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Showing posts from November 20, 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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Canada Detains Teen for Alleged $36 Million Cryptocurrency Theft

A teenager has been arrested in Canada after committing what law enforcement officials in Ontario have described as the largest crypto theft by a single person. The Canadian is accused of stealing tens of millions of dollars through a SIM swap targeting a crypto holder in the U.S. Teen Arrested in Canada for Stealing Crypto Fortune From American A young Canadian from Hamilton, Ontario province, has been accused of stealing cryptocurrency worth $46 million Canadian dollars (over $36 million). The digital money was allegedly misappropriated in a SIM swapping attack on a victim residing in the United States. Local police believe this is the largest crypto theft committed by one man, the Toronto Star reported. In March 2020, Canadian law enforcement joined forces with the U.S. Secret Service Electronic Crimes Task Force and the FBI on the investigation which led to the arrest of the teenager, according to a statement by the Hamilton Police Service. The press release revealed that po...
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El Salvador to inaugurate Bitcoin City backed by $1B Bitcoin bonds

The development of Bitcoin City will see the proactive involvement of prominent crypto companies including cryptocurrency exchange Bitfinex and Adam Back’s Blockstream. El Salvador continues to lead the Bitcoin ( BTC ) adoption drive as President Nayib Bukele announces the launch of Bitcoin City, which will be funded initially by $1 billion Bitcoin bonds.  The initiative was first announced by Bukele at El Salvador’s Bitcoin Week conference, which sought to celebrate Bitcoin’s mainstream adoption in the country and increase citizen participation. "Pensé que teníamos que dar un anuncio grande en esta #BitcoinWeek . Así que hoy quiero anunciar que vamos a construir la primera #BitcoinCity ", Presidente @nayibukele . pic.twitter.com/7yHQLyIjBx — Casa Presidencial (@PresidenciaSV) November 21, 2021 In Bukele’s words: “In #BitcoinCity we will have digital and technological education. Geothermal energy for the entire city and efficient and sustainable public transport” T...
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US Sentences Man to 3 Years in Prison for Operating Unlicensed Bitcoin Exchange Business

A California man has been sentenced to three years in federal prison “for operating an unlicensed business that exchanged at least $13 million in bitcoin and cash, often for drug traffickers,” the U.S. Department of Justice said. He agreed to forfeit various assets, including seized cryptocurrency. Bitcoin Exchange Operator Sentenced to 3 Years in Jail The U.S. Department of Justice (DOJ) announced Thursday that a California man, Hugo Sergio Mejia, was sentenced “to 36 months in federal prison for operating an unlicensed business that exchanged at least $13 million in bitcoin and cash, often for drug traffickers.” The 50-year-old San Bernardino County man pleaded guilty on July 1 to “one count of operating an unlicensed money transmitting business and one count of money laundering,” the DOJ detailed. Mejia operated a cryptocurrency exchange business converting bitcoin to cash and vice versa from May 2018 to September 2020. He charged commissions for these transactions but never r...
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Hillary Clinton Warns Cryptocurrency Could Destabilize Nations, Undermine Dollar as World’s Reserve Currency

Former presidential candidate Hillary Clinton has urged nation-states to “start paying greater attention to the rise of cryptocurrency.” She warned that crypto could undermine the role of the dollar as the world’s reserve currency and could destabilize nations. Hillary Clinton Warns Cryptocurrency Poses Risk to US Dollar and Nations’ Stability Former Democratic presidential candidate Hillary Clinton talked about cryptocurrency Friday during a panel discussion at the Bloomberg New Economy Forum in Singapore. While addressing a range of new challenges, including disinformation and artificial intelligence (AI), Clinton said, “One more area that I hope nation-states start paying greater attention to is the rise of cryptocurrency.” The former Secretary of State added: What looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve c...
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Microstrategy CEO Discusses Bitcoin Becoming $100 Trillion Asset Class — Says BTC Will Grow 100X

