Bitcoin shows resilience in the face of FTX collapse, but crypto industry worries persist

Bitcoin has so far weathered the bankruptcy of BlockFi this week, staying around US$16500, as the crypto world nervously watches for further ...

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Trader purports Bitcoin may fall to zero - The Coin Republic

In the year 2019, Bitcoin faced an important rally in the first six months of the year 2022, attaining a yearly high of $13880 in July 2019.

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Swan Bitcoin - Account Closed and Funds Locked - Reddit

If we receive a chargeback from your bank we have to sell the bitcoin to finance it. Any bitcoin remaining after 60 days from now will be available ...

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Crypto Exchange Kraken Settles With Treasury Department Over Sanctions Violations

Crypto exchange Kraken has settled with the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) over its apparent violations of sanctions against Iran. The cryptocurrency exchange has agreed to remit $362,159 to settle its potential civil liability and invest an additional $100,000 in certain sanctions compliance controls.

Kraken Settles With OFAC

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced Monday a settlement with Payward Inc. (d/b/a Kraken), a Delaware-incorporated crypto exchange. The announcement states:

Kraken agreed to remit $362,158.70 to settle its potential civil liability for apparent violations of sanctions against Iran … As part of its settlement with OFAC, Kraken also has agreed to invest an additional $100,000 in certain sanctions compliance controls.

According to the Treasury Department, between approximately Oct. 14, 2015, and June 29, 2019, “Kraken processed 826 transactions, totaling approximately $1,680,577.10, on behalf of individuals who appeared to have been located in Iran at the time of the transactions.”

The Department of the Treasury detailed:

At the time of the apparent violations, Kraken did not implement IP address blocking on transactional activity across its platform.

Kraken voluntarily self-disclosed the apparent violations and cooperated with the OFAC’s investigation, the Treasury Department noted, adding that the crypto trading platform also “undertook significant remedial measures in response to the apparent violations.” The announcement adds:

After identifying this problem, Kraken implemented automated blocking for IP addresses linked to sanctioned jurisdictions. Kraken also implemented multiple blockchain analytics tools to assist with its sanctions monitoring.

The Office of Foreign Assets Control has sanctioned several cryptocurrency trading platforms over time. For example, crypto exchange Bittrex was charged with sanctions violations in October.

What do you think about Kraken settling with the Treasury Department’s OFAC over sanctions violations? Let us know in the comments section below.

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Trader purports Bitcoin may fall to zero - The Coin Republic

In the year 2019, Bitcoin faced an important rally in the first six months of the year 2022, attaining a yearly high of $13880 in July 2019.

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Bitcoin’s Mining Difficulty Expected to Drop Significantly, Retarget Could Be 2022’s Largest Reduction

Bitcoin miners could catch a break in a week or so, on or around Dec. 5, 2022, as the next difficulty retarget is expected to see a significantly large reduction. Estimates show the next difficulty retarget could drop anywhere between 6.13% and 10% lower. Presently, the difficulty change looks as though it could be 2022’s largest reduction if it surpasses the 5.01% decline recorded on July 21.

Bitcoin’s Next Difficulty Retarget Is Expected to Decrease, Data Suggests a Notable Drop in the Cards

When the last Bitcoin difficulty change occurred on Nov. 20, 2022, at block height 764,064, it increased by a mere 0.51% that day. The increase did, however, propel the network’s difficulty to its lifetime high of 36.95 trillion. Since then, during the past week, the network’s average hashrate has been around 249.1 exahash per second (EH/s).

The average Bitcoin network block time has been slower than usual as well, running between 10.2 minutes to 11.06 minutes on Monday evening (ET). The block intervals have been a lot higher since the difficulty change on Nov. 20, as prior to that day, block times had been on average less than ten minutes since Sept. 29.

The longer block times suggest the 2,016 blocks mined prior to the next retarget will be slower than the average of two weeks. At the time of writing, statistics indicate that the retarget could drop as low as 10% on Dec. 5, and metrics from Btc.com indicate the drop is estimated to be around 6.13%.

Both estimates would outpace the largest difficulty contraction the Bitcoin network has seen all year with the largest decrease so far recorded on July 21, which was approximately -5.01%. Miners are currently dealing with the highest difficulty ever recorded, and bitcoin (BTC) prices are 76% lower than the all-time high ($69K) recorded on Nov. 10, 2021.

Mining insights from braiins.com and macromicro.me show BTC’s cost of production ($18,360) is above the current spot market value ($16,250). Additionally, market intelligence from Glassnode indicates that bitcoin miners are tapping into their treasuries.

The onchain analytics firm Glassnode tweeted about how the bitcoin mining sector and industry is “under immense financial stress,” while announcing a mining report the firm published with Cryptoslate.

“What we find is that [bitcoin] miners are distributing around 135% of mined coins,” Glassnode said. “This means miners are dipping into their 78K [bitcoin] strong treasuries.” During the latter half of the year, publicly-listed mining operations have disclosed that they have been selling BTC to bolster cash reserves and pay down debt.

At the time of writing at 7:30 p.m. (ET), Foundry USA’s three-day hashrate is around 60.66 EH/s, which represents 25.45% of the global hashrate. In three days, the largest mining pool Foundry mined 98 BTC blocks out of 385 discovered by all the miners.

Foundry’s hashrate is followed by Antpool, F2pool, Binance Pool, and Viabtc respectively. Between all five pools over the last three days, the top five mining pools were able to discover 315 blocks out of the 385 total.

What do you think about the chance that the next difficulty retarget could be the largest decrease in 2022? Let us know what you think about this subject in the comments section below.

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The Effect Of the Bitcoin Crash On El Salvador's Economy? - The Coin Republic

Bitcoin is down by 6.82% in the last 24 hours and this is the lowest since 2021 from the trading chart of gate.io.

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Bitcoin Worth $2 Billion Transferred from Binance on Market Dip - U.Today

This garnered a whole lot of speculation on Crypto Twitter, given that the market remains under pressure with Bitcoin down 2% at $16,221. Addressing ...

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BlockFi knowingly lost your money. They are entirely culpable and have ghosted you.

/r/blockfi/comments/z6cqn7/blockfi_knowingly_lost_your_money_they_are/

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The Effect Of the Bitcoin Crash On El Salvador's Economy? - The Coin Republic

Bitcoin is down by 6.82% in the last 24 hours and this is the lowest since 2021 from the trading chart of gate.io.

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Bitcoin 'millionaire' wallets drop 80% in year of BTC price bear market - Cointelegraph

BTC price downtrend puts pressure on Bitcoin wallets worth a million dollars or more.

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Investing in Bitcoin Still Makes Sense, Says Tom Lee - CryptoPotato

Investors wanting to have a balanced portfolio should still invest in BTC, said Lee. Fundstrat's head of research – Tom Lee – remains a bitcoin bull ...

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What To Expect From Dogeliens Token, Internet Computer, And Bitcoin Cash Except For ... - Bitcoinist

Solution To The Problems Of BTC. Bitcoin Cash (BCH) is a decentralized cryptocurrency made through hard forking. It is a peer-to-peer electronic cash ...

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Alameda Withdrew $204M in Crypto From FTX US Days Before Exchange Collapsed – Featured Bitcoin News

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Bahamian Attorney General Insists FTX Is the Subject of an ‘Active and Ongoing Investigation’

The troubled and now-bankrupt crypto exchange FTX is the subject of “an active and ongoing investigation,” Bahamian attorney general Ryan Pinder told the press on Sunday. Pinder also stressed that putting the blame on the Bahamas “because FTX is headquartered here would be a gross oversimplification of reality.”

