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The Dfinity Foundation and Singularitynet have announced an initiative to merge the Internet Computer blockchain with Singularitynet’s marketplace. This collaboration aims to transform the accessibility and transparency of decentralized large language models. By integrating these advanced technologies, the initiative is aiming to redefine the landscape of decentralized artificial intelligence. Dfinity and Singularitynet Merge for AI Advancement The Dfinity Foundation, a nonprofit research and development organization, in conjunction with Singularitynet, a decentralized AI marketplace, is embarking on a mission to enhance decentralized artificial intelligence infrastructure. In a statement provided to Bitcoin.com News, the teams say the collaboration focuses on integrating the Internet Computer blockchain with the Singularitynet framework, thereby addressing current challenges in AI tools and services. The advent of AI and large language models (LLMs) has shown immense potential in transforming various industries. However, Dfinity and Singularitynet believe the centralized nature of existing AI tools raises issues regarding the transparency of training data and trust in output results. The duo’s initiative aims to counter these challenges by offering AI and Web3 developers access to a unique blockchain capable of running genuine decentralized artificial intelligence. Under this initiative, decentralized AI models on the Internet Computer Protocol will operate entirely within smart contracts, ensuring open-source, tamper-proof training parameters and inputs. The Singularitynet Marketplace, connecting AI service providers with blockchain application developers, will guarantee the transparency and verification of all large language models published. “The Internet Computer, has been at the forefront of hosting artificial intelligence on the blockchain,” Dominic Williams, the founder and chief scientist of the Dfinity Foundation stated. “Since the launch of the $5 million [decentralized AI] grant in July, we have seen an uptick in projects leveraging AI on ICP. This initiative with Singularitynet will further realize our vision for [decentralized AI] and we’re excited to work alongside Dr. Ben Goertzel and his team to refine the [decentralized AI] framework,” Williams added. The collaborators think this synergy will empower developers to deploy sophisticated AI models using blockchain technology, executing algorithms at unprecedented speeds. Additionally, both organizations will merge their grant programs, creating an expansive platform for community developer engagement. The integration aims to not only foster development within the decentralized AI space but also provide resources for developers to innovate and advance projects. Each of these initiatives features its own native digital currency, with the internet computer’s (ICP) value declining by 4.5% this week compared to the U.S. dollar. In contrast, Singularitynet’s AGIX token has seen a significant boost, soaring 19.4% in the last seven days. Concurrently, ICP has experienced over a 40% increase this month, while the 30-day data reveals that AGIX has accumulated a 70% gain against the greenback. What do you think about the Dfinity Foundation and Singularitynet collaborating? Share your thoughts and opinions about this subject in the comments section below. View the full article

Crypto media firms in 2023 are emerging with new owners. After Foresight Ventures, a Singaporean Web3 venture capital firm acquired a major stake in the publication The Block, a week later, the crypto publication Coindesk was acquired by Bullish, a firm led by former New York Stock Exchange President Tom Farley. The purchase price was not disclosed but reports detail it was an all-cash deal. Crypto Media Company Coindesk Sold to Bullish Coindesk, the crypto media publication founded in 2013, has been acquired by Bullish, a subsidiary of Block.one that provides an institutional digital assets exchange and proprietary automated market making (AMM) technology. Bullish published a press release detailing that it had purchased Coindesk from Digital Currency Group. DCG, a venture capital firm founded by Barry Silbert, had acquired the media publication in 2016. “I’m incredibly proud of Coindesk’s growth and development over the last seven years, having transformed itself from a small blog about bitcoin into an award-winning media and events company and the most trusted information platform for digital assets,” Silbert, founder and CEO of Digital Currency Group, said during the sale announcement. The acquisition price is not known, and The Wall Street Journal reported that the arrangement was an all-cash deal. Block.one, the parent company of Bullish, held one of the largest initial coin offerings (ICOs) in history and crafted the blockchain known as EOS. The private firm is also one of the largest holders of bitcoin (BTC) after acquiring the leading crypto asset following the ICO. Block.one, which has raised $4.1 billion total, has made investments in more than 47 different firms and projects according to Crunchbase, including Silvergate Capital, Upland, Niftyz, Coindcx, Chainwise Group, and Skystone Games. On the other hand, Pitchbook shows Block.one has made more than 117 investments in total. Block.one investors include Bitmain, Peter Thiel, Alan Howard, Fenbushi Capital, Tally Capital, Galaxy Interactive, C3 Ventures, Animoca Brands, Andreessen Horowitz, and Heliad. Coindesk further detailed on Monday that the firm has formed an editorial committee to bolster journalistic independence. Moreover, Matt Murray, former editor-in-chief of The Wall Street Journal, is joining the team as chairman of the editorial committee. “This last year has been a difficult period for our industry,” the CEO of Coindesk Kevin Worth said. “It has reminded us all that trust is an absolute essential ingredient for the future of digital assets. Coindesk will continue our proud independent tradition with Matt’s guidance.” What do you think about Coindesk being acquired by Bullish? Share your thoughts and opinions about this subject in the comments section below. View the full article

As of this writing, the crypto market is cruising at a value of $1.42 trillion, with bitcoin (BTC) holding 49.9% of the overall market cap. This past week saw both bitcoin and ethereum experiencing notably stagnant weeks in terms of their percentage changes, while a number of other digital currencies outshone the top two. Standing out this week were the cryptocurrencies BONK and TAO, which soared by 136% and 97.3% respectively. A Week of Highs and Lows for Cryptocurrencies This week, the crypto market spotlight shone on BONK, TAO, and KAS, which recorded gains ranging from 70% to 136% over a seven-day period. Trailing slightly behind were skale (SKL) and axelar (AXL), climbing 59% and 58%, respectively. In total, eight crypto assets surged over 40% against the U.S. dollar this week, with 18 achieving increases of 20% or more. Other significant gainers in the seven-day period included FET, SNX, NEAR, IMX, and AVAX. Interestingly, roughly 50 crypto assets experienced upward movements exceeding 4% this past week. However, only 27% of cryptocurrencies exhibited positive trends during trading sessions on Monday. The week also highlighted some notable declines. ZRX, for instance, plummeted by 29%, while RBL dropped 18.9% over the week. LUNA and FIL weren’t spared either, with weekly losses of 17.15% and 12.64% respectively. In total, seven cryptocurrencies faced double-digit declines this past week. Other coins experiencing notable downturns included SUI, DFI, TWT, IOTX, SNT, and ATOM. On Monday, 50 digital currencies reported losses of 4% or more from the previous week’s trading sessions. Apart from USDT, BTC, and ETH, high trading volumes were seen in coins like SOL, XRP, AVAX, and LINK, with BNB, DOGE, NEAR, and MATIC also recording significant volumes. This week, while certain tokens flourished in the market, other markets exhibited a less receptive stance. What do you think about this week’s market gainers and losers? Share your thoughts and opinions about this subject in the comments section below. View the full article