The CEO of Microstrategy says that bitcoin will emerge as a $100 trillion asset class and will grow 100X from where it is today. He said the cryptocurrency is winning against gold as a store of value and he is not worried about regulation. “I’m not at all troubled with the regulations that’s going on right now.” ‘Bitcoin Is Winning, Gold Is Losing’ as Store of Value Microstrategy CEO Michael Saylor talked about the future outlook for bitcoin in an interview with CNBC Friday. He discussed the institutional adoption of bitcoin, crypto regulation, market volatility, gold versus bitcoin, and BTC as the world’s dominant digital asset and safe-haven investment. His company currently hodls 114,042 BTC . He was asked whether he is going to keep stacking bitcoin at the current price or wait for a further pullback. He replied: “We are going to keep stacking forever.” On the topic of bitcoin vs. gold, Saylor was asked whether he thinks “bitcoin has replaced, or will replace, or is in the p...
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Taproot activates, K-pop enters the Metaverse and Staples Center becomes Crypto.com Arena: Hodler’s Digest, Nov. 7-13

Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link. Top Stories This Week The Bitcoin network welcomes Taproot soft fork upgrade The Bitcoin ( BTC ) network underwent its first major upgrade since 2017 after the Taproot soft fork went live following a 90% lock-in consensus from miners and mining pools between blocks 709,488 and 709,632. Taproot will apparently improve the scripting capabilities and privacy of the Bitcoin network by enabling a concept known as Merkelized Abstract Syntax Tree, which can enhance the efficiency of smart contracts without revealing private data behind the contract when making transactions. Prominent Bitcoin developer Hampus Sjberg spoke to Cointelegraph and emphasized the importance of the upgrade, as he pointed out that Taproot shows Bitcoin ca...
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Alabama Securities Regulator Shuts Down 97 Fraudulent Cryptocurrency Trading Websites

The securities regulator of the U.S. state of Alabama has issued a cease and desist order against Acoin Trading and 96 other cryptocurrency websites. The crypto investment schemes promise “excessive returns,” report “fictitious account values,” and impose “undisclosed fees.” US State Regulator Orders 97 Crypto Trading Websites to Shut Down Alabama Securities Commission announced Thursday that it has issued a cease and desist order against 97 cryptocurrency trading websites . The announcement states: The Alabama Securities Commission (ASC) issued a cease and desist order against Sir Philip Zuka owner of Acoin Trading and 96 other fraudulent crypto trading platforms. “The order is a result of Zuka’s failure to register his investment products and failure to register as an investment adviser,” the regulator detailed, adding: Zuka is in violation of Alabama securities laws for promising excessive returns, reporting fictitious account values and imposing undisclosed fees to an Alab...
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Opposed to Bitcoin Payments, Bank of Russia Says State Should Not Stimulate Spread of Cryptocurrencies

Cryptocurrencies are anonymous and the government shouldn’t encourage their spread, the head of Bank of Russia has insisted. The regulator remains firmly opposed to the legalization of bitcoin and the like as a means of payment in the Russian Federation. Bank of Russia Reiterates Negative Stance on Cryptocurrencies, Legalization of Bitcoin A “responsible state” should not stimulate the proliferation of cryptocurrencies, according to Elvira Nabiullina, chair of the Central Bank of Russia ( CBR ). The head of the monetary authority made the declaration in the lower house of the Russian parliament, the State Duma. The high-ranking official emphasized that the bank has “an extremely negative attitude towards cryptocurrencies” which she described as “private currencies pretending to be money.” Quoted by the Tass news agency, Nabiullina elaborated: These cryptocurrencies are anonymous, no one is accountable for them, and, in our opinion, a responsible state should not stimulate their s...
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Decentralized exchanges aren’t ready for derivatives

DEXs conceivably hold great promise for the future of derivatives trading, but not at the cost of security, speed and availability for all. If the words “derivatives trading” conjures up images of men in suits with disheveled white sleeves rolled up to the elbows and exacerbated expressions on their faces — like something out of The Big Short — then the word decentralized exchanges (DEXs) must conjure up, well, nothing.  There are no offices, no floor traders waving papers and certainly no men in suits. DEXs are managed automatically or semi-automatically with the involvement of platform participants in the process of making mission-critical decisions. DEXs are a bulb of a system that is sprouting groundbreaking opportunities for many, but they are not yet suited for the soil of derivatives trading in this season of the crypto market. The technological gap The technology isn't available right now to have a proper options market on a DEX with the level of sophistication that yo...
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‘Inflation in the News Driven by Rich People’ — Media Pundits Claim ‘Inflation Is Good’ as Americans Struggle With Less Purchasing Power