Bahamian Attorney General Says the ‘Bahamas Will Emerge, Held in Even Higher Esteem’

On Sunday, the attorney general of the Bahamas discussed the collapse of FTX Digital Markets, and he insisted that Bahamian authorities are investigating FTX. Ryan Pinder started his speech by contending that “the Bahamas is a place of laws, the rule of law, and the exercise of due process characterizes the integrity of our jurisdiction.”

The attorney general declared that the Bahamas Securities Commission (BSC) is the main Bahamian agency in charge of dealing with the FTX situation. Pinder explained that while FTX was located in the Bahamas, the government understands that the aftermath hurt people from all around the world.

He said the case was a “very large business failure as a result of questionable internal management practices and corporate governance.” Interestingly, the Bahamas attorney general spoke about Coindesk’s Nov. 2, 2022 article that discusses Alameda Research’s balance sheet. Pinder also talked about the crypto asset FTT and how it was used as an exchange token.

After briefly mentioning the article during the speech, Pinder disclosed that Alameda Research does not fall under the regulatory jurisdiction of the Bahamas. However, he further detailed that if it is found that Alameda did commit any improprieties in the Bahamas, then Alameda will be subject to the Bahamas’ jurisdiction.

As far as FTX is concerned, Pinder disclosed that there’s an active investigation taking place right now. The Bahamas attorney general said:

We are in the early stages of an active and ongoing investigation — it’s a very complex investigation — BSC, the Financial Intelligence Unit, and the Police Financial Crimes Unit will continue to investigate the facts and circumstances surrounding FTX’s bankruptcy crisis and possible violations of Bahamian law.

Pinder further added that as with any active inquiry, officials seek to share updates in a way that does not “compromise or constrain investigators.” The attorney general remarked that it was “extremely regrettable” that the bankruptcy case “misrepresented the timely action taken” by Bahamian regulators.

Pinder believes the BSC acted with “remarkable” speed, and the Bahamian government is not too pleased about people blaming the island for FTX’s mishap. “Any attempt to blame the entire debacle on the Bahamas because FTX is headquartered here would be a gross oversimplification of reality,” Pinder told the press in his prepared speech.

Meanwhile, the crypto influencer known as Bitboy has been trying to question the former FTX CEO Sam Bankman-Fried (SBF) at the former executive’s condo in the Bahamas. As far as Alameda Research’s top executive is concerned, Alameda CEO Caroline Ellison reportedly left Hong Kong to flee to Dubai.

What do you think about the attorney general of the Bahamas’ statements on Sunday? Let us know what you think about this subject in the comments section below.

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Bitcoin 'millionaire' wallets drop 80% in year of BTC price bear market - Cointelegraph

BTC price downtrend puts pressure on Bitcoin wallets worth a million dollars or more.

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Rhyming Bitcoin - By Jason Don (hardcover) - Target

Read reviews and buy Rhyming Bitcoin - by Jason Don (Hardcover) at Target. Choose from Same Day Delivery, Drive Up or Order Pickup.

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Bitcoin, Binance Coin, Chainlink, and Monero Daily Price Analyses - Cryptopolitan

The global crypto market has seen an enhancement in value over the last day. The value of Bitcoin, Binance Coin, and others has continued to rise.

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An FTX customer who lost $750,000 during its collapse has filed a lawsuit against the Golden State Warriors, which had FTX as its 'official cryptocurrency platform'

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Ghana Takes Steps to Operationalize Gold-for-Oil Scheme — Move Expected to Help Halt Cedi’s Depreciation

According to directives issued by Samuel A. Jinapor, the Ghanaian minister for lands and natural resources, large-scale gold mining companies will be required to “sell 20% of all refined gold at their refineries to the Bank of Ghana.” A gold-for-oil scheme is part of the Ghanaian government’s plan to stop the further dwindling of the country’s foreign exchange reserves.

Bank of Ghana to Use Cedi to Pay for Gold

Following the revelation that Ghana plans to buy oil products using gold, Samuel A. Jinapor, the country’s minister for lands and natural resources, announced on Nov. 25 that starting in 2023, large-scale mining companies “shall sell twenty per cent (20%) of all refined gold at their refineries to the Bank of Ghana.” Payments for the gold will be made using the local currency — the cedi — and will be “at spot price with no discounts.”

According to a Facebook post shared by Ghanaian vice president Mahamudu Bawumia, the Bank of Ghana (BOG) and the Precious Minerals Marketing Company (PMMC), will work with the mining companies to ensure their compliance with the directive. Concerning Ghana’s so-called community mining schemes (CMS), the government said these will be required to sell their “gold outputs to government through PMMC.”

To ensure compliance, Jinapor stipulated that “mining licenses for CMS shall include a clause mandating licensees to sell their gold output to government.” According to the directives issued by Jinapor, all licensed small-scale gold miners will be subjected to conditions that are similar to those imposed on community mining schemes.

Ghana’s Dwindling Foreign Exchange Reserves

Meanwhile, in an earlier post that revealed Ghana’s gold-for-oil plan, Vice President Bawumia insisted such a decision would help preserve the country’s depleting foreign exchange reserves. He added:

The barter of sustainably mined gold for oil is one of the most important economic policy changes in Ghana since independence. If we implement it as envisioned, it will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency with its associated increases in fuel, electricity, water, transport, and food prices.

By reducing or eliminating the use of U.S. dollars when importing oil products, Ghana will effectively tackle one of the key factors behind the cedi’s rapid depreciation, Bawumia argued. As reported by Bitcoin.com News, the Ghanaian currency’s rapid decline since the start of 2022 has seen it being named the world’s worst-performing currency.

While Jinapor’s directives to gold mining companies are being framed as a channel that helps “local gold refineries obtain gold supplies from PMMC to support their operations,” some of Bawumia’s followers on the social media platform have criticized the proposed gold-for-oil policy.

Reacting to the Ghanaian vice president’s post, Facebook user Naji Alhassan said: “These are not good measures. These are window-dressing to please the bourgeois class. The best way to go is to own at least 50% of our gold and also a gold refinery to refine our gold. Very soon, the bourgeois class will deplete all the gold that the Bank of Ghana will be buying. We want pragmatic measures.”

However, some of Bawumia’s followers, like Mohammed Hashiru, applauded the move which they claimed would stop “imperialists from using their worthless papers to control, manipulate and destroy our economies.”

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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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Rhyming Bitcoin - By Jason Don (hardcover) - Target

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El Salvador President Bukele Launches Special Agency to Handle All Things Bitcoin

Nayib Bukele, the President of El Salvador, ordered the creation of the National Bitcoin Office, an agency to handle all things Bitcoin.

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Bitcoin Bulls Get Rejected As $16,700 Proves Too Strong; Here Is What To Expect

The price action demonstrated by Bitcoin (BTC) in recent times has been better than the previous week as the market suffered.

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Binance is misleading users about Proof of Reserves. Again. (Part 2)

If you hadn't seen my previous post about Binance and its child company CoinMarketCap misleading users about PoR, a quick tl;dr: Binance, indirectly through CoinMarketCap, was misleading users about Binance having provided PoR, when in fact, it had only publicly disclosed wallets in its control.

Soon after my original post, Binance "released" its "Proof of Reserves" system. Unfortunately, once again, Binance is misleading users about having produced full proof of its reserves.

