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The president of the Federal Reserve Bank of St. Louis, James Bullard, says that most cryptocurrencies are “worthless.” He noted that if “cryptocurrency can facilitate transactions that are difficult to make in conventional currencies, then they will have a purpose and might circulate alongside the nation-backed currencies.” Fed’s Bullard Says Most Cryptocurrencies Are Worthless Jim Bullard, President of the Federal Reserve Bank of St. Louis, talked about inflation risks and what lies ahead for Fed policy in an interview with Yahoo Finance on Monday. He also talked about cryptocurrency, given the high volatility in crypto prices observed over the past weeks. He was asked, “What are your views on cryptocurrency, its use case right now, and … how closely have you been watching a lot of the volatility in crypto markets?” Bullard replied: “I have a slide deck on this that’s called ‘non-uniform currency and exchange rate chaos’ and a couple of things that are in there. One is that currency competition is nothing new. Private currency issuance has been addressed historically in monetary theory.” He continued, “Milton Friedman said if you allow private currency issuance, you’ll get all kinds of private currencies being issued. And that’s exactly what has happened,” adding: We have a couple of thousand of these around, most of them are worthless. “I think if the cryptocurrency can facilitate transactions that are difficult to make in conventional currencies, then they will have a purpose and might circulate alongside of the nation-backed currencies,” he noted. Bullard proceeded to discuss the volatility in the crypto market. He said cryptocurrencies are “also quite volatile, as it’s been very apparent here in recent days.” However, he emphasized: “But the fact that different currencies have volatile exchange rates, that’s a fundamental problem in the international monetary order and it’s just that much bigger of a problem for privately issued currencies.” He added that “it’s even a problem for nation-state type currencies where they trade in a volatile way against each other that seems to be distant from actual movements and fundamentals,” elaborating: So lots of interesting things going on in this space and of course the Fed is also looking at a Fed coin. So we’ve got a lot going on, watching this very carefully. And I guess … in a nutshell that’s where I’m at on this. Following his comment that most cryptocurrencies out there are worthless, Bullard was asked whether it presents a financial stability risk. He replied: “We hope that those that are involved know the risks. Of course, any investment that you do can go up but it can go down as well. And so anybody that’s putting a portfolio together has to balance the risk and reward as always in finance.” The president of the Federal Reserve Bank of St. Louis concluded: “I think, for the most part, people like going into this with eyes wide open, they’re certainly not blind to the idea that this is a volatile area.” Bullard recently said that he is confident that bitcoin is not a threat to the U.S. dollar. Last week, he said that the recent cryptocurrency sell-off was not a systematic concern for the Fed and did not affect the central bank’s policies. What do you think about Bullard’s comments on cryptocurrencies? Let us know in the comments section below. View the full article

The Ontario Securities Commission (OSC) published documentation on Tuesday that claims the Seychelles-based crypto exchange, Poloniex has failed to contact the OSC in order to start compliance discussions. Poloniex meets the OSC’s jurisdiction because the trading platform operates trading accounts for Ontario residents, the OSC’s breach and conduct report notes. OSC Says Poloniex Failed to Communicate With the Ontario Regulator According to Ontario’s top financial regulator, the Ontario Securities Commission (OSC) sent out communications to crypto-asset trading platforms that offer digital currency services to citizens of Ontario. On March 29, the letter said “they must bring their operations into compliance with Ontario securities law or face potential regulatory action.” The notice also told the exchanges that the firms needed to contact the OSC by April 19, 2021 “to start compliance discussions.” However, the OSC’s latest report highlights that the Seychelles-based crypto exchange, Poloniex allegedly failed to contact the regulator. The OSC stressed that a process has been created for virtual asset service providers to follow. “A process is in place for crypto asset trading platforms to bring their operations into compliance with Ontario securities law. Entities such as Poloniex, which flout this compliance process, expose Ontario investors to unacceptable risks and create an uneven playing field within the crypto asset trading platform sector,” the report adds. No Other Digital Currency Exchanges Mentioned, OSC Seeks Penalties Against Poloniex The report does not mention any other digital currency exchanges that have complied or others that may have flouted the warnings. The litigation and enforcement staff of the OSC division wants Poloniex to “cease trading in any securities or derivatives permanently or for such period as is specified by the Commission.” Moreover, enforcement wants Poloniex to be barred from “acquiring any securities permanently” or until the OSC is satisfied. The regulator’s enforcement office also seeks to force Poloniex to: Pay an administrative penalty of not more than $1 million for each failure to comply with Ontario securities law. The order sought is dated May 25, 2021, by the OSC’s Litigation Counsel Charlie Pettypiece. The author notes that the Poloniex should also pay for investigation costs and all the orders proposed are “appropriate in the public interest.” What do you think about the Ontario Securities Commission’s recent report on Poloniex and the orders sought? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Legendary boxer and sports icon, Floyd Mayweather Jr.’s first ever NFT collection is officially available on Rarible. The drop includes digital collectibles celebrating the legacy of Floyd Mayweather Jr.’s life and career, including animations, physical artwork, and access to Mayweather Jr.’s both virtual and in-person meet and greets. Select NFTs are also associated with physical prints in addition to being logged forever on the blockchain. The final 1/1 limited edition auction piece can include private boxing lessons and dinner with Floyd Mayweather Jr. in addition to a custom diamond ring. Don’t miss out on the legacy collection. The Prelude Drop: Date: May 26, 2021 # Pieces: 1 Quantity: 50 Marketplace: https://rarible.com/floydnft The Legacy Drop Date: June 1, 2021 # Pieces: 4 Quantity: Both Fixed & 1/1 Auction Marketplace: https://rarible.com/floydnft For more information about the upcoming Mayweather NFT drop, please visit https://floydnft.com 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

Beijing’s recent crackdown on the cryptocurrency industry has found its way into Inner Mongolia according to a recent report. Inner Mongolian officials plan to introduce harsh penalties to bitcoin mining operations using the region’s grid without permission from authorities. New Rules Aim to ‘Punish Bitcoin Miners’ A regional report published by South China Morning Post’s contributor Coco Feng explains that Inner Mongolia’s top economic planner has revealed new rules against operating bitcoin mining facilities in the region. The new draft rules are available for public review until June 1 and it recently follows Inner Mongolian authorities asking residents to report illegal bitcoin data centers to the government. Beijing wants mainland China and even the Mongolic autonomous region of the People’s Republic of China to be carbon neutral by 2060. Feng details that the authorities in Inner Mongolia plan to target “industrial parks, data centres, telecoms companies, internet firms, and even cybercafes.” Bitcoin.com News recently reported on how cybercafes in China have been mining cryptocurrencies for extra income. The news rules aim to “punish bitcoin miners or those providing resources to miners” by leveraging a number of enforcements. Transgressors could be added to China’s “social credit blacklist” which would stop them from obtaining finance loans in the country and other benefits. Other punishments include: Revoking business licenses, and even shutting their businesses down completely. Following the Path to ‘De-China-isation’ Wang Juan, an associate professor on blockchain at Xi’an Jiaotong University detailed that the crypto market is slowly moving away from mainland China. “We are seeing the cryptocurrency market follow a path to ‘de-China-isation’ – first on trading and now on computing power, based on a series of stronger steps taken against cryptocurrencies and bitcoin mining last week by Beijing,” Juan explained on Tuesday. Moreover, cryptocurrency firms have been abandoning China during the last few days. Huobi and Okex stopped offering specific services to mainland customers and Btc.top and Hashcow followed suit the next day. Some have even implied that Chinese miners will be selling “cheap” mining rigs in the near future. What do you think about Inner Mongolia following Beijing’s recent crackdown on the crypto industry and bitcoin mining? Let us know what you think about this subject in the comments section below. View the full article

