roadrunner

Binance Smart Chain (BSC) decentralized applications (dapps) have been hit with a number of flash loan attacks in recent weeks. According to collected data by Rekt, during the last 30 days BSC has lost a total of $167 million from these flash loan exploits. Flash Loan Hackers Prey on Binance Smart Chain Dapps – $167 Million Siphoned in May Flash loan attacks have become an issue for the Binance Smart Chain (BSC) as a myriad of BSC dapps were breached during the month of May. Essentially, these flash loans provide people with the ability to borrow crypto without relinquishing any collateral. The person using the flash loan leverages the method to trigger decentralized finance (defi) apps associated with oracles to sell at the desired spot price. Sometimes the hackers leverage phony ERC20s and other malicious methods during the flash loan execution to siphon defi liquidity pools. Bitcoin.com News has reported on numerous BSC flash loan attacks that have siphoned funds from projects like Pancakebunny, Belt Finance, Spartan, Fog Finance, and Burgerswap. All the BSC flash loan attacks in May according to Rekt stats. Now statistics from the publication Rekt indicate that $167 million in flash loan attacks exploited BSC dapps in May. Pancakeswap has lost a whopping $45 million while Spartan saw $30 million taken during an attack. Pancakeswap lost a total of $200 million according to initial reports, but the BSC dapp’s team noted that the hackers only managed to snag around 114,600 BNB ($45 million). Bearn saw $11 million in stablecoins drained and Spartan saw liquidity calculation discrepancies when $30 million was swiped from a flash loan attack. Autoshark lost the least amount of funds with only $740,000 worth of BSC-based tokens swiped. Flash loan attacks have been a great problem for a wide variety of defi protocols. Ever since the ETH-based protocol Bzx was attacked the method has been a common practice among hackers. While BSC is now getting an increased share of flash loan attacks, Ethereum still gets hit once in a while as well. Yearn Finance suffered a flash loan attack in February which saw $11 million siphoned from the project. What do you think about all the flash loan attacks hitting the BSC during the last 30 days? Let us know what you think about this subject in the comments section below. View the full article

Malta-based cryptocurrency exchange, Binance, has reportedly extended its blockade of Zimbabwean users to include non-resident citizens. As a result of the new measures, all Zimbabwean nationals are now precluded from using the Binance trading platform. Zimbabwean Nationals Blocked Prior to the introduction of this new measure, Binance apparently allowed Zimbabwean nationals with non-Zimbabwean residential addresses to access its trading platform, while those residing in-country were blocked. Still, some Zimbabwe-based crypto users were able to circumvent this blockade by installing virtual private network (VPN) apps on their devices. The new measures appear to have plugged these loopholes. In a letter addressed to one user, Binance, which recently installed former U.S. banks regulator Brian Brooks as CEO of its U.S division, refuses to divulge the reasons why it is now rigorously enforcing the U.S. Office of Foreign Asset Control (OFAC) measures against Zimbabwe. Instead, the crypto exchange is warning of consequences that Zimbabwean users face if they fail to withdraw their digital assets in time. The letter explained: You have identified yourself as a Zimbabwean national in your submitted document and as a result, we are unable to serve you further in accordance with our terms of use. Kindly note that the trading function is not available for this account. As such, we recommend that you withdraw your assets in their original form. In addition, the undated letter warns the affected users to “withdraw all funds as soon as possible within the three days.” Afterwards, the trading account will be permanently deactivated. Decision Slammed In the meantime, one affected user has slammed the new Binance policy of targeting users “based on their nationality rather than their location.” Although Binance has so far refused to furnish users with the reasons for its actions, the new measures suggest the exchange may be attempting to shake off a perception that it enables money launderers and tax evaders. As previously reported by Bitcoin.com News, Binance is already under a U.S. Department of Justice (DOJ) investigation. Therefore, by excluding all Zimbabwean users from its trading platform, Binance may be signaling its newfound interest in adhering to the U.S. government’s sanctions policies. What are your thoughts on Binance’s new terms of use? Tell us what you think in the comments section below. View the full article

Decentralized finance (defi) exchanges and tokens are recovering a lot faster than a great number of digital assets that lost more than 40% in value last week. Defi tokens like curve, kyber network, terra, hxro, and more have been seeing double-digit gains. On May 23, the defi economy’s aggregate total-value locked (TVL) dropped to a low of around $50 billion and has since gained $17.4 billion. Defi Economy Lifts Higher Than the Rest Defi fans are seeing the economy improve a bit after many decentralized finance tokens lost a significant amount of value during the recent market rout. However, the defi economy is picking up steam once again as a myriad of metrics show the ecosystem is healing faster than other crypto assets. TVL has jumped 34.8% since May 23, 2021. Seven-day statistics for decentralized exchanges (dex) show $19 billion swapped on dex applications like Uniswap, Sushiswap, Curve, 0x Native, and Tokenlon. Decentralized exchange (dex) volumes according to Dune Analytics. Dune Analytics stats show Uniswap saw $11.4 billion in trades while Sushiswap saw $2.4 billion in swaps during the last week. On the Binance Smart Chain (BSC), the popular dex platform Pancakeswap tallied $20.4 million in volume in the last 24 hours. Binance dex has seen $5.4 million in 24-hour volume while BSC dex apps like Autofarm and Nerve Finance have also seen increased trading action. Coinranking.com’s exchange ratings show Uniswap is ranked 18 out of the top 20 exchanges today. The defi economy’s TVL has increased by 34.8% since May 23, after the defi TVL slid to $50 billion and jumped back to $67.4 billion, according to data collected on June 2. Defipulse.com records show that Aave has a dominance ranking of 15.18% as the lending protocol has $10.2 billion TVL. Defi users (unique addresses) have increased significantly during the course of 2021. Defi users over time continue to rise exponentially as Dune Analytics indicates there are 2.64 million unique addresses today. Unique defi addresses have grown 124% since December 31, 2020. Currently, Uniswap is pulling in the most revenue followed by Sushiswap and Aave. As far as TVL data is concerned, following Aave, defi platforms like Maker, Compound, Polygon, and Curve have jumped 7-12%. 30-day monthly volumes for Opensea and Rarible NFT markets. The top non-fungible token (NFT) markets Opensea and Rarible have seen a significant rise in USD volume in May compared to April. Opensea for instance saw $93 million in April and in May volume jumped to $138 million. Rarible’s volume was slightly higher in April compared to May and Opensea still towers over Rarible in terms of USD volume. Rarible saw $37 million in April and May stats indicate the NFT marketplace saw only $22 million. What do you think about the current state of the defi ecosystem? Let us know what you think about this subject in the comments section below. View the full article

