roadrunner

Luke Dashjr, bitcoin developer and Mummolin’s CTO, has reiterated his negative opinion about Ordinal inscriptions, stating these leverage and exploit a vulnerability in the Bitcoin Core full node software implementation. Dashjr also hinted at correcting this “exploit” in an upcoming version of the Bitcoin node software. Luke Dashjr Divides BTC Community, States Inscriptions Could Be ‘Fixed’ Luke Dashjr, a Bitcoin Core software developer and CTO of Mummolin, the company that operates the Ocean bitcoin mining pool, has criticized Ordinal inscriptions, a series of elements — images and others — that can be directly embedded onto the BTC blockchain. Dashjr, who has been very vocal about his negative opinion of these inscriptions, referred to them as “spam” and as “exploits,” revealing that he had already fixed this “bug” in Bitcoin Knots, a node software maintained by himself. Dashjr explained: This bug was recently fixed in Bitcoin Knots v25.1. It took longer than usual due to my workflow being severely disrupted at the end of last year (v24 was skipped entirely). Ocean, the recently launched bitcoin mining pool that acknowledged having filtered inscriptions since day one, also implemented this Knots fix, making inscriptions unable to be included in blocks mined by the pool. Furthermore, Dashjr hinted at the possibility of introducing a similar fix in an upcoming version of Bitcoin Core, the default full-node software of the Bitcoin network. “Bitcoin Core is still vulnerable in the upcoming v26 release. I can only hope it will finally get fixed before v27 next year,” he declared. Several members of the Bitcoin community rejected this possible change. Jameson Lopp, co-founder and CTO of Casa, stressed that mining had a significant economic element now and that his proposal was unlikely to stand. “Miners are mostly large enterprises now. They have a duty to maximize profit for shareholders. They will mine any valid transaction that pays the highest fee rates,” he concluded. Udi Wertheimer, a co-founder of Taproot Wizards, one of the largest inscriptions projects, stated that while Dashjr had made “sporadic contributions” to Bitcoin projects, he was not Bitcoin’s owner. What do you think about Luke Dashjr and his take on inscriptions? Tell us in the comments section below. View the full article

Alvaro Fernandez, the Chief Operations Officer (COO) at Lumoz, has stated that while zero-knowledge rollups have demonstrated exceptional security and scalability, the technology is still not user-friendly. To address this issue, networks should opt for ZK Rollups-as-a-Service (ZK-RaaS) because this simplifies the creation process for a single ZK-Rollup. This makes them “more accessible for developers and projects to use,” Fernandez added. Zero-Knowledge Versus Optimistic Rollups In his written answers sent to Bitcoin.com News via Telegram, Fernandez argued that by offering what he called “a seamless experience” ZK-RaaS can also quicken the “implementation of secure and scalable networks.” While ZK-RaaS are believed to be more secure, Optimistic Rollups-as-a-Service, on the other hand, are favored for their simplicity and cost-effectiveness. Regarding industry sectors most suited for ZK-RaaS, the Lumoz COO identified decentralized finance (defi), gaming platforms, and non-fungible token (NFT) marketplaces. In decentralized finance, ZK-RaaS mitigates challenges relating to traditional platforms’ “high fees and sluggish transaction speeds.” By using ZK-RaaS, gaming platforms and NFT marketplaces can reduce transaction costs and increase transaction speed, while ensuring the security and privacy of their users’ data. Below are Alvaro Fernandez‘s answers to all the questions sent to him. Bitcoin.com News (BCN): Zero-knowledge (ZK) rollups have proven to be especially effective in creating secure and scalable networks yet the technology is seemingly not user-friendly. Can you tell our readers what these zero-knowledge rollups or ZK-RaaS are all about and why they are considered to be critical for scalability? Alvaro Fernandez (AF): Absolutely, while ZK-Rollups have demonstrated exceptional security and scalability, their user-friendliness has been a challenge. ZK-RaaS addresses this concern by providing a user-friendly platform that abstracts the complexities of ZK Rollup technology. ZK-RaaS simplifies the creation process of a single ZK-Rollup, making it more accessible for developers and projects to use. As what Lumoz provide, It’s a total no-code process, even ordinary people can use the ZK-RaaS launch base to generate their own ZK Rollup in minutes with bridges and explorers. One of the biggest challenges for most of the ZK projects is the prover cost, usually it’s the main cost of running a ZKRollup and its project needs to spend much effort and time maintaining the machines. Lumoz proposed this decentralized prover network that takes care of all the computing power stuff, which is free to projects. This approach is critical for scalability because it lowers the entry barrier, encouraging a broader adoption of ZK Rollup technology. By offering a seamless experience, ZK-RaaS accelerates the implementation of secure and scalable networks. BCN: There are two types of Rollups-as-a-Service — Optimistic Rollups and ZK-Rollups that are widely adopted by blockchain projects. What’s the difference between them and what are the pros and cons of each? AF: Optimistic Rollups and ZK-Rollups are key Rollups-as-a-Service in blockchain. Optimistic Rollups assume transaction validity unless disputed, offering flexibility and cost-effectiveness. However, the arbitration process may introduce delays. ZK-Rollups use Zero-Knowledge Proofs for private transaction verification, excelling in privacy and security with faster finality. Yet, they may have higher setup costs due to computational needs. The choice hinges on project priorities: Optimistic Rollups for simplicity and cost-effectiveness, ZK-Rollups for heightened privacy and security. BCN: Your company Lumoz uses a hybrid Proof-of-Work/Proof-of-Stake network to facilitate ZK-proof mining and enable developers to generate a customized zero-knowledge EVM chain. Could you tell us how this hybrid model works and why it’s needed in the first place? AF: While proof of stake is primarily associated with the DA aspect, various DA providers like Celestia, Avail, Radius, and Espresso populate the market. Projects are encouraged to freely choose any for seamless integration including Lumoz DA. However, proof of work stands out as a core strength and a distinctive advantage of Lumoz. As mentioned earlier, the generation of zkps in all zk-rollups necessitates computing power. Thanks to our decentralized prover network, miners can contribute their computing power, participate in zkp generation, and earn rewards through the POW process. Leveraging Lumoz’s extensive experience in mining, we’ve crafted this prover network to reduce barriers for projects seeking to adopt zk technology, while also facilitating miners to make valuable contributions and receive rewards. BCN: With more and more people entering the Web3 space, why do you think decentralized applications (dapps) deployed on legacy Layer-1 chains and Layer-2 solutions need to consider using ZK-RaaS? AF: Ethereum L1 is too congested, which is why Vitalik proposed the need for L2 to reduce transaction fees and increase TPS, improving the overall user experience. The differences between ZK and OP have been mentioned earlier, with ZK being more secure. Lumoz’s zk-raas addresses the issues of ZK computation power and deployment, enabling everyone to easily create customized zk-rollups. The advantages of having one’s zk-rollup are evident — all on-chain resources serve the project, avoiding contention. This results in high TPS, low transaction fees, and an excellent user experience. BCN: How does cross-rollup interoperability work with ZK-RaaS? Can you talk about Lumoz’s Native Cross Rollup Communication (NCRC) protocol that claims to provide a trustless solution for rollup interoperability? AF: Cross-rollup interoperability is crucial in the ZK-RaaS framework, and Lumoz’s NCRC protocol ensures a seamless and trustless solution. This allows direct communication between ZK-Rollup chains, fostering a decentralized and secure environment without intermediaries. NCRC 2.0 enhances this by enabling cross-contract calls between second-layer networks, facilitating atomic cross-rollup contract calls. Lumoz prioritizes user experience by integrating the first-layer network seamlessly, ensuring asset concentration without compromising decentralization. The NCRC protocol, especially in its latest version, exemplifies Lumoz’s commitment to achieving trustless cross-rollup interoperability, addressing challenges, and enhancing the blockchain ecosystem’s connectivity. BCN: What industry segments are the most likely to benefit from ZK-RaaS? And how useful could it be for the Web2 companies that want to build their custom appchains? AF: ZK-RaaS showcases its broad applicability across diverse industry segments, extending its benefits beyond the blockchain realm. In the financial and decentralized finance sectors, ZK-RaaS has the potential to transform transactions by ensuring security and scalability, mitigating challenges related to high fees and sluggish transaction speeds on traditional platforms. Gaming platforms and NFT marketplaces can leverage ZK-RaaS for scalable and cost-effective transactions involving in-game assets and unique digital assets represented as NFTs. Additionally, in identity management, ZK-RaaS can play a crucial role in authenticating users without exposing sensitive information, making it valuable for industries requiring robust identity solutions. As Web2 companies venture into building custom Appchains, ZK-RaaS emerges as a multifaceted solution, offering scalability, privacy preservation, customization, cost-effectiveness, and interoperability. This comprehensive set of features positions ZK-RaaS as a versatile choice for enhancing capabilities and meeting diverse needs in the evolving digital landscape. What are your thoughts on this interview? Let us know what you think in the comments section below. View the full article

