roadrunner

Microstrategy Inc. is selling up to $1 billion of its common stock, MSTR, with the aim to use some of the net proceeds to buy bitcoin. The Nasdaq-listed company also recently completed a $500 million secured notes offering and will use the proceeds to acquire bitcoins. Selling MSTR Stock to Buy Bitcoin Microstrategy Inc. has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to launch an “‘at the market’ securities offering for flexibility to sell up to $1 billion of its class A common stock over time,” the company announced Monday. The company’s class A common stock is listed on the Nasdaq Global Select Market under the symbol MSTR. MicroStrategy Launches “At the Market” Securities Offering for Flexibility to Sell Up to $1 billion of its Class A Common Stock Over Time $MSTRhttps://t.co/qouK8pFmBF — Michael Saylor (@michael_saylor) June 14, 2021 In the prospectus filed with the SEC for this offering, Microstrategy explained how it plans to use the sale proceeds, stating: We intend to use the net proceeds from the sale of any class A common stock offered under this prospectus for general corporate purposes, including the acquisition of bitcoin, unless otherwise indicated in the applicable prospectus supplement. Microstrategy Inc. currently hodls approximately 92,079 bitcoins, which are being held by a newly formed subsidiary, Macrostrategy LLC. The company also announced Monday that it has completed a $500 million offering of 6.125% senior secured notes and the proceeds will be used to buy more bitcoins. At the current price, the gross proceeds from this offering could fetch as many as 12,500 BTC. This would raise Microstrategy’s total bitcoin holdings to more than 100,000 BTC. The company’s prospectus filed with the SEC describes: Microstrategy pursues two corporate strategies in the operation of its business. One strategy is to acquire and hold bitcoin and the other strategy is to grow our enterprise analytics software business. “We view our bitcoin holdings as long-term holdings, and we do not plan to engage in regular trading of bitcoin and have not hedged or otherwise entered into derivative contracts with respect to our bitcoin holdings, though we may sell bitcoin in future periods as needed to generate cash for treasury management and other general corporate purposes,” the company detailed. Microstrategy further noted, “We are also exploring opportunities to apply bitcoin-related technologies such as blockchain analytics into our software offerings.” What do you think about Microstrategy selling MSTR shares to buy bitcoin? Let us know in the comments section below. View the full article

The Russian Foreign Minister Sergei Lavrov talked about the future importance of cryptocurrencies as an international settlements layer at the Primakov Readings Forum. Lavrov referred to these assets as having a “significant role” in the future. Russia has been striving to de-dollarize some of its activities, and this statement might offer a glimpse into future plans. Russian Foreign Minister Says Crypto Could Play Significant Role in Settlements Russian Foreign Minister Sergei Lavrov referred to the future importance of cryptocurrencies as a part of the international settlements layer. Lavrov made the reference while attending the Primakov Readings Forum last week, an important diplomat meeting. The Russian Foreign Minister was optimistic about the use of cryptocurrencies to settle debts among countries. Lavrov stated: I think the time will inevitably come when cryptocurrencies will play a very significant role, occupy a very significant segment in international settlements. Russia is changing the way it is approaching international settlement and payments. On this subject, Lavrov stressed they are looking into using national currencies when engaging in bilateral commerce. The Russian foreign minister noted: We strive to rely more and more on other currencies. On national currencies when it comes to bilateral trade with our partners – with China, other SCO members, a number of other countries…” Russia has been pushing to de-dollarize part of its investment infrastructure as a way of protecting from possible increased sanctions. Earlier this month, Finance Minister Anton Siluanov reported the national Wealth Fund would ditch the dollar for other currencies. The fund, currently worth more than $600 billion, would be supporting yuan and euro-based investments instead. These actions are thought by many to be a strong political statement showing Russia can survive without needing the dollar to do commerce. According to some experts, the Russians are also profiling cryptocurrencies as an important part of this strategy. The Digital Ruble The issuance of a digital ruble might also play a pivotal part in this de-dollarization push, in the future. Lavrov declared that the development of a central bank digital currency was already underway in Russia. In fact, the bank of Russia has revealed they will build a prototype for the end of the year. The currency will be designed to work in the same way that the digital yuan operates, with the government in control of the protocol. However, commercial banks will also have the opportunity of offering intermediation services. Cryptocurrencies are getting hotter in the remittances sector, too. El Salvador declared Bitcoin as legal tender last week — something that could ease the entrance of millions of its citizens into the crypto world. Bitcoin remittances in the country soared after the historical legislation passed, but they are still just a fraction of their dollar-based counterparts. What do you think about the role that cryptocurrencies will play in international settlements? Tell us in the comments section below. View the full article

Tanzanian President Samia Suluhu Hassan has urged her country to be ready for emerging fintech by paving the way for cryptocurrencies. She also urged the country’s central bank to begin the necessary preparations for a step-change in global attitudes towards banking. However, in her address of the Tanzanian finance chiefs, Hassan acknowledges that not everyone in the country is embracing crypto. The 61-year-old leader still wants them to plan ahead. She said: I know that throughout the nation, including Tanzania, they have not accepted or started using these routes. However, my call to the Central Bank is that you should start working on that development. The Central Bank should be ready for the changes and not be caught unprepared. Hassan is the latest national leader to speak favorably of cryptocurrencies after El Salvador’s Nayib Bukele. At the beginning of June 2021, Bukele told attendees of a Bitcoin 2021 conference in the U.S. that his country planned to make BTC legal tender. About a week later, El Salvador became one of the first countries to officially endorse BTC after the country’s lawmakers passed a bill making BTC legal tender. Meanwhile, in her address, Hassan did not say Tanzania would be making BTC legal tender. She did say that she wants Tanzania’s central bank to be ready for the dawning “age of crypto and blockchain.” What are your thoughts on Hassan’s remarks about cryptocurrencies? Tell us what you think in the comments section below. View the full article

Twice as many European startups have achieved unicorn status in 2021 compared to last year. Despite the negative effects of the ongoing Covid crisis, young companies on the Old Continent, including several crypto unicorns, have managed to attract a record high amount of VC capital. European Unicorns Collect €32.5 Billion in 2021 This year alone, 23 companies in Europe and Israel have become unicorns (startup companies valued at over $1 billion), beating last year’s total of eight, according to a report by financial data and software firm Pitchbook. European startups have managed to attract a staggering €32.5 billion (around $39.3 billion) since the beginning of 2021. This year’s capital inflow could easily surpass the €37.6 billion raised in the whole of 2020. Of the total, 20 companies are based in Europe, including several crypto startups. The U.K. accounts for most of these unicorns, with London-headquartered Blockchain.com currently valued at $5.2 billion after securing $420 million in two funding rounds earlier this year. Germany is next with digital wealth manager Scalable Capital, valued last week at $1.4 billion after raising over $180 million in a round led by Chinese tech giant Tencent. French crypto security startup Ledger became the latest to join the bunch with $380 million in new funding last week. The Old Continent is now home to almost 12% of the world’s unicorns with over 50 active companies, the published data revealed. The capital attracted by these entities has continuously grown over the past five years and the 2021 total is expected to reach a record high. The term unicorn, used to describe startups valued at over $1 billion, was coined by venture capitalist and angel investor Aileen Lee in 2013. It alludes to the rarity of such successful ventures. US Capital Drives Up Startup Valuations Across Europe European decacorns, or companies worth over $10 billion, have also performed quite well this year. Swedish fintech startup Klarna, for example, was valued at $31 billion in March, becoming the continent’s most valuable VC-backed firm. Klarna was leading the board already in September 2020, at $15 billion, but was replaced by Checkout.com in January of this year, when the online payments company gained a $15 billion valuation, Pitchbook detailed. According to the authors of the report, the growing participation of U.S. investors has been a major factor in the investment increase in Europe. Almost half of the unicorns’ top 10 backers, such as Accel and Insight Partners, are based across the pond. Pitchbook also emphasized: U.S. firms have been actively targeting Europe’s tech startups, which tend to have lower valuations than their U.S. counterparts, offering more opportunities for higher growth rates. The financial data firm believes that the effects of robust investment into unicorns based in Europe could create even larger valuations in the future. “We expect transatlantic capital flows to continue to increase and strengthen valuations in Europe, as cash-rich U.S. investors seek new companies showing strong potential that could be introduced to the U.S. market,” said Nalin Patel, private capital analyst at Pitchbook. What are your expectations about the future of these European unicorns? Let us know in the comments section below. View the full article

