Elon Musk: The “One Coin to Rule Them All” is Not Bitcoin

Elon Musk: The “One Coin to Rule Them All” is Not Bitcoin

Elon Musk continues to make headlines, and this time he tweeted that he “bought some Dogecoin for lil X, so he can be a toddler hodler.”

Doge continues to receive love from Musk, who time and again sends its price flying, currently trading at $0.072.

“The most ironic outcome would be Dogecoin becomes the currency of Earth in the future,” Musk said earlier this month.

Interestingly, sometime ago, Dogecoin decided to support merged mining with Litecoin and other Scrypt based coins, which allow users to mine DOGE and other coins at the same time. While the hash rate for DOGE is in line with LTC, the former remains less labor-intensive for the time being.

Now, the profitability of mining DOGE has matched LTC, which Denis Vinokourov of Bequant says “could herald the new era of flippening.”

Besides sending love towards DOGE, Musk also shared an important message saying, “Any crypto wallet that won’t give you your private keys should be avoided at all costs.”

This advice came in regards to the FreeWallet app sharing DOGE’s wild rally, which prompted Musk to impart the most important thing about owning your crypto holdings, “not your keys, not your coins.”

Earlier this week, Musks’ Tesla announced that it had purchased $1.5 billion worth of Bitcoin, which sent the digital currency’s prices to new highs. Now the market is excited to know which company would be the next to follow in Tesla’s footsteps.

Following Tesla, even Twitter is considering adding Bitcoin to its balance sheet, revealed the company CFO, who said no changes had been made yet. Nathan Cox, CIO at investment firm Two Prime, said,

“These are just the early innings of corporate adoption, as digital currencies are beginning to play a larger role in robust balance sheet management.”

Senator Cynthia Lummis also took this move by Tesla, which has already been made by MicroStrategy and Square months back, as an opportunity to point out that people and companies are shifting to digital currencies because of the debasement of fiat currency, for which Congress’ lack of fiscal discipline is largely responsible. She said,

“Congress’ debt addiction is decimating savers return on their hard-earned dollar. The potential to address that, if Congress fails to address its own debt-fueled spending addiction, is the most compelling reason to follow digital assets extremely closely.”

For Bitcoin, what works in its favor is its finite supply that creates a meaningful store of value and the decentralized network that constantly confirms and secures the publicly available ledger.

Most importantly, she said, it “is the potential for savers to be rewarded with an appreciating (or at least stable) asset.”

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Author: AnTy

Linkin Park & Fort Minor’s Mike Shinoda Mints His First NFT ‘One Hundredth Stream’

Linkin Park & Fort Minor’s Mike Shinoda Mints His First NFT ‘One Hundredth Stream’

Mike Shinoda, the co-founder of American rock band Linkin Park and one of the band’s vocalists, has minted his very first non-fungible token (NFT).

Called “One Hundredth Stream,” the NFT was shared by him late Friday. The last bid, 11th on the NFT, is of 7 WETH, which values at $11,389 at the time of publishing.

The bidding started 12 hours back with just 0.3 WETH; Wrapped Ether is currently worth $1,627.

The NFT is put on sale on Zora, a crypto-driven marketplace to buy, sell, and trade limited-edition goods. It builds tools for creators to issue tokens around their creativity and put an end to corporations and platforms’ monopoly on creative ownership.

Back in October, Zora raised a $2 million seed round led by Kindred Ventures, with participation from Trevor McFedries of Brud, Alice Lloyd George, Jeff Staple, Coinbase Ventures, and others.

Shinoda is just the latest of the celebrities to jump into the NFT scene, which is booming this year. Just this week, YouTuber Logan Paul announced the launch of a series of NFTs in partnership with Bondly Finance, which will be sold in an auction with Pokémon 1st Edition Booster Packs.

Bidding on each set will start at $10k, and the auction will run until Feb. 11.

NFTs are exploding in popularity that allows their creators to produce unique pieces. As the demand for them skyrockets, so does their issuance landscape, with over 50 different platforms to create them on.

The NFT space has also been seeing the likes of Soulja Boy, Mark Cuban, and Rick and Morty’s Justin Roiland release their own NFTs.

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Author: AnTy

This Catalyst for Ethereum to Reduces its Supply While Creating More Demand

  • One thing is clear: Ethereum usage is not stopping, at least not anytime soon.
  • Although Ethereum killers like Polkadot present strong competition, for now, they won’t be pushing Ethereum out of commission as evident in the record daily gas used on the network.