A bill has been introduced in the U.S. state of New Jersey to classify all cryptocurrencies issued and sold directly to institutional investors as securities. In contrast, the U.S. Securities and Exchange Commission (SEC) has previously stated that bitcoin is not a security, but SEC Chairman Gary Gensler views all other crypto tokens as securities. New Jersey Bill 5747 New Jersey Assembly Bill 5747, sponsored by Representative Herbert Conway, was introduced on Nov. 30 in the New Jersey State Assembly to classify all cryptocurrencies issued and sold to institutional investors as securities. According to the text of the bill: This bill classifies all virtual currencies issued and sold to institutional investors as securities. Under the proposed rules, virtual currencies issued and sold directly to institutional investors will be subject to the state’s “Uniform Securities Law” and any regulations promulgated by the Bureau of Securities in the Division of Consumer Affairs to effectuate the purposes of the bill. The bill has been referred to the Assembly Financial Institutions and Insurance Committee, which will review the bill and conduct hearings for public input. If the committee approves the bill, it will then be sent to the full Assembly for a vote. The regulatory status of cryptocurrencies remains uncertain at the federal level, with no clear guidance on which tokens are considered securities. While SEC Chairman Gary Gensler has repeatedly stated that most crypto tokens, excluding bitcoin (BTC), fall under the definition of securities, he has refrained from explicitly commenting on ether (ETH). However, a recent court ruling in the SEC v. Ripple case determined that XRP, as a standalone asset, is not a security. Ripple’s chief legal officer, Stuart Alderoty, explained: “As a matter of law — XRP is not a security … The only thing the court found constitutes an investment contract is past direct XRP sales to institutional clients.” The SEC has identified a number of crypto tokens as securities in lawsuits against various crypto firms, including Kraken, Coinbase, Binance, and Bittrex. These tokens include ADA, AXS, ALGO, ATOM, BNB, BUSD, CHZ, COTI, DASH, FIL, FLOW, ICP, MANA, MATIC, NEAR, NEXO, OMG, SAND, SOL, TKN, and VGX. What do you think about this New Jersey bill seeking to classify all crypto tokens, including bitcoin, as securities? Let us know in the comments section below. View the full article

Blackrock, the world’s largest asset manager, has warned in its latest spot bitcoin exchange-traded fund (ETF) filing update of the potential for bitcoin to be classified as a security by the U.S. Securities and Exchange Commission (SEC), state regulators, or court rulings. “If a digital asset is determined or asserted to be a security, it is likely to become difficult or impossible for the digital asset to be traded, cleared or custodied in the United States through the same channels used by non‑security digital assets,” Blackrock cautioned. Bitcoin’s Potential Security Status Blackrock, the world’s largest asset manager, addressed the possibility of bitcoin being classified as a security in its latest amended application for a spot bitcoin exchange-traded fund (ETF), filed with the U.S. Securities and Exchange Commission (SEC) on Monday. The new filing update details: Any enforcement action by the SEC or a state securities regulator asserting that bitcoin is a security, or a court decision, to that effect would be expected to have an immediate material adverse impact on the trading value of bitcoin, as well as the [spot bitcoin ETF] shares. “If a digital asset is determined or asserted to be a security, it is likely to become difficult or impossible for the digital asset to be traded, cleared or custodied in the United States through the same channels used by non‑security digital assets, which in addition to materially and adversely affecting the trading value of the digital asset is likely to significantly impact its liquidity and market participants’ ability to convert the digital asset into U.S. dollars,” the filing adds. Blackrock brought up the example of the SEC suing Ripple and its executives over the sales of XRP. “In the years prior to the SEC’s action, XRP’s market capitalization at times reached over $100 billion. However, in the weeks following the SEC’s complaint, XRP’s market capitalization fell to less than $10 billion,” the asset management firm noted. Commenting on Blackrock’s warning about the possibility of bitcoin being considered a security, commercial litigator Joe Carlasare wrote on X on Tuesday: Interesting update to Blackrock / Ishares S-1 filing regarding the concern that the SEC could take an approach that bitcoin is a potential security. Seems silly, but apparently the SEC wants that language in there. He clarified that this wording is only in Blackrock’s most recent amendment. “Prior versions didn’t have it,” he pointed out, emphasizing that “it has been adopted by Blackrock as a potential disclosed risk for ETF investors.” Responding to Carlasare’s assertion that the SEC wants this warning in the filing, former SEC internet enforcement chief John Reed Stark opined on X: “Joe might be right here. Why would the SEC go to all the trouble of requiring a proviso like this if the SEC planned to decline the application?” However, voicing his usual skepticism, Stark stressed: “While I still believe the 90% likelihood of an SEC bitcoin spot ETF approval seems somewhat random, Joe is a great lawyer who may be spot-on in his thoughtful and meticulous analysis. On the other hand, it remains difficult to predict the SEC actions behind closed doors.” Nonetheless, the former SEC official cautioned: It seems to me that supporting a bitcoin spot ETF for Chair Gensler would not only evidence capitulation but is also inconsistent with his behavior and practice on so many other fronts. “It just comes down to human nature: Does Chair Gensler really want his legacy to be the approval of a bitcoin spot ETF, which would represent such an obvious personal loss to the mob and such an obvious threat to investors?” Stark concluded. Gensler has said several times that he views all crypto tokens, except bitcoin, as securities. What are your thoughts on Blackrock warning about the potential classification of bitcoin as a security? Let us know in the comments section below. View the full article