An analyst from the biotech consulting group Biotechvalley Insights believes after bitcoin lost 53% from the crypto asset’s all-time high, “the party is clearly over.” The biotech consulting group analyst thinks crypto investors will witness a slow “grind down the slope of hope with a periodic dead cat bounce” and expects prices to drop to $15,000 in the next few weeks. **Editor’s note: This article was updated at 4:55 p.m. (EST) to reflect a comment from a Bitcoin.com News reader who commented on the Biotechvalley Insights’ analyst’s editorial hosted on Seeking Alpha, and said the comment was deleted. Analyst Says to Drop Bitcoin and Never Look Back According to an analyst from Biotechvalley Insights, crypto investors should sell bitcoin and “do not look back.” The analyst said that he had warned investors in a previous article, before bitcoin (BTC) collapsed from a high of $64,895 to $30,066 losing more than 50% in value. The biotech consulting group investor stresses that people “should consider liquidating anything related to bitcoin or short it.” “[The] recent collapse proves that Bitcoin isn’t a safe haven, store of value, or a hedge against inflation/market correction, but a speculative token that can go down 50% in a week,” the article published on Tuesday notes. “Bitcoin has exhausted its exotic catalysts and is under coordinated regulatory attack by governments around the world. At this point, I don’t think there is anything that can save it from collapsing more,” the analyst’s report adds. The biotech author is a financial blogger ranked 7,211 out of 8,041 bloggers, and a -18.3% average return per rating. Nevertheless, the Biotechvalley Insights’ researcher is not the only individual who believes that “bitcoin is dead.” Two days ago, the gold bug Peter Schiff tweeted about ethereum and bitcoin with distaste. “Ethereum took out its May 19th low of $1,850. Bitcoin is less than $2K away from taking out it’s May 19th low too. On May 10th the total market capitalization of 10,000 crypto currencies hit a high of $2.485 trillion. It took less than two weeks to fall below $1.3 trillion,” Schiff said. Biotechvalley Analyst Plans to Short Bitcoin All the Way Down to a $15K Target The Biotechvalley Insights’ analyst believes that bitcoin’s downward spiral will take longer than most expect. The analyst’s target price is $15,000–$16,000 per BTC, but further says “the million-dollar question at this point would be, are we out of the woods?” The biotech consulting group researcher’s article emphasizes: I believe Bitcoin has a long way to fall from here. I think it will slowly grind down the slope of hope with a periodic dead cat bounce. As the technology is severely damaged, it is better to be the first one to sell into the bubble before the whole ship sinks. Bitcoin (BTC) and a myriad of other cryptocurrencies have been facing fierce scrutiny over environmental concerns, and governments are cracking down with excessive regulations. The biotech analyst says those are definitely issues, but cryptocurrencies also “have an extreme level of leverage.” “Any unexpected price movement downward can lead to rapid liquidations as many investors can’t meet the margin requirement,” the report notes. “Adding to that, it is no secret that bitcoin whales profit from this excessive leverage by manipulating the market and causing unexpected volatility to liquidate retail investors’ positions.” The analyst’s game plan is to short bitcoin (BTC) “until US$31k and liquidate 30-50% of the position to cover the cost base and continuously short with the house’s money.” The researcher thinks there will be key resistance in this range but after it breaks down resistance around “$19-20k” is expected. ** After this article was published, an email was sent to Bitcoin.com News in regard to the analyst’s editorial from Biotechvalley Insights. The individual added a comment to his analysis article hosted on Seeking Alpha, and the biotech analyst allegedly deleted it. What do you think about the Biotechvalley Insights analyst and the target of $15,000–$16,000 per bitcoin? Let us know what you think about this subject in the comments section below. View the full article

The Biden administration is reportedly looking to increase oversight of the crypto market with the aim to protect investors and prevent illicit transactions. White House officials, lawmakers, and central bankers have had several meetings on cryptocurrency regulation amid recent price swings of crypto assets. Biden Administration Discussing Crypto Regulation The Biden administration, lawmakers, and central bankers have held numerous meetings amid recent volatility in the crypto market, the Washington Post reported Tuesday. White House officials were briefed by the Treasury Department about the risks posed by cryptocurrencies earlier this month, the publication cited two people familiar with the matter. Federal regulators, including the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB), were also involved. Officials of the Biden administration are studying potential “gaps” in oversight related to the cryptocurrency market, such as whether cryptocurrencies can be used to finance illicit or terrorism activities, the people said, adding: They have also discussed whether some protections are needed for average retail investors purchasing cryptocurrency. The Treasury Department recently unveiled Biden’s tax proposal, including requiring businesses to report crypto transactions of more than $10K to the Internal Revenue Service (IRS) as part of a broader effort to crack down on tax evasion. Federal regulators currently do not see the volatility in the crypto market as a threat to the broader financial market stability but believe that the risks are worth monitoring. Administration officials are discussing whether crypto oversight can be heightened while still allowing investors to “dogecoin to their heart’s content,” one person briefed on the matter described, elaborating: They’re aware of the fact that there are all kinds of risks in the abstract and things to look out for, but they are still largely in a wait-and-see posture. Meanwhile, central bank officials and congressional lawmakers have talked more frequently about policies that could significantly change the crypto market. The House has passed bipartisan legislation, which has been sent to the Senate, instructing federal regulators to study and clarify rules for cryptocurrency. Bitcoin News reported Wednesday that federal regulators are working together to achieve this goal. According to Federal Reserve Vice Chair of Supervision Randal Quarles, this matter is of “high priority.” The recent market instability has compounded existing concerns about cryptocurrency, including the environmental effect of bitcoin mining. Government officials also think cryptocurrency makes it easier for criminals to transfer money without detection. Jason Furman, a senior economist in the Obama administration, was quoted by the news outlet as saying: I wish we had smothered this a decade ago before it grew into a $2 trillion monster. Digital currencies are all cons and no pros — environment, crime, volatility, taking advantage of unaware investors. If they had any use at all, we could debate it. But they don’t have any use at all. Meanwhile, the new chairman of the U.S. Securities and Exchange Commission (SEC) said that more investor protection is needed and crypto exchanges need more regulation. He revealed last week that he has asked Congress to weigh in on this issue. However, Congressman Jim Himes said that Congress is not ready to take action on cryptocurrency and in his opinion, no crypto registration will be passed by Congress anytime soon. John Fagan, a former director of the U.S. Treasury’s Markets Room and now principal of Markets Policy Partners, said the Biden administration is likely to look at cryptocurrency issues with a focus on problems caused by money laundering, tax evasion, and investor protection. He expects the Treasury to concentrate on the first two issues while the SEC on the latter. What do you think about the Biden administration’s push for more crypto oversight with the aim to protect investors? Let us know in the comments section below. View the full article