Over the weekend, the average gas price also jumped to 211.89 Gwei, and the maximum gas price well above 1 million Gwei. Daily transaction fees on the second-largest network also jumped back to 16,600 Ether, which, after the mid-August YAM debacle, was keeping around 7.5k Eth, as per Etherscan.

Despite these high gas prices, traders and investors are unperturbed with the price of Eth spiking over $437.8, up 229% YTD.

This price surge, however, has the total amount of Ether entering the exchanges rising up that could be to take off the profits.

“Yesterday, 1.46m ETH were deposit into some of the top centralized exchanges. This represents the highest volume since March 16,” noted IntoTheBlock. In the near term, this could put a sell pressure on the digital asset.

However, DeFi mania is getting stronger and stronger, which would only lead to growth in Ethereum. The market cap of the top 100 DeFi projects has already surpassed $18 billion.

In the DeFi world, DEXs are growing at warp speed; as we reported, Uniswap has recorded more volume than the popular centralized exchange Coinbase Pro for the second time in a row.

Other DEXs like Balancer, Curve, and 1nch are also performing very well than the CEXs that have multi-billion valuations while Ethereum is stuck at a $50 billion market capitalization.

Now, the market is even more excited and bullish on ETH, and it is because of yETH. The Ethereum vault on Yearn Finance not only “adds to a long list of catalysts for Ethereum, but it also reduces the available supply. Anyone who owns ETH can earn the best yield automatically by HODLing yETH,” notes Alex Saunders.

“It could also mean other protocols find it harder to compete with Ethereum when offering staking rewards.”

“ETH should continue to rise,” said trader Scott Melker, because,

“YFI (Yearn Finance) is allowing investors to stake their Ethereum in vaults and earn yield. The more people that do this, the more the supply of Ethereum is reduced, and the more demand is created.”

Traders and investors would need Ether to participate in DeFi, which is used for staking, trading, and to pay for gas fees, and so much usage translates into rising prices.

Already, a record 5.2 million ETH are locked on the DeFi protocols, and the more Ether locked, the more the upwards pressure on the price of Ether.

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Author: AnTy

Fidelity Head Launches New Bitcoin Index Fund; $100,000 Minimum Buy-In Price

One of the largest mutual funds in the U.S., Fidelity Investments, is enhancing its efforts in the Bitcoin and crypto space with its chief strategist, Peter Jubber, starting an institutional-grade and high net worth clients-focused BTC index.

According to a filing sent to the Securities Exchange Commission (SEC), Fidelity Investments has launched a new Bitcoin index fund, ‘Wise Origin Bitcoin Index Fund I, LP’ that targets high et worth investors and institutions. A $100,000 minimum buy-in value is required by the index fund following the demand by corporations and accredited investors on Wall Street on crypto investments.

The Wise Origin Bitcoin fund was launched by the head of strategy and planning at Fidelity Investments, Peter Jubber, in conjunction with the mutual fund’s brokerage and distribution divisions. The fund aims to provide a gateway for accredited investors on Wall Street to dip their feet into crypto.

Fidelity is known for its soft stance on crypto investing, owning stakes in crypto companies such as Canadian mining firm, 8Hut, and providing custodial services to institutions. Jubber, also a well-known enthusiast and evangelist of Bitcoin and blockchain, in 2017 said the firm was sketching out a decade long plan on the impacts and opportunities that blockchain technology offers to traditional finance.

Peter will lead the ‘Wise Origin Bitcoin Index Fund’ as the executive director and FD’s Fund’s president. Reports on Forbes also confirm that a Delaware based firm, FD Funds GP will become a general partner to Fidelity’s new BTC fund.

Fidelity’s reports on the cryptocurrency market this June showed that over 36% of big institutional investors were taking up digital assets, and another 80% of them stating they find crypto appealing. Moreover, a recent report by the mutual fund concluded there is an increasing interest in Bitcoin as a store of value with the world’s witnessing unprecedented fiscal and monetary policies.

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Author: Lujan Odera

Mastercard Approves Wirex to Directly Issue Crypto Payment Cards To Its Customers

  • One of the world’s major payments processors, Mastercard, has announced it has approved Wirex to become its maiden crypto firm to provide payment cards to its clients directly.
  • In efforts to expand its crypto program, Mastercard is now encouraging the crypto companies to apply to become its partners.