As a quick disclaimer, Binance has not provided full Proof of Reserves. My post here is meant to show the efforts Binance is taking to portray itself as having done so when, in fact, it has not. This is not a post claiming that Binance doesn't have reserves to match user liabilities. There's no way to know because Binance has not provided sound proof.

What is Proof of Reserves (PoR)?

Let's first establish what PoR is. There isn't one standard definition for PoR, but there is a right and wrong way. Nic Carter, a blockchain expert, has covered this topic in-depth for several years, so I'll reference info from his website:

Proof of Reserves is the idea that custodial businesses holding cryptocurrency should create public facing attestations as to their reserves, matched up with a proof of user balances (liabilities). The equation is simple (in theory):

Proof of Reserves + Proof of Liability = Proof of Solvency

So what is the recommended way to conduct PoR?

Proving liabilities is tricky, and generally requires an auditor to engage in a full assessment. For instance, exchanges can omit certain liabilities to ‘cheat’ a PoR attestation. This is why I recommend both a user-facing PoR protocol, allowing users to obtain ‘herd immunity’ by collectively verifying their individual balances, and an auditor-facing PoR protocol, to prove that the claimed liabilities are faithful to reality.

​

Binance "releases" its "Proof of Reserves" system

So, yesterday, Binance announced the launch of a feature that allows users to "verify" that their deposited cryptocurrency has been included in an "audit." The problem is that there has been no public disclosure of a third-party audit of Binance's liabilities to users as of writing this post.

​

Snippet from the announcement

Binance is misleading users. Again.

The announcement directs users to Binance's Proof of Reserves landing page. This is where the misleading info really comes to light.

In order to show that Binance has all user assets 1:1, we have built and implemented the Merkle tree (shown below) to allow people to verify their assets within the platform...

This way people will be able to confirm that their funds are held 1:1 and they can have it verified by a third-party audit agency...

We use these properties of Merkle Trees during our Proof of Reserves assessments to verify individual user accounts are included within the liabilities report inspected by the auditor...

The Record ID enables you to independently verify that your account balance was included by the third-party auditor...

​

Snippet from the UI example on Binance PoR landing page

Where is the liabilities report inspected by an auditor? Who is the auditor? We don't know because Binance hasn't done any of this yet. Binance has announced plans for third-party audited reserves but has yet to produce anything from an external auditor. So yes, they may very well do this at some point, but they haven't yet. So why are they portraying that they have?

Well, at least, all the way at the bottom, below all the instructions and info about the new feature:

​

Snippet from the Binance PoR landing page

As it stands

Binance has not produced the very form of PoR that it is branding in the new feature, meaning they haven't disclosed any report or data from a third-party auditor that would prove that the claimed liabilities are faithful to reality.

​

At least this time, not all media ate it up...

While I was writing this post, CoinTelegraph.com dropped this article covering Jesse Powell's (Kraken co-founder) criticisms of Binance and its misleading PoR branding. Jesse calling out Binance is not surprising, considering Binance is also misleading users about the origin of "its" PoR implementation (which it hasn't even implemented yet).

​

Snippet from the Binance PoR landing page

For context, Gate.io (in 2020) followed by Kraken (in 2021) were the original exchanges to implement a PoR model that Binance is now claiming to have "built". Also, Binance didn't build anything other than a UI for this already open-source PoR method. Moreover, before any third-party auditors were available or capable of doing such audits, Kraken was doing PoR all the way back in 2014 (minus the third-party audit, opting for an attestation from Stefan Thomas).

​

Final note

Something I hadn't highlighted in my last post is that even Nic Carter called out CoinMarketCap, and indirectly, Binance, for this user-misleading behavior.

Recently, some exchanges have begun to post informal attestations as to their reserves, for instance by sharing a list of cold wallet addresses. CoinMarketCap has even taken to calling summary data on exchange holdings (see e.g. Binance) ‘Proofs of Reserve’, even though these are issued without any proof of ownership. These attestations do not satisfy either side of the conventional PoR procedure: there is no cryptographic proof of assets held (merely disclosing an address is insufficient, as it could belong to anyone), and there is no accompanying proof of liabilities outstanding. To call this a ‘Proof of Reserve’ is a blatant misuse of the term. Users should demand the highest standard and should be extremely wary of exchanges using PoR in marketing collateral without committing to the rigorous version of the practice (see the caveats in the PoR wall of fame above).

Submitted November 26, 2022 at 12:37AM by Uglarknog https://ift.tt/1R8tXpO https://ift.tt/MxNkPBL

Bank of Japan to Launch Digital Yen Pilot Program Next Year

The Bank of Japan is preparing to run a test trial of its own central bank digital currency (CBDC), the digital yen, with help from three top banks and regional institutions. The pilot program, estimated to last two years, will focus on testing the currency via several transactions, and experimenting with its functionality in environments without internet connections.

Bank of Japan to Trial Digital Yen CBDC

The Bank of Japan is planning to test the functionality of a version of its CBDC, the digital yen, in partnership with three top banks and several regional institutions, according to Nikkei. The results obtained from the pilot program, reportedly set to run for two years, will be key in the decision of the government to actually develop a digital yen.

The pilot program will include different tests for the currency to determine its behavior when doing everyday transactions, such as deposits and withdrawals. Also, the bank will be testing its functionality in emergencies, where internet connections are limited or simply not available.

This will be the first CBDC test that the Bank of Japan runs in conjunction with other financial institutions. Since April 2021, the bank has been running a proof-of-concept that tests the feasibility of a digital yen and its core functions and features. The institution announced the second phase of these tests in March 2021.

No Decision on Issuance Yet

However, tests are still focused on the functionality of the currency, and no decision on the possible issuance of a digital yen has been taken yet.

The President of the Bank of Japan, Haruhiko Kuroda, declared on March 29 that the bank has no intention of issuing a CBDC at present and that these tests had the intention of preparing to “respond to changes in circumstances in an appropriate manner, from the viewpoint of ensuring the stability and efficiency of the overall payment and settlement systems.”

The adoption of a digital currency at a nationwide level would have to be supported by the legal system, which would need to define the role of the currency and the future of private banks in the resulting structure.

Other countries like China have already issued their CBDC. The European Union is currently running a two-year test on the feasibility of issuing a digital euro, and the Federal Reserve Bank of New York announced on Nov. 19 it would experiment with a proof-of-concept of a digital dollar directed to optimize settlements.

What do you think about the Bank of Japan’s digital yen tests? Tell us in the comments section below.

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Re-Enter BangBros! Porn Producer Resubmits $10 Million Miami Heat Arena Naming-Rights Offer after FTX collapse.

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El Salvador President Bukele Launches Special Agency to Handle All Things Bitcoin

Nayib Bukele, the President of El Salvador, ordered the creation of the National Bitcoin Office, an agency to handle all things Bitcoin.

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Crypto Price Today Live: Bitcoin holds $16.5k; Polygon, Cardano & Solana tank up to 5%

Indian crypto exchange CoinDCX has published its Proof of Reverses (PoR) in partnership with Nansen. With this, CoinDCXs on-chain and off-chain ...

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Belgium says BTC, ETH and other decentralized coins are not securities

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Fumiya ‘the Most Famous Japanese in the Philippines’ Becomes PROJECT XENO Ambassador

PRESS RELEASE. Project Xeno is pleased to announce that Fumiya, a social media creator with over 6 million followers on SNS, has been appointed as the Southeast Asia ambassador for “PROJECT XENO.”

Fumiya is a social media creator based in the Philippines, working extensively as an actor, singer, TV personality, and YouTuber.

