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“I don’t care about Bitcoin” say CEO of J P Morgan Jamie Dimon

By
Naomi Glover
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0

The CEO of JP Morgan emphasizes his disinterest in Bitcoin, but believes it is possible that the price will increase tenfold.

Bitcoin is a “fraud”: Jamie Dimon caused a stir at the time . Even in retrospect, the CEO of JP Morgan made it into the headlines several times with his statements. First, because he at the World Economic Forum in Davos in 2019 admitted that the block chain as a “real technology,” an “actual potential dispose”. Then because on the anniversary of the Investment Company Institute in May 2021 he called for more state supervision of the crypto market so that it does not become too “powerful”. At the time, however, he phrased it as if he believed that the crypto market would continue to grow . (Also Read: Ethereum becomes more popular than Bitcoin: Analyst says)

With his last statement to the Times of India (TOI) , he also attributes considerable potential to Bitcoin. At the same time, however, he now emphasizes his disinterest in the original crypto currency:

I don’t really care about bitcoin. I think people waste too much time and air on it. […] I think that someone who lends money to buy Bitcoin is a fool. But that does not mean that the price cannot rise tenfold over the next five years. But I don’t care.

Jamie Dimon, The Times of India

Whatever it is, governments will regulate it

The TOI reporter also asked him for his opinion on the ongoing debate in India on whether cryptocurrencies should be banned or regulated. He replies to that

It will be regulated. Governments regulate almost everything. I don’t know if it [a cryptocurrency] is an asset. I don’t know if it’s a foreign currency. I don’t know if it’s a currency or if it’s security laws, but they will. And they will limit it to some extent. But I can’t say whether it eliminates that and personally I don’t care. I am not a bitcoin buyer.

Jamie Dimon, The Times of India

There is still subtle criticism

Nevertheless, this time again, he insists on naming crypto currencies in the context of negative examples. He said he remembered when beanie babies were selling for $ 2,000 each and that everyone knew about tulip bulbs and internet stocks in the past. That all of this would have been speculation that occurs in “every market in the world, including communist countries.” Therefore, he does not understand “why one is amazed at the amount of speculation, especially when there is so much liquidity [as with cryptocurrencies] in the system”. (Also Read: Cosmos (ATOM) vs Solana (SOL): which has more potential?)

His indifferent (previously anti) attitude is especially exciting when you consider how the bank, whose head he is, has behaved in recent years. In 2017, shortly after Dimon’s criticism, they bought a large amount of Bitcoin. In 2020 they were among the banks that were of the opinion that the increasing acceptance of Bitcoin could lead to a decline in gold demand , and the company has been offering its own JPM Coin since 2019. Save a Stablecoin on a block chain costs and efficiency increase should.

Fake wallet extension in Firefox allowed cryptocurrency theft

By
Christopher Patillo
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0
Key facts:
  • Cryptocurrencies valued at $ 4,000 were allegedly stolen from the user.
  • The extension has already been removed from Firefox but a fake address is still active.

A bogus bitcoin and crypto wallet extension, Safepal, on Mozilla FireFox, was to blame for a user allegedly losing thousands of dollars in crypto.  

The complaint was made by the user named Cali, on September 11, in a Firefox support forum. There he explained that after installing the extension and logging in with his data, when he went to check if the cryptocurrencies had been transferred correctly, he saw that his balance, surprisingly, was at zero .  

“I was in a state of shock, I saw my last transactions and I realized that my cryptocurrencies valued at USD 4,000 were transferred to another wallet,” explained Cali.  

The user expressed his displeasure and although he did not reveal which cryptocurrencies had been stolen , he did raise several questions “Is there no audit department that checks each add-on and tests it before it appears in the official Mozilla Firefox add-on store? Can you take a look at this plugin before there are a lot of people getting scammed? ”  

Although their questions were not answered, Caitlin Neiman, Plugin Community Manager at Mozilla, reported that they would discuss what happened.  