The decentralized properties that make blockchain architecture unique can also be its Achilles heel, demonstrating the importance of bringing network governance on-chain to promote a more inclusive and democratized consensus on network upgrades. Governance Transformation Is the Key To Unlocking Decentralization’s Innovative Potential There are many bitter arguments over blockchains, whether involving how they should be run, the consensus mechanisms, implementing changes, or upgrading the frameworks. These debates have often put network communities at odds, creating schisms that eventually unfolded in hard forks. Despite the success of these consensus systems as evidenced by rising transactions and valuations, Bitcoin and Ethereum’s future could be in doubt. The term consensus has to do with everything enshrined in code for the two largest networks, like transfers of value, how much miners get paid, smart contract operations, and other basic network-coded functionality. Unfortunately, that means that network consensus is not a part of addressing any severe problems or implementing even the tiniest upgrades. This parallel governance process often occurs exclusively off-chain in a highly politicized manner. For evidence to support this very point, just look at the aftermath of the Ethereum Classic debacle. Or consider the amount of time it has taken Ethereum to update its consensus mechanism from proof-of-work to proof-of-stake. Implementing any network upgrades in this manner is arduous, time-consuming, and not a function of on-chain consensus. You can think of consensus as a parallel economic system whereby participants worldwide can operate under the same economic framework without any legal oversight or geographical constraints. Still, without any connection between governance and consensus, attempting any major upgrades can theoretically happen without the community’s consent or blessing. Fortunately, other networks are capably demonstrating that on-chain governance is possible and also effective when adapting to a constantly changing digital environment. Balancing Objectives by Promoting More Participatory On-Chain Governance When evaluating the scope of the problem through the lens of Ethereum, its Ethereum Classic hard fork was over a serious disagreement whether code is law or can be broken to protect the community. At present, both networks are compatible thanks to network upgrades mirrored in Ethereum Classic. However, the disagreement effectively split the community down the middle because Ethereum’s original structure didn’t provide an on-chain governance mechanism to facilitate this dialogue. Solidarity will be the key to longevity for blockchain, and the breakdown of such can cause unnecessary infighting and distractions. Networks like Tezos and Polkadot have responded to these events with a much more community-oriented approach. The networks’ communities can vote on proposals and upgrades by employing an on-chain governance model instead of more centralized off-chain governance measures. Besides improving overall participation, it gives every stakeholder skin in the game. The success of these measures is evident, with Tezos able to upgrade itself just as seamlessly as a computer or phone periodically installs software updates. In the last two years alone, Tezos has undergone multiple major upgrades, each of which has added value to the overall network while developing the infrastructure and setting the stage for future updates. By comparison, it has taken Bitcoin four hard forks to simply implement minor changes. The more straightforward approach of on-chain governance makes other competing networks like Polkadot much more flexible and adaptive to changes that can unfold, not to mention improving overall blockchain democratization by decentralizing control over a network’s future. If blockchain truly endeavors to challenge the status quo, network governance should reflect that notion by upending the role of gatekeepers and shunning the politics that have divided communities. By combining consensus, governance, and the protocol in one package, these divisive hard fork events can be avoided outright, all while solidifying the outlook and securing the longevity of these systems. The flexibility of on-chain governance by design means the ability to respond to external technology changes that other, more rigid architectures will find difficult to adopt. Although code may be law in the blockchain universe, it’s still comprised of a network of humans, and governance should absolutely be a mirror reflection of that reality. Do you think the Bitcoin and Ethereum chains will follow the example of Tezos and Polkadot to expand on-chain governance? Let us know in the comments section below. View the full article

The European Union (EU) will launch a digital wallet allowing citizens of any country in the bloc to make payments and access services provided by each state, also allowing for the storage of digital ID information. The wallet, which will reportedly be launched next year, could be tied in with the digital euro project, a central bank digital currency (CBDC) proposal that the ECB is still working on. European Union to Release Digital Wallet for Payments Next Year The European Union has plans to release a digital wallet that would allow its citizens to make payments across all member states with minimal friction. The wallet would be launched next year and integrate private and public services under just one app, according to a report from Reuters. The wallet would work as a sort of payments and ID vault, and would allow users to store digital equivalents of their physical permits, such as passports or driver’s licenses, integrating other state-dependent services too. Due to its character, the wallet will be authenticated using biometric data, such as fingerprint verification and retina scans using computational power and sensors that mobile devices already have on board. The European Union is said to have thought about the privacy of the app’s users: The bloc will ostensibly design the app in such a way that data from users is compartmentalized, to make sure that this valuable data will not be used by third parties for advertising or other purposes. A Digital Euro Tie-In? While the European Central Bank has not decided to issue a digital euro and is still in the process of exploring the effects of Central Bank Digital Currencies, this wallet could be useful for the implementation of such currency. Combined with the app, the digital euro could give the European Union leverage to regulate the rise of other, uncontrolled digital currencies. The European Central bank has stated that one of the key objectives in issuing a digital euro would be to: …avoid dependence on digital means of payment issued and controlled from outside the euro area, which might undermine financial stability and monetary sovereignty. The system, if really implemented, would be the biggest digital CBDC to date, covering the 27 member countries of the European Union under its area of influence. However, it would not be the first one: Bahamas and China are already in the process of issuing their own digital currencies. What do you think about this European Union-issued digital wallet? Tell us in the comments section below View the full article

Daymak, a Canada-based electric vehicle company, has announced the Daymak Spiritus, an electric car that will be able to mine cryptocurrencies. According to the specs, it will also feature solar charging to lessen the load on the battery while driving. The company, which has only offered the car for 60 days, claims to have managed to get more than 350 million dollars in pre-orders. Daymak to Launch Crypto Mining Electric Car Daymak, a Toronto-based electric car company, has announced the launch of its new product, the Daymak Spiritus, a car that will feature cryptocurrency mining. According to its press release, the Daymak Spiritus will be able to mine “from Dogecoin to Bitcoin while it’s parked.” The Spiritus will include a GPU onboard that will let its users direct their mining power to harvest any cryptocurrency. While it states it will feature bitcoin mining, there is no mention of ASIC hardware anywhere in the statement. Apart from its cryptocurrency mining features, the Daymak Spiritus has other rare quirks: the car has a strange look, being a two-seater with three wheels, but it is no slouch, going from 0 to 60 MPH in 6.9 seconds. While it comes very far from the recent offers from electric companies like Tesla, Daymak has chosen to remain on the more value-oriented side of the price spectrum, with an estimated price of $19,995 for its entry model, with this trim marketed as “Deluxe.” The Spiritus also features a solar panel that will power all non-mechanical systems, meaning that, if Daymak does deliver, this might be the first car to allow solar-powered cryptocurrency mining. However, Daymak’s proposal goes further than that. Aldo Baiocchi, president of the company, declared: We envision a future where your highway tolls, your parking, and your drive thru order will be paid directly on the fly with crypto. Your online bills and your banking can be handled through the same software platform paid in crypto. It is still early to see if all these ideas will be applied, but the vision the company has is really ambitious and could help set the trend for other manufacturers to follow. Daymak estimates the Spiritus will be ready for shipping in 2023. The Push for Green Continues Daymak has jumped on the green mining narrative that is now being promoted by known Tesla’s CEO Elon Musk, and that has set the tone for new companies to enter the mining business. Musk criticized the energy consumption of bitcoin mining, while Tesla also announced they would stop accepting bitcoin as payment for its vehicles last month. Coincidentally, prices experienced a crash around the same time, with many blaming this fact as one of the factors causing it. The Spiritus will be powered by electric and solar energy, making it possible to perceive cryptocurrency gains while the car is parked, and using just renewable energy, something the brand believes will appeal to the ecologist crowd. The company is also accepting payment in cryptocurrencies, being the second electric car manufacturer in the world to do so after Tesla. What do you think about the Daymak Spiritus? Tell us in the comments section below. View the full article