He has 2.31 million YouTube subscribers and over 6 million total followers on Instagram, TikTok, and other SNS channels (as of October 31st, 2022).

He also has been appointed as a tourism ambassador for Hamamatsu City, Shizuoka, as well as an SNS ambassador for the B League’s Santo Neo Phoenix, and now is getting attention in Japan as well.

PROJECT XENO will continue to expand its services worldwide, following the strengthening of promotions in Southeast Asia with the appointment of Fumiya as an ambassador.

We plan to particularly focus on the U.S., India, South Korea, and the Middle East and promote PROJECT XENO in each of these areas, including appointing ambassadors and holding collaborations in the future.

[Comments from Fumiya (Translation)]

“I am Fumiya, and I have been appointed as an ambassador for ‘PROJECT XENO.’ When I was living in the Philippines, I saw many young and old playing games on their smartphones. I would be happy to help spread new entertainment to Filipinos who love such a game, and the country as a whole gets excited!

I am very much looking forward to the new developments of “PROJECT XENO” in the future!”

 

———————–
PROJECT XENO official website, Twitter, and Discord for further details.

Official website: https://project-xeno.com/

Twitter: https://twitter.com/PROJECTXENO_JP

Discord: https://discord.gg/G4bk9nhJpG

 

---

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Sony Acquires 3D Animation Company Beyond Sports to Offer a Complete Sports Metaverse Experience

Entertainment and electronics giant Sony has recently completed the acquisition of Beyond Sports, a company specializing in using real-world data to produce 3D animation. With this purchase, the company is now reportedly able to offer a full metaverse experience for sports matches, complete with tech from other companies already in its portfolio.

Sony’s Beyond Sports Purchase Gets It Closer to the Sports Metaverse

Sony is now making a foray into the sports metaverse world. The company recently closed the acquisition of Beyond Sports, a 3D imaging and animation company that possesses tech to transform real information from a sports match into a metaverse representation. Numbers for the acquisition were not released, but are believed to be as high as $70 million dollars, according to Nikkei estimations.

This purchase, along with the technology of Hawk-Eye Innovations — another company owned by the conglomerate — will allow the company to produce, in real-time, content relating to basketball, baseball, tennis, and football matches. Hawk-Eye Innovations, acquired back in 2011, produces tech that allows pinpointing the position of the ball any time, and has been used by organizations like the National Football League (NFL) and National Hockey League (NHL).

Combining these two might allow Sony to create a digital, accurate representation of a field or a court, featuring realistic ball and player movement.

The Virtual Sports Market

Another company owned by Sony could fill the distribution gap to bring these experiences to audiences. Pulselive, a company that operates several sites for sports teams and organizations, would be able to include these metaverse experiences on these sites, creating a new line of revenue and taking a shot at popularizing this new take on sports.

Sony may also be able to offer metaverse matches using its line of Playstation consoles as a distribution device. The company is developing a virtual reality (VR) headset exclusively for its console, dubbed Playstation VR 2, that is confirmed to be set for release in February 2023, and could be used to enjoy these metaverse experiences in an immersive way.

Sony has already flirted with metaverse and NFT (non-fungible token) technology, filing a set of patents to use NFTs as a way of tracking the history and ownership of in-game assets. Sony CEO Kenichiro Yoshida has also stated before that Sony’s “first priority is to create a metaverse around entertainment,” using all of the tools that the brand has for this purpose.

What do you think about Sony’s latest metaverse-driven acquisition? Tell us in the comments section below.

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Despite Many Selling Bitcoin at Loss, Bottom Might Not Be Here Yet: Analysis - CryptoPotato

Although bitcoin is down by almost 80% from its ATH, some analysts believe there might still be trouble for the asset.

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So CZ basically got owned and has now become a living meme for trying to manipulate the market.

For those unfamiliar, CZ (will admit like 90% of you I can't say his real name right) is the leader of the largest crypto exchange and pretty much an indirect reason why the market has tumbled further. He sped up the process of outing Sam and helped collapse FTX which we all know the rest...

With his newfound ego boost he tried going on a further rampage and tried getting some smoke with Coinbase and he basically cowered and backed down very quickly because he knew his claims were speculation at best and complete bs at worst.

Turns out it was BS. Coinbase has pretty much revealed they may as well rename themselves BTC incorporated as they absolutely dwarf Binance in Btc reserves. Moral of the story, there are lots of people trying to create FUD and looking to further shake out retailers. CZ is now a living meme and for all the wrong reasons, his peepee was made to look very small when Coinbase whipped it out.

Submitted November 24, 2022 at 11:03PM by Socialinfluencing https://ift.tt/piIZwSO https://ift.tt/AknUx67

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Dr. Joerg Storm na LinkedIn: Opinion | How Bitcoin is being ruined by scammy crypto ...

Bitcoin was a genuine technological innovation. But the crypto industry has become filled with scams, Ponzi schemes and bad actors.

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Deloitte: Metaverse Could Add $1.4 Trillion a Year to Asia’s GDP

Deloitte estimates the metaverse could add $1.4 trillion to Asia’s GDP annually by 2035. Noting that the metaverse market could be as large as $13 trillion by 2030, the global financial services firm said: “The metaverse is no longer science fiction. Early metaverse platforms are already being used by millions.”

Deloitte’s Metaverse Study

A new report by Deloitte, titled “The Metaverse in Asia: Strategies for Accelerating Economic Impact,” estimates that the metaverse is a trillion-dollar opportunity in Asia. The study takes an in-depth look at 12 selected Asian economies: Hong Kong, India, Indonesia, Japan, mainland China, Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.

Deloitte’s report states:

We estimate that the impact of the metaverse to GDP in Asia could be between US$0.8 trillion – US$1.4 trillion per year by 2035, roughly 1.3-2.4% of overall GDP per year by 2035.

“The metaverse presents a trillion-dollar opportunity to significantly transform major economies in the region … Vice versa, the Asian economies will make a meaningful impact on how the metaverse takes shape globally,” Deloitte described, noting that “the development path of this nascent technology still remains uncertain.”

The financial services firm explained: “The metaverse is no longer science fiction. Early metaverse platforms are already being used by millions … In Asia, many consumers are already gaming, socializing, attending concerts, and purchasing items on virtual platforms such as Roblox, Decentraland, Fortnite, and Asia’s very own Sandbox and Zepeto.”

The Deloitte report further details:

The potential GDP impact estimates of the metaverse globally range from US$1.5 trillion per year by 2030 and US$3 trillion per year by 2031.

Duleesha Kulasooriya, Deloitte Center for the Edge’s managing director in Southeast Asia, was quoted by CNBC as saying: “If you look at the youths … they’re the ones who are interacting and engaging in the metaverse mostly today, and 60% of the world’s youths live in Asia.”

The managing director added: “The metaverse is inevitable. Developing the technology stacks, human capital, and regulatory frameworks to realize Asia’s trillion-dollar metaverse potential will benefit a wide range of industries and economic activities.”

Emphasizing that “the potential growth and contribution of the metaverse could be significant globally,” the report continues:

The potential global market size estimates of the metaverse (i.e., revenue) range from US$678.8 billion … up to US$13 trillion … per year by 2030.

The $678.8 billion came from Grand View Research while the $13 trillion estimate came from Citi Group. Meanwhile, Goldman Sachs sees the metaverse as an $8 trillion opportunity and McKinsey believes the metaverse could generate $5 trillion by 2030.

What do you think about Deloitte’s metaverse estimates? Let us know in the comments section below.

