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Wednesday, August 31, 2022
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DOL has grave concern over Fidelity bitcoin decision | Ary Rosenbaum - JD Supra
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Crypto Farms Mining at Russian Oil Fields Reach 85 MW of Capacity, Analysts Say
Farms mining cryptocurrency at oil wells in Russia account for 85 megawatts (MW) of energy capacity, experts have estimated. Investors are considering projects for another 200 MW despite constraints stemming from Western sanctions, a report reveals.
Annual Income From Crypto Mining With Associated Gas in Russia to Exceed One Billion Rubles
Data centers mining cryptocurrencies in Russia’s oil fields have a combined power rating of 85 megawatts, which is 23% of the market, according to analysts at Vygon Consulting, an independent consultancy working on the development of the Russian fuel and energy complex.
These crypto farms are supplied with electricity generated by small power plants burning associated petroleum gas (APG), a by-product of the extraction of black gold, that oil companies are required to dispose of. While it costs them almost nothing, they can sell it to miners.
Russian oil producers use around 17 billion cubic meters of APG annually to power facilities at drilling sites. Researchers say cryptocurrency mining accounts for 279 million cubic meters of consumption at the moment, the Russian business daily Kommersant reported, quoting the study conducted by Vygon Consulting.
In July alone, the earnings of APG miners amounted to 400 million rubles (approx. $6.6 million), calculated at a monthly average exchange rate of $20,000 per 1 BTC. Their projected annual revenue for July 2022 – July 2023 at that bitcoin price is 4.8 billion rubles (close to $79 million) and the annual income for a six-year period could reach 1.16 billion rubles ($19 million).
APG Coin Minting Expected to Grow Although Sanctions May Impede Expansion
According to the analysts, the APG mining industry could potentially see multifold growth. If 1.6% of the associated gas, which is currently flared, was used for mining, then the annual income of the miners involved would double to 2.5 billion rubles. And if a third of all flared APG is dedicated to mining, the sector could increase in size by 25 times and expect revenue of up to 30 billion rubles a year.
At the same time, Russia’s mining businesses are facing challenges due to sanctions imposed over the conflict in Ukraine. The EU has limited transactions with crypto wallets of Russian users and some international crypto exchanges restrict Russians’ access to their platforms. Vygon Consulting says that a possible way out is to register a mining entity in another country.
That’s not always a workable solution as the case with Bitriver shows. The Swiss-registered company, which is a major operator of mining data centers in the Russian Federation, was sanctioned by the U.S. Department of the Treasury in April, amid concerns that Moscow may use the minting of digital coins to monetize its energy resources.
In June, Russian crypto media reported that Bitriver has signed a memorandum of cooperation with Gazprom Neft, the oil production arm of Russia’s energy giant Gazprom, to utilize electricity generated from associated gas at its wells. Vygon Consulting’s experts insist such projects carry no risks for oil companies.
Gazprom Neft began launching pilot projects to establish data centers powered with APG in 2019 and now has computing infrastructure operating at its enterprises in three Russian regions. The company emphasized it does not engage with digital currencies directly but provides excess energy to the installations run by partners that it works with.
Importing computing equipment required for crypto mining is another problem for Russian companies facing international restrictions, the report notes. The path “has become longer legally and logistically,” says Roman Zabuga, co-owner of BWC UG, another leading mining operator who puts the current installed capacity of APG farms at 30 – 40 MW. Nevertheless, he believes that investors plan to realize large-scale new projects with a combined capacity of 200 MW in the future.
Do you think crypto mining on associated gas will continue to grow in Russia? Share your thoughts on the subject in the comments section below.
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Daily Discussion, August 31, 2022
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Submitted August 31, 2022 at 12:08AM by rBitcoinMod https://ift.tt/9LQO12l https://ift.tt/ycElBQC
GameSwift CEO Wojciech Gruszka Explains Why Developing a Steam-Like Web3 Platform Is a Gamechanger
GameSwift is a one-stop gaming ecosystem that aims to introduce cross-chain interoperability to web3 gaming. Chain, Web3 Infrastructure, Platform, and Gaming Studio are the four well-designed and integrated pillars of the ecosystem. Its original infrastructure facilitates implementing blockchain technology and sharing in-game resources for game developers and lets the players enjoy their gaming experience to the fullest.
Wojciech Gruszka, the Founder and CEO of GameSwift, is commonly known on Twitter as PanParagraf. He recently joined the Bitcoin.com News Podcast to talk about the market:
Wojciech is a lawyer and blockchain projects advisor. Thanks to his experience gained in international corporations such as Deloitte and Shell he’s been successfully advising various fintech organizations. Known to a wider audience for his Twitter profile based on extensive tokenomics analysis.
To learn more about the GameSwift ecosystem visit gameswift.io, and join the community on Twitter, Telegram or Discord.
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.
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Bitcoin's Supply Has Dropped 40.4% From Exchanges Since Black Thursday (March, 2020), at Lowest Exchange Supply Since November, 2018
Submitted August 30, 2022 at 07:38PM by BrianAtSantiment https://ift.tt/Kp7RtC8 https://ift.tt/ycElBQC
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Bitcoin's Supply Has Dropped 40.4% From Exchanges Since Black Thursday (March, 2020), at Lowest Exchange Supply Since November, 2018
Submitted August 30, 2022 at 07:38PM by BrianAtSantiment https://ift.tt/Kp7RtC8 https://ift.tt/ycElBQC
Tuesday, August 30, 2022
Subway in Berlin
Submitted August 30, 2022 at 12:06AM by KAX1107 https://ift.tt/lqRph4L https://ift.tt/ynQduBo
Bitcoin Whale Moves 2,901 BTC Off Coinbase - Benzinga
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Amid Colorado’s Gas Flare Ban, Report Shows Half Dozen Gas and Oil Firms Are Raking in a Lot of Bitcoin
In November 2020, Colorado banned gas flaring, venting, and the release of raw gas into the atmosphere. While the centennial state has a large number of well sites, a recent report shows that roughly a half dozen Colorado oil and gas companies are leveraging gas-to-bitcoin flare mitigation systems and these firms are raking in a lot of bitcoin.
Report Shows at Least a Half Dozen Colorado-Based gas and Oil Firms Are Leveraging Gas-to-Bitcoin Mitigation Solutions
On August 29, 2022, the Colorado Sun author Mark Jaffe reported on Colorado-based gas and oil companies teaming up with bitcoin miners and explaining how “they’re making quite a bit of coin.” Jaffe details that there are at least a half dozen oil and gas refiners using gas-to-bitcoin flare mitigation systems in the natural gas-rich state of Colorado.