On Monday, July 20, Mastercard announced that it was seeking to make it easy for crypto card issuers to become its partners through the firm’s Accelerate program. Now, it will take just a few weeks before applicants can be approved as partners, the firm stated.

The Accelerate programs offer partners the requisite support for their market entry, continued development as well as international expansion. The approved partners will be helped to integrate into Mastercard’s technology easily and will be allowed to benefit from the firm’s market research and cybersecurity expertise.

Although the firm is focusing on making it easier for partners to access the Accelerate program, firms wishing to be onboarded must adhere to the company’s “core principles.”

The core principles comprise of ensuring the security and privacy of the users, adherence to the requisite laws and regulations like AML rules as well as coming up with a level playing field for all the stakeholders involved like merchants, financial institutions as well as mobile network operators.

The company’s head of digital assets and blockchain, Raj Dhamodharan, explained that the crypto market is fast maturing and the firm wants to be part of this journey. He said:

“The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy.”

Wirex cardholders will have a chance to instantly convert their crypto assets into different fiat currencies that can be used at a point of sale which accepts Mastercard.

Pavel Matveev, Wirex CEO, praised the partnership, saying that it shows that cryptocurrency is slowly gaining recognition and acceptance by several global bodies as well as regulators. He added that the partnership would allow the firm to reach all corners of the world as Mastercard is a global institution.

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Author: Joseph Kibe

China’s Largest Mining Chip Maker, SMIC, Gains Regulator’s Approval On $2.8B IPO

  • One of China’s biggest semiconductor manufacturer, SMIC, announces plans to raise a $2.8 billion public sale IPO on the Sci-Tech Board of the Shanghai Stock Exchange (SSE).
  • The stock exchange approved the IPO in a document shared by the manufacturer hence increasing the overall competition in the Bitcoin mining firmware chipmaker industry.

According to a document shared on June 1, Semiconductor Manufacturing International Corporation (SMIC), a Hong Kong Exchange (HKEX) listed company, will raise $2.8 billion in an IPO following a successful vetting by the SSE. The amount raised will be partially focused on creating and improving their 14 nm crypto mining chips after the recent partnership with Canaan Creatives.

SMIC partnership with Canaan Creatives will, however, produce other smaller cryptocurrency miners rather than Bitcoin due to the cost and technical challenges involved in the top crypto miners. For example, TSMC announced the launch of a $12 billion dollar plant in the state of Arizona in the U.S. in its plans for global adoption last month.

The Chinese computer chip maker aims at improving its computer chip designs to compete with global competitors – Samsung and Taiwan Semiconductor Manufacturing Company (TSMC). The former has been rumored to work with Bitcoin mining firms. Whatsminer and MicroBT. with the latter working with Bitmain to produce Bitcoin mining chips.

The latest $2.8 billion public offering adds to the latest $2.2 billion private funding from China’s largest investment firms, National Integrated Circuit Industry Investment Fund II and Shanghai Integrated Circuit Industry Investment Fund II.

After a slow start to the quarter due to the Coronavirus and halving uncertainty, Bitcoin mining and its price are back on a bullish trend in China, as reported by BEG. The latest move by the largest computer chip maker in China will enable the country to fight off sanctions levied by the United States that has made it harder for the top chip makers to import to the country.

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Author: Lujan Odera

Billion-Dollar Craig Wright- Dave Kleiman Case Moves To Court In July; 1.1 Million BTC at Stake

  • The famous “one million Bitcoin” case between self-proclaimed Satoshi Nakamoto, Craig Wright, and Ira Kleiman, brother to deceased, Dave Kleiman, is finally set for trial starting July 6.
  • However, the court is extending the deadline till July 3rd, 2020 for the parties to resolve their claims and present the resolution to court.

The long-running battle between Craig Wright and Kleiman’s estate is taking a swift turn to the courts after a two-year battle of the courts bore no resolutions.

According to the latter, Dave and Craig mined together a stash worth 1 million BTC (~$9 billion) and wished Craig, who has previously admitted to holding the private keys to this mega stash, to relinquish half the BTC the two mined.

However, Craig has come out strongly denying the claims; stating that he mined the whole stash of BTC alone.

