SushiSwap Creator Makes a U-Turn; Returns $14 Million Worth of Ether

In the latest turn of events, just when you think the drama is coming to an end, comes a tweet from Chef Nomi.

It was on the last weekend that the anonymous creator of DEX SushiSwap cashed out his share of the development fund; now, just before this weekend, Chef Nomi apologized to the crypto community for their greed.

The creator also returned all of their $14 million worth of Ether to the treasury and “will let the community decide how much I deserve as the original creator of SushiSwap.”

Now, Adam Cochran, a co-signer of the multi-sig, is proposing to use some of these returned funds to re-buy SUSHI token, which is trading at $2.33.

Currently, the SushiSwap community is working on bringing the policy changes they have voted for to the protocol, including reducing its token reward schedule and introducing fee staking and a lock-up period for newly minted SUSHI.

The Apologies Round

This week, the control of the Uniswap clone was handed over to FTX CEO Sam Bankman-Fried, and the subsequent successful migration of SushiSwap happened. Already it is recording $200 million in daily volume and $1.54 billion of liquidity. The community also voted for ten people as the multi-sig signers for the treasury.

Chef Nomi apologized to all the people involved in the project and “for bringing a bad reputation to the DeFi movement.” At the time of selling his SUSHI tokens, the pseudo-anonymous creator said they deserved the funds for doing all the work.

Synthetix founder is in favor of “powerful incentives” to “attract all the amazing founders languishing in Fintech building shitty TradFi overlays” in crypto, much like Chef Nomi.

But yEarn founder Andre Cronje argued that incentives should be aligned and “earning a casual $1.5m for < 2 weeks worth of work, off of cloning someone else’s work, hardly seems aligned.”

The creator also directed their apologies towards Uniswap creator Hayden Adams, of which it is a copycat.

“I hope that SushiSwap continues to evolve. Don’t let my mistake deter it from being a 100% community-run AMM. The success of SushiSwap will set a precedent for many more community-run projects,” said Chef Nomi. “It has a lot of potential, don’t let my action alone fuck it up.”

Chaos has a way of sorting itself

While those who lost their money during the SUSHI’s 80% price dump following Chef Nomi’s “exit scam” berated him still in the comments section of Twitter, some speculated this move was because he was doxxed.

Others complimented the creator for owning up to their mistakes and correcting them. Cronje said,

“Less apology, more coding. Sushiswap needs you. Get back to work and build something that leaves a legacy. You chose Sushiswap over yourself, now just keep building.”

Amidst this, popular trader Loomdart shared his two bits on the Sushi saga, saying the project is not a conspiracy because “$14m is pennies when you attribute the stress/fear that comes with “doing” what ChefNomi did.” He said,

“Crypto is chaos. chaos just has a way of managing to sort itself out when peoples incentives align.”

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Author: AnTy

Indian Think Tank Founder Says Bitcoin Should Not Be Legalized As A Private Currency

Indian entrepreneur and founder of BEGIN Think Tank, Deepak Kapoor, calls on the countries’ financial authorities and government to implement regulations on the cryptocurrency space in a bid to prevent the illicit use of the “innovative technology.”

Speaking to BusinessWorld on Monday, in a panel shared by Ratan Sharda, noted Author, Editor, and TV Panelist, Kapoor further said cryptocurrencies should be treated in a similar bracket to company securities or stocks.

India’s total ban on cryptocurrency, stipulated by the Reserve Bank of India, was quashed earlier this year as the Supreme Court ruled it unconstitutional. Ratan echoed the Supreme Court decision as final, stating the current bill in parliament looking to affect the total ban “will not work” in its current state.

“Just like you cannot ban porn, you cannot ban cryptocurrency.”

A better view would be to place controls on the market and ecosystem, the author stated.

Nonetheless, the privatization of Bitcoin (and similar cryptocurrencies) will not be accepted by governments any time soon, Kapoor shared. Controls will only effect a smooth transition into digital payments, but acceptance of private cryptocurrencies could generally collapse economies, he explained.

