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Joe Biden’s pick to become the new U.S. Treasury Secretary, Janet Yellen, has clarified her stance on bitcoin and cryptocurrencies. This follows her remarks during a Senate hearing when she said that cryptocurrencies are mostly used for illicit financing. Janet Yellen Clarifies Her Crypto Plans Janet Yellen clarified her position on the regulation of cryptocurrencies in a written testimony published Thursday following the Senate hearing on her nomination as the Treasury Secretary. During the hearing, Yellen made some statements regarding cryptocurrencies which were heavily criticized as being inaccurate. The finance committee began by briefly describing the benefits and risks of bitcoin and other cryptocurrencies. “Bitcoin and other digital and cryptocurrencies are providing financial transactions around the globe, like many technological developments, this offers potential benefits for the U.S., and our allies,” the written testimony reads. “At the same time, it also presents opportunities for states and non-state actors looking to circumvent the current financial system and undermine American interests. For example, the Central Bank of China just issued its first digital currency.” “Dr. Yellen, what do you view as the potential threats and benefits these innovations and technologies will have on U.S. national security? Do you think more needs to be done to ensure we have appropriate safeguards and regulations for digital and cryptocurrencies in place?” the finance committee asked the Treasury Secretary nominee. Yellen replied: “I think it important we consider the benefits of cryptocurrencies and other digital assets, and the potential they have to improve the efficiency of the financial system.” She continued, “At the same time, we know they can be used to finance terrorism, facilitate money laundering, and support malign activities that threaten U.S. national security interests and the integrity of the U.S. and international financial systems,” elaborating: I think we need to look closely at how to encourage their use for legitimate activities while curtailing their use for malign and illegal activities. “If confirmed, I intend to work closely with the Federal Reserve Board and the other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations,” Yellen concluded. Yellen’s clarification marginally softens her stance on cryptocurrency, contrasting her previous statements made during her confirmation Senate hearing. “Cryptocurrencies are a particular concern. I think many are used … mainly for illicit financing and I think we really need to examine ways in which we can curtail their use and make sure that anti-money laundering (sic) doesn’t occur through those channels,” Yellen said a few days prior. Last week, the president of the European Central Bank (ECB), Christian Lagarde, also made a statement about bitcoin that drew much criticism. She said bitcoin “has conducted some funny business and some interesting and totally reprehensible money laundering activity.” Many were also quick to point out how wrong Lagarde was, including a famed economist who said her statement was “outrageous.” He stressed that “we all know that the vast majority of money laundering globally is conducted in fiat currencies, particularly in U.S. dollars and euros.” What do you think about Janet Yellen’s follow-up remarks about bitcoin? Let us know in the comments section below. View the full article

There’s been a lot of unrest in the U.S. and just before the presidential election’s electoral vote, Big Tech took action and censored a great number of individuals and even competing social media platforms. Moreover, even after President Biden’s first few days in office, social media apps continued to purge dissent. On January 22, Facebook deleted my social media profile, and a former co-worker’s account as well, for our libertarian views. An Anti-War, Free-Market Libertarian Speaking Out Against Tyranny and Censorship For many years now I’ve been an activist and years ago, Dr. Ron Paul helped me find libertarianism. At that time, I was a minarchist who believed in a minimalist form of government and the constitution. However, after traveling further down the rabbit hole, by reading the likes of Larkin Rose, Lysander Spooner, and others, I changed. Six months later, I considered myself an anarcho-capitalist. In 2008, I created my Facebook account and since then, even well before I began writing about bitcoin, I amassed a large following. Years later, in late 2011 into 2012, I discovered bitcoin and three years later, I decided to write about the technology every single day for a profession. For over a decade, I had used Facebook to share my libertarian views, connect with others, and share my bitcoin articles as well. It was in 2020 when things really started to change on the platform. Censorship was taking place regularly, and the company had applied ‘fact-checkers’ that are used to flag alleged ‘fake media.’ I personally never advocated violence, hate, or anything that truly went against community standards. Well before the incident in Washington DC during the first week of January, throughout 2020, Big Tech has censored lots of dissenting opinions and certain views about Covid-19. After the Capitol breach, however, Big Tech has spread the purge further focusing on those who speak out against the current fascism. I did, however, explain on a regular basis that the government is an immoral entity, one that is built upon violence. I was not a Trump fan or a Republican, however, I had shown distaste for Joe Biden, Donald Trump, Obama, Bush, and the rest of the presidential goons. Yes, I regularly told political followers that they had lost all decency by forgetting to be individuals and instead towing R & D party lines. Many posts I had written also called for opening the economy, letting people decide on whether or not they want to wear a mask, and other topics involving the coronavirus and civil liberties. Big Tech Censorship Is Not Just Targeting Trump Supporters, but Anyone Who Supports Free Thought and Liberty Then during the first week of the year, after the Capitol breach in Washington DC, I wrote about the event. My editorial was a scathing critique of Facebook, Twitter, Youtube, Google, and Amazon’s decision to censor not only Donald Trump but hundreds of right-wing supporters, conservatives, and libertarians. During that period of time, I had also predicted that my Facebook (FB) profile, in particular, would be axed in due time. I told an old friend from high school that week that I knew that I would be next in line, and two weeks later my prediction came to fruition. Before my account was deleted, I managed 15 libertarian-based pages, had close to 5,000 friend connections, and moderated six cryptocurrency groups. On Friday morning, the account was completely disabled and was given no access to my FB profile data. Now, this editorial isn’t a complaint, but more of a documentation of events in order to showcase the fact that the current Big Tech censorship is not just focused on Trump conservatives, but literally anyone with a dissenting opinion against the state. I wasn’t the only one who was purged, as a number of other like-minded individuals who expressed distaste for the current oligarchic rule were also wiped off Facebook on Friday. Sterlin Lujan, a former news.Bitcoin.com contributor, was also purged by Facebook and just like my experience, we were given no reason and no chance to appeal the decision. “I woke up in the morning and as usual I checked my Facebook page,” Lujan explained to me. “It was still active. I took a restroom break, sat back down at the desk, and my account was logged off. I tried to log back in and it said my account was disabled for violating community standards. I tried to appeal the decision, but I received an auto-response saying I could not appeal my account. This is nothing new for me. I have had issues with Facebook censoring my pages and accounts for a couple of years now. Back in 2018, my Facebook page Psychologic-Anarchist got purged. It had around 50,000 followers, and I have managed other pages that got censored as well,” Lujan added. Lujan said that many people think only ‘extremists’ are getting the ban hammer. But in reality, anyone who supports free thought and liberty has gotten caught up in their censorial campaigns. The libertarian further stressed that moderators and decision-makers of these social media platforms want people to be carbon copies of each other, uttering the same platitudes and gleefully discussing simple things like the weather. “My own personal feed was filled with discussions on freedom from government intrusion, the importance of privacy and cryptography, and the power of compassion and love for transforming society into one based on voluntary action rather than coercion,” Lujan emphasized. He further added: In this regard, I did not break any community standards as they claimed I did. Of course, they did not bother to point out any “wrongdoing.” Facebook, along with other Big Tech social media platforms, are on a crusade to purge people who don’t support big government, political correctness, and communist mentalities. It’s a tragedy, but what’s happening represents all the scary stuff that Orwell chronicled in his book 1984. We are actually living in a much worse dystopian nightmare by comparison. The Ruling Elite Fears What We Might Say Currently, the unrest in the U.S. is being suppressed by censorship and the whole principle of censorship is wrong and immoral. The experience has led me to agree with Lujan’s opinion, that this societal system is swelling into a grotesque dystopian nightmare. One where voices are silenced regularly for speaking freely and not adhering to the nation state’s propaganda. For years now, and just a few weeks before this event, I had written extensively about people migrating to decentralized social media. I am still using Twitter, but have migrated my social media presence to places like noise.cash, Flote, Minds, memo.cash, member.cash, and Peepeth as well. This is the best I can do and we can do, which is just re-build and migrate to decentralized social media that allow free speech and censorship-resistant discussions. The worst part about the current censorship in the U.S. is the fact that the populace (even friends and family) is sitting idly by watching it all without protest. In fact, many are becoming apologists for censorship and giving excuses to those who produce the suppression. Just like Lujan and the others who have been purged, I was not a Trump supporter and I only spoke my mind about collective tyranny. Yet I was deplatformed because I will never stand down to collective tyranny, and I have promised myself to hold my principles dear. My main goal is to let you the reader know that this Big Tech censorship is quite real and fascism in the U.S. is thriving. There’s no doubt that this current censorship agenda will continue and freedom activists should be prepared to fight it with whatever voice we have left. As Laurie Halse Anderson once said, “censorship is the child of fear and the father of ignorance.” What do you think about my experience with Facebook censorship? Let us know what you think about this subject in the comments section below. View the full article