The British Advertising Standards Authority (ASA) has banned a bitcoin ad campaign put up across the London Underground network and on London buses by cryptocurrency exchange Luno. The UK advertising regulator says the ads are misleading and irresponsible. ‘Time to Buy Bitcoin’ Ads Banned in the UK A bitcoin advertising campaign put up across London Underground and on buses has been banned by the U.K. Advertising Standards Authority (ASA). The ads contained an image of a bitcoin with the words “If you’re seeing bitcoin on a bus, it’s time to buy” or “If you’re seeing bitcoin on the Underground, it’s time to buy.” They were put up in February. The ASA said it received four complaints. Three complainants “believed the ad failed to illustrate the risk of the investment” and “challenged whether it was misleading.” One complainant “challenged whether the ad took advantage of consumers’ inexperience or credulity,” the regulator detailed. “We considered that consumers would interpret the statement ‘If you’re seeing bitcoin on the Underground, it’s time to buy’ as a reference to buying bitcoin as an investment,” the ASA affirmed, elaborating: The ad appeared across the London Underground and London buses networks, which were untargeted media, and was therefore likely to have been seen by consumers who did not have extensive financial knowledge and experience of bitcoin, and would expect that the exchange of bitcoin would be regulated, with legal protection in place for investment activities. A bitcoin ad by Luno on the London Underground. Source: ASA “We understood that neither Luno nor the bitcoin market in general was regulated within the UK, and therefore consumers could not seek recourse to services such as the Financial Services Compensation Scheme or the Financial Ombudsman Service,” the ASA noted, adding: We therefore concluded that the ad was misleading. The agency further said: “We considered that consumers would interpret the statement ‘it’s time to buy’ as a call to action and that the simplicity of the statement gave the impression that bitcoin investment was straightforward and accessible.” However, the advertising regulator stated that “Bitcoin investment was complex, volatile, and could expose investors to losses and considered that stood in contrast to the impression given by the ad, that investment was simple and conventional.” The agency then detailed: We concluded that the ad irresponsibly suggested that engaging in bitcoin investment through Luno was straightforward and easy, particularly given that the audience it addressed, the general public, were likely to be inexperienced in their understanding of cryptocurrencies, and was therefore in breach of the Code. Luno Money Ltd., which put up the ads, told the ASA that “the ads would not appear again in the form complained about,” adding that “their future ads would feature an appropriate risk warning.” What do you think about the ASA’s reasons for banning these bitcoin ads? Let us know in the comments section below. View the full article

Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has predicted that a flood of institutional money will flow into bitcoin once miners have addressed the renewable energy and environmental, social, and governance (ESG) issues. He said the flood will begin when bitcoin meets the ESG standards which will allow institutional investors to get into the asset class. O’Leary Predicts Soaring Institutional Demand for Bitcoin After Miners Solve ESG Issues Kevin O’Leary has reiterated his concerns about bitcoin’s sustainability and the importance of the cryptocurrency meeting institutions’ ESG standards during a webcast at the Consensus 2021 convention Monday. ESG refers to the three central factors in measuring the sustainability and societal impact of an investment in a company or business: environmental, social, and corporate governance. The Shark Tank star emphasized that institutional investors are still interested in bitcoin despite the recent sell-off. Currently, less than 1% of institutions globally invest in cryptocurrency as an asset class. He explained that one reason stopping them from getting into cryptocurrency at a faster pace is because they have sustainability committees that screen investments and only allow ones that meet ESG standards. On Monday, Tesla CEO Elon Musk and Microstrategy CEO Michael Saylor announced that Musk talked to major North American bitcoin miners and they have agreed to form the “Bitcoin Mining Council” to promote renewable energy usage. However, many crypto proponents are skeptical. Nonetheless, O’Leary said that for the crypto industry: The fact that they’re going through this process, I consider a very positive sign. Mr. Wonderful revealed that the first question he asks a mining project before investing in it is how the project deals with ESG. Now that institutional investors are interested in gaining BTC exposure, he stressed that miners must ensure that bitcoin can meet the firms’ ESG standards. He previously said that large institutions have ESG compliance committees. “We have covenants around how assets are made, whether carbon is burned, whether human rights are involved, whether it’s made in China,” he explained. “Institutions will not buy coin mined in China, coin mined using coal to burn for electricity, coin mined in countries with sanctions on them.” The Shark Tank investor even suggested that there should be a way to “tag” a bitcoin and prove that it came from a sustainable energy source. While bitcoin proponents and developers are strongly opposed to any such data being tied to individual amounts, O’Leary claims that the technology is “being worked on,” and when it’s available, a flood of institutional money will come into bitcoin. He elaborated: It will be the reason it [bitcoin] goes to $100,000, $200,000. That’s not going to happen until institutions start to buy it. So everybody’s got to wake up and realize there’s demand, but it has to be done around ESG concerns. Do you agree with Kevin O’Leary? Let us know in the comments section below. View the full article

Investment bank Goldman Sachs says institutional investors and asset managers are driven to bitcoin by “fear of missing out” (FOMO). Goldman now considers bitcoin a new asset class. Nonetheless, institutional investors are facing several strong barriers to entry into the crypto market. Asset Managers, Institutions Facing Crypto FOMO Goldman Sachs said Monday that the fear of missing out (FOMO) on potential gains from cryptocurrencies among investors has pushed crypto prices higher over the past year. Mathew McDermott, Goldman Sachs’ global head of digital assets, said in a note to clients: There’s no doubt that ‘fear of missing out’ (FOMO) is playing a role given how much bitcoin and other crypto assets have appreciated and how many interested parties of all flavors have jumped into this space. While liquidity has increased in the crypto market recently, the analyst said “it’s still difficult for institutions to gain access to the market, which remains quite fragmented.” He continued: If you’re an asset manager or running a macro fund and your closest rivals are all investing [in cryptocurrency] and seeing material returns, your investors will naturally wonder why you are not investing [in the asset class]. McDermott proceeded to share key issues that Goldman clients have raised regarding what’s preventing them from increasing exposure to bitcoin or other cryptocurrencies. Firstly, McDermott said that “For corporates, increased involvement often depends on whether their board feels such involvement makes sense given the nature of the company and its objectives.” The Goldman analyst pointed out that “Some investment funds and asset managers don’t have the authority to invest a portion of their portfolios in crypto.” The second barrier concerns “How easily can clients gain exposure to the market, is the liquidity sufficient to meet their needs, and are they comfortable enough with the custody and security aspects of managing these assets?” In addition, some clients question whether having exposure to cryptocurrencies is the right thing to do and whether it makes sense for their investment strategies, portfolios, or balance sheets, the analyst detailed. Nonetheless, he emphasized: As evidenced by the increased inflows, more and more entities are becoming comfortable with having some exposure to the crypto space. What do you think about Goldman Sachs’ analysis? Let us know in the comments section below. View the full article