“Globally, everyone wants to make bitcoin into a private currency, which will not be allowed because it will lead to the collapse of the economies.”

Kapoor praised cryptocurrencies as a technology that cannot be hacked but warned legalizing Bitcoin and private currencies “might put the entire economy of the country at risk.”

How should the government control and regulate these new innovative digital assets?

According to the think tank CEO, Bitcoin should be treated similarly as stocks or company securities. He further stated,

“That is the only legal status that it can get, and it should get this status. This could be the most secure technology cryptographically that we have ever seen in our lifetimes.”

India’s monumental Supreme Court decision to destroy the blanket ban on crypto opened up the country to a new wave of interest in these digital assets. However, Kapoor believes the country should be doing more on the regulation side of things to curb cybercrime using Bitcoin and cryptocurrencies.

“We do not even have cryptocurrency crimes as a category of crimes registered in the country. Let us start acknowledging that first,” he said. “I would want senior people from investigative and law enforcement agencies to first at least know about it and to know what the world is moving towards.”

He called on the government to introduce a body specifically looking into virtual assets or give the Securities and Exchange Board of India (SEBI) the mandate over these assets.

India’s regulation on cryptocurrencies is still miles off peer countries. Since February’s ruling on the lift on the total crypto ban, the RBI has given contradictory statements on what is legal and what isn’t. In May, the central bank announced it had not prohibited any banking services from conducting business with crypto service providers despite reports it had done so.

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Author: Lujan Odera

Circle Consortium’s CEO Warns About China’s Digital Currency Bypassing The Western Banking System

When we think of China’s progress in adopting cryptocurrencies, we think of a country implementing a blanket ban. We might be forced to think that they haven’t made much progress in the ecosystem, but Jeremy Allaire from Circle begs to differ. As a matter of fact, he goes on to warn that the US is lagging behind in implementing national crypto, which might give an opportunity to China to change the way Western companies transfer payments.

Jeremy is the co-founder, Chairman, and CEO of Circle, a global crypto financial services company that provides individuals, institutions and entrepreneurs with a platform to invest in, store, trade and use digital assets, and raise capital through online securities offerings.

One of the leading reasons for China to develop its own national cryptocurrency is the US tariff war. The media also associates China’s decision to create its state digital money to the active promotion of Facebook’s Libra cryptocurrency.

In July, Wang Xin, head of the PBoC Research Bureau, said that Libra threatens the international monetary system and countries should develop their digital currency to prevent the negative economic consequences. Other authorities expressed the need to strengthen the national currency through the issuance of digital money.

Allaire said:

“[Circle] also believes that the major reserve currencies of the world, the major trade currencies of the world, would become digital currencies. A digital currency version of renminbi that runs on software platforms that can be run over the internet, it really creates an opportunity for China and Chinese companies . . . and bypass the western banking system.”

With this digital asset, the government could have more control over its financial system. China is a centralized country that controls its citizens and is at all-times trying not to lose the power it has over its nationals.

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Author: Sritanshu Sinha

Kudelski Security Announces New Insecure Blockchain ‘FumbleChain’ to Teach Hackers About DLT

Kudelski Security Announces New Insecure Blockchain 'FumbleChain' to Teach Hackers About DLT

It is a pretty commonplace idea to think that blockchain technology means protection. Unfortunately, this idea could not be further apart from the truth. Despite the supposition of security, blockchains with exploits can be dangerous for everyone involved.

This is why Kudelski Security has recently announced that it will launch a new blockchain without deliberate flaws. The new project is set to be launched during the Black Hat USA infosec, according to The Next Web’s Hard Fork.

The convention, which is set to happen in Las Vegas, will see the launch of FumbleChain. The whole idea is that the network will be easy to exploit so that hackers can play and try to destroy it.

FumbleChain will have its own “e-commerce” app, FumbleStore, which will serve as a “capture the flag” game. These are games in which hackers compete to try to break into something.