A study by blockchain analytics firm Chainalysis finds that cryptocurrency-related crime has fallen significantly. The criminal share of all crypto activity fell to just 0.34% in 2020. This contradicts recent statements by U.S. Treasury Secretary nominee Janet Yellen and ECB President Christine Lagarde that cryptocurrencies are mostly used for illicit financing. Crypto Crime Plummeted in 2020 Chainalysis shared some findings from its 2021 Crypto Crime Report this week. While acknowledging that “cryptocurrency remains appealing for criminals as well due primarily to its pseudonymous nature and the ease with which it allows users to send funds anywhere in the world instantly,” the blockchain analytics firm detailed: The good news is that cryptocurrency-related crime fell significantly in 2020 … In 2020, the criminal share of all cryptocurrency activity fell to just 0.34%, or $10.0 billion in transaction volume. In comparison, the firm explained that in 2019, “criminal activity represented 2.1% of all cryptocurrency transaction volume, or roughly $21.4 billion worth of transfers.” Last year, “One reason the percentage of criminal activity fell is because overall economic activity nearly tripled between 2019 and 2020,” the company noted. A chart showing the total crypto value sent and received by criminal entities and the criminal share of all crypto activity. Source: Chainalysis Chainalysis noted that darknet markets were the second-largest crime category. It accounted for $1.7 billion worth of cryptocurrency activity, which was an increase from $1.3 billion in the previous year. Ransomware accounted for just 7% of all funds received by criminal addresses, which was just under $350 million worth of cryptocurrency. While small, ransomware saw a 311% jump over 2019. The findings by Chainalysis contradict the recent statements made by Joe Biden’s pick for the U.S. Treasury Secretary, Janet Yellen, and ECB President Christine Lagarde. Yellen said Tuesday that many cryptocurrencies are used “mainly for illicit financing.” Meanwhile, Lagarde said last week that bitcoin “has conducted some funny business” and some “totally reprehensible money laundering activity.” Several people in the crypto industry have pointed out the error of their statements, including a well-known economist who called Lagarde’s statement “outrageous.” He emphasized, “we all know that the vast majority of money laundering globally is conducted in fiat currencies, particularly in U.S. dollars and euros.” What do you think about the falling rate of crypto crime? Let us know in the comments section below. View the full article

Panamanian lawmakers will start to analyze a draft bill that seeks to regulate cryptocurrencies in the nation. Local deputy (MP) Rolando Rodríguez presented the bill to the Commerce Commission of Panama’s National Assembly. Draft Bill’s Author: Panama Is Lagging Behind Other Countries in the Matter According to La Estrella de Panama, the MP is advocating to pursue an agenda focused on digitalizing the Panamanian economy. He believes in the urgent need to regulate the country’s crypto environment, as the ecosystem “favors” the economy’s growth. Rodríguez wants the bill to establish a legal framework for Panamanian companies that want to do business with digital assets, such as bitcoin (BTC). He warned how Panama is lagging behind other nations in the matter: Panama cannot be left behind when many countries in the world have already started to regulate cryptocurrencies and are at the forefront of the digital economy, taking advantage of its benefits and creating legal mechanisms to protect its economy, its population and contribute to the development of this new form of doing business. Incorporating Cryptos Into State-Backed Social Security Fund Moreover, the MP clarified that the crypto bill aims to bring “financial freedom” to all the Panamanians who don’t have access to the traditional banking system. He also expects to strengthen the nation’s social security fund and the disability, old age, and death fund (IVM) with cryptocurrencies. The politician believes this is a pivotal time in Panama for the national legislature to adopt crypto-friendly policies. He backed up his comments by stating there is a “vast international experience” in regards to regulating the crypto industry: We trust that the Committee on Trade and Economic Affairs of the Assembly will give due attention to this important preliminary bill. Hopefully, the parliament will make a necessary and wide discussion and that the country could update its regulations in the face of this globalization of the digital economy, which is here to stay, and we must take up the challenge. What are your thoughts on Panama regulating cryptocurrencies in the future? Let us know in the comments section below. View the full article

Japanese police charged 30 people for their alleged involvement in illegal transactions linked to the well-known $530 million Coincheck hack in 2018. Tokyo authorities traced all individuals’ transactions to different places across the nation. Illicit Transactions Are Estimated to Have Totaled Over $96 Million Initially, Nikkei reported that the suspects were either arrested or their cases have been referred to the prosecutors’ office. However, Kyodo confirmed that all 30 people were arrested and are now under police custody, citing sources familiar with the matter. Police revealed that cyber-investigators traced accounts involved in the illicit transactions to “conventional” crypto exchanges. In fact, prosecutors stated that the suspects converted hacked NEM coins stolen from Coincheck, making it easy to identify all the individuals. Kyodo also revealed that trading transactions from the 30 suspects are estimated to be worth over 10 billion yen ($96 million), using the exchange rate at the theft time. Moreover, authorities stated that the individuals knew such cryptos belonged to the hacking incident. The Metropolitan Police Department of Tokyo didn’t disclose the suspects’ identities, as they’re still in the investigation phase. Sources cited by Kyodo provided more details about how the individuals handled the transactions: Some of the suspects exchanged NEM for other digital currencies through the website and cashed their holdings at cryptocurrency exchanges at home and abroad to make handsome profits. Latest Developments on the Coincheck Hack Case In March 2020, two hackers, identified as Masaki Kitamoto and Takayoshi Doi, were arrested by Japanese police. Kitamoto admitted wrongdoing; he claimed to have stolen over $19 million from Coincheck’s hack. Additional charges were filed by the authorities later. The hackers pocketed 523 million NEM from Coincheck on Jan. 26, 2018. At the time, the coins’ estimated value totaled $530 million, which has since declined. Today, the stolen tokens are worth just $38 million. Coincheck’s theft remains the biggest in the cryptocurrency industry, together with the Mt. Gox’s $460 million hack of 2014. In August 2020, news.Bitcoin.com reported that a court in Tokyo seized crypto assets traced back to the crypto exchange’s heist. What are your thoughts on the Coincheck heist? Let us know in the comments section below. View the full article

Following the recent bitcoin price pullback, the latest Skew data now indicates that the premium rate on Grayscale’s GBTC is under 10%. The lower rate comes just weeks after the premium peaked at 41% towards the end of December. The GBTC premium is a measure of the extent of differences in the value between the crypto asset on the open market and in the Grayscale fund. The same data also shows that between late October of 2020 and January 21 of the current year, this premium averaged 22%. However, in the seven days leading up to January 21, this rate dropped to 7.3%. According to Bohdan Prylepa, the CTO at Prof-it.bz, this “decrease indicates the sale of shares by some investors after the end of the freeze period.” This is in contrast with a rising premium, which according to the CTO, is an indication of “high demand for GBTC.” Dropping Demand for GBTC Also agreeing with Prylepa’s view is Justin Barlow of Thetie.io, who goes on to add that “GBTC has traded at a premium to the underlying bitcoin in all but one day since launch.” He suggests that individual “investors who are aware of the premium might be confident that it will continue and knowingly hold GBTC shares. However, Barlow speculates the reasons behind the drop in premium from over 40% to current levels. According to him one of the reasons could be: “Institutional and accredited investors who basically placed an arbitrage trade on the premium (short the underlying bitcoin and buy GBTC) having to close out their positions (buyback bitcoin and sell GBTC) causing downwards pressure on the premium.” Barlow also suggests other factors such as “retail demand leveling off after the recent bitcoin dip” as well as competition from rival products such as 3iq or Osprey’s Bitcoin Trust could be behind the drop. Additions to the Grayscale’s Portfolio Nevertheless, despite the reduced premium on GBTC and the recent BTC plunge, Grayscale has continued to report new milestones. On January 21, a few days after recording the biggest one-day asset haul, the company reported it now has $25.5 billion worth of assets under management. Furthermore, reports have also emerged that the firm might have filed for new trusts with the State of Delaware in late 2020. According to the information on the State’s website, Grayscale has filed for six more trusts including Chainlink, Tezos, Liverpeer, Decentraland, Filecoin, and Basic Attention Token. Still, reports of the new filings have raised the concerns of some as the China-based English language crypto-journalist Wu explains. According to Wu, “the Chinese community is questioning the latest cryptocurrency trusts filed by DCG’s Grayscale, including shitcoin BAT MANA and LPT.” In his tweet, Wu also suggests that some of the mentioned tokens could be “securities.” He ends the tweet by asking; “Is this illegally manipulating its price?” Yet, as one report that quotes the Grayscale CEO Michael Sonnenshein explains, the mere filing of a trust does not necessarily mean the firm “will bring a product to market.” Do you think that the premium on the GBTC will go above 10% again? Please share your views in the comments section below. View the full article

Another U.S. county is facing troubles related to crypto mining activities within its territory. This time, the second-largest county in Montana is the protagonist of the story, who will look forward to revisiting local zoning for mining operators. Authorities to Decide on Making Current Rules Permanent According to KPAX, Missoula County authorities seek to hold a series of public hearings addressing the matter. In fact, they are targeting to make zoning rules for bitcoin (BTC) mining activities permanent in the county. The Missoula County Planning Board already held the first conversations at the start of this week, said the local media outlet. The tale of the county’s relationship with crypto mining dates back to April 2019. Hyperblock, a Canadian company, built several 20-megawatt mining warehouses at the time. In the beginning, authorities praised the fact that such a move brought several jobs and revenues to the county. However, neighbors started to complain about the mining machines, fan noise, and raising concerns about potential environmental impacts. The authorities were forced to take urgent measures to regulate mining activities in Missoula. Hyperblock didn’t have a positive stance towards the new local zoning rules, and afterward, they decided to file for bankruptcy in May 2020. Cheap Hydroelectric Prices Attracts Crypto Miners to Missoula County The ongoing interim rules are due to expire in April 2021. However, the county will decide on whether or not to make the regulation permanent after holding “multiple sessions of public comment,” said KPAX. Missoula County is an attractive hotspot for bitcoin miners due to its cheap hydroelectric power. Although there is no decision in place, miners could be looking for other crypto mining-friendly U.S. counties. A similar situation is happening in a region in the Pacific Northwest of the United States. Bitcoin’s bull-run seen at the end of 2020 put the public utility districts (PUD) in Central Washington on high alert, monitoring for suspiciously high power bills. Officials claimed crypto miners from China have come to the region to take advantage of its low hydroelectricity prices. What do you think about the public hearings on crypto mining activities in Missoula County? Let us know in the comments section below. View the full article