Docker, a popular cloud computing integration solution, is making changes to its free-tier service due to cryptocurrency mining abuse. The service discontinued its “autobuild” feature due to misuse by bad actors, using it to mine cryptocurrencies in their servers. This is a modus operandi that is now affecting several cloud continuous integration platforms, including GitHub, GitLab, and Microsoft Azure. Docker Forced to Make Changes to Its Free-Tier Services Docker, a popular CI cloud service, is making changes to its service policy due to crypto mining abuse. The cloud computer continuous integration service announced last week it will no longer provide its autobuild features to its free-tier service. Docker announced this in a blog post, stating the attacks have grown in recent months, affecting their paying customers. The team declared: In April we saw the number of build hours spike 2X our usual load and by the end of the month we had already deactivated ~10,000 accounts due to mining abuse. The following week we had another ~2200 miners spin up. Docker is an immensely popular piece of software that allows applications to run in compartments. This means that a package possesses all the libraries needed to run the app. This new restriction will affect some users that leveraged the autobuild feature for free. The Docker team stated that while this was not an easy decision to make, it was the only measure they could take to mitigate the abuse. Although Docker is a notable platform affected by this new kind of attack, it is by no means the only one. Several continuous integration cloud base providers are now facing similar attacks, and are also studying countermeasures. Cloud Computing in the Crosshairs These attacks are also affecting companies like GitHub, GitLab, and Microsoft Azure, which offer cloud computing services. The attackers hijack the continuous integration services adding code to the apps that change their original function. The virtual machines spawned to compile apps are repurposed to mine cryptocurrencies for their lifespan, affecting the performance of these services. But the problem goes beyond free tiers. An engineer from CodeShip, a cloud platform, stated in an interview given to The Record that: Sometimes they pay the small fees for our accounts, which are way cheaper than renting on AWS directly, and mine cryptocurrency at maximum capacity. While the problem persists, bigger companies can afford to cope with the added performance hit. Small companies, however, will likely be forced to fight these attacks with countermeasures such as the one Docker executed. What do you think about Docker making changes to its policies due to mining abuses? Tell us in the comments section below. View the full article

The Argentinian National Soccer Selection launched its official token last week, with a great reception. The token that would give fans involvement in the decisions regarding the soccer team, sold out quickly. The Argentinian National Soccer Selection is the first national team to launch its own fan token. Nonetheless, other European clubs already have their fan tokens. The Argentinian National Soccer Selection Launched Its Official Token The Argentinian National Soccer Selection, one of the most popular teams worldwide, launched its fan token last week. The token, launched in partnership with the platform Socios.com, will allow fans to have involvement in some decisions involving the team. According to a blog post from the AFA, the Argentinian Soccer Association, fans will: “Have the possibility of taking part in surveys, discounts, exclusive promotions, and unique experiences, which will only be intended for those who own these digital currencies.” The launch was a success, selling out in less than three hours according to official reports. Although the sale completed successfully, reports note the platform faced some hiccups and was inaccessible for some time. However, more than 600K tokens, giving the selection an income of more than a million dollars. Argentina’s home stadium is Estadio Monumental Antonio Vespucio Liberti in Buenos Aires. The La Selección (national team) made it to approximately five World Cup finals during the team’s lifetime. The sale happened in two phases: 400K tokens were sold at two dollars each, and then the price was set according to supply and demand. Each user could buy only 250 tokens. The Argentinian team is the first national selection to launch its own fan token. The president of the AFA, Claudio Tapia, stated: Through official Tokens, fans will feel closer to our selection and will be able to participate in exclusive prizes and experiences. We are very excited about this new announcement, which reinforces the confidence of large companies in AFA’s commercial projects. Fan Monetizing Trend Argentina joins other teams such as Atletico de Madrid, Barcelona FC, Juventus, and AC Milan in launching its own token. Socios.com is a pioneer in monetizing fan interest, allowing them to speculate with the price of these tokens. The service provides a launchpad that allows teams and brands to monetize their engagement through its Ethereum based platform. More than 26 sports teams already established partnerships with Socios to launch their own tokens. Last month, UFC also announced they would use the platform to emit their token, bringing their huge engagement to the brand. Socios.com is expecting more teams to join their platform, as fans are looking for more interactive experiences involving their favorite teams. What do you think about the Argentinian National Soccer Selection launching its own token? Tell us in the comments section below. View the full article

HUMAN Protocol is an infrastructure to reshape how humans work, by supporting distributed job markets in which any job, of any size or type, can be securely tokenized, published, and completed. The Protocol facilitates direct, globally mapped connections that bring workers closer to the rewards of their work, organizations to workforces, and machines to understanding. HUMAN Protocol also provides the tools for better human-to-machine collaboration; within the job markets it supports, AIs can handle repetitive tasks while humans focus on specialized or creatively challenging tasks. HUMAN’s vision is to create a more human world: disintermediated yet connected, with every viewpoint and background accounted for and represented, in which all value produced is rewarded. Distributed Job Markets To improve a digital world, you must address its foundations: the mechanisms and systems through which people connect, interact, and collaborate. HUMAN enables distributed job markets, but it is not the job market itself. Rather, it provides the tools, infrastructure, plugins, and APIs to support broad-scale data markets – which, in time, will become markets to support any type of work. It connects distributed workers with global opportunities to empower an already flourishing gig economy, to ensure it is workers, not corporates, that have control over the opportunities available to them, and receive more value from their contributions. New technologies require new data. Data informs the capability of machines to accurately interpret the world. A company producing a smart car may require data to be labeled by up to 40,000 people; as the size of the data sample increases, so does the accuracy. Currently, it is difficult to hire such a workforce. Organizations are forced to rely on traditional data vendors, which provide untargeted, less relevant datasets that are susceptible to greater bias. If organizations can select who labels data, they can better assure the relevancy of the dataset produced. HUMAN Protocol provides the end-to-end infrastructure – the tools, plugins, integrations, and API – to hire, manage, validate, and compensate workers at scale. The job markets it supports are secure and automatic; various Protocol systems handle the publishing and distribution of work tasks, the validation of completed tasks, and the release of funds. The Protocol provisions trust between distributed parties, ensuring organizations can more reliably access global workforces, and that workers, based anywhere, can access global opportunities. How HUMAN Protocol Works HUMAN Protocol is designed to distribute tasks across the globe in pursuit of more balanced and accurate information. For example, it can look for variation in responses to arrive at a consensus of what’s true: an amalgamation of thousands or millions of perspectives. The network enables automatic objective measurements of all work done. This includes a network of Validators and a two-part oracle system, which securely verifies the successful completion of tasks and the information provided to the network. Three key entities within HUMAN Protocol are Requesters, Workers, and Exchanges. Every application to run on or integrate HUMAN Protocol functions as an exchange: a matchmaker between jobs published by a Requester, and tasks completed by Workers. A job is a request for work – represented as a group of tasks to be done – published by the Requester. There are many standard job types represented within HUMAN Protocol. Alternatively, the Requester can select a custom job type. A task is any labor performed by a user – a Worker – in which value is produced. Each task represents an individual work interaction: the labeling of data, the identification of correct information, the solving of a puzzle. A single job can be made up of thousands or millions of tasks. An organization may want to develop a dataset targeted at a specific topic, achieved through the completion of thousands or millions of tasks by a distributed workforce. Jobs are broken down into their composite tasks, each of which can be independently completed by a Worker. An example of a job type may be to scan a page. An example of a task within that job type may be to type in the displayed letters or numbers, or affirm their correctness. For many types of jobs – such as the labeling of data – the result is improved through the diversity of the workforce completing it. Global diversity in human-to-machine interactions is critical to empowering a new generation of AI and ML technologies. Every completed task is a handshake, signifying work requested, work completed, and transactions made. HMT is the native token of HUMAN Protocol. It is the primary mechanism of value transfer within the network. Those wishing to have a million images labeled must fund the smart contract with HMT; the websites and Workers on the other end, who complete the work, are paid in HMT. Network service operators are also compensated in HMT. There is a fixed supply of the HMT token. To learn more about HUMAN Protocol’s architecture, visit the HUMAN technology page – or, for a breakdown of how jobs are securely published, validated, and fulfilled, read the blog piece on the lifecycle of a HUMAN job. A Home for the World’s Largest Workforce The first application to run on HUMAN Protocol is hCaptcha: a widely adopted, privacy-protecting alternative to traditional CAPTCHA systems. hCaptcha is interacted with by 15% of internet users, representing the world’s largest data-labeling workforce. This is only the beginning, however. HUMAN and its partners are working to bring the Protocol to more applications, each functioning as an Exchange between Requesters and Workers, to realize new distributed markets and ways of working, and increase the points of human-to-machine interaction. HUMAN Protocol already produces a large volume of work interactions; to not overload any single blockchain, thousands to millions of tasks are batched into each transaction. Interoperability is key to HUMAN Protocol’s scalability, and to supporting the growth of the distributed markets that it enables. As more applications integrate with HUMAN Protocol, creating and incentivizing two-sided markets, the number of transactions and tasks rewarded will require further cross-chain distribution. To support this, and as part of the Foundation’s goal to gradually decentralize the Protocol, HUMAN has partnered with Solana, Polkadot, and Chainlink, with further partnerships planned. What’s Ahead HUMAN Protocol’s purpose is to grow and support distributed markets. This can propel a new generation of AI and ML technologies and gig economies, and is supported by the applications that currently run on it. Now, alongside the HUMAN community, developers, and enterprises, HUMAN enables everyone to explore the possibilities the Protocol provides, realizing the secure and transparent tokenization of more types of labor across more applications. To learn more about available integrations and APIs, visit the developer page. For more information on HUMAN Protocol, visit the website or blog. Alternatively, follow the team on Twitter or join the community Telegram channel to receive the latest updates. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

