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Digital Currency
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FTX Execs Maxed Out Donations to Rep. George Santos
Submitted January 27, 2023 at 07:39PM by bingorunner https://ift.tt/lsU7Fgv https://ift.tt/7cuT2Dq
Friday, January 27, 2023
Paraguayan Bitcoin Mining Companies Hurt by Power Rate Hikes of Over 50%
Paraguayan mining companies are taking a hit to their profitability due to the steep power fee hikes the government has established for cryptocurrency mining activities. According to reports from Braiins Mining business developer Nano Grijalba, after the veto of the crypto law, the change in power fees makes mining hosting an unprofitable business in Paraguay.
Bitcoin Mining Power Fee Hike Hurts Paraguayan Companies
Once seen as a haven for bitcoin and crypto miners, Paraguay has changed. Paraguayan miners now complain due to the price hikes the government has applied specifically for the industry of cryptocurrency mining. According to reports from Nano Grijalba, business developer of Braiins Mining, this price hike of over 50% is discriminating against bitcoin miners directly using the excuse of the low number of jobs the industry creates.
Grijalba criticized the environmental logic of these measures. On this issue, he stated:
Paraguay’s decision to increase fees for bitcoin mining, a clean industry, while attracting high-emissions industries with low fees, is questionable. We must prioritize support for clean industries for a sustainable future.
Hosting Activity Affected
Grijalba raised concerns about the future of the hosting activity in the country, which consists in offering mined logging maintenance services for third parties. He explained that costs and the margins of the international market made offering this service impossible.
The Paraguayan Congress passed a legal framework to regulate cryptocurrency mining and exchange activities in the country, establishing limits to the power fees for mining in July, last year. However, this law was vetoed in August by the current president of Paraguay, Mario Abdo Benitez, who stated the industry was characterized by its “high consumption of electrical energy, with intensive use of capital and little use of labor.”
Abdo Benitez also explained that the growth of the crypto-mining activity might push the country to import energy in the future. Congress attempted to pass the cryptocurrency law project without having presidential support but lacked the necessary votes, and finally shelved it in December.
Grijalba revealed that miners are currently working hand in hand with authorities to reintroduce laws that would lessen the burden that miners are currently facing. About this, Grijalba declared:
A new decree is currently being worked on to make it attractive again, we hope it will address the issue of import taxes, another weak point.
However, no more details were offered on this new decree. Finally, Grijalba called for the normalization of these activities in the country for the benefit of the national economy.
What do you think about the state of bitcoin mining in Paraguay? Tell us in the comments section below.
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Fortune Unicorn Club (FUC), the First DIY-Mint Method NFT Project, Has Won 2 Million in Funding in the ForChain Labs’ Seed Round
PRESS RELEASE. ForChain Labs was founded in April 2022 as a web 3 startup company. Meanwhile, the NFT project, Fortune Unicorn Club, was being developed. ForChain Labs has raised 2 million funds in its seed round and will use the funds to develop and operate Fortune Unicorn Club (FUC), the first NFT project to utilize DIY-minting.
As reported, ForChain Labs currently manages investments in four major segments: industrial, technology, finance, and web 2, with 198 portfolio companies and $9.3 billion in assets. As a result, the venture capital sector is actively exploring opportunities in the Web 3 market, and ForChain Labs has become one of the VC’s first companies to be backed by a Web 3 company. Due to confidentiality agreements, we cannot disclose more information about the venture capital firm at this time.
Fortune Unicorn Club (FUC) allows people to select traits during their mint. It offers 500+ high-quality 3D traits for people to assemble their FUC avatar, so the minter is the one to decide what the metadata is and the one to decide what each unique FUC avatar looks like. Thus, the NFT collection is generated by pure human aesthetics rather than generated by a cold random program or AI. ForChain Labs hopes people can put their personalities and stories into each FUC avatar using the DIY-mint method. In addition, it lets each FUC avatar carry an additional sentiment value, making the FUC collection more meaningful.
Furthermore, FUC has built its Create-to-Earn system. Minter (who decides what the unique FUC avatar looks like) will become Avatar Creator and receive 3% royalties on the avatar they created for life. Minters can claim their royalties anytime in FUC Holder Portal. The team aims to lower the threshold of co-creation and encourage people to co-create an NFT collection through this approach.