Since well before the onset of Covid-19, the U.S. Federal Reserve had initiated monetary easing policies and from then on, the M1 Money Stock supply skyrocketed to levels never-before-seen in history. This weekend reports disclosed that the Fed has started to taper quantitative easing (QE) when it removed $351 billion from the market last week. This Tuesday the Fed revealed it completed a reverse repo operation for $432.9 billion. On May 22, Bitcoin.com News reported on the Federal Reserve initiating overnight reverse repos (RRP) to the tune of $351 billion. Tuesday’s recently reported reverse repo shows a 23.07% increase. RRP facility operations are the opposite of QE, as the Federal Reserve removes M1 from the system by selling Treasuries back to the market. The most recent overnight operations seem to be only Treasuries, as no purchases of mortgage-backed securities (MBS) have been mentioned. The Federal Reserve followed the $351 billion RRP operation with $369 billion on Friday and $395 billion on Monday. The U.S. central bank revealed on Tuesday $432.9 billion was removed from financial markets. Since the Federal Reserve has been on a spree of reverse repo operations, speculators think the central bank will continue to increase the M1 removal. “Fed Reverse Repo 432.955 Billion from 48 counterparties Repo market is still broken, broken. We’ll break 500 billion tomorrow,” one person tweeted on Tuesday. On Monday, Scott Skyrm, executive vice president in fixed income and repo at Curvature Securities commented on the reverse repo situation to Market Watch columnist Joy Wiltermuth. “Why are they going to the Fed?” Skyrm asked. “Either there is too much cash or not enough collateral. It’s two sides of the same coin,” he added. “A BTIG Research team led by Julian Emanuel described the situation like a game of cat and mouse,” Wiltermuth’s report concludes. In 2020 alone, estimates say the U.S. central bank’s 2020 M1 increase eclipsed two centuries of USD creation. It is estimated that 24 to 30% of all USD was created in 2020 and Q1 2021. What do you think about the Fed’s reverse repos during the last few days? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Realm, a new NFT microverse platform, has closed its first investment round at $2.25M led by Alphabit with strategic investments from NGC, Genesis Block Ventures, LD Capital, Moonrock, and SL2 amongst other funds. Realm aims to challenge the current NFT platforms by offering creators and players a personalised metaverse aptly dubbed a “microverse”. Each microverse, known as a realm, will come with an original genetically coded blockchain avatar. The NFT platform integrates OpenSea’s vast NFT marketplace, and has partnered with Reef Chain to harness the power of Substrate and the Polkadot framework to ensure cross-chain compatibility. “We’ve been working on how the metaverse will blur the lines between digital and virtual realities for six months. We’re excited to have some world class investors on board who align with our vision of making everybody the master of their own realm,” said Matthew Larby, Realm CEO and Founder. “Alphabit has made a seed stage investment in this innovative NFT project, which marries AR and VR to really bring to life the digital collectible world. It really captures the imagination of what the future could look like, forging a path in the new metaverse,” said Liam Robertson, CEO of Alphabit. Realm plans to use the investment to grow the team, accelerate development of the simple creator tools that democratise creation, and build a wide range of smart objects for artists to use to express themselves in virtual spaces. Users of Realm will be able to utilize the platform in a series of different mediums including utilizing the AR functionality on a phone to enter their microverse through “magic window” AR technology that has been built by the Realm team. Microverse denizens are welcome to sign up for early access to claim their “realm” which is scheduled to debut during Q3 of 2021. About REALM Realm is a community driven open-source project to create personalised metaverses. Realm allows creators to combine music, art, and games to create the perfect realm and mint it as an ERC-1155. Discover art galleries in space to underwater auctions through augmented reality portals, and collect pets with cross-chain genetics. Media Contact: Cassie Doubleday / cassie@realm.art Location: United Kingdom Website: https://www.realm.art/ Twitter: @Enter_Realm Telegram: https://t.me/Enter_Realm Instagram: @Enter_Realm 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

After bitcoin prices dipped to a low of $30,066 per unit last week, lots of people have been focused on the panic sellers. Meanwhile, when bitcoin prices plunged, the number of bitcoin addresses in accumulation tapped an all-time high at 545,115 addresses. Number of Bitcoin Accumulation Addresses Hit New Highs Bitcoin (BTC) prices slid from a $64,895 per unit high to a low of $30,066 per bitcoin in 30 days losing more than 53% in value. When the price plunge took place data from Glassnode’s bitcoin “accumulation addresses” spiked. The number of bitcoin addresses in accumulation shows fundamental strength signals and gives investors a perspective of long-term holders. Glassnode’s data reflects addresses with little to no incoming transactions, as opposed to addresses that are more active. Nine months ago, Glassnode reported on accumulation addresses reaching the 500k mark. “There are over 500,000 Bitcoin ‘accumulation addresses’ holding a total of 2.6 million BTC (~14%). Accumulation addresses: – have 2+ incoming txs – never spent BTC – were active in the past 7 years (accounting for lost coins) – exchanges & miners are excluded,” the analytics firm said at the time. The current number of bitcoin addresses in accumulation recorded on Monday, May 24, 2021, was approximately 545,115 addresses, according to Glassnode stats. Glassnode’s “The Week On-Chain” highlights “anecdotal indicators” from Bixen’s Mustafa Yilham recent tweet storm that alluded to miner sell pressure stemming from China. “Observing the spending of miner coins demonstrates that whilst there is an uptick in miner-to-exchange flows,” Glassnode’s report notes. “Up from 100 BTC/day to 300BTC/day, this still represents a relatively small portion of the ~900BTC/day issuance,” the researchers said. More than 16,000 addresses have been added to the sum of bitcoin addresses in accumulation since the first week of May. Following the dip to $30,066, bitcoin addresses in accumulation jumped higher. What do you think about the number of bitcoin addresses in accumulation stats? Let us know what you think about this subject in the comments section below. View the full article

On Monday, the crypto asset fund manager One River filed a unique bitcoin exchange-traded fund (ETF) registration with the U.S. Securities and Exchange Commission (SEC). According to the Form S-1 filed, One River wants to list a carbon-neutral bitcoin ETF on the New York Stock Exchange (NYSE). One River’s Bitcoin ETF Aims to Provide a Fund That Offsets Carbon Emissions Associated With Bitcoin Mining Carbon-neutral bitcoin mining has been a topical conversation these days within the cryptocurrency community. One River is taking bitcoin funds to a different level by registering for a carbon-neutral bitcoin ETF with its partner the carbon credit platform MOSS. The CEO of MOSS Luis Felipe Adaime detailed in April that the “MOSS Carbon Neutral Custody allows any institutional or corporate investor a means to offset the carbon emissions associated with crypto assets.” On May 24, 2021, One River filed a Form S-1 registration with the SEC in order to disclose the company’s prospectus summary of the “One River Carbon Neutral Bitcoin Trust.” Common shares are to be listed on NYSE if the SEC approves the ETF, and performance will be measured with the MVIS One River Carbon Neutral Bitcoin Index. The ETF will leverage the spot price of carbon credits to offset calculations tethered to bitcoin energy consumption. “The Index is constructed using bitcoin price feeds from eligible bitcoin spot markets and volume-weighted median price average (“VWMP”), calculated over 20 intervals in rolling three-minute increments with adjustments to reflect the current spot price of carbon credits necessary to offset the estimated carbon footprint attributable to each bitcoin,” One River’s ETF filing notes. “The Index is designed to reflect the performance of bitcoin in U.S. dollars on a carbon-neutral basis,” the filing adds. Crypto Community’s Focus Continues to Center on Bitcoin’s Energy Consumption The trust will hold bitcoin and offer direct exposure to the leading crypto assets in USD but on a “carbon neutral basis.” Essentially, the trust offered by One River “provides direct exposure to bitcoin, and the Shares of the Trust are valued on a daily basis using the same methodology used to calculate the Index, as adjusted to reflect the expenses associated with the offsetting carbon credits.” One River’s Carbon Neutral Bitcoin Trust filing with the SEC, follows the topical conversation being discussed during the past two weeks ever since Tesla stopped accepting bitcoin (BTC) for payments. More recently, Musk has been talking about working with North American bitcoin miners with the creation of a Bitcoin Mining Council. The focus on the Bitcoin network’s energy consumption has not left the limelight since, and One River’s filing comes at an interesting time. What do you think about One River’s Carbon Neutral Bitcoin Trust filing on Monday? Let us know what you think about this subject in the comments section below. View the full article