Irina Dilkinska, the head of legal and compliance at Onecoin, has pleaded guilty to “wire fraud and money laundering charges.” The charges against Dilkinska relate to her role in organizing the transfer of $110 million in fraudulently obtained funds to a Cayman Islands entity. The $110 Million Transfer to a Cayman Islands Entity Irina Dilkinska, the one-time head of legal and compliance at Onecoin, has pleaded guilty to “wire fraud and money laundering charges,” Damian Williams, the United States Attorney for the Southern District of New York, has said. In a Nov. 9 press release, Williams said the charges against Dilkinska relate to her role in organizing the transfer of $110 million in fraudulently obtained funds to a Cayman Islands entity. Founded in 2014 by Ruja Ignatova, aka Cryptoqueen, and Karl Sebastian Greenwood, Onecoin operated as a multi-level marketing (MLM) network which encouraged members to recruit others to purchase cryptocurrency packages. As previously reported by Bitcoin.com News, Onecoin generated billions of dollars for founders like Ignatova but left many investors worse off. However, since the U.S. brought fraud and money laundering charges against Ignatova in October 2017, several Onecoin insiders have been handed jail sentences. In September 2023, Greenwood, who also served as Onecoin’s global master distributor and the leader of the MLM network, was sentenced to 20 years in a U.S. jail. Greenwood’s sentencing came just over five years after his arrest in Thailand. Dereliction of Duty Meanwhile, in remarks following Dilkinska’s guilty plea, Williams said: “As Onecoin’s so-called ‘Head of Legal and Compliance’ Irina Dilkinska accomplished the exact opposite goal of her position. As she has now admitted, Dilkinska facilitated the laundering of millions of dollars of illicit profits Onecoin accrued through its multi-level marketing scheme.” He added that officials from his office and the law enforcement partners will pursue the matter until all defendants including the fugitive Ignatova are brought to justice. According to the press release, Dilkinska, a Bulgarian national, faces a maximum of five years in prison for the count of conspiracy to commit wire fraud. For the money laundering count, the Onecoin head of legal and compliance also faces a maximum sentence of five years. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Near Foundation and Polygon Labs recently announced that they would build “a zero-knowledge (ZK) prover for WASM blockchains.” For WASM chains using the zkWASM prover, settling transactions will be more efficient and cost-effective with maximum security guarantees. Transaction Settling More Efficient and Cost-Effective Near Foundation, the organization supporting the development of the NEAR ecosystem, has partnered with Polygon Labs to “build a zero-knowledge (ZK) prover for Webassembly (WASM) blockchains or zkWASM for short.” According to a joint press release, the two entities’ zkWASM prover, which is set to be launched in 2024, is positioned “to lead the market among other wasm provers.” For WASM chains using this prover, the settling of transactions will be more efficient and cost-effective with maximum security guarantees. Commenting on Polygon Labs’ decision to partner with Near Foundation, co-founder Sandeep Nailwal said: “We are proud to collaborate with NEAR on this exciting research initiative to further drive the development and adoption of ZK technology. The zkWASM prover maximizes developer customizability, which means projects will be able to select from a number of provers when building with CDK, whether that’s launching or migrating an EVM [Ethereum Virtual Machine] chain, or building a WASM chain for closer Ethereum alignment and access to liquidity.” Bringing Zero-Knowledge Proofs to Web3 As explained in the press release, the availability of a zkWASM prover means NEAR validators will significantly simplify validator requirements which in turn leads to “better scalability and increased decentralization for the NEAR Protocol.” Illia Polosukhin, a co-founder at NEAR Protocol, said her organization is thrilled to collaborate with Polygon Labs and is hopeful this will bring the advantages of zero-knowledge proofs to Web3. Through the zkWASM prover, the NEAR Protocol is brought closer to Ethereum which in turn makes it possible for WASM networks to access liquidity. Eventually, chains will also have access to shared liquidity in a single ecosystem of Cloud Development Kit (CDK)-deployed chains through “an in-development interoperability layer.” What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Robin Linus, the creator behind BitVM — a computing construct atop the Bitcoin blockchain — released a new white paper on November 11, 2023, entitled “Bitstream.” The document explores a system aimed at reforming the economic structure of file storage, suggesting a usage-based model that rewards server contributions with bitcoin payments. Bitstream Revealed: A White Paper’s Bitcoin-Based Bid to Overhaul Data Hosting The Bitstream white paper, authored by blockchain programmer Robin Linus, unveils a method where servers receive direct payments in bitcoin (BTC) for each file download they facilitate. Addressing the imbalance in current hosting economics, Linus’ system aligns server profit with content demand. Servers are compensated for providing a service to the network, namely the distribution of files, the white paper explains. The system “creates a directory of accountable servers from which clients can choose,” Linus’ paper details. The Bitstream system capitalizes on Bitcoin’s payment channels, including technologies like the Lightning Network, Liquid, Chaumian ecash, Fedimint, or Cashu to afford swift microtransactions for file access. “The server encrypts the file such that if there’s any mismatch during decryption the client can derive a compact fraud proof,” the paper notes. “A bond contract guarantees the client receives the exact file or they can punish the server.” In Bitstream’s design, the use of a Merkle tree for file verification promotes both the uniqueness and security of hosted data. By breaking down files into hashed components, the system can quickly confirm the accuracy of the content being transferred. Linus has adopted a straightforward encryption method, using the one-time pad cipher for its uncompromising security guaranteed by the bitwise XOR operations. “If the encrypted file does not decrypt correctly, the client can derive a succinct fraud proof,” the Bitstream white paper explains. After Linus published the paper several people were enthusiastic while others were more critical. “Are you just planning to keep revolutionizing Bitcoin every 2 months or so?” one person asked the programmer. “File hosting is already an at the margin commodity service, and hash based redundancy is achieved over Webtorrent where needed,” another more critical individual said. “A less perfomant inclusion of user edge storage and bandwidth doesn’t solve any particular problem.” Linus has also been working on the BitVM concept after unveiling that specific white paper last month. We just broadcasted the first mainnet transaction having a Blake3 hash lock implemented in Bitcoin Script,” Linus posted on X on November 6. “One small opcode for BitVM, one giant script for Bitcoin,” the developer added. The Bitstream framework offers a variation to conventional data hosting methods, yet its practical application remains to be seen. The white paper’s proposal believes it has proposed an “incentive system for decentralized file hosting without relying on trust or heavy-weight cryptography.” What do you think about the Bitstream white paper? Share your thoughts and opinions about this subject in the comments section below. View the full article