A number of lawmakers in Latin American countries have expressed their interest in bitcoin following El Salvador passing the law making the cryptocurrency legal tender. The countries include Paraguay, Argentina, Panama, Brazil, and Mexico. Tonga and Tanzania have also reportedly expressed interest in bitcoin. More Countries Eye Bitcoin Adoption After El Salvador passed the bill making bitcoin legal tender alongside the U.S. dollar, a growing number of lawmakers in neighboring countries have either expressed their interest in making a similar move or put laser eyes on their Twitter profile pictures. The laser eyes meme has swept through the bitcoin community since February with the underlying meaning that anyone donning the eyes is laser-focused on bitcoin’s price rising to $100,000. Politicians, celebrities, and investors have partaken and put laser eyes on their profile images. Gabriel Silva, Member of Parliament in Panama, tweeted congratulating El Salvador when the bitcoin law was approved. “Good news for El Salvador who is teaching the government of Panama in entrepreneurship and technology. We have to think beyond the canal and free zones, betting on the knowledge economy, quality education for all and facilitating new businesses.” He emphasized: This is important, and Panama cannot be left behind. If we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies. We will be preparing a proposal to present at the assembly. Carlitos Rejala, a congressman and the National Deputy of Paraguay, has called for his government to take similar action to El Salvador. Putting laser eyes on his profile picture, he tweeted: “As I was saying a long time ago, our country needs to advance hand in hand with the new generation. The moment has come, our moment.” Fábio Ostermann, an elected member of the Legislative Assembly in Rio Grande do Sul, Brazil, has also put laser eyes on his profile picture. Argentina’s deputy Francisco Sánchez also temporarily put laser eyes on his profile picture, tweeting, “I can’t believe it, but this is how it is.” Commenting on the growing list of countries becoming interested in bitcoin after El Salvador’s bitcoin law passed, Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, tweeted last week: First they ignore you, then suddenly Paraguay, Argentina, Panama, Brazil, El Salvador, Nicaragua embrace bitcoin. Several lawmakers in Mexico also put laser eyes on their profile pictures, including Senator Indira Kempis, who replied to the tweet by Tyler Winklevoss with an emoji of the flag of Mexico. Moreover, Senator Eduardo Murat Hinojosa has announced plans to bring a regulatory proposal on cryptocurrencies before the national Legislative Branch. He tweeted last week: I will be promoting and proposing a legal framework for cryptocurrencies in Mexico’s lower house. Some other countries that have expressed interest include Tonga, a Polynesian country, and Tanzania, an East African country. President Samia Suluhu Hassan has called on the Tanzanian Central Bank to begin working on facilitating the widespread use of cryptocurrencies in the country. In Tonga, Lord Fusitu’a, Member of Parliament of the Kingdom of Tonga, is a bitcoin advocate. He has laser eyes on his Twitter profile picture and has attended a Twitter spaces meeting with bitcoiners to discuss how his country can benefit from the cryptocurrency. El Salvador could set a trend of nations adopting bitcoin. JPMorgan recently said that “similarly situated” countries could follow El Salvador’s move to make bitcoin legal tender. Meanwhile, the International Monetary Fund (IMF) says it sees legal and economic issues regarding this move by El Salvador. Do you think more countries will make bitcoin legal tender like El Salvador? Let us know in the comments section below. View the full article

Billionaire hedge fund manager Paul Tudor Jones says he likes bitcoin. Noting that he can trust math, the famed hedge fund manager said, “bitcoin has appealed to me because it’s a way for me to invest in certainty.” Jones also shared his investment strategies in response to the Fed’s policy. Paul Tudor Jones on Bitcoin, Fed Policy, Inflation Paul Tudor Jones, the founder of asset management firm Tudor Investment Corp., explained to CNBC Monday why he likes bitcoin. He described: I like bitcoin. Bitcoin is math and math has been around for thousands of years. 2+2 is going to equal 4 and it will for the next 2,000 years. So, I like the idea of investing in something that’s reliable, consistent, honest, and 100% certain. So, bitcoin has appealed to me because it’s a way for me to invest in certainty. “I look at the difference between the Fed in 2013 and Fed of 2021 … I look at the difference between Trump and Biden,” Jones noted. “Do I want to have faith and that same reliability and consistency in human nature?” When asked if he likes bitcoin at the current price, Jones replied: I like bitcoin as a portfolio diversifier … The only thing that I know for certain is I want to have 5% in gold, 5% in bitcoin, 5% in cash, 5% in commodities at this point in time. “I don’t know what I want to do with the other 80%,” the famed hedge fund manager admitted. “I want to wait and see what the Fed is going to do because what they do will have a big impact.” A 5% allocation is a significant increase from his earlier allocation of between 1% and 2% that he revealed last year. He further shared, “I have a defensive position in bitcoin to protect myself, my family, and our wealth over time.” He also said he does not look at the price of bitcoin anymore, implying that he is a hodler. Jones also offered his views on inflation and the upcoming Federal Reserve meeting. He said the Fed meeting this week could be the most important meeting in Chairman Jay Powell’s career, and “certainly the most important Fed meeting of the past four or five years.” Clarifying why the meeting is so important, he said: The reason why is because we’ve had so much incoming data that challenges both their mission and their model. So how they react to that will be extraordinarily important and I think for investors as to how they should deal with their portfolios going forward. Jones explained that consecutive consumer price index readings put price pressures well ahead of the Fed’s 2% inflation goal. However, Fed officials continue to insist that the current readings are transitory and unlikely to persist. Jones disagreed, emphasizing that “It’s an intellectual incongruity that risks damaging their forecasts if they’re wrong on inflation.” Referring to recent economic data showing higher consumer prices, Jones said: “If they [the Fed] treat these numbers, which were material events, they were very material, if they treat them with nonchalance, I think it’s just a green light to bet heavily on every inflation trade.” He further opined: If they say, ‘We’re on path, things are good,’ then I would just go all in on the inflation trades. I’d probably buy commodities, buy crypto, buy gold. On the other hand, Jones predicted: “If they course correct, if they say, ‘We’ve got incoming data, we’ve accomplished our mission or we’re on the way very rapidly to accomplishing our mission on employment,’ then you’re going to get a taper tantrum.” He concluded: “You’re going to get a sell-off in fixed income. You’re going to get a correction in stocks. That doesn’t necessarily mean it’s over.” What do you think about Paul Tudor Jones’ comments on bitcoin and the Fed policy? Let us know in the comments section below. View the full article

Investment bank Goldman Sachs has reportedly unveiled its plans to expand its cryptocurrency desk to offer ether futures and options trading. The bank says “institutional adoption will continue,” noting that “Despite the material price correction, we continue to see a significant amount of interest in this space.” Goldman Sachs Gets Ready to Offer Ether Futures and Options Trading Goldman Sachs’ head of digital assets, Mathew McDermott, has reportedly revealed that the global investment bank plans to offer futures and options trading in ether (ETH) in the coming months, Bloomberg reported Monday. McDermott said in a phone interview with the publication Thursday: We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point. We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective. The executive additionally said that Goldman Sachs plans to offer the trading of bitcoin exchange-traded notes. Goldman Sachs formally established a cryptocurrency trading team in early May after seeing huge institutional demand for cryptocurrency. The investment bank also recently said that bitcoin is now a new asset class. In May, the firm led the $15 million investment into crypto data provider Coin Metrics. McDermott added, “We are looking at a number of different companies that fit into our strategic direction.” Goldman Sachs has said on several occasions that institutional interest in bitcoin has been growing significantly. In a survey of 850 institutions last week, the bank found that almost one in 10 respondents are trading cryptocurrencies and 20% are interested in the asset class. McDermott further detailed: Institutional adoption will continue. Despite the material price correction, we continue to see a significant amount of interest in this space. What do you think about Goldman Sachs offering ether options trading? Let us know in the comments section below. View the full article

Bitcoin remittances to El Salvador jumped more than fourfold in May from the previous year, according to data from blockchain analytics firm Chainalysis. Last week, El Salvador passed a bill making bitcoin legal tender in the country alongside the U.S. dollar. The monthly bitcoin transfers of under $1,000 to El Salvador totaled $1.7 million in May, representing more than a 300% increase from $424,000 the previous year, Reuters reported, citing data from blockchain analytics firm Chainalysis. The monthly bitcoin transfers to the country peaked in March at $2.5 million. While remittances using bitcoin have soared, they are still a small portion of total remittances to the country. According to the World Bank, remittances using traditional money totaled nearly $6 billion in 2019, and about 95% of total remittances in the first quarter of this year came from Salvadorans working in the U.S. El Salvador became the first country in the world to make bitcoin legal tender when its congress passed President Nayib Bukele’s bitcoin bill last week. The country is now focusing on bitcoin mining using energy from volcanoes, which aims to be “very cheap, 100% clean, 100% renewable” and with “0 emissions.” Several organizations have voiced concerns over El Salvador’s move to make bitcoin legal tender, including the International Monetary Fund (IMF) which warned the country of legal and economic issues last week. Ratings agency Moody’s said last week that El Salvador’s bitcoin law “carries risks for the financial system, the stability of the country’s monetary regime and signals a lack of a coherent economic framework.” Meanwhile, an official with the Bank of International Settlement (BIS) called the bitcoin law in El Salvador an “interesting experiment” but said it did not change the bank’s approach to cryptocurrency. The president of the European Central Bank (ECB), Christine Lagarde, similarly said the ECB’s policy is unaffected by El Salvador’s bitcoin law. What do you think about the rise in bitcoin remittances to El Salvador? Let us know in the comments section below. View the full article