On May 1, 2020, U.S Southern District of Florida judge, Reinhart Bloom, declared the trial date is set for July 6, with both legal teams announcing their readiness in participating in the trial.

The set trial will be held during the Court’s two-week trial calendar beginning on July 6, 2020, at 9:00 a.m. at the United States Courthouse, 400 North Miami, Avenue, Courtroom 10-2, Miami, Florida.

Dr Wright’s attorney, Andres Rivero, argues that his client is eager to prove in court his BTC stake.

Rivero further claimed the plaintiffs must be able to prove their 50% stake claim, given Dave and Craig were just friends, which did not entitle any case of sharing the mined BTC. He further said,

“It’s always possible for the cases to be delayed, they could be motions, more requests by the plaintiffs […] But we have opposed all the delays and we’ve always wanted to go to trial.”

A source from Kleiman’s legal team also showed their readiness in presenting evidence and witnesses in court come July 6, brushing off the claims that they were slowing down the process as “absurd.”

The statement from Roche Cyrulnik Freedman LLP, the firm representing Kleiman’s estate reads:

“Any comment that Plaintiffs are responsible for any delays to the trial date is absurd. As Judge Bloom found on January 10, 2020, Craig’s ‘antics and conduct delayed and obstructed the discovery process of this case, wasted valuable time and resources […] and prevented the Plaintiff from obtaining evidence.”

Despite the case moving onto a court date, Craig has yet to provide proof on the claimed 1.1 million BTC coins.

Earlier in the year, reports that the Tulip Trust documents containing the private key to the stash would arrive in a bounded courier never materialized. This led to Craig’s attorneys claiming he does not own the private keys to the coins.

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Author: Lujan Odera

Will Trump’s Stimulus Package Include BTC Investments As Part Of The Tax-Incentives?

One of the senior officials for President Donald Trump came with the proposal of a new economic package that stimulates people to make tax-free investments, Bitcoin (BTC) included.

It seems that the President’s administration is seriously taking new tax incentives into consideration, incentives meant to give the stock market a boost by allowing Americans to buy shares, stocks and cryptocurrencies like Bitcoin.

Tax-Free Household Income for Employees

According to what a number of sources have told on Friday to CNBC, the new proposal wants to make a part of the household income tax-free so that people invest outside a traditional 401 (k) plan that allows employees to divert a sum from their salary towards long-term investments. Larry Kudlow, President Trump’s senior adviser and the National Economic Council director, said the approach is focused on developing tax-free savings accounts, so the capital gains wouldn’t be taxed.

The Tax-Free Proposal Would Benefit Crypto Investors

Many who have invested in cryptocurrencies have been worried about tax liability, so the investment plan that wants to make a part of the income tax-free would greatly help them. As what sources told CNBC, in a household that gets $200,000 as income per year, $10,000 would be invested in the tax-free scheme. The proposals to cut taxes are to be formally announced in September and regarded as a way for President Trump to stand out from the crowd, especially when compared with his Democratic rivals.

Americans Are Investing in the Stock Market More than Ever

The White House has these policies through which it wants to accelerate the rise of the owning stocks trend. Last year, 55% of all Americans, which is a record percentage and the greatest number since the Great Depression, were playing the stock market. However, since the US House of Representatives is currently in the Democrats’ hands, the Trump administration’s tax legislation is very likely not to pass, at least not in the near future.

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Author: Oana Ularu

Binance Launches Crypto Cross Collateral, Tezos (XTZ) Futures, And Russian Ruble Instant Buy

One of the leading crypto exchanges in trading volume, Binance is now allowing users to put crypto as cross collateral when funding futures trading. Besides, it has made Tezos (XTZ) futures trading available and added support for instant crypto purchases with the Russian Ruble.

Cross Collateral for Futures Contracts Trading

With the Cross Collateral feature, users are able to trade futures contracts and use them as collateral the assets stored in their Binance wallet. Traders who use the service can at the moment borrow Tether (USDT) at 0% interest against Binance USD (BUSD) holdings. BUSD is Binance’s own stablecoin.

The Binance Futures platform allows users to trade 13 high leverage pairs and to manage risks by hedging the existing positions. The exchange is offering 125x leverage, which is the highest among all crypto exchanges. On Tuesday, it has also announced that is going to change the fees for liquidity to be added by market makers to its futures platform.

