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A petition has been submitted to the European Parliament, asking to implement a scheme to compensate crypto-related victims. The crimes mentioned in the petition 0421/2020 include fraud, piracy, and extortion. Petition’s Author Represents Victims in the Bitsane Alleged Scam Case According to the author, lawyer Jonathan Levy, the petition asks the bloc to implement a series of regulatory schemes to “compensate victims” of crypto-related crime activities. He pointed out that, to date, “no crypto asset funding has been set aside to compensate the victims of directly related criminal activities” in the European Union (EU). The lawyer proposes implementing a .0001 cent per euro fee on crypto transactions, which will go to a “victim superfund.” Per the petition, crypto-related crime victims have “attempted to recoup their losses in different ways,” such as legal proceedings in national courts within the EU. However, Levy says, “none of these remedies has been successful owing to the multi-jurisdictional nature” of the crypto transactions. The document continues to elaborate on the matter: The petitioner [Levy] notes that neither the Commission nor the European Ombudsman have declared themselves competent in this matter. He urges the European Parliament to act directly to help the victims of crypto-active crimes as part of its EU strategy for the creation of a genuine single market for digital financial services. Levy is known in the crypto sphere for representing victims of an alleged exit scam by Irish crypto exchange Bitsane. He referred to this case as an example of how Irish authorities “had accomplished little or nothing” to track stolen funds. As of press time, the lawyer claims the stolen victim funds exceed the $1 billion threshold. European Commission Rejected the Creation of a Crypto Fraud Compensation Fund in 2020 The petition 0421/2020 has 48 supporters so far. Also, its status remains as “available to supporters” on the European Parliament website. But the feasibility of the petition is still doubtful. On October 21, 2020, news.Bitcoin.com reported that the European Commission (EC) expressed its opposition to creating a 0.0001 cent per euro fee crypto crime victim superfund. The Commission argued that most of the crypto crimes occur outside the EU jurisdiction. Also, they claimed not to have the competence to set up and administer such a fund. What are your thoughts on the petition submitted to the European Parliament? Let us know in the comments section below. View the full article

In a possible first for Spanish football, DUX Internacional de Madrid, a lower division team says it has used crypto buy a new player. The player, David Barral moved to his new club after Criptan, the new club sponsor facilitated the acquisition. Criptan is a cryptocurrency trading company that is registered in Valencia, Spain. Meanwhile, following the player’s move, a Spanish football news site quotes Barral, who is now aged 37, expressing his eagerness to continue playing for what will be his seventh club. Barral says: I am happy to join this project, with desire, ambition and responsibility to continue competing and achieve important challenges in my sports career. Furthermore, the news report also details Barral’s football journey prior to joining Dux International de Madrid. The report says in addition to playing for Real Madrid, Barral has also played for four other sides which are namely “Granada, Cádiz, Levante and Sporting.” During his stint as a player in the Spanish’s top division, Barral played a total 221 games and 60 when he played in the second division. In total, Barral scored 53 goals, 46 when playing for Sporting and 7 when playing for Racing. In the meantime, Barral’s crypto financed move, which was also announced on Twitter, sparked interest on the social media platform. For instance, some Twitter users like Mimy de Miguel wondered if Barral could also charge or receive payments in crypto. However, some crypto supporters were happy with the way the player’s acquisition was carried out. Do you think this acquisition will encourage other clubs to do the same? You can share your views in the comments section below. View the full article

Police in Iran have reportedly seized 45,000 bitcoin mining rigs for illegally using subsidized electricity from the state-owned power utility Tavanir, the local Tasmin News Agency reported this week. According to Mohammad Hassan Motavalizadeh, head of Tavanir, the efficient application-specific integrated circuit (ASIC) bitcoin miners had been consuming 95 megawatts (MW) per hour of electricity at cheaper prices. Authorized miners are charged around 4,800 rials ($0.11) per kilowatt-hour in autumn, winter and spring, says the Iranian Energy Ministry. Subsidized rates may be half as much. Since 2019, when crypto mining became legal in Iran, the Islamic Republic has shut down 1,620 unauthorized mining farms, local media reported earlier this month. The farms consumed 250MW of electricity, it said. Now, the Middle East country is currently facing severe power shortages due to rising winter demand, with rolling blackouts across major cities. The government decided to blame bitcoin (BTC) mining for the dire situation. As a result, Iran’s Energy Ministry has temporarily cut the supply of 600MW of power to all authorized BTC miners in the country, redirecting the energy to household use. Per the Tasmin News Agency report, authorities also put a halt to production at a vast mining operation in the southwest of Iran. The facility is owned by a Chinese-Iranian investment company and is reportedly using “tens of thousands” of ASIC miners to extract bitcoin. Some cryptocurrency researchers have argued that although miners are being targeted, they were not responsible for the current blackouts. Ziya Sadr told the Washington Post that bitcoin mining accounts for a very small share of the national electricity consumption total in Iran, where demand peaks at 40,000MW in winter. What do you think about the Iranian government’s bitcoin equipment seizure? Let us know in the comments section below. View the full article

An Ecuadorian presidential candidate hinted at creating a cryptocurrency in the country as part of its government agenda. Giovanny Andrade said that the national crypto aims to “facilitate” transactions across the country. Crypto Could Be Backed by Gold During an interview with Primicias, Andrade, representing the Union Ecuatoriana party, believes its cryptocurrency idea is a crucial part of his country’s proposals. However, he doesn’t want to ride off from Ecuador’s dollarized economy: We are looking at ways to create an Ecuadorian cryptocurrency. This does not mean that we are going to escape from dollarization. We must support dollarization. The Ecuadorian-Chilean Mining Chamber also claimed that a series of investors want to allocate $320 million to finance a “Latin American gold refinery.” He also said that such cryptocurrency is backed by the yellow metal gold, like Venezuela’s petro with oil. Andrade continued to talk about the national crypto plans on his agenda in case he gets elected on February 7, 2021: “It is essential that we create the cryptocurrency for all the internal benefits within the country, such as internal transactions. This would work very well for Ecuador. Could the Hypothetical Ecuadorian Cryptocurrency Be Another Venezuelan Petro? Dollarization in Ecuador has been a sensitive topic in the public discussion. In 1999, the country adopted the dollar as its official currency. All of this happened within the context of a strong economic and inflationary crisis. Jamil Mahuad, the then-president of Ecuador, was dismissed from his duties in January 2000, since political parties blamed him for unleashing the economic crisis. However, no president has been able to remove dollarization’s policy. In terms of the crypto industry, the Latin American country is not a well-known player within the regional sphere. However, Ecuador has been showing some interest in blockchain adoption in the country’s banking and dairy sectors. What do you think about a possible Ecuadorian cryptocurrency backed by gold? Let us know in the comments section below. View the full article

