On Bitcoin, cryptocurrency trader Justin Bennett said that Bitcoin tested $21,400 resistance and any pullback from that will likely catch a bid around ...
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Current Bitcoin Price
Monday, November 7, 2022
[SERIOUS] Celsius was saying "withdrawals are fine" and "users funds are safe" for days before and after they shut down withdrawals.
To those who are still having doubts if they should remove funds from FTX. Please remember Alex Mashinsky was for days telling users all funds were safe and that they had never denied a withdrawal. Then for days after this sub was filled with users reporting from FTX support that - "support says all user funds are safe".
At this point, nobody knows definitively if FTT is safe and if FTX has sufficient funds to cover user withdrawals. The risk they don't should be reason enough to move your funds. If withdrawals get suspended indefinitely you don't want to be left with crypto in FTX. Just like banks, lots of exchanges are suspected to keep fractional reserves and might not have sufficient funds in the event all users withdrawal at the same time.
Here's the thing a full on bank run - might be what causes an otherwise healthy FTX to collapse. The crypto community runs a huge risk of creating a self-fulfilling prophecy, but if that happens you don't want to be the one with your crypto left behind.
If/when the storm clears and FTX is still standing - this is a sign of how resilient the company was. Just don't be like the people who lost money in Celsius/Voyager because of inaction and blind trust in the institution.
Submitted November 06, 2022 at 10:17PM by GabeSter https://ift.tt/RTAhIFi https://ift.tt/3cSt51v
Sunday, November 6, 2022
SEC Charges 4 People in $295M Global Crypto Ponzi Scheme That Duped Over 100,000 Investors
The U.S. Securities and Exchange Commission (SEC) has charged four people for their roles in a global cryptocurrency Ponzi scheme that duped more than 100,000 investors worldwide. The scheme raised more than $295 million in bitcoin.
SEC Says ‘Trade Coin Club’ Is a Crypto Ponzi Scheme
The U.S. Securities and Exchange Commission (SEC) announced charges against four people for their roles in a fraudulent crypto Ponzi scheme Friday.
Douver Torres Braga, Joff Paradise, Keleionalani Akana Taylor, and Jonathan Tetreault were allegedly involved in Trade Coin Club, “a fraudulent crypto Ponzi scheme that raised more than 82,000 bitcoin, valued at $295 million at the time, from more than 100,000 investors worldwide,” the SEC described.
Braga created and controlled Trade Coin Club, the regulator explained, adding that the multi-level marketing program promised investors a minimum return of 0.35% daily “from the trading activities of a purported crypto asset trading bot.” Noting that the scheme operated from 2016 through 2018, the SEC detailed:
Braga allegedly siphoned off investor funds for his own benefit and to pay a network of worldwide Trade Coin Club promoters, including Paradise, Taylor, and Tetreault.
The SEC alleged that Braga personally received at least 8,396 bitcoins of the amounts invested, Paradise received 238 bitcoins, Taylor received 735 bitcoins, and Tetreault received 158 bitcoins.
David Hirsch, chief of the SEC Enforcement Division’s Crypto Assets and Cyber Unit, commented:
We allege that Braga used Trade Coin Club to steal hundreds of millions from investors around the world and enrich himself by exploiting their interest in investing in digital assets.
“To ensure our markets are fair and safe, we will continue to use blockchain tracing and analytical tools to aid us in the pursuit of individuals who perpetrate securities fraud,” he emphasized.
The SEC alleged that Braga and Paradise violated the antifraud and securities registration provisions. Paradise additionally violated broker-dealer registration provisions of the federal securities laws. Meanwhile, Taylor violated the securities and broker-dealer registration provisions. The complaint seeks injunctive relief, disgorgement, and civil penalties.
The securities regulator also filed a second complaint alleging that Tetreault violated the securities and broker-dealer registration provisions. Without admitting or denying the allegations, he agreed to settle the charges.