The growing number of bitcoin flare mitigation sites in Colorado is interesting because the state’s regulatory watchdog, the Colorado Oil and Gas Conservation Commission (COGCC), has banned natural gas flaring. Essentially, if any oil and gas company chooses to operate in the state of Colorado, it must connect to a pipeline to mitigate the excess gas.
If an oil and gas firm cannot comply with the regulations, the COGCC will shut the operations down. Jaffe’s report explains that the COGCC is aware of these gas and oil firms leveraging gas-to-bitcoin solutions. A COGCC spokeswoman, Megan Castle, told the Colorado Sun (CS) journalist that “it is definitely on our radar.”
While some operations are “making quite a bit of coin,” Jaffe reports that some operations in Colorado have been shut down. For instance, the CS reporter noted that Renegade Oil and Gas collaborated with Datahawk Energy and Adams County’s oil and gas inspector shut the business down. A spokeswoman for Adams County, Christa Bruning, would not comment on the lawsuit that started over Renegade’s shutdown.
Crusoe Energy’s Gas-to-Bitcoin Solution Reduces 99.8% of Methane Compared to Traditional Flaring’s 93%
The CS report says the Houston-based D90 Energy is working with Crusoe Energy in Jackson County, Colorado. Jackson County has a lot of gas and oil production going on in the region, and much of the refinery work is located in the North Park Basin. D90’s president, Dan Silverman, told the COGCC at a hearing that sites like his have no connection infrastructure within 60 miles of the basin.
Silverman said that the oil had to be trucked away, however, D90 Energy gave a presentation to the commission showing off six Crusoe Energy flare gas mitigation modules located at the company’s well site. Silverman told the COGCC hearing’s participants that people will see “a lot more Crusoe modules out there” for a few years.
D90 Energy’s president further noted that over the next three to four years, the company plans to drill roughly seven well sites per year. Moreover, Crusoe has given presentations to the COGCC, according to the CS report on Monday.
Crusoe’s president and co-founder Cully Cavness explained at a June hearing that the company’s technology reduces 99.8% of methane compared to 93% for traditional flaring. Crusoe recently raised $505 million in April 2022 and three days ago it was reported that the company is suing a competitor company.
What do you think about the half dozen oil and gas companies in Colorado leveraging gas-to-bitcoin solutions? Let us know what you think about this subject in the comments section below.
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Bitcoin and Ethereum Consolidate, AVAX and CHZ Dive - Crypto News
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How To: Access Your Reddit Wallet (Vault) and Assets - Simplified
Hello everyone! What a time it's been as it seems all markets have recently taken a dive. Amidst the uncertainty in the markets, there's been a variety of emotions, such as excitement and general confusion, caused by the recent increase of blockchain technology in Reddit, such as NFTs being found in most subreddits (excluding those with exclusionary rules) and Community Points migrating to Arbitrum Nova.
After going through the steps below, you will know how to to access your Reddit wallet (vault), add the Arbitrum Nova network to your wallet, and view your moons/bricks.
Access Your Wallet
Retrieve Your Vault's Recovery Phrase
- Select your Reddit Avatar (top right)
- Select the three dots right of the word "Vault"(...)
- Select "Recovery Phrase"
Important: "Recovery Phrase" is also commonly referred to as "seed phrase" or "backup phrase". Sometimes this is also referred to as "private key" but this term is not correct. Your "recovery phrase" is your digital key to your wallet. Your assets. Be safe about where you store this.
Download MetaMask and Import Your Reddit Wallet (Vault)
- Download MetaMask from the official MetaMask site (https://metamask.io/)
- Select "Import Wallet"
- Enter your "recovery phrase" from the steps referenced above
Add the Arbitrum Nova Network to your MetaMask
- Select "Add network"
- Enter the following in the fields shown:
- Network Name: arb-nova
- New RPC URL: https://nova.arbitrum.io/rpc
- Chain ID: 42170
- Currency Symbol: ETH
- Block Explorer URL: https://nova-explorer.arbiscan.io
Important: The Arbitrum Nova network is NOT the Arbitrum One network!
View Your Reddit Community Points
View Your Moons (MOON)
- Ensure you are now on the Arbitrum Nova network
- Select "Import Tokens"
- Enter the following in the fields shown:
- Token Contract Address: 0x0057ac2d777797d31cd3f8f13bf5e927571d6ad0
- Token Symbol: MOON
- Token Decimal: 18
View Your Bricks (BRICK)
- Ensure you are now on the Arbitrum Nova network
- Select "Import Tokens"
- Enter the following in the fields shown:
- Token Contract Address: 0x6dcb98f460457fe4952e12779ba852f82ecc62c1
- Token Symbol: BRICK
- Token Decimal: 18
Hope this is helpful if the guidance was needed!
Edit: Some grammar and typos
Submitted August 29, 2022 at 10:29PM by Educational_Sir3783 https://ift.tt/8RqFkun https://ift.tt/ynQduBo
Daily Discussion, August 30, 2022
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Submitted August 30, 2022 at 12:03AM by rBitcoinMod https://ift.tt/CJa4ZwU https://ift.tt/ynQduBo
Monday, August 29, 2022
Bitcoin Retreats on Rate Concerns - YouTube
from Google Alert - Bitcoin https://www.youtube.com/watch?v=qCclR1551kM
Daily Discussion, August 29, 2022
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Submitted August 29, 2022 at 12:10AM by rBitcoinMod https://ift.tt/onJHS1h https://ift.tt/RFLATyd
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Preserve Childhood With Love: CoinEx Charity Delivers Warmth to Sick Children in Venezuela
On August 19, a group of loving volunteers visited Hospital Universitario Antonio Patricio de Alcalá (HUAPA) in Cumaná, Venezuela. Wearing costumes and acting as cartoon characters such as Spider-Man and Elsa popular with children, they shuttled between pediatric wards while carrying books and toys as gifts to sick children in the hospital. This is a charity event meticulously planned by CoinEx Charity, a global charity, for kids suffering from illness in Venezuela. During the event, the organization hired actors to play cartoon characters and provided sick kids with gifts, including 500 cakes, 300 fruit packages, and 130 toys. CoinEx Charity hopes that the warmth and fun brought by the cartoon characters and gifts could ease their pain and help them forget about their illness for a while.
On the day of the event, children welcomed their special “friends” and received toys and gifts. They also got to play games with their favorite cartoon characters, filling the wards with laughter and joy. The cheerful mood made kids less nervous: they forgot about their pain for a moment and immersed themselves in the joy and gifts brought to them by their heroes.