Xiong’an New Area, a state-level new area in Hebei, China, is seeing the use of onchain digital yuan payments, according to a circular issued by the Xiong’an government. The announcement details that Xiong’an subcontractors and builders are being paid using the central bank digital currency (CBDC) via the People’s Bank of China and the new area’s development management committee. Xiong’an New Area Pays Contractors in Digital Yuan It seems workers in the state-level new area in Hebei, China also known as Xiong’an New Area, are being paid with China’s CBDC. Xiong’an government officials published a circular which described the project’s testing goals. According to the announcement, the People’s Bank of China’s (PBOC) Shijiazhuang office and the new area’s development management committee are involved in the wage pilot system. The statement stemming from the Xiong’an New Area, which explains its paying builders in onchain digital yuan payments, follows the recent statements from the director-general of the PBOC’s Digital Currency Research Institute. The Xiong’an New Area is bustling with contractors working on buildings, Xiong’an railway station, Beijing–Xiong’an intercity railway, expressways, G45 and G18, spring afforestation projects, and Beijing Daxing International Airport. The director-general Mu Changchun explained on Friday, at the Lujiazui Forum in Shanghai, that the digital yuan would be “inclusive.” Mu’s statements follow the recent report that shows the CBDC is not seeing wide acceptance in China. The PBOC’s Digital Currency Research Institute director-general stressed on Friday that the digital yuan will be able to leverage all kinds of wallet software and physical payment vehicles as well. Mu remarked that the different wallets will satisfy the unique types of Chinese residents utilizing the CBDC. China’s central bank has also launched even more ‘red envelope’ digital yuan lotteries in Beijing and Shanghai. Hong Kong will also be able to connect with the digital yuan as well, according to a recent report. Xiong’an New Area has always been considered a “millennium strategy,” since it was introduced by the Politburo Standing Committee of the Communist Party of China in 2014. The Xiong’an government’s circular explains that builders in the region are being paid wages via the Blockchain Fund Payment Platform. The new area has an abundance of workers building at work sites like the Beijing–Xiong’an intercity railway and Xiong’an railway station. Vast amounts of city-wide construction takes place in Xiong’an, as the new area saw a flood of Beijing investors purchase real estate in the region in recent years. This caused a housing bubble in the Xiong’an New Area and local officials imposed a temporary ban on new real estate sales. The digital yuan trial is aimed at paying wages to the development sector by “comprehensively improving service capabilities and optimizing service experience,” the circular notes. The first set of digital yuan payments have been directed at the contractors working at spring afforestation projects in Xiong’an. The Bank of Hebei is also collaborating with the digital yuan trial members in Xiong’an. A rough translation of the circular further describes the digital yuan appropriation from a subcontractor’s public wallet to the builder’s private digital wallet in batches. The protocol “greatly simplifies the intermediate payment process, and significantly improving the efficiency of wage payment.” What do you think about the Xiong’an New Area piloting the digital yuan with contractor payments? Let us know what you think about this subject in the comments section below. View the full article

Cyberthreats related to cryptocurrencies have increased with rising demand for the digital assets, a study has concluded. Russia, Thailand and Peru are the most affected countries by malicious attacks designed to exploit the heightened interest in decentralized money, the authors point out. Booming Crypto Markets Bring Out Cybercriminals Despite the ongoing Covid pandemic still leading the headlines around the world, the topic has lost some prominence in the cyberthreat landscape since the beginning of this year. At the same time, threats related to cryptocurrencies have increased alongside rising crypto prices over the past few months, shows a recent report by ESET. Mainstream acceptance, including by celebrities and executives like famous American rapper Snoop Dogg and Tesla CEO Elon Musk, has also contributed to the growing appeal of crypto assets. “Booming cryptocurrencies bring out cybercriminals,” the company emphasized in the study, released earlier this month and quoted by RT on Monday. Crypto-related threats started to grow in the second half of 2020 and continued to increase in the first four months of 2021. This particular malware category expanded by 18.6%, with two spikes related to cryptocurrency miners in February and April. Noting that major cryptocurrencies like bitcoin (BTC) and ethereum (ETH) have reached their all-time highs during the period, researchers commented: The upward trend comes as no surprise, since recent months have seen cryptocurrencies dramatically increase in value, becoming much more tempting for cybercriminals. The Russian Federation is the country that has suffered the most from cyber threats related to cryptocurrencies this year, accounting for 8.9% of all attacks. G7 leaders recently called on the government in Moscow to identify those who abuse cryptocurrency in ransomware attacks, as Bitcoin.com News reported. Russia is followed closely by Thailand, with 5.6% of the detections, and Peru comes in third with 5.3%. Miners Drive Growth in Crypto-related Cyberthreats Cryptocurrency mining software has been the driving force behind the growth of cryptocurrency threats, ESET said. According to the cybersecurity firm, this type of malware, including cryptojacking attacks, increased this year by 22% compared to the last four months of 2020. Meanwhile, the share of crypto stealers dropped by 28%. Malicious software in this category often targets the biggest, most established cryptocurrencies such as bitcoin (BTC) and ethereum (ETH), the mining of which is not as profitable anymore. ESET has registered a significant increase in attacks involving ETH. Cybercriminals spreading mining software usually target smaller coins that have only recently become popular. According to Igor Kabina, ESET Senior Detection Engineer, crypto-related criminality in the cyber space remains closely tied to ransomware as well. The increasing value of cryptocurrency, which the expert says is the go-to means of payment in such attacks, motivates perpetrators to create more ransomware. “This is because the relative anonymity offered by the cryptocurrency trading market enables threat actors to increase their profits without taking unnecessary risks,” the cybersecurity expert elaborated. Have you been targeted in cyberattacks related to cryptocurrencies? Let us know in the comments section below. View the full article

Nigerian Finance Minister Zainab Ahmed has denied widespread reports that the Central Bank of Nigeria (CBN) had sanctioned the devaluation of the local currency sometime in May 2021. Instead, she attributes the naira’s fall to the “volatility in the oil price.” Ahmed’s remarks come just a few weeks after the official naira exchange rate dropped from $381 to the dollar to the current rate of 411:USD1. Devaluation vs Depreciation As previously reported by Bitcoin.com News, the CBN had initially allowed the naira’s exchange rate to drop to 419.5 per U.S. dollar. However, since May 14, 2021, the naira’s exchange rate against the dollar has remained at or just below 411. It is this apparent adjustment of the exchange rate by the CBN (which meets Investopedia’s definition of devaluation) that prompted reports that the naira has been devalued. However, in her explanation, Finance Minister Zainab Ahmed still refuses to equate the CBN’s tinkering with the exchange rate to devaluation. She said: Let me not use the word devaluation. (The) naira is responding to market forces of demand and supply. We have oil and gas, unfortunately, still the major source of foreign exchange. According to a report, oil contributes less than 15% to Nigeria’s Gross Domestic Product (GDP) yet it brings in “at least 70-85 per cent of revenue and 80-90 per cent of foreign exchange in Africa’s biggest oil producer.” In order to remedy this, Ahmed says Nigeria is now focused on finding and developing alternative sources of foreign exchange. Unifying the Naira’s Multiple Exchange Rates In the meantime, as the CBN and Nigerian government attempt to unify the naira’s multiple exchange rates, the currency continues to weaken on the parallel market. For instance, at the time of writing, naira’s sell rate had depreciated to 502 against the dollar from the 493 that had been reported in late May. Before the devaluation, the naira’s black market rate had stabilized around 485. However, following the CBN’s exchange rate adjustment, the gap between the official and parallel market exchange rates has grown. This growth, in turn, raises fresh doubts about the central bank’s ability to unify the naira’s multiple exchange rates. Do you think it’s possible for the CBN to unify the naira’s official and parallel market exchange rates? Tell us what you think in the comments section below. View the full article