After the co-owner of the Atilis Gym in New Jersey appeared on TV and told the public the state confiscated over $173k from the gym owner’s bank account, Ian Smith revealed Atilis Gym has now set up a crypto wallet. Smith explained that a number of people didn’t want to donate using the Gofundme platform, so peer-to-peer electronic cash supporters created a proposal on the permissionless fundraising application, Flipstarter, so people can donate bitcoin cash toward the gym owner’s legal efforts. Uncensorable Money Advocates Help Atilis Gym Owners Just recently, news.Bitcoin.com reported on the Atilis Gym in New Jersey owned by Ian Smith and his business partner, Frank Trumbetti. Last week, Smith told the public that New Jersey’s (NJ) Governor Philip Murphy seized the gym’s legal defense funds during the gym owner’s appeals process. The state took $173,613.60 according to Smith, and the Atilis Gym co-owner appeared on Fox News with Tucker Carlson in order to tell his story. The state of New Jersey (NJ), NJ Governor Philip Murphy, and the State Health Commissioner have disrupted the business operations for Atilis Gym co-owners Frank Trumbetti (left) and Ian Smith (right). Atilis Gym doesn’t comply with NJ Covid-19 rules enforced by the state. For instance, the owners do not mandate that gym patrons have to wear a mask. Because of this, Atilis Gym has been fined by NJ at $15k per day, and just recently Smith accused the state of seizing $173k. During Smith’s conversation with Tucker, the two discussed accepting cryptocurrencies in order for the gym owners to protect themselves from another form of asset seizure. The Atilis Gym co-owner told Tucker that setting up a cryptocurrency account was a frequent recommendation. Following the story, Bitcoin.com founder Roger Ver shared a video on Twitter that explains what happened to the Atilis Gym owner’s legal defense funds. Ver further explained in his tweet: It’s time for the world to switch from censorable banks and Gofundme to uncensorable peer-to-peer electronic cash and Flipstartercash. Moreover, Ver shared a Flipstarter fundraising link with the video called the “Atilis Gym Patriots Bitcoin Cash Fundraiser.” The Flipstarter fundraiser aims to raise approximately 42 BCH or more than $20k using today’s BCH exchange rates. At the time of publication, the Atilis Gym Flipstarter has raised 24.96 BCH or just over $12k so far. ‘People Take Care of Each Other Way Better Than Big Government Can’ The Atilis Gym co-owner also tweeted about the help his business received from BCH proponents looking to assist the gym. Ian Smith tweeted on Sunday: These guys are incredible. They heard about what happened with the illegal asset seizure and helped the Atilis Gym set up a crypto wallet and have started a fundraiser for us. Once again showing that people can take care of each other way better than big government can. The Atilis Gym Patriots Bitcoin Cash Fundraiser held on the Flipstarter platform. In another tweet, the Atilis Gym co-owner said that a “number of people who wanted to donate to our cause did not want to use the banks or Gofundme.” So @be_cashy set us up a crypto-based Fundraiser. Big shout out to these guys,” Smith added. A number of BCH supporters were thrilled to hear about Atilis Gym being set up with a crypto account and a fundraiser on Flipstarter. “If you keep your money in bitcoin cash, they can’t steal it,” the BCH supporter David Bond wrote to Smith on Twitter. “You can spend it on gift cards or on Purse.io – offer to pay your lawyer in Bitcoin Cash. Bitcoin is freedom money,” he added. The fundraiser creator on Flipstarter explains why the donation portal was created as it serves a dual purpose. “After reading about the unjust treatment of Atilis gym and seizure of their funds by government thugs, we decided to do something about it,” the Atilis Gym fundraiser description on Flipstarter notes. “We’re raising funds for Atilis. Rather than fiat money that can be seized by unaccountable tyrants, we’re talking about non-confiscatable bitcoin cash.” The Flipstarter description further states: We’re hoping this fundraiser will serve a dual purpose. First, to help the brave heroes at Atilis who are standing up against unconstitutional and unscientific lockdowns, and second to spread awareness about cryptocurrency. It’s time for people everywhere to drop the banks and take control of their own money. 100% of funds raised will be donated to Atilis. Individuals can also see a variety of individuals who have already donated to the Atilis BCH fund on Flipstarter. One individual, the BCH proponent, Marc De Mesel, donated a whopping 20.50 BCH to the Atilis Gym’s cause and litigation costs. “I admire gym guys,” De Mesel wrote after donating. “Courageous to refuse masks and stand up to the police,” the investor added. What do you think about the Atilis Gym owner’s problems with the state? What do you think about them accepting cryptocurrencies like bitcoin cash? Let us know in the comments section below. View the full article