Care for sick children as the guardian of childhood
Kids are confident and carefree because childhood, the best beginning of life, is full of joy and wonder, but illness deprives some kids of such privileges. In 2022, CoinEx Charity introduced the Multi-Million-Dollar Charity Fund to improve the living conditions of vulnerable groups worldwide. With a focus on the well-being of kids and teenagers, the organization has funded poor families with sick children to ease their financial and mental strain.
To help children in the hospital ease their mood and to improve their well-being, CoinEx Charity recruited local actors who are enthusiastic about charity and planned this surprise party. The actors dressed up as children’s beloved cartoon characters, bringing them closer to their heroes, and encouraged them to fight their illness bravely. The organization created a wonderful cartoon world, as well as a happy childhood memory, for the kids. During the event, CoinEx Charity prepared gifts and snacks for over 120 sick children in HUAPA Hospital, including 200 breakfasts, 300 fruit packages, 200 juices, 80 infant supplements, 500 cakes, etc. These loving gifts were a huge surprise to the kids who were receiving treatment in the ward. In the hospital, CoinEx Charity received plenty of thanks from parents and doctors, and the kids also expressed their gratitude with happy smiles.
CoinEx Charity has never stopped pursuing its charitable goals. Apart from its visit to Venezuela, the organization also went to Uniuyo Teaching Hospital in Nigeria and donated medical supplies for sick children. Recently, it partnered up with the Turkey-based KAÇUV (Hope Foundation for Children with Cancer) to fund children with illness, giving them access to quality education. The organization has been impressed by the significance of charity during each program that focuses on kids. CoinEx Charity calls on everyone around the world to care for disadvantaged kids and improve their living and learning conditions through acts of charity. Together, we can help every child thrive in a happy childhood!
Charity never stops
Charity requires dedicated efforts. Always committed to its original mission, CoinEx Charity keeps contributing to the charitable cause of protecting disadvantaged groups worldwide. Focusing on the living conditions of children around the world, it aims to evolve into a caring, compassionate organization devoted to charitable causes while honoring its corporate responsibilities through real actions.
In the future, CoinEx Charity will pay constant attention to the educational and living conditions of these kids with special needs. It also calls on kind-hearted individuals around the world to care for vulnerable groups such as sick kids and those struggling with all sorts of difficulties, going all out to help and protect children. CoinEx Charity strives to build an enabling social environment for kids and give them a happy childhood.
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An NFT Gaming Project raised $15.5M in April and already spent $11.6M including $6.9M into team pockets and $1.8M in trading loss.
The project is Ragnarok Meta. They launched the NFT minting in April and got $15,500,000 as treasury.
Since then the project update has been slow. They regularly update their twitter, but practically showing nothing.
In 27th August, the founder comes clean with how much money spent. He wrote:
Basically here's the breakdown:
- 1.8M loss in trading crypto
- 1.9M to pay outsource developer. Yeah they outsource all the development work.
- 6.9M for salary and compensation. They intentionally spread it to not look big, but "core member", "founder", and "co-founder" include the same few people.
- 423k to buy back their NFT.
So within 4 months, they are taking 6.9M into their own pocket. That while only delivering JPEG NFT and some concept graphic.
If you wonder how they lost 1.8M, this is from the blog post:
He also mentioned he will reimburse the treasury for trading losses. But he already took way more as salary anyway:
And crypto detective Zachxbt already on alert, he replied this to the founder (Fanfaron) tweet:
Some of the reply said it the best:
Submitted August 28, 2022 at 10:22PM by evelynvee https://ift.tt/XDJ9QFr https://ift.tt/RFLATyd
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Bitcoin Struggling Through The CryptoWinter! Trades below $20000 - The Coin Republic
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Daily Discussion, August 29, 2022
Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!
If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.
Join us in the r/Bitcoin Chatroom!
Please check the previous discussion thread for unanswered questions.
Submitted August 29, 2022 at 12:10AM by rBitcoinMod https://ift.tt/onJHS1h https://ift.tt/RFLATyd
Preserve Childhood With Love: CoinEx Charity Delivers Warmth to Sick Children in Venezuela
On August 19, a group of loving volunteers visited Hospital Universitario Antonio Patricio de Alcalá (HUAPA) in Cumaná, Venezuela. Wearing costumes and acting as cartoon characters such as Spider-Man and Elsa popular with children, they shuttled between pediatric wards while carrying books and toys as gifts to sick children in the hospital. This is a charity event meticulously planned by CoinEx Charity, a global charity, for kids suffering from illness in Venezuela. During the event, the organization hired actors to play cartoon characters and provided sick kids with gifts, including 500 cakes, 300 fruit packages, and 130 toys. CoinEx Charity hopes that the warmth and fun brought by the cartoon characters and gifts could ease their pain and help them forget about their illness for a while.
On the day of the event, children welcomed their special “friends” and received toys and gifts. They also got to play games with their favorite cartoon characters, filling the wards with laughter and joy. The cheerful mood made kids less nervous: they forgot about their pain for a moment and immersed themselves in the joy and gifts brought to them by their heroes.
Care for sick children as the guardian of childhood
Kids are confident and carefree because childhood, the best beginning of life, is full of joy and wonder, but illness deprives some kids of such privileges. In 2022, CoinEx Charity introduced the Multi-Million-Dollar Charity Fund to improve the living conditions of vulnerable groups worldwide. With a focus on the well-being of kids and teenagers, the organization has funded poor families with sick children to ease their financial and mental strain.
To help children in the hospital ease their mood and to improve their well-being, CoinEx Charity recruited local actors who are enthusiastic about charity and planned this surprise party. The actors dressed up as children’s beloved cartoon characters, bringing them closer to their heroes, and encouraged them to fight their illness bravely. The organization created a wonderful cartoon world, as well as a happy childhood memory, for the kids. During the event, CoinEx Charity prepared gifts and snacks for over 120 sick children in HUAPA Hospital, including 200 breakfasts, 300 fruit packages, 200 juices, 80 infant supplements, 500 cakes, etc. These loving gifts were a huge surprise to the kids who were receiving treatment in the ward. In the hospital, CoinEx Charity received plenty of thanks from parents and doctors, and the kids also expressed their gratitude with happy smiles.