Three leading cryptocurrency exchanges from South Africa recently confirmed receiving a request for client data from the country’s revenue collector. In a joint statement, the exchanges, (namely Altcointrader, Luno, and Valr) said this request, which targets a “selection of customers”, has been made “in terms of section 46 of the (South African) Tax Administration Act.” Data Needed for Future Action Explaining the tax collector’s move to access crypto traders’ personal information, the statement says the South African Revenue Service (SARS) wants this information “as part of a tax risk assessment exercise on residents involved in “the mining, speculation and/or investment in crypto-assets.” For its part, the revenue collector says the collected data “will inform the need for future action with respect to crypto-assets.” However, according to a report, one of the approached exchanges, Valr, has since expressed its concerns with the tax collector. Its co-founder and CEO, Farzam Ehsani, explained: We are also committed to being compliant with the laws and regulations that govern our business. We have engaged with Sars to express our concern for the privacy of the data of our customers and we have also sought legal advice on our obligation to comply with SARS’ request. Exchanges Say They Will Comply Similarly, Marius Reitz, the general manager for Africa at Luno said his company will be complying with the request for client information as this is a legal requirement. For its part, Altcointrader, which has “taken legal counsel to ensure that all information requested by regulators is within our legal obligation,” says will cooperate with SARS. Meanwhile, this latest report of SARS seeking the exchanges’ assistance comes a few weeks after tax experts warned the revenue collector was zeroing on crypto traders. Similarly, tax expert David Lesperance, in his remarks during a call with Bitcoin.com News, urged South African crypto holders to approach the SARS before it descended on them. However, for their part, the three South African cryptocurrency exchanges said “they (will) all provide the ability for customers to download their transaction history to prepare any tax declarations that are required.” Do you agree with the stance that has been taken by crypto exchanges? Tell us what you think in the comments section. View the full article

As technology moves forward, you use more and more innovations to facilitate your daily activities. The cooperation of the largest Polish telecommunications operator with the innovative BoT (Blockchain of Things) provider improves the standard of your daily life. With the use of technology provided by SmartKey, Orange’s Live Objects platform puts an end to all the problems that arise when using your devices. ORANGE POLSKA is the largest telecommunications operator in Poland, serving 14.36 million customers, and a leader of M2M. The company plays a huge role in digitalization of the country by implementation of innovative technologies on a national scale. Now, thanks to SmartKey, the Orange Live Objects leads in integrating the cities of the future in the BIoT (Blockchain IoT) model. The platform covers the core functions of the IoT (Internet of Things) project and lets you manage connected devices with the use of decentralized applications (dApps) blockchain. IoT solutions in over 2000 cities worldwide provider of over 2 million SIM cards for M2M Internet of Things solutions 266 million users worldwide SMARTKEY is a universal global communication standard (comparable to Bluetooth) that integrates IoT devices. Registering devices with an Orange SIM card in the blockchain network will make it possible to generate and distribute NFTs created by SmartKey and use the SmartKey Connector Technology in all functionalities of Live Objects. SMARTKEY AND ORANGE’S COOPERATION is beginning in Poland, where SmartKey is headquartered. The partnership will then be rolled out globally, with more than 2,000 cities integrated into the platform. The unique integration of Orange’s global Live Objects IoT platform and SmartKey’s technology (to be known as Orange BIoT SIM by SmartKey) will be used in smart cities around the world. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

China’s central bank digital currency (CBDC) continues to gain further ground as the Beijing Local Financial Supervision and Administration Bureau revealed 40 million worth of the country’s digital yuan ($6.3 million) will be distributed to Chinese citizens. Beijing and China’s Central Bank Launches Digital Yuan Lottery The People’s Bank of China (PBoC) and Beijing Local Financial Supervision and Administration Bureau have announced a new digital yuan test for local residents. Bitcoin.com News has reported on China’s last CBDC red envelope test in the past, as the central bank has dispersed millions in digital yuan for testing. Now Beijing plans to disperse $6.3 million worth of the CBDC to citizens by giving out 200,000 digital red envelopes with 200 digital yuan each. As usual, residents can spend the digital yuan at merchants that accept the CBDC like the popular marketplace Jd.com. Residents who want to get some of the red envelopes must enter a lottery system via the Bank of China or Commercial Bank of China’s mobile applications. News of the digital yuan launch getting closer and closer continues as a myriad of firms such as Tencent, Alibaba, Ant, Mastercard, and Jd.com have been testing China’s CBDC. The deadline for citizens to register for China’s latest red envelope testing is June 7. However, despite the number of major companies helping and the last red envelope distribution, a recent report notes residents in Shenzhen are concerned about privacy. Moreover, because of the surveillance concerns, Shenzhen citizens are showing little interest in the CBDC. China’s digital yuan smart card will reportedly feature biometrics and fingerprint scanning. The PBoC plans to also disperse the digital yuan at the 2022 Winter Olympics. Besides Beijing and Shenzhen, the PBoC-developed digital yuan has also been tested in Changsha, Suzhou, and Chengdu. What do you think about Beijing dispersing $6.3 million in digital yuan? Let us know what you think about this subject in the comments section below. View the full article

Guggenheim has registered a new fund with the U.S. Securities and Exchange Commission (SEC) that could have exposure to cryptocurrencies, particularly bitcoin. The filing came as the asset management firm’s chief investment officer repeatedly made bearish bitcoin predictions, calling cryptocurrency Tulipmania. Guggenheim Launching Fund Which Could Have Exposure to Bitcoin Guggenheim Funds Investment Advisors LLC filed a registration statement with the U.S. Securities and Exchange Commission (SEC) Tuesday for the Guggenheim Active Allocation Fund. Guggenheim Investments has about $270 billion in total assets under management across fixed income, equity, and alternative strategies. The filing describes the fund as “a newly-organized, diversified, closed-end management investment company.” Among the investments that the new fund can invest in are “Cryptocurrency, Digital Assets, or Virtual Currency Investments.” The filing states: The fund may seek investment exposure to cryptocurrency (notably, bitcoin) … through cash settled derivatives instruments, such as cash settled exchange traded futures, or through investment vehicles that offer exposure to bitcoin or other cryptocurrencies through direct investments or indirect exposure such as derivatives contracts. After outlining the risks associated with investing in bitcoin, the company noted that the fund’s “exposure to cryptocurrency may change over time and, accordingly, such exposure may not always be represented in the fund’s portfolio.” The Guggenheim filing followed several bearish predictions by the chief investment officer (CIO) of Guggenheim Partners, Scott Minerd, who is also the chairman of Guggenheim Investments, the global asset management and investment advisory division of Guggenheim Partners. While Minerd has a long-term prediction of $600K for BTC, he has been saying that the price of bitcoin will crash in the short term and could fall 50% to the $20K – $30K level. Last week, he predicted more heavy sell-off for bitcoin after warning of a major correction in April, stating that the cryptocurrency looked “very frothy.” According to the SEC filing, Minerd will be responsible for the day-to-day management of the Guggenheim Active Allocation Fund’s portfolio. Minerd tweeted on May 28, “Crypto investors be warned: be prepared for a volatile holiday weekend.” On May 19, he wrote, “Crypto has proven to be Tulipmania. As prices rise, tulip bulbs and cryptocurrencies multiply until supply swamps demand at previous market clearing prices,” elaborating: This is not the death of crypto just as the collapse of Tulipmania was not the end of tulip bulbs. Some people in the crypto community speculate that Minerd made bearish predictions to allow Guggenheim to buy the dip. Guggenheim has another fund that may have exposure to bitcoin. The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (GBTC), its SEC filing describes. What do you think about Guggenheim launching a fund that could have bitcoin exposure after its CIO called crypto Tulipmania and predicted the price of bitcoin would crash? Let us know in the comments section below. View the full article