PRESS RELEASE. The TEAMZ WEB3 / AI SUMMIT represents an evolution from the TEAMZ WEB3 SUMMIT 2023, previously recognized as one the most significant and influential events in Japan’s Web3 landscape. For 2024, we’re expanding our focus to encompass both the burgeoning realms of Web3 and AI, two domains that have seen explosive growth recently. With our rallying cry, “WEB3 / AI: The Future”, we aim to facilitate vibrant discussions on the trajectory of the Web3 sector post-2024 and the emerging societal and economic paradigms being shaped by AI. Thought leaders, pioneers, and experts in Web 3 and AI, hailing from both Japan and overseas, will offer a kaleidoscope of insights on technological applications, market dynamics, and innovative solutions. Additionally, interactive sessions are planned to deepen the discourse among attendees from diverse industries and nations. This summit anticipates a gathering of over 100 VCs and investors, more than 100 exhibitors, and 120+ esteemed experts and scholars from the Web3 and AI sectors. We also expect a global audience of over 5,000 attendees. Our objective remains clear: to champion the introduction and evolution of both Web3 and AI. Through highlighting the groundbreaking solutions offered by pioneers in these sectors we aspire to foster their wider acceptance and tangible impact in the real world. 【Web3 / AI：New Key to Japan’s Breakthrough】 The Japanese government has designated Web3 as a crucial element of its growth strategy and is actively cultivating the Web3 business environment through a range of measures, such as regulatory flexibility. In addition to this, the Japanese government has publicly stated that it will develop an aggressive approach to the use of AI and aims to be a world leader in the field. Web3 and AI have a high affinity for each other, and their integration has unlimited potential. The application of blockchain technology to AI training data and the use of AI data analytics in decentralized finance (DeFi) lending protocols, are just a few of the possibilities. By building an ecosystem that integrates Web3 and AI, Japan has the potential to pioneer related projects on the world stage. Japan’s advancement in Web3 and AI necessitates the expansion of its business sectors. In alignment with this major companies are aggressively investing in Web3 and AI projects. Furthermore, a myriad of industries, including telecommunications, finance and manufacturing, are integrating these technologies into their operations. Concurrently, there is a surge in Web3 and AI projects initiated by startups. This has led to the creation of innovative business models related to daily life, such as NFT concert tickets featuring exclusive videos and AI-driven apps that allow users to virtually try on clothes. Let’s usher in a renaissance in Japanese society by fusing Web3 and AI in the transformative year of 2024! 【About Event Detail】 Event Name：TEAMZ WEB3 / AI SUMMIT 2024 Dates：2024/4/13,14 Venue：TORANOMON HILLS FORUM Host：TEAMZ, Inc Audience：5000+ Speaker：120+ Summit Sponsor：100+ VC & Investor：100+ Media Partner：50+ Community Partner：50+ Summit Home Page：https://web3.teamz.co.jp/ 【What to expect at the event】 MAIN STAGE Eminent leaders making strides in the Web3 and AI sectors will grace the stage, offering profound insights into current advancements, industry projections, specific applications and pioneering business concepts. PANEL DISCUSSION A confluence of experts and industry frontrunners in the Web3 and AI realms will converge to deliberate on technological prospects, sectoral challenges, business avenues, and varied viewpoints, all aimed at sparking novel ideas and groundbreaking innovations. VIP CONFERENCE An exclusive segment spotlighting all speakers and panelists from the Summit Here, VIP attendees will be accorded the unique privilege of obtaining firsthand guidance and input from the crème de la crème of the industry. EXHIBITION The Summit’s exhibition area will be a hub of innovation, featuring over 100 standout Web3 and Ai initiatives. These projects will present their groundbreaking solutions and engage in productive interactions with investors and attendees. RED CARPET GALA Marking the Summit’s grand conclusion, this event promises a splendid change to network with guest orators, specialists, and global investors. Revel in delectable beverages and gourmet cruising. Adorn your best attire and revel in a splendid evening set against the mesmerizing Tokyo night vista. TOKYO WEB3 / AI WEEK Spanning five days from April 11th to 17th, TOKYO WEB3 / AI Week is set to captivate attendees with close to 100 eclectic side events, all centered on the Web3 and AI sectors. Participants can anticipate a whirlwind of thrilling experiences and fresh perspectives. 【Past Speakers】 Tim Draper (Founder / Draper Associates) Masaaki Taira (Former Vice Minister of the Cabinet Office) Yuzo Kano (President / bitFlyer Blockchain, Inc.) Ciara Sun (Founder / C2 VENTURES) Hironao Kunimitsu (Representative Director / Financier, Inc.) Kensuke Amo (Managing Executive Officer / Coincheck K.K.) Yoshiaki Ueno (Executive Officer / Group CDO and General Manager / Corporate Planning Department / Mitsubishi UFJ Financial Group, Inc.) ※Please refer to the summit website for other past speakers. 【Past Sponsors】 LINE, Microsoft Japan, IBM, Fujitsu, animoca BRANDS, NTV WANDS, Zaif, STEP’N, Accenture, Deloitte Tohmatsu, DMM Bitcoin, Quoine, Litecoin, HUBLOT, LOOT a DOG, etc. ※Please refer to the summit website for past sponsors. 【About Summit Sponsor and Partner】 As we gear up for this event, we’re on the lookout for individuals and companies to collaborate with in the following capacities: ・Summit Sponsor ・Community Partner ・Media Partner If you, or any company or organizations you’re familiar with, are interested in these roles, we would love to hear from you. Participating in this event offers a golden opportunity to engage with industry trailblazers, stay abreast of the latest updates, and broaden your business horizons. For further details or to get in touch with our team, please visit our official website as mentioned in the company profile. Alternatively, you can reach out to us directly at the email address provided below. summit@teamz.co.jp 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

Elon Musk’s social media company, X, has obtained 12 money transmitter licenses across the United States. Furthermore, his artificial intelligence (AI) company, X.AI, stated in a filing with the U.S. Securities and Exchange Commission (SEC) its intention to raise $1 billion in an equity offering. X Obtains 12 Money Transmitter Licenses Elon Musk’s social media platform X, formerly Twitter, has reportedly obtained transmitter licenses in 12 U.S. states: Arizona, Georgia, Iowa, Kansas, Maryland, Michigan, Mississippi, Missouri, New Hampshire, Rhode Island, South Dakota, and Wyoming. In October, Musk unveiled his plan to turn X into a powerful financial platform. The Tesla boss stated in November last year that X could offer “an extremely compelling money market account,” debit cards, checks, and loan services. He recently detailed: “When I say payments, I actually mean someone’s entire financial life … If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.” The billionaire previously said that he plans for X to be “the everything app,” emphasizing that his purchase of social media platform Twitter is an accelerant to the creation of X. Moreover, he has confirmed that none of his companies will launch a crypto token. X.AI Seeks to Raise $1 Billion, SEC Filing Shows Musk’s AI company, X.AI Corp., filed Form D, a Notice of Exempt Offering of Securities, with the SEC on Tuesday. According to the filing, X.AI plans to raise $1 billion through an equity offering. The company has already secured nearly $135 million from four investors, with the first tranche of shares sold on Nov. 29. Additionally, the filing states that X.AI has a binding agreement for the purchase of the remaining shares. The Tesla chief registered X.AI Corp. in March. The following month, Musk announced a plan to create an AI platform called “Truthgpt” that would rival Chatgpt and other similar products. The AI startup, whose website states its mission as “understanding the true nature of the universe,” released a chatbot called Grok last month, inspired by “The Hitchhiker’s Guide to the Galaxy.” What do you think about X obtaining money transmitter licenses across the U.S. and X.AI seeking to raise $1 billion in an equity offering? Let us know in the comments section below. View the full article

Coinbase has unveiled a new feature to its wallet service, streamlining international fund transfers. This new update aims to make the transfer of funds as effortless as sending a text. Coinbase Unveils Link-Based Money Transfer Service Coinbase (Nasdaq: COIN) has launched its latest wallet feature that facilitates global fund transfers. The platform now allows users to transfer money across various channels, including widely used messaging and social media apps, by merely sharing a link. Announced on Tuesday, Coinbase explained this feature circumvents the need for intricate banking details and expensive wire transactions, offering immediate settlements without charge. The update includes compatibility with various social media and messaging applications such as Whatsapp, Instagram, Tiktok, Facebook, Telegram, Snapchat, and also via email. In essence, the service functions on any platform capable of sharing a link. Coinbase clarified that if the recipient does not claim the funds within two weeks, they automatically revert to the sender. Coinbase’s new payment method is akin to those provided by major payment corporations like Paypal and Stripe. Paypal facilitates link-based transactions through a service named Paypal.me. In this service, individuals can generate a personalized link to solicit payments directly to their Paypal account. Paypal’s feature can be used for crypto payments associated with the select digital assets it supports. Targeting both novices and seasoned users, Coinbase has also rolled out a ‘simple mode’ in its non-custodial wallet. This feature concentrates on core functionalities such as purchasing, sending, receiving, and safeguarding digital currencies. What do you think about the new feature added to Coinbase’s non-custodial wallet service? Let us know what you think in the comments section below. View the full article

DMG Blockchain Solutions, a bitcoin miner and cryptocurrency technology company, announced that the firm has purchased 4,550 T21 Antminer bitcoin miners from Bitmain Technologies. DMG detailed that it paid $12.1 million for the next-generation application-specific integrated circuit (ASIC) miners which equates to $14 per terahash a second (TH/s). DMG to Expand Fleet With Latest Purchase From Bitmain DMG has revealed it has purchased 4,550 T21 Antminers from Bitmain and it expects to get 1.06 exahash per second (EH/s) from the new units. The firm detailed that the miners cost $12.1 million and were financed through both cash and liquidated bitcoin (BTC). The mining firm is expecting the units to arrive sometime in March 2024. The T21 Antminer produces 190 TH/s but can be overclocked to 233 TH/s, DMG detailed in its announcement. The company aims to ship the miners to the firm’s Christina Lake data center facility. “DMG is planning to utilize its previously purchased mining containers, which are in the process of being installed at its Christina Lake facility in advance of taking delivery of the T21 miners,” the company said in a statement. DMG added: This new fleet, in combination with expected rationalization of its existing fleet, will help DMG improve its overall fleet efficiency anticipated to be below 25 J/TH post-halvening, which is expected in April 2024. The news follows several mining operations acquiring ASIC bitcoin mining machines. Iris Energy just recently acquired 7,000 T21 Antminers from Bitmain and Riot Platforms secured 66,560 ASICs or 18 EH/s from Microbt. DMG mined 64.7 BTC in November and by the end of the month, the firm held a total of 429 BTC worth $18,801,182 using prevailing exchange rates. What do you think about DMG’s latest purchase? Let us know what you think in the comments section below. View the full article