The price of bitcoin and a number of digital assets have been consolidating this week, after a number of crypto markets dropped over 25% the week prior. The entire crypto-economy is hovering just below the $1 trillion mark at $987 billion, gaining 1.3% during the last 24 hours. Crypto Asset Markets Consolidate A good number of crypto-asset markets have been meandering about in a state of consolidation, while a few tokens have seen significant gains in recent days. At the time of publication, bitcoin (BTC) has been exchanging hands for $36,400 per unit with an overall market valuation of around $677 billion. BTC’s market cap gives the crypto asset a 66% dominance rating in comparison to all the alternative digital currency valuations in existence. At the current price BTC is up 4% during the last seven days, 54% for the 30-day span, 209% during the last three months, and 324% over 12 months. BTC/USDT markets via exchange.Bitcoin.com. Ethereum (ETH) is trading for $1,236 per ether and holds a market valuation of around $141 billion today. ETH traders are still in the green with a gain of 15% during the week, 90% for the month, 239% for the 90-day span, and over 651% during the last year. The stablecoin tether (USDT) holds the third-largest market cap today, but below the tether market is the digital asset polkadot (DOT). ETH/USDT & BCH/USDT markets on January 18, 2021 via exchange.Bitcoin.com. Polkadot now holds the fourth largest market cap today as each token swaps for $17 per unit. Below the DOT market cap is XRP which is currently trading for $0.28 per coin. XRP is down less than a percentage for the week but also down over 50% during the 30-day span. ADA/USDT markets on January 18, 2021, via exchange.Bitcoin.com. ADA, DOT, and LINK have seen market prices pop northbound considerably in value during the last few days while other crypto assets have consolidated. Cardano (ADA) follows XRP, and each ADA token is trading for $0.37 per unit. ADA has performed considerably well in recent weeks gathering 36% this week. Over the month ADA prices have improved by 108% and 266% during the 90-day span. Litecoin (LTC) is currently trading for $148 per coin and the crypto asset is up over 9% during the seven-day span. Bitcoin cash (BCH) is swapping for $492 per unit at the time of publication jumping over 5% this week. BCH has an overall market cap of around $9.19 billion and has gained 58% in the last 30 days. ‘No Surprise to See Bitcoin Recover Relatively Easily Last Week,’ Accumulation Addresses Rise While the price of a great number of crypto assets dropped last week, mainstream pundits said that the crypto economy was headed for a bear market. However, crypto analysts disagree with the bear market assessment and BTC’s recovery last week highlighted that things are still very bullish. “Instead of a tumultuous week with talks of crashes and bubbles, last week was relatively steady for bitcoin for the most part,” Etoro’s Simon Peters explained in a note to investors. “Starting at just $30,000, bitcoin rose to $40,000 on Thursday, before dipping again over the weekend. It currently sits at $36,389,” the market analyst added. Peters continued: Whilst some commentators have pointed out that, from a technical standpoint, we are currently in a bear market, I don’t personally ascribe to that view. This level of volatility is no different from what we have seen in previous bull runs, but because bitcoin is at such a substantial price, the fluctuations in dollar terms appear much more significant. In percentage terms, they are not. The backdrop for bitcoin remains supportive and so, to myself and to many in the community, it was not a surprise to see bitcoin recover relatively easily last week from its setback. Glassnode stats show that BTC accumulation addresses have risen 17% in the past year. Meanwhile, one analyst said that BTC has a few days of consolidation and in the interim altcoins will probably see some action. “Three days until bitcoin reaches any ‘relevant’ apex – this means three more days of having fun with altcoins,” Teddy Cleps said to his 51,000 Twitter followers on Saturday. The CTO at Glassnode explained to his Twitter followers that a large amount of BTC is being sent to “accumulation addresses.” “2.7 million BTC are held in accumulation addresses– that’s an increase of 17% in the past year,” the Glassnode CTO, Rafael Schultze-Kraft, recently tweeted. “These are addresses that have received at least 2 incoming transactions and have never spend funds. Miner and exchange addresses are excluded,” the researcher added. Want to check out all the crypto market action with prices in real-time? Check out our crypto market aggregator at markets.Bitcoin.com. What do you think about cryptocurrency market movements on Monday? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. On December 21st, 2020, the Nexus Protocol white paper was released. The new internet will be driven by a blockchain-based operating system (LX-OS) and communications protocol (Nexus Protocol), that will be connected by a distributed satellite-based mesh network. The white paper contains technical specifications and mathematical models that showcase and prove the viability, value proposition, and practicality of this novel architectural framework. Network Architecture Web 3.0 or Decentralized Web (DWeb), has been coined as the next evolution of the internet, with the promise of emancipating digital communication by reducing users’ reliance on a select few companies and technologies, to ultimately diminish the dominance of conglomerates. The Nexus Protocol takes this a step further, by decentralizing and democratizing the network infrastructure hardware and software. A network consisting of tokenized micro-satellites, ground stations, and phased array antennas form the backbone of the infrastructure, which will provide an alternative to centralized Internet Service Providers (ISPs). Tokenized Micro-satellite Constellations will provide the opportunity for individuals to own part of the internet’s physical infrastructure, build equity, and participate in decentralized governance. Micro-satellites will operate in many Low Earth Orbit (LEO) constellations to provide low latency and open access to the Nexus Protocol globally. The white paper indicates that future documentation will provide further specifications, including the minimum number of satellites required to form an initial network and constellation simulations. An additional satellite value proposition is the inclusion of the upcoming Nexus LLD filesystem that will allow individuals to negotiate hosting contracts between entities, and generate direct Return On Investment (ROI) from the available flash memory. Below is a summary of the design: Each constellation is represented by a unique set of fungible tokens created on Nexus. Ownership and optional voting rights are maintained by equity represented by these tokens. Revenue generated from the constellation is automatically dispersed to the owners by token rewards. Direct economic benefits are provided to entities that deploy satellites, similar to how mining incentivizes the building of a blockchain. Micro-satellites will provide reputation-based network services to supplement the routing system between ground stations and their aggregated clients. Ground Stations will operate in a cell-like topology, performing most of the heavy network processing and supplying localized content, edge computing, and routing services. Whilst phased array antennas will be utilized to maintain the link to the micro-satellites in LEO. This type of antenna is electrically steered and can realize high gains and mobility, thus it has been chosen for sustained two-way communication between the satellites and ground stations. In terms of end-user access, there are two standards currently being considered: Wi-Fi local hot-spots and cellular LTE technology. The ground infrastructure will provide content delivery services to local networks, creating the opportunity for ground station operators to generate ROI. Operators will be able to offer geo-spatial cache services, in order to supply a range of content delivery speeds to their local customers. Frequency allocation is crucial to ensuring the Nexus Protocol meets the goal of a free and open protocol, remaining unrestricted and unowned by any single party. To achieve this, it will use the 5.8 GHz Industrial, Scientific and Medical (ISM) band that does not require licensing or have limits on antenna gains. The white paper also contains a mathematical proof modelling link viability within the chosen ISM band’s restrictions. Operating System LX-OS, a Nexus Operating System (OS) specifically designed for the Nexus Protocol, is currently under development to fortify hardware abstractions, security requirements and reduce overall risk to embedded devices, micro-satellites, and consumer grade hardware. These security qualities are enforced by leveraging the Nexus blockchain for user authentication and information verification. The LX-OS will initially be marketed for micro-satellites and IoT devices, as each is widely known for vulnerabilities. These industries can benefit significantly from the enhanced protection and dynamic management capabilities. Game Theory The infrastructure components are elegantly woven together with an economic model designed to nurture the numerous revenue streams, in order to ultimately provide humanity with free access to internet services globally whilst creating universal economic opportunities. This is reinforced with mathematical models that resist monopolization by de-monetizing predatory behaviors, thus increasing incentives to cooperatives. A New Internet The Nexus Protocol integrates into the TAO framework, a seven layer software stack that enables the simplified implementation of smart contracts, DApps, tokens, and assets (NFT’s) through a set of Application Programming Interfaces (APIs). In keeping with true open source crypto values, to preserve the white paper as an open specification, it was time stamped and recorded on the Nexus blockchain under asset name US:NP-WP. It is publicly available through the Nexus API. Nexus.io is a community driven project with the common vision of a world inspired by innovation and responsible values, expansive technology, and the fundamental quality of connection being ubiquitous, free, and available to everyone. Media Contact: Ambassador@nexus.io This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Grayscale CEO Michael Sonnenshein says institutional investors are also exhibiting a growing interest in diversifying their investments by choosing other crypto assets besides bitcoin. Sonnenshein, who was recently appointed to the CEO position, made the comments just before the revelation that the company had raised more than $700 million in a single day. The asset raised, which according to the CEO is the largest single-day asset raised so far, follows Grayscale’s recent release of its Q4 report. According to that report, Q4 of 2020 had been a successful one with a total of $3.3 billion in investments being recorded across the company’s range of products. However, in an earlier tweet, the CEO asserts that institutional buyers are trying to minimize risks by spreading their exposure. Sonnenshein says: While bitcoin remains most of our investors’ first step into space, we’ve seen an uptick in interest from allocators looking for broad exposure, avoiding the need to pick winners and avoid losers. Interestingly, Sonnenshien’s comments about investors expressing interest in other cryptos appear to contradict remarks by Robert Gutmann, the CEO of New York Digital Investment Group (NYDIG). According to reports, Gutmann had claimed that “100 out of 100 of the last conversations” that NYDIG has had with investors “have been about bitcoin and 0% of them have been about any other crypto asset.” However, to support his own assertion, the Grayscale CEO makes reference to the firm’s digital large-cap fund, which according to its Q4 report, had an average weekly investment of $1.6 million. Also experiencing growth are the Grayscale products excluding the bitcoin trust which saw an average weekly investment of $33.6 million in Q4. Do you agree that institutional investors want exposure to other cryptos besides BTC? Tell us what you think in the comments section below. View the full article