Fund manager Brian Kelly says that the market is mispricing bitcoin and “when bitcoin gets that mispriced it is the sign of the bottom.” He sees a string of “all positive things” that are reflected in the pricing of the cryptocurrency. Asset Manager Brian Kelly Says Market Is Mispricing Bitcoin Brian Kelly, the founder and CEO of digital currency investment firm BKCM LLC, was asked about where he sees the price of bitcoin heading in an interview with CNBC on Tuesday. Kelly manages the BKCM Digital Asset Fund and the REX BKCM Blockchain ETF (NYSE: BKC). He authored “The Bitcoin Big Bang – How Alternative Currencies Are About to Change the World.” In addition, he was previously a hedge fund manager at Shelter Harbor Capital, where he co-founded. He also co-founded MKM Partners, a brokerage firm catering to institutional investment managers. “For me, when you look at bitcoin, it’s all about network effect and address growth,” the asset manager said. “One of the key metrics I look at when managing crypto money is how fast addresses are growing versus what the market is expecting the addresses to grow.” Referencing his chart, he explained: “Address growth is basically flat but the market is applying we are going to have a decline of 20% in address growth. We haven’t seen that type of differential since March 2020.” Kelly elaborated: Generally, when bitcoin gets that mispriced it is the sign of the bottoming process … The market is mispricing what’s going on underneath the fundamentals underlying bitcoin. He continued: “So we look back to March 2020 when we had a massive divergence when bitcoin was $3,500 and it roared to $60,000. We are looking at the exact same type of situation where it looks like bitcoin is trying to bottom.” As for his fund’s investment, he disclosed that he “personally added to our fund this month because I think it’s that big of an opportunity. In the fund, we are long and getting longer.” The fund manager then opined, “Now what I would like to see, obviously, bitcoin is very momentum driven, so now we need to see more price follow through here and get that momentum going,” emphasizing: To me the story hasn’t changed one bit. We are getting institutional adoption. We’re getting an inflationary hedge and regulatory wise, we are getting watered down regulation. Its not going to be banned, we are talking about bringing it into the fold. He reiterated, “Those are all positive things for me and that to me is reflected in that pricing.” Kelly was then asked about how low the price of bitcoin could fall to and whether $30K was the bottom. “I don’t know if $30,000 was the low,” he admitted. “I have pretty high conviction that it was.” However, he noted that “Bitcoin has a funny way of making you look silly.” He affirmed: “If it got down to $20,000, I would be buying with both of my diamond hands for sure.” Do you agree with Brian Kelly? Let us know in the comments section below. View the full article

Goldman Sachs’ head of commodities research says bitcoin is more like copper as a hedge against inflation than gold. He explained that they are both “risk-on” inflation hedges whereas gold is a “risk off” asset. Bitcoin Is More Like Copper Than Gold as Inflation Hedge The global head of commodities research at Goldman Sachs, Jeff Currie, said in an interview with CNBC on Tuesday that cryptocurrencies are an alternative to copper, not gold, when used as a hedge against inflation. He elaborated: You look at the correlation between bitcoin and copper, or a measure of risk appetite and bitcoin, and we’ve got 10 years of trading history on bitcoin — it is definitely a risk-on asset. He further emphasized that bitcoin and copper act as “risk-on” inflation hedges whereas gold is viewed as a safe haven or a “risk off” asset. The Goldman analyst explained: “There is good inflation and there is bad inflation. Good inflation is when demand pulls it, and that is what bitcoin hedges, that is what copper hedges, that is what oil hedges.” He described: Gold hedges bad inflation, where supply is being curtailed, which is … focused on the shortages on chips, commodities and other types of input raw materials. And you would want to use gold as that hedge. Goldman Sachs also said in a note Monday that commodities remain the best inflation hedge overall. Currie has talked about bitcoin being similar to copper as an inflation hedge before when he said that “bitcoin is the retail inflation hedge.” Goldman Sachs has recently been bullish about bitcoin. The bank said last week that BTC is now a new asset class. The firm formally established a bitcoin trading desk in early May as it sees heavy institutional demand for cryptocurrency. What do you think about bitcoin being similar to copper and not gold as an inflation hedge? Let us know in the comments section below. View the full article

The U.S. government is expanding its cryptocurrency analysis in a strategy to find and pursue criminal transactions. This comes in the wake of a rising problem of ransomware involving cryptocurrency, such as bitcoin. “Combating ransomware is a priority for the administration,” said a spokesperson for the White House. US Government to Expand Cryptocurrency Analysis The Biden administration unveiled its strategy to combat cryptocurrency ransomware in a White House press briefing Tuesday. “Combating ransomware is a priority for the administration,” White House Principal Deputy Press Secretary Karine Jean-Pierre said. “President Biden has already launched a rapid strategic review to address the increased threat of ransomware to include four lines of effort.” Jean-Pierre described that one line of effort targets the “distribution of ransomware infrastructure and actors working closely with the private sector,” while another focuses on “building an international coalition to hold countries who harbor ransom actors accountable.” There is also an effort to review “USG’s ransomware policies,” she affirmed, adding that another line of effort is: Expanding cryptocurrency analysis to find and pursue criminal transactions. The White House’s principal deputy press secretary further explained that the four lines of effort build on President Joe Biden’s executive order which “outlines five high-priority cybersecurity initiatives that, if implemented, will reduce the risk of cyberattacks including ransomware.” Ransomware attacks are on the rise worldwide. In the U.S., several major companies have recently been hit with ransomware demanding payments in bitcoin. JBS, the world’s largest meat producer, has reportedly been dealing with what it called an “organized cybersecurity attack” since the end of May. The Colonial Pipeline, which supplies the East Coast with nearly half of its fuel needs, also shut down in May for several days when a ransomware attack locked up some of its systems. The pipeline was back online in less than a week but the company admitted to paying a ransom of millions of dollars in bitcoin. What do you think about the Biden administration expanding cryptocurrency analysis? Let us know in the comments section below. View the full article