As bitcoin’s value soared to heights last witnessed on April 6, 2022, a multitude of crypto assets have also reaped benefits from the surge of the premier cryptocurrency. Yet, despite a significant number of these digital currencies experiencing substantial increases, surpassing even bitcoin in percentage gains, they have yet to approach the peak values achieved during that period. From Then to Now: Bitcoin at 20-Month High, Rivals Lag Behind Former Highs On December 5, 2023, bitcoin’s value surged to $44,490 per coin, marking its highest level in 20 months. Additionally, the overall cryptocurrency market is now valued at $1.67 trillion, with a global trade volume of about $158 billion recorded over the previous day. Reflecting back to April 6, 2022, archived data indicates that bitcoin was trading at $43,926 per coin, following a drop of over 7% against the U.S. dollar within a week. Furthermore, the cryptocurrency market at that time boasted a significantly higher valuation, standing at $2.11 trillion. This figure surpasses the current market value by approximately $440 billion, highlighting a notable reduction in the overall crypto market economy. Twenty months ago, ethereum (ETH) was trading at $3,229 per unit. Today, with a current value of $2,296 per unit, ETH is trading $933 lower than its previous mark. Back then, BNB was valued at $427 per unit, whereas its current trading price stands at $231. Solana (SOL) has experienced significant activity, priced at $118 at that time, and now trading at $62. Another noteworthy point from that period is that Terra’s LUNA was trading at $107 per coin, whereas its current value has plummeted to $0.00022749 per coin. At that time, it ranked as the seventh largest crypto asset, but today, it has fallen to the 55th position. At that time, tether (USDT) had an $82.51 billion market capitalization and it’s higher today at $90 billion. Circle’s usd coin (USDC) had an overall market valuation of around $50.9 billion but it’s now lower at $24.33 billion. Just like LUNA, the once-stable coin terra usd (UST) was a top contender back then with a $16.74 billion market cap that’s now down to $478 million. BUSD also has seen its supply erased over the last 20 months, dropping from $17.7 billion to the current $1.59 billion. Bitcoin’s recent surge to a 20-month high underscores its dominant position in the crypto market. Yet, despite this uptick, many other cryptocurrencies remain far from their past peak values, indicating a diverse and evolving digital currency landscape. What do you think about the way crypto markets have performed this year? Let us know what you think in the comments section below. View the full article

As bitcoin’s price hovers between $43,950 and $44,150, a nuanced examination of its oscillators and moving averages reveals a complex picture of its market movements. Despite a bullish run in its 24-hour trading range, oscillators signal caution. Bitcoin Bitcoin’s (BTC) market cap stands at $856 billion, with a substantial 24-hour trade volume of $38.39 billion. This reflects a vibrant trading environment, showcasing BTC’s significant influence in the crypto market. However, despite these strong market indicators, a deeper look into bitcoin’s technical data suggests a more intricate scenario unfolding in its trading landscape. Bitcoin chart by TradingView The oscillator analysis presents a cautionary tale. The relative strength index (RSI) at 79, Stochastic at 93, and the commodity channel index (CCI) at 229, all signal bearish sentiment. These high values typically indicate overbought conditions, suggesting that bitcoin may currently be experiencing a break from the recent peak. Investors might view this as a signal for potential price correction or consolidation in the near term. In contrast, the moving averages paint a more bullish picture. Both exponential moving averages (EMAs) and simple moving averages (SMAs), ranging from 10-day to 200-day periods, are uniformly indicating positive sentiment in the market. These averages, with values steadily increasing from 10-day EMA at $40,638 to 200-day SMA at $29,919, demonstrate a strong and sustained uptrend. This suggests a robust underlying momentum in bitcoin’s price movement. The daily chart analysis corroborates this optimism. It exhibits a pronounced uptrend, with bitcoin’s price moving from a low of approximately $34,132 to a high near $44,490. However, the declining volume towards the most recent dates could hint at a decrease in momentum or a potential phase of consolidation after the rapid increase. A critical observation from the 4-hour chart is the volume pattern. Volume spikes on green candles are a positive indicator of bullish sentiment. However, the appearance of a high-volume red candle recently might imply strong selling pressure or profit-taking. This could be an early signal of a shift in market sentiment, warranting close attention from investors and traders alike. Bull Verdict: The comprehensive analysis of bitcoin’s oscillators and moving averages, along with insights from its 4-hour and daily charts, leads to a predominantly bullish outlook. The consistent bullish signals from both EMAs and SMAs across various periods, coupled with the steady uptrend observed in the daily chart, underscore a robust momentum in bitcoin’s price trajectory. Bear Verdict: Despite the bullish signals from moving averages, the bearish verdict cannot be overlooked. The overbought conditions indicated by oscillators such as RSI, Stochastic, and CCI point towards a possible correction or consolidation in bitcoin’s price. Register your email here to get weekly price analysis updates sent to your inbox: What do you think about bitcoin’s market action on Wednesday morning? Share your thoughts and opinions about this subject in the comments section below. View the full article

#Crypto Markets Surge Wednesday, #ADA, #DOGE Up Over 10%, #BTC at $44K; Bitcoin Talk Forum to Censor #Mixer Discussions — Daily #Price Update pic.twitter.com/X9gvCvmO67 — Bitcoin.com News (@BTCTN) December 6, 2023 ADA and DOGE are top gainers on Wednesday, Dec. 6, surging over 10% in the last 24 hours as BTC holds above the $44K level. Top crypto assets by market capitalization are in the green. In case you missed it, the historically significant Bitcointalk forum will begin to censor certain crypto mixer-related posts starting next year. What are your thoughts on today’s prices and news? Be sure to let us know in the comments section below. View the full article