Metaverse and AR are also parts of FUC’s roadmap. However, the team claims it will never build its metaverse but will keep adapting for more popular metaverses. The team believes there are more proper ways to bring holders value than creating a metaverse. Instead, they will bring holders eternal value by building its compatibility and adapting FUC avatars into increasingly popular metaverses. Soon, holders can get into metaverses with the FUC avatar they created.
More Info:
https://twitter.com/FortuneUnicornC
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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How Did Cryptocurrencies Rise to Such Impressive Heights? Big Eyes Coin, Bitcoin, And ...
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IRS revealed to be FTX creditors
Submitted January 27, 2023 at 12:05AM by nicoznico https://ift.tt/OFfaWp1 https://ift.tt/TM4uBRL
Fortune Unicorn Club (FUC), the First DIY-Mint Method NFT Project, Has Won 2 Million in Funding in the ForChain Labs’ Seed Round
PRESS RELEASE. ForChain Labs was founded in April 2022 as a web 3 startup company. Meanwhile, the NFT project, Fortune Unicorn Club, was being developed. ForChain Labs has raised 2 million funds in its seed round and will use the funds to develop and operate Fortune Unicorn Club (FUC), the first NFT project to utilize DIY-minting.
As reported, ForChain Labs currently manages investments in four major segments: industrial, technology, finance, and web 2, with 198 portfolio companies and $9.3 billion in assets. As a result, the venture capital sector is actively exploring opportunities in the Web 3 market, and ForChain Labs has become one of the VC’s first companies to be backed by a Web 3 company. Due to confidentiality agreements, we cannot disclose more information about the venture capital firm at this time.
Fortune Unicorn Club (FUC) allows people to select traits during their mint. It offers 500+ high-quality 3D traits for people to assemble their FUC avatar, so the minter is the one to decide what the metadata is and the one to decide what each unique FUC avatar looks like. Thus, the NFT collection is generated by pure human aesthetics rather than generated by a cold random program or AI. ForChain Labs hopes people can put their personalities and stories into each FUC avatar using the DIY-mint method. In addition, it lets each FUC avatar carry an additional sentiment value, making the FUC collection more meaningful.
Furthermore, FUC has built its Create-to-Earn system. Minter (who decides what the unique FUC avatar looks like) will become Avatar Creator and receive 3% royalties on the avatar they created for life. Minters can claim their royalties anytime in FUC Holder Portal. The team aims to lower the threshold of co-creation and encourage people to co-create an NFT collection through this approach.
Metaverse and AR are also parts of FUC’s roadmap. However, the team claims it will never build its metaverse but will keep adapting for more popular metaverses. The team believes there are more proper ways to bring holders value than creating a metaverse. Instead, they will bring holders eternal value by building its compatibility and adapting FUC avatars into increasingly popular metaverses. Soon, holders can get into metaverses with the FUC avatar they created.
More Info:
https://twitter.com/FortuneUnicornC
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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Thursday, January 26, 2023
‘Prohibitive’ Capital Rules for Banks Holding Crypto Win Support in EU Parliament
Lawmakers in the European Union have backed legislation imposing new capital requirements for financial institutions, including strict rules meant to cover crypto-related risks. The latter concern banks keeping digital assets and are expected to enter into force in January, 2025.
EU Legislators Approve Draft Law Implementing the Basel III Capital Regulations for Banks
Members of the European Parliament’s Committee on Economic and Monetary Affairs (ECON) supported a bill on Tuesday designed to enforce the latest global bank capital rules. Reuters noted in a report that the lawmakers have also incorporated specific requirements addressing risks that stem from crypto assets.
The general rules are part of the Basel III reforms, a set of internationally agreed measures developed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. Their main purpose is to strengthen the supervision and risk management of banks.
Other jurisdictions, including the U.S. and U.K., are also moving in a similar direction. However, ECON is introducing additional regulations with the European draft law, obliging banking institutions to hold enough capital to fully cover crypto asset holdings.
“Banks will be required to hold a euro of their own capital for every euro they hold in crypto,” explained Markus Ferber, a center-right member of the committee from Germany. He elaborated:
Such prohibitive capital requirements will help prevent instability in the crypto world from spilling over into the financial system.