The proof-of-work (PoW) cryptocurrency Firo announced that its protocol came under a 51% attack, notifying its holders to stop transactions. Formerly known as Zcoin, the privacy coin was reportedly subject of a blockchain reorganization attack. Firo Team Clarified the Attack Cannot Be Attributed to a ‘Coding Error’ According to a series of tweets published by Firo, the attacker breached the protocol on January 19, and they are working to restore operations. However, the Firo team clarified that the 51% mining attack is not the result of “a coding error but [the] nature of PoW.” One of the first reports about the attack came from the Binance CEO, Changpeng Zhao, who said: XZC (FIRO) 51% attack, 306 blocks rolled back, to 2021-01-18 17:24:20(UTC). Another messy situation. At the time of making the attack public, Firo posted a tweet that said: We are working with exchanges and pools currently. Chainlocks that would have prevented this were being tested on testnet and was weeks away from deployment. The Firo team’s Telegram group has been posting some updates about the incident. Some of the posts revealed that the attacker “orphaned” confirmed transactions from January 18. As a preventive measure to deal with the incident, Firo released a hotfix wallet on January 21, asking people to upgrade their wallets and masternodes. As of press time, the team said the attack has stopped. According to markets.Bitcoin.com data, Zcoin (XZC) is quoting at $4.2568, down -16.51% on January 21. However, it remains positive on a yearly basis. Recent Incidents Related to Proof-of-Work Cryptos The most recent attack on a proof-of-work cryptocurrency dates back to November 2020. Grin, another privacy coin that suffered a 51% attack on its blockchain network. The Grin team built its token on the Mimblewimble protocol. On February 17, 2020, Zcoin (now Firo) reported that a typo had let an attacker cash a profit of around $400,000 at that time. They explained how the incident happened: A typographical error on a single additional character in code allowed an attacker to create Zerocoin spend transactions without a corresponding mint. What do you think about Zcoin’s 51% mining attack? Let us know in the comments section below. View the full article

Blackrock, the world’s largest asset manager with $7.81 trillion under management, is getting into bitcoin. The firm has filed with the U.S. Securities and Exchange Commission (SEC) for two of its funds to invest in bitcoin futures. Blackrock Gets Into Bitcoin Blackrock filed two “statements of additional information” with the SEC on Wednesday. One was for Blackrock Funds V and the other was for Blackrock Global Allocation Fund Inc. Both filings state: Certain funds may engage in futures contracts based on bitcoin. The two filings further detail, “The only bitcoin futures in which the funds may invest are cash-settled bitcoin futures traded on commodity exchanges registered with the CFTC.” The documents also warn that “Regulatory changes or actions may alter the nature of an investment in bitcoin futures or restrict the use of bitcoin or the operations of the bitcoin network or exchanges on which bitcoin trades in a manner that adversely affects the price of bitcoin futures, which could adversely impact a fund.” In December, Blackrock CEO Larry Fink made some bullish statements about bitcoin. He said: “Can it [bitcoin] evolve into a global market? Possibly.” Furthermore, he noted that “Having a digital currency makes the need for the U.S. dollar to be less relevant.” Blackrock joins several other asset management firms that are investing in bitcoin, including British fund manager Ruffer and Skybridge. In addition, Guggenheim is planning to invest in the near future, pending approval from the SEC. What do you think about Blackrock investing in bitcoin futures? Let us know in the comments section below. View the full article

Prasaga is a Foundation-based organization and the creator the DataGrid Blockchain, a new native chain and coin project, embracing developers, miners, and token holders. DGB will be language agnostic, allowing developers to have full code reuse on a global scale, which will greatly reduce development time and complexity. The Emperor’s New Clothes In the much-beloved folktale “The Emperor’s New Clothes”, the author Hans Christian Andersen portrays a ruler, hoodwinked by weavers who play on his vanity, by saying that the suit he wears is visible only to those who are clever and wise, and who can speak the coveted language of Solidity. As the ruler addresses his subjects, fiercely proud of his garb, which of course is the finest in the land, he fails to realize that he, in fact, is actually wearing nothing at all. The ruler, turning from unabashed to humiliated, learns the powerful truth: you can’t let pride and fear of looking ridiculous keep you from speaking up when you know the truth. One of blockchain’s primary contributions to the world has been the introduction of speculative tokens and now, with Decentralized Finance’s (DeFi’s) automated market making and liquidity pools it is also a wide variety of unregulated financial derivatives. It is the distributed ledger technology potential on an enterprise scale, however, which was the catalyst for the AWS, Microsoft, Oracle, SAP, and IBM adoption. Large-scale technology companies are deploying forward-thinking blockchain technologies, catering to a variety of applications, primarily on private chains. The truth of the matter is – when it comes to blockchain technology, everyone is still looking for the emperor’s clothes — applications which will reinvent the future. On the other side of the spectrum are the permissionless chains, which do not scale to even a fraction of transaction capacity required to be equal to current payment solutions, let alone the scale required for the future of society. A wide-scale technology deployment is extremely hard to engineer, difficult to expand and maintain, and vulnerable to bad actors exploiting its weaknesses. This naked truth makes selling the bright future promised by the decentralized immutable technology very difficult. This is where the DataGrid Blockchain (DGB) brings a vibrant new suit of clothing for the Emperor King. The innovation that re-imagines the way distributed ledger technology should be architected for efficiency gains starts with putting a revolutionary layer 1 approach to the blockchain network by dressing it with a full eXtensible Blockchain Object Model (XBOM) Operating System. XBOM makes it easy to develop on the blockchain without having to write directly on the ledger by introducing a class management infrastructure. The operating system allows each individual grouping of code to be stored in accounts on the blockchain, unlike today’s Smart Contract platform’s implementation choices. XBOM: Coding Simplified Compare writing a Smart Contract to writing the entire Word processing application just to create a document. With XBOM the needed code resides on the blockchain allowing developers to simply call the code required to directly execute even the most complex transactions. The DataGrid Blockchain (DGB) will be language agnostic, allowing developers to have full code reuse on a global scale, which will greatly reduce development time and complexity. The real fine attire is the invention of Smart Assets which are stored directly in the accounts on the DataGrid Blockchain. In turn, their state is stored within each smart asset instance, in the accounts rather than in Smart Contracts. Accounts and their state can now be moved across shards enabling full parallelization and allowing the speed of DGB to increase as more nodes are added which will allow the scaling of transactions to only be limited by the bandwidth capacity of the Internet. This process establishes a fast scaling technology, allowing DGB to reach the limits of network bandwidth without being limited by each shard’s individual speed. DataGrid is also easy to use for both the developer and the customer as they do not need to ever use the underlying blockchain code. And, most importantly, it’s safe from reuse of object code and the mitigating security issues which may occur on public blockchains. Identity Is King The Emperor has new undergarments and base layers now. He is covered at least. Now what makes him presentable and attractive to the populous? Which elements are needed to attract even the most critical of fashionistas? First, one must ensure that the fabric is protected from the elements and to this end, DataGrid has created a function that will allow anyone or any entity to have a Globally Unique ID. An account number, made up of a 512-bit unique alpha-numeric string. This string, however, is hard to remember, so there needs to be a way to easily attach the accessory. This means converting it to an account name that users can choose. Think of this as a personal website domain, but better! It protects all of the user’s assets, vital records, regulatory compliance approvals and the state of all actions from anyone interacting with an user’s account during its lifetime. The voting concerns in the US and in other countries brought about the debate around (voter) identity and a much needed upgrade of voting systems. “The use cases for blockchain voting software are many and diverse. Its ability to engage and manage a constituency is crucial to the future of society,” said Joe Liebkind at Investopedia “not just to produce a transparent outcome but to encourage all people to participate in their communities. Currently, the technology is still in its infancy, but it matures alongside the young voters it will one day help and looks to be a key part of our collective future.” How can the Emperor achieve a truly democratic society, where the voting infrastructure enables anonymity, where the public participates in voting, with the assurances that one person has one vote, while the result is immutable and transparent? This is what the DateGrid Blockchain promises to achieve with the XBOM operating system. The one account on DGB can hold IDs, National Driver License/IDs, passports, government social numbers. The individual identity documents are a subset of the global UniqueID. A voting certificate assigned to an individual will automatically provide the right to cast a vote in the local election. When voting seasons start, users can request their class:vote object to be instantiated within the account. Once all credentials are identified, the voting rights certificate is added. If there are any missing elements in the certificates or other authorizations that are used as the personal identifier, the account automatically looks up the “Account Object Containment Tree” to find an instantiated object in the account with the appropriate authorization and continue with your right to participate in your nation’s vote. Everyone who is eligible to vote based on their nation’s laws will now participate in the vote. Anyone who do not have the proper credentials will never receive the vote certificate and will not participate in the process. The Emperor can rest assured that his populous is legal, secure and trustworthy. The one place blockchain cannot ensure valid vote is with the individual themselves. Although it can be guaranteed that it is the person voting via biometric checks, it cannot be guaranteed that they have not sold their vote or are being pressured by external actors. To circumvent this, a vote panic button in the interface enable users to contact the local police for assistance. DGT Presale The ERC-20 DGT private presale will begin on 22nd January 2021, whereby the native DGT currency will be available for purchase at an initial price of $.005. These tokens will unlock in 3 months (91 days) after the Liquidity Bootstrap Pool and will start the unlock period once the listing is done on a decentralized exchange. There will be a 20% bonus for purchases of over 150 ETH, and 10% bonus on purchases starting at 80 ETH. The Community Presale has a 1/4 ETH minimum and 5% bonus, beginning January 22nd. This amount will reduce by 1% per day until January 26th. The sale has a $6m soft cap and a $25m hardcap. Solving real-world problems is why everyone got into blockchain. The DataGrid Blockchain will be able to create this new paradigm for developers and consumers. Prasaga has set up DGBLabs.io for its Estonia-based token offering and is conducting its Community Presale from January 22nd to the 25th. The team will then begin the Balancer Liquidity Bootstrap Pool on February 14th. So if you fall in love with this project you can enjoy a 96 hour LBP that is resistant to bots and whales and lets humans determine the true market price, before ERC-20 DGB launches onto the general DeFi pools. The challenge of the future is being authentic and truthful about what the Emperor is actually wearing, and not letting the tailors hoodwink you. The real break-through happened for the Emperor when he admitted he had no clothes and the crowds could admit they had been pretending that the protocols could scale. Now you can examine the DataGrid Blockchain and honestly evaluate how it will create a new designer suit of clothes for everyone. To join the next paradigm of blockchain, get whitelisted on the DGBLabs website today. This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