XTZ is the Latest Cryptocurrency to Land on the Binance Futures Platform

February 5 has been a very busy day for Binance, as it has also added to its futures platform an XTZ/USDT perpetual contract, the new product being scheduled to go live on February 6, at 8:00 am.

Binance Futures has also announced Dash (DASH) and Zcash (ZEC) perpetual contracts, so it’s expanding its offerings quite fast, not to mention it launched 8 other futures products in January.

Instant Crypto Purchases with the Russian Ruble

As said before, Binance has also enabled instant crypto purchases of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Binance Coin (BNB) with the Russian Ruble. Users will be able to complete these purchases in under a minute, without having to make a deposit. Other currencies and Mastercard support are scheduled in the near future too. The Ruble trading was launched silently and at the end of October last year, deposits and withdrawals in the currency being possible on the platform ever since then.

As Binance’s CEO, Changpeng Zhao said, Russia was among the exchange’s top 10 markets. A survey conducted by Russian crypto news agency Forklog last summer shows that Binance is the most popular crypto exchange not only in Russia but also in Belarus and Ukraine.

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Author: Oana Ularu

Ripple Critic Compliments its “Impressive Tech” & XRP Seeing “Real Traction”

  • Messari founder Ryan Selkis says Ripple has built “one of the more impressive tech stacks”
  • Ripple is the “Jekyll and Hyde of crypto” that is doing great work and a phenomenal team while coming up with transparency reports that obfuscate things

Ryan Selkis doesn’t hate Ripple or XRP, clarified the Messari Founder in his latest newsletter. Earlier last year, Selkis released a report contesting the market capitalization of the digital asset XRP and received a lot of backlash from the “XRP Army.”

Then in November, he published a report accusing the company of using RippleWorks charity foundation as a tax shelter, findings that coincided with Elliptic’s report tying $400 million of illicit activity in XRP.

“Yes, I’ve called out the company leadership for lack of transparency, and yes, I’ve compared the company to Dr. Jekkyl and Mr. Hyde because of its strange business model. But I actually think Ripple’s tech is interesting, and the asset could prove successful under a certain set of (admittedly unlikely) scenarios,” said Selkis Thursday.

Recently, he appeared on Abra’s Money 3.0 podcast where when asked about Ripple, Selkis shared much positive views on the software company that he said has built “one of the more impressive tech stacks.”

According to him, Ripple’s tech solutions are also much closer to “product fit” than any other (99%) projects in the crypto space.

The issue, however, has always been what he called the “Jekyll and Hyde of crypto.”

Jekyll and Hyde of Crypto

Ripple’s development in the space can’t be denied, having crossed over 300 in its partners’ list that involves some of the world’s top banks and financial institutions.

“On the one hand, you’ve got Dr. Jekyll who’s trying to dis-intermediate SWIFT and working with all these banks and got this phenomenal team and board and advisory members and they are creating interesting tech, solving real problems, and were very early as pioneers in the industry,” explained Selkis.

But in the midst of these developments, Ripple comes up with transparency reports that really doesn’t clear out things much regarding how funds are actually flowing or the actual funding model, said Selkis. The “continuous fundraise” is also treated as revenue by the company.

And the party line is the 80% of XRP that was “gifted to their balance sheet,” and has been sold but they don’t really care about the securities law aspect of it.

“What we do care about is whether the XRP currently outstanding is truly circulating or whether it’s encumbered in some way, shape or form.”

Because if XRP is encumbered, Selkis said two things would happen, either they are understating the amount to sell-pressure from insiders, which is what actually playing over the course of the last 18 months, or their market cap is overstated.

Ripple and XRP are seeing real traction

Ripple could end up doing “very well if the banks take the bait,” and Ripple continues to offer them “sweetheart deal” to buy the digital asset for “pennies on the dollar.”

“So, it’s like “fake it until you make it coin.” The revenue model and what the company actually delivers are two very, very different things, he said.

However, recently, Daniel Vogel CEO of Bitso, Mexico’s remittance company and Ripple partner revealed how the company has been utilizing XRP in remittance flows across the US-Mexico border. He said they’re aiming to capture 20% of the weekly US-Mexico remittance flow by the end of 2020.

“For now, it’s at least one example of a market where Ripple and XRP are seeing real traction. Time will tell if that recipe is replicable in other markets,” said Selkis.

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Author: AnTy