On Sunday, Tesla’s CEO Elon Musk tweeted that when there’s “confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions.” However, there’s a big problem with this goal, as nobody knows exactly how to measure 50% clean energy usage let alone precisely where miners are geographically located. Can Elon Musk’s 50% Clean Energy Goal Be Met? Elon Musk and a number of billionaires have a lot to say these days and it seems Musk can move the price of BTC with a single tweet. It surely was the case when Tesla first accepted bitcoin (BTC) for electric car purchases at Tesla. After that announcement, BTC’s price jumped by $10K seeing one of the largest daily candles in its lifetime. Then when Musk tweeted that bitcoin wouldn’t be accepted and Tesla cited environmental concerns, the price dropped significantly. Sunday’s tweet boosted BTC prices by 9% and the price has inched past the psychological $40K region. Despite the good intentions, it’s hard to say how Musk will accomplish his goal of figuring out whether or not the bitcoin mining ecosystem is using 50% clean energy. Some studies indicate the goal could be already met as researchers have been looking into the number of miners who leverage renewables for quite some time now. Musk may want to read the report published by Coinshares in June 2019, which shows 74.1% of the bitcoin mining industry is “heavily” driven by renewable energy sources. Additionally, Coinshares published a report on the same subject the year prior, and found the percentage of renewable energy-dependent miners was around 77.8%. Bitcoin Mining Data Discrepancies Everywhere Global asset manager Ark Invest Management explained in mid-May that concerns over the Bitcoin network’s energy consumption are “misguided.” Even John Lennon’s son detailed that Bitcoin’s use of energy was a silly argument compared to the carbon footprint that’s tied to consumerism. Moreover, Bitcoin.com News is still asking: Where are all these environmentalists getting their electrical data from anyway? Well, it seems most critiques have been leveraging data derived from Cambridge Bitcoin Electricity Consumption Index (CBECI) and the index provided by digiconomist.net. Both metrics show large discrepancies (between each site) to this very day and in December 2020, Bitcoin.com News was told at the time the “CBECI map hasn’t been updated for some time now.” These discrepancies and the notation that data wasn’t (at least in December 2020) being updated regularly, could be problematic for analysts. The reason this discrepancy was highlighted in the first place by the CBECI representative was because of the website’s claims that 65% of the hashrate was located in China. This data point was disputed in July 2020, when research from Bitooda noted that only 50% of the global hashrate stemmed from China. Despite all the increased hashrate in North America and all the Western countries purchasing thousands of mining rigs over the last month, on June 14, 2021, CBECI data still shows 65.08% of the BTC hashrate is in China. Pool statistics show Foundry USA has captured a lot more hashrate in recent times, gathering 4.3% of the global hashrate on Monday. How much hashrate is located in China has been contested for a while now and in mid-April 2021 this fact was highlighted by the cofounder of blockchain data aggregator Coinmetrics.io, Nic Carter. On April 21, Carter further explained how hard it is to estimate hashrate percentage drops. Hard-to-Track Data Points Are Kind of the Point of Decentralized Verification System Meanwhile, Microstrategy’s CEO Michael Saylor has been discussing the Bitcoin Mining Council on Twitter and noted the group will meet this week, on Wednesday. Despite the good intentions for this idea, people are still skeptical of the concept and wonder if it even matters. “On Wednesday, you are all invited to meet with members of the Bitcoin Mining Council to discuss the latest on bitcoin Mining, the energy debate, network dynamics, China mining policy, North American mining developments, tech trends & industry outlook,” Saylor tweeted. North America may have around 10% to 15% of the global hashrate, but that’s awfully small in contrast to the majority of miners worldwide. However, the latest crackdown news stemming from Beijing may push the global industry of miners toward renewable consumption anyway. Lastly, there are lots of miners worldwide and we do have a few maps published by Coinshares and others that show some locations where mining facilities are located. Some mining operations are very open to publicly disclosing where they are located, while others are secretive and will not disclose such information. If one cannot truly estimate where all the bitcoin miners in the world are located, then how do we know if 50% clean energy is being used? If we trust the reports, studies and information we have today, the 50% mark may be already met. Although, with the number of discrepancies and hard-to-track data points mentioned in this article, we may never know the exact number of miners using clean energy or know exactly where they are located. What do you think about Elon Musk’s intentions to have Tesla accept bitcoin again once miners cross the 50% clean energy threshold? Let us know what you think about this subject in the comments section below. View the full article

The G7 leaders have called on Russia to urgently “identify, disrupt, and hold to account” ransomware hackers and those abusing cryptocurrency to launder ransoms. “We reiterate our interest in stable and predictable relations with Russia, and will continue to engage where there are areas of mutual interest,” the G7 leaders said. G7 Nations Ask Russia to Identify and Disrupt Ransomware Hackers Abusing Cryptocurrencies The leaders of the G7 countries met in Cornwall, England, on June 11-13. Among a long list of topics they discussed was ransomware attacks involving cryptocurrency. The G7 comprises the U.S., U.K., Japan, Germany, France, Italy, and Canada. “We reiterate our interest in stable and predictable relations with Russia, and will continue to engage where there are areas of mutual interest,” a communique issued Sunday after the conclusion of a leaders’ summit reads, adding: In particular, we call on Russia to urgently … identify, disrupt, and hold to account those within its borders who conduct ransomware attacks, abuse virtual currency to launder ransoms, and other cybercrimes. Besides cybercrimes, the G7 leaders called on Russia to “investigate and credibly explain the use of a chemical weapon on its soil” and to “end its systematic crackdown on independent civil society and media.” Recently, several major companies in the U.S. were hit with ransomware attacks and the Federal Bureau of Investigation (FBI) believes that the attackers were part of Russian cybercriminal groups. The hackers asked for payment in bitcoin. The bureau suspects the Revil Group, aka Sodinokibi, was behind the attack on meat processing company JBS. The hacker group Darkside is thought to be behind the ransomware attack on Colonial Pipeline. The Biden administration said early this month that “Combating ransomware is a priority for the administration,” adding that it would be expanding cryptocurrency analysis to fight ransomware attacks. The G7 finance ministers and central bank governors met early this month in London. They discussed the regulation of central bank digital currencies and agreed to “work towards common principles and publish conclusions later in the year.” Do you think Russia will do as the G7 leaders asked regarding crypto ransomware? Let us know in the comments section below. View the full article

Bitcoin prices have been range-bound and consolidating for quite some time but jumped over 9% in the last 24 hours after Elon Musk’s tweet on Sunday. A number of crypto analysts are still unsure about bitcoin’s future price while a few expect a rebound from last month’s lows. One market report notes that bitcoin will likely climb back up “the stock to flow line in the coming months” leading to a price of around $85K before the year’s end. Financial Analyst: Bitcoin Will Likely Cross the Psychological $40K Threshold Again Elon Musk’s tweet — that said Tesla would accept bitcoin again if the energy used to process transactions was at least 50% renewables — lifted bitcoin’s (BTC) price over 9% as the crypto asset neared the $40K range again. Alex Kuptsikevich, Fxpro senior financial analyst explained in a note to Bitcoin.com News that there’s been a lot of newfound excitement in the world of cryptocurrency lately. “The crypto market is experiencing another phase of excitement following the positive decision by El Salvador’s parliament to include Bitcoin in the country’s official options of payment,” Kuptsikevich stressed in his note. “It is hard to underestimate this precedent on a global scale, which is why we are now witnessing such strong positive price momentum. Investors, who until recently had been putting off their purchases, are entering the market.” Kuptsikevich continued by adding: Over the past 24 hours, Bitcoin has been adding 13% and changing hands for $39,500. Thus, the benchmark cryptocurrency is once again trying to rush the $40K threshold. The success of this test of local highs will define the short-term prospects of the crypto market as a whole. The total capitalization of cryptocurrencies in the last 24 hours increased by $126 billion. It is very likely that if the threshold is successfully overcome, we will see a new buying momentum, which will push the first cryptocurrency to the area of $42-$44K. Decentrader Analysis: ‘New All-Time Highs for Bitcoin Before the End of This Year’ Another market update authored by Decentrader sees the leading crypto asset attempting to turn things around. There’s also a chance BTC could smash new all-time highs this year according to Decentrader’s analysis coupled with the stock-to-flow (S2F) price model. “The fact that price has now spent several weeks below the 200DMA is not a bullish sign,” Decentrader’s analysis notes. “However, [closing] above the 200DMA and 128DMA would bring a lot of confidence back into the market,” Decentrader researcher Philip Swift added. Decentrader leverages a few indicators like SOPR (Spent Output Profit Ratio), an Active Addresses Sentiment Indicator, and stock-to-flow (S2F) divergence. What is interesting about Stock to Flow right now is how far price has moved away from the Stock to Flow line. “Price has only ever been this far below S2F line four times before in Bitcoin’s history,” explains Decentrader researcher Philip Swift. “I have highlighted these instances with orange arrows,” he explains. “The divergence tool at the bottom of the Stock to Flow chart shows the extent to which price is moving either side of the stock to flow level. On the chart [above] we see price is trending below the stock to flow line and has only ever been this far away from it four times previously in Bitcoin’s entire history,” Swift explained. The Decentrader researcher Swift highlighted that after each time in 2012, 2013, and 2017 the price of BTC rebounded remarkably from significant drops to rise back to the S2F level. “The last time was in the 2017 bull run when price was at $1,900 before rallying up to $5000 in the following 6 weeks,” Swift said. The Decentrader analyst insists: While we may not rally so hard and fast this time, fundamentally nothing has changed with how Bitcoin works, nothing is broken, we are just experiencing a lot of bad media coverage after a strong rally at the start of the year. So we may well see price make its way back up to the stock to flow line in the coming months. This would mean new all-time highs for BTC before the end of this year, as the Stock to Flow line is currently sitting at $85,000. Delta Exchange CEO: ‘Bitcoin’s Options Market Shows a 30% Chance of BTC Closing at $50K by the End of July’ Decentrader’s and Kuptsikevich’s BTC price outlook is a lot different than those who are feeling bearish about crypto markets. Investment bank JPMorgan Chase and its group of analysts think that a bearish price breakdown could be in bitcoin’s future. Researchers at JPMorgan Chase noted “an unusual development and a reflection of how weak bitcoin demand is at the moment from institutional investors.” In another report, JPMorgan noted that “similarly situated, smaller nations,” may follow El Salvador’s trend. Pankaj Balani, CEO of Delta Exchange explained to Bitcoin.com in an investor’s note that bitcoin’s options market shows a 30% chance of BTC closing at $50K by the end of July. “After a volatile week, Bitcoin has bounced back and is trading close to $39,500 on the spot. Market sentiment remains cautious as traders continue to pay a premium for downside protection on the monthly and quarterly maturities,” Balani said. “On the weekly and bi-weekly maturities though, the Call IVs have started to rise and approach those of Puts. Options market is pricing close to a 30% chance that Bitcoin will be close to $50,000 by the end of July and a 15% chance that it will be close to $30,000 for the same maturity,” Balani added. What do you think about the recent bitcoin market outlook from the analysts monitoring these crypto markets? Do you envision bitcoin rebounding back to all-time highs again? Let us know what you think about this subject in the comments section below. View the full article