Investment banks JPMorgan and Goldman Sachs have initiated coverage of the Coinbase Global stock. JPMorgan gives Coinbase an overweight rating with a 60% upside potential while Goldman Sachs begins with a buy rating. JPMorgan, Goldman Sachs Now Covering Coinbase Stock A couple of major investment banks initiated coverage of the Coinbase Global stock (NASDAQ: COIN) this week. At the time of writing the price of COIN Is $233.99. JPMorgan initiated coverage of Coinbase on Tuesday with an overweight rating largely due to the company’s key position in the growing cryptocurrency space, analyst Kenneth Worthington explained. The firm sets the target price for Coinbase at $371, a 59% increase from the current level. The analyst detailed: We see the cryptomarkets as durable and growing, and expect Coinbase has the opportunity to influence and benefit from this market growth as it innovates. Another investment bank, Goldman Sachs, initiated coverage of the Coinbase Global stock on Monday with a buy rating. The firm has set the price target for Coinbase at $306, a 31% increase from the current level. Goldman Sachs analyst Will Nance explained that Coinbase Global “brings leverage to an ecosystem that has seen strong growth driven by increasing adoption of digital currencies.” In addition, COIN has “an attractive business model that thrives on elevated cryptocurrency volatility,” with “significant opportunities to add additional features and capabilities.” The analyst further said: We believe COIN represents a blue-chip way through which to invest in the development of the ecosystem. Bitcoin News reported Monday that Goldman Sachs is now considering bitcoin an investable asset and a new asset class. “Clients and beyond are largely treating it as a new asset class, which is notable — it’s not often that we get to witness the emergence of a new asset class,” Goldman’s analyst wrote. Would you buy the Coinbase stock? Let us know in the comments section below. View the full article

After Tesla’s Elon Musk and Microstrategy CEO Micheal Saylor revealed the revelation of a newly created “Bitcoin Mining Council,” the news became a viral subject. While some crypto supporters like the idea, others have been skeptical of a couple of billionaires having closed-door meetings with North American bitcoin miners. Bitcoin Mining Council Brings Back Memories of Notorious Hong Kong and New York Agreements On Monday, Elon Musk told his Twitter followers that he recently spoke with North American bitcoin miners, as he said they are “committed” to working toward using renewable energy sources. Following Musk’s statement, Microstrategy’s CEO Micheal Saylor said he hosted the meeting between Musk and the “leading bitcoin miners in North America.” Saylor further revealed some of the mining participants that have joined the “Bitcoin Mining Council.” Hi I'm new to bitcoin And I'm here to fix it – @michael_saylor – @elonmusk We've been here and got the t-shirt fellas. It probably won't go how you envisioned it. — Danny Brewster (@BtcDanny) May 24, 2021 According to Saylor’s tweet, miners such as Riot Blockchain, Core Scientific, Galaxy Digital, Hive Blockchain, Hut8, Marathon, Argo Blockchain, and Blockcap have joined the initiative. Despite some people’s optimistic opinions about the Bitcoin Mining Council, not everyone was positive about this announcement. For a great number of crypto proponents, the closed-door meeting was looked at as shady and reminded them of the infamous Hong Kong and the New York Agreements. For instance, the Twitter account @altcoindailyio responded to Saylor’s tweet and said: We’ll call it the New York Agreement. ‘Closed-Door Meetings Do Not Typically Have Any Good Outcomes in Bitcoin’s History’ The Twitter account @documentingbtc also responded to Saylor’s announcement and said: Closed-door meetings do not typically have any good outcomes in Bitcoin’s history. The Hong Kong and New York Agreements are very controversial times within the community. The Hong Kong Agreement took place on February 21, 2016, and was titled “Bitcoin Roundtable Consensus.” In that specific agreement, it said that the signatories agreed that the Bitcoin protocol would increase the block size to “2 MB, with the total size no more than 4 MB.” The infamous Hong Kong Agreement. Many people signed the Hong Kong Agreement, including people who changed their positions later, and then decided to fight against any block size increase. Signatures from individuals, who in more recent times have been wholeheartedly against any block size increases, including people like Luke Dashjr, Matt Corallo, Peter Todd, Adam Back, and Samson Mow. Alongside a number of programmers, a large demographic of bitcoin miners also agreed to the Hong Kong Agreement’s commitments. But the Hong Kong Agreement never came to fruition, and soon led to another notorious meeting called the New York Agreement. The New York Agreement was initiated by the company Digital Currency Group and also became a controversial meeting. This meeting was dubbed “Bitcoin Scaling Agreement at Consensus 2017” after it was held during Coindesk’s Consensus conference in New York that year. Once again, a 2 MB block size increase was proposed and agreed upon by a great number of industry participants from 58 companies located in 22 countries, and 83.28% of hashing power. The only part of the New York Agreement that made it through was the implementation of Segregated Witness (Segwit), and the 2 MB increase was squashed. Amid Conspiracy Theories, Argo Blockchain Executive Says: ‘Bitcoin Mining Council Is the Next Logical Step’ These prior meetings with miners have caused a lot of controversy within the cryptocurrency community, so Saylor’s and Musk’s Bitcoin Mining Council has been looked upon with the same skepticism. Some of the bitcoiners on the Reddit forum, r/bitcoin, don’t seem to appreciate the two billionaires interfering with miners and addressing carbon neutrality. One Reddit post calls the Bitcoin Mining Council a “publicity stunt to address environmental concerns.” In another post, one Redditor said: ’Dirty energy Bitcoin’ is just Wall Street’s new way to slow bitcoin’s dominance since ‘only criminals use bitcoin’ stopped working. Tesla car plants and charging stations should publish their energy mix — Peter McObnoxious (@PeterMcCormack) May 24, 2021 The conspiracy theories on r/bitcoin are littered all over the first few pages of the forum. One r/bitcoin post predicts that Tesla will soon announce a so-called Tesla Bitcoin mining operation and many people agreed with the theory. Despite the conspiracies, members of the Bitcoin Mining Council look forward to promoting the concept of environmentally friendly bitcoin mining operations. Executives from Argo Blockchain (LSE: ARB) said the firm discussed the situation with Musk and Saylor. Following the meeting, Peter Wall, Chief Executive of Argo Blockchain, said: “Today is a good day for the planet.” “Sustainability has always been at the heart of Argo’s mining operations and the newly-formed Bitcoin Mining Council is the next logical step in fostering a sectoral shift towards renewable energy,” Wall said in a statement sent to Bitcoin.com News. “I enjoyed speaking with Elon Musk about these issues this weekend, and look forward to joining Michael Saylor and other leading North American miners in working to future-proof an industry that must collectively improve sustainable mining practices and take ESG concerns seriously.” What do you think about the responses to Bitcoin Mining Council and the similarities between the meeting and the New York and Hong Kong Agreements? Let us know what you think about this subject in the comments section below. View the full article