The United Nations Development Programme together with the Algorand Foundation are set to launch a blockchain academy in the first quarter of 2024. The objective of the academy is to provide the UNDP’s employees “with knowledge and insights into the applications of blockchain technology.” Course Material to Be Made Available to Staff Members of Other UN Agencies The United Nations Development Programme (UNDP) recently announced that it will launch the Algorand Blockchain Academy in 2024. The academy aims to provide the UNDP’s 22,000-plus employees “with knowledge and insights into the applications of blockchain technology.” Robert Pasicko, the agency’s expert for alternative finance and low-carbon development, said that the academy will offer a curriculum that is comprised of “recorded lectures, interactive workshops, and hands-on assignments.” The course will also be available to staff members of other UN agencies. Remarking on the academy’s potential role in helping to bring UNDP workers up to speed with modern technologies, Pasicko said: “The Algorand Blockchain Academy will be instrumental in equipping our team with the tools needed to address complex global challenges using blockchain technology.” Using Blockchain to Achieve Sustainable Development Goals Doro Unger-Lee, the head of education and inclusion at Algorand Foundation, stated that his organization considers the education initiative as an important first step “toward identifying and delivering actionable” blockchain solutions. Lee added that these solutions can potentially help the United Nations Development Programme (UNDP) “achieve the sustainable development goals [SDGs] in a number of areas.” According to the press statement, the academy’s initial phase or beta iteration is set to begin in the first quarter of the coming year. Some of the focus areas of the academy’s course include the use of blockchain in narrowing the financial exclusion gap, supply chain transparency, real-world asset tokenization, and universal digital identity solutions. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Institutional investors seeking to earn rewards from digital asset token staking must be aware of the associated risks and should take steps to protect their clients, Andrew McFarlane, CTO at the Web3 infrastructure company Validation Cloud, has said. According to McFarlane, slashing, which is a penalty imposed on tokens staked on a validator who contravenes the rules of the network, is one particular risk asset managers must be aware of. The Importance of SOC2 Attestation Reports To limit the chances of being adversely impacted by the actions of a rogue validator, asset managers should ensure that their chosen validator has the requisite experience. In his written answers sent to Bitcoin.com News via Telegram, the Validation Cloud CTO said asset managers “should engage staking-as-a-service providers with strong security and slashing insurance.” Another way asset managers can reassure their clients that their staking-as-a-service provider is a bona fide industry player is by choosing an audited staking platform. Staking service providers are either issued the SOC2 Type 1 or Type 2 attestation reports. While both attestations are valuable, McFarlane told Bicoin.com News that he sees SOC2 Type 1 as a better attestation report. Meanwhile, when asked about the Ethereum network’s low staking ratio, McFarlane said its only because the “complete” staking became effective after the so-called Shapella upgrade in April. The CTO revealed that since the upgrade there has been an “over 50% growth in staked Ethereum over the last six months.” Below are Andrew McFarlane‘s answers to all the questions sent. Bitcoin.com News (BCN): What is staking-as-a-service and how does it differ from the complex decentralized staking protocols like Lido, and why would institutional asset managers want this? Andrew McFarlane (AM): The Staking-as-a-Service product enables asset managers to support the operations of a blockchain network, without the burden of launching, maintaining, and scaling the necessary infrastructure – in return, asset managers earn significant rewards generated by the network. The ability to provide this service without taking custody (non-custodial) of the tokens is the defining characteristic of a Staking-as-a-Service solution. This is in contrast with protocols like Lido or centralized exchanges, which require asset managers to deposit funds into these systems first, rather than staking directly from their wallets/custodians. Institutional asset managers typically have strict obligations to hold assets with qualified custodians and procure tech partners who are SOC2-compliant. Staking-as-a-Service uniquely satisfies both of these obligations, allowing asset managers to keep their tokens in a custodian while being serviced by secure, compliant infrastructure. BCN: In your opinion, what are the most common risks institutional asset managers face today with staking and how can they, or the staking service providers they use, eliminate such risks? AM: The main risk in Proof of Stake (PoS) networks is slashing, which refers to the penalty imposed on tokens staked on a validator who contravenes the rules of the network – the severity of the penalty can vary depending on the protocol. Institutional asset managers should be aware of the specific slashing risks for the networks in which they stake. Validators are responsible for proposing and validating new blocks of transactions, yet proposing more than 1 block (double signing), proposing invalid blocks, or prolonged downtime can result in slashing by the network. While such events are rare, experienced operators significantly reduce this risk. Institutional asset managers should engage Staking-as-a-Service providers who have strong preventative (e.g. security) and corrective (e.g. slashing insurance) measures in place for their clients. BCN: Your company Validation Cloud recently introduced an institutional staking-as-a-service platform to offer on-demand deployment and rewards automation, among other things. What is on-demand deployment and reward automation and why should Web2 asset managers care about this? AM: Validation Cloud’s platform was purpose-built to onboard institutional assets – the largest asset managers in the world are rapidly entering Web3 and in the near future, there will be over a trillion dollars in assets staked. As an example of scale, in order to facilitate the next $100M in staked Ethereum, 1.5M additional validators are needed. Furthermore, asset managers demand real-time infrastructure to stake/unstake, in order to facilitate dynamic, programmatic portfolio management. With respect to rewards automation, Validation Cloud has simplified the flow with on-chain smart contracts, which eliminates intermediaries and counterparty risk – driving superior experience and performance. BCN: Validation Cloud’s staking platform claims to be SOC2 Type 1 compliant. Could you tell our readers what this is all about and how it differs from the SOC2 Type 2 certification that other staking providers like Consensys have received? AM: Acknowledging that compliance is critical for institutional asset managers and traditional enterprises, Validation Cloud prioritized SOC2 – completing its audit with SF-based Sensiba LLP in August. Remarkably, only a small fraction of Web3 companies have achieved SOC2, in fact, Validation Cloud is the only company providing Staking and Node API to achieve SOC2. Within Web3, SOC2 holds pivotal importance for bridging the gap with traditional enterprises, aligning industry standards with those of Web2. SOC2 defines criteria (security, availability, integrity, confidentiality, privacy) for managing customer data. The main difference between SOC 2 Type 1 and Type 2 lies in the duration of evaluation. Type 1 focuses on security controls at a specific point in time, whereas Type 2 covers those controls over a period of time, typically several months. Validation Cloud’s Type 2 observation period will conclude at the end of 2023. BCN: According to Staking Rewards, only about 23% of the eligible ETH is currently being staked or delegated to the network. In contrast, other proof-of-stake networks like Solana, Cardano and Aptos have a staking ratio of over 60%. What explains Ethereum’s relatively low staking ratio and how would the increased institutional adoption of staking affect it? AM: Ethereum has a lower staking ratio since its complete staking mechanism has only been in effect since April 2023 when the Shapella upgrade enabled the ability to unstake Ethereum. While “The Merge” in September 2022 ushered in the proof-of-stake consensus mechanism and the ability to stake Ethereum, it was impossible to unstake that Ethereum until the Shapella upgrade. Shapella was the inflection point for institutional asset managers, driving over 50% growth in staked Ethereum over the last six months. What are your thoughts on this interview? Let us know what you think in the comments section below. View the full article

Only five percent of surveyed South African crypto-asset financial service providers (FSPs) are generating revenue between $8 million and $10 million. The Financial Sector Conduct Authority study found that many of the crypto asset FSPs “earn their revenue from trading fees.” Only 10% of FSPs Derive Income From Both Regulated and Unregulated Financial Services According to findings of a crypto market study conducted by the South African financial services industry watchdog, approximately 46% of the crypto asset financial service providers generated revenues equivalent to between $53,000 and $2.68 million. On the other hand, 38% of the crypto asset FSPs said they received revenue of less than $53,000. Only five percent are generating revenue between $8 million and $10 million. The data shows that only five per cent of the FSPs generate revenues between $8 million and $10 million. Out of all the FSPs that responded substantively to the regulator’s information request, 10% derived their income from “both regulated and unregulated financial services.” As noted by the Financial Sector Conduct Authority (FSCA), some 47 crypto asset FSPs participated in the crypto market study. Explaining the rationale behind its decision to conduct the study, the FSCA said the information gathered is expected to support its work by “highlighting consumer exposure to crypto assets.” The information may also help the authority “identify risks that may negatively impact consumer well-being.” Meanwhile, 49% of the surveyed crypto-asset financial service providers (FSPs) said they run a crypto exchange. Some 19% of the respondents offer advisory services relating to crypto assets, while 15% identified themselves as crypto brokers. Only 2% said they offer custodial services. 93 License Applications Received The FSCA study also found that most of the crypto asset FSPs “earn their revenue from trading fees” while their remuneration models are largely identical to traditional financial revenue models. During a Nov. 30 media briefing, the FSCA said it had received 93 license applications from current FSPs and “completely” new applicants. However, according to the FSCA’s Diketso Mashigo, some applicants eventually decided against seeking a South African license. “Some decided to take their business out of the country and conduct their services elsewhere in other foreign jurisdictions.” Mashigo also revealed that some applicants submitted their license applications just days before the November 30 deadline. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Two South African crypto platforms and an Austria-based digital asset platform have joined forces to launch a new alternative investment platform called Altify. The goal of the new outfit is to enable South African investors, particularly the younger ones, to harness the power of alternative investments. Alternative Investment Opportunities a Preserve for the Wealthy Two South African crypto exchange platforms, Revix and Bitfund, have merged with an Austrian digital asset platform to create a new alternative investment platform called Altify. According to a joint statement, Sean Sanders, the founder of Revix, has been named the CEO of the new entity, which is headquartered in London. In their Nov. 30 statement, the three companies said that Altify aims to provide alternative investment opportunities, that are usually reserved for large institutions and the ultra-wealthy, to ordinary people. These alternative investment opportunities include private credit (private debt), venture capital, real estate, crypto assets, and collectibles. Merger Deal Backed by Shareholders According to Sanders, the new entity not only cements an already established position in the South African market but also enhances its investment reach. The new CEO added: “Ultimately, our goal is to enable South African investors the opportunity to harness the power of alternative investment, positioning ourselves as the go-to alternative investment platform across South Africa and the bigger EMEA region.” Sanders also stated that the other goal of the new entity is to change the long-held perception that only individuals in their 60s ought to invest in alternative assets. Meanwhile, the statement revealed that the merger transaction had the support of the respective companies’ shareholders. These include Sabvest, CVVC, Founders Factory, Emurgo, High-Tech Gründerfonds, and Calm/Storm Ventures. The merger also won the backing of angel investors Frank Westermann and Johann “Hansi” Hansmann. Register your email here to get a weekly update on African news sent to your inbox: What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Edelman Financial Services founder Ric Edelman has explained that financial advisors are waiting for the U.S. Securities and Exchange Commission (SEC) to approve spot bitcoin exchange-traded funds (ETFs) so that they can offer these investment products to their clients. “Every compliance department will say okay to that product because it’s just an ETF like other thematic ETFs,” he emphasized. Financial Advisors Await Spot Bitcoin ETFs Ric Edelman, founder of Edelman Financial Services and author of several personal finance books, shared his perspective on spot bitcoin exchange-traded funds (ETFs) during Coindesk’s Unchained podcast this week. He detailed: 77% of advisors in the last survey we’ve done on this … show that they are waiting for the spot bitcoin ETF to become available so that they can provide this to their clients because every compliance department will say okay to that product because it’s just an ETF like other thematic ETFs. “We use ETFs for investing in computer technology, oil and gas, gold and precious metals, [and] emerging markets. This will simply be blockchain and digital assets,” he clarified. Edelman added: “47% of advisors personally own bitcoin which means they get it. They understand that this is an innovative technology, that it has the potential for delivering outsized investment returns and they’re personally investing.” The founder of Edelman Financial Services pondered the conversation between financial advisors and their clients. “How are they going to explain to their clients when the client finally says should I buy bitcoin? What do you think? By the way, do you own it?” he described, anticipating the advisor would say: “Oh yeah I’ve owned it for years. I just never told you to buy it.” Many people expect the U.S. Securities and Exchange Commission (SEC) to approve multiple spot bitcoin ETFs at once, including the analysts at JPMorgan. Bloomberg ETF analyst Eric Balchunas said this week, “We still holding line at 90% odds of approval by Jan 10,” noting that it’s “the same odds we’ve had for months.” Do you think many financial advisors will recommend spot bitcoin ETFs to their clients? Let us know in the comments section below. View the full article