U.S. Senator Cynthia Lummis has defended crypto against claims that the asset class is heavily used in illicit finance. Emphasizing that “Crypto is not the problem, bad actors that exist in every industry are,” the lawmaker pointed out that crypto accounts for less than 1% of all illicit finance activity. In addition, she has urged Congress to create a regulatory framework to allow crypto firms to operate in the U.S. instead of driving them to “unregulated foreign markets.” Lawmaker Says ‘Crypto Is Not the Problem’ U.S. Senator Cynthia Lummis (R-WY) defended crypto in response to an article on Forbes about how misinformation on Hamas and crypto fooled nearly 20% of Congress. “Crypto accounts for < 1% of all illicit finance activity and would be even less if we created a regulatory structure to allow the crypto industry to operate in America instead of unregulated foreign markets,” the senator from Wyoming wrote on social media platform X Friday. She stressed: Crypto is not the problem, bad actors that exist in every industry are. Recently, several news outlets reported that Hamas had raised millions of dollars in cryptocurrency. However, blockchain analytics firm Elliptic has debunked the reports, stating: “There is no evidence to suggest that crypto fundraising has raised anything close to this amount, and data provided by Elliptic and others has been misinterpreted.” Despite Elliptic’s efforts to set the record straight, these reports prompted 100 U.S. lawmakers, including Senator Elizabeth Warren (D-MA), to push the Biden administration to address crypto-financed terrorism. This week, U.S. Deputy Secretary of the Treasury Wally Adeyemo said the Biden administration is seeking more tools to combat the illicit use of crypto. He emphasized that the attack on Israel has brought an “increased focus on the illicit financial use of digital assets.” Nonetheless, he admitted that crypto is not a major source of funding for terrorist groups. In February, blockchain analytics firm Chainalysis published a report showing that “crime as a share of all crypto activity is still trending downwards.” Moreover, the firm stated: Overall, illicit activity in cryptocurrency remains a small share of total volume at less than 1%. What do you think about the statements by Senator Cynthia Lummis about crypto and illicit finance? Let us know in the comments section below. View the full article

Ripple’s CEO says the U.S. government is still hostile toward crypto despite the cryptocurrency firm’s victory against the U.S. Securities and Exchange Commission (SEC). “Until that changes, the banks in the United States are not going to engage meaningfully,” he warned, adding: “I don’t think the window has passed for the U.S. to be a leader. But I think every day that goes by, these other markets, they want the entrepreneurs there, they want growth.” U.S. Government’s Crypto Stance Ripple CEO Brad Garlinghouse discussed the U.S. government’s crypto stance at the DC Fintech Week conference on Wednesday. Ripple recently won several legal battles against the U.S. Securities and Exchange Commission (SEC). Emphasizing that certain U.S. banks are still cautious about embracing cryptocurrencies even after Ripple’s legal victory against the SEC, Garlinghouse said: They’re like, ‘Look, even though you won the case, the United States government is still hostile towards crypto, the OCC [Office of the Comptroller of the Currency] is hostile towards crypto.’ And until that changes, the banks in the United States are not going to engage meaningfully. The Ripple executive asserted that the SEC’s stance on cryptocurrencies, particularly Chair Gary Gensler’s view of crypto as the “Wild West,” is influenced more by a political agenda than well-defined regulatory policies. He underscored that this approach is hindering the crypto industry’s advancement in the United States. Gensler also recently explained that he is taking a litigation-heavy approach to regulating the crypto industry because crypto is an industry that is rife with fraud, abuse, and misconduct. He warned this week that anyone wanting to be in crypto must “do it within the law.” Noting that the U.S. has displayed a hostile stance towards cryptocurrencies, the Ripple boss pointed out that other nations are welcoming companies and investments in the crypto sector with clearer regulations. This includes the U.K. which reaffirmed earlier this month its commitment to establishing itself as a global cryptocurrency hub. While cautioning that the U.S. is putting its early lead at risk and losing its share of the crypto market, Garlinghouse believes that America could still lead in the crypto space. He opined: I don’t think the window has passed for the U.S. to be a leader. But I think every day that goes by, these other markets, they want the entrepreneurs there, they want growth. Do you agree with Ripple CEO Brad Garlinghouse? Let us know in the comments section below. View the full article

Robert Kiyosaki, the author of best selling book Rich Dad Poor Dad, has revealed why he keeps buying gold, silver, and bitcoin. “Our leaders want more war and poverty,” he stressed, noting that the three investment types provide “lifelong financial security and freedom.” He recently made several bullish predictions about the price of bitcoin, ranging from $135,000 to $1 million. Robert Kiyosaki Shares Why He Keeps Investing in Bitcoin The author of Rich Dad Poor Dad, Robert Kiyosaki, has disclosed the reason behind his ongoing investments in gold, silver, and bitcoin. 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. Kiyosaki shared on social media platform X Thursday that his consistent purchases of gold, silver, and bitcoin are driven by the belief that U.S. leaders want “more war and poverty.” He went on to advise people to preserve wealth in the three asset classes. Kiyosaki has been recommending gold, silver, and bitcoin for quite some time. Earlier this month, he broke down Rich Dad’s lesson number one, stating that the three asset classes provide “lifelong financial security and freedom.” He also believes that they are the best investments for “unstable times.” The famous author suggests allocating 75% of investment portfolios to gold, silver, and bitcoin, with the remaining 25% invested in real estate and oil stocks. “This mix may allow you to survive the greatest crash in world history,” he said. He also recommends using dollar cost averaging, noting that he is not trying to pick stocks like Warren Buffett. Kiyosaki has made a number of bullish predictions about the price of BTC, ranging from $135,000 in the near term to $1 million in the event of a global economic crisis. He has also predicted that gold could reach $75,000 and silver could reach $60,000 in the same scenario. In February, he projected that the price of bitcoin would reach $500,000 by 2025, while gold could rise to $5,000 and silver could reach $500 within the same timeframe. The renowned investor recently urged investors to buy bitcoin immediately, anticipating a rush to buy BTC as stock, bond, and real estate markets crash. He also expressed his belief in the future of cryptocurrency, calling fiat money “toast” and describing it as “fake money.” In addition to issuing multiple warnings about the greatest crash in real estate, stocks, and bonds, he also cautioned that the Federal Reserve raising interest rates would crash the U.S. dollar. What do you think about Rich Dad Poor Dad author Robert Kiyosaki’s explanation of why he keeps buying gold, silver, and bitcoin? Let us know in the comments section below. View the full article