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Uganda’s Financial Intelligence Authority (FIA) says it wants the country’s Finance Ministry to help formulate a regulatory framework for crypto service providers. According to the FIA, this call for the government’s intervention has prompted by the Ugandan crypto industry’s failure to comply with an earlier plea for industry players to register. Terrorism Concerns Furthermore, in a recent report—which quotes Sydney Asubo the FIA executive director—the financial intelligence body explains why it wants the Ugandan government’s involvement in crafting the regulation. The report states: Virtual assets service providers are now in category 16 of the most vulnerable to terrorism financing and money laundering. Last year we gave them one month to register but only a few responded. In December 2020, the FIA published a letter revealing an amendment to the Anti-Money Laundering Act which classed Virtual Asset Service Providers (VASP) “as accountable persons.” This, therefore, meant entities like cryptocurrency exchanges or other crypto asset service providers were “now subject to the supervision and monitoring by the FIA.” Protecting Ugandans From Crypto Scams Still, despite this amendment calling VASP to register by December 27, 2020, only a few have responded. According to the FIA, this non-compliance limits its ability “to protect users and the larger economy.” Meanwhile, the report also explains how the proliferation of “pyramid and cryptocurrency companies that offer out-of-the-world returns on investment” has shaped how FIA views the crypto industry. Many Ugandan citizens have, just like many others across Africa, been victims of crypto scams. The FIA believes it can fight as well as reduce the number of crypto scammers if crypto service providers are placed under its supervision. Do you agree that regulation will end or reduce the number of crypto scams in Uganda? Tell us what you think in the comments section below. View the full article

South Korea’s monetary policy regulator is taking steps to create its own digital coin. Bank of Korea is now looking for a technology provider to develop a test environment for the project. The news comes after major commercial banks expressed skepticism over their cooperation with domestic cryptocurrency exchanges. Central Bank of Korea to Launch Pilot Platform for CBDC The tech supplier will be chosen through an open bidding process, Bank of Korea (BOK) announced Monday. Its task will be to set up a pilot platform for the launch of the South Korean central bank digital currency (CBDC). A Reuters report notes that the bank’s plan to research the matter and conduct trials is the first step in that direction taken by Asia’s fourth-largest economy. With the expansion of the cryptocurrency space providing an alternative to traditional finances, dozens of central banks around the world have set CBDC projects in motion. China has been developing its digital yuan, the Federal Reserve is working on digital dollar prototypes, Eurozone’s ECB is mulling whether to create a digital euro, and the Bank of Russia will present a digital ruble prototype this year. Speaking during a press briefing, a BOK official commented: The share of cash transactions is decreasing significantly. The steps we are taking now are to prepare for the changes in the payment settlement system. The Korean central bank further detailed that the test platform will facilitate simulations of commercial banks and retail outlets. The trials will also cover mobile phone payments, fund transferring, and deposit processing. The pilot program is scheduled to run between August and December this year, but a second phase may extend the testing. Commercial Banks Reluctant to Work With Crypto Exchanges While the Korean central bank is preparing to explore options to issue a state-controlled digital currency, decentralized cryptocurrencies have captured the attention of South Koreans. The local price of the leading cryptocurrency, BTC, reached a record high of around $72,000 this year, but market volatility has raised the regulator’s concerns. BOK recently stated its intentions to closely monitor crypto transactions through real-name accounts used by Korean traders. Major banking institutions, however, have expressed skepticism over their cooperation with cryptocurrency exchanges. According to a report by the Korea Herald, financial groups such as Hana have decided not to issue real-name bank accounts for crypto trading. Others that have, like K Bank which allows accounts for crypto traders on Upbit, see little reason to continue to do so. A top Woori official, Woori being KB’s second-largest shareholder, was quoted by Yonhap saying: Returns from alliance with crypto exchanges, mostly trading fees, are not much greater than risks stemming from possible money laundering issues and hacking attacks. Upbit is among only four domestic crypto exchanges, along with Bithumb, Coinone, and Korbit, currently working with commercial banks to implement the real-name system. In April, Korea’s Financial Services Commission warned that around 200 coin trading platforms currently operating in the country could be should down under new regulations to be enforced in September. The registration of real-name accounts is one of the key requirements smaller crypto exchanges fail to meet. What do you think about the Bank of Korea’s plan to develop digital currency? Share your thoughts on the project in the comments section below. View the full article

USDC, the second most popular stablecoin in the cryptocurrency market, is late in releasing its attestations, which are documents that certify the number of dollars the custodian Centre holds in banks. The last attestation available for the currency dates back to February when the currency had a market cap of nine billion dollars. This fact and the sudden growth the cryptocurrency experienced in the last few months is raising alarms about the delay of these documents. Centre’s USDC Runs Late in Its Attestation Reports USDC, one of the biggest stablecoins in the crypto market today, is late producing its attestation documents, according to data taken from its own transparency website. The attestations, that are scheduled to be produced monthly have stopped, with the last one dealing with February’s funds released last April 27, a considerable delay from its normal issuance date. There has not been a public disclosure of why the tardiness is happening from any of the people who have knowledge of how USDC operates internally. USDC’s attestations are produced by Grant Thornton LLP, one of the leading independent audit, tax, and advisory firms, that has the manpower to manage USDC’s complexity as a business. To make things worse, the crypto asset has experienced explosive growth since February. Its market cap has gone from 9 billion USDC on February 28 to 20 Billion USDC at the time of writing, more than doubling its issuance in just a few months according to numbers taken from Coingecko. USDC is one of the most trusted stablecoins in the market, being issued by Centre, a joint effort by Coinbase and Circle, two big names of the exchange business in the US. This pedigree has given it the aura of being the safe stablecoin of the market. Circle’s chief executive Jeremy Allaire has tweeted about the growth of USDC on various occasions. Circle’s blog also discussed the stablecoin’s market cap on May 11, when it crossed $15 billion. But these delays are raising alarms in parts of the cryptocurrency community, that are worried this problem might have to do with the actual solvency of the issuing institution. An article published on Zerohedge and written by Vince Lanci shows how issues can undermine confidence in one of the pillars of cryptocurrency trading: stablecoins. Stablecoin Woes Other stablecoins have also fueled these kinds of worries in the market: this is the case of USDT, the largest stablecoin in the market, issued by Tether Limited. USDT, which has the biggest market cap of all, had years without issuing any documents until last February when the firm released an attestation produced by independent firm Moore Cayman, certifying it had 35 billion USD backing its issuance at that time. Tether also faced the New York Attorney General’s Office in a lawsuit, settling its case with a fine of $18.5 million and being barred from conducting business in the city after almost two years of trial. What do you think of USDC’s delays in producing its attestations? Tell us in the comments section below. View the full article