JPMorgan Chase CEO Jamie Dimon has warned that something bad may happen in the U.S. economy. “I’m not trying to scare people. I’m more in the category that something could go wrong,” he stressed. “A lot of things out there are dangerous and inflationary. Be prepared … Interest rates may go up and that might lead to recession.” Jamie Dimon Says ‘Be Prepared’ The CEO of JPMorgan Chase, Jamie Dimon, issued several warnings regarding the U.S. economy this week at the 2023 New York Times Dealbook Summit in New York and the Global Investment Summit organized by British Prime Minister Rishi Sunak in London. Elaborating on his recent warning of “the most dangerous time the world has seen in decades,” Dimon said at the Dealbook Summit on Wednesday: “If you look at history and you open a newspaper of any month, any year, of course, there’s always tough stuff going on — wars, depressions, recessions….” He explained that the current situation, including the war in Ukraine, the huge humanitarian crisis, and the nuclear blackmail, is affecting all, including oil and gas, migration, food costs, as well as international military and economic relationships. “That’s pretty tough and that’s before the terrorist attack in Israel,” Dimon opined. Noting that these events are “dangerous,” the JPMorgan executive emphasized: “If you look at the history of battles like this, they’re unpredictable. You don’t know the full effect.” He continued: I look at a lot of things out there … both dangerous and inflationary. So I just say: be prepared. … The rates may go up — both the short rate and the 10-year rate, and be prepared that might lead to recession. Commenting on the current state of the economy, Dimon described: “When people look at the current economy and things are going good … We’ve had a little bit of drugs injected directly into our system called ‘fiscal stimulation,’ the largest we’ve ever had in peacetime … But they are drugs running through the system, and they create this kind of sugar high, and we’re in a sugar high.” The JPMorgan boss further shared: “Corporate profits are up because people are spending a lot of money. Where do they get the money? The government gave it to them. Well, of course, profits are up … So, I’m quite cautious about the economy.” Dimon further asserted that the world isn’t ready for a 7% interest rate. Dimon Anticipates ‘Something Could Go Wrong’ At the Global Investment Summit organized by Prime Minister Sunak on Tuesday, Dimon warned that something economically bad may happen. Cautioning that the world is now facing a “dangerous cocktail” of risks that could prove “explosive” for the global economy, the JPMorgan CEO said: You can’t sit here and say that something bad may not happen. I’m not trying to scare people. I’m more in the category that something could go wrong. He cautioned that inflation is likely to persist at elevated levels for longer. “We’re on this sugar high and I’m not saying this ends in a depression [but] I think there’s more inflationary forces out there … There’s a higher chance that rates go higher, inflation doesn’t go away, and all these things cause more problems of some sort,” the executive detailed. Earlier in the current month, Dimon expressed his view that the Federal Reserve might increase interest rates further, stating: “I suspect that they may not be done.” He added: “I think there’s a chance that inflation is just a little stickier than people think and their fiscal and monetary stimulus in the last several years is more than people think. Unemployment is very low.” Back in September, Dimon had cautioned that the Fed could potentially raise interest rates to 7%, which might lead the U.S. economy into stagflation. In October, he disclosed his observation of two “extraordinary” storm clouds impacting the U.S. economy. “One is the fiscal money being spent is so big, the largest in peacetime ever — America and kind of around the world — with very high deficits and QT we’ve never had,” the executive detailed, clarifying: “The biggest storm cloud is geopolitical.” What do you think about the warnings by JPMorgan CEO Jamie Dimon about the economy? Let us know in the comments section below. View the full article

Rich Dad Poor Dad author Robert Kiyosaki has issued more warnings about the U.S. economy, including a giant market collapse, a possible next Great Depression, and another war. The famous author emphasized that millions of people will face “really hard times ahead.” He urged them to be prepared, reiterating his recommendation of gold, silver, and bitcoin. Robert Kiyosaki Sees ‘Really Hard Times Ahead’ for Millions The author of Rich Dad Poor Dad, Robert Kiyosaki, is back with dire warnings about the U.S. economy. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. The famous author wrote on social media platform X Thursday that a “giant market collapse is here” because the Three Stooges are running the White House, the U.S. Treasury, and the Federal Reserve. He continued: Possible next Great Depression. Possibly war. For millions, reallly hard times ahead. Kiyosaki noted that individuals with the right mindset and adequate preparation will find the next Great Depression to be “the best time of their lives.” He advised: “Please prepare. Please take care. Buy gold, silver, bitcoin.” The well-known author has consistently cautioned about challenging times ahead for the U.S. economy. Besides advocating for gold, silver, and bitcoin, he also recommends buying bitcoin exchange-traded funds (ETFs) for those who do not want to buy BTC directly. The U.S. Securities and Exchange Commission (SEC) is expected to start approving spot bitcoin ETF applications soon. Last month Kiyosaki disclosed his recommended investment allocation to assist investors in weathering the “greatest crash in world history.” This month, he encourages investors to brace for hyperinflation, noting that he sees bitcoin as the “best protection.” He also said earlier that bitcoin provides “lifelong financial security and freedom,” advising investors to get into the cryptocurrency now before it’s too late. What do you think about Rich Dad Poor Dad author Robert Kiyosaki’s warnings? Let us know in the comments section below. View the full article

Skybridge Capital founder Anthony Scaramucci has predicted a substantial influx of capital from Wall Street into spot bitcoin exchange-traded funds (ETFs) once they are approved by the U.S. Securities and Exchange Commission (SEC). He highlighted the unleashing of salesforces from major institutions, anticipating over $100 billion flowing into bitcoin following spot bitcoin ETF approvals. Scaramucci on Market Impact of Spot Bitcoin ETFs Anthony Scaramucci, the founder of asset management firm Skybridge Capital, discussed his outlook on spot bitcoin exchange-traded funds (ETFs) in an interview on The Scoop, The Block’s podcast, on Thursday. “The not-so-secret reality of Wall Street is that products are sold and not bought. Imagine an army, a legion of people who are going to be selling,” he began, adding that they will be “giving the Mantra speech about bitcoin” to brokerage firms and financial advisor offices who will then tell their clients to put 1% in BTC. He described: These are people that are traditionally buying ETFs. They’re buying S&P ETFs or S&P dividend ETFs or bond ETFs and now have this ability to buy the bitcoin ETF which has been approved by the federal government and it’s been the best-performing asset in the last 10 years, bar none. Scaramucci emphasized that spot bitcoin ETFs are going to unleash a sales force of tens of thousands of people. The founder of Skybridge Capital anticipates financial advisors advising their clients to own “digital property.” Referencing Ark Invest CEO Cathie Wood who suggests that bitcoin serves as a valuable diversifier against inflation and deflation, he emphasized that bitcoin is “a great store of value.” Concerning the amount of capital that will flow into bitcoin upon the introduction of spot bitcoin ETFs, he pointed out: Let’s just take Fidelity at $4 trillion and Blackrock at $7 trillion. So 1%, we’re talking about … $100 billion going into bitcoin and those are just those two companies. He further mentioned that to estimate the capital influx into bitcoin, simply sum up 1% of the total funds managed by companies that have already filed to launch spot bitcoin ETFs and those companies that will file with the SEC after the regulator begins approving these products. Do you agree with Skybridge Capital founder Anthony Scaramucci regarding spot bitcoin ETFs? Let us know in the comments section below. View the full article