Economist Peter Schiff has warned that a complete separation of the Chinese and U.S. economies would be “a disaster for America, but a boon for China.” He explained: “Americans would be stuck with fewer goods and higher prices, while the Chinese would be rewarded with more goods and lower prices.” Peter Schiff on U.S.-China Decoupling Economist and gold bug Peter Schiff shared his thoughts on the U.S. economy and the dire consequences of the U.S. decoupling from China in several posts on social media platform X Friday. Commenting on the remarks by Treasury Secretary Janet Yellen stating that a “full separation” of the U.S. and China economies “would be economically disastrous” for both countries as well as for the world, Schiff argued: Janet Yellen is only half right. A complete separation of the Chinese and American economies would be a disaster for America, but a boon for China. “Americans would be stuck with fewer goods and higher prices, while the Chinese would be rewarded with more goods and lower prices,” Schiff explained. “We can’t make stuff, that’s the problem. All China has to do is consume what they make. That’s easy.” Yellen’s statements were made on Thursday during a bilateral meeting with China’s Vice Premier He Lifeng. Emphasizing that “the United States has no desire to decouple from China,” the Treasury Secretary stated: “We seek a healthy economic relationship with China that benefits both countries over time. When we have concerns about specific economic practices, such as those that prevent American firms and workers from competing on a level playing field, we will communicate them directly.” This was not the first time Schiff sounded the alarm about the harmful effects of the U.S. decoupling from China. “We can’t afford to decouple because you have to recognize that China is both our biggest supplier and our biggest banker. The Chinese loan us the money to buy the stuff that they produce that we can’t, and our entire standard of living rests on the support of China,” the gold bug said in September. Schiff also regularly warns about the collapse of the U.S. economy and the dollar. “We are getting very close to a crash in Treasuries,” he cautioned last month. “The dollar will tank, taking the U.S. economy and the American standard of living down with it.” He also predicted a deep recession, an inflationary depression, and the collapse of the USD demand. In September, he warned of the biggest bond market crash and an “unprecedented” financial crisis. Do you agree with Peter Schiff that the U.S. decoupling from China would be a disaster for America but a boon for China? Let us know in the comments section below. View the full article

This weekend, the crypto community’s buzz centered on solana (SOL) and its notable surge in value against the U.S. dollar over the previous week. SOL has posted an 11% gain in the last 24 hours, with a striking 45.2% uptick over the week, ascending to the rank of the sixth largest asset by market cap. Solana Leapfrogs in Crypto Race With 45% Weekly Rise Among the leading ten crypto assets by market value, solana (SOL) has outperformed its peers this week. Currently, SOL boasts a 45.2% increase over the last week and has vaulted by 184% against the U.S. dollar in the last 30 days. On Saturday, November 11, trading prices for SOL ranged from $53.59 to $63.44 per coin. With around $4.41 billion in global trade volume over the past day, SOL ranks as the fifth most traded cryptocurrency in terms of trading activity. The recent uptick in solana’s value has resulted in a significant number of short positions wagering on the digital currency’s decline being liquidated. Data from Coinglass reveals that solana tops today’s chart with short position liquidations amounting to $19.28 million. Concurrently, conversations about SOL’s rise are peppered across social media networks, including X. “I missed SOL because less than 30 minutes after my bottom call when I went to buy it had pumped to $12 in one straight candle and now it’s at $62,” wrote Eric Wall. Meanwhile, others gloated over their SOL gains. “Mfers watching me make life changing gains with solana right now,” one individual remarked. Another added: GM to all the people who understand why SOL is headed [higher] than it’s ever been! Now is the time to CHAD a bit more. Data from Cryptocompare indicates that on Saturday, SOL’s primary trading pair is tether (USDT), capturing 52% of the activity, with trades against the U.S. dollar ranking second at 17.83%. The Korean won is responsible for a significant 16.27% slice of all SOL trades, while BTC claims 5.83% of the market share. Following BTC, SOL’s trading volumes are bolstered by pairs with BUSD, EUR, TRY, USDC, and ETH. Despite solana’s impressive performance this past month, with triple-digit increases, SOL’s current value is still over 75% lower than its peak of $259 per unit, reached two years back on November 6, 2021. What are your views on solana’s recent growth, both in the past day and over the previous month? Share your insights and perspectives on this topic in the comment section below. View the full article

In an environment of surging U.S. deficits and monetary easing, former Bitmex CEO Arthur Hayes delivered a critical review this week of Treasury Secretary Janet Yellen’s fiscal and monetary strategies. Hayes highlighted the complexity and rise of bond yields and the role of bitcoin as a fiscal counterbalance. Hayes: ‘The Smartest Trade Is Going Long Crypto’ On Thursday, Arthur Hayes explained the precarious balance the Treasury’s Janet Yellen must strike in managing U.S. fiscal health amid rising government deficits. Hayes describes Yellen’s strategic options, including liquidity injections and manipulating Federal Reserve rate expectations, to manage economic growth and government funding. “Inject liquidity into the system so that stocks rise. When stocks pump, capital gains taxes rise, which helps pay some bills,” Hayes detailed in his latest missive called “Bad Gurl.” Hayes speaks to the rising yields on long-term U.S. debt and the market’s negative response to Treasury strategies. He presents the “bear steepener” scenario as a challenge to financial stability, explaining, “Yields on long-end treasury debt are rising faster than short-end yields,” which could undermine banking solvency. Hayes’ previous work, “The Periphery,” delves into why this steepening is particularly toxic for the banking system. In his analysis, Hayes points out the global reverberations of U.S. monetary policy, suggesting that other central banks will engage in similar quantitative easing tactics. “All other major central banks … will also print money,” he asserts, viewing it as an inevitable response to the Fed’s easing, creating a global ripple of fiscal expansion that may redefine the international monetary balance. For investors, Hayes recommends shunning long-term bonds in favor of more liquid and short-term investments. He suggests that the RRP (Reverse Repo Program) balance is key to understanding the immediate investment landscape. A trillion-dollar liquidity injection will power a rising U.S. stock market, Hayes predicts, advocating for a diversified approach to asset allocation amid these shifts. Diving into cryptocurrency, Hayes champions bitcoin (BTC) and ethereum (ETH) as foundational assets within the digital currency sphere, outperforming traditional investment vehicles amidst central bank balance expansions. “Bitcoin and ether are crypto’s reserve assets,” he states, asserting their dominance over “sh**coins” and other altcoins in terms of development, application activity, and locked value. Hayes forecasts that the RRP’s reduction will inject liquidity into global markets, strengthening crypto’s position. He outlines a potential scenario where dollar liquidity swells, Treasury bill sales surge, and Bitcoin investment trends sharpen. “The RRP drawdown is a goal,” Hayes notes, marking it as a pivotal indicator for future fiscal and monetary policy decisions. Emphasizing big tech’s resilience and growth potential, Hayes highlights companies with ties to artificial intelligence (AI) as smart investments in a liquidity-rich economy. “AI is the future,” he asserts, linking technological advancement to economic growth and suggesting that investments in AI could see significant returns as cash becomes “trash” once more. Hayes says the “smartest trade is going long crypto.” The former Bitmex CEO added: There is nothing else that has outperformed the increase in central bank balances sheets like crypto. The first stop is always bitcoin. Bitcoin is money and only money. The next stop is ether. Ether is the commodity that powers the Ethereum network which is the best internet computer. Asserting bitcoin’s resilience, Hayes contrasts its performance with traditional assets during economic or geopolitical strife. He reflects on bitcoin’s robust response to market unrest, suggesting that it remains a wise investment despite potential short-term sell-offs. “Bitcoin has proven to outperform bonds during times of war,” Hayes remarks, reaffirming his confidence in the leading crypto asset as a hedge against inflation and instability. What are your thoughts on the former Bitmex CEO’s comments regarding Yellen, Treasury bonds, and bitcoin? Share your views on this topic in the comments section below. View the full article