Approximately 378 days ago, before the bitcoin bull market started to heat up, a unique block was spent stemming from a coinbase reward created 37 days after the Bitcoin network launched. It seems roughly ten coins from the block reward were sold to an exchange, but 40 bitcoin worth $1.4 million at today’s exchange rates sits unspent. As the Last Block Reward from 2009 Was Spent on May 20, 2020, Approximately 40 Bitcoins Remain Unspent Around this time last year, a curious block was spent that invoked a great amount of speculation. On May 20, 2020, an entity spent a coinbase reward that was minted on February 9, 2009. It was widely assumed it may have been related to Satoshi Nakamoto but this assumption has never been verified. What we do know is that it was block reward 3,654 and it was spent 627,404 blocks later, at block height 631,058. We also know that the only transaction associated with the mining of block 3,654 was the coinbase reward. The transfer that took place over a year ago saw the owner of block 3,654 move 10 BTC to one address and 40 BTC to another address. The 10 BTC, worth $372k today, was seemingly sent to an exchange, as data from block explorer oxt.me shows notes from Binance clusters. The 40 BTC, worth $1.4 million today, still remains sitting in the wallet, untouched since it was first moved last May. Of course, users have tried to message the address and send the wallet dust since it was discovered last year. The address has seen approximately 22 transactions but the owner has not sent a single satoshi since the 40 BTC was added. Observers can also see that the owner of the notorious 2009 coinbase reward has not spent the corresponding bitcoin cash (BCH) or the bitcoinsv (BSV) associated with the reward. When the 50 BTC was moved on May 20, 2020, the bitcoin (BTC) market suddenly dropped 7% in fiat value that day. Spending of 2009 blocks is not common and when they are spent it gets people speculating about Satoshi theories. Even 2010 and 2011 block reward transfers are very interesting, especially since these bitcoins sit idle for over ten years before moving. In 2020 and into 2021, Bitcoin.com News reported on a fascinating 2010 mining whale who spent 10,000 BTC from that year. In fact, the 2010 whale spent the coins in strings of 1,000 BTC each or 20 block rewards at a time. The Most Recent 2009 Block Reward Spends Prior to the May 2020 Transfer The oldest block to get transferred after the 2009 block processed on May 20, 2020, was mined on April 6, 2010, and transferred on January 3, 2021 (Bitcoin’s launch date anniversary). The last 2009 block reward spent before block 3,654 was transferred in January 2018 which was block 29,953. In fact, a consecutive number (at least 2-4) of 2009 blocks were processed on January 5, 2018. Additionally, the very next day a couple more block rewards mined in December 2009 were transferred. This particular two-day spending spree of 2009 coins in January 2018 was a small string of transfers. The string was preceded by another string of transfers tethered to 2009 block rewards that were moved in November 2017. At that time, blocks mined on December 17, 18, 24, and 27 from 2009 were processed in the midst of the 2017 bitcoin bull run. The most recent 2009 spend was more interesting because of how young it was. On August 7, 2017, a coinbase reward mined on the same exact day as the February 9, 2009 reward was spent, but at block height 3,607. Before that, a couple of blocks mined during that same week in 2009 were transferred in September 2015. Between 2009 and 2011, there are well over a million unspent BTC sitting in idle coinbase rewards and many of these rewards are assumed to be Satoshi’s stash. This is why when the February 2009 block was transferred last May, crypto prices dropped 7% in fear the creator was moving coins. Whoever did move those bitcoins decided that they did not need the 40 BTC worth $1.4 million today. What do you think about old ‘sleeping’ bitcoins from 2009-2011 coinbase rewards? Let us know what you think about this subject in the comments section below. View the full article

Major banking corporation Standard Chartered is launching a cryptocurrency exchange and brokerage service, giving its clients access to cryptocurrencies, such as bitcoin and ether. Standard Chartered joins a growing list of major banks worldwide that have embraced cryptocurrency. Standard Chartered Bank Diving Into Crypto Standard Chartered PLC (STAN.L) said Wednesday that the bank’s innovation arm, SC Ventures, will establish a cryptocurrency brokerage and exchange platform. The new exchange will be a joint venture between SC Ventures and BC Technology Group (0863.HK), a Hong Kong-based investment company specializing in digital assets. BC Technology operates OSL, the first cryptocurrency exchange to be licensed by Hong Kong’s Securities and Futures Commission. Alex Manson, head of SC Ventures, commented: We have a strong conviction that digital assets are here to stay and will be adopted by the institutional market as a highly relevant asset class. “We are constructing the building blocks for a safe and reliable investment infrastructure,” Manson added. Standard Chartered’s new cryptocurrency exchange platform and service will be based in the U.K. and target the European market. It aims to connect institutional investors with counterparties trading bitcoin, ether, and other digital assets, the bank said, adding that it plans to launch the new service in the fourth quarter. The announcement by Standard Chartered came shortly after HSBC Chief Executive Officer Noel Quinn said that his bank has no plans to launch a bitcoin trading desk or any other cryptocurrency services. HSBC has also changed its policy to bar clients from holding stocks of public companies that are heavy into the crypto sector, like Microstrategy. Meanwhile, Standard Chartered joins a growing list of major banks that have embraced bitcoin, including Morgan Stanley, Goldman Sachs, Citigroup, and DBS. What do you think about Standard Chartered launching a crypto exchange and brokerage service? Let us know in the comments section below. View the full article

PRESS RELEASE. Tel Aviv – June 2, 2021 – Kirobo, a leading cryptocurrency solutions developer, has announced that its crypto transfer ‘undo button’ is now available for transactions involving UNI, Chainlink, BNB, USDT, Sushi coin, as well as its native utility token KIRO. This extends the reach of Kirobo’s solution to over 4.5 million holders of these coins. The ‘undo’ solution, which has so far only been deployable for BTC and ETH transactions, represents Kirobo’s first product, and allows users to reverse a crypto transfer sent in error — eliminating the myriad of human error risks inherent to the execution of crypto transactions. The company plans to integrate its solutions across several crypto exchanges over the course of 2021. Kirobo has already created logic layers over the Bitcoin and Ethereum network, and is rolling out advanced services and solutions on top of this layer. The logic layer functions by providing a unique transaction code that must be entered by the recipient in order to receive funds from the sender. Until the recipient has entered the correct code, the sender may retrieve the funds at any time. Tel Aviv based Kirobo is a blockchain technology company that provides state-of-the-art tools to crypto users and companies, helping them gain better control of their money. Kirobo is currently helping large scale intermediaries, crypto exchanges and payments companies offer their users unprecedented levels of transaction security. Earlier this month, Artificial Intelligence and cryptocurrency technology solutions provider DigiCrypts Blockchain Solutions Inc. (DigiMax) announced a strategic investment in Kirobo, geared towards expediting the release of Kirobo’s soon to be launched crypto management, custody and trading products. Kirobo also recently announced the addition of crypto pioneer Brock Pierce to its Advisory Board, where he will provide strategic guidance around the global launch of the company’s portfolio of products. Pierce previously co-founded EOS Alliance, Block.one, Blockchain Capital, Tether, and Mastercoin and currently serves as Chairman of the Bitcoin Foundation. Kirobo has also developed a range of additional bespoke solutions tailored to crypto holders and merchants – designed to further improve the DeFi ecosystem. Those solutions are set for release over the course of Q2 and Q3. Elements of Kirobo’s new tech solutions have helped the company yield two highly revered grants from the Israel Innovation Authority. Commenting on the announcement, Asaf Naim, Kirobo CEO said: “The entire spectrum of crypto users, from entry level participants to seasoned traders, stand to benefit greatly from Kirobo’s breakthrough transaction ‘undo’ feature, which eliminates the risk of fund losses due to human error. As the crypto landscape continues to evolve, with mainstream and institutional involvement intensifying, this type of robust transaction safety net will become an industry centrepiece. We’ve all heard the horror stories of funds being sent to the wrong address or the wrong type of address. At Kirobo, we want to make crypto management as seamless and secure as online banking, and ultimately, grant crypto users better control of their money. Crossing this threshold represents a very important stage in the ongoing maturity of crypto finance, and further illustrates the viability of blockchain as a store of value. In the weeks and months ahead, we will be making our transaction undo feature available to more coins, and unveiling new features that will revolutionize the way funds are handled in the wider crypto space — underlining our credentials as the enablers of risk-free crypto transactions.” For more information on Kirobo’s Retrievable Transfer feature, please visit undo.kirobo.me. About Kirobo Kirobo has a single mission: to provide crypto users and companies with state-of-the-art tools to gain better control of their money. We do that by offering our users secure and straightforward solutions, making crypto management, custody, and trading a no-brainer. Kirobo is the proud recipient of two grants from the Israeli Innovation Authority — making it the only blockchain technology company to achieve that milestone. Kirobo Contact Adan Kedem Chief Marketing Officer adan@kirobo.io 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