Nobel laureate and professor at Yale University, Robert Shiller, is tempted by the crypto market. He is mulling over investing in cryptocurrency to experience the market. “I never bought bitcoin. Maybe I should be active in that market,” he said. Yale Professor and Nobel Prize Winner Mulls Over Getting Into Crypto Nobel laureate Robert Shiller talked about cryptocurrency in an interview with CNBC, published Sunday. Shiller won The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2013 alongside Eugene Fama, Lars Peter Hansen “for their empirical analysis of asset prices,” The Nobel Prize’s website details. He is currently Sterling Professor of Economics at Yale University. Shiller is concerned about the current housing market, stocks, and cryptocurrencies, stating that he sees a “wild west” mentality among investors in these markets. Discussing the crypto market in particular, Shiller said “That’s a very psychological market. It’s impressive technology.” However, he argued that “the ultimate source of value is so ambiguous that it has a lot to do with our narratives rather than reality.” Nonetheless, he said he has been tempted to get into crypto. The Nobel Prize-winning economist shared: I was thinking of buying them to experience the effect. A lot of people do that actually. I never bought bitcoin. Maybe I should be active in that market. Shiller has always been a bitcoin skeptic. In 2017, he said that the best example of “irrational exuberance or speculative bubbles” was bitcoin. In 2018, he said that it looks like a bubble and questioned whether the cryptocurrency will be around in 100 years. Nonetheless, he noted, “I don’t mean to be dismissive of bitcoin,” adding that something good may come out of cryptocurrency. Meanwhile, another Nobel laureate Paul Krugman said last week that he has given up predicting the imminent demise of bitcoin, stating that “There always seem to be a new crop of believers. Maybe just think of it as a cult that can survive indefinitely.” Do you think Nobel laureate Robert Shiller should buy bitcoin? Let us know in the comments section below. View the full article

Bridgewater Associates founder Ray Dalio has revealed that he owns bitcoin despite concerns he has long voiced about governments interfering and even outlawing cryptocurrencies. The boss of the world’s largest hedge fund said “bitcoin’s greatest risk is its success.” Ray Dalio Got Bitcoin Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, has revealed that he owns bitcoin. In an interview at the Consensus 2021 conference, which was recorded on May 6 but released Monday, he said: I have some bitcoin. Dalio is the co-founder and chief investment officer of Bridgewater Associates, whose clients include endowments, governments, foundations, pensions, and sovereign wealth funds. Emphasizing that bitcoin is still small and not a threat to governments, he noted that if it succeeds, “one of the great things, I think, as a worry is the government having the capacity to control … bitcoin, or digital currencies. They know where they are, and they know what’s going on.” He continued: “The more we create savings in [bitcoin], the more you might say, ‘I’d rather have bitcoin than the bond’ … And then the more that happens, then it goes into bitcoin and it doesn’t go into credit, then [governments] lose control of that.” Dalio also said, “Personally, I’d rather have bitcoin than a bond.” As for the greatest risk he sees bitcoin facing, the Bridgewater Associates boss said: I think bitcoin’s greatest risk is its success. Dalio has come a long way on bitcoin and cryptocurrency. In November last year, he admitted that he may be wrong about bitcoin and wanted to learn more about the cryptocurrency. By December, he had learned enough to say that he saw BTC as a gold alternative. In January, he said bitcoin was “one hell of an invention.” However, throughout it all, he warned that the government could restrict bitcoin investments, such as by imposing “shocking” taxes. He believes that there is a “good probability” that governments will outlaw bitcoin and that bitcoin’s success would bring about tough regulation. What do you think about Ray Dalio buying bitcoin while warning about a government ban? Let us know in the comments section below. View the full article

There have been two back-to-back flash loan attacks in a short period of time stemming from two unique Binance Smart Chain decentralized finance (defi) projects. Last Wednesday, the yield-farming platform Pancakebunny lost close to $3 million in a flash loan attack according to reports. The following Sunday, Bogged Finance saw $3 million exploited from a flash loan attack. Pancakebunny Gets Hit by a Flash Loan Attack – $3 Million Drained Ever since hackers leveraged flash loans to attack the defi margin trading protocol Bzx, flash loans have been a common attack in the defi world. Flash loans are a type of scheme that allows the issuance of loans within a single transaction or attack. Besides average people leveraging the flash loan construct for fun, malicious actors have found attack parameters in order to drain funds from defi projects. This past week between a five-day period, there were two flash loan attacks that saw around $6 million in total taken from both projects combined. On May 19, the defi project Pancakebunny leveraged its Twitter account to announce the news. “Attention Bunny Fam,” the account tweeted. “Our project has suffered a flash loan attack from an outside exploiter. We will be posting a post mortem, in-depth analysis, but for the time being, we would like to update the community as to how this happened,” the official Twitter account added. In a play-by-play recap, Pancakebunny said the “hacker used Pancakeswap to borrow a huge amount of BNB… then went on to [manipulate] the price of USDT/BNB as well as BUNNY/BNB. The hacker ended up getting a huge amount of BUNNY through this flash loan… The hacker then dumped all the bunny in the market, causing the bunny price to plummet. The hacker paid back the BNB through Pancakeswap.” Estimates show around $3 million in tokens were drained from the Pancakebunny flash loan attack. BUNNY token markets suffered considerably after the exploit was announced. Bogged Finance Hacker Drains $3 Million of the Project’s $6 Million in Liquidity Using a ‘Complex Flash Loan Attack’ Then this weekend another Binance Smart Chain defi project called Bogged Finance took a flash loan beating for $3 million as well. The defi project Bogged Finance’s post mortem says: “BOG token was exploited by an unknown attacker who was able to drain $3m of the $6m liquidity using a complex Flash-Loan based attack. The attack was mitigated within 15 blocks of it starting to prevent a full drain of the liquidity pools.” Bogged Finance said that it planned to force migrate the contract by using the same exploit the attacker used to remove “illegitimately obtained tokens.” The project’s team members added: “Everyone will receive their LP tokens and $BOG on a new contract over the coming hours.” An update on May 24, says that the project’s migration is taking longer than expected. “The Bogged Finance Token Migration is taking longer than expected,” Bogged Finance explains. “The funds are being held securely in this wallet, until redeployment is complete. We are excited to launch the new version of the BOG Contract with over 7.5 million tokens burned. We will announce a countdown for the relaunch before launch.” Both BUNNY and BOG markets suffered significantly after these flash loan attacks. BOG slipped from $1.80 per token to $0.0003 after the flash loan attack was revealed. BUNNY markets saw a loss of 95% after the flash loan attack took place on Wednesday. What do you think about the two recent flash loan attacks that have exploited Binance Smart Chain defi projects? Let us know what you think about this subject in the comments section below. View the full article

Tesla CEO Elon Musk has spoken with North American bitcoin miners and they have committed to forming a Bitcoin Mining Council to “promote energy usage transparency & accelerate sustainability initiatives worldwide.” They have also agreed to publish their current and planned renewable usage. The meeting was hosted by Microstrategy CEO Michael Saylor. Elon Musk and Michael Saylor Say Miners Have Agreed to Form Bitcoin Mining Council The Technoking of Tesla, Elon Musk, announced on Twitter Monday that he has spoken with bitcoin miners. He wrote: Spoke with North American bitcoin miners. They committed to publish current & planned renewable usage & to ask miners worldwide to do so. Potentially promising. Microstrategy CEO Michael Saylor immediately tweeted explaining: Yesterday I was pleased to host a meeting between Elon Musk and the leading bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide. Saylor proceeded to say the meeting included executives from Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon, and Riot Blockchain. According to the Microstrategy CEO, the executives present at the meeting have “decided to establish an organization to standardize energy reporting, pursue industry ESG goals, & educate and grow the marketplace.” What do you think about Elon Musk convincing bitcoin miners to form a council to promote renewable energy usage? Let us know in the comments section below. View the full article