For quite some time now, bitcoin cash users have been leveraging the web portal read.cash in order to write blog posts, connect with like-minded individuals, and earn bitcoin cash for providing popular content. Now the creators of read.cash have introduced another application called noise.cash, which is similar to the parent platform, but allows people to make noise using much shorter messages. Microblogging and Bitcoin Cash Tipping Bitcoin cash (BCH) supporters have been recently introduced to a new platform created by the read.cash creators. News.Bitcoin.com has reported on the read.cash platform on various occasions, and it quickly became the top crypto-centric blogging forum on the web among BCH fans. Noise.cash microblogging feed. Since the blogging application’s inception, the team has presented a new medium called noise.cash, a Twitter-like platform that allows people to write shorter blurbs of text and share other mediums of content like pictures as well. Noise.cash can easily be described as a microblogging platform, but there are some differences because the application allows people to tip and interact with posts using BCH. Now first and foremost, noise.cash is not like memo.cash, as it is not an immutable form of microblogging. Users do have to accept a number of rules that apply to the platform and they are similar to the read.cash terms of service (ToS). The noise.cash application allows people to interact with posts similar to the myriad of social media platforms like Facebook and Twitter by allowing the user to “like” a post. However, unlike the social media giants, noise.cash allows the user base to tip each post with bitcoin cash (BCH) payments. Bitcoin Cash Pool, Devs State More Features Will Be Applied Noise.cash users can simply tip the post by scanning a QR code tethered to each and every live post added to the feed. The application does not have a native wallet, but allows users to tether their accounts to a public bitcoin cash (BCH) address of their choice. Users can simply tether an address to their noise.cash account from a Bitcoin.com Wallet or any wallet that provides a public BCH address. After registering with noise.cash and accepting the ToS, users simply add a public address in the ‘wallet’ section located in the profile tab. A few users have written reviews about noise.cash on the read.cash blog since the platform was first introduced. The read.cash blogger dubbed ‘Bitcoincash247’ writes: Noise.cash is a social platform just like Twitter which allows its [userbase] to earn bitcoin cash from tips for making short posts. Although this awesome platform is still under upgrade, it has already been found interesting by its [userbase], as it offers a free [bitcoin cash] pool were users can tip each other for free. In a post written on the Reddit forum r/btc one individual exclaimed that both “noise.cash and read.cash are awesome.” “Exactly how I imagined the Internet of money would be,” the post added. “[Bitcoin Cash] has a really great future.” Another user described the app as a platform that’s “like Twitter with crypto, but still in alpha version, I think they will add more features later.” In response to the features request, the Reddit account u/readcash said: “We need to do a lot of things. Rest assured, we’re working on them.” The noise.cash team details that a fully functional embedded wallet will be implemented in future updates. Noise.cash also has discussion chambers with conversation topics like art, cooking, education, homeschooling, holistic living, personal finance, photography, quotes, travel, and more. Since noise.cash was first launched, the platform has attracted a number of users, as the feed continues to grow lively and filled with noise. What do you think about the noise.cash platform introduced by the read.cash team? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. Omni Futures LLC has received significant interest since its recent founding and is starting series A funding from additional investors for a new project, Omni II, to develop additional infrastructure in cryptocurrency mining. According to Ali Farhat, Managing Director of Omni Futures, “Overwhelming interest in a new proprietary mining technology has shown demand for a build-out of our infrastructure.” To develop Omni II for anticipated launch during calendar year 2021, an investor roadshow is being planned, with stops in New York, Miami, Las Vegas, Los Angeles, and the Virgin Islands. Those interested in attending roadshow events are directed to contact Ana Smith, ​ana@omni-futures.com​, to express their interest and prove their ability to meet capital contributions for Omni II. For more information about Omni Futures LLC, please visit ​- Omni-futures.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

American publisher Steve Forbes has attacked bitcoin’s fixed supply saying this feature actually curbs the ability of the crypto to “meet the needs of a growing economy.” He also argues that bitcoin cannot replace the dollar because it is presently too volatile to function as money. Forbes insists that money only works best if it has a stable value. New Respectable Investment Class According to Forbes, cryptocurrencies can only challenge existing money if their value is tied to that of gold or the Swiss franc currency. In arguing his case against the idea that bitcoin will eventually replace the dollar, Forbes concedes, however, that the crypto is “now seen as a respectable investment class.” He adds that “financial institutions are adding it to their portfolios.” Explaining this shift towards bitcoin, Forbes says: People are piling in because of a lack of faith in government fiat currencies. The Federal Reserve and other central banks have crushed interest rates and are printing unimaginable amounts of money to pay for Covid relief measures and to stimulate damaged economies. According to the publisher, some of these steps, which are inflationary, could be the possible reasons why bitcoin has now “become the darling of investors.” Furthermore, Forbes also acknowledges that some enthusiasts do see bitcoin as “the new gold” while others believe it will “eventually replace the dollar.” Impact of Bitcoin Volatility on Contracts Nevertheless, the thinks this is not about to happen because of how bitcoin’s volatility can potentially affect the contract system. The publisher uses the example of a housing mortgage loan to illustrate why cryptocurrencies cannot be used in contracts which he says “are essential for an economy.” Forbes explains: Say you took a mortgage in March for $250,000, today to you owe the bank almost $2 million. Forbes surmises that no one in “their right mind would sign a long term contract based on bitcoin.” Do you agree with Steve Forbes’ sentiments that bitcoin will not replace the dollar? You can tell us what you think in the comments section below. View the full article

Investors are increasingly seeking exposure to bitcoin following the recent months-long price rally. Bitcoin exchange-traded products are seeing record trading volumes. Meanwhile, more big banks are reportedly trying to get into the crypto space, including Goldman Sachs. High Demand for Bitcoin and Crypto Products With the price of bitcoin rapidly rising over recent months, more investors are seeking exposure to the cryptocurrency. The price of bitcoin rose about 24% since the beginning of the year and over 90% since the beginning of December. One bitcoin exchange-traded product in particular, BTCE, has recorded an average daily trading volume of $69 million in the first 11 days of January, the Financial Times reported Friday, citing data from Deutsche Börse where it is trading. This week, Switzerland’s principal stock exchange revealed that its crypto trading volume hit a record high of $1.2 billion in 2020. The exchange now lists 34 crypto exchange-traded products. Grayscale Investments’ Bitcoin Trust posted an average daily turnover of almost $1 billion in the first two weeks of this year, which is more than nine times the average in 2020, the publication added. The bitcoin trust’s assets under management grew from $1.8 billion to $17.5 billion during the year. Meanwhile, Canadian asset manager 3iq says its bitcoin fund has reached a milestone, exceeding one billion Canadian dollars ($785 million) in assets under management. Besides the bitcoin fund, the company offers the ether fund and a global crypto-asset fund. Chart of 3iq’s bitcoin fund. Source: 3iq Big Banks Want In, Including Goldman Sachs As bitcoin continues to outperform other assets, more major companies are seeking to get into the crypto space. Goldman Sachs’ global head of commodities research, Jeff Currie, said last week that the bitcoin market “is beginning to become more mature” after he called BTC “a retail inflation hedge.” The investment bank is now rumored to be have issued a request for information (RFI) to explore providing digital asset custody service. The RFI was reportedly sent to a prominent company in the crypto custody niche at the end of last year. An unnamed Goldman Sachs source indicated that the firm is talking to several companies with a focus on custody service. Recently, the U.S. Office of the Comptroller of the Currency (OCC) granted Anchorage conditional approval to become a national digital bank. Anchorage co-founder Diogo Mónica told CNBC last week that the regulatory approval will attract many large institutional players to begin offering their own crypto services, including custody. Other banks and financial services giants that have recently entered the crypto space include Spain’s second-largest bank BBVA, Standard Chartered Bank, Southeast Asia’s largest bank DBS, and Italian insurance giant Generali. Some of them offer only crypto custody services while others also offer bitcoin trading services. What do you think about the rising demand for crypto? Let us know in the comments section below. View the full article