What do you think about this case? Let us know in the comments section below.
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Crypto week at a glance: Bitcoin tops $21000; Dogecoin in focus after Musk's Twitter takeover
ET Contributors: Sathvik Vishwanath Co-Founder CEO Unocoin Bitcoin recovered to $21,000 on Friday after falling to around $20,000 on Thursday ...
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[SERIOUS] Summary of the latest "Ethereum Roadmap" By Vitalik
Vitalik posted an updated version of the Ethereum roadmap yesterday:
https://twitter.com/VitalikButerin/status/1588669782471368704
This included a few big updates that I will try to summarise here in fairly simple terms.
1. The Merge
The first aspect is the merge, you will likely all be familiar with this one. Although the merge as we know it, ETH switching to PoS was successfully completed ~50 days ago, there are still a few things to improve.
The goal is to have the best, most robust and decentralized PoS consensus mechanism, using SSF (single slot finality). More info on SSF here: https://notes.ethereum.org/@vbuterin/single_slot_finality
2. The Surge
Here the goal is to achieve 100,000 transactions per second on Ethereum. This is focusing on scaling Ethtereum, aligning with the "Rollup-centric" vision of Vitalik that he outlined previously. In short, this is where L2's come in to Ethereum future. However, as L2's get more and more use they will generate huge amounts of data to store on the Ethereum layer 1 and hence, we need a solution to change the way this data is stored. That is where EIP-4844 comes in, or "Proto-Danksharding", changing the data structure of information stored on chain to blobs. More info here: https://www.reddit.com/r/CryptoCurrency/comments/yhoapz/protodanksharding_eip4844_whats_next_for_ethereum/
This part is great for L2's like Optimism, Arbitrium, ZKsync etc!
'The Surge' focusing on scaling Ethereum to 100,000 TPS
3. The Scourge (a new addition)
This addresses the cencorship issues that have arisen lately with Tornado Cash. Here they are aiming to get a reliable and credibly neutral transaction inclusion, reducing the risk of centralization and other protocol risks that come from MEV (maximum extractable value).
4. The Verge
It should be very easy to verify blocks by downloading X bytes of data and performing a few basic computations...this is basically aiming for zero-knowledge proofs and SNARKS: Succinct Non-Interactive Argument of Knowledge to verify as standard.
More info on SNARKS and ZK proofs here: https://ethereum.org/en/developers/docs/scaling/zk-rollups/
5. The Purge
This aims to simplify the protocol, purging out technical debt and costs of participating by clearing old history. I.e, node operators will discard data older than a year. Before this happens, they will have decided upon a way to store legacy data. A nice summary of EIP4444 here (note its development is ongoing): https://www.youtube.com/watch?v=SfDC_qUZaos&feature=youtu.be
6. The Splurge
The goal is to fix all that remains...basically the low-priority items that don't fit into all the other categories but need to be addressed.
In summary, you can look at this and think "bloody hell that is a lot of work left to do", or you can get excited about the opportunities and the fact that Ethereum wants to be better than its current self. There is clearly a huge amount of talent in the R&D behind Ethereum.
And a quick note on the naming system, it is a little weird but I think this is because Justin Drake one of the Ethereum devs is really keen on the idea of "the power of memes", he understands that giving people something to grasp onto can be powerful. See the merge, for example, people who had no real idea of the technicalities of the merge were getting really excited by it and getting involved, which is great.
Some of this information will of course change going forward, but it's great to get an idea of how much tech development is going on.
Here is the figure all together to give you that broad overview as a final thing!
Submitted November 05, 2022 at 01:33PM by DeeDot11 https://ift.tt/7fVMNuO https://ift.tt/6nh4Gxw
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A geopolitical picture of the Bitcoin price breakout - Fintech News
Bitcoin broke out of a range to reach almost $21,000. What's happening with currencies around the world that may be influencing this price action? · In ...