Hungary plans to be the first country in the world to erect a statue of Satoshi Nakamoto, as a life-size bronze bust of Bitcoin’s creator will be displayed in Budapest. The bronze bust design is being constructed by two sculptors, Tamás Gilly and Réka Gergely. A Reflective and Hooded Bronze Bust of Satoshi Nakamoto to be Erected in Budapest A statue of Satoshi Nakamoto is being created to be erected in Budapest, Hungary when the project is complete. The creators of the bronze bust, Tamás Gilly and Réka Gergely, have recently revealed design plans for the famous cryptocurrency inventor’s statue. Of course, not knowing who the anonymous Nakamoto is makes it very hard to sculpt an image of him, but that’s not stopping Gilly and Gergely. According to the initial design sketches, Satoshi Nakamoto will be a hooded figure that references both the unknown “people of the internet” and Bitcoin’s mysterious creator. The artists and the individual who came up with the idea believe Nakamoto deserves a life-sized bust displayed for all to see. The person who invoked the Satoshi statue idea, András Györfi, told the press that Nakamoto’s true identity does not matter. In fact, below the sculpted hoodie, Nakamoto’s face will be reflective in order to reinforce the concept that “we are all Satoshi Nakamoto,” the creators note. Györfi says that the mysterious cryptocurrency inventor made the world a better place and deserves a statue. Györfi and the sculptors are not the first to come up with a Satoshi statue idea, as an initiative to erect a virtual monument of Satoshi Nakamoto in Kiev took place three years ago. The same year, the first monument dedicated to “Bitcoin and Blockchain” was constructed in the Slovenian city of Kranj. Alongside this, Budapest already has a full-size statue of an anonymous character in a cloaked-hoodie as well. As pictured in the feature image of this article, there’s a bronze statue of “Anonymous” at the Vajdahunyad Castle in Budapest. What do you think about the Satoshi Nakamoto statue being designed to be displayed in Budapest? Let us know what you think about this subject in the comments section below. View the full article

On June 1, Major League Baseball (MLB) reporter David Adler announced the MLB organization established a long-term deal with the digital collectible company Candy Digital. The oldest American professional baseball organization is stepping into the non-fungible token (NFT) collectibles world and will start by launching a Lou Gehrig NFT. MLB’s First NFT Will Feature ‘The Iron Horse’ Lou Gehrig MLB, the professional baseball organization launched in the U.S. in 1903, has announced a long-term NFT deal with the Galaxy Digital-backed firm Candy Digital. The agreement with digital collectible company Candy Digital was revealed on Tuesday by MLB reporter David Adler. In a little over a month on July 4th weekend, MLB will launch the first NFT featuring the New York Yankees’ first baseman Lou Gehrig. “The first NFT from MLB and Candy is a 1-of-1 NFT of Gehrig’s iconic ‘Luckiest Man’ speech that the Yankees legend delivered on July 4, 1939, at Yankee Stadium, after being diagnosed with ALS,” Adler detailed. “The Gehrig NFT will be released July 4th weekend, and proceeds from the sale will support ALS charities.” MLB Commissioner Rob Manfred detailed that the founders of Candy are “a dynamic group of executives with an impressive track record.” Manfred noted that MLB is thrilled to be the Galaxy Digital-backed firm’s first partner. Mike Novogratz, the founder of Galaxy Digital, is a Candy Digital board member and serves as a co-chair for the company. “From trading cards to autographed balls, baseball fans have demonstrated their passion for the sport and its players through collectibles for decades,” Manfred said during Tuesday’s announcement. “In working with Candy Digital to offer NFTs to MLB fans, we’re delivering an exciting new addition to the robust baseball collectible market,” MLB’s Commissioner added. MLB NFTs Aim to Broaden the Range Candy’s co-chair Gary Vaynerchuk detailed that he’s always been a “lifetime collector” and he thinks creators and consumers will appreciate the partnership with the American professional baseball organization. Vaynerchuk thinks that die-hard MLB fans will be the ones who enjoy these NFTs the most. “Especially the uber-passionate MLB community who craves collectibles and celebrating the iconic moments that makes this game so special,” Vaynerchuk said. MLB’s announcement does disclose that it already makes NFT collectibles with the popular collectible card manufacturer Topps. But with Candy Digital, the NFT offerings can expand into a wide range of collectibles. The company gives examples like “memorabilia-style NFTs, or baseball card-style NFTs, or artwork-style NFTs portraying big moments on the field, or NFTs of highlight plays.” Following the Lou Gehrig NFT, the MLB said the public can expect more NFT collectible sales in the future. What do you think about the MLB getting into the NFT ecosystem with Candy Digital? Let us know what you think about this subject in the comments section below. View the full article