The head of the International Monetary Fund (IMF) has called on countries worldwide to spend as much as they can and then spend more. She admitted that this is a “very unusual” policy for the IMF but it is needed to revive economies. Many people are interpreting her statement as very bullish for bitcoin. IMF Encourages Mass Spending IMF Managing Director Kristalina Georgieva has urged governments worldwide to spend as much as they can and then spend even more. She said on Friday at Russia’s annual Gaidar economic forum that policymakers worldwide should embrace more spending to help revive their economies. She was quoted by Reuters as saying: In terms of policies for right now, very unusual for the IMF, starting in March I would go out and I would say: ‘please spend’. Spend as much as you can and then spend a little bit more. “I continue to advocate for monetary policy accommodation and fiscal policies that protect the economy from collapse at a time when we are on purpose restricting both production and consumption,” she added. “IMF staff calculated that a coordinated G20 fiscal stimulus in green infrastructure, if it is done in a coordinated manner, would deliver two-thirds more in growth … than if each country acts on its own.” Georgieva also noted that in 2020, the IMF provided support to 83 countries. Massive Government Spending Bullish for Bitcoin Bitcoiners on social media view this news as ultra bullish for BTC. Many people interpret the IMF chief’s plea as “brrrr as much as you can.” Others commented: “Money printer goes brrrr” and “buy bitcoin.” This is not the first time that the crypto community has discussed how massive government spending would boost the price of bitcoin. Early bitcoin investor Bruce Fenton previously described, “stimulus & increased government spending causes rising prices, bitcoin wins.” River Financial tweeted last week: Many of our largest clients have made sizable allocations to bitcoin primarily because of the unsustainable government spending and quantitative easing from the Fed. What do you think about the IMF chief’s statement? Let us know in the comments section below. View the full article

Bitcoin prices and a number of other digital assets have grown significantly in value during the last decade. Some people have made millions and even billions throwing down everything they have during the cryptocurrency’s earliest days of price discovery. However, there’s another method of investing called dollar-cost averaging or DCA, a scheme that’s considered far less risky and can still bring a cryptocurrency investor decent profits over the long term. Ever since bitcoin jumped over the crypto asset’s all-time high (ATH) recorded in 2017, the digital currency has continued to gather a higher value after surpassing the $20k zone. Then bitcoin (BTC) tapped a new ATH ten days ago, after the crypto asset jumped over the $42k range. Additionally, a number of alternative digital assets are nearing their 2017 ATHs and some newer coins like Polkadot and Chainlink also touched price highs. Now there are many people who were able to invest in bitcoin, ethereum, bitcoin cash, and many other coins early, and this has produced significant gains for these risk-takers. But there is another method of investment that people have been leveraging for a very long time called dollar-cost averaging or DCA. The most important #Bitcoin advice you'll ever get. pic.twitter.com/hFU7t3gYPJ — Documenting Bitcoin 📄 (@DocumentBitcoin) January 14, 2021 Essentially, the DCA method of purchasing involves buying a set sum of cryptocurrency at regularly scheduled intervals. This contrast is quite different than throwing all the funds down at once and waiting for profits. An example of DCA buying would be to purchase $10 in bitcoin per week, for a three year or longer period of time. Buying in this manner is considered less of a strain on emotions and far less risky as well. The scheduled intervals of buying take place no matter what the cost of bitcoin (BTC) or the other cryptocurrency costs at that moment in time. Then if you aggregate the number of purchases per week, and standard price from the purchases over the three-year period, the investment cost will be measured in a mean average. Moreover, depending on the crypto asset’s market performance a DCA investor can do extremely well for themselves in a much slower and less risky manner. There’s also a website that can help you estimate the interval of purchases over time and the mean average over the course of the time period. The web portal dcabtc.com offers a calculator in order to figure out your DCA metrics over time, and if you’ve already been leveraging the DCA scheme you can check the profits of your current BTC investment. Here’s a great example of DCA purchasing over time with an investment of $1 per week into BTC during the last nine years. Dcabtc.com explains that purchasing $1 of BTC since January 2012, every week for nine years starting nine years ago, would have turned $470 into $289,295 using today’s exchange rates. That’s a whopping 61,452% gain in value over the course of a nine-year span. This chart shows a DCA bitcoin investment for a period of three years with a purchase of $10 every week. Now if the person started three years ago, and invested $10 per week into BTC every week for the last three years would have seen a 361% increase. That method of DCA purchasing would have made $1,570 turn into $7,249 during the three-year timeframe. Of course, the period when you start investing does make a difference for both DCA and just throwing down all the funds at once. Timing is key and sometimes earlier doesn’t make a difference either, because of bitcoin’s price fluctuations. A good example of this is if someone invested one large sum into BTC on March 12, 2020, at a low of $3,800 per unit. Using today’s BTC exchange rate shows that investment would produce a whopping 821% over the course of time up until January 17, 2021. Dollar-cost averaging is still far less stressful, because a person can invest without putting much emotional energy into playing the lows and highs like the aforementioned lump-sum investment. DCA investors don’t have to put a lot of time and effort into studying market charts, keeping an eye on breaking crypto-related news stories, and keeping tabs with industry heavyweights. The funds are simply invested without many time-consuming activities, and the investment can be calculated over extended periods of time without much worry. The crypto investor who calculates with a DCA approach doesn’t care that the market is not predictable and the stress relieved from trying to time crypto markets is insurmountable. Throwing it all down at once and trading cryptocurrencies successfully takes time and research, things that some people just don’t have the time to apply. A DCA investor understands that the price of bitcoin changes very often, and catching highs and lows can be difficult. But long term perspectives, logarithmic growth curves, and overall rising interest shows holding digital assets for a long period of time has so far, been an extremely profitable means of investing. What do you think about dollar-cost averaging? Do you use this method of investment or do you day trade highs and lows? Let us know what you think in the comments below. View the full article