The Dubai Financial Services Authority (DFSA) has unveiled its plans to create a regulatory framework for cryptocurrencies. The announcement was part of its 2021-2022 business agenda released this week. The Papers Will Be Released in the First Half of 2021 According to the watchdog, which regulates the Dubai International Financial Centre (DIFC), the upcoming crypto framework aims to expand on the existing rules. It includes the regulation of crypto issuers and trading platforms. The document, signed by DFSA Chairman Saeb Eigner, reads: We will build upon recent achievements in this space over the business planning period through developing a regulatory regime for digital assets (such as tokenized securities and crypto-currencies), having already implemented regulations supporting various innovative business models. The financial watchdog explains that such crypto regulation’s expansion is part of the UAE’s National Innovation Strategy’s digital transformation. Also, the regulator added that the regulatory approach is expected to facilitate innovation “while requiring strict adherence to the DFSA’s licensing, prudential and conduct requirements.” Per The National, a local media outlet, the DFSA expects to publish two consultation papers with the purpose of gathering feedback. As a result, the watchdog will release both documents in the first half of 2021. The 2021-2022 business plan states: The DFSA is committed to remain ‘open for business’ with respect to innovation in the financial services sector and we continue to explore how our regulatory regime can accommodate new and innovative business models. DFSA’s Current Stance on Cryptocurrencies In 2017, the DFSA referred to the crypto industry in the statement entitled “General Investor Statement on Cryptocurrencies.” At the time, the authority was vocal in its cautious stance on cryptos, considering elements such as initial coin offerings (ICOs) “high-risk investments.” The watchdog wrote in its 2017 statement: Accordingly, before engaging with any persons promoting such offerings in the DIFC, or making any financial contribution toward such offerings, the DFSA urges potential investors to exercise caution and undertake due diligence to understand the risks involved. However, Dubai’s authorities have been issuing licenses through the Dubai Multi Commodities Centre (DMCC) to firms trading cryptocurrencies since 2017. The DMCC Free Zone is the largest and fastest-growing free economic zone in the UAE. What do you think about the upcoming Dubai’s crypto regulation? Let us know in the comments section below. View the full article

Former U.S. Treasury Secretary and economist Larry Summers says bitcoin is here to stay despite the concerns by some that it may be a bubble. The former secretary asserts that bitcoin’s price fluctuations are in fact a sign of its resilience. In his latest comments about bitcoin, Summers, who in 2016 became a senior adviser to Digital Currency Group, reiterates his position about the crypto and its underlying technology. Before the new remarks, Summers previously predicted that the “financial industry will adopt the technology underpinning bitcoin.” Still, in his latest comments, Summers touches on the crypto’s fixed supply and how this is a factor behind its current rise. The former Secretary says: I think people are going to move towards it, and as people move towards it, given the finiteness of its supply, that’s going to be a factor working to raise prices. Although Summers refuses to predict the crypto’s future price, he does hint that this will likely go up, and “institutions like it.” Meanwhile, in addition to bitcoin’s fixed supply, the former Secretary is also quoted as suggesting that factors like interest earned on bonds might have an effect on the crypto asset’s value. According to Summers, if the amount earned on bonds goes down, “people put less of their money into bonds and more of their money into other assets.” Do you agree that bitcoin’s fixed supply is one key factor that is attracting institutional investors? Tell us what you think in the comments section below. View the full article

Fundstrat Global Advisors strategist David Grider predicts that the price of ethereum could rally to $10,500 per unit after the cryptocurrency set a new all-time high on Tuesday. The estimate implies a near 700% upside on the current ether price hanging above the $1,300 range. According to Grider, ether (ETH) – the second largest digital asset after bitcoin (BTC) – will continue to benefit from its relationship with decentralized finance (defi) applications, the majority of which are built on the Ethereum blockchain, and have seen massive growth in 2020. He also premised his prediction on the recent upgrade to the Ethereum network, which is targeting to become a blockchain for an entire financial system. When fully completed, he said, the three-part upgrade would allow the blockchain to process the same number of transactions as those done by the likes of Mastercard Inc. and Visa Inc. “Ether is the best risk/reward investment play in crypto,” Grider was quoted as saying, adding that “blockchain computing may be the future of the cloud.” Risks may include delays in the network upgrade or the crypto market becoming bearish, said the report. Ethereum shot 12% to a record high of nearly $1,440 on Tuesday, amid increased buying pressure. Meanwhile, Luis Cuende, cofounder of the decentralized autonomous organization (DAO) Aragon, commented: “When thinking about what the Web 3.0 vision provides, institutional investors will recognise that although sovereign digital currency (BTC) is central, the importance of a programmable economy (ETH) should not be underestimated.” He added: “ETH fundamentals are as robust as ever. Ethereum has actually found early product-market fit, and the protocol is making revenue. ETH is definitely maturing as an asset.” Cuende sees ether bouncing between $2,500 and $7,500. He also believes that Ethereum rivals Polkadot, Cosmos, and NEAR “are well-positioned to capture a meaningful market share” until ETH 2.0 is complete. What do you think about the Fundstrat Global price prediction on ether? Let us know in the comments section below. View the full article

According to a recent report, the cryptocurrency custodian Xapo is getting ready to become a “fully-fledged” bank in the British Overseas Territory of Gibraltar. The region located at the southern tip of the Iberian Peninsula has also been extending “regulatory guidelines for digital asset exchanges,” according to a partner at the international law firm Isolas LLP. Just recently, the cryptocurrency custodian Xapo sent out a wave of emails that noted it would not serve U.S. customers going forward. “Due to a change in our global business strategy, Xapo, Inc. is leaving the U.S. market and will be closing all U.S. customer Xapo accounts. As a result, we’ll need you to transfer your funds to an external bitcoin address,” the company detailed. This email followed the announcement Xapo made this past spring when it said that the company plans to become a digital bank in Gibraltar. “We will be relaunching as a digital bank late this year,” the company disclosed. On January 20, 2021, Gibraltar’s Finance Minister Albert Isola told Decrypt contributor Adriana Hamacher, that Xapo is establishing themselves as a “fully-fledged bank” in Gibraltar. “Xapo have now established themselves in Gibraltar as a fully-fledged bank,” Gibraltar’s Finance Minister said, according to Hamacher’s recent report. In addition to the statement made by Albert Isola, the partner at the international law firm Isolas LLP, Joey Garcia detailed on Tuesday how Gibraltar is extending regulatory guidelines for digital asset exchanges. Garcia is also a board member of IOV Labs (RSK) groups and the custodian Xapo. “The framework aims to guide those who have the potential to form important foundational concepts for the work of other international organisations, such as the Financial Action Task Force, the European Commission and the International Organization of Securities Commissions (IOSCO),” the announcement further details. Garcia also stressed that Gibraltarians are forerunning pioneers when it comes to digital currency and blockchain innovation. “Gibraltar has long been a leader when it comes to fostering innovation and in the development of virtual asset service providers’ regulatory standards and we are confident the 10th Core Principle will aid us even further in our mission to achieve this,” Garcia explained. “Particularly as the integrity of these markets is such a key focus internationally. We already have some of the largest groups in the world regulated in Gibraltar and this should continue to place those groups at the forefront of standard-setting in the industry,” the Isolas partner said. The news about Xapo becoming a digital bank in Gibraltar follows the Gibraltar Financial Services Commission’s (GFSC) recently updated guidance notes for distributed ledger technology (DLT) providers. Additionally, news.Bitcoin.com’s financial columnist, Jeffrey Gogo reported on the Canadian firm 3iQ’s bitcoin fund getting listed on the Gibraltar Stock Exchange. What do you think about Xapo becoming a digital bank in Gibraltar? Let us know what you think about this subject in the comments section below. View the full article

British investment management firm Ruffer has revealed that its bitcoin holdings now account for about 3% of its entire portfolio of approximately $29 billion. The firm believes that we are “at the foothills of a long trend of institutional adoption and financialization of bitcoin.” A Long Trend of Institutional Bitcoin Adoption Ruffer provided an update on the firm’s bitcoin investment this week in its Investment Manager’s Review for the period ending Dec. 31. The firm wrote: We gained our bitcoin exposure via the Ruffer Multi Strategies Fund and two proxy equities in Microstrategy and Galaxy Digital. At the period end the combined exposure of these was just over 3%. The firm noted that “In the short period since investing both stocks are up more than 100% and bitcoin is up 90%.” On its website, Ruffer declared that its assets under management as of Dec. 31 was £21 billion (approximately $29 billion). A 3% allocation would mean the firm’s bitcoin holdings are now worth about £630 million ($861 million). Some media outlets reported that Ruffer’s bitcoin exposure now stands at 1 billion GBP ($1.4 billion). However, a Ruffer spokesperson confirmed to news.Bitcoin.com that the firm does not recognize that estimate. Ruffer disclosed its bitcoin purchase of £550 million ($750 million) in November, which was initially 2.5% of the firm’s entire portfolio. “Our rationale has been well-publicized but briefly, we have a history of using unconventional protections in our portfolio. This is another example, a small allocation to an idiosyncratic asset class which we think brings something significantly different to the portfolio,” Ruffer detailed, adding: Due to zero interest rates the investment world is desperate for new safe-havens and uncorrelated assets. We think we are relatively early to this, at the foothills of a long trend of institutional adoption and financialisation of bitcoin. While acknowledging the risks associated with bitcoin, Ruffer also sees growing signs of its increased adoption, which the firm believes will have a significant impact on the price of the cryptocurrency. “Think of bitcoin’s bad reputation as a risk premium – as we move through the process of normalization, regulation, and institutionalization, the compression of this premium can have a dramatic effect on the price,” Ruffer noted. “If we are wrong, bitcoin will return to the shadows and we will lose money – this explains why we have kept the position size small but meaningful.” Ruffer’s chairman, Jonathan Ruffer, said last week that the firm’s announcement regarding its bitcoin exposure “produced a smattering of responses.” He explained: Our underlying reasoning is that bitcoin is becoming a challenger to gold’s standing as the one supra-currency, the thing to own when fiat currencies are kerplunked. The chairman explained that his firm has “done much work on assessing the danger” of investing in bitcoin, “watching it for a longish time.” His firm came to a conclusion that “it is a unique beast as an emerging store of value, blending some of the benefits of technology and gold,” emphasizing, “Yes, it is a seemingly non-sensical asset – but one that makes absolute sense for how we see the world.” What do you think about Ruffer’s bitcoin investment strategy? Let us know in the comments section below. View the full article