Regulatory uncertainty and the slow embrace of cryptocurrencies continue to be key impediments to the growth of Kenya’s digital currency market, experts say. They also assert that without speedy regulation, which they believe will hasten the adoption of digital currencies, Kenya’s sector will remain open to fraud. Kenya’s Embrace of Crypto Slow, Exchange Reps Point to Need for Legislation George Mwakisha, the business development manager at Binance Kenya, says the country can reap the full benefits of digital currencies if it moves to pass the relevant legislation, local media reports. Mwakisha is said to view the lack of clear laws regarding cryptocurrencies as leaving the country open to fraud. Meanwhile, the Binance Kenya representative’s sentiments are shared by Apollo Sande, Luno Crypto Exchange’s country manager for Kenya. According to Sande, one of the benefits of regulating cryptocurrencies is the likely boost to cross-border remittances into the country. Adopting cryptocurrencies will also give Kenya “greater access to international markets” the country manager adds. Kenyans on Board, Banks Not so Sure The remarks by Kenya’s crypto experts follow recent reports that the country, alongside five other East Africa states, is exploring the possibility of launching a regional digital currency. Already the country’s Blockchain & Artificial Intelligence Task Force — in its 2019 report — has recommended the use of cryptocurrency in Kenya, noting that the global trend is “inevitable.” As previously reported by Bitcoin.com News, Kenya now has one of the largest P2P bitcoin traded volumes on the African continent. Despite the recommendations and apparent adoption of crypto assets by Kenyans, however, the Central Bank of Kenya’s (CBK) embrace of cryptocurrencies has been slowed by “unending discussions on developing regulations” the report said. Do you think the regulation of digital currencies by the CBK will help speed up adoption in Kenya? Tell us what you think in the comments section below. View the full article

PRESS RELEASE. The new initiative extends the Ethereum-based TimeWarp staking programme, which currently offers a yield of 224% APY. TimeWarp, a new DeFi farming opportunity backed by multiple real-world revenue streams, has just launched on Binance Smart Chain after a successful earlier launch on Ethereum. The initiative enables holders to stake TIME, the native token of an ecosystem of blockchain-based products and services developed by Australian blockchain company Chrono.tech. The TIME token has now been launched on Binance Smart Chain (BSC), with a growing number of Chrono.tech’s services also integrating the popular blockchain thanks to its low fees and compatibility with Ethereum’s smart contracts. TIME tokens can be swapped between Ethereum and BSC using a purpose-built bridge. How TimeWarp works Chrono.tech generates a constant stream of revenues from its services, which are collectively designed to streamline access to recruitment, work and payments. A proportion of these revenues are converted to TIME tokens, which are bought on the open market. Since TIME has a limited supply (710,113 tokens) and they have all been issued, this creates constant demand and helps to increase price support. TIME tokens purchased in this way are paid out every week to holders who stake their TIME tokens in the TimeWarp smart contract. Tokens locked in the contract are subject to a staking multiple, which is determined according to the period of time users commit to locking their tokens in advance. A user who commits to staking 100 TIME tokens for a year will receive higher payouts than one who locks 100 TIME for just a month, for example. The BSC Pool for TIME staking is now open, in addition to the existing Ethereum staking pool, which has delivered returns of around 224% APY to date. ‘The low fees entailed in using Binance Smart Chain will allow holders to take more of those earnings home with them,’ says Sergei Sergienko, Founder of Chrono.tech and TimeWarp. As well as receiving regular rewards, users who stake their TIME will be able to access Premium Account status on LaborX, a freelance work platform with cryptocurrency payments, including BSC tokens. Premium status allows users to earn more TIME as bonuses and fee rebates. Valuing TIME Fundamental analysis of the crypto markets is notoriously difficult, and many projects are over- or undervalued because DeFi lacks the well-established frameworks that exist in the traditional financial space. ‘Because TimeWarp rewards are based on real-world revenues from Chrono.tech’s services, this gives crypto investors a clear way to value the token, based on straightforward metrics like price/earnings ratios,’ explains Sergienko. ‘We aren’t simply creating and issuing new tokens, or releasing TIME from a treasury of reserved tokens, as many other projects do to bootstrap their user base.’ About Chrono.tech Founded in 2016, Chrono.tech is based in Sydney, Australia. The company provides a suite of blockchain-based resources for the HR and recruitment sector, enabling anyone, anywhere in the world to access work and payments. Products include: LaborX: a cryptocurrency jobs platform that uses smart contracts to formalise work agreements between freelancers and customers, with automated cryptocurrency payments. TimeX: an Australia-based crypto exchange that offers popular cryptocurrencies and an easy on- and off-ramp to the banking system. PaymentX: a cryptocurrency payroll solution that integrates with existing accounts systems and enables businesses to make multiple automated crypto payments to employees and contractors. AUDT: an Australian dollar linked stablecoin, fully compliant and regulated by AUSTRAC, Australia’s financial intelligence agency. 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

When people think about bitcoin’s past they sometimes refer to subjects like Mt Gox, the Silk Road, or the famous pizza transaction. Although, people often forget that the online virtual world Second Life played an important role during the Bitcoin network’s early years. In fact, some large Linden dollar (L$) holders who swapped their virtual tokens for bitcoin may be crypto millionaires today. Trading Virtual Linden Dollars for Bitcoin in the Early Days Today almost everyone knows what bitcoin is, as the crypto asset has gained a lot of attention and notoriety over the last ten years. During the last decade, the network effect has gathered steam and bitcoin can be swapped for nearly every fiat currency in the world. Back in the early days, this wasn’t the case, even when a few popular exchanges like Mt Gox and New Liberty Standard operated. The first known fiat transaction was attributed to Martti Malmi (Sirius) when he sold 5,050 BTC for $5.02 using Paypal. Found the first known bitcoin to USD transaction from my email backups. I sold 5,050 BTC for $5,02 on 2009-10-12. https://t.co/8XcBmzJljf — Martti Malmi (@marttimalmi) January 15, 2014 During these nascent times, a few fiat currencies were trading with bitcoin. At this time, Second Life’s Linden dollars (L$) were also exchanged for large sums of bitcoin as well. Linden dollars are featured in the virtual world called Second Life, a game developed by Linden Lab in 2003. When bitcoin was kickstarting into higher gears in 2010 through 2013, Second Life’s L$ and the virtual world also saw rapid growth. Second Life’s virtual economy met Satoshi’s creation in April 2011, back when the company Virwox allowed L$ and BTC trading pairs. In 2013, Quartz columnist Sam Williams sold 5,000 Linden dollars for a tenth of bitcoin. Bitcoin had a fascinating relationship with Second Life users and because L$ could be exchanged for fiat, which gave BTC an alternative fiat gateway in the early days. Not only did the two virtual currencies form a symbiotic relationship, but it also caused people to speculate on which virtual asset was better. After the now-defunct Virwox invoked BTC pairs with L$, it also opened the floodgates for Second Life’s virtual economy in 2012 through 2013. During this time of Second Life’s bustling growth, speculators actually argued that Linden Dollars could become “real money” and a legitimate virtual economy. Additionally, the relationship between BTC and L$ caused people to think money laundering was involved with these two trading pairs. With Virwox, a trader could swap in and out of the L$ economy but also access C$, OMC, EUR, USD, GBP, and CHF. A study in 2012 authored by Robert Stokes claims the relationship between Linden Dollars and bitcoin increased “virtual money laundering.” The paper stressed that the ability to launder smaller sums of illicit money through virtual currencies like BTC and L$ presented a problem for law enforcement. Stokes’s paper suggests a “method of incorporating the Linden Dollar and bitcoin within the anti-money laundering framework.” Journalist Sells All His L$ for Bitcoin, User Swaps $3 Billion in Bitcoin for 650,000 Linden Dollars Bitcoin’s relationship with Second Life and L$ faded a few years later, but definately shared the stage with each other on many occasions. In 2013, Quartz columnist Sam Williams wrote about how he sold all his L$ for bitcoin. Like most stories involving BTC trades for L$ on Virwox, the trading experience sounded horrific. Anyone who used Virwox back then understood that the user interface (UI) was an awful experience. Ars Technica author Timothy B. Lee penned an article in 2012 about BTC’s first bull run when the crypto asset hit $9 per coin and also mentioned the relationship between Linden dollars and bitcoin. Williams, however, did end up acquiring a tenth of BTC for 5,000 L$ at the time. The conversion rate on June 13, 2021, for a single Linden dollar, is $0.00313 which means if Williams kept his L$ instead, he could have traded it for $15.63 today. Ars Technica author Timothy B. Lee wrote about L$ and BTC trading pairs in July 2012 as well, back when BTC touched a high of $9 per unit. Tech author Wagner James Au also penned an article about bitcoin (BTC) in July 2012, when he explained that bitcoiners were buying over $650K in L$ per month using Virwox. Whoever purchased the L$ sold 93,433 BTC or $3.3 billion for $650K worth of L$ or $2031 USD worth of the Second Life currency in 30 days. Tech author Wagner James Au reported on the massive trades between BTC and L$ that took place on Virwox back in 2012. James Au also laughed at bitcoin three years later when he said the L$ daily transaction rate was larger than BTC’s 100,000 confirmed transactions per day recorded in 2015. James Au’s 2015 editorial said that BTC is “lauded weekly in the tech and mainstream press for the last 4-5 years.” James Au’s oped criticized: With over $400 million invested in Bitcoin-related startups since 2012 — is still used only about 100K times a day. This isn’t to say Linden Dollars are superior to Bitcoin — which after all, are a virtual currency intrinsically tied to a social game MMO platform. However, after all that hype, you’d think Silicon Valley would be quick to have the same skepticism for Bitcoin as they did for Second Life after it failed to deliver on its promises in 2006-2008. Of course, nowadays bitcoin is lauded almost every other day in the headlines and there’s a lot more than just $400 million invested in crypto startups today. Second Life’s L$ has faded into obscurity, while bitcoin has propelled itself into the limelight reaching $64K per coin this year. After BTC reached $20K in 2017, mainstream media pundits said the crypto asset was “dead,” and they claimed no publicly-traded company would add BTC to its balance sheet. Skeptics also never thought a country like El Salvador would adopt bitcoin as legal tender either. As for Second Life’s Linden dollars in 2021, nobody believes L$ could actually become a real economy at all these days. We also don’t know how many others, besides Quartz columnist Sam Williams, sold all their Linden dollars for bitcoin, but it’s likely a number of people did swap L$ for BTC and profited a great deal. What do you think about the fascinating relationship between bitcoin and Linden dollars? Let us know what you think about this subject in the comments section below. View the full article