PRESS RELEASE. UAE-based crypto exchange Aladdin opens its platform for pre-registered users. This digital asset exchange is the newest one in the cryptocurrency market. As part of its pre-launching event, the Aladdin Exchange team invites everyone to pre-register and refer people to join the crypto exchange before its official launching. By doing the pre-registration and referral, users can get instant TNC Coins! Aladdin Exchange Overview Based in the UAE, Aladdin Exchange aims to cater to cryptocurrency users and traders all over the world. The overall exchange operations are led by the TNC IT Group. Within the platform, a convenient and transparent marketplace for cross-border crypto trading is made available. Aladdin Exchange ensures a reliable market price for buying and selling crypto assets. Moreover, the exchange is expertly engineered with a security system of the highest standard to protect trader’s digital assets and secure transactions. In line with this, it aims to provide the best digital asset exchange experience to all its users by creating an ecosystem supported by the best blockchain infrastructure and the leading exchange technologies. Pre-Registration Event From December 31, 2020, users are welcomed to join the Aladdin Exchange pre-launch event. By completing the pre-registration, users can receive 100 TNC. These crypto rewards are given to pre-registered users only on a one-time basis. Just visit the official website to join the pre-registration event and sign up for your account. After sign up, you can log in to your account and start inviting your friends to pre-register as well. Invite Friends Event Invite your friends to join the Aladdin Exchange and receive more TNC Coins. By sharing the referral code displayed on the ‘My Dashboard’ page, you can earn 20 TNC for every successful referral. There are no referral limits. Thus, you can invite as many friends as you can and help in building the Aladdin Exchange community. TNC Coin Trading After Aladdin Exchange officially opens, pre-registered users can start using their earned TNC Coins. During the pre-launch event, all TNC rewards are temporarily locked. By the time the exchange starts its full service, pre-registered users can complete the KYC verification to unlock their TNC. Once unlocked, they can sell or trade TNC with other cryptocurrencies. Do not miss the opportunity of supporting the Aladdin Exchange in its early stage! Pre-register and invite friends to earn many TNC Coins. More perks and advantages are in store for pre-registered users once the crypto exchange is finally up and running. Media contact: social@aladdin25.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Mizuho Securities analyst Don Dolev has forecast that Paypal will earn up to $2 billion in revenue from its bitcoin business by 2023. This year, he expects that the payment giant’s overall revenue will climb 20%. Dolev says there has been a “dramatic increase in engagement due to crypto,” with 50% of Paypal crypto users opening the app daily. “Both our survey and management commentary unveil a dramatic increase in engagement due to crypto,” said Dolev in a note to clients this week. Paypal announced in October that its 346 million active users will now be able to buy, hold and sell bitcoin and other digital assets using their Paypal accounts. The company’s crypto service, which runs on Paxos’ fiat-to-crypto exchange, Itbit, has seen an explosion of interest ever since. At one time, Paypal was buying 70% of all newly minted bitcoin. Dolev’s survey found that bitcoin (BTC) traders use the Paypal app three times as much as non-bitcoiners and that they had significantly higher cash balances on their Paypal digital wallets. Dolev raised his target price for the Paypal stock to $350 from $290. The stock closed 0.94% down at $239.79 on the Nasdaq Stock Exchange on Friday. Over the past 52 weeks, the shares have reached a high of $249.85 and a low of $82.07. In a related development, Lisa Ellis, analyst at Moffett Nathanson, predicted that Paypal’s crypto business will contribute up to $600 million to group revenue in 2021. “Over the long-term, we believe Paypal’s cryptocurrency initiatives have significant strategic value,” she was quoted as saying by Market Watch. Ellis added that this will help “diversify the Paypal and Venmo apps into ‘destination apps’ for a broad range of financial services, and positioning Paypal to help shape the long-term role of cryptocurrencies in the consumer payment system.” What do you think about Paypal’s bitcoin revenue estimates? Let us know in the comments section below. View the full article

Dot, the native token of the Polkadot network, has flipped XRP to become the fourth-ranked token after its price rallied by more than 40% in just 24 hours. Since January 11, the token has now gone up by more than 100% to set a new all-time high (ATH) of $18.06 on January 16. With its market capitalization currently standing at over $16.8 billion, the Dot token now surpasses that of XRP by over $4 billion. Yet before the December 23, 2020 breakout, the Polkadot token had a market capitalization of just under $4.5 billion and an average price of $4.70, according to data from Markets.bitcoin.com. However, between then and January 3, the token soared by more than 100% to close at $10.35. Yet, after this initial price surge, the token then briefly stabilized at just under $10.35 before dropping to $7.61 on January 11. Nevertheless, after this short-lived retreat, the token went on another rally that culminated in Dot displacing XRP. Meanwhile, the displacement of XRP from its fourth position by Dot comes as the former continues to get delisted by exchanges. Since the delistings began, the XRP token has now plunged from the December 17 high of over $0.60 to the current price of $0.28. Furthermore, in a move that is likely to add more pressure on the token, the Kraken crypto exchange has announced it will halt trading of the XRP token on January 29. However, this move is only expected to affect US customers only. Do you believe that the XRP token will reclaim the fourth place position? Tell us your views in the comments section below. View the full article

Indian police have seized $1.2 million in bitcoin from a hacker who allegedly hacked a government website, online game portals, and cryptocurrency exchanges. He was previously arrested for stealing $1.5 million from an Indian state government. Indian Police Seize Bitcoins From Hacker The Bengaluru Central Crime Branch (CCB) Police have revealed that bitcoins worth Rs 9 crore ($1.23 million) have been seized from a 25-year-old hacker, local media reported Friday. The hacker known as Shri Krishna is a software engineer and resident of Jayanagar in south Bengaluru. He was arrested on Nov. 18 for sourcing drugs through the darknet using bitcoins. Bengaluru Joint Police Commissioner (Crime) Sandeep Patil explained that during the investigation: We have recovered 31 bitcoins from Krishna, which is worth Rs 9 crore. Besides buying drugs, Patil said that the hacker and his friends “were also using these bitcoins to lead lavish lives” and “stayed in star hotels and resorts.” Krishna also hacked the Karnataka government’s e-procurement portal in August 2019 and was booked for stealing Rs 11 crore from the site. In addition, a senior officer detailed that Krishna deployed ransomware to force the owners of the websites he hacked to pay ransoms. “He also used to create mirror sites and get information on credit or debit cards used by people who accessed sites to steal money,” the official said. The Indian Express described that according to the police: Further investigation has revealed that Krishna, along with five friends, hacked into three bitcoin exchanges and ten poker websites by pushing three types of malware into them. The police added that they “also hacked into YFI coin (Yearn Finance) Ethereum sites in various countries using a similar modus operandi.” Patil noted that the accused hacked into various international poker sites and stole data, adding that his team has shared all the relevant information on the case with the concerned companies through Interpol. After hacking websites and stealing data and money, the accused converted funds into bitcoin and cashed out through an alleged financing partner, Patil described. He added: “The bitcoins were traded for money through another accused, identified as Robin Khandelwal. He deposited the money in Krishna’s bank account after trading the bitcoins through hawala channels.” What do you think about India seizing bitcoins from the hacker? Let us know in the comments section below. View the full article

Russia is now holding more gold than U.S. dollars in its reserves for the first time, according to the latest report by Russia’s central bank. Russian President Vladimir Putin has made de-dollarization his country’s key policy to reduce the Russian economy’s exposure to the U.S. dollar amid heavy sanctions. Russia Now Has More Gold in Its Reserves Than US Dollars Gold has reportedly surpassed U.S. dollars in Russia’s reserves of $583 billion for the first time, according to a report published this week by the Bank of Russia. The country has been growing its international reserves in recent years. The report shows that gold made up 23% of the central bank’s reserves as of June 30, 2020, Bloomberg detailed, citing the latest data with a breakdown. The share of the U.S. dollar in the reserves has fallen to 22% from more than 40% in 2018. The euro made up about a third of the total assets, followed by gold which is now the second-largest component. About 12% is in the Chinese yuan. The increase in the gold component of the reserves is boosted by the 26% surge in the price of the metal between June 2019 and June 2020, the publication added. The report also reveals that the central bank bought $4.3 billion worth of gold over the period. Russia became the world’s largest gold buyer after it spent more than $40 billion purchasing gold over the past five years. The central bank said that it stopped buying gold in the first half of last year to encourage miners and banks to export more and bring foreign currency into the country. Russian President Vladimir Putin has made de-dollarization his country’s key policy in an effort to reduce the Russian economy’s exposure to dollar assets. The multi-year drive to reduce Russia’s vulnerability to U.S. sanctions comes amid deteriorating relations with Washington. News.Bitcoin.com reported in August last year that Russia and China had been collaborating to reduce their dependence on the U.S. dollar, and trade settlements in USD between the two countries had fallen below 50%. What do you think about Russia’s de-dollarization efforts? Let us know in the comments section below. View the full article

