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Showing posts from January 27, 2021

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Crypto User Builds a Mining Rig in the Back of His BMW Hybrid Car With Six Graphic Cards

A U.S. cryptocurrency miner installed a mining rig in a particular place with the motivation to “annoy gamers.” Simon Byrne installed the full infrastructure in the back of his BMW i8 hybrid car. Miner Is Trying to Create a ‘Crypto Utopia’ According to PC Gamer , Byrne fit six Nvidia RTX 3080s graphic cards into the trunk of his car. The hybrid car’s internal battery provides the hardware power. However, the car’s boot should remain open, or the whole mining rig setup will overheat, said the cryptocurrency miner. Hardware Times first spotted the BMW’s mining rig, who estimated that the car is worth $147,500 at the time it was acquired. The electric vehicle is capable of accelerating to 100 kilometers per hour in just 4.4 seconds. Per Hardware Times’ report, the mining system is powered by an ASUS B250 Mining Expert board and an EVGA SuperNOVA 1600 T2 power supply. Byrne claimed that he didn’t build the mining rig just for practical purposes. He just wanted to “annoy gamers.” Th...
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Mystery surrounds bizarre class-action lawsuit against Ripple over $48 loss

Despite filing fees of more than $400, a Ripple investor has launch legal action over a $48 loss. What's going on? The Ripple community is at a loss to explain the motivation behind a class-action lawsuit filed by Florida man Tyler Toomey against Ripple Labs and Ripple CEO Brad Garlinghouse over a $48.56 loss. In November 2020, Toomey purchased 135 XRP tokens at $0.724 each for a total value of $97.80. Following news of another lawsuit against Ripple in Dec that year, Toomey sold his investment for $49.24, suffering a loss of almost 50%. He’s now launched a class action costing eight times more in filing fees than the loss he claims to have incurred. According to the Middle District of Florida website, where the lawsuit was filed, the cost of filing a civil action is $402. Adding to the general weirdness of the case the amount demanded by Toomey is $5,000,001,000 and the Magistrate presiding over the case shares his unusual surname — Magistrate Judge Joel B. Toomey. The fil...
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Gaming Platform Enjin and Metaverseme Merge NFTs With Augmented Reality to Enhance Gaming Experience

The blockchain gaming platform, Enjin and Metaverseme, an augmented reality (AR) platform are set to introduce tradeable AR fashion assets to the Ethereum blockchain. The Enjin-powered non-fungible token (NFT), which can be worn by users’ avatars in the Metaverseme app, will launch on February 23. Revolutionary Apps and Games According to a statement , the Metaverseme app will allow users to quickly snap selfies in the real world and generate hyper-realistic avatars. The AR mode maps users’ real-world environment, where their digital avatars can be brought to life as they wear and interact with their NFT fashion. Users can then record their avatar wearing fashion NFTs in AR and share the videos via social media. In his remarks following this announcement, Martyn Hughes, a founder at Metaverseme, talks up the importance and potential of blockchain technology. He says: It won’t be long before blockchain is recognized as the internet of value for all immersive experiences. Being abl...
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GameStop short squeeze highlights the power of decentralization

What do the traders on r/WallStreetBets have in common with cryptocurrency traders? Both are using technological breakthroughs to skirt processes inherent in traditional financial systems. The success of the GameStop short squeeze in pumping the price above $370— and the reaction from centralized authorities and markets to it — has highlighted the need for decentralized finance, according to some in the crypto industry. The stock, which was trading at less than $20 per share earlier this month, was deemed by members of the r/WallStreetBets subreddit to be under attack by a hedge fund which had disclosed a large short position in the stock. As a result of the pump coordinated on Reddit and executed by individual traders using platforms like TD Ameritrade and Robinhood, hedge fund Melvin Capital Management lost a total of $3.75 billion by having to close their massive, losing short position on GME. Various centralized trading platforms have now put limits on trading the stock and...
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Privacy-Centric Messaging App Signal Experiments With Stellar-Based Mobilecoin Project

One of the most popular privacy-centric messaging applications Signal has seen explosive growth during the last two months over things like the Whatsapp acquisition and the recent Big Tech censorship. According to a number of reports, the company has been experimenting with monetization and more recently Signal has been reportedly testing the crypto network Stellar. The mobile company called App Annie detailed at the end of 2020, Signal had around 20 million active users a month. Following the announcement that Facebook was acquiring Whatsapp and changing its privacy terms, there’s been a mass exodus toward privacy-centric messaging apps like Telegram and Signal. News.Bitcoin.com reported on Telegram’s colossal growth recently surpassing 500 million active users. Data from Sensor Tower details that alongside Telegram’s swelling, Signal saw the privacy messaging app downloaded 7.5 million times in four days between January 6 and January 10. A few reports this week have disclosed ...
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Guggenheim says institutional demand not enough to keep BTC above $30K