CoinEx Charity has never stopped pursuing its charitable goals. Apart from its visit to Venezuela, the organization also went to Uniuyo Teaching Hospital in Nigeria and donated medical supplies for sick children. Recently, it partnered up with the Turkey-based KAÇUV (Hope Foundation for Children with Cancer) to fund children with illness, giving them access to quality education. The organization has been impressed by the significance of charity during each program that focuses on kids. CoinEx Charity calls on everyone around the world to care for disadvantaged kids and improve their living and learning conditions through acts of charity. Together, we can help every child thrive in a happy childhood!
Charity never stops
Charity requires dedicated efforts. Always committed to its original mission, CoinEx Charity keeps contributing to the charitable cause of protecting disadvantaged groups worldwide. Focusing on the living conditions of children around the world, it aims to evolve into a caring, compassionate organization devoted to charitable causes while honoring its corporate responsibilities through real actions.
In the future, CoinEx Charity will pay constant attention to the educational and living conditions of these kids with special needs. It also calls on kind-hearted individuals around the world to care for vulnerable groups such as sick kids and those struggling with all sorts of difficulties, going all out to help and protect children. CoinEx Charity strives to build an enabling social environment for kids and give them a happy childhood.
This is a sponsored post. Learn how to reach our audience here. Read disclaimer below.
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An NFT Gaming Project raised $15.5M in April and already spent $11.6M including $6.9M into team pockets and $1.8M in trading loss.
The project is Ragnarok Meta. They launched the NFT minting in April and got $15,500,000 as treasury.
Since then the project update has been slow. They regularly update their twitter, but practically showing nothing.
In 27th August, the founder comes clean with how much money spent. He wrote:
Basically here's the breakdown:
- 1.8M loss in trading crypto
- 1.9M to pay outsource developer. Yeah they outsource all the development work.
- 6.9M for salary and compensation. They intentionally spread it to not look big, but "core member", "founder", and "co-founder" include the same few people.
- 423k to buy back their NFT.
So within 4 months, they are taking 6.9M into their own pocket. That while only delivering JPEG NFT and some concept graphic.
If you wonder how they lost 1.8M, this is from the blog post:
He also mentioned he will reimburse the treasury for trading losses. But he already took way more as salary anyway:
And crypto detective Zachxbt already on alert, he replied this to the founder (Fanfaron) tweet:
Some of the reply said it the best:
Submitted August 28, 2022 at 10:22PM by evelynvee https://ift.tt/XDJ9QFr https://ift.tt/RFLATyd
Sunday, August 28, 2022
Daily Discussion, August 28, 2022
Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!
If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.
Join us in the r/Bitcoin Chatroom!
Please check the previous discussion thread for unanswered questions.
Submitted August 28, 2022 at 12:03AM by rBitcoinMod https://ift.tt/efmgSPM https://ift.tt/5osl2gF
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US Bitcoin opens large Bitcoin mine in Reeves County - Midland Reporter-Telegram
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MtGox is *NOT* distributing any coins this week, or the next week, or the week after that. Some verified accounts have been FUDing and creating panic in the market.
One of the MtGox creditors made a Tweet after a verified Account TheAltCoinHub has been spreading FUD about MtGox releasing 140K Bitcoins today.
The creditor said as for now, you can't even register on which exchange you want your BTC/BCH sent to and also the payouts will occur in tranches. They are NOT going to dump it all on the market. Some creditors have opted to sell their claims to Fortress.
Source: https://twitter.com/ercwl/status/1563595859979546624?s=20&t=VaBU-OLLdhqkqeBvUqV9vg
He has also shared what it looks like to claim your lost BTC in the MtGox hack.
Submitted August 27, 2022 at 11:54PM by Dependentbruhh https://ift.tt/pJqN3IE https://ift.tt/5osl2gF
Bitcoin [BTC] hashrate, block difficulty, hit landmarks but what do miners get? - AMBCrypto
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Who Cares About Bitcoin Maximalism
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$BTC: Ex-Arcane Assets CIO on Rumors About Mt. Gox Releasing 137000 Bitcoins on Aug. 28
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Daily Discussion, August 28, 2022
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If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.
Join us in the r/Bitcoin Chatroom!
Please check the previous discussion thread for unanswered questions.
Submitted August 28, 2022 at 12:03AM by rBitcoinMod https://ift.tt/efmgSPM https://ift.tt/5osl2gF
Saturday, August 27, 2022
A Look At Bitcoin, Ethereum, Dogecoin Into The Weekend After Fed's Powell Craters Markets
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How useful is crypto actually?
Vitalik tweeted in 2017 that crypto has not 'earned' its market cap. He meant 'earned' in several ways but he points to lack of adoption, and lack of social value. I wonder what people think are the projects that have demonstrated the most potential in the areas that Vitalik mentions, and which have demonstrated solid proof of concept or real work users.
From Vitalik: https://twitter.com/VitalikButerin/status/940744724431982594
How many unbanked people have we banked?
How much censorship-resistant commerce for the common people have we enabled?
How many dapps have we created that have substantial usage?
How much value is stored in smart contracts that actually do anything interesting?
How many Venezuelans have actually been protected by us from hyperinflation?
How much actual usage of micropayment channels is there actually in reality?
Which ecosystems are demonstrating the most potential in these areas, and what evidence is there?
Submitted August 26, 2022 at 09:42PM by powderfinger303 https://ift.tt/pxuEQDn https://ift.tt/3wqpMoT
Quick Maths
Submitted August 26, 2022 at 11:50PM by Proefke https://ift.tt/ljiJVL4 https://ift.tt/3wqpMoT
Bitcoin and Ethereum Experience A Fresh Decline, XRP Outperforms - Crypto News
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Worldwide Crypto Ownership Cross 320 Million, Here Are The Countries Leading The Charge
Submitted August 26, 2022 at 07:25PM by PillarOfJustice https://ift.tt/xp3cL4Z https://ift.tt/3wqpMoT
Daily Discussion, August 27, 2022
Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!
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Join us in the r/Bitcoin Chatroom!
Please check the previous discussion thread for unanswered questions.
Submitted August 27, 2022 at 12:04AM by rBitcoinMod https://ift.tt/ZVRs6P5 https://ift.tt/3wqpMoT
Friday, August 26, 2022
China Introduces Digital Yuan Payments in Ningbo Subway, Guangzhou Buses
Authorities in two Chinese cities are promoting the digital yuan as a payment method in the public transportation system. Commuters on the subway of Ningbo and those taking the bus in Guangzhou will be able to purchase their tickets using the state-issued digital currency.
Residents and Visitors of Another 2 Chinese Cities to Pay Transit Fares With Digital Yuan
Ningbo Rail Transit, the operator of the subway system in the city of Ningbo in the eastern Chinese province of Zhejiang, has launched payments in digital yuan, the central bank digital currency (CBDC) issued by the People’s Bank of China. The company announced that 125 stations will accept the coin.