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Cathie Wood says Bitcoin will be worth $1 million per coin by 2030

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Submitted November 23, 2022 at 11:28PM by polloponzi https://ift.tt/q9Lbhwa https://ift.tt/AknUx67

Bitget Gives Investors an Edge With a Series of Crypto Social Trading Features

For most retail investors, trading has traditionally been a solitary exercise, making the barrier to entry relatively high. Information regarding trading instruments and market conditions can often be hard to come by or, at other times, too complex for beginners to grasp. Here at Bitget, the organisation is determined to remove this barrier by turning trading into a social, collaborative activity that investors can engage in together.

To further enhance social trading experience, the team at Bitget have recently launched two new services: Bitget Insights and Bitget Strategy Plaza. Both of these platforms allow traders to more easily share their knowledge and opinions on market conditions and trends, giving users the space and opportunity to engage in constructive collaboration. Along with other social trading products such as One-Click Copy trade, Bitget gives investors an edge with a series of crypto social trading features.

What Is Social Trading?

Social trading places a focus on bringing investors and traders together by combining the interconnectedness of social media platforms with the world of finance and trading. Through platforms built specifically for the industry, users are able to share their ideas and strategies with each other, so that beginners can better understand what experts are doing, and seasoned professionals can garner a healthy following that, on Bitget, can become an alternative source of income.

The system allows collaborative efforts to flourish and effectively lowers the barrier to entry into the world of cryptocurrencies while building more confidence for users as they make more informed financial decisions. According to a market forecast by The Insight Partners, the global market for social trading is now worth US$2.23 billion and is expected to grow to US$3.77 billion by 2028. With an expected CAGR of 7.8%, social trading is quickly becoming the new face of finance, and there’s no better time to join in on the trend than now.

Understand How Professionals Trade With Bitget Insights

While our One-Click Copy Trade service makes life as convenient as possible for users to ride on the success of more seasoned professionals, the system doesn’t exactly manage to promote deeper communication than most social media platforms promote. This is where Bitget Insights steps in. Essentially, the latest creation is a newsfeed on which expert traders can share their views and opinions on market conditions and trends, explaining to their followers in greater detail not just what positions they’ll be opening or closing, but also the reasoning behind their decisions. Registered accounts can post analyses accompanied by graphs and images to explain various cryptocurrency movements and predictions they may have for the future. Through this community, beginners and amateur traders can learn more about cryptocurrency trading, while professionals can create a following for themselves that can then translate to more copiers or subscribers to their strategies, bolstering their alternate source of income. And now that strategies have been mentioned, let’s turn to Bitget’s other new release: Strategy Plaza.

Benefit From Professional Expertise With Bitget Strategy Plaza

Bitget Strategy Plaza builds on the success of One-Click Copy Trading and offers greater flexibility when it comes to trading with expert advice. While the latter option allows users to discover professional traders and directly copy their positions (albeit with their own risk parameters), Strategy Plaza instead allows retail investors to copy any strategies that experts have created. These strategies will take the form of autonomous algorithms with set parameters that will execute trades on your behalf, given the right market conditions.

The benefit of this system is that because everything acts autonomously, your portfolio will be best positioned to react to quick market changes dictated by volatile conditions. It also takes out the emotional side of your decision-making process, meaning you can rely on the objectivity of the algorithms to prevent holding on for too long or closing too early. As with the case of copy trading, there are also benefits for strategists who publish their strategies. Each strategy you create can be sold for a price, and those who publish many can also set subscription fees so that followers can gain access to all your strategies under one umbrella payment. Together with One-Click Copy Trading and Insights, Strategy Plaza offers more options and flexibility for both beginning investors and expert traders alike.

Why Choose Bitget?

As one of the leading cryptocurrency exchanges in the derivatives space, Bitget currently serves over eight million users across more than 100 countries around the globe. The confidence and trust placed in Bitget by users have translated into more than 55,000 expert traders providing guidance to over 1.1 million copying investors in our Copy Trading service alone. The overall trading volume has now surpassed US$64 billion, with US$300 million in total revenue for traders and US$350 million for copiers. With the launch of both Bitget Insights and Bitget Strategy Plaza, these figures are expected to continue growing.

Of course, profits aside, Bitget also places a strong emphasis on safeguarding user security and privacy, and have recently increased the user protection and insurance fund from US$200 million to US$300 million, consisting of 200 million USDT and 6500 BTC. Bitget has obtained operating licences in numerous trusted jurisdictions, including the U.S., Canada, and Australia. Our cybersecurity team has also placed Bitget within the Top 10 Exchanges by Cybersecurity from Crypto Exchange Ranks, earning us 12 A+ ratings from SSL Labs.

To start your social trading journey today, head over to Bitget’s Copy Trading or Strategy Plaza pages. Find tutorial guides on how to navigate both Bitget Insights and Bitget Strategy Plaza on the website.

 

 

 

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Giving Thanks For Bitcoin And Bitcoiners

Bitcoin is a blockchain protocol with various sidechain implementations that are technology top photo. Culture · Join The Permissionless Bitcoin ...

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Bitcoin Miner Core Scientific Has Lost $1.7 Billion This Year - Bloomberg.com

Core Scientific Inc., the largest US publicly-traded Bitcoin mining company in terms of computing power, said its loss for the first nine months ...

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The most concerning part of the new Coffezilla video - whistleblower Marc Cohodes and others came forward to Bloomberg with concerns about FTX back in July - and it was ignored because, it would be bad for business, among other excuses.

At the end of the new Coffezilla video, it's disclosed that Marc Cohodes a famous short seller and investor went to Bloomberg in July with concerns about FTX and was ignored by the media conglomerate because, "it would be bad for business"

​

MC: I went to Bloomberg with my pal who I was working on this thing with and we laid it out to five crypto, five ladies on the crypto team - and they passed it and they said it would be too much work, we'd lose access, it's bad for business, they'd hang up on us if we asked these questions - at least I had the questions I don't have a PR firm"

Coffee: wait Bloomberg denied a story with you because they thought it would lose them access and it they thought it would be too much work

MC: yes, 100%

Coffee: when, when did this happen?

MC: This happened in July, this happened in early July - they had everything, they had everything - they also said - but I didn't want anyone fired - I didn't want anyone fired - so I didn't give them this, it was bad for business, I.E. Advertising

coffee: you're kidding so they admit their conflict of interest with advertisers in the crypto space.

MC: yes

So Bloomberg a company that is now famously going easy on SBF was warned about his house of cards back in July and they ignored it...

Submitted November 22, 2022 at 08:21PM by GabeSter https://ift.tt/Yetd2C0 https://ift.tt/BvA8hg1

Markets: Bitcoin, crypto rise as FTX contagion fears ease - Forkast News

Bitcoin recovered above US$16000 in Wednesday morning trading as it rose along with Ether and the rest of the crypto top 10 by market ...

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FTX Collapse Is 'Not a Crypto Failure,' Says Minnesota Rep. Tom Emmer — "It's a failure of centralized finance and a failure of Sam Bankman-Fried."

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Submitted November 22, 2022 at 11:41PM by Electrical_Potato_21 https://ift.tt/vS1a2bJ https://ift.tt/BvA8hg1

Brazilian Exchange Bitpreco to Expand to Banking Services; Bets on Cashback to Counter Crypto Fears

Bitpreco, a Brazilian cryptocurrency exchange, has decided to extend its functionality to offer banking services through a new platform called Bitybank. The company, which will also open payment and digital account services, plans to attract users to crypto through cashback programs that counter the fears of users purchasing cryptocurrencies in today’s uncertain market.