Guggenheim CIO Scott Minerd has made another bearish prediction for short term Bitcoin prices. Guggenheim’s Scott Minerd has come out with another gloomy price outlook for Bitcoin stating that there is not enough institutional demand to keep the asset over $30,000. The chief investment officer of the financial services firm told Bloomberg Television the institutional investor base was not big enough to sustain the current prices. “Right now, the reality of the institutional demand that would support a US$35,000 price or even a US$30,000 price is just not there. I don’t think the investor base is big enough and deep enough right now to support this kind of valuation.” Minerd added that Bitcoin is still a viable asset class in the long run. Since its all-time high of $42,000 on January 8, Bitcoin has corrected 27% to current prices around $30,600. Three prominent lower highs on the chart suggest that the downtrend is strengthening. The Guggenheim executive also thinks that this do...
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American Cancer Society Creates Its First Crypto Only Donation Fund

The American Cancer Society has set up a fund for crypto donations so the nonprofit can raise at least $1 million by early 2021. Together with The Giving Block, the U.S.-based voluntary health organization expects to collect funds via several cryptocurrencies. Donations to Fund Cancer-Related Research Plummeted 50% in 2020 According to the announcement , the cancer crypto fund seeks to provide funding to ongoing research initiatives. The move happens within the context of a strong decrease in donations over 2020 amid the COVID-19 pandemic. The American Cancer Society says the donations’ flow plunged 50% in the last year — the lowest number in this century. They commented on the motivations behind setting up a crypto fund: The crypto community’s contributions will help re-establish crucial research funding for new discoveries and better treatments to save the lives of family and friends. Per the official crypto fund website, donations can be made in bitcoin ( BTC ), bitcoin cash...
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Australia's eSafety Commissioner touts blockchain as a solution to trolls

Australia’s eSafety Commissioner has suggested blockchain-based digital IDs as a potential solution to fight online abuse and trolling. Australia’s eSafety Commissioner Julie Inman Grant has suggested a blockchain-powered ID solution could help tackle cyber abuse and trolling while allowing users to maintain a level of anonymity. Speaking to New South Whales media outlet The Sydney Morning Herald , Grant said that while anonymity was beneficial for general online use, people hiding behind anonymity online to harm others remained a big problem in society. She said blockchain-powered digital IDs could help strike a balance by hiding user’s details unless requested by law enforcement. Inman Grant stated that: “There’s more that they can do in terms of their intellectual capability, their access to advanced technology, their vast financial resources, to come up with better systems to identify who’s on their platforms and violating their terms of service.” Ms Inman Grant worked at Mic...
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Bitcoin price dips below $30K but here’s why pro traders are still bullish

Data show pro traders are still bullish even as Bitcoin price dips below $30,000 and Friday’s $4 billion BTC options expiry approaches. In the last 24-hours Bitcoin ( BTC ) price dropped 10% today to test the $30,000 support. This drop below what traders have described as a ‘key’ support occurred just two days ahead of this month’s futures and options expiry.  Despite the record-high $4 billion options expiry being just two days away , both bull and bear sides traded similar sizes today. Unlike futures contracts, options are divided into two segments. Call (buy) options allow the buyer to acquire BTC at a fixed price on the expiry date. On the other hand, the seller of the instrument will be obliged to make the BTC sale. Generally speaking, they are used on either neutral arbitrage trades or bullish strategies. The put (sell) options are commonly used as hedge, protection from negative price swings. To understand how these competing forces are balanced, one should compare the...
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INX’s acquisition of security token platform OpenFinance almost complete

INX has completed all the documents needed to complete its acquisition of security token platform OpenFinance, and is now awaiting regulatory approval. Crypto IPO issuer INX has announced that its acquisition of security token offering platform OpenFinance is almost complete. According to an email sent to OpenFinance users, the parties are now just awaiting regulatory approval to complete the change in ownership. INX — which is licensed by the U.S. Securities and Exchange Commission — expects its digital asset and securities trading platforms will be launched “in the next few months.” The acquisition will see INX take on OpenFinance’s broker-dealer and alternative trading system, or ATS, business, including all licenses, digital asset listings, as well as its customer base. The move is expected to more than quadruple INX’s user base. Shy Datika, INX’s president and founder, said that “the broker-dealer and ATS business enables investors to trade security tokens on the OpenFinanc...
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3 reasons why Uniswap (UNI) token hit a new all-time high above $15