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History Happens Right Before Your Eyes - Bitcoin Magazine
This is an opinion editorial by Tomer Strolight, editor-in-chief of Swan Bitcoin and author of “Why Bitcoin.” History is neither merely what ...
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[SERIOUS] Summary of the latest "Ethereum Roadmap" By Vitalik
Vitalik posted an updated version of the Ethereum roadmap yesterday:
https://twitter.com/VitalikButerin/status/1588669782471368704
This included a few big updates that I will try to summarise here in fairly simple terms.
1. The Merge
The first aspect is the merge, you will likely all be familiar with this one. Although the merge as we know it, ETH switching to PoS was successfully completed ~50 days ago, there are still a few things to improve.
The goal is to have the best, most robust and decentralized PoS consensus mechanism, using SSF (single slot finality). More info on SSF here: https://notes.ethereum.org/@vbuterin/single_slot_finality
2. The Surge
Here the goal is to achieve 100,000 transactions per second on Ethereum. This is focusing on scaling Ethtereum, aligning with the "Rollup-centric" vision of Vitalik that he outlined previously. In short, this is where L2's come in to Ethereum future. However, as L2's get more and more use they will generate huge amounts of data to store on the Ethereum layer 1 and hence, we need a solution to change the way this data is stored. That is where EIP-4844 comes in, or "Proto-Danksharding", changing the data structure of information stored on chain to blobs. More info here: https://www.reddit.com/r/CryptoCurrency/comments/yhoapz/protodanksharding_eip4844_whats_next_for_ethereum/
This part is great for L2's like Optimism, Arbitrium, ZKsync etc!
'The Surge' focusing on scaling Ethereum to 100,000 TPS
3. The Scourge (a new addition)
This addresses the cencorship issues that have arisen lately with Tornado Cash. Here they are aiming to get a reliable and credibly neutral transaction inclusion, reducing the risk of centralization and other protocol risks that come from MEV (maximum extractable value).
4. The Verge
It should be very easy to verify blocks by downloading X bytes of data and performing a few basic computations...this is basically aiming for zero-knowledge proofs and SNARKS: Succinct Non-Interactive Argument of Knowledge to verify as standard.
More info on SNARKS and ZK proofs here: https://ethereum.org/en/developers/docs/scaling/zk-rollups/
5. The Purge
This aims to simplify the protocol, purging out technical debt and costs of participating by clearing old history. I.e, node operators will discard data older than a year. Before this happens, they will have decided upon a way to store legacy data. A nice summary of EIP4444 here (note its development is ongoing): https://www.youtube.com/watch?v=SfDC_qUZaos&feature=youtu.be
6. The Splurge
The goal is to fix all that remains...basically the low-priority items that don't fit into all the other categories but need to be addressed.
In summary, you can look at this and think "bloody hell that is a lot of work left to do", or you can get excited about the opportunities and the fact that Ethereum wants to be better than its current self. There is clearly a huge amount of talent in the R&D behind Ethereum.
And a quick note on the naming system, it is a little weird but I think this is because Justin Drake one of the Ethereum devs is really keen on the idea of "the power of memes", he understands that giving people something to grasp onto can be powerful. See the merge, for example, people who had no real idea of the technicalities of the merge were getting really excited by it and getting involved, which is great.
Some of this information will of course change going forward, but it's great to get an idea of how much tech development is going on.
Here is the figure all together to give you that broad overview as a final thing!
Submitted November 05, 2022 at 01:33PM by DeeDot11 https://ift.tt/7fVMNuO https://ift.tt/6nh4Gxw
Saturday, November 5, 2022
Foundry Academy Launches Training Program to Produce Top Technicians for BTC Mining Industry
Foundry Digital, a digital asset mining and a staking-focused subsidiary of Digital Asset Group, has announced the launch of a new bitcoin mining hardware training program. The training course, which is expected to commence on Nov. 7, is expected to help professionals and enthusiasts learn how to set up a miner as well as to identify and solve common hardware failures.