ECON Takes Harder Line Than EU Member States
The changes, which are in line with the recommendations of global banking regulators, represent an interim measure pending further legislation. An earlier version of the bill was already approved by the member states and the European Parliament will have to negotiate the final draft with them.
The EU states have adopted a more accommodative approach to when foreign banks providing services to European customers should open a branch or transform one into a more capitalized subsidiary. The ECON members took a harder line, the report remarks.
Fine-tuning is to be expected. For example, the Association for Financial Markets in Europe (AFME) pointed out that the draft lacks a definition of crypto assets. The industry organization believes it could be applied to tokenized securities eventually.
The AFME also says that the EU should avoid a potential adverse impact of tightening access to international markets and cross-border services while it seeks to consolidate its autonomy in capital markets in the face of competition from the U.K., following Brexit.
Last summer, EU institutions and member states reached agreement on Europe’s new Markets in Crypto Assets (MiCA) legislation. The package is expected to enter into force in 2023 but businesses will have another 12 to 18 months to comply with it.
Do you think the European Parliament will adopt the stricter capital requirements for banks holding crypto assets? Share your expectations in the comments section below.
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Microsoft is shutting down its metaverse
Submitted January 25, 2023 at 11:05PM by kwestro https://ift.tt/Y6rEMPS https://ift.tt/iohrUMn
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Why Bitcoin Price Breaking Resistance at $23k and $25k Could be Massively Bullish
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Central African Republic Sets Up Committee Tasked With Drafting Crypto Bill
The Central African Republic (CAR) president, Faustin-Archange Touadéra, recently said his government has established a 15-member committee tasked with creating a comprehensive legal framework that governs the use of cryptocurrencies. According to an official document issued by the CAR cabinet, the committee has already started its work and will regularly update the government.
CAR’s Ambitions
The Central African Republic (CAR) leader, Faustin-Archange Touadéra, recently revealed that his country has set up a committee that is expected to draft a bill on the use of cryptocurrencies. The committee, which is comprised of 15 experts drawn from various government ministries, is expected to create a legal framework that helps the CAR achieve its goal of becoming a globally recognized blockchain technology-embracing country.
15 experts #centrafricains issus de plusieurs ministères de mon gouvernement composent le comité chargé d'élaborer un nouveau projet de loi plus complet sur l'utilisation des crypto-monnaies et d'offrir à la RCA cette opportunité unique de développement économique & technologique pic.twitter.com/bZTS8HQxH3
— Faustin-Archange Touadéra (@FA_Touadera) January 20, 2023
In an update issued via Twitter, President Touadéra, whose country became the first African state to adopt bitcoin, also shared a communique outlining his country’s vision as well as the various government ministries that have seconded experts to the committee.
“15 experts from several ministries of my government make up the committee responsible for drafting a new, more comprehensive bill on the use of cryptocurrencies and offering CAR this unique opportunity for economic & technological development,” President Touadéra said in a recent tweet.
The CAR leader’s latest remarks come just a few weeks after a team promoting his country’s crypto token known as the sango coin announced the postponement of the scheduled listing of the coin. As reported by Bitcoin.com News, the postponement was prompted by what the team called “current market conditions.”
Before being forced to delay the listing of the coin, the Touadéra government’s coin offering suffered a major setback after a constitutional court ruled that the proposal to grant citizenship to sango coin holders was illegal.
However, despite these setbacks, the CAR leader’s government has vowed to proceed with its work. Meanwhile, in the communique, the CAR government said the committee is already at work and will regularly issue progress updates.
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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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Bitcoin price eyes $25,000 as Goldman Sachs ranks BTC as the best-performing asset of 2022
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Microsoft is shutting down its metaverse
Submitted January 25, 2023 at 11:05PM by kwestro https://ift.tt/Y6rEMPS https://ift.tt/iohrUMn
Wednesday, January 25, 2023
Grand Traverse County Woman loses $48000 in Bitcoin Scam - 9&10 News
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Bitcoin at $10,000 or $250,000? Investors are sharply divided in 2023 - CNBC
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Elon Musk Praises Reports on Latam Common Digital Currency: ‘Probably a Good Idea’
Elon Musk, CEO of Twitter, SpaceX, and Tesla, has given his opinion about the latest reports on the creation of a common currency in Latam, to be initially worked on by Argentina and Brazil. Musk stated that this move would be “probably a good idea,” commenting on the topic on social media.