Uniswap’s governance token notched a new all-time high above $15 as daily volume on the DEX soars and investors anticipate the rollout of new governance rights. Uniswap’s decentralized exchange has emerged as one of the critical pieces in the decentralized finance sector, with the DEX benefiting from the first-mover advantage after it became the go-to exchange for new projects and traders in 2020.  In late 2020, 400 UNI tokens were distributed to all wallet addresses that previously provided liquidity on the platform at at its peak thhe impromptu airdrop was worth north of $3,500. By late October of 2020 the DeFi market has sold-off sharply and this pinned UNI price below the $4.00 mark for weeks but since the start of 2021, UNI token has gained 335% and reached a new all-time high at $15.35 on Jan. 27. UNI/USDT 4-hour chart. Source: TradingView At the moment, the driving forces behind the rise in the price of UNI are an increase in daily volume transacted on the platform...
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Spanish Crypto Exchange 2gether Won’t Reimburse All Stolen Funds From the 2020 Hack

Spanish cryptocurrency exchange 2gether has announced that it won’t compensate users for the full amount of bitcoin ( BTC ) and ether ( ETH ) stolen in August 2020. The exchange said that almost 5,000 of its customers won’t receive their cryptos under the compensation plan. Company Asks 9% of Its Users for More Time to Gather the Remaining Funds According to the announcement , 91% of the users will be fully compensated as part of the firm’s capital round to gather enough funds for the purpose. The crypto exchange argues that it cannot pay the full amount because of the higher prices seen in BTC and ETH . However, the company offered some solutions to the 9% of users affected by the measure: The company has offered these users the best solution it can reach with the funds raised in this round — a solution that involves replacing a maximum of 99% of the BTC and ETH stolen and not converted, and at a minimum, the value in euros that was lost at the cyberattack time. It excludes w...
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Bitcoin held by public companies has surged 400% in 12 months to $3.6 billion

Public companies hold more than $3.6 billion worth of Bitcoin, technology research Kevin Rooke found. Technology researcher Kevin Rooke has been tracking the Bitcoin ( BTC ) holdings of public companies throughout the past two years. According to Rooke, public firms now hold over $3.6 billion worth of BTC. In 2019, public companies had merely 20,000 BTC on their books. This figure has increased to 105,837 BTC in 12 months. Rooke said : “Last year, public companies held fewer than 20,000 BTC on their balance sheets. Today, 19 public companies hold 105,837 BTC on their balance sheets, valued at over $3.6 billion.” Bitcoin holdings of public companies. Source: Kevin Rooke Today, MicroStrategy is the biggest Bitcoin holder with 70,784 BTC with GalaxyDigital Holdings a distant second with over 16,400 BTC. Square Inc., meanwhile, is the largest company by market cap among public company holders by with roughly 4,700 BTC.  Why is institutional demand for bitcoin surging? In a ye...
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Survey finds 31% of Brits are crypto curious, but lacking information

Over a third of those who have already bought crypto are themselves new or novice investors. A recent United Kingdom-wide survey on attitudes to cryptocurrency showed that almost a third of respondents are curious about investing in digital assets. Crypto trading platform Ziglu commissioned the survey through OnePoll, a market research firm that polled 2,000 Britons. However, of the 31% who expressed an interest, 62% have held back because they do not understand the market, and 43% say that they do not know a safe way to buy crypto. This lack of quality information doesn't hold back all potential investors though. Of the 14% of those surveyed who had already bought cryptocurrency, 13% claimed to have no prior investment experience whatsoever, while 23% considered themselves novices in the field of investing. Digital assets were found to be most popular in London, where 30% of respondents had bought crypto in the past. This figure dropped to 9% in Wales, the least crypto-sav...
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Scams are driving South African authorities to regulate crypto trading