‘In-Person Classes’ to Be Conducted by Industry Players
Foundry Digital, a subsidiary of Digital Asset Group (DCG), has announced the launch of a new training course for individuals seeking to further “their education in the areas of installation, maintenance and troubleshooting of bitcoin mining machines.” The three-day training program seeks to produce top technicians for what has been described as “the fast-growing mining industry.”
According to Foundry Digital’s Nov. 3, 2022 press statement, the training program, which includes “in-person classes” conducted by players in the industry, will cover topics such as setting up an application-specific integrated circuit (ASIC) mining machine. The program, which commences on Nov. 7, will also involve helping the learners identify and solve regular hardware failures.
Helping Learners Gain ‘Valuable Technical Skills’
Remarking on the training program’s launch, Craig Ross, the executive director of Foundry Academy, praised the training course which he described as an “opportunity to gain valuable technical skills” quickly. He said:
Foundry Academy’s curriculum remains on the leading edge of industry standards, with this new program designed in response to direct requests from the mining community. The 3-Day Mining Intensive provides enthusiasts and industry professionals the opportunity to gain valuable technical skills on an accelerated timeline.
As per the statement, Foundry Academy, which is expected to spearhead the training activities, will do so on behalf of Foundry Digital, which also owns the largest bitcoin mining pool, Foundry USA.
What are your thoughts concerning this story? Let us know what you think in the comments section below.
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Report: Over 30,000 Nigerians to Learn About Blockchain From Government Agency
Nigeria’s National Information Technology Development Agency recently said it has launched a blockchain training program and over 30,000 people are set to participate. The objective of the training course is to make the participants “early solution providers in the fourth industrial revolution.”
Hastening Adoption of Blockchain
The Nigerian government has said it plans to educate over 30,000 people about blockchain technology. The training, which will be conducted by the National Information Technology Development Agency (NITDA), is intended to hasten the adoption of the tech and make Nigeria a leading player in the blockchain industry.
According to a report by Radio Nigeria, the announcement was made by the director-general of NITDA, Kashifu Inuwa, who encouraged Nigerians to take advantage of the scholarships which have been made available for this purpose. Inuwa also suggested the purpose of the government’s push to train many Nigerians is to ensure they become “early solution providers in the fourth industrial revolution.”
As stated in the report, NITDA’s training program is set to be delivered to learners from across Nigeria’s 36 states. According to the report, learners that complete the training will get an opportunity to be part of a London incubation program. Others will reportedly get exposed to the Bitcoin Satoshi Vision (BSV) ecosystem.
Meanwhile, Mohammed Jega, the co-founder of NITDA’s blockchain partner for the training program, reportedly reiterated his entity’s commitment to producing “quality education and equipping participants with the skills to build real-life blockchain solutions.”
What are your thoughts on this story? Let us know what you think in the comments section below.
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Bitcoin Blasts to $21K, Dogecoin Rollercoaster, More Crypto Hacks: This Week's Recap
Bitcoin's dominance – the metric that gauges its share relative to that of the rest of the market – is down 1% in the past week. And it's easy to see ...
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[SERIOUS] What is going on with BTC Dominance? Why is it falling in a bear market?
For those who aren't aware, BTC Dominance is the total amount of money in BTC compared to crypto as a whole. Currently, the chart shows BTC Dominance is about 40.26%. Below is the BTC dominance chart over the last year.
Historically during a bull market money flows out of BTC into alts and in a bear market money flows back to BTC, as it's the safest crypto to invest in. You can see this happened above when prices first started crashing in the early/mid part of 2022. Then money left BTC and moved back to alts. This reversal is not something that usually happens during a bear market. See the graph below.
Starting early 2018. BTC dominance started climbing over the two-year bear market. It didn't really start dropping until early/mid-2021. That is exactly what you expect to happen in a bear market and the exact opposite of what's been happening as of late. More money is going into ALTs as compared to BTC.