PRESS RELEASE. As of today, YfDFI Finance is launching not one, not two, not three but four farming pools, locking up a huge chunk of its circulating supply. The team could not have achieved this without the continuous support from the community. Starting off 2021 the right way! “Our team has been working tirelessly throughout the holidays to live up to the community’s expectations. Internally, our mantra the past couple of months has been: ‘Underpromise and overdeliver’. With overwhelming support from our community, we have reached every single milestone on our roadmap so far, mainly within the established time-frame, and sometimes even sooner” said Calliba, Project Coordinator. He continued: “With the recent market surge we are excited to be in a position where we are more than ready to ride the incoming wave. We’ve waxed up our surf boards and are ready to ride. We’ve also had a ‘New Year Makeover’ – new name, new face, but the same beast within. More importantly, the core of our protocol (our smart contracts) have been audited by Hacken and all marked ‘Well Secured’.” In order to continue the path YfDFI Finance has been following, and ensuring the safety of the platform, the team has decided to push the collaboration with Hacken one step further. Every single contract in the farming platform has been independently audited by Hacken to ensure the safety of liquidity providers’ funds. With security confirmed, the time to release Farming and reward the community has arrived. Introducing the YfDFI Farming Platform Yield farming has taken the DeFi industry by storm over the last few months. It began with all the food tokens that hit the market. Now the time has come to focus on the more serious and well thought-out options. YfDFI Finance watched the developments in the market closely, taken notes, and put all the knowledge into the development of its own farming platform. One factor that YfDFI Finance could not ignore is that many wealthy individuals have been moving from one pool to another in order to farm with the highest yields. Projects increase after opening up their pools to be left for dead when the rewards dry up. YFD is building a robust system focused around the community that will protect the value of the token long-term. Simply luring in outside investors with the offer of high yields would not be in the best interests of the community, and therefore is of no interest to YFD either. Investors have also seen that many tokens offer high yield farming but simultaneously increase the circulation supply substantially. This causes inflation, and thus slowly decreases the value of the token. On the other hand, locking up tokens for long periods without allowing withdrawal is something only beneficial to the project, and not so much to the token holder. Access to one’s funds is of paramount importance. Taking all of these factors into consideration, YFD has developed its own farming platform which is fair to all. As rewards are coming from an allocated pool of funds, this structure is entirely sustainable for the 18 month duration. How does the YfDFI Farming Platform work? Starting today, the 20th of January 2021, YFD is allowing anyone to farm using its Farming Platform. Anyone that wishes to participate has to follow the next steps; Head over to UniSwap and locate the YFD/ETH liquidity pool under “Pools”. Add as much liquidity as you like. This works in a 50/50 ratio between YFD and ETH. Head back to the YfDFI Farming Platform and choose the vault that you want to contribute to. Deposit your YFD/ETH UNI-V2 LP tokens. Sit back and watch the rewards roll in! For more info you can check out the Medium article here: https://link.medium.com/NlTW4dHjcdb And that is all there is to it! YFD has four farming vaults available, varying in size of reward supply and longevity. There is an expiry date for each pool and a locking period. Within the locking period, you will be unable to withdraw your tokens or any rewards. After that period you can unstake your tokens at any given moment. However, when you complete the entire period, your rewards will be much higher! The details of each of the four vaults are as follows: Vault 1: Locking period 3 days. Total monthly reward for vault = 30 tokens. Duration 12 months. Expiry 20/01/2022 Vault 2: Locking period 30 days. Total monthly reward for vault = 60 tokens. Duration 12 months. Expiry 20/01/2022 Vault 3: Locking period 60 days. Total month reward for vault = 80 tokens. Duration 12 months. Expiry 20/01/2022 Vault 4: Locking period 90 days. Total monthly reward for vault = 110 tokens. Duration 18 months. Expiry date 20/07/2022 Want to learn more? For more information regarding the farming pools, please check out the links below: YfDFI website: https://yfdfi.finance/ Farming platform: https://yfdfi.finance/farming-vault Farming Audit Report: https://hacken.io/wp-content/uploads/2021/01/YFDFI_Vaults_Audit_Report140121.pdf Farming documentation: https://docs.yfdfi.finance/pools/liquidity-farming-pool About YfDFI Finance YfDFI Finance aims to become the first DeFi Financial Center fully powered by the community. The YfDFI ecosystem is a community-centered project aiming to rebuild all classes of financial services provided in traditional finance but through DeFi protocols (farming, governance, insurance, credit, exchange, self-banking etc.). All solutions will be community-developed and all profits generated by the ecosystem will be automatically redistributed to all contributors (YFD token holders). Press contact: Calliba, Project Coordinator Email: community@yfdfi.finance 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

Court documents show that the company, Tetragon Financial Group, has filed a lawsuit against Ripple after the firm was charged by the U.S. Securities and Exchange Commission. The court filing indicates that Tetragon and Ripple allegedly made an agreement, and the SEC case deeming XRP as an unregistered security should allow them to get funds back. Moreover, weeks after the SEC charges, former Ripple executive Jed McCaleb sold 28.6 million XRP. Billion-Dollar Asset Manager Sues Ripple Labs A recent court filing submitted to Delaware’s Chancery Court shows that Tetragon Financial Group (LSE: TFG) is suing the California-based Ripple Labs Inc. over an alleged agreement breach. The UK-based investment firm has $2.35 billion assets under management (AUM) and the company seeks to “enforce its contractual right to require Ripple to redeem” stocks maintained by Tetragon. Until payment is made, Tetragon wants Ripple blocked from leveraging liquid assets like cash. Following the initial court filing, reports indicate that Delaware’s Chancery Court Vice Chancellor Morgan T. Zurn issued a temporary restraining order against Ripple. Litigation reports detail that Zurn issued the order after the filing in the first week of January that attempted to seek Tetragon’s alleged contractual right. On January 5, Ripple Labs Inc. issued a statement about the Tetragon Filing. In essence, Ripple claims the lawsuit has “no merit” because the SEC case has not been decided. “In Ripple’s Series C investment agreement, there is a provision that if XRP is deemed to be a security on a go-forward basis, then Tetragon has the option of having Ripple redeem their Ripple equity,” the company wrote. “Since there has been no such determination, this lawsuit has no merit,” it added. Ripple further explained: We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S. The courts will provide this clarity and we are very confident in our position. Jed McCaleb Allegedly Dumps 28.6 Million XRP Worth Over $8 Million USD In addition to the recent court filing by Tetragon and Delaware’s Chancery Court’s most recent decision, former Ripple executive Jed McCaleb reportedly sold 28.6 million XRP this week. The analyst Leonidas Hadjiloizou who has consistently monitored McCaleb’s XRP sales told the public about the most recent million-dollar sale by the Ripple cofounder and the ‘Tacostand’ wallet. “Jed’s Tacostand had paused XRP sales ever since the SEC lawsuit was announced,” Hadjiloizou said on Monday. Hadjiloizou continued: After 25 days of no sales, 28.6 million XRP was sold today. Meanwhile, XRP’s value has dropped considerably since the initial SEC charges and the delistings that followed afterward. At the time of publication, XRP is trading for $0.28 per unit and has been struggling to stay in the top ten after being dislodged at the end of December. More recently, polkadot (DOT) and cardano (ADA) have pushed XRP from its former position in terms of market capitalization. During the last seven days, XRP has lost -5.55% and -43% during the last month. Despite these declines, XRP’s 90-day stats (+12.2%) and annual percentage gains (+21.7%) against the USD are still in the green. What do you think about the Tetragon lawsuit against Ripple and Jed McCaleb alleged 28.6 million XRP sale? Let us know what you think about this subject in the comments section below. View the full article