Elon Musk Gives His Take on Latam Common Currency
The latest reports that Brazil and Argentina will start to study the issuance of a common currency for Latam have already caused reactions all over the world. Elon Musk, CEO of Twitter and Tesla, has recently given his appreciation when it comes to the issuance of such a currency, that would come to create a common economic area for the countries of Latam.
Answering a tweet that stated other nations in Latam would be invited to join the plan to create the second-largest currency union behind the European Union, Musk stated:
Probably a good idea.
Minister of economy of Argentina, Sergio Massa, warned that this discussion would be just one of the first steps in the construction of the currency that is being preliminarily called “sur,” and that it might take some time for this initiative to be completed. The purpose of this currency would be to undermine the strength of the U.S. dollar in the region.
Distrust in the Dollar
There have been several personalities that have been predicting the fall of the U.S. dollar as a personal and world reserve currency, calling individuals to abandon fiat money and invest in more sound alternatives. Robert Kiyosaki, the author of the book Rich Dad Poor Dad, has been alerting his followers about this since some time ago, stating that the U.S. dollar was “toast,” as Saudi Arabia manifested its intention of joining BRICS in October. Also, Kiyosaki recommended buying bitcoin to avoid the crash of the dollar, that according to his opinion, would occur by January 2023.
In March, Musk made recommendations on social media for his followers on inflation rates and how he believes in dumping dollars to acquire physical assets.
Musk explained:
As a general principle, for those looking for advice from this thread, it is generally better to own physical things like a home or stock in companies you think make good products, than dollars when inflation is high.
Furthermore, Musk clarified that he would not sell his bitcoin or dogecoin at that moment.
What do you think about Elon Musk’s take on the reports about the issuance of a Latam common currency? Tell us in the comments section below.
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The coming AI-based Cryptocurrencies are Just Another Hype Cycle, BTC and ETH remain the safe bet.
As someone who has been in the crypto game since 2017, I've seen my fair share of hype cycles come and go. The ICO craze, the DeFi boom, and now the NFT mania - they all had their moment in the spotlight. And while they may have brought in some quick profits for early adopters, in the long run, most of these projects are just as worthless as the next.
But with that said, my prediction for the next big craze in crypto is "AI-based" coins. Just like all the other trends before it, they are being hyped up as the next big thing. But in reality, they're no different than any other crypto project - they have their own set of challenges and limitations.
That's why my advice to anyone looking to invest in crypto is to stick with the tried and true: BTC and ETH. These are the two most established and widely-adopted cryptocurrencies in the market, and they have stood the test of time. While you may not make a quick fortune from them, they are a much safer bet in the long run. So, don't get caught up in the hype of the latest trend, stick with what has proven to be a solid investment.
Submitted January 24, 2023 at 11:59PM by PsychedelicHell https://ift.tt/d7fXK2M https://ift.tt/qurTAy3
Markets: Bitcoin, Ether dip as investors take profits; earnings reports, economic data rattle equities
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Bitcoin Whale Moves 1,082 BTC Off Coinbase
Submitted January 24, 2023 at 10:06PM by coinsRus-2021 https://ift.tt/uyEbRkK https://ift.tt/qurTAy3
Tuesday, January 24, 2023
[SERIOUS] What kind of crypto user are you?
There are now 6 million members in this sub, generally between 4k-8k members online throughout the day currently. As we're in the bear market (possibly exiting it?) it would be interesting to know the demographics of this sub in terms of usage and custody of Cryptocurrency, maybe do another poll at the peak of the bull market and see what the difference is. While the options may not be mutually exclusive and not cover all use cases, please choose one that fits the most (I couldn't add more than 6 options).
In this poll I'd like to find out how people are holding their crypto and whether they actively trade or are hodlers. After the year of exchange bank runs and busts has this changed people's behaviour? Do people use defi? Are their devs in this community? Are there haters in this community? For me, these are quite interesting metrics to find out, especially at a time when it is likely only the most crypto/anti crypto committed people are still around.
Thanks for partaking in this poll and please do not comment on the results until the end of the poll closing to avoid bias.
Submitted January 24, 2023 at 12:41AM by techsupport261 https://ift.tt/6nla0P2 https://ift.tt/jMtpaDu