning large cash transactions and monthly limits on shekel transfers back into Israel, Palestinian banks are now flooded with Israeli cash. They often have to borrow to cover foreign exchange payments to third parties, the report notes. These are some of the reasons why the Palestinian monetary system would potentially benefit from a sovereign digital currency. Feasibility Doubts Cast Shadow Over Palestinian Coin With its research on the topic, the PMA joins dozens of central banking institutions around the world that have been exploring the possible issuance of a central bank digital currency (CBDC) in response to cryptocurrencies and declining use of notes and coins. These include the central banks of China, Russia, the U.S. and the Eurozone. Palestine is a special case, however, as its economy is weakened and constrained by Israeli limitations hindering free movement of goods, capital and people. It’s also heavily reliant on international donations and remittances from Israel. That’s why some experts are doubting the feasibility of a Palestinian digital currency. According to Raja Khalidi, director of the Palestine Economic Policy Research Institute, the issuance of digital money could “send a political signal to show apparent appearance of monetary autonomy from Israel.” But Khalidi also thinks that: The macroeconomic conditions don’t exist to allow a Palestinian currency — digital or otherwise — to exist as a means of exchange. Khalidi’s concerns were echoed by Barry Topf, former senior adviser to the Bank of Israel governor, who agreed it’s highly unlikely that a Palestinian digital currency would serve as a real means of exchange. “It’s not going to replace the shekel or the dinar or the dollar. It’s certainly not going to be a store of value or a unit of accounting,” the banker said. Do you think a digital currency is a viable option for Palestinians? Share your thoughts on the subject in the comments section below. View the full article

Marvel Entertainment has announced the company is stepping into the realm of non-fungible tokens (NFTs). The wholly-owned subsidiary of The Walt Disney Company and the popular comic book creator explains that Marvel fans will be able to buy “official Marvel NFT digital collectibles, digital comic books and more.” Marvel to Release NFT Digital Comics and Collectibles via the Veve App The comic book and film giant Marvel Entertainment is getting into NFTs according to a press statement released on Thursday. The announcement notes that Marvel aims to launch digital collectibles, digital comics, and other NFT products. “Since the beginning, collecting has always gone hand in hand with being a Marvel fan,” Dan Buckley the president of Marvel Entertainment said in a statement. “Like us, Veve understands collecting is about the experience just as much as the product, and we look forward to extending that experience for our fans over the years to come,” Buckley added. The comics started in 1939 but Marvel’s entertainment arm was invoked in 1998 and is based in New York City. The corporate entity with 1,786 employees makes an estimated $366 million per year in revenue. For the NFT venture, Marvel has partnered with Orbis Blockchain Technologies Limited, a firm that operates the Veve Digital Collectibles App. The application is available on iOS and Android. With the app, Marvel fans can buy and trade the company’s unique offerings. The announcement notes that Veve app users can also “hunt for rare (and even secret-rare) NFT comic books and collectibles, and display their hard-earned collection through fully customizable virtual showrooms.” Veve’s in-app currency called gems will be required to purchase official Marvel NFT products and NFT owners can also sell them again via Veve’s secondary marketplace. Through Veve’s platform, Marvel Entertainment’s vice president of business development and strategy, Daniel Fink says the company hopes “to expand the limits of what Marvel fandom can be, starting with personal and interactive digital collectibles that, through NFTs, fans can truly collect, share, and enjoy in a way that they have not been able to do before.” Marvel follows the comic maker’s competitor, DC Comics, which revealed it would be launching NFTs in March 2021. This was following a letter sent to freelance artists from DC Comics’ legal representative that told freelance artists to cease making DC Comics-related NFTs. “More details about Marvel’s exciting new digital collectibles coming to Veve will be shared in the next few weeks,” Marvel further highlighted on Thursday. “Comic book fans should also stay tuned for some exciting new reveals coming soon,” the entertainment company added. What do you think about Marvel Entertainment getting into NFTs? Let us know what you think about this subject in the comments section below. View the full article

Over the last seven days, there have been close to 18,000 non-fungible token (NFT) primary sales worth over $12.7 million. This week also saw a great number of non-fungible token (NFT) announcements surrounding big names like DeLorean Motor Company, the renowned NFT artist Beeple, the Grateful Dead’s Jerry Garcia, USA Today and more, as the NFT ecosystem continues to swell. Beeple Launches NFT Platform After making history with his $69 million non-fungible token (NFT) art auctioned at Christie’s, Mike Winkelmann, more commonly known as Beeple, revealed the launch of an NFT platform called we.new. The we.new platform is “a curator and provisioner of iconic moments as non-fungible tokens (NFTs),” according to the announcement. Beeple’s we.new project has partnered with well known companies like Wasserman, Endeavor, Universal Music Group, and Warner Music Group. By working with Endeavor’s IMG, the web portal’s first release celebrates Andy