Argentina, the ailing South American country, is experiencing a cryptocurrency mining resurgence due to artificially low power rates maintained by subsidies from the national government. This fact, alongside exchange controls and the possibility of selling obtained assets at a higher exchange rate than the official one, is enticing more and more individuals to enter the mining business. Argentina Is Experiencing a Mining Boom Argentina is experiencing a mining boom, due to the highly subsidized power rates and exchange controls enabling miners to sell their mined bitcoins at a higher exchange rate than the official one established by the government. The surging interest in mining cryptocurrencies also has to do with the fact that Argentina is subject to capital controls that forbid citizens from exchanging more than 200 dollars for their local fiat currency, the peso; this, consequently, has also caused a rise in the demand of other convertible currency to safeguard their buying power from inflation. According to Bloomberg, the subsidies are so high that even with the recent crash in prices, Argentinian miners are still in the green. Nicolas Bourbon, a miner, declared: Even after Bitcoin’s price correction, the cost of electricity for anyone mining from their house is still a fraction of the total revenue generated. This fact has also awakened the interest of foreign mining companies in entering Argentina to take advantage of these subsidies. Bitfarms, a Canada-based mining group, secured a deal to mine using power from a local plant for a far lower rate than most comparable alternatives. Geoffrey Morphy, Bitfarms’ president, stated: We were looking for places that have overbuilt their electrical generation systems. Economic activity in Argentina is down, and power is not being fully utilized. So it was a win-win situation. Sustainability at Stake Argentina is the latest country to turn to crypto and mining as a way of gaining more financial and economic freedom for its citizens while facing economic difficulties, as Iran and Venezuela did before. But this mining boom could well affect the integrity of the power grid, depending on the impact the activities have. This has been the case in Iran, which just recently had to take action banning bitcoin mining until September 22, due to the constant blackouts the power grid is experiencing. Miners in Iran need to be registered to operate legally. However, it is estimated that more than 85% of miners remain unlicensed. What do you think of the recent cryptocurrency mining boom in Argentina? Tell us in the comments section below. View the full article

Southdown Dental, a clinic in Mississauga, Ontario, is introducing a new payment option. Patients will soon be able to pay with cryptocurrency for its services. The dental clinic says it will take digital money for any procedure, from regular checkups to children’s braces. Canadian Dental Clinic Meets Rising Demand for Crypto Acceptance The dental clinic is stepping into the crypto world to address a “growing positive sentiment towards cryptocurrency.” Its management noted the increased use of digital coins in Canada’s consumer and services industry. Cryptocurrency offers users autonomy, reduces transaction fees, and facilitates quick and easy payments, the clinic pointed out in a press release. Southdown Dental provides services to the residents of Mississauga in the Greater Toronto Area, in Canada’s most populous province, Ontario. The clinic, which was established in 1989, takes pride in being an “early adopter of innovations” in the dental field, utilizing the latest available technologies to provide its patients with the best care. The dental clinic stated: Seeing the rise in cryptocurrency usage, Southdown Dental is excited to be part of this movement and to meet the rising demand of Canadians for more cryptocurrency acceptance. The dental center also admitted that many patients don’t have full coverage for some of the more expensive procedures. And in these unpredictable times, the clinic says, they might want to keep their cash in their bank accounts and spend some of their crypto holdings instead. With the exception of the recent market correction, the value of cryptocurrencies has been on rise since last year. From Regular Checkups to Surgery and Braces – Patients Can Pay for Everything With Cryptocurrency Southdown Dental offers its clients financing, if they need it, different payment plans, and a variety of payment options that now becomes even greater with the addition of crypto payments. The press release did not mention the supported coins but Dr. Kal Khaled, co-owner of the clinic, assured: Whether it is a regular checkup, a surgical procedure, or braces, our patients will be able to choose traditional payment methods or cryptocurrency going forward. “This is an exciting shift to be the first Canadian dental clinic to take the leap into a new territory that will offer our patients new options during a very uncertain time,” added his partner, Dr. Bob Vavaroutsos. According to a report by Canadian local news outlet Daily Hive, quoting Coinmap data, Downtown Dental Hygiene Clinic in Toronto also accepts cryptocurrency. But even if Southdown Dental is not the first in the sector to take crypto, it’s certainly among the pioneers. Do you know of other dental clinics accepting cryptocurrency payments? Tell us in the comments section below. View the full article

PRESS RELEASE. Toronto, Canada – June 1, 2021 – Created and rigorously tested by expert data scientists in cohort with expert traders, CryptoHawk.AI allows anyone to harness the power of artificial intelligence and machine learning for improved investment returns in crypto. With the software’s AI based predictions investors are able to remove stress, reduce risk, and save time all while taking advantage of volatility when investing in bitcoin and ethereum. How the solution works Cryptohawk’s data scientists have simulated human problem-solving and mental processing in a proprietary computerized model drawing the domain expertise of professional traders. CryptoHawk.AI’s algorithm analyzes millions of data points like volatility, variance, volume, sentiment, search, news, trends, and historical prices 24 hours a day. The algorithm synthesizes, evaluates and organizes data in-order to discover new patterns, anomalies, relationships and manipulates this data into real-time intelligence. Watch this platform overview video to learn more about the solution. The CryptoHawk AI Algo The Cryptohawk.ai deep learning machine model was developed by a team of experienced traders and engineers led by Artificial Intelligence solution pioneer Thiery Hubert. This algorithm has been designed to provide investors with powerful yet easy to follow Bitcoin and Ethereum price predictions that are consistently improving as the algorithm learns from previous predictions and adapts to new data and market forces. This proprietary algorithm continuously processes massive amounts of data at a high speed, and mimics the perception, learning, problem-solving, and decision-making capabilities of professional traders. Unlike humans, machine learning performs better as the amount of data increases and is further trained and adjusted to improve accuracy over time. Improved Investing Returns with the power of AI Cryptocurrency investors are consistently dealing with time consuming tasks like watching charts, indicators, reading articles and spotting trends on social media, all tasks that make it difficult for them to maintain and grow their portfolios. CryptoHawk.ai simplifies much of this process as it analyzes millions of data points per hour through a proprietary machine-learning algorithm that continuously spots relevant patterns, makes decisions and generates accurate price trend predictions. CryptoHawk alerts investors through email and text message when a price trend changes allowing users to act with confidence. To sign up for a free trial visit: http://cryptohawk.ai/ Follow CryptoHawk.AI’s instagram to stay updated: https://www.instagram.com/cryptohawkai/ About CryptoHawk.ai CryptoHawk is an artificial intelligence platform that allows investors to gain a competitive advantage when trading Bitcoin and Ethereum. Cryptohawk’s proprietary AI algorithm analyzes millions of data points per hour to spot relevant patterns, make decisions and generate accurate price trend predictions. CryptoHawk allows investors to simplify their decision making, reduce risk, exploit market volatility and improve investing performance. 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