The transformation of the Ethereum network, popularly known as ‘The Merge,’ marked a significant shift in the blockchain’s energy usage and climate impact. A detailed report by the Cambridge Centre for Alternative Finance (CCAF) meticulously dissects this journey, offering invaluable insights into Ethereum’s historical and current ecological footprint. This transition, deeply rooted in environmental considerations, demonstrates a pivotal change in the digital asset ecosystem. Ethereum’s Environmental Footprint Transformed, Says CCAF Report Before The Merge, Ethereum’s proof-of-work (PoW) mechanism demanded considerable energy, largely due to the computational intensity of mining processes. This phase, while essential for the network’s security and integrity, raised environmental concerns due to its high energy consumption. The latest CCAF report highlights this period as a critical phase in understanding Ethereum’s total environmental impact. The CCAF’s previous article on the subject did not include geographical distribution “In a previous article (April 2023), we introduced our work on Ethereum’s pre-Merge electricity consumption,” CCAF research lead Alexander Neumüller wrote. “Although this study signified a crucial preliminary step, it did not capture the geographical distribution of mining activity, thus missing a vital component for a more comprehensive environmental impact assessment.” This diverse geographical distribution, as noted in the report, was influenced by Ethereum’s initial application-specific integrated circuit (ASIC)-resistant protocol design, which made mining more accessible across different regions. Europe, for instance, played a significant role in the early days, with a noticeable presence in the mining landscape. The report estimates that the total greenhouse gas (GHG) emissions attributable to Ethereum mining stood at 27.5 MtCO2e up until it transitioned to proof-of-stake (PoS). This figure, accounting for nearly 0.06% of global GHG emissions in 2020, according to the CCAF study, is comparable to the emissions of countries like Honduras and Lebanon. The Merge, Ethereum’s transition from PoW to PoS, was a strategic shift aimed at increasing scalability and reducing energy consumption. This switch not only marked a reduction in energy use by approximately 99.97% but also set the stage for future scalability improvements, making Ethereum’s network more sustainable and efficient. Post-Merge, the network’s environmental impact has been significantly reduced. The CCAF’s estimates show a dramatic decrease in GHG emissions, indicating a successful implementation of the PoS mechanism in reducing the network’s ecological footprint. Toward the end of the study, Neumüller asks if Bitcoin will follow Ethereum’s path and remarks that bitcoiners “predominantly uphold its commitment to PoW.” “The narrative of Ethereum and Bitcoin’s different paths is not just a tale of technological advancements but also reflects different ideologies and priorities of their communities, highlighting the multifaceted complexity inherent in the evolution of leading blockchain networks,” Neumüller concludes. What are your thoughts on the latest CCAF report on Ethereum? Let us know what you think in the comments section below. View the full article

On Saturday, December 2, 2023, the cryptocurrency market exhibited a positive trajectory, advancing by 1.91% to reach a total value of $1.48 trillion. Notably, bitcoin achieved a peak of $39,705 within the day, marking its highest value since late April 2022. Crypto Economy Climbs Nearly 2% on Saturday, Hits $1.48 Trillion Valuation The overall cryptocurrency market experienced a surge this Saturday, with an approximate 2% increase over the past day. Bitcoin (BTC) saw a 1.59% rise against the U.S. dollar, while ethereum (ETH) climbed 3.58% in the same 24-hour span. Additionally, solana (SOL) witnessed a 7% uptick, and dogecoin (DOGE) escalated by 9.11% against the dollar. Bitcoin chart by TradingView BTC soared to a peak of $39,705, while ethereum (ETH) escalated to $2,195 per token. SOL advanced to $63.31 on Saturday, and DOGE ascended to $0.08612 per coin. Concurrently, BLUR, RUNE, TIA, IOTA, and ORDI experienced substantial growth, soaring between 11.3% and 54.9%, securing significant double-digit gains over the weekend. Additionally, PYTH, THETA, XRD, and WEMIX also reported noteworthy increases. Nevertheless, the 24-hour global trading volume on Saturday stood at approximately $49.94 billion, marking a 7% decrease from Friday’s figures. Tether dominated with a global trade volume of $29.42 billion, while BTC’s trade volume reached $14.52 billion. Current statistics indicate that BTC’s market dominance hovers around 52% this weekend, with ETH’s dominance at 17.5%. The crypto fear and greed index (CFGI) on Saturday registered a score of 74, symbolizing a state of “greed.” This sentiment has been consistent since yesterday and throughout the past week. Following BTC’s surge to $39,705, a significant portion of the day’s liquidations occurred in the past four hours, totaling $71 million out of $101 million in liquidated shorts. In the last 24 hours, as of this writing, a total of $122.48 million in both long and short positions have been eradicated. What are your thoughts on the latest crypto economy surge? Let us know what you think in the comments section below. View the full article

Recent data reveals that Blast, the new layer two (L2) blockchain platform, has amassed a significant $660 million in value within its decentralized finance (defi) protocol. Concurrently, while accumulating a variety of crypto assets, the initiative has commenced a search for experienced senior blockchain developers. While Amassing $660M, L2 Blast Project Searches for Developers In recent times, Blast has emerged as a focal point of interest. This project, conceptualized by Pacman, the mind behind the non-fungible token (NFT) marketplace Blur, has rapidly gained traction. Within a span of less than a week, the platform’s total value locked (TVL) soared to approximately $400 million. Concurrently, Blast faced allegations of resembling a Ponzi scheme. During this period, Paradigm, a principal investor in the project, admitted that the team had overstepped in certain aspects of communication and implementation. Pacman has also countered the Ponzi scheme allegations and further clarified that Paradigm played no role in shaping Blast’s market entry strategy. In a mere five-day period following these events, Blast witnessed its TVL swell to $660 million, bolstered by an additional infusion of $104 million. Notably, on November 30, when the TVL reached $634 million, Blast broadcasted its intent to expand its team, announcing open positions for hiring. “Hiring announcement,” Blast stated. “Blast has reached $634m TVL across 67,757 community members. We’re hiring a senior devops engineer and senior protocol engineer. Reach out if you would like to contribute to Blast.” The hiring announcement sparked skepticism upon its release, as observers questioned the project’s lack of engineering staff. “No mainnet, no testnet, no code, no employees, $634m TVL,” mocked one commentator, sharing an image of Pepe the frog. Skepticism continued to mount on social media platform X, where another user exclaimed, “This cannot be real LOL.” Doubts persisted, with a further remark stating, “Yea this ain’t gonna end well.” The situation’s gravity led another individual to inquire, “Do you need a lawyer?” Another person replied in jest: Does anyone know how to make an L2? We needz help! Currently, Blast holds a portfolio of 198,733 ether, 73,518 staked ether (STETH), and considerable amounts of stablecoins: 39.56 million USDC, 30.66 million tether (USDT), and 15.6 million DAI tokens. The role of senior protocol engineer, as outlined in the job specification, is pivotal. This individual will significantly contribute to the team’s adaptation of the open-source OP Stack, which is rooted in go-ethereum. The OP Stack represents a unified, shared, and open-source development framework that fuels Optimism, under the stewardship of the Optimism Collective. Several L2 forks are based on the OP Stack. What do you think about the L2 project Blast? Let us know what you think in the comments section below. View the full article