South Africa’s Johannesburg Stock Exchange (JSE) has rejected a request by the asset management firm, Sygnia, to list a new bitcoin exchange-traded fund (ETF). In justifying its rejection of the latest proposal by Sygnia, the JSE cites the “lack of a regulatory framework for cryptocurrencies as the reason.” Unexpected Rejection Meanwhile, a report suggests that while Sygnia was not expecting “an immediate acceptance of the bitcoin ETF”, company executives still did not anticipate such “a quick rejection.” Instead, in her reaction to the JSE’s decision, Sygnia founder and executive chairman Magda Wierzycka said: We expected the JSE to put in it ‘file 13’ and if and when they were ready that Sygnia would be the first in the queue. In addition, Wierzycka says the bitcoin ETF “would have attracted attention, and in turn money, to the JSE.” In the meantime, the same report reveals that this is the second time the JSE has rejected a similar application by Sygnia. In 2017, Sygnia unsuccessfully tried to list the world’s first cryptocurrency ETF on the JSE. At the time, a former executive with the exchange, John Burke, suggested the JSE “was not ready to approve cryptocurrency listings.” Bitcoin’s Staying Power In a different report, Wierzycka is quoted expressing her belief in bitcoin’s staying power. She also discusses how the crypto asset’s price has been manipulated by “one very powerful and influential individual.” She said: The volatility we have seen is a—clearly unexpected—function of what I would call market manipulation by Elon Musk. If that happens to a listed company he would be investigated and severely sanctioned by the SEC. Meanwhile, following the South African Intergovernmental Fintech Working Group (IFWG)’s release of a new position paper on cryptocurrencies, it is now unclear if the JSE’s rejection of the bitcoin ETF is going to stand. In a new position paper on cryptocurrencies (which published just after the JSE rejection of the ETF proposal) the IFWG recommends the regulation of the crypto ecosystem. If accepted, the IFWG recommendations will see South Africa becoming one of the first countries in Africa to regulate cryptocurrencies. Regulation of cryptocurrencies, in turn, will likely force the JSE into revisiting its decision to reject Sygnia’s request. What do you think of the JSE’s rejection of Sygnia’s bitcoin ETF application? Tell us what you think in the comments section below. View the full article

The Lebanese pound dropped to a new low on Sunday against the greenback trading in the low 1,500s range to the U.S. dollar. Lebanon’s currency has been in a downward spiral since 2019, as the pound has lost 90% of its value since then. Reports note that Lebanese citizens are facing shortfalls on basic goods like food and medicine, as attestations say “shortages have been worsening across the board.” Lebanese Pound Sinks to a New Low Against the Greenback, Country’s Monetary System Is Collapsing On Sunday, June 13, 2021, the Lebanese pound (LPB) dropped to 1,501 against the U.S. dollar or 0.00066 LBP per USD. The country’s economic crisis which started in 2019 has continued to wreak havoc on the Lebanese economy. Essentially, the Lebanese government overspent reserves, leveraged foreign aid, and “balanced its books with tourism receipts” after the civil war. The country’s leaders borrowed to build skyscrapers, eateries and designer boutiques, luxury shopping malls, and more. Reports note that it was so bad after the civil war, economists referred to Lebanon’s financial system as a “nationally regulated Ponzi scheme.” "The deliberate depression" is perhaps the most accurate description of the unprecedented economic collapse in Lebanon. Policy inaction is no accident. Policy inaction is a political choice. — Mohamad Faour محمد فاعور (@Mohdfaour89) June 13, 2021 The latest accounts on Sunday from Reuters detail that the country’s economy is in deep turmoil and highlight how Beirut’s electrical plants can’t even keep the grid going regularly. Other accounts littered across social media tell the worsening tale of Lebanon’s current financial crisis. “Lebanon’s social fabric is changing rapidly: people falling into poverty, those who can are leaving the country, and you have those who are making money on the backs of others. This crisis is worse than the 1980s when Lebanon’s economy collapsed,” one individual tweeted this week about the situation. "Already accomplices to this economic collapse due to years of corruption and mismanagement, #Lebanon’s leaders have been reviled for their limited response. — Meray | مِيراي (@MerayMaddah) June 11, 2021 “Times are tough in Lebanon; the economy’s in shambles; people are worried,” another account of the economic situation in Lebanon details. A group that discusses the “ongoing socio-economic conversations” called “The Democratic Economy” asked its Twitter followers about the situation. The account asked its followers if they thought introducing cryptocurrencies, as a possible solution to Lebanon’s economic troubles would be a good idea. The Twitter account @Democraticecon said: In light of the financial crisis and the collapse of the monetary system in Lebanon, people are looking for alternative systems to banks and solutions to the current crisis. One of the proposed scenarios is the use of digital currencies. What about Cryptocurrency? LBP paired against USD on Sunday, June 13, 2021. Lebanese Petrol Stations Bare, Pharmacies Strike, Power Companies Can’t Keep the Grid Going, Dollar Accounts Still Frozen “Gas stations in Lebanon going out of business,” one individual further wrote on Friday. Reuters confirms the issues with petroleum stations and notes there are long lines at existing gas stations and fights starting over who can fill their automobiles with gas first. Pharmacies are not operating because of medicine shortages and a few hospitals are choosing to do emergency services only. Lebanon’s prime minister-designate Saad al-Hariri and president Michel Aoun attempted to address the situation. But both leaders have been having issues holding the political reigns after numerous Lebanese officials resigned following the Beirut port blast in August. Protests in #Lebanon condemning the economic collapse and a strike by pharmacies. pic.twitter.com/Yn0bDOrDPp — Jamaila (@jamaila_morgan) June 12, 2021 Additionally, people have been worried about the country’s solvency issues, as Lebanese banks locked depositors out of their dollar accounts last year. Then the central bank said funds could be withdrawn but at a rate of 3,900 pounds to a single U.S. dollar. Depositors with USD were promised that next month they could get better access to their funds. "The Lebanese people are held hostage by the Iranian militia" Meeting with Minister and Major General Ashraf Rifi @Ashraf_Rifi On Iran's Penetration in Lebanon, economic Collapse, and Lebanon's Relations with the Gulf Via: Dr. @tarekchindeb https://t.co/x0mpZXtJVl — Koh Nagao (@KohNagao) June 5, 2021 The funds could be withdrawn, at a rate not exactly close to the global average, but much closer than the one-third withdrawal offering that was allowed previously. However, the International Monetary Fund (IMF) had denounced Lebanon’s dollar deposit withdrawal scheme on Thursday and stressed the country needs to fix its economic policy and issue broader reforms. While Lebonese Officials Court the IMF, Citizens Go Without Manoucheh The IMF wants to negotiate with Lebanon and believes the country’s impending capital control law and the proposal for dollar deposit withdrawals could lead to much higher inflation. Meanwhile, much of this negotiating with the IMF is essentially just bureaucrats and Lebanese high-net-worth individuals. The majority of the nation is drowning with infrastructure issues, as the nation’s residents can’t even afford basics like clean water and manoucheh. Reports detail that even in Beirut’s most affluent neighborhoods, small manoucheh furns (bakeries) can’t stay in business because no one has funds. The country’s wealthy, besides the current bureaucrats running the nation state, have all left Lebanon long ago. What do you think about the issues with the Lebanese pound losing considerable value against the U.S. dollar this week? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Pakistan: RNS Solutions Pte Ltd., the leading blockchain software development company from Pakistan, Korea, and Singapore this week announced a formidable partnership with the ICD-Islamic Development Bank Group, a multilateral development bank that promotes social and economic development in member countries, and Trustedchain software development & consultancy firm in Saudi Arabia. As part of the partnership, the consortium (RNS Solutions & Trustedchain) will be developing a blockchain and AI-based financial literacy (FinLit) platform, which will feature a crowdfunding lab based on blockchain technology. The platform will also include an interactive financial learning management system and financial AI chatbot support systems. In an effort to provide financial education and information to younger generations that are often ill-prepared for the financial demands of the modern world, FinLit will break down complex financial and investment terms, services, and products within the platform. “Our youth often end up out of college, in the real world, with no idea how to leverage their current income into sustainable and generational wealth” said Dr. Shakil Muhammad, Chairman of RNS Solutions. “FinLit will provide various modules from financial learning by hackathons, webinars, and tracking, to project exhibition. Each project will have tokenized equity for startups and enable investors to make secure and profitable decisions regarding project funding.” As part of the platform, users can engage in contextual and non-contextual discussions using the embedded AI based chatbot. Via Natural Language Processing (NLP), the chatbot is able to provide context, answers, and information so the user can come up with the most informed response. Machine learning technology will ensure that the correct financial definitions and answers are provided on each query. By providing this kind of information and support to young people, they will be able to maintain resiliency during economic downturns, safeguard confidence in financial decision-making, boost personal savings beyond what they ever imagined, and support local banks, jobs, and overall national prosperity. Additionally, this kind of financial literacy will be available to everyone from young men and women, to families, SME owners, and entrepreneurs. “Antlia blockchain will be used for crowdsourcing modules and an AI-based chatbot will provide query support and real-time responses within the platform for all users,” said Dr. Mohammad Alqarni, CEO Trustedchain. “Antlia blockchain is a scalable and interoperable blockchain, which will help FinLit platforms to interact with different currencies by Antlia oracle pools. Lastly, the platform includes a detailed learning tracking system that will guide the user through setting up goals, enrolling in courses, and advancing in their own personal financial literacy.” Having been active in Asia for many years on national and international scales, RNS Solutions MENA partnership with Trustedchain will create rapid economic growth in the greater MENA region. Related to blockchain and software, the partnership with RNS Solutions will put Asia and MENA on the map as the forerunners in the blockchain development game. The highly anticipated FinLit software development platform is poised to change how individuals around the world access, process, and leverage financial education, seamlessly. For more information visit www.rnssol.com Facebook Linkedin Medium Twitter Discord Telegram Github 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