Janet Yellen, Joe Biden’s pick for the Treasury Secretary, has revealed her policy for cryptocurrencies, including bitcoin. She claims that cryptocurrencies are mainly used for illicit financing and their use needs to be curtailed. Janet Yellen Reveals Her Plans for Cryptocurrencies In the Senate hearing to consider Janet Yellen’s nomination as Secretary of the Treasury on Tuesday, Yellen was asked about cryptocurrencies. She is Joe Biden’s pick to lead the Treasury Department under his administration. The crypto question was asked by Senator Maggie Hassan (D-NH), who talked about “the importance of treasury programs to combat the financing of terrorists and criminal organizations.” She said she had raised the issue in previous hearings with Treasury Secretary Steven Mnuchin. “The bipartisan National Defense Authorization Act passed earlier this month and it included a provision led by Senator Warner that established an advisory group with Treasury to counter new ways that terrorists use emerging financial technology,” she began. “One area of growing concern, for example, is the potential for terrorists and criminals to use cryptocurrency to finance their activities.” Senator Hassan proceeded with her question: “So Dr. Yellen, can you outline some of these emerging technological concerns and how Treasury should combat new forms of terrorists and criminal financing?” Yellen replied: “Senator, I think you are absolutely right that the technologies to accomplish this change over time and we need to make sure that our methods for dealing with these matters with tech terrorists financing change along with changing technology.” The incoming Treasury Secretary elaborated: Cryptocurrencies are a particular concern. I think many are used, at least in a transactions sense, mainly for illicit financing and I think we really need to examine ways in which we can curtail their use and make sure that anti-money laundering (sic) doesn’t occur through those channels. Bitcoiners React to Yellen’s Remarks Following Yellen’s Senate testimony, the crypto community pointed out several flaws in her statements. Russell Okung, the pro football star who recently became the first NFL player to get paid in bitcoin, commented: “Treasury Sec nominee Yellen says bitcoin is a concern for terrorist financing, money laundering … as if the USD isn’t. Don’t be distracted. The things of old are passing away, fight for your future.” Dan Held, Growth Lead at crypto exchange Kraken, pointed out: “0.3% of all cryptocurrency activity in 2020 was illicit. 90% of US dollars have cocaine on them. Which one is ‘used by the bad guys’ again?” Morgan Creek Digital partner Anthony Pompliano similarly described: “Janet Yellen stated today that cryptocurrencies are concerning because of terrorist financing and money laundering. She forgot to mention that the US dollar is the choice currency of criminals around the world.” He added: The large banks launder more money than the entire bitcoin market cap. Some people referenced the “bitcoin sign guy,” who rose to fame when he held up a sign that says “buy bitcoin” behind Yellen as she testified in a previous Senate hearing as the Federal Reserve chairman. Perhaps she “missed the sign,” some bitcoiners suggested. Ivan on Tech tweeted Wednesday: “Janet Yellen promises to go after bitcoin in a recent interview. She is still salty for that bitcoin sign incident.” Yellen is not the only one suggesting recently that most crypto activities are for illicit purposes. Last week, the president of the European Central Bank (ECB), Christine Lagarde, said that bitcoin “has conducted some funny business and some interesting and totally reprehensible money laundering activity.” However, a famous economist quickly contradicted her, calling the ECB chief’s statement “absolutely outrageous when we all know that the vast majority of money laundering globally is conducted in fiat currencies, particularly in U.S. dollars and euros.” What do you think about Janet Yellen’s cryptocurrency remarks? Let us know in the comments section below. View the full article

Responding to European Central Bank (ECB) President Christine Lagarde’s recent remarks about bitcoin, the chief economist at investment firm Tressis said what Lagarde implied was “outrageous” and “dangerous” for cryptocurrency regulation. Economist Says Governments Would Be Happy to Implement Strict Crypto Regulations Daniel Lacalle, fund manager and chief economist at Tressis Gestion, commented on Christine Lagarde’s recent remarks about bitcoin and crypto regulation in an interview with NTD Business on Sunday. Tressis Gestion provides investment management, financial planning, investment strategies, and advisory services to customers in Spain. “Obviously, Ms. Lagarde does not have the power to implement legislation relative to cryptocurrencies,” he began. However, the economist admitted that the ECB president “is an important voice in Europe and a very important voice in the financial world. So, her comments are heard.” Lacalle believes that “numerous governments would be very very happy to implement strict regulations on cryptocurrencies,” noting that it is “fundamentally because, as we are seeing, cryptocurrencies are rising dramatically as a response to a very aggressive policy from central banks.” He added that “the European Central Bank is probably the one that’s conducting the most aggressive monetary policy of them all,” emphasizing that “Its balance sheet is already 61% of the GDP of the eurozone, while for example the Fed’s is about 34%” The economist elaborated: Central banks don’t like competition in the creation of money and obviously cryptocurrencies are competition and are a consequence of these aggressive monetary policies. Lagarde’s Remarks About Bitcoin Are ‘Extremely Dangerous’ and ‘Outrageous’ When asked about how regulations would affect crypto investors, Lacalle emphasized that “regulation is not bad if it is to facilitate transparency” and to improve access to crypto assets for small investors. For regulations that improve the “level of transparency, liquidity and the availability of an asset,” he said, “That is fine.” However, the economist warned: “I think that the problem is when they talk about regulations here, it’s more implying intervention or prohibition, complete prohibition. For example, banning the possibility of using financial measures to buy bitcoin or ethereum or other cryptocurrencies as we have seen in some economies. I think that is a dangerous path.” The fund manager exclaimed: I think that it’s extremely dangerous that the president of a central bank implies that almost all of the investors in cryptocurrencies are in some forms trying to hide money laundering activities. “That is absolutely outrageous when we all know that the vast majority of money laundering globally is conducted in fiat currencies, particularly in U.S. dollars and euros,” he emphasized. Lagarde also said that bitcoin is “a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity.” Responding to the ECB chief’s remarks, Lacalle opined, “you don’t hear the president of a central bank or the governor of a central bank say that it’s reprehensible and condemning an entire currency, be it the U.S. dollar, the yuan, the yen, the euro, whatever, because a small proportion of the users of that currency may be utilizing it for money laundering purposes.” Moreover, he asserted: You cannot just make the equivalent that money laundering and bitcoin or money laundering and cryptocurrencies are one and the same. That, I think is very negative and definitely not correct. The economist suggested that “Central banks should look at cryptocurrencies as a response to what they are doing,” pointing out that their actions are “absolutely incredible in terms of money supply growth and in terms of the impact on financial assets.” In conclusion, he suggested: Central banks should be extremely concerned about the bubble in sovereign bonds and not about what cryptocurrencies are doing. Do you agree with Lacalle? Let us know in the comments section below. View the full article