The city’s 9.5 million citizens and visitors can now pay their subway fares through the Ningbo Rail Transit app. To do that, they will have to link an e-CNY wallet — opened with any of the six large Chinese banks participating in efforts to popularize the digital incarnation of the national fiat — to the application.
Commuters will be required to scan a QR code with their smartphones at the turnstiles to make a payment. Some of those who choose the digital yuan option will be stimulated with a bonus and their ride will cost them just a penny in a promotion running until Sept. 4, a report revealed.
China is constantly expanding the pilot zone for the digital yuan project with nine subway systems in various parts of the country now accepting the digital currency. These include subway stations in the capital Beijing, where e-CNY payments were implemented last year.
Meanwhile, the authorities in Guangzhou have allowed bus passengers to buy tickets with digital yuan. They will be able to use their e-CNY wallets on 10 bus lines, including some that offer sightseeing tours for the city’s visitors.
Officials quoted by local media noted that the selected bus routes pass through some of Guangzhou’s most scenic spots and popular locations. They also promised to expand the scope of the pilot project in the future.
To take advantage of the newly introduced payment method, commuters and tourists will need to, again, download and install the digital yuan app and set up a wallet on their mobile phones. When they get on a bus they can use the on-board electronic toll terminal to pay for the fare.
Do you expect a large number of Chinese passengers to use the digital yuan payment option in the public transit system? Let us know in the comments section below.
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Simeon Hyman on BITO and the Bitcoin Futures Market | ETF Trends
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Viewpoint
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Vitalik Buterin says transaction fees need to reduce to 5 cents to remain acceptable (May 2022)
Submitted August 25, 2022 at 10:52PM by kisstheraino https://ift.tt/82tgCSe https://ift.tt/t8BUjoW
Daily Discussion, August 26, 2022
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Submitted August 26, 2022 at 12:10AM by rBitcoinMod https://ift.tt/UcRDXm2 https://ift.tt/t8BUjoW
China Introduces Digital Yuan Payments in Ningbo Subway, Guangzhou Buses
Authorities in two Chinese cities are promoting the digital yuan as a payment method in the public transportation system. Commuters on the subway of Ningbo and those taking the bus in Guangzhou will be able to purchase their tickets using the state-issued digital currency.
Residents and Visitors of Another 2 Chinese Cities to Pay Transit Fares With Digital Yuan
Ningbo Rail Transit, the operator of the subway system in the city of Ningbo in the eastern Chinese province of Zhejiang, has launched payments in digital yuan, the central bank digital currency (CBDC) issued by the People’s Bank of China. The company announced that 125 stations will accept the coin.
The city’s 9.5 million citizens and visitors can now pay their subway fares through the Ningbo Rail Transit app. To do that, they will have to link an e-CNY wallet — opened with any of the six large Chinese banks participating in efforts to popularize the digital incarnation of the national fiat — to the application.
Commuters will be required to scan a QR code with their smartphones at the turnstiles to make a payment. Some of those who choose the digital yuan option will be stimulated with a bonus and their ride will cost them just a penny in a promotion running until Sept. 4, a report revealed.
China is constantly expanding the pilot zone for the digital yuan project with nine subway systems in various parts of the country now accepting the digital currency. These include subway stations in the capital Beijing, where e-CNY payments were implemented last year.
Meanwhile, the authorities in Guangzhou have allowed bus passengers to buy tickets with digital yuan. They will be able to use their e-CNY wallets on 10 bus lines, including some that offer sightseeing tours for the city’s visitors.
Officials quoted by local media noted that the selected bus routes pass through some of Guangzhou’s most scenic spots and popular locations. They also promised to expand the scope of the pilot project in the future.
To take advantage of the newly introduced payment method, commuters and tourists will need to, again, download and install the digital yuan app and set up a wallet on their mobile phones. When they get on a bus they can use the on-board electronic toll terminal to pay for the fare.
Do you expect a large number of Chinese passengers to use the digital yuan payment option in the public transit system? Let us know in the comments section below.
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Thursday, August 25, 2022
Nigerian BTC Peer-to-Peer Volumes Nearly $400M in H1 of 2022 — Significant Growth in Kenya and Ghana Volumes
Nigeria’s peer-to-peer bitcoin traded volumes of over $1.1 billion between January 2021 and June 2022 mean the West African nation is now Paxful’s largest market. Kenya, which saw traded volumes of over $325 million during the same period, now ranks as the crypto exchange’s second-largest African market, and fifth overall.
Financial Exclusion Driving P2P Bitcoin Traded Volumes
According to the latest data from the peer-to-peer crypto exchange platform Paxful, Nigeria’s bitcoin traded volumes in the first half of 2022 nearly topped $400 million. When combined with the $760 million in trade volumes which were seen in 2021, it means the West African nation is now the crypto exchange’s biggest market globally.
Nigeria’s growing volume of bitcoin traded via the peer-to-peer (P2P) exchange comes at a time when regulators are clamping down on financial institutions that are violating the Central Bank of Nigeria (CBN)’s February 5, 2021 directive. The directive bars banks and other regulated financial institutions from facilitating transactions that involve crypto entities.
Explaining the reasons behind the surge in Africa’s P2P volumes, Paxful told Bitcoin.com News that a general lack of access to financial services across the continent was driving people toward bitcoin. Paxful said:
For a market like Africa, where many people are underbanked and financial institutions are not as easily accessible, P2P finance provides an opportunity for financial inclusion. There’s been an explosion in Bitcoin adoption in Nigeria due to a multitude of factors: a 33% unemployment rate, an unbanked population of 38 million adults, a young and entrepreneurial community (over 75% of its population is under 35), and financial instability — such as volatility around the Naira.
According to the P2P exchange, all these factors make “a massive case” for bitcoin, a technology which it said was “built for the masses.”
Kenya and Ghana Volume Growth
While Nigeria is Paxful’s biggest market globally, Kenya, which saw P2P volumes of over $200 million in 2021 and over $125 million in the first half of 2022, is now the crypto exchange’s second-largest market in Africa and the fifth in the world. Paxful added that it “anticipates a trade volume growth of 25% in Kenya for 2022.”
Commenting on the significant growth seen in Kenya and Ghana, Paxful said:
“There are more and more African users remitting money over the years — the total remittance user base (users trading in multiple currencies) on Paxful grew by nearly 140% in Kenya and over 115% in Ghana in 2021. In 2021, Ghana experienced a yearly growth of 95% in trade volume.”