The credit agency Moody’s has revised the United States credit outlook to “negative” from “stable” due to concerns over persistent large fiscal deficits and diminishing debt affordability. The announcement follows a previous downgrade by Fitch and reflects ongoing apprehension among investors about federal spending and political discord. Moody’s Marks U.S. Credit Negative; Biden Administration Challenges View Moody’s decision on Friday to alter the U.S. credit outlook has come at a time of heightened fiscal scrutiny, as national debt levels rise and political disagreements hinder consensus on budgetary management. As the nation grapples with these fiscal challenges, Moody’s remarks echo investor concerns about the direction of U.S. economic policy and the potential for legislative stalemate over budget and deficit strategies. “Any type of significant policy response that we might be able to see to this declining fiscal strength probably wouldn’t happen until 2025 because of the reality of the political calendar next year,” Moody’s senior vice president William Foster told Reuters during an interview. The Biden administration is challenging Moody’s revised outlook, highlighting the alleged strength of the U.S. economy and the government’s dedication to enduring fiscal health. The reverberations of this Moody’s assessment ripple into the political sphere, ramping up the scrutiny on Biden’s team as they pilot through a convoluted fiscal environment. Recent polls show former President Donald Trump ahead of President Joe Biden in various crucial swing states. Moody’s credit assessment trails closely behind a hawkish speech by Fed Chairman Jerome Powell in Washington, where he conveyed doubts about the adequacy of the Federal Reserve’s policy actions. Deputy Treasury Secretary Wally Adeyemo said the Treasury Department disagrees with Moody’s latest revision. “While the statement by Moody’s maintains the United States’ Aaa rating, we disagree with the shift to a negative outlook. The American economy remains strong, and Treasury securities are the world’s preeminent safe and liquid asset,” Adeyemo said. Nevertheless, despite Adeyemo’s remarks, the government’s latest 30-year Treasury auction on Thursday fared badly, with investors describing the bid-to-cover ratio and the yield concession as pathetic. White House spokeswoman Karine Jean-Pierre stressed that Moody’s downgrade is the fault of Republicans. The negative rating she said was “yet another consequence of congressional Republican extremism and dysfunction.” What do you think about the credit agency Moody’s downgrading the U.S. credit score to negative? Share your thoughts and opinions about this subject in the comments section below. View the full article

Northern Data Group has confirmed a €575 million ($610M) debt financing from Tether Group, a signal of heightened activity in the high-performance computing sector responding to the artificial intelligence (AI) demand surge. The firm detailed that the funding is poised to advance Northern Data’s cloud services and hardware capabilities, focusing on generative AI technologies. Northern Data Group Nets €575M From Tether to Supercharge AI and HPC Expansion The Frankfurt-based Northern Data Group, a bitcoin (BTC) mining company expanding into specialized high-performance computing (HPC) infrastructure, has secured a financing deal with Tether Group. The €575 million in funds are intended to boost Northern Data’s investment in cutting-edge hardware, which is vital for advancing the next generation of generative AI. The firm noted that the investment by Tether, the largest stablecoin issuer in the crypto space, reinforces Northern Data’s position in the expanding HPC landscape. It will enable Northern Data to scale its generative AI cloud service provider offerings. The surging interest in generative AI has exerted pressure on data centers, precipitating a scarcity of space and driving up infrastructure expenses. Northern Data believes this is a critical move as demand for computational power continues to climb. Tether’s foray into the HPC arena through this financing aligns with a broader strategy of supporting infrastructure critical to AI and blockchain technologies. Echoing the sentiment of strategic expansion, Tether’s CEO Paolo Ardoino stated: Tether Group is proud to support Northern Data Group in its ability to provide customers access to flexible, energy-efficient high-performance computing infrastructure. Through its subsidiary, Taiga Cloud, a generative AI cloud service provider, Northern Data Group supplies energy-efficient computing power to businesses and research institutions, powered by the latest NVIDIA technology. The news comes after Tether’s significant investment of $420 million in Nvidia’s H100 GPUs, signaling a major move into the AI hardware market. This development is in line with Tether’s recent acquisition of a 20 percent stake in Northern Data, an investment that followed its venture into bitcoin mining and adding BTC to the company’s balance sheet, among others. The company released its assurance opinion report, examined by BDO, earlier this week. What do you think about Northern Data securing a loan from Tether to expand HPC services? Share your thoughts and opinions about this subject in the comments section below. View the full article

On Thursday, Marathon Digital, a publicly traded bitcoin mining company, announced its partnership with Nodal Power, revealing plans to initiate an innovative 280-kilowatt (kW) bitcoin mining pilot project in Utah. The project harnesses biogas, specifically methane from a landfill, to fuel the pilot’s BTC mining operations, which are reported to be fully energized. Eco-Friendly Bitcoin Mining Marathon Digital, listed on Nasdaq under the ticker MARA, has announced a new partnership with Nodal Power. Nodal Power is recognized for developing and operating assets in the renewable energy sector, focusing primarily on biogas. The gas-to-bitcoin firm just raised $13 million in a seed round backed by strategic investors. Marathon detailed on Thursday that the pilot project with Nodal Power is part of a “broader initiative” by the firm. The company wants to validate the benefits of capturing methane from landfills to power its fleet of bitcoin (BTC) mining rigs. The press announcement cites the United Nations Environment Programme (UNEP), which details that methane is 80 times more harmful than CO2. Additionally, Marathon cited the U.S. Environmental Protection Agency (EPA), underscoring the agency’s perspectives on issues related to municipal solid waste emissions. The statement outlined that landfills contributed to over 14% of the U.S.’s total methane emissions in 2021. Using biogas as energy to power bitcoin mining operations reduces emissions and mitigates the risks associated with methane. “At Marathon, we are constantly seeking innovative ways to diversify our operations, lower our energy costs, and leverage the unique aspects of Bitcoin mining to better the environments in which we operate,” Fred Thiel, Marathon’s chairman and CEO stated. The partnership with Nodal Power follows the news that the firm is charting a course to garner up to $750 million via assorted equity offerings, aiming to amplify its bitcoin holdings. The news was reported by theminermag.com on October 26 and it detailed that the firm reported with the SEC laying out its plan for intermittent securities sales. “This decision to embark on another round of share dilution aligns with Marathon’s expansion and ‘hodl’ strategy to strengthen its position as the largest public mining firm with the most substantial Bitcoin reserves among its peers,” theminermag.com author reported. On Thursday, MARA shares are up more than 5% against the U.S. dollar and 13.67% over the last 30 days. Year-to-date, MARA has risen more than 163% higher against the greenback. Six-month market statistics, however, show MARA is down a hair over 9% since the first week of May 2023. What do you think about the partnership between Marathon and Nodal Power to test a gas-to-bitcoin mining pilot in Utah? Share your thoughts and opinions about this subject in the comments section below. View the full article