Bitpreco to Launch Banking Services Through Bitybank

While several traditional banking institutions are now offering or considering offering cryptocurrency-related services in Brazil, crypto-centric applications are also seeking to include traditional financial instruments in their services portfolio. Bitpreco, a Brazilian exchange, is now expanding its services to offer banking functions. The company is one of the largest in Brazil, accounting for 13% of all bitcoin transactions in the last three months.

Ney Pimenta, one of the partners at Bitpreco, explained that these new services, which will include payments, digital accounts, and even credit cards, will be offered through a new app called Bitybank. The objective of this inclusion is to drive more users to crypto through the offering of less niche-oriented services. On this, Pimenta explained:

Digital banking was a great success in Brazil. It is an extremely easy way to bring users to the crypto world with a full-service experience where they can buy, sell, withdraw, deposit, exchange for other assets, and experience DeFi, with the same ease of investing in savings.

The company forecast an increase of 50% in its user base with this move, having already registered a five-fold increase in user registrations from 2020 to 2021.

Cashback as Adoption Incentive

Pimenta is aware of the current state of the market, which is facing the downfall of FTX, one of the largest cryptocurrency exchanges in the world. This has led the company to invest in strong cashback programs in order to bring people to crypto through rewards.

Pimenta explained how customer fear can be overcome even in today’s cryptocurrency market, stating:

A lot of people are afraid of buying cryptocurrency, but they wouldn’t have the same fear if they won this cryptocurrency. It’s a way to bring that mass into this universe.

While Pimenta explained that Bitpreco wants to have the best cashback program in the crypto market, he did not reveal further details on the structure of this plan. However, he did say that the institution might be including bitcoin, ether, and solana among the currencies offered as rewards to customers using cards issued by the company.

What do you think about Bitpreco and its strategy to boost cryptocurrency adoption? Tell us in the comments section below.

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Sam Bankman-Fried reportedly owns a $100 million stake in Elon Musk's Twitter

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Submitted November 22, 2022 at 09:56PM by Second_Week_of_2021 https://ift.tt/DCwkR2U https://ift.tt/BvA8hg1

Bitcoin price falls to more than two-year low amid growing concerns about FTX fallout

Bitcoin fell to more than a two-year low in Tuesday morning trading in Asia as investors drove most cryptocurrency prices lower on concerns the ...

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Warren Buffett’s Berkshire Hathaway Warns About Crypto Exchange Website Using Its Name

The Warren Buffett-led Berkshire Hathaway has issued a statement warning that a cryptocurrency exchange website is using its name. The company stressed that the crypto firm has no affiliation with Berkshire Hathaway Inc. or its chairman and CEO, Warren E. Buffett.

Berkshire Hathaway Warns About a Crypto Website

Berkshire Hathaway Inc. warned Friday that a crypto exchange website is using its name. “Earlier this afternoon it came to our attention that there is an entity using the name Berkshire Hathaway,” the company stated, elaborating:

The entity … has no affiliation with Berkshire Hathaway Inc. or its chairman and CEO, Warren E. Buffett.

The crypto website in question is berkshirehathawaytx.com. Its landing page indicates that the company is a bitcoin exchange. “Berkshire Hathaway is a Texas-based company created to give our investors the opportunity to achieve a completely passive income from investment in cryptocurrency mining,” the website’s front page details.

The website advertises:

You will get profit every day on an ongoing basis.

Berkshire Hathaway CEO Warren Buffett and Vice Chair Charlie Munger are both bitcoin and crypto skeptics. Buffett previously said that the cryptocurrency is “rat poison squared.”

Munger has called bitcoin “rat poison” and “contrary to the interest of civilization.” He even compared BTC to venereal disease. In July, he recommended avoiding bitcoin as if “it were an open sewer, full of malicious organisms.” In addition, the Berkshire Hathaway executive believes that governments should ban cryptocurrencies.

Typical Scam Website

The Berkshire Hathaway crypto exchange website exhibits many signs of being a scam, similar to several schemes Bitcoin.com News previously warned about, including Bitcoin Revolution, Bitcoin Superstar, Bitcoin Era, and Bitcoin Loophole.

For example, the platform has an upfront cost. The site lists seven investment plans costing between $1,000 and $70,000. Each plan claims to allow users to invest and earn up to a certain amount. The plans also guarantee that users will “profit every day on an ongoing basis.” The website further shows a list of users who supposedly made tons of money using the system.

The contact address listed on the website belongs to a single-family home, and no phone number is listed. The contact email uses the web address of Warren Buffett’s Berkshire Hathaway.

The site also claims to be “regulated by several financial authorities,” including the U.K. Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). However, the Berkshire crypto website is not listed on any of the above regulators’ approved lists.

Many regulators worldwide have warned that scammers often falsely claim to be registered with them. However, funds uploaded to any of these websites are unlikely to be seen again.

What do you think about the scam crypto site using the name of Warren Buffett’s Berkshire Hathaway to promote its scheme? Let us know in the comments section below.

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Cardano to launch new algorithmic stablecoin in 2023

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Submitted November 21, 2022 at 06:17PM by Yuuki__konno https://ift.tt/BYv7UNI https://ift.tt/poraEYb

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Biggest Bitcoin Fund Hits 45% Discount as Parent's Woes Deepen - BNN Bloomberg

The Grayscale Bitcoin Trust (ticker GBTC) closed a record 45% below the value of its underlying coins on Friday, according to Bloomberg data. The ...

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Cardano to launch new algorithmic stablecoin in 2023

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Submitted November 21, 2022 at 06:17PM by Yuuki__konno https://ift.tt/BYv7UNI https://ift.tt/poraEYb

Crypto Price Today: Bitcoin slips below $16K; Dogecoin, XRP, Polygon tank up to 12%

Crypto markets continued to remain weak on Monday spooked by FTX Collapse and hawkish Fed commentary. Bitcoin dropped further and breached the ...

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We don’t know whether it will go up or down from here. What we do know? There is an extremely high degree of fear right now. That means buy. Simple.

Doesn’t mean it can’t go lower from here. It very well may. But we have no way of knowing and it’s pointless to wonder. What matters is we just witnessed a true Black Swan event and fear is as high as I’ve seen in my time in crypto. Based on the rules of investing, that simply means buy. Don’t overthink it. Don’t get too greedy, you might miss the opportunity completely. At least you gotta put a portion of your cash in now.

If anything, this whole episode has demonstrated Bitcoin’s value more than ever. It’s the exact same product it was 6 months ago and 12 months ago. Would you rather have bought 6 months ago, or today? This is a good entry price based on every conventional investment rule of thumb.

Buy the fear, folks.

Submitted November 20, 2022 at 07:03PM by WSox1235 https://ift.tt/NXih7z9 https://ift.tt/Oj7g5S9

„The Ecstasy of Crypto 2 - Bitcoin Edition“ #174/538 | Nifty Gateway

Market Statistics for all Editions „The Ecstasy of Crypto 2 - Bitcoin Edition“. * Statistics are generated from the NFT activity on our platform ...

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What is GBTC and Why Won't They Show Proof of Reserves

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New Council at Ukraine’s Securities Watchdog to Draft Crypto Taxation Regulations

A special council under Ukraine’s securities regulator will be tasked to develop rules for crypto taxation in the country. The new body will be also responsible for coordinating the regulation of various crypto activities and adjustments to the applicable legislation.

Advisory Board to Take On Matters Related to Cryptocurrency Taxation in Ukraine

The National Securities and Stock Market Commission of Ukraine (NSSMC) has set up an advisory council that will be entrusted with the further development of the regulations for the digital asset market in the Eastern European nation.