Authorities in Yunnan are launching an investigation to identify and shut down miners that are illegally using electrical power to mint bitcoin, Chinese media reports. Inspections will also focus on potential safety hazards and will be carried out by various government departments. The mining industry cleanup is expected to continue till the end of June. Media: Yunnan Energy Bureau to Pull the Plug on Bitcoin Farms The province of Yunnan is reportedly joining the crackdown on cryptocurrency mining that’s already underway in other Chinese regions. According to the South China Morning Post (SCMP), local authorities have ordered an investigation into the alleged illegal use of electrical power in bitcoin mining. On Sunday, the publication quoted a June 12 report by the China Securities Journal which is published by the Xinhua news agency. The newspaper revealed that the Yunnan Energy Bureau plans to cut the power supply to individuals and companies illegally using electricity in crypto mining facilities or evading electricity bills. Safety risks discovered during the checks will also be sufficient to shut down mining operations, states a notice issued by the energy administration. The mining sector cleanup should be completed by the end of June, Sina reported on Saturday. An official from the energy regulator said the inspections will be carried out jointly by various departments. Mining companies relying on unauthorized access to electricity or evading transmission and distribution fees will face penalties, the news outlet added. Sanctions also await power generation enterprises supporting their activities. Yunnan’s plans to shut down bitcoin farms were covered in a Coindesk report on Friday, citing Forkast News which had referred to a screenshot of a document appearing to be from the Yunnan Energy Bureau. The copy had been circulating on Chinese social media. Coindesk later corrected the information stating that “The source for this claim appears to have been a counterfeit” and quoting “multiple sources” that questioned the authenticity of the document. Forkast News had also reportedly been told by an employee at the BTC.top mining pool that the company was preparing to shut down its operations in Yunnan in light of impending government restrictions. However, CEO Zhuoer Jiang later denied that BTC.top had a definite idea about the province’s regulatory policy towards the industry. The executive could not verify the authenticity of the document in the screenshot while others like Chinese crypto blogger Wu Blockchain have said it’s false. China’s Crackdown on Crypto Mining Continues The media reports have indicated that Yunnan may be the latest Chinese region to join the country’s current crackdown on cryptocurrency mining. Similar measures have already been taken in Inner Mongolia, Xinjiang and Qinghai. Energy officials in Sichuan held a meeting to discuss the implications of bitcoin mining earlier this month but according to the SCMP, they have not adopted any policy changes at this stage. While environmental concerns have clearly played a role in the case of Qinghai and the fossil fuel-rich Inner Mongolia, Sichuan relies heavily on cleaner hydropower. The same is valid for Yunnan as well, which is the second-largest hydropower-producing Chinese province. In another tweet on Friday, Wu Blockchain commented: Compared with thermal power regions such as Xinjiang and Inner Mongolia, hydropower regions such as Sichuan and Yunnan will be relatively tolerant of Bitcoin mining. But the miners are facing problems after the summer, and electricity supply outside of China may be more stable. — Wu Blockchain (@WuBlockchain) June 12, 2021 China is aiming to cut its carbon emissions to 65% of the 2005 levels by 2030. The People’s Republic accounts for around 65% of the global bitcoin (BTC) hash rate, according to the Cambridge Bitcoin Electricity Consumption Index (CBECI), with Xinjiang alone responsible for nearly 36% of that. Sichuan and Yunnan rank second and fourth, respectively, while Inner Mongolia is third. It’s been estimated that bitcoin mining consumes around 110 terawatt-hours of electricity annually. What are your thoughts on China’s crackdown on bitcoin mining? Tell us in the comments section below. View the full article

The director of the Netherlands’ Bureau for Economic Policy Analysis, a part of the country’s Ministry of Economic Affairs and Climate Policy, has predicted “The ultimate collapse of the crypto bubble.” He urges the government to ban bitcoin and other cryptocurrencies immediately. However, the country’s finance minister disagrees that banning cryptocurrency is right for the country. CPB Director Wants Cryptocurrencies Banned Pieter Hasekamp, director of CPB Netherlands Bureau for Economic Policy Analysis (CPB), published an article on the official CPB website Friday titled “The Netherlands must ban bitcoin.” The article was originally written for publication in the daily newspaper Het Financieele Dagblad. The CPB is a part of the Ministry of Economic Affairs and Climate Policy. Its director is appointed by the minister, in consultation with other members of the government. However, the CPB is fully independent as far as the contents of its work are concerned, the bureau’s website states. As the country’s central planning office, the CPB does scientific research aimed at contributing to the economic decision-making process of politicians and policymakers. Hasekamp has been the director of the CPB since March 1, 2020. He was previously director-general for tax affairs at the Ministry of Finance and director of health insurance at the Ministry of Health, Welfare and Sport. After examining the use of cryptocurrencies as money, he concluded: Cryptocurrencies are unsuitable as a unit of account and means of payment outside the criminal circuit; its use as a store of value is based on the hope that cryptocurrencies will one day replace real money. But that’s not going to happen. The director continued: “Cryptocurrencies are essentially neither money nor a financial product, but an example of what Nobel laureate Robert Shiller calls a contagious narrative: a contagious story in which people believe because other people believe in it. Gresham’s law is replaced by Newton’s law: what goes up, must come down.” Shiller, however, recently said that he was considering getting active in the BTC market. Calling Bitcoin “an impressive technology,” the Nobel laureate said he has been tempted to get into cryptocurrency. Nonetheless, Director Hasekamp emphasized: The ultimate collapse of the crypto bubble is inevitable … The Netherlands must ban bitcoin now. He further said that “Several countries are now taking steps to curb the crypto hype, due to harmful consequences – fraud, criminal use, gambling addiction, financial instability, not to mention the enormous energy waste in production.” The director warned that the Netherlands is lagging behind other countries in its attempts to regulate cryptocurrency trading platforms. Hasekamp noted: “cautious regulation can also backfire: it legitimizes crypto as a bona fide financial product. Recent developments show that it is time to act: the longer we wait, the greater the negative consequences of the eventual crash.” He concluded, “The ultimate step is a total ban on production, trading and even possession of cryptocurrencies.” However, the Dutch finance minister, Wopke Hoekstra, reportedly said Friday that banning is not the solution for the Netherlands right now. While acknowledging the CPB director’s concerns, the finance minister believes that it is better to monitor the crypto industry. He was quoted as saying: My observation now is that that is more effective than a total ban in the Netherlands. What do you think about the CPB director’s ban recommendation? Let us know in the comments section below. View the full article