Murray’s historic victory at Wimbledon in 2013. “NFTs represent a new paradigm, not just in how people can invest their money but in how we conceive of our shared experience and how we celebrate remarkable achievements,” Beeple said in a statement. We.new leverages the Ethereum network but also utilizes permanence-based blockchain technology Arweave to house the NFT’s metadata. DeLorean Motor Company Launches 40th Anniversary NFT Collection According to an announcement from DeLorean Motor Company (DMC), the firm’s iconic DeLorean DMC-12 will be turned into a series of 40 unique DeLorean 1-of-1 NFTs created by the acclaimed street artist Madsteez. The DMC announcement details that the collection offers a “year-by-year history of the car, highlighting notable years with accompanying one-of-a-kind physical items.” The classic DeLorean DMC-12 has its own fan clubs all around the world, and the car is well known for being featured in the film series “Back to the Future.” The website delorean40nft.com showcases the entire collection and the series comes with two special edition items. “The crown jewel of the collection is a Special Edition DeLorean 1-of-1 Anniversary Montage NFT that comes with a fully restored original DeLorean,” the announcement reveals. Moreover, the Special Edition 1981 DeLorean NFT adds the owner’s name to the top spot on the waitlist for the all-new DMC vehicle launching soon. Mr Doodle Joins the World of NFTs The well known artist Sam Cox, more commonly referred to as Mr Doodle, is launching a series of NFTs via the marketplace Nifty Gateway. The series is called “ESC” and it will be the first of a five-part NFT collection with “CTRL,” “ALT,” “DELETE,” and “SHIFT” to be released at a later date. Mr Doodle is taking the art to a new format as he traditionally focuses on live hand-drawn pieces on canvas, large-scale installations, and fashion collaborations and shares them with his 2.7 million followers on Instagram. Mr Doodle’s 2019 Spring canvas sold for close to $1 million at the Tokyo Chuo Auction back in 2020. The ESC NFT will be released as an open edition and available for purchase during a 12-minute window. The announcement details Mr Doodle’s first NFT auction will start at 10 a.m. (EST) on July 1. “Layers and dense imagery are some things that inspire me recently,” Mr Doodle said in a statement. “I chose the title ESC from the keyboard as I feel the digital world can be an escape from the real world. I love seeing how doodle characters overlay each other, creating completely new scenery. Each layer can live individually, but if you put them all together you get this fulfilling sense of completeness.” Grateful Dead’s Jerry Garcia Returns With a Music Art NFT This week Jerry Garcia Music Arts (JGMA) label revealed the release of the rock legend’s first-ever music art NFT. Bitcoin.com News recently reported on the last Garcia non-fungible token art collectible called the “Gift,” which was sold by JGMA with a portion of the proceeds given to the Jerry Garcia Foundation (JGF). Garcia’s next music art NFT will be issued via the ecological NFT platform Aerial and auctioned on the marketplace superrare.com. According to the announcement, the title of the one-of a-kind piece will be announced upon its release. Similar to the last auction, a portion of the upcoming NFT auction proceeds will go to the JGF and the funds will be allocated to help support Jorma Kaukonen’s Psylodelic Gallery located in Pomeroy, Ohio. Furthermore, funds will also help JGF’s ocean preservation fund. Garcia loved visiting Hawaii frequently and the ocean preservation fund is dedicated to his spirit. “I tend to think my dad would love the concept of NFTs,” Jerry Garcia’s youngest daughter Keelin said in a statement. “This feels like a new, revolutionary space where artists and collectors can interact in a more meaningful way, and NFTs are so unique and unlike anything we have ever seen. I like to imagine the ethos of this movement would resonate with my dad’s philosophical views.” The Largest US Newspaper Publisher Gannett Launches Its First NFT The internationally distributed American media network USA Today, the flagship publication of its owner, Gannett (NYSE: GCI), has announced its inaugural non-fungible token (NFT) on June 22. The non-fungible token was inspired by the first newspaper delivered to space in 1971. The NFT will be a mosaic that features approximately 300 images from space travel over the last 50 years. All the proceeds from the Gannett NFT auction will go to The Gannett Foundation and the Air Force Space & Missile Museum Foundation. The company chose to leverage Origin’s NFT Launchpad and USA Today launched its own NFT web portal, nft.usatoday.com, as well. “Space travel was an inspired theme for our first NFT because it tells the story of innovation and advancement that has been a positive unifying force in American culture, which is also the aim of Gannett’s storytelling,” Kris Barton, chief product officer at Gannett detailed. “Our digital subscriber growth can be attributed to our unique content and our ability to use technology – like an NFT – as we find meaningful ways to bring communities together and engage new audiences.” Art Blocks, Sorare, Cryptopunks, and Wicked Craniums In addition to Gannett, Garcia, DMC, Mr Doodle, and Beeple’s new market, Bitcoin.com News reported on Binance launching an NFT market with art from Dali, Warhol, and more. Rarible announced its NFT marketplace raised over $14 million this week and the Chinese payment giant Alipay launched an NFT market this week as well. There are now close to two dozen NFT marketplaces and some of them are capturing million-dollar sales frequently. NFTs have seen a downturn in sales, but many are still selling with Art Blocks, Cryptopunks, and Sorare selling more than $2 million each over the last week, data from nonfungible.com shows. Further, a project called Wicked Craniums saw $4 million in NFTs sold in two days this week. What do you think about this week’s flurry of NFT announcements? Let us know what you think about this subject in the comments section below. View the full article