Regarding the Central African Republic (CAR) — the first African country to adopt bitcoin as legal tender — Paxful commended the move and said it was hopeful the country would use “bitcoin to set monetary policy to drive its economy forward.” The crypto exchange, however, said it had “nothing notable” to share concerning the CAR’s volumes.
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What are your thoughts on this story? Let us know what you think in the comments section below.
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is the BITCOIN crash almost over or is it just getting started? Crypto News Today
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Possible mass accumulation of Bitcoin happening at these levels
I've been watching the combined order book very closely and every time the price approaches 21k area or dips below that, the supply/demand chart becomes very unbalanced with demand outweighing supply by a large margin. More buy trades come in (a lot more) and the price level holds.
This has happened at least 4-5 times this past week, I believe some large institutions are slowly accumulating Bitcoin at these levels, and will probably continue to do so if price dips more. The S&P doesn't look very attractive at its current level and a long term play on BTC certainly has more upside potential, worthy of allocating a portion of their capital into.
Submitted August 24, 2022 at 11:20PM by Welen https://ift.tt/MWm2ERw https://ift.tt/JvLXqsE
Bitcoin and Ethereum Aim At Key Upside Break - Crypto News
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Rare Signal Emerges Hinting Now Is The Best Time To Buy Bitcoin
Submitted August 24, 2022 at 05:49PM by TaxableCitizen https://ift.tt/iD4tXb5 https://ift.tt/JvLXqsE
Daily Discussion, August 25, 2022
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Submitted August 25, 2022 at 12:04AM by rBitcoinMod https://ift.tt/x3YzdgC https://ift.tt/JvLXqsE
Wednesday, August 24, 2022
Bitcoin miners have been selling off record high $BTC. My article: - Jason Rowlett on LinkedIn
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The majority of all projects BitBoy shills have negative ROIs if you bought when he made a video about it.
Submitted August 23, 2022 at 09:56PM by DrinkMoreCodeMore https://ift.tt/n1tEaLK https://ift.tt/CpjXh6I
Ukraine Blocks Crypto Wallet Used to Raise Funds for Russian Forces
The law enforcement and counter-intelligence agency of Ukraine has managed to seize the funds in a cryptocurrency wallet used to finance the Russian military campaign in the country. Officials in Kyiv claim that money collected through the wallet has been spent on military equipment for the pro-Russian separatist forces in the east.
Ukraine Seizes Crypto Donations Funding Russia’s Invasion
The Security Service of Ukraine (SBU) has for the first time implemented a mechanism to curb fundraising through cryptocurrency for the troops fighting on the Russian side in the ongoing hostilities in the country. The conflict escalated into a full-scale war when the Russian army crossed the Ukrainian border in late February in what Moscow calls a “special military operation” in support of the pro-Russian breakaway regions of Luhansk and Donetsk.
In a press release on Tuesday, the SBU announced that a crypto wallet operated by a citizen of the Russian Federation and used to sponsor Russia’s military effort in Ukraine has been blocked. The man, who presented himself as a volunteer, has been gathering money for the needs of the Russian forces since the start of the invasion.
The wallet had accumulated digital coins worth 800,000 hryvnia (almost $22,000 at current rates) by the time it was blocked, the SBU said, adding that the funds have since been seized. Experts are now working to track the related transactions and transfer custody to Ukraine. The agency did not specify how it seized the wallet but revealed that it was assisted by foreign crypto companies.
Ukrainian investigators have been able to establish that the wallet’s owner devoted a significant portion of the donated crypto to the purchase of military supplies for the separatist fighters of the self-proclaimed Luhansk and Donetsk People’s Republics. Representatives of the National Police of Ukraine and the Prosecutor General’s Office also took part in the operation.
Russian ‘Volunteer’ Active on Social Media
The Russian activist has been actively seeking financial assistance on social media platforms since the latest phase of the conflict began. To promote his efforts, he has been creating and regularly posting photo and video content, distributed posts published by associates and reported on the use of the collected funds, the SBU detailed without revealing the Russian’s identity.
A report by the blockchain forensics firm Chainalysis unveiled last month that 54 pro-Russian groups have collectively received over $2.2 million worth of cryptocurrency. These organizations, operating out of Donetsk and Luhansk, got most of the donated amounts in bitcoin (BTC) and ether (ETH) but other cryptocurrencies as well.
Ukraine itself has been relying on crypto donations, with both the government in Kyiv and volunteer groups raising digital money to fund defense efforts. Ukraine’s Minister of Digital Transformation Mykhailo Fedorov recently announced on Twitter that $54 million worth of crypto funds collected through the Aid For Ukraine initiative have been spent to purchase body armor, medicines, night sights, and even vehicles for the Ukrainian army.
The Ukrainian people has also received purely humanitarian aid from the crypto community and industry. European crypto exchange Whitebit, which has Ukrainian roots, offered to support Ukrainian refugees through its representative offices abroad and the world’s largest coin trading platform, Binance, issued a special crypto card for Ukrainians forced to leave their homes.
Do you expect Ukraine to block more crypto wallets used to finance the Russian military offensive? Tell us in the comments section below.
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Daily Discussion, August 24, 2022
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Submitted August 24, 2022 at 12:08AM by rBitcoinMod https://ift.tt/20GymcT https://ift.tt/CpjXh6I
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Coinbase CEO Brian Armstrong warns investors to buckle in for a long crypto winter
Submitted August 23, 2022 at 08:17PM by Clown_Shoe https://ift.tt/4pxwXB5 https://ift.tt/CpjXh6I
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How do I know when to invest in Bitcoin
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Daily Discussion, August 24, 2022
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Submitted August 24, 2022 at 12:08AM by rBitcoinMod https://ift.tt/20GymcT https://ift.tt/CpjXh6I
Coinbase CEO Brian Armstrong warns investors to buckle in for a long crypto winter
Submitted August 23, 2022 at 08:17PM by Clown_Shoe https://ift.tt/4pxwXB5 https://ift.tt/CpjXh6I
Tuesday, August 23, 2022
Craig Wright: You are a fraud, scumbag, psychopath, scammer of the worst type. You deserve to be in jail for all the crimes you have committed.
...Sue me, asshole!!!
Support the fight against this stain in humanity here:
https://opensats.org/projects/opensats_legal_defense
OOTL? Read this:
It would be difficult to overstate how important this is to Bitcoin, yet it's often underestimated because the situation is so bizarre that if it were a novel it would get panned for being too unbelievable.