Inflation in the U.S. has a large number of Americans worried about the future of their purchasing power as the cost of goods and services has continued to rise faster every month. Reports note that Americans are struggling to pay for child care, groceries, gasoline, lumber, healthcare supplies, and used vehicles. On Friday, Harvard economist Kenneth Rogoff told the press U.S. inflation was “eye popping” and in terms of where inflation is headed, Rogoff stressed he thinks “we’re on a knife-edge.” Members of the US Central Bank Begin to Favor Tapering Asset Purchases — Taper Discussions to Likely Happen at Fed’s December Meeting On Friday, Reuters reported that the U.S. central bank’s policymakers are publicly debating whether or not the Federal Reserve will taper bond purchases and raise the benchmark interest rate. Fed Governor Christopher Waller told the press on Friday that the tapering should begin soon. “The rapid improvement in the labor market and the deteriorating inflation...
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Gemini Raises $400 Million in Growth Equity Funding Round; Metaverse Clash Incoming

Gemini, the regulated cryptocurrency exchange founded by the Winklevoss Twins, has raised $400 million in its most recent growth equity funding round. This financial round gave it a valuation of $7.1 billion, being one of the most valuable exchanges in the crypto world. The financial round, led by Morgan Creek, also had the participation of key leaders in the venture capital sector. Gemini has been investing heavily in alternative metaverse proposals. Gemini Hits $7.1 Billion Valuation Gemini, the cryptocurrency exchange created by the Winklevoss twins, the two Facebook dissidents, has raised $400 million in its latest growth equity funding round. The round was led by Morgan Creek, which put up $75 million, with Sachin Jaitly (a general partner at Morgan Creek) becoming the third member of Gemini’s board of directors, apart from Cameron and Tyler Winklevoss. Other important backers in the round included 10T, ParaFi, Newflow Partners, Marcy Venture Partners, and the Commonwealth Ban...
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Foundry USA becomes second-largest Bitcoin mining pool amid China ban

New York-based Foundry USA contributed to a 15.42% share of the network hash rate and is just 4,000 PH/s behind AntPool. New York-based crypto-mining service provider Foundry USA takes the lead to become the world’s second-largest Bitcoin ( BTC ) mining pool after taking up a 15.42% share of the network. Data from BTC.com shows that Digital Currency Group-owned Foundry USA stands behind the pool leader AntPool by a hash rate of just 4,000 PH/s, which contributed to a 17.76% network share at the time of writing. The rise in the participation of American entities can be attributed to China’s recent blanket ban on crypto trading and mining activities. The ban forced a large-scale migration of local Bitcoin miners, who now reside in crypto-friendly jurisdictions including the United States, Russia, and Kazakhstan . According to https://t.co/1YRYr4QCmY , DCG's mining pool Foundry has become the second largest Bitcoin mining pool. China's severe crackdown on Bitcoin mining an...
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Quentin Tarantino Sued for an Upcoming Auction of Pulp Fiction NFTs

Quentin Tarantino, the acclaimed film director, is being sued by Miramax, a Hollywood film producer and distributing company, due to the auction of a series of NFTs related to “Pulp Fiction,” one of the director’s most popular films. The conflict lies in the interpretation that Miramax makes from the initial contract between the parts, arguing that the sale of NFTs does not constitute a publication of any part of the script. Miramax Sues Quentin Tarantino Miramax, the Hollywood movie company, sued Quentin Tarantino, the acclaimed film director, for the upcoming auction of a series of Pulp Fiction-themed NFT’s. Tarantino announced it would auction a series of never before seen items of the film in the form of NFTs, including the famous “royale with cheese” handwritten screenplay scene. The auction would utilize a blockchain called the Secret Network, which would allow the content of these NFTs to be secret until the sale of the item. Miramax affirms that while Tarantino has the rig...
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Building multichain is a new necessity for DeFi products

Web 3.0 will be a multichain mosaic, and the winning DeFi projects will be those that build experiences connecting as many blockchains as possible. At present, your DeFi product needs to be multichain to be competitive — this is the hard (and exciting) truth of 2021. Whether you’re building a wallet, a lending service or a DeFi game, your target audience knows that there is more to the crypto space than Ethereum. And they expect you to provide the best of all worlds.  It seems there will always be a debate about which blockchain makes for the best foundation for projects. Enhanced security, low transaction costs and formidable speed — there will always be a chain that offers bigger advantages. As the speculators argue over the next potential “Ethereum killer,” a new multichain reality is forming that has a less stark competitive implication. Instead of a dog-eat-dog framework, the future of blockchain and DeFi will favor those products that mesh into a cooperative multichain use...
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