Finally, the victim of the alleged robbery indicated that he contacted the police . “They told me there is no way they can track down the hacker. The only solution I have left is that maybe some of you can help me find out who the hacker was and how I can get my funds back. ” 

Extension out of service 

The fake wallet extension is currently out of service . According to Firefox, extensions must be submitted to Mozilla for certification by the company before they can be installed in the release and beta versions. 

The certification should guarantee Firefox users the assurance that an extension has not been tampered with and gives Mozilla the ability to block malicious extensions , according to the company. However, this apparently was a step that hackers or developers were able to accomplish even though it was a bogus extension.   (Also Read: Cosmos (ATOM) vs Solana (SOL): which has more potential?)

Safepal was not aware of the extension 

Likewise, Cali assures that it contacted the developers of the Safepal wallet   and they were “very shocked” because there is no audit department that is verifying the add-ons in Firefox. 

Safepal was founded in 2018 and offers hardware and software wallet services. It has 2 million users in 146 countries.  

The company behind the cold wallet has as one of its most important investors the renowned exchange Binance and offers services for more than 20,000 cryptocurrencies and tokens.  

Currently the address ( https://safeuslife.com/tool/ ), created by the people behind the malicious extension, is active and, when trying to enter, it asks for the 12-word recovery phrase to “pair your SafePal Wallet” . 

It is important to remember the famous phrase “if they are not your keys, they are not your bitcoins”. The private keys are those that give access to your address in the blockchain and if they are supplied in applications or in this case to a false extension, the user puts their cryptocurrencies at risk.  

Recently, a company specialized in the manufacture of hardware wallets, analyzed the security systems used by the different software wallets , and determined how reliable and secure they could be.   

Among other data, the study concluded that  PC software wallets are not very secure to protect bitcoins , as they are quite vulnerable to attacks.

Cosmos (ATOM) vs Solana (SOL): which has more potential?

By
Dave Triplett
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0

Here we are in the first part of a series of analyzes around some public blockchains (including the biggest and new emerging blockchains). In today’s chapter I will present the main elements of Cosmos and Solana for a general understanding of these ecosystems.

COSMOS

1 / A little history

The Cosmos project started to germinate in the head of one of the two founders, Jae Kwon during 2014 but it was only in 2015 when he met Ethan Buchman (the other founder) that things started to take shape. They team up and out about a year later, the white paper of Tendermint (one of the essential aspects of the ecosystem Cosmos that we will see below). Also during the year 2016, they publish the white paper of the Cosmos network. Finally, the ICO was launched in 2017 and they managed to raise $ 17.3 million for their development on April 5, 2017, when the fundraising ended. 

2 / How Cosmos works

Cosmos sees itself as “the internet of blockchains” with their quite unique proposition in the market. But what does this mean? 

First of all, you have to understand that blockchains are roughly divided into three conceptual layers. 

  • Applications : Responsible for processing transactions, providing the status of transactions in the broad sense. 
  • The network : Responsible for the propagation of transactions and messages related to consensus
  • Consensus : Allows nodes to agree on the current state of the system 

Cosmos offers an architecture that would allow for superior interoperability and scalability through Tendermint, SDK and IBC. These are the major components of Cosmos and this is what they are used for:

Tendermint:

Tendermint BFT (to be very precise), referring to the Byzantine Fault Tolerant consensus algorithm , is a solution that contains the network and consensus layers of a blockchain in a single generic engine. This allows developers to concentrate on the application part without worrying about the protocol part, which is always a very complex and time-consuming task. Therefore, this module saves developers hundreds of hours.

Cosmos SDK (Software Development Kit) :

The Cosmos SDK is a toolkit that facilitates the creation of applications in a secure blockchain. The advantage of the SDK is to provide modules that are already ready to use to prevent developers from having to code their entire development from scratch.  (More Info: The network that facilitates micro-payments in Bitcoin grows 200% in a year)

IBC (Inter-Blockchain Communication) :

The IBC allows communication, data transfers and cryptocurrencies ( tokens in the broad sense) between the different blockchains of the ecosystem. It would even allow communication between public and private blockchains. This means that this module allows communication between different blockchains with different applications and validation systems. Currently, no other blockchain would allow this level of interoperability according to Cosmos. 