Alex Jones, host of Infowars, failed to answer a quiz of five questions that would have allowed him to recover 10,000 bitcoin he lost in a laptop over ten years ago. International journalist and Bitcoin enthusiast Max Keiser asked five questions on Bitcoin and its operation, of which Jones answered none correctly. Alex Jones Fails Max Keiser’s 10,000 Bitcoin Quiz Alternative journalist and Infowars host Alex Jones lost the opportunity of regaining a 10,000 bitcoin gift that international journalist and Bitcoin enthusiast Max Keiser gave to him more than ten years ago. Keiser convened to allow Jones to recover this gift by answering a five-question Bitcoin quiz. However, Jones failed to answer even one of these questions correctly. The questions that Keiser asked Jones were, in order: How many total bitcoin are there ever going to be in existence? How often does the difficulty adjustment adjust? What’s the core hashing algorithm called? How often, on average, do new blocks appear? Is Craig Wright Satoshi Nakamoto? Keiser showed frustration with Jones’ answers, stating that he had given up on $800 million, while Jones acknowledged, tongue in cheek, that it was better for him to lose this opportunity. Jones stated: It’s like people that didn’t win the lottery: I’m glad that I didn’t get the 10,000 bitcoin frankly, I’d probably be dead by now. Jones received this gift when bitcoin’s price was under $5, but the gift would be valued at more than $350 million today. Keiser’s Frustration During the quiz, Keiser repeatedly showed his frustration with Jones’ lack of seriousness, criticizing his lack of knowledge when he was aware he would face this 10,000 bitcoin test. Keiser said: During the previous years when you could have been sitting on these 10,000 bitcoin you could have been studying bitcoin, but instead you chose not, and now here we are. Regarding the last question, Jones assumed it was a trick question, stating that Keiser would not give him 10,000 bitcoin now that its price had gone up so much. But Keiser said anyone reading the news could have answered the fifth question. He blasted Jones, stating: Anyone who reads the news would know the answer. That was the easiest question of them all. Look at your desk, it’s covered in piles and piles and piles of news articles, but do you read any of them? What do you think about Alex Jones’ performance on Max Keiser’s 10,000 bitcoin quiz? Tell us in the comments section below. View the full article

Developers working with the Google Cloud data warehouse known as Bigquery can now verify blockchain smart contracts and other business processes using Space and Time’s zero-knowledge (ZK)-proof protocol. The protocol is said to be useful for enterprises that are looking to connect their respective cloud data warehouse services to their smart contracts. Cryptographically Confirming the Accuracy of Computed Results According to James Tromans, Head of Web3 at Google Cloud, developers working with Bigquery, his firm’s data warehouse, can now verify blockchain smart contracts and other business processes using Space and Time’s zero-knowledge (ZK)-proof protocol. This combination enables developers using Bigquery to “cryptographically confirm” if computed results are accurate or if the data has not been tampered with. Dubbed the proof of Structured Query Language (SQL), Space and Time’s ZK protocol is said to be especially useful for enterprises who are looking to connect their respective cloud data warehouse services to their smart contracts. In addition, the capabilities of Time and Space’s ZK database will make it possible for developers and enterprises to build Large Language Models (LLMs) which are “trained on a verifiable dataset and data-driven smart contracts.” Verifying Blockchain Smart Contracts Meanwhile, in a statement issued on Nov. 2, Tromans spoke of his company’s desire to help Web3 developers create applications at scale. The Google Cloud Head of Web3 added: “Now Bigquery customers will be able to access Space and Time’s ZK-proof protocol which can help verify blockchain smart contracts and other business processes that require verifiable compute against data.” For his part, Nate Holiday, the CEO and co-founder of Space and Time, noted that enterprises already “demand verifiability throughout their stacks.” In the CEO’s opinion, such demand will only accelerate hence his company’s collaboration with Google Cloud which lays “the groundwork for the verify-everything future.” As noted in the statement, Space and Time’s decentralized data warehouse is now available to deploy from the Google Cloud marketplace. The Web3 company’s collaboration with Google Cloud gives the former enhanced partner benefits “including development and go-to-market support.” What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

Sangho Grolleman serves as the CEO of Cryptopia, bringing with him a wealth of experience in the cryptocurrency realm since 2018. He recently joined the Bitcoin.com News Podcast to talk about the decentralized gaming market why making sure games are first and foremost fun to play is critical for success. Throughout his career, Sangho has been actively involved in various cryptocurrency startups, both as a key team member in roles such as CEO and COO, and as a trusted external advisor. His diverse skill set encompasses entrepreneurship, digital marketing, full stack development, teaching, and training, making him a multifaceted expert in the field. Additionally, he boasts a passion for gaming spanning over three decades. Sangho holds a strong belief in the transformative potential of Web3 technology. In his view, Web3 offers a distinctive opportunity to rectify the shortcomings of its predecessor, Web2. He advocates for returning power to the people, emphasizing the importance of empowering individuals to regain control over their digital identities. Furthermore, he champions the idea of granting gamers ownership rights over their in-game items, ensuring they receive a fair share of the profits. Sangho is dedicated to infusing sensibility into the unbridled capitalist market mechanism, aiming for a more equitable and just digital landscape. At Cryptopia, the primary mission is to deliver an unparalleled gaming experience rooted in enjoyment and genuine character progression. Whether you aspire to be a strategic Tycoon: create supply chains to build your DeFi empire, or prefer the path of an Adventurer: undertaking quests and jobs progressing in your career; the choices are yours to make. You can even embrace the life of a daring Pirate: looting other players, or a Bounty Hunter: restoring order to Cryptopia. Moreover, Cryptopia addresses key challenges within the Web3 ecosystem, offering user-friendly access with an integrated multisig wallet from the moment you create your game account—eliminating prerequisites such as owning crypto or NFTs. Additionally, the player-run node mesh network efficiently manages networking traffic, making Cryptopia accessible and exciting for all. To learn more about the project visit cryptopia.com. You can also engage with their Discord community or follow the team on Twitter. For more insights from Sangho Grolleman, you can follow him on Twitter too. The Bitcoin.com News podcast features interviews with the most interesting leaders, founders and investors in the world of Cryptocurrency, Decentralized Finance (DeFi), NFTs and the Metaverse. Follow us on iTunes, Spotify and Google Play. This is a sponsored podcast. Learn how to reach our audience here. Read disclaimer below. View the full article