The Financial Sector Conduct Authority is demanding tighter regulatory control over cryptocurrency. South African regulators are seeking to exercise more control over cryptocurrency trading following the collapse of what was alleged to be the largest Ponzi scheme the country has ever seen. Self-proclaimed Bitcoin ( BTC ) trading firm Mirror Trading International was placed in provisional liquidation in December, as investors tried and failed to withdraw their funds. The firm claimed to have attracted over 260,000 memberships worldwide, handling a reported 23,000 Bitcoin — a sum now worth in the region of $716 million. However, an investigation by the Financial Sector Conduct Authority revealed the firm kept no accounting records, nor any kind of user database. The company’s management claimed to have been misled by CEO Johann Steynberg, who they say may have fled to Brazil. Lawyers for the firm’s remaining management stressed that the FSCA had not yet ascertained that MTI was oper...
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BTC price clings to $31K as Scaramucci says GameStop boom 'good for Bitcoin'

The rush into decentralized investment will only serve to fuel Bitcoin's position, the investor says amid outrage at GameStop's performance. Bitcoin ( BTC ) showed little signs of improvement on Jan. 27, but one major fund believes that it will benefit from new trends among investors. At the same time, all eyes have been on GameStop (GME) price volatility this week. By comparison, GME has dwarfed BTC in gains so far this year, up over 3,000% percent with some analysts calling the jaw-dropping rally "dangerous.” BTC vs. GME stock (orange) performance. Source: Tradingview GameStop: Too many gains to handle? Data from Cointelegraph Markets and Tradingview  showed BTC/USD suffer from selling pressure over the 24 hours to Wednesday, trading at around $30,900 at the time of writing. A classic consolidatory move for Bitcoin, the ranging price behavior followed a brief spurt of volatility in which the largest cryptocurrency broke $30,000 support, only to rise to then see...
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Iran Finds Scapegoat In ‘Easy Victim’ Bitcoin as Officials Shut Down 1,600 Mining Farms

As Iran experiences rolling electricity blackouts, the country’s authorities have responded to the crisis by targeting bitcoin mining farms. The sanctions-hit country’s campaign against miners has seen a total of 1,600 mining centers being shut down. This Iranian blitz on cryptocurrency miners, however, appears to contradict the country’s previous policies towards cryptocurrency mining. The Real Cost of Electricity in Iran According to a report , the Islamic Republic has previously “authorized 24 bitcoin processing centers that consume an estimated 300 megawatts of energy a day.” Furthermore, Iran’s “electricity cost of around 4 cents per kilowatt-hour,” as well as the tax-free zones in the south, helped to attract “tech-savvy Chinese entrepreneurs.” Still, the report explains that other elements inside the Iranian government are more concerned with “how much money is sent abroad and controlling money laundering.” Across the country, bitcoin is used by business people and individua...
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Florida class action lawsuit alleges Ripple violated securities laws

Already facing a suit from the U.S. SEC, Ripple is now accused of violating securities laws in Florida. Ripple Labs, a company behind the Ripple payment protocol and XRP-based products, is facing another lawsuit alleging the firm violated securities laws in the United States. According to a Jan. 25 court filing , Florida-based XRP investor Tyler Toomey has filed a civil suit against Ripple Labs and Ripple CEO Brad Garlinghouse. The lawsuit alleges that the defendants failed to comply with Florida securities laws by failing to register with the Florida Office of Financial Regulation. Toomey noted that Ripple Labs and Garlinghouse were already facing a similar lawsuit for reportedly violating federal securities laws. The $1.35 billion suit was brought by the U.S. Securities and Exchange Commission on Dec. 22, 2021. The new class-action accuses Ripple of selling millions of dollars of unlicensed XRP tokens, and generating large revenues from those sales, stating, “The overwhelming ...
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Major Russian Bank Sberbank Files Application to Launch Its Own Stablecoin — Possibly Pegged to the Fiat Ruble

A major Russian bank revealed an upcoming digital asset launch, which complements another of its latest crypto-related moves. Sberbank applied to register a platform to issue a token named “Sbercoin.” Bank Expects the Stablecoin Could Launch in the Spring of 2021 During an interview with 1prime , Anatoly Popov, Sberbank’s deputy chairman, said the bank made the correspondent filings with the Central Bank of Russia (CBR) “early in January.” The executive is hopeful that his bank’s application will be approved by the CBR, following the crypto law that came into effect in Russia on Jan. 1. Popov suggested the token would be a stablecoin pegged to the ruble: Under the law, digital financial assets can be issued on a registered platform, and among other things, one of the possible financial assets will be a fiat coin for a ruble, and, in fact, the bank is technologically ready to issue and work with this instrument. The bank already conducted internal tests with the token, Sberbank’...
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