The new board’s first task will be to prepare amendments to the country’s Tax Code reflecting the specifics of taxing cryptocurrency transactions, the authorities in Kyiv said in an announcement published before the weekend.

The changes are necessary in order to enforce Ukraine’s law “On Virtual Assets,” which was adopted in September 2021 and signed after revisions by President Volodymyr Zelenskyy in March, this year. The council will draft the respective amendments to the VA law, too. According to the NSSMC, the law will be finalized taking into account the provisions of the European Markets in Crypto Assets (MiCA) framework, the crypto news outlet Forklog noted in a report.

The board, expected to “provide quality expertise and professional evaluation,” will also coordinate efforts of government institutions in finding solutions for other issues pertaining to the regulation of activities in the crypto market.

The body will comprise representatives of relevant regulatory bodies, leading market experts and other interested participants. “The opinion of all parties to the process is important and interesting for the Commission, so it is ready for an open and constructive dialogue,” the statement emphasized.

Amid an ongoing war with Russia, Ukraine has been relying on crypto donations to fund its defense and humanitarian efforts. Before the conflict started in late February, the country had already established itself as a regional leader in terms of crypto adoption.

Do you expect Ukraine to quickly regulate the taxation of crypto transactions amid ongoing hostilities with Russia? Tell us in the comments section below.

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Mooners and Shakers: FTX accounts drainer dumps ETH for BTC; contagion fears spread

If you wanted a crypto week free from FUD, free from FTX fallout, this may not be it. How's Bitcoin going, though? Hanging in there. For now.

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Here's Why Algorand(ALGO) Price May Outperform Bitcoin In Near-Term Growth - Coingape

The algorand price posed for further recovery as it breached a local resistance of $0.29; should you enter now?

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Crypto Prices Today: Bitcoin Down 0.96%, Ethereum Down 0.83% - Outlook India

Bitcoin fell by 0.96 per cent, and it was trading at $16635.46, while Ethereum was down by 0.83 per cent to $1208.52 on Saturday evening.

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Bitcoin hits 'this' low, but what's the unrevealed narrative around BTC - AMBCrypto

Bitcoin's SOPR hit its lowest point more than two years after the last one; Short-term projections for the king coin showed bearish signs despite ...

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Importance of not letting others know about your crypto holdings

So let me share a real incident with all of you that happened two months before in India. There was a businessman and he used to own some crypto for trading and also as an investment.

His friends came to know about exact amount he had which was quite big amount in my country. It happened because he casually mentioned it to them and showed them his investment and profit.

Now these friends made a plan and kidnapped him and then asked him to trasfer all the crypto to their wallets. It was about 3 BTC in total. But the good thing was that he escaped them and then told police about all this and the funds were recovered. But he could might have lost his life and all the crypto because of this incident.

So the lesson here is to never tell anyone exact amount you hold. You can inform just one member like your parents or wife about this so that they can recover the funds in case anything happens to you but never tell this information to casual friends or distant relatives.

Submitted November 19, 2022 at 10:41PM by TomatilloFabulous602 https://ift.tt/pAVZPNu https://ift.tt/Zf8UbGy

Bitcoin․com Announces ‘CEX Education Program’ to Reward Victims of Centralized Crypto Failures and Bolster DeFi

Bitcoin.com announced the creation of a program that will reward people affected by centralized crypto company insolvencies while encouraging the adoption of decentralized finance and self-custody. The CEX Education Program will draw its resources from Bitcoin.com’s wallet token VERSE, which is launching in December. Five percent of the total VERSE token supply is dedicated to the program.

Victims of FTX, Blockfi, Celsius, Voyager, and other failed centralized entities will be eligible to claim a reward from the CEX Education Program by signing up at getverse.com. In the future, Bitcoin.com will continue to use the program to assist victims and incentivize them to onboard to self-custodial products.

“With slick UX, logos on sports stadiums, Matt Damon commercials, Tom Brady endorsements, and big ‘guaranteed’ returns, the lure of CeFi is strong. But as we’ve seen, lack of transparency in the centralized model, whether it be in crypto or tradfi, is an enabler for the gross mismanagement of customer funds and, in some cases, blatant fraud,” said Bitcoin.com CEO Dennis Jarvis.

“Centralized companies masquerade as ‘crypto,’ but in reality their business model relies on separating users from their coins, which is antithetical to the entire proposition of crypto. Bitcoin and decentralized finance are transformative precisely because they empower people to take custody of their assets while at the same time enforcing radical transparency in the underlying financial infrastructure. The CEX Education Program is an effort to provide the incentives needed to encourage the transition away from risky centralized exchanges to self-custody, where the real benefits of this technology lie.”

Bitcoin.com has a long track record of being a vocal supporter of self-custody. The Bitcoin.com Wallet, which provides a safe and easy-to-use self-custodial experience, has served as the gateway for millions of newcomers to the space. Users hold their own private keys, which means they are not at risk of fraud or mismanagement of their funds — as they are when they forfeit management of their cryptoassets to centralized entities.

Now, with more than 35 million wallets created across five blockchains — including Ethereum, Avalanche, and Polygon — the Bitcoin.com Wallet constitutes an important retail gateway to DeFi. Bitcoin.com’s commitment to DeFi is bolstered by VERSE, which will reward participants for buying, selling, storing, using, and learning about cryptocurrency while supporting those who are seeking accessible onboarding into the self-custodial model.

The implosion of FTX and Alameda strengthened the Bitcoin.com team’s resolve in their mission to help create economic freedom by building the tools people need to safely engage in decentralized finance.

“Despite this and other implosions occurring in CeFi (not DeFi), it’s nevertheless a black eye for the whole industry. Many who got burned will leave, and many more still on the sidelines will view it as a reason to stay away – and that’s a real shame because decentralized finance is a force for good. Bitcoin.com has decided to do something about this situation that will extend some sort of recompense, promote the foundational tenets of self-custody and DeFi, and help build back this industry stronger than ever.”

 

 

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Here's Why Algorand(ALGO) Price May Outperform Bitcoin In Near-Term Growth - Coingape

The algorand price posed for further recovery as it breached a local resistance of $0.29; should you enter now?

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Bitcoin Backed Loans w/ Tristan and Aaron from Moon Mortgage on Apple Podcasts

Tristan and Aaron from Moon Mortgage visit the Bitcoin Magazine podcast to break down how you can take a loan against your Bitcoin and why you ...

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Peter Schiff Warns of "Tether Run," Says Bitcoin May Follow - U.Today

If so, a run on Bitcoin will soon follow." Throughout 2022, the crypto economy has been in the throes of a bear market exacerbated by the Terra, ...

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UK Law Commission Seeks Evidence on DAOs — Expert Says ‘New Legal Forms Are Required’

The United Kingdom Law Commission recently asked experts and users to participate in a ten-week exercise whose objective is to help the commission better understand how decentralized autonomous organizations (DAOs) operate. A blockchain expert says the commission’s call shows that the U.K. is “leading the way in thinking and developing the law and other institutions that are needed.”

Legal and Regulatory Status of DAOs Not yet Clear

The United Kingdom Law Commission recently said it is seeking experts’ opinions on decentralized autonomous organizations (DAOs) and how the laws of England and Wales can accommodate them. In a statement released on Nov. 16, the commission acknowledged that thousands of DAOs exist today, yet only a “few appear to be structured using the law of England and Wales.”