PFC Botev Plovdiv, Bulgaria’s oldest soccer team, recently said it now accepts bitcoin payments at fan shops and catering points during matches. Fans who make payments using the top cryptocurrency anytime in the month of November are eligible for a 10% discount. Fans to Buy Tickets With BTC Bulgaria’s oldest soccer team, PFC Botev Plovdiv, has said fans and the general public can now pay for merchandise with BTC at the club’s fan shops and catering points in the central stand during matches. The club said it is planning to avail this payment option for fans who wish to buy tickets. According to a report published by Novinite.com, club fans who make purchases using cryptocurrency in the month of November will get a 10% discount. Remarking on the club’s acceptance of bitcoin as a payment option, club president Anton Zingarevich said: We are excited about this technology, which is creating new opportunities and has the potential to become an integral part of our lives, just as it happened with the Internet. As per the report, PFC Botev Plovdiv has selected the self-hosted, open-source cryptocurrency payment processor BTCPay Server as its partner. BTCPay Server executive Nicolas Dorier said his firm’s focus in 2023 has been on the local adoption of bitcoin. Dorier added that BTCPay Server’s goal will “continue to support such transformative endeavours.” Launched in 1912, PFC Botev Plovdiv plays in the Bulgarian Parva Liga, the top flight of Bulgarian soccer. The club reportedly believes taking this step helps cement its profile as a leader committed to making the game modern and more popular. What are your thoughts on this story? Let us know what you think in the comments section below. View the full article

The United States Court of Appeals for the Fifth Circuit has found that the U.S. Securities and Exchange Commission (SEC) acted “arbitrarily and capriciously” in a case involving the stock buyback disclosure rule. “Another day and another court finds that the SEC again acted arbitrarily and capriciously. Is anyone else concerned about this very troubling pattern of the SEC flouting any faithful allegiance to law under Mr. Gensler?” Ripple’s chief legal officer asked. SEC Loses Another Legal Battle Following a federal court’s determination that the U.S. Securities and Exchange Commission (SEC) had acted “arbitrarily and capriciously” in a case involving a spot bitcoin exchange-traded fund (ETF) application, another federal court reached a similar conclusion in a separate matter involving the securities regulator. The United States Court of Appeals for the Fifth Circuit stated on Tuesday that the SEC’s stock buyback disclosure rule was arbitrary and capricious. While this case is unrelated to crypto, the crypto community noted that the securities watchdog had lost another legal battle. Crypto exchange Coinbase’s Chief Legal Officer Paul Grewal highlighted on social media platform X Wednesday that the United States Court of Appeals for the District of Columbia Circuit recently ruled in favor of Grayscale Investments, and now the Fifth Circuit has reached a similar decision. He stressed: Again and again, federal courts of appeal hold that the SEC acted arbitrarily and capriciously in violation of the Administrative Procedure Act. Grayscale Investments is seeking to convert its flagship bitcoin trust (GBTC) into a spot bitcoin ETF. Initially, the SEC rejected the cryptocurrency asset manager’s application. However, the Court of Appeals for the District of Columbia Circuit sided with Grayscale and instructed the SEC to reconsider the application. Circuit Judge Neomi Rao explained: “The denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products. We therefore grant Grayscale’s petition and vacate the order.” Ripple Chief Legal Officer Stuart Alderoty also commented on X Wednesday: “Another day and another court finds that the SEC again acted arbitrarily and capriciously. Is anyone else concerned about this very troubling pattern of the SEC flouting any faithful allegiance to law under Mr. Gensler?” Alderoty detailed last month that the SEC lost to Ripple three times. The first was when District Judge Analisa Torres ruled that “as a matter of law, XRP is not a security.” The second was when the SEC’s bid for an interlocutory appeal was denied, and the third was when the securities regulator dropped all charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen. Nonetheless, SEC Chairman Gary Gensler continues to bring enforcement actions against crypto firms. He has stated many times that the crypto industry is a field that is rife with fraud, abuse, and misconduct. How do you view the finding by another federal court that the SEC acted arbitrarily and capriciously? Let us know in the comments section below. View the full article

Sam Bankman-Fried, the disgraced former CEO of FTX, has been convicted on all seven charges, including wire fraud, securities fraud, commodities fraud, and money laundering. The jury reached a verdict at around 7:45 p.m. (ET) on Thursday evening according to an account shared by Matthew Russell Lee from the Inner City Press. Bankman-Fried Convicted on Multiple Charges The ex-FTX CEO has been found guilty by a jury of his peers, according to several reports on Thursday evening. The 31-year-old Sam Bankman-Fried was charged in December 2022, about a month after the exchange collapsed. Bankman-Fried had a sweeping set of allegations, as prosecutors accused him of orchestrating an extensive plan to mismanage billions of dollars in customer deposits entrusted to FTX. These charges also implicated him in deceiving both FTX investors and lenders, as well as those associated with Alameda Research. On Thursday, the reporter Matthew Russell Lee reported the courtroom account of the situation. “Jurors, I thank you,” the judge said. “You did what we hope all citizens do when called for service. That was your call. In just a minute I am going to discharge you. You can speak about it.” The judge added: If you do speak, be sensitive to the feelings of other jurors. If anyone involved in the case contacts you and you say no and they don’t take no for an answer, I will take appropriate steps if I lawfully can do so. In the courtroom, during discussions, the defense and prosecutors engaged in a lively debate regarding the scheduling of the sentencing. While the judge proposed December 11, 2023, as the ideal date for the sentencing, the prosecution expressed a desire for additional time to prepare. A sentencing date was eventually scheduled for March 28, 2024. Bankman-Fried is confronted with the daunting prospect of spending over a century behind bars for the convictions he has incurred. In an emailed statement to NBC, Bankman-Fried’s lawyer Mark Cohen said, “Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him.” What do you think about Bankman-Fried being found guilty on all counts? Share your thoughts and opinions about this subject in the comments section below. View the full article

The CEO of JPMorgan Chase, Jamie Dimon, has warned that inflation may be more persistent than many expect, and the government’s fiscal and monetary stimulus in the past several years has been greater than many realize. Dimon also expects more interest rate hikes from the Fed, stating: “I suspect that they may not be done … I just think there’s a higher chance than probably other people think.” Jamie Dimon Shares Economic Outlook JPMorgan Chase CEO Jamie Dimon discussed the U.S. economic outlook in an interview with Yahoo Finance Live on Wednesday after Fed officials wrapped up their Federal Open Market Committee (FOMC) meeting. The committee decided to pause raising interest rates this month, keeping the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. Regarding the FOMC decision, Dimon said: “I think they’re right to pause here and see what happens.” However, the JPMorgan executive believes that the central bank may raise interest rates further, stating: I suspect that they may not be done. While emphasizing that he is not making a prediction about the magnitude of future rate hikes, Dimon stated that the Federal Reserve could raise interest rates by 25, 50, or even 75 basis points more. “I just think there’s a higher chance than probably other people think,” he stressed. The Fed explained in a statement issued after the FOMC meeting: “Recent indicators suggest that economic activity expanded at a strong pace in the third quarter … The U.S. banking system is sound and resilient. Tighter financial and credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The extent of these effects remains uncertain. The committee remains highly attentive to inflation risks.” Commenting on the Fed’s statement, the JPMorgan chief said: 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. We’ll see. In September, Dimon warned that the Fed could raise interest rates to 7%, potentially pushing the U.S. economy into stagflation. In October, he revealed that he sees two “extraordinary” storm clouds hitting 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, noting that “The biggest storm cloud is geopolitical.” He also warned of “the most dangerous time the world has seen in decades.” Do you agree with JPMorgan CEO Jamie Dimon about the U.S. economy, inflation, and future Fed rate hikes? Let us know in the comments section below. View the full article