Yield Farming protocol DYP has launched its long-awaited DYP Tools. DYP Tools V1 is a decentralized tools dashboard built with features that will increase the use cases for DYP Token and the entire DeFi ecosystem. The tool dashboard serves as a liquidity locker for any DeFi project and protects the DeFi community by providing a decentralized trust score for all DeFi. The launch of the DYP Tools V1 is a significant milestone for the yield farming protocol, and the dashboard tool is equipped with extensive features. Some of these include UniSwap Watchman, Pool Explorer, Unique Community Trust Vote System, Big Swap Explorer, DYP Locker, Top Tokens Page, Yield Farm Data, and many more. Let’s look at some of the features. Comprehensive data aggregator DYP has integrated a UniSwap Watchman option that aggregates data from Uniswap V2 smart contracts periodically. The data is transformed into the proper format and takes care of storing and sending it within the DYP Tools core. The Pool Explorer is a handy option for Uniswap traders and shows the latest activity within the pools supported on the DEX. It also has filter options that traders can use to check the addition and removal of pools. Traders can also view the top 10 hottest pairs, ETH price from Coingecko, and the latest ETH Gas price. The Pair explorer is more specific than the Pool explorer and scans names and links of pairs on UniSwap. Traders can access TradingView Charts, crypto pair prices, liquidity, volume, and other information. The community trust and vote option is also available, and users can view the last 333 swaps on a trading pair. Additionally, a Big Swap explorer option provides info about big swaps (swaps exceeding $10,000) on Uniswap. This way, traders can know whale movements and be informed of potential liquidity increases or removal from a trading pool. DYP Tools also has a top token page that shows the top 100 tokens based on preset parameters, including trust score, liquidity amount, volume, and price change. Yield farmers can also view the latest Farm data from top crypto data aggregators at a single click on the Tools dashboard. Decentralized voting option and zero fee liquidity locker DYP Tools also has a unique feature for voting that it expects to transform the current community trust system in the DeFi and crypto space. Most common crypto data aggregators favor a voting system that anyone can easily manipulate. With the DYP Tools, a unique Community Trust Vote System, no one will control the voting process for a crypto project. DYP has implemented a system whereby you can only vote on a project if you hold the token in your wallet to achieve this transparent system. All that is required is for voters to connect their wallets and press the like or dislike feature. DYP Tools smart contract checks if the wallet holds the token needed for the vote. If the token is held on the wallet, the vote will be casted and if otherwise,the voter will be given a prompt that they need to hold the token to cast their vote. The DeFi sector is filled with new projects that claim to lock their initial liquidity and eventually rugpull (remove liquidity), leading to a collapse of the project. DYP has integrated a DYP Locker tool that prevents such actions from occurring. Developers can lock their pools securely using the Locker platform at zero initial costs. This is the cheapest lock option in the DeFi space and offers a transparent and fair process for new DeFi projects. To create a lock, 1% of the liquidity provider tokens will be sent as ETH to buy and lock DYP, which fuels this process. Once the lock period is over, DYP is sent to the recipient’s wallet along with the liquidity unlocked. Other features DYP Tools also provides options for users to submit information about new projects to increase their trust score. A button to access the DEX to buy DYP and swap tokens while users can also change their themes. The subscription smart contract setup is built for users to get premium features. Users can buy DYP using this feature, and the smart contract locks the DYP for a certain period. As soon as the DYP tokens are unlocked, the user will switch to a free version. DYP has a premium subscription for advanced traders and businesses where users need to buy DYP tokens worth $75 and lock on the smart contract. If the DYP is locked, the user can access the paid version, while on unlocking DYP, the entire process reverts to the free version. The premium subscription provides users access to manual research for new and old projects, access to new features released on the platform, and guaranteed allocation of new project token resale launched on the DYP LaunchPad. DYP also stated that it would soon release its LaunchPad in the coming weeks. The LaunchPad will provide new token offerings to the market and users will be able to participate based on their staking balance or DYP Tools Premium subscription. The DYP LaunchPad will provide mandatory smart contract audits from top industry security firms. The KYC of the project team, liquidity locked via the DYP locker and team tokens locked on vesting contracts. DYP continues to trail the blaze in the DeFi space, and the launch of the DYP Tools V1 is expected to lead to an adoption of the DYP token and its project within the crypto space. To learn more about DeFi Yield Protocol, follow the links below. www.dyp.finance | Twitter | Discord | Telegram | Github | Medium This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

Vitalik Buterin, one of the most renowned Ethereum founders, has rebuffed Elon Musk’s take on fixing cryptocurrencies in a new paper where he details the limits of blockchain scalability. Buterin touches on three subjects: storage, bandwidth, and computing power, commenting on their limits with today’s tech. Vitalik Buterin Criticizes Elon Musk’s Simplistic Take Vitalik Buterin, the founder of the second most successful cryptocurrency (Ethereum), criticized yesterday Elon Musk’s take on fixing cryptocurrencies just by raising some key aspects. In a new paper titled “The Limits to Blockchain Scalability,” Buterin sends a pair of jabs to Elon, asking in its very first paragraph: Can you really, as Elon Musk wishes, “speed up block time 10X, increase block size 10X & drop fee 100X” without leading to extreme centralization and compromising the fundamental properties that make a blockchain what it is? Buterin, who has always been worried about blockchain adoption, then goes on to expand these ideas in the paper. He states that one of the most important factors for blockchain defense and decentralization is the possibility of normal users to run a node (this has raised already a round of critics from some users in the big block community, and contrasts with other points of view like the one Olivier Janssens has expressed since 2017). For him, there are just three fundamental factors that can affect the ability of end-users to run a node: storage, bandwidth, and computing power. The paper explains how these three factors should be configured and their recommended values if the objective is to have a properly working blockchain. For storage, it points out that while there are 8TB SSD available, this is not an acceptable size for most users, with 512 gigabytes being in the upper limit. About bandwidth, although there are already very quick connection speeds available, it states that the limit is about five megabytes blocks every ten seconds because nodes also need to save bandwidth for protocol overhead and transaction broadcast. And for computing power, the paper explains that ten percent of the maximum capability of a computer should be the limit because nodes need to save power to face DDoS attacks and face short outages. Musk Fires Back The paper constitutes a technical rebuff to what Musk had proposed last week when he tried to address scalability in a simplistic way. Musk has proposed to fix Dogecoin, his cryptocurrency pick, to be the next scalable currency for the world. He even offered to fund development and help current Dogecoin programmers to improve the behavior of the currency to be more energy efficient. Musk didn’t wait too much time to strike back at this technical answer to his objectives: Tesla’s CEO had fun while stating that Buterin had fear of the Doge, while posting a meme that showed a Shiba Inu dog in a classic Jaws movie poster on Twitter. What do you think about Buterin’s last paper? Tell us in the comments section below. View the full article