In addition to the ambiguities over what constitutes a DAO, questions have been raised about their legal status and “the liabilities of those who participate in them, and the rules and regulations that apply to them.” Consequently, the commission said it has been asked by the U.K. government to probe all of these issues.

Commenting on the commission’s plan to seek expert views, Sarah Green, the law commissioner for commercial and common law, said:

“DAOs are said to offer multiple benefits to market participants, incentivizing cooperation and innovation, levelling playing fields, reducing the scope for human error, lowering costs, and increasing transparency. Yet their legal and regulatory status is unclear. Our work will aim to build consensus on the best ways of describing the constituent elements of DAOs and to highlight ways in which the law of England and Wales might foster their development.”

‘New Legal Forms Are Required’

Reacting to the Law Commission’s call, Alex Simms, an associate professor at the University of Auckland, told Bitcoin.com News that such a move “demonstrates the growing recognition of the importance that DAOs will play.” According to Simms, this will not just apply in the Web3 world, “but also as a new way of forming and operating organizations.”

Simms, a blockchain researcher and systems thinker, also described the Law Commission’s call as a recent example that shows that the U.K. is “leading the way in thinking and developing the law and other institutions that are needed as we move further into the digital age.”

When asked if there is a better way of establishing standards for DAOs, Simms noted that the problem does not lie with the technology but with the law.

“People are quite correctly worried about potential personal legal liability. So they are trying to hack the legal system and/or legislatures are making changes to existing legal structures to accommodate DAOs (eg some states in the US amending their LLC structures.) This is not ideal and new legal forms are required,” the associate professor explained.

However, Simms argued that she does not see the sense in having a single legal structure for all DAOs. She insisted that this has been the norm with a range of other legal structures for different organizations.

What are your thoughts on this story? Let us know what you think in the comments section below.

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Bitcoin Backed Loans w/ Tristan and Aaron from Moon Mortgage on Apple Podcasts

Tristan and Aaron from Moon Mortgage visit the Bitcoin Magazine podcast to break down how you can take a loan against your Bitcoin and why you ...

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Bitcoin Backed Loans w/ Tristan and Aaron from Moon Mortgage on Apple Podcasts

Tristan and Aaron from Moon Mortgage visit the Bitcoin Magazine podcast to break down how you can take a loan against your Bitcoin and why you ...

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Scarce City Launches Bitcoin ECommerce Platform SatsCrap

The marketplace lets users buy and list any legal products in return for bitcoin and is running a holiday promotion until November 28.

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Michael Saylor⚡️ on Twitter: "#Bitcoin on #Lightning⚡️ is the future of Digital Money. https://t.co ...

#Bitcoin on #Lightning⚡️ is the future of Digital Money. Embedded video. 1:33. 217.3K views. From. CoinCorner ⚡️ Buy Bitcoin at CoinCorner.com.

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Ripple Partners With Africa-Focused Remittances and Payments Firm MSF Africa

Ripple, the United States-based tech firm, has said its crypto solution known as “on-demand liquidity” is set to help MSF Africa “streamline real-time mobile payments for customers in 35 countries.” The evolution of Ripple’s partnership with MSF Africa, which has 800 payment corridors across the continent, will ostensibly see the whole region getting a chance to reap “the financially inclusive benefits.”

Enabling Faster, Low-Cost Remittances

The United States-based technology company, Ripple, announced on Nov. 14 that it had formed a partnership with MSF Africa that is expected to help “streamline [MSF Africa’s] real-time mobile payments for their customers across 35 countries.” As part of the agreement, MSF Africa, a leading fintech group on the continent, will use Ripple’s crypto solution known as on-demand liquidity (ODL).

Commenting on MSF Africa’s decision to partner with Ripple, the mobile financial solutions company’s CEO, Dare Okoudjou, said:

MFS Africa’s mission is to make borders matter less when it comes to payment within, to, and from Africa. We’re delighted to advance this mission through our partnership with Ripple to enable fast, secure and low-cost remittances, at scale.

The CEO added that his firm’s partnership with Ripple represents its first attempt at using blockchain technologies “to amplify our [MSF Africa’s] impact on consumers and businesses on the continent growth in a new economy.”

Meanwhile, in their Nov. 14 blog post, the Ripple team, which described the partnership as a “win for financial inclusion in Africa,” insisted that ODL is helpful to “markets that often struggle with liquidity sourcing.”

The team added that the evolution of the arrangement between Ripple and MSF Africa, which has 800 payment corridors across the continent, will see the “entire region stand to reap the financially inclusive benefits.”

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Markets: Bitcoin flat, most crypto top 10 fall as Fed indicates further rate rises

Bitcoin traded little changed Friday morning in Asia, while Ether fell along with most other non-stablecoin top 10 cryptocurrencies by market ...

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MEXC Global Now Exceeds 10 Million Users; The Meaning Behind the Upgrade Color to ‘Ocean Blue’

PRESS RELEASE. As of September 2022, MEXC has finally reached a respectable milestone of 10 million users! To celebrate this unique achievement, starting November 18th of this year, MEXC will introduce a major brand color change to its global userbase to spread awareness for which it stands for. After surveying customers directly during a limited roll-out in South Korea, the color has transitioned from MEXC’s original ‘Forest Green’ color-scheme, to a new, beautiful ‘Ocean Blue’ pallet.

At MEXC, our #1 priority is adhering to the principle of ‘Users Come First’. Upon further surveying additional global markets, the response has been overwhelmingly positive for ‘Ocean Blue’ – the change is now permanent. Vice President of MEXC, Andrew Weiner states that users in Korea advocated strongly for the rebrand to ‘Ocean Blue’. “Following our evaluation, we tested the requested color upgrade with our passionate users from MEXC Korea. It was great to see the change so well-received, and MEXC is truly grateful for the customer insight that directly influences our views and image.”

Now, why ‘Ocean Blue’? Our blue oceans cover 71.35% of Earth’s surface, whereas the forest area accounts for just 7.27%. Forests are fragile, and restricted to the land – but the sea is immense and limitless. ‘Ocean Blue’ incorporates ‘every river that flows into the sea.’ According to Weiner, ‘Ocean Blue’ is also a more accurate reflection of MEXC’s brand identity. “We are calm and professional, open and inclusive, and powerful and innovative – inviting every user to dive deep and explore what treasures MEXC has to offer!”

MEXC was founded in April 2018. It is the world’s leading one-stop crypto shop and fastest growing exchange. They offer futures, spot, ETF, and NFT Index trades, as well as staking, MX DeFi, and many other services for our special users.

“When we look back at MEXC’s history, ‘Users Come First’ has always been more than a motto – it is the recipe to our success,” Weiner said. Which the improvement of the brand color can not exemplify.

MEXC significantly upgraded its Futures trading system and product functions in their June 2020 release. Before the upgrade, the operations, product, and technical teams spent months doing thorough consumer research, gathering feedback, and performing rigorous product testing. The improvements range from minute details to extravagant enhancements to customer journeys, including such examples as “Lightning Close,” and “Leverage Multiples Adjustment”. All these upgrades came directly from MEXC’s skilled team and loyal customer feedback.

‘Users Come First’ has been the heart of the crypto industry’s essential values of decentralization and community spirit and MEXC bleeds this mantra. “It is because we put our users in the forefront and present them with our professional goods and services that we are able to have reached the accolades of reaching the highest liquidity in futures, spot, and ETFs in the second half of this year with constant efforts,” Andrew explained. “Please enjoy our rebrand and take comfort that you are in safe hands.”

 

 

 

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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