A conman who can't even program and muddles even the basics of Bitcoin tech started claiming he created Bitcoin to try to get out of trouble after he engaged in long running multi-million dollar tax fraud, which so far ended in a police raid on his home and office where he successfully evaded the police and fled the country.
On several occasions he's claimed he would provide "proof" of his claims, but the proof he provides just gets proved to be forgeries. At one juncture he was ordered to provide a list of specific Bitcoin that he owns to a court and when it was made public parties controlling thousands of Bitcoin from his list immediately showed up signing messages calling him a fraud. Even his mother called out his pathological lying.
You'd think that would be the end of it--- but no, the tax fraud set off an improbable series of forced moves as he then needed to repay the tax authority to get them off his trail so in order to get millions of dollars in loans he claimed that he had possession of 1.1 million bitcoins locked in a trust controlled by a "bonded courier" that would release them to him on a particular date (think of that scene at the end of Back to the Future 2). Unfortunately, there are plenty of technically unsophisticated but wealthy people out there who can be tricked into ignoring even the most conclusive technical evidence of fraud.
When the bonded courier didn't show (surprise surprise), Mr. Wright needed a new excuse and started claiming that his coins were stolen in an oceans 11 style high tech break in of his home to plant a "wireless pineapple" to hack his computers. He claims, conveniently, to have erased the computers afterwards so he has is no evidence of these their theft.
Now you might be thinking-- all this sounds tragic for his victims and their families but why should it concern me? And indeed, for a long time it didn't and so almost anyone of any competence just ignored him. Unfortunately, this gave him significant control of the media narrative through constant events, press releases, and bought and paid for outlets. To really lock it in he began filing lawsuits against journalists and community members that countered his facially false claims chilling criticism. The world has been split into two groups: Ones that don't know any better and will repeat his claims with minimal skepticism and people who know that they don't want to go anywhere near it. As a result the first group sets the public narrative.
With so much coverage treating him seriously (often saying, at most, that his claims are "disputed by some" rather than laughable and thoroughly disproved) and tens of millions in funding from his victims-- allowing him to essentially monopolize a whole lawfirm-- the courts have taken him seriously too. So although his court cases are laughable and doomed, he's able to inflict millions of dollars in legal fees on his victims even when they ultimately win, and in some cases damaging them financially so thoroughly that they're unable to effectively fight back. He's been directing these lawsuits at Bitcoin community members, advocates, and journalists, and more recently Bitcoin developers and former developers and exchanges.
His vexatious litigation has made the Bitcoin Whitepaper unavailable to people in the UK from the original download site, in fact when you search for it in the UK you get a recent forgery by Mr. Wright with his name on it-- I once had a rather confused conversation with a journalist that couldn't understand why anyone would think Wright didn't created Bitcoin, finally they said his name was on the whitepaper and I understood what had happened. It's also caused Bitcoin Core to be unavailable from bitcoin.org to anyone in the UK.
To substantiate his pineapple hack claims he's filed a lawsuit against a dozen (active and former, but increasingly former) Bitcoin developers demanding they aid him in producing and distributing version of Bitcoin with a cryptographic backdoor which will allow him to seize coins he's claimed to have lost (but obviously never owned) or otherwise pay him billions of dollars in damages. To anyone with expertise in Bitcoin it's obvious why the demand can't work: Users simply wouldn't choose to run such a version and would run alternatives or stay on old versions. But the courts aren't Bitcoin experts and seem happy to provisionally take Wright's word for it that it would work and not immediately dismiss the case on the basis of its obvious impossibility.
He's also supposedly filed a second lawsuit against an overlapping and somewhat larger set of developers for, apparently, failing to do his bidding more generally. That's not even getting into the substantial amount of harassment and threats (including publishing a statement that he'd shoot us in the back of the head if he could get away with it) outside of the legal system. His actions have contributed to at least four of some of the most prolific and longest standing developers discontinuing or substantially curtailing their involvement with Bitcoin. (and I'm a target of both of these cases.)
And of course, Wright and his conspirators are actively lobby governments, schmoozing heads of state.
When people talk about Bitcoin being robust and safe from attack this isn't some magical property that exists in a vacuum-- part of what makes it strong is its community. It's protected because its community follows their self-interest and acts to protect it. Sometimes that protection comes in the form of developers engineering excellent security technology, but sometimes what's needed is political, public relations, or legal aid. All the amazing technology in the world can't help if people don't get access to it, don't make use of it because they've been bamboozled out of it, or have to take unreasonable risks to work to maintain it.
The deck is stacked enormously against hodl and Wright's other targets: Wright's laughable claims across multiple countries should have been possible to discharge in a summary judgement, limiting the legal costs to merely hundreds of thousands instead of millions-- but since he has nothing to lose, he'll tell whatever lies are required to keep the litigation going for as long as possible. And with Wright burying his opponents under a hundred of thousands of documents (a substantial percentage of which are forgeries) he easily can drive trial costs into the millions or tens of millions of dollars. It creates a situation where the most rational course of action in court is arguably to just let him win as fast as possible in order to minimize cost, since you'd come out better that way then seeing it through and winning. At best Wright's targets can hope to minimize the damages they suffer, while Wright and his conspirators expect to profit handsomely from their scheme, justifying extensive spending on lobbying and press manipulation while the opposition has been almost exclusively reactive except for a few community members posting angry tweets.
Wright's fraud is an attack on Bitcoin. Not a conjectural or hypothetical attack but a real one that has already done significant damage. I'm confident that this is an attack Bitcoin will survive because I'm confident that when people will stand up to fight for it and not wait forever for it to be solved by the invisible hand without realizing that each of us is the invisible hand. Wait for him to go away has been tried and it just allowed the situation to fester.
We're all extremely fortunate that hodl has been able to hold out to this point and continue to confront Wright's fraudulent claims directly rather than taking one of several very understandable alternative path would minimize his cost but leave the fraud substantially unchallenged. It's an effort that deserves our support.
But helping hodl continue his fight is merely necessary, it's not sufficient: It's unlikely that Wright will be stopped by even a complete victory by Hodl, only slowed by it. At this point it seems likely that the only thing that will trigger the end of it is the start of criminal prosecution. That isn't a long shot either: Last we heard the Australian criminal case over his tax fraud is still ongoing but prosecutors tend to act slowly, only when they're absolutely sure of a win especially absent political pressure or a prospect of funds recovery. But in spite of the vastness of the Bitcoin, our community doesn't appear to be that well politically connected. But not that well isn't not at all: There are some of us that know people with the power to do something here or have it themselves. It's time to start some of those conversations.
https://np.reddit.com/r/Bitcoin/comments/wt7uru/this_answer_from_greg_maxwell_deserves_its_own/
https://np.reddit.com/r/Bitcoin/comments/wuw8sb/in_an_apparent_response_to_my_stickied_post_mr/
Submitted August 23, 2022 at 01:01AM by s3k2p7s9m8b5 https://ift.tt/7lshJNK https://ift.tt/1WGgyp3
Craig Wright: You are a fraud, scumbag, psychopath, scammer of the worst type. You deserve to be in jail for all the crimes you have committed.