While bitcoin and a variety of digital currencies have swelled in value, a number of critics have spread fear, uncertainty, and doubt (FUD) in regard to the energy consumption proof-of-work (PoW) cryptocurrencies leverage to produce new units of currency. Just recently the software engineer Stephen Diehl expressed his dissatisfaction over the environmental cost of bitcoin. However, cryptocurrency supporters believe Diehl failed to mention the amount of renewable energy used by a great number of mining facilities, alongside the insurmountable cost to operate today’s banking system. Bitcoin’s Waste of Energy Argument Is a Fool’s Errand The latest hot topic within the cryptocurrency industry is the topic of Bitcoin’s proof-of-work (PoW) energy consumption, and whether or not the consumption is efficient. The conversation was sparked by a number of articles published during the last year, alongside software engineer Stephen Diehl’s recent critique of the network’s power consumption. Besides the fact that Diehl considers the crypto asset to be “a giant smoldering Chernobyl,” he also said that “bitcoin economics [is] a pyramid-shaped investment scheme backed by the collective delusion that value can [be] created out of nothing by convincing greater fools to buy it after you do.” Diehl’s criticism toward Bitcoin’s energy consumption is filled with obvious fallacies, but he also doesn’t realize how Satoshi’s cryptocurrency network is more energy-efficient than most think. Diehl and many others, also fail to recognize the cost to maintain today’s banking system, which consists of a great number of terawatts dedicated to servers, branches, and automated teller machines. 1/ Bitcoin’s energy consumption is not “wasteful.” – It is much more efficient than existing financial systems – No one has the moral authority to tell you what is a good or bad use of energy (ex: watching the Kardashians) Let's debunk this FUD👇 — Dan Held (@danheld) January 18, 2021 Bitcoin Electricity Consumption Index Discrepancies Most of the consumption data stemming from the BTC network is derived from the Cambridge Bitcoin Electricity Consumption Index (CBECI). Interestingly enough analysts and mainstream media reporters also reference the digiconomist.net bitcoin energy consumption index as well. Unfortunately, both CBECI and digiconomist.net’s annualized consumption of terawatt per hour (TWh) data has a very large discrepancy. The digiconomist.net stats show the BTC network captures 77.78 TWh, while CBECI indicates the network is 111.08 TWh. That is a huge variance (44% difference) when attempting to estimate the data consumption of the crypto asset’s network. Yet, these are the most leveraged sources used by bitcoin naysayers who say BTC’s electrical consumption is a ‘waste’ without any shame. Further, we don’t even know how accurate the CBECI data is because a team member from the Cambridge Centre for Alternative Finance (CCAF) recently explained to news.Bitcoin.com that the CBECI map is not up-to-date and will be updated in 2021. This has led to numerous reports stating that China captures 65% of the Bitcoin mining hashrate, which may be entirely inaccurate. In July 2020, a hashrate report written by Bitooda said China was steadily losing its concentration of bitcoin hashpower and the country dropped to 50%. It is far more likely, that CBECI’s theoretical lower bound estimate for the BTC network’s energy consumption is more accurate. This theoretical lower bound estimate is around 4.6 gigawatts or 39.3 TWh annualized on January 19, 2021. Moreover, there are countless rebuttals and data points that show people complaining about Bitcoin’s energy consumption are overreacting. we had the exact same debates about the perceived 'costliness' of the gold standard I would direct the energy crew to go read those rebuttals instead of boring us with 100 yr-old arguments — nic carter (@nic__carter) January 18, 2021 Studies Show Over 75% of Cryptocurrency Miners Leverage Renewable Energy Sources For instance, the anti-bitcoin environmentalists do not weigh the fact that much of the PoW mining industry uses renewable energy sources like hydropower, wind, solar, and geothermal energy. There are a number of reports that show over 70% of crypto miners use a mix of renewable energy to power facilities across the world. There is also abundant efforts dedicated to energy cogeneration as well. The 2020 third Global Cryptoasset Benchmarking Study by the University of Cambridge also indicates that 76% of digital currency miners use renewable power sources. Backing up this data is a report from Deutsche Bank Research, the Chinese National Energy Agency, Morgan Stanley, and Coinshares. The report from these four organizations highlights that “78% of Bitcoin’s electricity usage is from renewables.” There are countless reminders and real-world examples of bitcoin miners using a far more efficient means of electric use than all of the financial systems on the planet. Two years ago, Bill Tai, an investor and board director of Bitfury, detailed that Satoshi is smiling because of the green energy use bitcoin miners use today. “It’s been clear to me for years now, that mining of Bitcoin and other ‘proof-of-work’ based cryptocurrencies are driving positive change in the underlying infrastructure of energy production — at an accelerating rate,” Tai explained at the time. The investor is also the chairman of Hut8’s board and he said the company has a “policy to ‘be green’ as we build.” Tai detailed that the most efficient sources of electrical power are not fossil fuel-based in order to scale, but the marginal costs of water, solar, and wind-based energy, Tai stressed. Delivery Trucks, Servers, Branches, ATMs, and the Insurmountable Cost of the Modern Banking System Then ultimately there’s the cost of the modern banking system, something that bitcoin naysayers never account for when they criticize the crypto’s energy consumption. There is a great number of articles and statistics that indicate the current banking system uses well over 140 TWh a year. In one study, Katrina Kelly-Pitou, a researcher who “studies clean energy technology, specifically the transition toward decarbonized energy systems” says the energy conversation surrounding bitcoin is “oversimplified.” Furthermore, the researcher stressed that “Bitcoin’s energy consumption isn’t as bad as you think.” Then the Hacker Noon contributor, Carlos Domingo, called the comparison of bitcoin’s electrical usage to Visa’s a complete “fallacy.” Domingo said: Stop complaining about Bitcoin and start complaining about Xmas lights. Despite the Fact That ‘the Cost of Bitcoin Mining Has Never Really Increased,’ Cancel Culture Pundits Want to ‘Criminalize Bitcoin’ This past October, the researchers Yo-Der Song and Tomaso Aste, published a report which highlights that the cost of bitcoin mining “has never really increased.” In the paper, Aste and Song detail that the Bitcoin network consumes a lot of energy, but the researchers still manage to estimate the “lower bound for the global mining energy cost for a period of 10 years from 2010 to 2020.” “Despite a 10-billion-fold increase in hashing activity and a 10-million-fold increase in total energy consumption, we find the cost relative to the volume of transactions has not increased nor decreased since 2010,” the paper notes. The researchers add: This is consistent with the perspective that, in order to keep the Blockchain system secure from double-spending attacks, the proof of work must cost a sizable fraction of the value that can be transferred through the network. We estimate that in the Bitcoin network this fraction is of the order of 1%. It is clear that the bitcoin mining industry is not as wasteful as the current banking system filled with not only servers, ATMs, and branches, but it is also free of rampant fraud and manipulation as well. Despite this, members of today’s woke crowd and cancel culture want to “criminalize bitcoin,” because it is allegedly “grotesquely damaging to the environment.” As usual, these critics are filled with emotional opinions and weak virtue signals, without a whole lot of facts to back them up. What do you think about the recent critique toward Bitcoin’s energy consumption? Let us know what you think about this subject in the comments section below. 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PRESS RELEASE. ZK International Group Co., Ltd. (Nasdaq: ZKIN) (“ZKIN“, “ZK International” or the “Company”), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, is pleased to announce its ETF-like decentralized fund and platform, which is the second DeFi project in xSigma’s ecosystem. The project’s website: https://xsigma-etf.com. The announced ETF-like protocol will be a decentralized fund based on Ethereum blockchain, that will diversify between major crypto assets related to the DeFi space. In addition, it will provide a platform that will enable others to create indexes and it will be branded and known as xTF by xSigma. The decentralized smart contract application (DApp) is expected to act like an index of the major DeFi tokens, allowing crypto investors to capitalize on overall growth of a wider share of the DeFi market, and potentially reducing risks and transactional costs. xTF by xSigma is also expected to allow others to create ETF-like decentralized funds on their own with just a few clicks. It will allow institutions and individuals to create own indexes, attract capital and earn on trading fees and expense ratios. The fees can be configured, and various business models can be implemented. Finally, the platform is expected to turn into a marketplace or aggregator of various indexes. Indexes will be presented in a form of tokens issued on Ethereum blockchain. Users will be able to buy or issue ETF-like tokens using ETH. Issuing tokens means increasing the fund’s size and requires adding more assets to the fund. Withdrawing funds from the capital requires burning according amount of tokens. Critically, all people who engage with the DApp will retain control of their crypto assets (e.g. Ethereum) and will be able to deposit assets into the DApp and withdraw them from the DApp at their discretion using their own crypto asset wallets. The DeFi industry now has crypto worth over $21 billion locked in major protocols, according to the DeFi Pulse website. xSigma is now targeting the DeFi space with two projects: DeFi protocol (stablecoin DEX) and the newly announced ETF-like protocol xTF by xSigma. The ultimate objective of xSigma is to build an ecosystem of products for finance and blockchain. Mr. Jiancong Huang, Chairman and Chief Executive Officer of ZK International, stated, “We are pleased to announce that xSigma now has two projects in the DeFi space. We look forward to bringing innovation to the blockchain and finance industries with xSigma’s team.” The release of the xTF by xSigma is scheduled for the second quarter in 2021, and technical details will be revealed soon. xSigma expects to generate fees from the fund’s operation in the future. The project won’t be a regulated financial product, and xSigma team won’t have access to digital assets deposited in the DApp. Some elements of the protocol of the platform will be immutable while others will be subject to being amended as per the votes of a decentralized autonomous organization (DAO) that will govern key decisions with respect to the protocol. Votes shall be cast using governance tokens that will be ERC-20 tokens automatically issued by the protocol, as per the terms of the protocol. As a utility token, such governance tokens will not be registered with any securities regulator or other regulatory body. xSigma expressly renounces any representations as to the actual or projected value of tokens issued on any of its DeFi protocols; they needn’t have any value at all because it serves as the governance token for a DAO. The protocol is not an ETF, in the conventional sense of the term; it is not registered, licensed or regulated by any exchange or governmental regulatory body. Instead, the protocol will be a smart contract published to the Ethereum blokchain open for anyone to inspect and engage with as they please. Further detail as to the protocol will be discussed in a white paper to be published by xSigma prior to launch of the protocol. About ZK International Group Co., Ltd. ZK International Group Co., Ltd. is a China-based designer, engineer, manufacturer and supplier of patented high-performance stainless steel and carbon steel pipe products that require sophisticated water or gas pipeline systems. The Company owns 28 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 National and Industry Standard Awards. ZK International is preparing to capitalize on the $850 Billion commitment made by the Chinese Government to improve the quality of water, which in its current supply state is 70% unfit for human contact. ZK International is Quality Management System Certified (ISO9001), Environmental Management System Certified (ISO1401), and a National Industrial Stainless Steel Production Licensee that is focused on supplying steel piping for the multi-billion dollar industries of Gas and Water sectors. ZK has supplied stainless steel pipelines for over 2,000 projects, which include the Beijing National Airport, the “Water Cube” and “Bird’s Nest”, which were venues for the 2008 Beijing Olympics. Emphasizing superior properties and durability of its steel piping, ZK International is providing a solution for the delivery of high quality, highly sustainable, environmentally sound drinkable water to not only to the China market but to international markets such as Europe, East Asia and Southeast Asia. For more information please visit www.ZKInternationalGroup.com. Additionally, please follow the Company on Twitter, Facebook, YouTube, and Weibo. For further information on the Company’s SEC filings please visit www.sec.gov. About XSigma Corporation XSigma Corporation, is a wholly-owned subsidiary of ZK International Group Co., Ltd. Together with ZK International, has launched xSigma as a research and development lab back in 2018 to solve real-world infrastructure challenges. Its mandate was to explore new opportunities in smart contracts, supply chain management and other blockchain-based solutions. XSigma has since pivoted to decentralized finance, focusing on decentralized exchanges, stablecoins and lending protocols. The research lab is now actively working on its ecosystem of products beginning with its DeFi protocol. The ultimate objective is to build a range of financial tools and products for the flourishing decentralized finance industry. The xSigma team that are being assembled are on the leading edge of blockchain research and development that intersects decentralized finance, supply chain management, IoT, and infrastructure. The DeFi protocol is one of many decentralized finance projects xSigma plans to launch over the next 12 months. It will feed into a growing network of DeFi products for enterprise and consumer markets. Any blockchain protocol is subject to a degree of risk; xSigma’s DeFi protocol has implemented tamper-resistant programming, but is still subject to potential hacks.For further information about xSigma, please visit its website at www.xsigma.com and www.xsigma.fi. Safe Harbor Statement This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate” or “continue” or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict and many of which are beyond the control of ZK International. Actual results may differ from those projected in the forward-looking statements due to risks and uncertainties, as well as other risk factors that are included in the Company’s filings with the U.S. Securities and Exchange Commission. Although ZK International believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in forward-looking statements will be realized. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by ZK International or any other person that their objectives or plans will be achieved. ZK International does not undertake any obligation to revise the forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Investor Contact: Sherry Zheng Weitian Group LLC Email: shunyu.zheng@weitian-ir.com Phone: +1 718-213-7386 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. 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An Australian bitcoin trader has filed a lawsuit against two of the country’s biggest commercial banks, accusing them of systematic discrimination when they closed his accounts on short notice. Allan Flynn is demanding compensation of AU$250,000 ($193,000) from ANZ and Westpac banks for closing his accounts immediately after they had been opened, the Australian Financial Review reported on Jan. 18. Flynn, who operates a registered bitcoin (BTC) exchange, has started proceedings against both banks at the ACT Civil and Administrative Tribunal. The trader alleges he is the victim of unlawful discrimination, with no less than 20 banks closing his accounts in the past three years. He lamented: How am I supposed to run a lawful business if I can’t get a bank account? I am by no means alone or the first. I know of at least one other trader who has had accounts closed more than 60 times. Flynn’s exchange is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), he says, and has helped facilitate BTC trades for about 450 customers. Westpac reportedly told Flynn that his account was closed because he was “under investigation for cryptocurrency fraud.” ANZ said it does not offer banking services to crypto brokers, issuers or exchanges. Per the report, Flynn claimed an ANZ worker had informed other banks and his clients that he was involved in fraud. Crypto exchange operators have had a tough time opening and maintaining accounts with traditional banking institutions. Earlier this month, Chile’s Free Competition Defense Court ruled that Banco Itaú and Banco Estado, two major banks in the country, must reopen the checking accounts of crypto exchange Buda. The accounts were closed in 2018 after they were wrongly implicated in a scam run by Terra Finance. What do you think about banks denying crypto exchanges banking services? Let us know in the comments section below. View the full article