While it seems the big block vs. small block debate is over, it is still relevant in the cryptocurrency sphere and some users are still delving into the limits of big blocks. Mtrycz, a writer leveraging the read.cash blogging platform, claims to have mined 1 gigabyte (GB) block using a Raspberry Pi4 on the Bitcoin Cash scalenet, showing it is indeed possible to deal with these block sizes, albeit only in an experimental way for now. 1GB Block Mined With a Raspberry Pi4 Mtrycz, a writer who regularly posts experiments to the BCH-based blog platform read.cash, has achieved a mining breakthrough by mining a massive 1GB block with only the computing power of a Raspberry Pi4. Mtrycz claimed to have done this by using a new “light” template created last year by BCHN, the current leading Bitcoin Cash (BCH) full node implementation. However, this was no easy task. While the block did get mined, it took some time to get it done. According to his reports, the whole ordeal took more than two hours to finish, with the machine mining a block with more than 5.2 million transactions in about 50 minutes. This was not the first experiment he has done in this field, as he had also previously experimented with mining 256MB blocks with positive results. These experiments show that, albeit in an experimental way, it is possible to handle big blocks with the existing technology and today’s hardware, and the possibilities will only grow with subsequent advances in internet speed and computing power. In this regard, Mtrycz stated: Technology improvements will expand the limits both of what is possible and what is safe. It’s great to be a part of the community that is pushing this limits, for making Bitcoin Cash accessible for the whole world The Big Block vs. Small Block Debate Resurfaces If technology keeps improving at the same pace, all evidence shows that end-users will have the opportunity to run their own node and verify their transactions with retail hardware, helped by innovations in the software front. This would also mean that scaling can indeed be done in a sustainable way just by increasing block sizes in conjunction with tech advancements, something that small blockers thought (and still think) was not possible, and chose to scale using second layers to maintain the smaller block size. What do you think about the Raspberry Pi4 mining a 1GB block? Tell us in the comments section below. View the full article

A British man has shared his story of how his cryptocurrency addiction has led to criminal charges and landed him in a hospital for addiction treatment. He lost more than a million dollars of other people’s money trying to duplicate his previous success in cryptocurrency trading. Crypto Addiction on the Rise, One Hospital Is Treating Over 100 Crypto Addicts A British man has shared his story of how his cryptocurrency addiction turned him into a criminal, the BBC reported. Referring to him as Jake, the publication noted Sunday that he is currently in treatment at one of the only hospitals in the U.K. that treats people obsessed with gambling on the value of cryptocurrencies. His identity is not disclosed due to him still being treated at the hospital. Jake lost millions of pounds trading cryptocurrencies. He first bought bitcoin in 2015 but his addiction problem only started a couple of years ago. “I can pinpoint the exact moment it became a problem,” he described. “I had been eroding the sum I put aside, but I entered a trade, and I was willing to risk that last amount I had.” He continued: I ended up making back pretty much everything I lost in a single trade. The feeling was one of absolute euphoria. This euphoric feeling coupled with problems in his marriage and personal life quickly turned him into a crypto trading addict. At the time, he was working at a job where was in charge of millions of pounds of other people’s money. He soon began trading with clients’ money hoping to duplicate his previous cryptocurrency trading success. He shared: “The first time I took it, I lost it all in about 20 minutes one night. The market moved very rapidly and I liquidated everything.” Jake faced criminal charges for embezzlement but was able to pay his employer back 1.5 million pounds with the help of his family. He is now in treatment for his addiction. There are no stats on the number of people with a severe addiction to cryptocurrency trading. However, Tony Marini, the lead counselor at the bitcoin addiction clinic at Castle Craig hospital in Peebles, said they are seeing an increasing number of addicted individuals in Scotland. In the past few years, the clinic has treated over 100 people for cryptocurrency addictions. While there are people who have lost money trading cryptocurrencies or to crypto scams, there are also those who vow that cryptocurrency has saved them from financial ruin, particularly during the coronavirus pandemic. Cameron is a freelance musician who has been severely hurt by the Covid-19 crisis and the subsequent lockdown, the publication conveyed. He said the situation was “devastating” for him as “Gigs came to an end, schools closed, all my sources of income completely vanished.” He decided to invest in cryptocurrency when the lockdown hit in March last year. “It’s been a really great year of these assets increasing in value to the point where, at least for the short-term, I’m not going to have any financial worries … It’s been such a relief.” What do you think about people with crypto addiction? Let us know in the comments section below. View the full article

The Swedish central bank’s governor says bitcoin will face tougher regulation given its sheer popularity that continues to grow. “When something gets big enough, things like consumer interests and money laundering come into play,” said Stefan Ingves, Governor of the Riksbank. Tougher Regulation Expected for Bitcoin Stefan Ingves, the governor of Sweden’s central bank, the Riksbank, said Monday that bitcoin and other cryptocurrencies are unlikely to escape regulatory oversight due to their sheer popularity, Bloomberg reported. Even though regulators have voiced their concerns about bitcoin and other cryptocurrencies, they continue to gain popularity. They have attracted the biggest financial institutions to enter the space, including major investment banks Goldman Sachs and Morgan Stanley, which now offer crypto investments to their clients. A growing number of companies now accept bitcoin for payments, offer crypto-related services, and put BTC on their balance sheets. Goldman Sachs recently said that bitcoin has become a new asset class, seeing huge institutional demand for the cryptocurrency. Bitcoin’s market cap recently surpassed a trillion dollars. Governor Ingves opined: When something gets big enough, things like consumer interests and money laundering come into play. So there’s good reason to believe that [regulation] will happen. Sweden’s Minister for Financial Markets, Asa Lindhagen, revealed the government is already working on tightening the standards for crypto exchanges, the publication conveyed. However, she noted that it is a “work in progress at the international level,” pointing out that cross-border cooperation with other governments is necessary to address the risk of money laundering involving cryptocurrencies. Riksbank Deputy Governor Per Jansson raised concerns on Tuesday that the price of bitcoin and other cryptocurrencies keeps fluctuating excessively and they have “nothing concrete or substantial” underpinning their actual value. What do you think about the comments by the Swedish central banker? Let us know in the comments section below. View the full article

The notorious dogecoin will be open for trading on Thursday, June 3, on the popular trading platform Coinbase Pro. In mid-May, Coinbase CEO Brian Armstrong revealed the meme-inspired crypto asset would be listed in six to eight weeks. It only took 18 days to get dogecoin added to Coinbase Pro but the coin is not yet added to the consumer application Coinbase.com. Coinbase Pro Opens the Dogecoin Gates Crypto traders can start depositing dogecoin (DOGE) to their Coinbase Pro accounts today, according to a blog post published on Tuesday. If liquidity conditions are met, trading will begin on June 3 at 9 a.m. (PT). Coinbase notes during the announcement that it takes great care toward looking at crypto assets that meet its standards. The exchange recently added support for tokens like 1inch (1INCH), enjin coin (ENJ), internet computer (ICP), cartesi (CTSI), and iexec (RLC). Coinbase Pro will tweet about the dogecoin order book moves in phases. “Once sufficient supply of DOGE is established on the platform, trading on our DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT order books will launch in three phases,” Coinbase notes. “If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading,” the company’s announcement details. Coinbase also summarizes what dogecoin is in a small paragraph and notes that it features the Shiba Inu logo. “Unlike Bitcoin, which is designed to be scarce, Dogecoin is intentionally abundant — 10,000 new coins are mined every minute and there is no maximum supply,” Coinbase explains in the blog post. DOGE has had a phenomenal 2021, as the crypto asset is up 561% over the last 90 days and 12-month stats show dogecoin gained 12,506%. The meme-inspired currency has dropped in value, like many other coins in recent times, after touching an all-time high 25 days ago. At that time, a single DOGE was exchanging hands for $0.737 per unit. Dogecoin has since dropped 53.73% in value to $0.341 per unit, according to today’s exchange rates. What do you think about dogecoin getting added to Coinbase Pro? Let us know what you think about this subject in the comments section below. View the full article