Earlier this year I'm sure you'll remember people saying "sell your alts, buy BTC this is a bear market. Only BTC is safe". Except that's not what is happening. BTC dominance is near its lowest point, over the last year. The BTC dominance levels are similar to what you'd expect to see in a bull market - not a bear market. Money is either leaving BTC and heading to ALTs or going from fiat directly to ALTs.
---------------------------------------------------
In the past when BTC Dominance fell below 40% (less than 40% of the money in crypto was in BTC) it was considered ALT season, and ALT's were expected to soar. Now we're in a bear market and BTC dominance is shredding value, what's going on?
A potential answer is that the crypto ALT market is maturing and more options are considered "safe" apart from BTC, which is keeping money in alts. But honestly I can't say for sure. What do you think is going on with BTC Dominance as of late?
Submitted November 04, 2022 at 08:50PM by GabeSter https://ift.tt/OgJcCT3 https://ift.tt/3tcGBq4
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Bitcoin Blasts to $21K, Dogecoin Rollercoaster, More Crypto Hacks: This Week's Recap
Bitcoin's dominance – the metric that gauges its share relative to that of the rest of the market – is down 1% in the past week. And it's easy to see ...
from Google Alert - Bitcoin https://ift.tt/OtQ0yo3
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[SERIOUS] What is going on with BTC Dominance? Why is it falling in a bear market?
For those who aren't aware, BTC Dominance is the total amount of money in BTC compared to crypto as a whole. Currently, the chart shows BTC Dominance is about 40.26%. Below is the BTC dominance chart over the last year.
Historically during a bull market money flows out of BTC into alts and in a bear market money flows back to BTC, as it's the safest crypto to invest in. You can see this happened above when prices first started crashing in the early/mid part of 2022. Then money left BTC and moved back to alts. This reversal is not something that usually happens during a bear market. See the graph below.
Starting early 2018. BTC dominance started climbing over the two-year bear market. It didn't really start dropping until early/mid-2021. That is exactly what you expect to happen in a bear market and the exact opposite of what's been happening as of late. More money is going into ALTs as compared to BTC.
Earlier this year I'm sure you'll remember people saying "sell your alts, buy BTC this is a bear market. Only BTC is safe". Except that's not what is happening. BTC dominance is near its lowest point, over the last year. The BTC dominance levels are similar to what you'd expect to see in a bull market - not a bear market. Money is either leaving BTC and heading to ALTs or going from fiat directly to ALTs.
---------------------------------------------------
In the past when BTC Dominance fell below 40% (less than 40% of the money in crypto was in BTC) it was considered ALT season, and ALT's were expected to soar. Now we're in a bear market and BTC dominance is shredding value, what's going on?
A potential answer is that the crypto ALT market is maturing and more options are considered "safe" apart from BTC, which is keeping money in alts. But honestly I can't say for sure. What do you think is going on with BTC Dominance as of late?
Submitted November 04, 2022 at 08:50PM by GabeSter https://ift.tt/OgJcCT3 https://ift.tt/3tcGBq4
Friday, November 4, 2022
Twitter Reportedly Halts Work on Crypto Wallet, Driving Dogecoin Down 10%
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Submitted November 03, 2022 at 10:50PM by ImaFreemason https://ift.tt/8cVhgob https://ift.tt/yc6tOI3
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Submitted November 03, 2022 at 10:50PM by ImaFreemason https://ift.tt/8cVhgob https://ift.tt/yc6tOI3
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Women Will Save Bitcoin: Chatting With Bitcoin Maximalist Tim Draper - Forbes
Young woman shows her smartphone with with Bitcoin.Studio shot. getty. Updated Nov 3 with additional quotes. What will bring crypto back to the ...