Switzerland’s principal stock exchange has revealed that its crypto trading volume hit a record high of CHF 1.1 billion ($1.23 billion) in 2020. The exchange now offers 34 exchange-traded products, allowing investors “access to 100 different crypto products trading on our platform,” said the exchange’s head of markets. Crypto Trading Volume on Switzerland’s Stock Exchange Hit Record High SIX Swiss Exchange, Switzerland’s principal stock exchange, announced Wednesday that its crypto trading volume hit a record high last year. The announcement details: The Swiss Stock Exchange, the world’s leading marketplace for regulated crypto products, has registered a break of the billion barrier in trading turnover in crypto products for the first time with CHF 1.1 billion in 2020. It adds that this volume “surpassed the record CHF 525 million from 2017 by 112%.” In addition, “the number of trades reached a new record of 48,024.” New Crypto ETP Listing Concurrently, the Zurich-based stock exchange also welcomed ETC Group as its new crypto exchange-traded product (ETP) issuer. “ETC Group lists a bitcoin ETP, taking the number of ETP providers to six and the number of ETPs to 34,” the exchange confirmed. “With the listing of the Btcetc Bitcoin ETP (Primary Ticker: BTCE) by ETC Group, the Swiss Stock Exchange is strengthening its position as [a] world leading marketplace for regulated crypto products,” the announcement notes. The newly listed product tracks the price of bitcoin and is 100% physically backed; it is trading in USD, GBP, and CHF. Christian Reuss, Head of Markets at SIX Swiss Exchange, commented: With the new product, investors gain access to 100 different crypto products trading on our platform and with this have even more opportunities to diversify their portfolio. What do you think about all the crypto exchange-traded products on the Swiss stock exchange? Let us know in the comments section below. View the full article

Researchers at the International Monetary Fund (IMF) have examined the central bank laws of 174 IMF members to answer the question of whether a digital currency is really money. They found that of all the central banks studied, only about 23%, or 40 central banks, “are legally allowed to issue digital currencies.” IMF Explores if Digital Currency Is Money The IMF published a blog post on Thursday exploring whether digital money is really money in the legal sense. The post is authored by Catalina Margulis, a consulting counsel in the IMF Legal Department’s Financial and Fiscal Law unit, and Arthur Rossi, a research officer in the same unit. Expressing their own views, the authors began by observing that “close to 80 percent of the world’s central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is not clear.” They continued: To help countries make this assessment, we reviewed the central bank laws of 174 IMF members … and found out that only about 40 are legally allowed to issue digital currencies. Prior to the publication of this blog post, the IMF set up a poll on Twitter asking people to vote on whether they think digital currencies are really money. Out of 95,256 votes collected, 79.9% said yes. What Qualifies as Currency The IMF researchers noted that “To legally qualify as currency, a means of payment must be considered as such by the country’s laws and be denominated in its official monetary unit. A currency typically enjoys legal tender status, meaning debtors can pay their obligations by transferring it to creditors.” They detailed: Therefore, legal tender status is usually only given to means of payment that can be easily received and used by the majority of the population. That is why banknotes and coins are the most common form of currency. The authors noted that to “use digital currencies, digital infrastructure — laptops, smartphones, connectivity — must first be in place.” However, they pointed out that “governments cannot impose on their citizens to have it, so granting legal tender status to a central bank digital instrument might be challenging.” The IMF staff also mentioned some legal issues raised by the creation of central bank digital currencies (CBDCs). Among the areas of concern are “tax, property, contracts, and insolvency laws; payments systems; privacy and data protection; most fundamentally, preventing money laundering and terrorism financing,” the IMF researchers described. In conclusion, while noting that “Without the legal tender designation, achieving full currency status could be equally challenging,” the researchers emphasized: Many means of payments widely used in advanced economies are neither legal tender nor currency. Do you think digital currencies are money? Let us know in the comments section below. View the full article

A Russian company is leveraging the Siberian city of Norilsk located above the Arctic Circle in order to mine bitcoins. Bitcluster, the owner of the crypto mining operation, plans to expand the firm’s activities after launching the facility in late 2020. According to the company’s website, the datacenter is getting electricity rates as low as $0.03 per kilowatt-hour (kWh). Mining Precious Crypto Assets in the Arctic Circle This week the Russian mining operation Bitcluster was featured in a Bloomberg video-report that highlights the company’s Norilsk bitcoin mine. The city of Norilsk is considered one of the world’s most northerly settlements and it is known for hosting the metal mining company MMC Norilsk Nickel PJSC. MMC Norilsk Nickel is the world’s largest palladium producer and it also produces colossal amounts of nickel, copper, and platinum. Now Bitcluster is bringing the polar region a new type of precious-asset mining by setting up shop mining cryptocurrency in Norilsk. The Siberian city of Norilsk is home to a permanent population of 175,000 and during nickel and palladium mining season the Arctic Circle area can have around 220,000 people. Bitcluster’s cofounder Vitaly Borschenko detailed in an interview that the Norilsk bitcoin mine is being contracted by international interests located all around the world. Despite the fact that the arctic region of Norilsk is extremely cold, the temperatures benefit the bitcoin mining operations according to Bitcluster as it helps the cooling aspect of the process. Bitcluster’s webpage details that the company uses a special canopy in order to protect the facility from the cold corridor. “The warm air from the miners is mixed to prevent the snow from falling,” Bitcluster notes. Bitcluster says that it is housing mining rigs in various containers in the region often covered in permafrost. Polar Region Power Is 25% Cheaper Than Russia’s Grid, Norilsk Creates Its Own Electricity Via Natural Gas and Hydropower The Russian firm says it also leverages Antminer S19s and they constructed modular data centers in order to accommodate the ASIC devices. The Bloomberg video-report also shows that the company is getting very cheap electricity by mining in Norilsk. According to Bitcluster’s cofounder Vitaly Borschenko the company started mining in Norilsk late last year. According to the recent report, Electric is 25% cheaper than anywhere else in Russia, as Norilsk creates its own electricity. Natural gas and hydropower is the most dominant source of electricity in the Arctic Circle territory. Bitcluster’s site notes that the firm is obtaining electricity for as low as 2.75 rubles or $0.039 per kWh. The report also indicates that the bitcoin mining operation is using an abandoned Norilsk Nickel plant that was closed in 2016. “The place is perfect for crypto mining: it’s cold and the area has [a] power supply that’s not linked to any of Russia’s power grids,” Borschenko detailed. Bitcluster also claims, that next to the metal mining firm Norilsk Nickel, the bitcoin mining operation will be the Norilsk region’s second-largest power consumer. The company uses repurposed shipping containers to house the Antminers dedicating hashpower to the Bitcoin network. At current exchange rates, the network’s difficulty, and $0.039 per kWh, an Antminer S19 (110 Th/s) will produce $25 per day in bitcoin. What do you think about the bitcoin mining operation in the Arctic Circle region of Norilsk? Let us know what you think about this subject in the comments section below. View the full article