Bitcoin options open interest has reached $9.6 billion according to derivatives market data as the metric is nearing the high captured on January 7, 2021. Moreover, the aggregate open interest in bitcoin futures is steadily nearing all-time highs. While cryptocurrency spot markets have consolidated, bitcoin-based derivatives markets have seen continuous action. At the time of publication, both bitcoin futures and options open interest has been rising significantly. For instance, researchers at skew.com recently tweeted that “bitcoin futures open interest [is] quickly bouncing back to a new all-time high.” Skew also added that CME Group was now the largest open interest “by some margin.” Data from exchanges dealing with bitcoin futures shows that open interest continues to climb. Okex holds the reins as far as bitcoin futures open interest today, followed by the platforms CME and Binance. These three leading bitcoin derivatives markets are followed by Huobi, Bybit, FTX, Bitmex, Deribit, Bitfinex, Kraken, and Coinflex respectively. In addition to bitcoin futures nearing all-time highs in terms of open interest, ethereum futures and options have seen increased demand as well as the crypto asset’s spot markets near all-time price highs as well. Skew analytics indicates total ETH options interest is around $1.7 billion with Deribit commanding $1.5 billion. Deribit’s ETH options open interest is followed by Okex ($153M), Bitc.com ($41M), and Huobi ($9.7M). Alongside the desire for crypto futures, bitcoin options have increased substantially during the first month of 2021. The estimated notional value of all open bitcoin options positions is $9.6 billion with an expiry set for January 29, 2021. The crypto exchange Deribit commands the lion’s share of BTC options with 84.37% ($8.1B) of open interest. Deribit is followed by derivatives platforms such as Okex ($511M), Bit.com ($470M), CME ($398M), Ledgerx ($176M), and Huobi ($9.4M). The aggregate of open interest on bitcoin options has swelled progressively over the last six months. Data from Bybit’s 24-hour long/short ratio shows shorts are up 50.64% while longs are 49.36%. BTC longs and shorts stemming from Bitfinex according to Tradingview data shows longs are increasing while BTC/USD shorts have remained low. The increased demand for bitcoin-based derivatives, follows BTC’s lifetime all-time price high of $42,000 recorded only 12 days ago. At the time of publication, BTC/USD spot market prices are still down 11.8% since touching the $42k handle. Meanwhile, with the 258,818 BTC in options open interest, 99,753 BTC or $3.7 billion is set to expire in ten days. What do you think about the recent increase in open interest for bitcoin derivatives like futures and options? Let us know what you think about this subject in the comments section below. View the full article

The Russian cryptocurrency exchange Livecoin has shut down amid accusations that it has pulled an exit scam. Customers are unable to withdraw their funds and have been asked to provide extensive identifying information which they fear would lead to identity theft. The exchange claims that it was hacked in December. Livecoin Crypto Exchange Closes Down The Russian cryptocurrency exchange Livecoin announced Saturday the decision to close down its platform. The exchange claimed in December that it was hacked. As news.Bitcoin.com reported, hackers supposedly manipulated the prices of several major cryptocurrencies, including bitcoin whose price shot up to $500K on the platform. Since the incident, users have been trying to get their funds out of the exchange with no success, which has led many to believe that the platform’s operator pulled an exit scam. The announcement, posted on the Livecoin website in English and Russian on Saturday, reads: Our service has been damaged hard in technical and financial way. There is no way to continue operative business in these conditions, so we take a hard decision to close the business and paying the remaining funds to clients. ‘Suspect’ Requirements to Get Money Back To receive a refund, customers have been asked to send a request with their name and registration date to an email address provided by Livecoin. Users have two months to file a claim, and March 17 will be the last date that requests will be accepted. Once customers email the initial request, the exchange says they will receive “detailed instructions” on how to verify their claims. Livecoin stated that payments will only be sent after customers pass a “verification procedure.” While some users insist that Livecoin never replied to their emails, those who received an email back have shared the verification procedure on social media, which has seven steps for customers to complete in order to qualify for a refund. The first is for users to provide details of their first deposit on the exchange. One user argued, “My account is from 2017, it is impossible to know my first deposit.” Many others share the dilemma, emphasizing that they can no longer log into their Livecoin accounts. In addition, customers must provide a “high resolution scan” of their passport or identity card, proof of address, detailed information of the device used to log into the Livecoin account, as well as details of the origin of their funds. Furthermore, the exchange also asked for a “Selfie with opened passport of identity card” and a video verification. Livecoin’s “verification procedure” shared by a user on Twitter. Users Cry Exit Scam and Possibly Identity Theft One user tweeted to Livecoin: “I got [the] email but why [are] you asking [for] too much documents like you want to open a bank account with my name. I can’t understand why you are doing this.” Another voiced the same concern, asking Livecoin, “Why do you collect so much data for a refund?” adding that with such data anyone can take out large loans. A third opined, “they ask too much and some unnecessary info which is suspicious.” A fourth user wrote: This information they ask for is suspect, virtually no user will be able to recover their funds with this information. Livecoin’s customers on Twitter are angry and worried that they will not be able to get their money back from the exchange. Furthermore, adding insult to injury, Livecoin’s notice warns: “In case of abuse and threats in conversation, the claim can be declined.” One Twitter user concluded: They exit scammed … our money is gone forever and they want our identities too, to get loans with those. Do you think this exchange is pulling an exit scam? Let us know in the comments section below. View the full article

PRESS RELEASE. 19th January 2020, St Kitts & Nevis & Atlanta – The Foundation for Economic Education (FEE.org) announced today that Bitcoin.com founder and early cryptocurrency investor Roger Ver has made two gifts totaling $2,000,000 in Bitcoin Cash (BCH) to support FEE’s work in advancing individual liberty and educating students around the world on the moral and economic foundations of a free society. The first $1 million gift supports FEE’s marquee events in 2021–FEE’s 75th anniversary year–as well as additional student programs, including online educational content and books. The second $1M gift takes the form of an endowment, which will be a perpetual source of support for FEE’s educational activities. Ver, who previously donated $1,000,000 in Bitcoin to FEE in 2013, said he owes an intellectual debt to FEE and is making this new donation at a time during which he believes FEE’s work is needed more than ever. “I was a subscriber to FEE’s long-running magazine “The Freeman” when I was in high school and I owe a lot of my success in Bitcoin to what I learned reading about the moral urgency of having a monetary system that exists separate from state force,” said Roger Ver. He continued: “I was looking around the world today and I saw global lockdowns, inflation, attacks on individual liberty, and I thought: ‘Who are the most important voices of freedom today?’ FEE is at the top of my list. I want to help FEE have the same impact on the lives of millions of young people that they did on mine.” FEE – Anything Peaceful Founded in 1946, FEE is the oldest libertarian think tank in the U.S. FEE is celebrating its milestone 75th anniversary with events throughout 2021, including FEEcon (in Atlanta from June 17-19) and the FEE 75th Anniversary Gala on June 19th. Each year, FEE reaches an audience of hundreds of millions online and nearly 20,000 students through classroom programs in colleges and high schools in both the United States and Latin America. “Roger supercharged our online growth in 2013 when he gave an unprecedented $1M in Bitcoin to FEE,” said FEE’s Executive Vice President Richard N. Lorenc, who went on to say: “At the time, this was the largest-ever donation of cryptocurrency and helped us significantly along a path of growing educational impact ever since. With these new major gifts of Bitcoin Cash, Roger continues his transformational giving just as we begin to celebrate FEE’s 75th year and unveil our campaign to expose ever greater numbers of students to the ideas of liberty, both in their classrooms and online.” Asked why he chose to make his gift in Bitcoin Cash, Ver remarked: “Bitcoin Cash of all cryptocurrencies has the best chance at creating more economic freedom around the world. Unlike the legacy Bitcoin chain, Bitcoin Cash can be sent instantly around the world to anyone for a fraction of a penny without arbitrary government limitations. It has the kind of potential that got me so excited about first investing in Bitcoin and Bitcoin companies back in 2011, and that potential lines up perfectly with the work FEE is doing to realize a freer, more peaceful world.” With the new gifts from Ver, FEE plans to quickly grow their capacity to continue producing powerful videos, writing compelling articles, and developing classroom materials all focused on advancing individual liberty, free enterprise, and limited government in the realms of economics, art, careers, culture, and more. “Roger’s pioneering work in the cryptocurrency space shows how ideas can and do change the world,” said FEE’s President Zilvinas Silenas. “Likewise, Roger’s continued investment in FEE emphasizes FEE’s vital role in the field of economic education. FEE is the premier player in introducing the ideas of liberty and individual empowerment to young audiences, and we are honored that Roger recognizes our groundbreaking work online and in the classrooms. With the support of farsighted philanthropists such as Roger Ver, FEE will succeed in making human liberty the most credible economic and political philosophy among the rising generation.” To learn more about FEE’s online and classroom programs and online media, visit FEE.org. To learn how you can attend FEEcon 2021, visit FEEcon.org. To join FEE in their mission to advance the foundational ideas and principles of a free society –individual liberty, free enterprise, limited government, entrepreneurial value creation, and high moral character – for the rising generation, visit: FEE.org/donate To learn about how you can start using Bitcoin Cash today, visit bitcoin.com to download the wallet and purchase your first Bitcoin Cash. Media Contacts Details Contact Name: Bitcoin PR Buzz Press Monitoring Contact Email: press@bitcoinprbuzz.com Bitcoin.com is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. About Bitcoin PR Buzz: Bitcoin PR Buzz has been proudly serving the crypto press release distribution needs of blockchain start-ups for over 8 years. Get your Bitcoin Press Release Distribution today. 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