Zak Taher, the CEO of Multibank.io, said he believes the United Arab Emirates (UAE) is the most attractive investment destination for overseas digital asset companies due to its effective governance and the leadership of its individuals. The UAE’s status within the global financial landscape, combined with its geographical advantages and favorable time zone, further enhances its appeal as an investment destination, according to Taher. Taher on UAE, Digital Asset Innovation, and Regulation According to Taher, the proof that the UAE possesses such important attributes is seen in the country’s world-leading crypto regulatory frameworks. To the United States, which has adopted an aggressive approach, Taher said the country’s desire to see crypto firms complying with regulation should not be at the expense of innovation. The Multibank CEO argued that ensuring a “robust balance” between consumer protection and innovation is key to safeguarding consumers without stifling innovation. Taher meanwhile attributed the reluctance of some prospective crypto users to trade to their lack of confidence in the trading platforms. To instill confidence in these platforms, Taher urged crypto exchange owners to consider embracing regulation. He also suggested that crypto exchanges should prioritize human interaction, customer success, and communication to become more user-friendly. In his written answers sent to Bitcoin.com News via Telegram, Taher also offered his thoughts on crypto derivatives and touched on some of the common compliance risks associated with these assets. Below, are Taher’s answers to all questions sent. Bitcoin.com News (BCN): Some U.S. regulatory bodies have taken seemingly aggressive regulatory actions towards crypto exchanges and platforms. What is your view on this, and what should be the right approach to regulating an industry as innovative as crypto? Zak Taher (ZT): Unlike other crypto exchanges, our core business has been in the financial field since 2005, providing us with extensive experience in navigating authorities and regulatory bodies worldwide. Our go-to approach involves a dual-prong strategy. Innovation vs. Compliance Balance — When it comes to innovation and compliance, we recognize the inherent risks that innovation introduces. The optimal approach is to strike a robust balance between the two. This doesn’t imply restricting innovation but rather project managing it effectively. Allocation of Resources: Expanding on the first approach, resource allocation takes center stage. Often, executives concentrate their budget on marketing, hiring top talent from Fortune 500 companies, while overlooking the importance of compliance and legal expertise. Just as in a war, where a strong shield is crucial for protection, allocating resources to compliance is imperative to safeguard both the company and its stakeholders. BCN: The UAE seems to be at the forefront of crypto regulatory innovation, with the Virtual Assets Regulatory Authority (VARA) providing investors, developers, and companies with clear rules. Besides regulatory clarity, what makes the UAE an attractive destination for talent and capital? ZT: The attractiveness primarily stems from the country’s effective governance and the individuals leading it. Its position in the global financial landscape, coupled with geographical advantages and a favorable time zone, contributes significantly. The world-class infrastructure, government support, and tax-friendly environment enhance the overall appeal. The UAE government is dedicated to blockchain, cultural diversity, and ensuring a superb quality of life for residents. Such belief is evident in the establishment of one of the best regulatory frameworks to safeguard users in crypto transactions, reflecting a visionary approach. BCN: Your company, Multibank Group, claims to be one of the world’s most regulated financial institutions with a long history in regulated derivatives broking. What expertise do legacy platforms such as yours bring to crypto in terms of security, user experience, and regulation? ZT: It’s funny, in our discussions with crypto-specific affiliates and networks, they express surprise at our unique approach in focusing on partnerships, a strategy less common in the crypto space but prevalent in the FX domain. In terms of user experience, crypto exchanges often boast more user-friendly interfaces and customer journeys compared to FX and derivatives trading platforms. Regarding regulations, the close collaboration between Multibank Group and regulators worldwide proves advantageous. The team’s expertise in obtaining licenses is evident, with the group currently holding 14 licenses and counting. BCN: Many people often sign up for crypto exchanges but end up not making a single trade. What are some of the issues faced by crypto newbies that stop them from trading or owning digital assets, and how can these be solved? ZT: The cornerstone is trust, and the remedy lies in regulation. It’s not surprising that people, especially newcomers, hesitate to invest. It’s reminiscent of the caution exercised with a bank. Times have swiftly changed since the last bull market, contributing to increased hesitancy. A significant means of instilling trust in individuals depositing their hard-earned money into the exchange is through regulation. This assurance stems from holding proper licenses and expertise in Tradfi. This approach effectively mitigates fear, encouraging individuals to feel confident about making deposits. Additionally, the organization’s emphasis on human interaction, customer success and communication, positions it as a people-first company, offering a more connected level of account management, especially for novices needing a helping hand. BCN: Recently, your platform introduced a “Panic Sell” button on its crypto exchange. What is the reasoning behind the introduction of this button? ZT: In a bear market, the cryptocurrency exchange scene can resemble a bit of a cycle, with users shifting from one platform to another, often involving seasoned cryptocurrency enthusiasts. While this dynamic has its merits, it’s crucial to emphasize outreach to newcomers, a goal we actively pursue in the FX and Tradfi space. Our panic sell feature adds a playful element, allowing users to swiftly liquidate their tokens in challenging situations, giving them that edge. Such features are not only enjoyable but also prove helpful for crypto novices, particularly those seeking efficiency in their initial experiences in the space. BCN: Derivatives such as options and futures have dominated cryptocurrency trading since their debut around 2014. As you may be aware, these products are also heavily favored by institutional investors. What common compliance and regulatory risks do you see for crypto derivatives? ZT: In the realm of crypto derivatives, compliance and regulatory risks demand a multifaceted approach. To address anti-money laundering and counter-terrorism financing concerns, one needs robust know your customer (KYC) and know your transaction (KYT). From a regulatory standpoint, vigilance in market abuse surveillance is crucial, involving the implementation of systems to monitor market manipulation, employing data analytics, and establishing whistleblower programs. Global expansion requires a nuanced approach due to jurisdictional variations. Recognizing diverse regulatory approaches in each country is essential, especially for futures or options trading. Establishing common rules that align with regulatory guidelines becomes imperative to navigate the complexities of global markets effectively. This comprehensive strategy ensures regulatory compliance while fostering a secure and protected environment for users engaging in crypto derivatives. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Between 2018 and 2023, 2,127 out of 2,817 Web3 games launched have either failed or are now inactive, an analysis by Coingecko has shown. The failure rate was the highest in 2019 (94.3%) and 2020 (94.4%) while in 2021, 339 out of 738 games failed, translating to a failure rate of 45.9%. 2020 Had the Highest Failure Rate According to a new analysis by Coingecko, between 2018 and 2023, 2,127 out of 2,817 Web3 games launched have either failed or are now inactive. This means that for every four games launched, three have disappeared. Coingecko’s analysis also shows that during this period, the number of Web3 games that failed averaged 80.8% each year. As per Coingecko’s data, the failure rate during the five years was the highest in 2019 (94.3%) and 2020 (94.4%). However, in 2021, the year of the last crypto bull run, 339 out of 738 games failed, translating to a failure rate of 45.9%. In terms of the actual number of failed games, Coingecko’s analysis identifies 2022 as the year with the highest number of dead games with 742. The failure rate in that year stood at 107.1%, meaning it was the only year when the number of failed games was higher than those launched (693). Meanwhile, the analysis shows that 2023 has the second-highest number of games launched (720), while 2020’s 86 game launches are the least in each of the five years reviewed. The year 2020 recorded the lowest number of dead games in any of the five years with 81. What is your opinion on this story? Share your thoughts in the comments section below. View the full article

A recent study led by investigators from Cornell University has outlined how Bitcoin can help finance renewable energy installations by using surplus power even while these facilities are not yet integrated into the U.S. power grid. Texas is said to be one of the states with the most potential. Cornell Study Outlines How Bitcoin Can Help Sustain Renewable Energy Projects A study titled “From Mining to Mitigation: How Bitcoin Can Support Renewable Energy Development and Climate Action,” completed by Cornell University investigators, explains that Bitcoin can be a positive element for deploying renewable energy projects in the U.S. The study claims that during the pre-commercial development phase, when mining facilities are still under development but capable of generating energy, some developers could profit from Bitcoin mining. Of all the states examined by researchers, Texas presents some of the greatest potential to take advantage of these possibilities, hosting 32 projects that can generate $47 million from mining activities. The Aktina Solar and Roseland Solar projects were found to be the ones with the most potential benefits from implementing Bitcoin mining activities. The profitability of these activities will depend on a series of factors, including the capacity of the site to generate steady energy for long periods, which depends on the facility’s location, according to Fengqi You, one of the study’s researchers. This, and establishing policies focused on rewarding miners that favor clean energy sources over dirtier alternatives, might move miners to run more environmentally friendly facilities. Apoorv Lal, one of the doctoral students that helped complete the research, stated: We also recommend policies that encourage cryptocurrency-mining operations to return some of their profits back into infrastructure development. This would help create a self-sustaining cycle for renewable energy expansion. While some institutions have started to insert Bitcoin mining into a future of sustainable energy policies, others have raised alarms about its operations, declaring that just one Bitcoin transaction uses a “swimming pool of water.” What do you think about the environmental impact of Bitcoin? Tell us in the comments section below. View the full article