An investigation led by the Organized Crime and Corruption Reporting Project (OCCRP) alleges that Nayib Bukele, President of El Salvador, deviated hundreds of millions of dollars granted by the Central American Bank for Economic Integration (CABEI) to develop the project of making bitcoin legal tender. OCCRP States Nayib Bukele Embezzled Funds to Make Bitcoin Legal Tender in El Salvador The Organized Crime and Corruption Reporting Project (OCCRP) recently revealed an investigation that determined Nayib Bukele, President of El Salvador, embezzled funds to complete Bitcoin-related projects in the country. The report, published on October 31, states that the government used resources provided by the Central American Bank for Economic Integration (CABEI) as a loan to fund part of the process of making bitcoin legal tender in the nation. The loan, which was provided by CABEI back in 2021, was directed to alleviate the economic problems of the nation, strengthening financing of small and medium enterprises (SMEs) during the Covid-19 pandemic. According to the investigation, of the $600 million lent, only a fraction — $20 million — was used for its intended purposes. Instead, budget documents allegedly reviewed by OCCRP associates in the country show that $425 million was directed to fulfill “general state obligations.” The Bitcoin Connection But the investigation goes even further. The OCCRP found that out of these $425 million, more than $200 million were directed to help make bitcoin legal tender in El Salvador. At that time, CABEI announced its public support for the Bitcoin project. In June 2021, CABEI’s president Dante Mossi explained the institution would help the country in this process. Mossi had stated: This is great news for the region. We are very proud to be the first to receive the request from the Government of El Salvador in this transformative process that is making history again today, by being the first country to adopt bitcoin as an official currency. Nonetheless, the terms of the $600 million loan prohibited the country from using these resources to fund Bitcoin-related activities, given that earlier studies had estimated El Salvador would have to make extensive legal and regulatory reforms and that these would need extensive funding. Mossi explained: Basically, it says there’s a covenant in El Salvador, that no money from CABEI could be used to fund any Bitcoin activity. So we don’t, we don’t fund that. The “bitcoinization” process of El Salvador is also facing several complaints made by Cristosal, a nonprofit organization. In November 2022, Cristosal filed three legal actions against the Salvadoran government related to the management of funds that Bukele used to purchase bitcoin, the construction of the Chivo national network of Bitcoin ATMs, and the alleged identity theft of more than 200 citizens using the Chivo network. What do you think about the recently published OCCRP report? Tell us in the comments section below. View the full article

Renowned billionaire hedge fund manager Stanley Druckenmiller says he doesn’t own any bitcoin but he should. He sees the crypto as a brand. When comparing bitcoin to gold, he said: “It’s clear that the young people look at it as a store of value because it’s a lot easier to do stuff with.” Stan Druckenmiller Says He Should Own Bitcoin Billionaire investor Stanley Druckenmiller discussed bitcoin investing with fellow hedge fund manager Paul Tudor Jones during a fireside chat at the JPMorgan/Robin Hood Investors Conference in New York City on Oct. 24. Druckenmiller is the chairman and CEO of Duquesne Family Office LLC. He was previously a managing director at Soros Fund Management where he had overall responsibility for funds with a peak asset value of $22 billion. According to Forbes’ list of billionaires, his personal net worth is currently $6.4 billion. When asked about gold and bitcoin, Druckenmiller said: “I’m 70 years old. I own gold.” Emphasizing that he likes both gold and bitcoin, Druckenmiller shared: I don’t own any bitcoin to be frank, but I should. The billionaire added: “I was surprised that bitcoin got going, but you know, it’s clear that the young people look at it as a store of value because it’s a lot easier to do stuff with. 17 years, to me, it’s a brand. I like gold because it’s a 5,000-year-old brand, but the young people have all the money, certainly the ones on the West Coast.” Bitcoin proponents just celebrated the 15th anniversary of Satoshi Nakamoto’s Bitcoin white paper on Tuesday. Druckenmiller used to be a BTC investor. He said in November 2020: “I’m a bit of a dinosaur, but I have warmed up to the fact that bitcoin could be an asset class that has a lot of attraction as a store of value.” In June last year, he revealed that he preferred to own bitcoin more than gold in an inflationary bull market. “Frankly, if the gold bet works, the bitcoin bet will probably work better because it’s thinner, more illiquid, and has a lot more beta to it,” he previously described. However, the billionaire hedge fund manager got out of the cryptocurrency in response to tightening measures imposed by central banks. He explained in September last year: “It’s tough for me to own anything like that with central banks tightening.” Nonetheless, Druckenmiller stressed: “I could see cryptocurrency having a big role in a Renaissance because people just aren’t going to trust the central banks.” What do you think about the statements about bitcoin by billionaire hedge fund manager Stanley Druckenmiller? Let us know in the comments section below. View the full article

PRESS RELEASE. The Earn Network introduces yet another category to its community-driven marketplace – Restaking. This cutting-edge feature comes on the heels of successful launches in both DeFi Staking and NFT Staking and is designed to amplify the yield on digital assets. What is Restaking? Restaking involves the reinvestment of staking rewards back into the system to compound gains. Together with delegation capabilities, an auto-compounding mechanism has been incorporated into the Earn Network platform, enabling a hassle-free way to see profits grow. The restake feature initially supports an array of decentralized Proof-of-Stake (dPoS) blockchains within the Cosmos ecosystem. Unique Advantages of Earn Network’s Restaking One of the standout aspects of Earn Network’s Restaking is the simplified staking process for supported projects with a minimal fee structure available through the platform’s dApp. In most cases, this allows delegators to keep 99% of earned rewards. Only a nominal 1% fee, or the lowest fee specified by the chosen blockchain network, is charged. Additionally, Earn Network’s validators cover all the fees for activated restaking activities. Being part of the platform’s ecosystem also offers additional benefits and perks, including the opportunity to receive the upcoming $EARN mainnet tokens. Official Restaking Partners In the dynamic world of decentralized finance, robust partnerships are invaluable. Some of the first official Restaking partners include: Oraichain ($ORAI), Persistence ($XPRT), Decentr ($DEC), AssetMantle ($MTNL), and Shentu ($CTK). For a complete list of supported assets, visit the Restaking section on the Earn Network website. Special Launch Giveaway To celebrate this launch, the Earn Network is offering a special giveaway. Any delegation exceeding $100 through the Earn Network dApp will result in an award of 50 EARN Points, a Wealth Alchemist Discord Role and a $5 token bonus for the delegation. Moreover, the top ten delegators will earn an exclusive Investment Icon role on Discord. This offer is valid until November 19, 2023 and prizes will be distributed within seven days post-contest. Final Thoughts This is just the beginning of expanding capabilities within the Cosmos ecosystem. Further enhancements, functionalities and assets in the domain of restaking are under development. For the latest updates, follow the Official Telegram Announcement Channel or Discord. 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