Robinhood Markets Inc., the American financial services company headquartered in Menlo Park, California, has seen its initial public offering (IPO) delayed by the U.S. Securities and Exchange Commission (SEC). According to a report citing “people familiar with the matter” the SEC is questioning Robinhood’s cryptocurrency business. SEC Questions Robinhood’s Crypto Dealings, IPO Delayed Robinhood was supposed to be having an initial public offering this month but according to a report from Bloomberg, the listing has been slowed by the SEC. The report cites a few people familiar with the matter and they asked: “not to be identified because the matter is private.” However, they say that the U.S. regulator has questions concerning the cryptocurrency side of the business, as Robinhood also allows customers to purchase popular stocks. Since 2018, Robinhood has allowed customers to purchase and trade crypto assets like bitcoin (BTC), dogecoin (DOGE), and ethereum (ETH). The company came under fire at the end of January during the Wallstreetbets fiasco that saw the climactic rise and fall of Gamestop (GME) shares. Reports at the time from customers noted that Robinhood ceased offering GME, and other stocks like AMC as well. The move was so controversial, Tesla’s Elon Musk tried to get answers in an interview on The Good Time Show via the Clubhouse app. Nevertheless, the SEC’s current concerns involve the cryptocurrency business that lets users purchase ETH, DOGE, and ETH rather than scrutinize the stock fiasco. Renowned investor Warren Buffet talked about Robinhood and told CNBC that investing in crypto assets and stocks on Robinhood is akin to casino gambling. Billionaire investor and Shark Tank star Mark Cuban criticized Robinhood at the end of April and said: “The greatest inhibitor to its growth is that you can’t spend the Doge you buy on Robinhood.” The report authored by Bloomberg’s financial columnist Katie Roof on Friday concerning the SEC and Robinhood noted that the U.S. regulator is very busy dealing with IPOs. The SEC is also dealing with crypto-based special purpose acquisition companies (SPACs) and bitcoin exchange-traded fund (ETF) filings. Roof highlights that Robinhood’s delay is similar to when Coinbase Global Inc., bumped its IPO. Prior to the Coinbase listing, the exchange had to pay the Commodity Futures Trading Commission (CFTC) $6.5 million for “inaccurate reporting as well as wash trading.” The SEC further announced this week that it has delayed the bitcoin ETF decision for Valkyrie Digital Assets’ listing proposal. What do you think about the Robinhood IPO delay? Let us know what you think about this subject in the comments section below. View the full article

The first Bitcoin ETF in Latin America made its debut yesterday on the Brazil Stock Exchange. Presented by QR Capital, a Brazilian blockchain investment firm, the ETF seeks to simplify Bitcoin exposure for institutions and companies. The ETF was approved by Brazilian regulators and is currently trading with the QBTC11 ticker. Bitcoin ETF Makes It in Brazil The first Bitcoin ETF initiative in Latam is already listed on the Brazilian stock exchange. Conceived by QR Capital, a blockchain investment firm and asset manager, its objective is to simplify Bitcoin access for institutions. This Bitcoin ETF product got its approval last March from the Brazil Securities and Exchange Commission. According to QR Capital CEO Fernando Carvalho, their product is pioneering how companies approach cryptocurrency investments in Brazil. Carvalho stated: We can see the market maturing in its search for safer and simpler bitcoin exposure options. Our bitcoin ETF is a landmark for both financial and crypto markets, once it is the convergence point between them. The Brazilian investor has now a regulated and robust choice to buy bitcoin. While other Bitcoin-based ETFs were launched in Canada, this offering is unique in Latam. The product had a good starting session, with bitcoin prices recovering 7% during initial trading hours. QR’s Bitcoin ETF also features a relatively low administration fee of 0.75% annually, intended to entice small investors into entering the cryptocurrency investment world in regulated fashion. US Lags Behind Canada and Brazil are already trading Bitcoin ETFs in their markets. But similar filings in the US haven’t had the same luck. The SEC (Securities and Exchange Commission) has repeatedly denied filing after filing from different companies offering similar products. There are currently more than 7 filings from different companies seeking to offer this solution in the US stock market, and two for Ethereum-based variations. The SEC has given several reasons for not greenlighting these proposals. Unregulated markets prone to manipulation and price volatility are a couple. However, Microstrategy and Grayscale have stepped in as a kind of unofficial replacement for these instruments, bringing indirect exposure to the underlying assets. In any case, if a Bitcoin ETF arrives in US markets soon, it could greatly simplify companies’ access to Bitcoin. There are still major hurdles to overcome for institutions wishing to invest in crypto. An ETF would be a major solution for managers that don’t want to complicate things with custody liabilities and want to be protected by current market laws. What do you think about the first Bitcoin ETF product approved in Brazil? Tell us in the comments section below. View the full article