...Sue me, asshole!!!
Support the fight against this stain in humanity here:
https://opensats.org/projects/opensats_legal_defense
OOTL? Read this:
https://np.reddit.com/r/Bitcoin/comments/wt7uru/this_answer_from_greg_maxwell_deserves_its_own/
https://np.reddit.com/r/Bitcoin/comments/wuw8sb/in_an_apparent_response_to_my_stickied_post_mr/
Submitted August 23, 2022 at 12:56AM by s3k2p7s9m8b5 https://ift.tt/Dy7AzNJ https://ift.tt/1WGgyp3
Iranian Association Calls for Stable Crypto Regulation as Government Plans Widespread Use of Crypto in Foreign Trade
Iran’s association of importers has stressed the need for a stable regulatory framework for cryptocurrencies now that the Iranian government is officially using crypto to pay for imports. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” a government official said.
Imports Association: Iran Needs Stable Crypto Regulation
Alireza Managhebi, the chairman of Iran’s Importers Group and Representatives of Foreign Companies (Imports Association), voiced concerns about the country’s crypto regulation Saturday, local media reported.
He stressed that a stable regulatory framework for cryptocurrencies should be established for cryptocurrencies to be successfully used as a means of payment for imports. Noting that crypto can be useful in this regard under the right regulatory infrastructure, Managhebi said:
Our main and most important concern is that this new method cannot be exploited by some people.
“The main question is whether the Iranian government has provided fixed rules for the use of cryptocurrencies that will not change for several months, and in the meantime businesses active in this digital field will not be harmed,” he detailed.
Managhebi noted that the government of Iran recently announced the official use of cryptocurrency to pay for imports. However, he clarified that the claim that this would immediately end the dollar dominance in Iran is not very accurate because both the dollar and cryptocurrency have their own places in the Iranian market.
The association official opined:
It is absolutely necessary to educate and train people to use this new technology in Iran as well as have stable regulations in this regard.
Earlier this month, Alireza Peymanpak, vice minister of Iran’s Ministry of Industry, Mine and Trade and president of the country’s Trade Promotion Organization (TPO), said the first official import order was successfully placed with cryptocurrency. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” he added.
What do you think about Iran using cryptocurrencies to pay for imports? Let us know in the comments section below.
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Hacker Loses 5 ETH (~$8,000) In Failed Attack on NEAR Rainbow Bridge
Submitted August 22, 2022 at 11:42PM by Electrical_Potato_21 https://ift.tt/Vl54be0 https://ift.tt/1WGgyp3
Daily Discussion, August 23, 2022
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Submitted August 23, 2022 at 12:04AM by rBitcoinMod https://ift.tt/kFidOxW https://ift.tt/1WGgyp3
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Daily Discussion, August 23, 2022
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Submitted August 23, 2022 at 12:04AM by rBitcoinMod https://ift.tt/kFidOxW https://ift.tt/1WGgyp3
Monday, August 22, 2022
Daily Discussion, August 22, 2022
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Submitted August 22, 2022 at 12:01AM by rBitcoinMod https://ift.tt/XYT5c0F https://ift.tt/tPm3nuW
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how to make money investing in bitcoin
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If you use a Trezor hardware wallet, you should read this (Fault Injection attack allowed the unit to be compromised)
Submitted August 21, 2022 at 07:30PM by Uberg33k https://ift.tt/iumeZBf https://ift.tt/tPm3nuW
Ethereum’s Pivot to Proof-of-Stake Consensus Worries Users About the Possibility of Protocol Level Censorship
The upcoming consensus change that Ethereum, the second largest cryptocurrency by market cap, is planning to execute in September has worried many users about the possibility of censorship happening at a protocol level. This means that, even by interacting directly with smart contracts, blacklisted addresses would not be able to transact or operate in the base layer.
Incoming Merge Event Triggers Worries in Crypto Circles
The Merge, Ethereum’s migration from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus algorithm has raised concerns about the future of the chain when it comes to censorship. After the addresses of the smart contracts of Tornado Cash, a privacy-centered mixing protocol, were sanctioned and blacklisted by the U.S. Treasury’s Office of Foreign Assets Control, the privacy and censorship-resistant character of Ethereum has been in the spotlight.
Gabriel Shapiro, the general counselor at Delphi Digital, believes that big validators of Ethereum will try to push for a measure that brings censorship to a protocol level. This would allow them to operate in compliance with rules, and also avoid being penalized for not including illegal transactions. About this issue, he stated these entities “can’t self-help by merely avoiding facilitation of blocks containing U.S.-sanctioned transactions, because under certain conditions they might be dramatically slashed from doing so.”
On the other hand, Discusfish, co-founder of F2pool, an ethereum and bitcoin mining pool operation, stated that proof-of-work (PoW) consensus assets were more capable to deal with regulatory pressure than their proof-of-stake-based counterparts. He explained:
In the discussion about PoS and PoW under regulatory pressure these days, there is one key point to pay attention to: Whether the block producer can remain anonymous and package some transactions that conform to the consensus on the chain (which may contain some sensitive transactions). PoW can currently do it, PoS currently has certain difficulties because of the need to stake the assets on the chain.
Different Points of View
However, not everyone shares this train of thought. In fact, there are some that think that proof-of-stake consensus-based assets, such as Ethereum after The Merge happens, are better prepared to face a censorship attack coming from government regulators. Justin Bons, founder and CIO of Cybercapital, is one of them.
Bons argues that while an attack of this nature would be very difficult to pull off against Bitcoin and Ethereum, the complexity and the physical presence that PoW-based chains need to operate would make them easier to target than proof-of-stake assets. That’s because PoS can be operated with low-power equipment from any place in the world.
Finally, Bons believes that regulators are not out to hurt cryptocurrencies yet and that “a sane middle ground must be found which preserves the credible neutrality of blockchains, ensuring privacy for individuals and compliance for companies.”
What do you think about the possibility of censorship happening in Ethereum at a protocol level? Tell us in the comments section below.
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