To answer the initial question, why Cosmos wants to be the internet of blockchains, here is the architecture of Cosmos. It works like a “starfish”. This means that Cosmos is the center of the ecosystem, serving as a register for all. Around Cosmos there are “zones” which can be created by anyone and these zones (in the Cosmos lexical field) simply correspond to blockchains. Thanks to the main components explained previously, Cosmos allows communication between all parts of the ecosystem regardless of the languages ​​used and the validation consensus of each blockchain. In addition, what must absolutely be noted is that each zone or blockchain is sovereign despite being built in the Cosmos ecosystem.

3 / Validation protocols – consensus – governance – interest

The validation consensus is based on the PoS (Proof of Stake) or proof of stake in the language of Molière. For validation to take place, it must be done by two-thirds of the validators. In the case of Cosmos, the top 100 holders of ATOM (the network’s native cryptocurrency) become validators (after making the request). To do this, you have to put your ATOMs in staking . With this mode of operation, Cosmos guarantees security provided that less than a third of the validators are dishonest. In the future, the validators will go to 125 then 300 but no date is communicated to date. (Possible Causes of Global crisis 2021: Expert Analysis)

You are probably telling yourself that as a “small” investor you will never be able to opt for a validator position, and you are partially right because you have to set up a node so you need some technical knowledge in addition to a large amount of money. ATOM to staker. However, you can still participate in the validations and receive the rewards. This requires delegating our ATOMs to trusted nodes (research must be done on this subject, this is very important). The return is between 7 and 20% per year. 

Regarding governance, it is done by the simple possession of ATOM, however, the only ones who can vote (directly) are the validators of the network. This means that to participate in updates, developments, etc., you have to delegate your ATOMs to a validator with whom you share the same points of view.

Finally, the interest in the ecosystem is represented by the 255 applications and services developed at Cosmos, including Kava and Loop Finance among the best known. 

SOLANA

1 / A little history

The Solana project began to emerge at the end of 2017 during the previous bull run but it was only in 2018 that the official white paper was published. The main founder, Anatoly Yakovenko, and creator of the Proof of History concept (which we will see later), is teaming up with one of his former colleagues at the giant Qualcomm, Greg Fitzgerald to launch this company. After a round of financing which raises a little more than 20 million dollars and years of development and tests, the mainnet beta is launched in 2020. Since the launch, the Solana project and its native token, the SOL, have experienced tremendous success which continue to expand to this day. This is possible thanks to the enormous scalability of the Solana blockchain and in particular thanks to the invention of the Proof of History.

2 / How Solana works

The Solana blockchain is also special thanks to a technological overlay called Proof of History (note: this is not a consensus mechanism), and it is this component that allows this blockchain to perform. 

Understanding this concept can be complicated, personally it took me several readings, videos, and re-readings… So I will try to explain this concept in the simplest and most understandable way possible. I apologize in advance if it is not clear to everyone, the assimilation will differ from one person to another according to their basic knowledge. (Related: Ethereum becomes more popular than Bitcoin: Analyst says)

So how does it work ? 

The invention of Anatoly Yakovenko consists of a technique which allows to maintain the same notion of temporality (a common clock roughly) between computers which do not trust each other. He knew that by setting up a common trusted clock, network synchronization would become very easy. Therefore, if the synchronization is simple, the result in terms of speed can be increased tenfold. 

To make the comparison, when you make a transaction in another blockchain, you must wait for the block in which the transaction will be registered to be validated. Example: When you make a Bitcoin transaction, it takes an average of 10 minutes, the time for the transaction to be registered in a block and for it to be duly validated.  

With the Proof of History, the transactions (and I mean each of them individually), will carry a “temporal identity” thanks to the common timestamp of the network. This “temporal identity” will then allow the validators of the network to verify the conformity of the data by making a simple check against the common clock. In this way, we will be able to differentiate the true from the false by checking the chronology of transfers or events because each transaction represents a unique “period” in the blockchain. 