On January 15, the public was made aware of a deal between the firm Coinlab Inc., the Mt Gox bankruptcy trustee, Nobuaki Kobayashi, alongside MGIFLP, a subsidiary of Fortress Investment Group. According to the proposal, Mt Gox creditors will be able to claim as much as 90% of the bitcoin held by Kobayashi and the Tokyo court. Despite the recent reports, creditors still have to approve the proposal made by the company. Coinlab Offers Mt Gox Creditors a Proposal Last week, Mt Gox creditors were told there was a new online system dedicated to the claims they hold. Essentially, the Mt Gox creditors are a band of former customers of the exchange who want to obtain some of the funds lost during the breach seven years ago. Mt Gox was a bitcoin trading exchange and at the height of 2013, the platform was estimated to handle 70% of all BTC transactions. Mt Gox was hacked for 850,000 BTC and the exchange closed its doors in February 2014 and filed for bankruptcy. 200,000 BTC was found after the bankruptcy and for the last seven years creditors have been trying to get their claim of stolen BTC. *COINLAB SAYS AGREEMENT SUBJECT TO CREDITOR ACCEPTANCE *CREDITORS CAN CLAIM 90% OF BITCOIN THEY ARE OWED FROM MT. GOX *COINLAB REACHES DEAL WITH MT. GOX CREDITORS OVER BITCOIN CLAIMS story to follow — Matt Leising (@mattleising) January 15, 2021 A number of Mt Gox creditors, experts, and even the exchange’s founder have reported during the last few years that the company Coinlab Inc., led by Peter Vessenes has delayed the settlement proceedings. This is due to the fact that Coinlab has a litigation case against Mt Gox and former CEO Mark Karpeles. In 2019, following a delay from the Mt Gox trustee, bitcoin security specialists Wizsec published a scathing critique of the Coinlab claim for US$16 billion and alleged that it was “the elephant in the room causing this delay.” Now it seems Coinlab wants to cut a deal with Mt Gox creditors as long as they vote to agree upon what the company has offered. Bloomberg contributor Matt Leising reported on Friday that Coinlab has come to an agreement with MGIFLP and the Mt Gox bankruptcy trustee Nobuaki Kobayashi. Individuals on Social Media Don’t Favor the Story The deal will allow creditors to obtain 90% of the BTC remaining under Kobayashi and the Tokyo court’s supervision. Leising’s report notes that creditors have to approve the deal and they can also wait for the lawsuit to settle. Leising is also the Bloomberg reporter that wrote about a so-called Satoshi claimant dubbed “Duality.” Leising also discussed the story on Friday afternoon, and a number of people on Twitter responded to his tweets. Arcane Assets CIO, Eric Wall, wrote “Funny joke Matt,” and a number of people also talked about the deal on Reddit. On the Mt Gox Insolvency Discussion Sub on Reddit, there were a number of people disgruntled with Coinlab’s deal. One person discussing the subject on the insolvency subreddit said that Coinlab would get 10% of the remaining cut, while another individual called Leising’s tweet “fake news.” What do you think about the deal set forth by Coinlab in Leising’s recent report? Let us know what you think about this subject in the comments section below. View the full article

Bahamas-based Deltec Bank & Trust said during a recent video review that it’s holding a “large position” in bitcoin. The information was given by their chief investment officer, Hugo Rogers. Deltec Executive Discusses Bitcoin Position According to the video uploaded to the bank’s Youtube channel, Deltec’s large position in bitcoin (BTC) has brought “a lot of attention recently.” Rogers further explained the move: We bought bitcoin for our clients at about $9,300, so that worked very well through 2020. And we expect it to work well in 2021 as the liquidity crisis continues to run hot. Earlier this year, Rogers told Bloomberg about what represents a bitcoin position from a strategical point of view: A small position in Bitcoin can go a long way. There’s a lack of an alternative in real assets that can show a comparable return. If you’re going to diversify your portfolio anyway, this is a good place to go. The stablecoin issuer Tether is a client of Deltec. In fact, the relationship between both parties dates back to atleast 2018, after Tether released a letter confirming a transaction with the bank. To clarify the separation between Tether and the bank’s holdings, Stuart Hoegner, general counsel of the crypto trading platform Bitfinex and Tether, commented on the matter: We are aware of recent statements by Deltec Bank & Trust Limited about the purchase of digital tokens for and on behalf of their customers. Tether does not outsource decisions about its reserves. Deltec does not purchase digital tokens for and on Tether’s behalf. Private Banks, Advisors Are Looking for Crypto-Related Investment Opportunities The recent crypto market’s bull-run has been fueled interest among private banks and investment advisors towards crypto. German private bank Hauck & Aufhäuser announced that they would launch a crypto investment fund this year. Such a move will allow institutional and semi-institutional investors to invest in digital assets including, bitcoin, ether, and stellar. Also, news.Bitcoin.com reported on a survey that revealed that the number of U.S. financial advisors allocating to crypto in their clients’ portfolios surged significantly in 2020. What are your thoughts on Deltec’s bitcoin position disclosure? Let us know in the comments section below. View the full article

On January 28-29, 2021, The North American Bitcoin Conference (TNABC) is preparing to kick off its eighth exhibition with another cryptocurrency and blockchain-focused event. The event organizers have lined up more speakers than ever, as this year’s TNABC is going to be 100% virtual due to the ongoing coronavirus pandemic. TNABC’s creators say that this year has truly shown us all “how resilient a global crypto economy can be.” The North American Bitcoin Conference is coming back full throttle this year, as organizers say the team has curated a line-up of some of the biggest names in the crypto and blockchain industry. This year’s TNABC will be the event’s eighth annual conference, but the Covid-19 pandemic has made it so 2021’s TNABC will be hosted online. The hardships have been difficult this year, but there’s still a great need to press on in order to spread the benefits of these extraordinary technologies far and wide. “With cryptocurrencies reaching all-time highs, it’s our responsibility to share knowledge and make sense of the ever-changing global landscape,” the 2021 TNABC website notes. During the last seven years, The North American Bitcoin Conference has hosted a wide range of speakers from crypto company executives, venture capitalists, blockchain developers, and the movers and shakers making things happen in the blockchain space. The North American Bitcoin Conference 2021 speakers. 2021’s TNABC event page details that the team of organizers lined up a myriad of big name speakers from around the world to “deliver a compact masterclass on the state of cryptocurrency.” Well known crypto and blockchain evangelists speaking at this year’s TNABC include Bitcoin.com’s founder Roger Ver, IOHK founder Charles Hoskinson, Monero core developer Riccardo Spagni, Polymath CEO Trevor Koverko, OB1 CEO Brian Hoffman, blockchain entrepreneur Brock Pierce, Freeross.org founder and political activist Lyn Ulbricht, Edge founder and CEO Paul Puey, Binary Financial’s Harry Yeh, Bloq chairman and cofounder Matthew Roszak, and Bitwage founder and CEO Jonathan Chester. The North American Bitcoin Conference 2021 speakers. This week, TNABC host and Keynote founder and CEO, Moe Levin, discussed the upcoming virtual conference with news.Bitcoin.com. “The fact that we are all able to join this event, many at short notice, from all over the globe, most if not all of our plans made from our phones, shows me how rapidly our world has changed in recent years and what an important role technology now plays in our lives,” Levin said. “It also shows me how ready the world is for a new technology that is as international and as mobile and as easy as the rest of the technology in our lives.” The TNABC host and Keynote founder added: It shows me that it’s time to move forward with blockchain and cryptocurrencies and give the world a technology befitting of our current age. And thanks to the great reception we’re seeing online, it shows me that others feel the same way. TNABC organizers also detailed that even though participants can’t have a drink together in Miami, the event will still host online networking. In addition to keynote speakers, the conference will also focus on debates between global change-makers, thought leaders, and industry insiders. News.Bitcoin.com readers can obtain tickets to TNABC 2021 here and after acquiring a pass, participants will get a unique join code and link to register on the event platform on January 25-26, 2021. TNABC organizers have also created a comprehensive guide and what to expect at this year’s conference. What do you think about the 2021 TNABC event? Let us know what you think about this subject in the comments section below. View the full article