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some alts are pumping the last hours as if we are in a bullrun
Most of the time alts followed BTC/ETH unless there were some news dropped such as the recent DOGE hype. But the last hours are pretty crazy. Let me give you some examples:
MATIC is currently up ~18% in less then 5h.
chainlink up 7.25% the last 4h
ATOM is also up +6% the last 5h
LRC just jumped nearly 20% in the last hour
Even ADA woke up & pumped +5% the last 4h
Generally speaking a lot of crypto is getting sudden trust & lots of buying pressure right now. I've been trading the last hours and I'm not kidding when I say I trade a bullish strategy for the first time since march.
Now don't get me wrong this is most likely not the start of a bullrun since we are still in a recession, still fight high inflation ( CPI numbers next week btw ) & the outlook after recent FED meeting, or Bank of England warns of the longest recession since 19 is yet clearly bearish.
I'm curious if this is just another short lived bear market rally and It'll dump back down the next weeks if not next days already. But this kind of hopium & buying feels really refreshing. What are your thoughts? Just whales feeling more confident to throw some money into alts or is it yet another short-lived bull trap?
Submitted November 03, 2022 at 11:48PM by TarkovReddit0r https://ift.tt/ZSJtsVO https://ift.tt/yc6tOI3
Michael Saylor⚡️ on Twitter: "#Bitcoin is now the dominant global monetary network. https://t.co ...
Bitcoin it's a beta coin, and Satoshi Nakamoto is World Economic Forum. It's over bro. CBDC is the real deal.
from Google Alert - Bitcoin https://twitter.com/saylor/status/1588233161984692229
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Swiss Financial Watchdog Releases Revised AML Ordinance, Clarifies Crypto Requirements
The Swiss financial regulator has published its updated anti-money laundering (AML) ordinance, noting it’s extending the coverage to include blockchain trading platforms. It also clarified certain reporting and identification requirements that apply to crypto transactions.
Financial Authorities Adjust Swiss Anti-Money Laundering Rules Concerning Crypto Transfers
Following consultations that started earlier this year, the Swiss Financial Market Supervisory Authority (FINMA) has partially revised its Anti-Money Laundering Ordinance (AMLO), clarifying the application of a maximum limit for unidentified crypto exchange transactions.
In a press release on Thursday, the regulator said that the regulations, which will come into force on Jan. 1, 2023, now reflect the latest amendments to Switzerland’s Anti-Money Laundering Act and the Federal Council’s Anti-Money Laundering Ordinance.
FINMA noted that the collected feedback confirmed its position that the mandatory identity verification of beneficial owners of funds as well as the periodic checks establishing that client data is up to date do not need to be set out in detail at ordinance level.
At the same time, the financial watchdog emphasized that a provision obliging intermediaries to regulate the procedures for updating and checking customer records through an internal directive will remain in place.
The authority also pointed out that the ordinance is being extended to cover distributed ledger trading facilities and further revealed it received many comments regarding the reporting threshold for transactions involving virtual currencies. In the announcement, FINMA stated:
In view of the risks and recent instances of abuse, FINMA stands by the rule that technical measures are needed to prevent the threshold of CHF 1000 from being exceeded for linked transactions within 30 days (and not just per day).
The supervisory agency remarked, however, that this obligation applies only to exchange transactions of crypto assets for cash or other anonymous means of payment.
According to the so-called ‘travel rule,’ which was enforced by Switzerland on Jan. 1, 2020, crypto asset service providers must share identifiable customer data when transferring cryptocurrency, the fiat value of which exceeds the said threshold and prove ownership of non-custodial wallets.
Citing increased risks of money laundering, in February of that year, FINMA lowered the threshold triggering the reporting duties through another amendment of its AMLO to 1,000 Swiss francs (around $980 at the time of writing), from the previous 5,000 francs.
Do you think Swiss authorities will further tighten the reporting requirements for crypto transactions in the future? Share your expectations in the comments section below.
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