Don’t mistake this idea for actual support for criminals, though. The idea is to educate the “good hackers” on how to exploit decentralized systems in order to find flaws in an easier way and fix them quickly before the “bad hackers” get at it and steal people’s money or information.

According to Nathan Hamiel, the head of cybersecurity at the company, there is a common error in which people think that blockchains are inherently safe when they are not. The technology, in his opinion, is very nuanced and complex, and it is quite easy to create breaches if you are not careful. Because of this, you simply can’t blindly trust it.

While it may seem strange to non-hackers, this kind of approach is actually very common. Many broken apps are released in competitions so that people can try out their skills.

The blockchain will be created using Python as the programming language, mostly because it is considered very easy to manipulate and this will make it easier for the participants to break in and modify the source code of the blockchain.

As soon as some of the hacking challenges proposed by the company are done, more will be added. This will keep the blockchain live for some time while people are trying out their skills.

Kudelski Security has affirmed that the app will also be available as a code repository on GitHub in case someone wants to download and check out the code.

There is only warning, though. According to Kudelski, if you run the program, you might end up putting your own computer at risk. This happens because the software is notoriously broken, so you really should know what you are doing if you want to be a part of this initiative.

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Author: Gabriel Machado

Bitcoin Shows Resilience, As Bloomberg Predicts That It “Is (Probably) Here to Stay”

Bitcoin-Shows-Resilience-As-Bloomberg-Predicts-That-It-Is-Probably-Here-to-Stay
  • Bloomberg reported on three main reasons why they think that Bitcoin’s price is rising and why the crypto market is sticking around.
  • Presently, Bitcoin is above the $12,000 price level, at the time of writing.

Bitcoin is having a great month so far, and there are many people that believe that it is going for a full rally. For much of 2018, Bitcoin resided below $4,000, but this week has increased the price by nearly $10,000. The cryptocurrency still has a relatively volatile price, but there are many proponents of Bitcoin that believe it to be on the way to that $20,000 price level of late 2017.

Reported by Bloomberg, these price changes almost create a paradox – if the Bitcoin boom was nothing more than a bubble in the first place, how is it now gaining traction again. The only logical explanation is that cryptocurrencies are most likely securing their place in the economy now.

The recent Bloomberg article speculates that one of the reasons for the rising Bitcoin price could be rising is due to the trade war between the US and China. At this point, it looks like China does not intent to join the international economic order, creating a cold war. If China opts against liberalization and stays out of this order, then Bitcoin would serve as a helpful way to move funds outside of China. It is possible that the government could stop this practice from happening but choosing to outright liberalize would stop Bitcoin from being usable entirely.

Another development that Bloomberg credits is the way that the Democratic Party of the US continues to lean to the left, especially regarding a wealth tax. Fiscal deficits in the US have grown, and restoring the balance is a long-term goal. Presidential candidate Elizabeth Warren has campaigned for a 2% wealth tax.

Regardless of the public view of these opportunities, it is clear that cryptocurrency provides an avenue to store assets in unreachable accounts to keep them away from the tax authorities. Many nations could potentially look to a wealth tax to help them establish balance in their financial issues. Realistically, the growing price of Bitcoin is showing that it will be hard to find “fiscal solvency,” as Bloomberg wrote. However, it does not look like the wealthy plans to bid farewell to their assets yet.

The third reason that Bloomberg believes that Bitcoin is rising in price is due to the movement for Facebook to launch their Libra cryptocurrency. There are many roadblocks in the current laws that could impede the progress of this launch, but the idea that remittance and other fund transfers could come at such a low cost would be highly beneficial to consumers. The stakes get even higher if the costs could be dropped from 7% to around 1% or 2%.

Cryptocurrency is an ever-evolving landscape, and all of this progress shows that it is a market work looking at. Competitors may arise for the original cryptocurrency, but that competition just means that companies have enough faith that they can become successful too. As long as their competition, there’s a clear desire for the market to be kept alive.

At the time of writing, Bitcoin was priced at $12,284.96, jumping by 14% in the last 24 hours.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

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Author: Krystle M