This invention is a new way of thinking about the update / synchronization of the network and it already allows an unequaled scalability at the present time (50,000 TPS according to different sources) in the blockchain environment because like you Get it (I hope!), transactions will no longer need to wait for blocks to be created each time. They answered the following question with great success: how do you ensure that transactions are valid without having to systematically wait for the next block? 

In conclusion of this part, this technology can significantly improve speed while reducing transaction costs. (Also check:El Salvador: Chivo Wallet has more users than any domestic bank)

3 / Validation protocols – consensus – governance – interest

The validation protocol is also a Proof of Stake (PoS) . The PoS will validate the block sequences by taking the information already stamped by the PoH. Today, the network consists of more than 1000 validators. You can see the evolution live here.

To become a validator there is no minimum SOL to place in staking , however, there are a whole bunch of minimum technical requirements to be able to mount your node and become a validator of the network. If you are interested, you can see the requirements in the Solana documentation to become a validator .

If you don’t want to become a validator yourself, you can always stack SOL with validators to be able to benefit from the rewards of the network. Currently the APY (Annual Percentage Yield) is 7.35%. 

Another important aspect that must be taken into consideration in terms of decentralization at Solana is Halt Power . Basically, Halt Power is the minimum number of validators, which together account for over 33% of the staking . This means that, theoretically, if these validators agree to attack the network, they could cause problems and make it fail. That number is 19 to date. Finally, the interest that this blockchain carries is growing. We currently count according to figures from the Solana website338 projects developed or under development including Serum and Raydium, to name just these two. In addition, Solana enjoys the support of the founder of the FTX platform, Sam Bankman-Fried, who is a great supporter. 

Here is the end of this first installment of the blockchain analysis series that has just started. As I always remember, if you want to invest, trade, staker or anything else in the crypto sphere, always learn more, never place all your eggs in one basket and may the force be with you in this crazy world.

El Salvador: Chivo Wallet has more users than any domestic bank

By
Ismael Brooks
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0
El Salvador Chivo Wallet has more users than any domestic bank

Latin America is rehearsing the monetary uprising. El Salvador was the first country in the world to make Bitcoin legal tender. Here we report on the current events.

El Salvador: 30 percent of Salvadorans use Chivo Wallet

The Salvadoran President Nayib Bukele presents “wild” news again on his Twitter account. He wrote that the government’s own Chivo Wallet currently has 2.1 million active users. This means that the wallet could have gained more users in three weeks than any Salvadoran bank manages.

The number is remarkable in that the small Latin American country has a total of just under 6.45 million people. If 2.1 million of them use the Chivo Wallet, that would be almost 30 percent of the population. (Also read: Ethereum becomes more popular than Bitcoin: Analyst says)

The CEO of MicroStrategy, Michael Saylor, finds a possible explanation for this high number of users in a comment on Bukele’s tweet: In his eyes, “Bitcoin is … [the] hope for the people of El Salvador”. However, the events of the past few weeks cast some doubt on this, as one can read from the latest reports.

The Chivo Wallet is the wallet that the Salvadoran government makes available to its people to send and receive Bitcoin and US dollars free of charge. It is also intended to enable the change from Bitcoin to US dollars and vice versa without any fees. Allegedly there is also the option of a company version in the on-chain and Lightning-compatible wallet. This allows payments to employees and tax payments.

Bukele buys the dip: El Salvador increases the amount of Bitcoin again

While the Asian markets are causing prices to fall, the Salvadoran President is happy:
He has increased the amount of Bitcoin that the small Latin American country holds by another 150. As he announced on his Twitter account, El Salvador is now in possession of 700 Bitcoin.
This news gets a lot of approval, at least on Twitter: over 25,000 people like the post and in the comments Bukele is congratulated for his purchase.

In response, the 40-year-old went on to write, “They can never beat you if you buy the dip”. Whoever “you” is supposed to be, all domestic and foreign excitement seems to have been forgotten. Instead, the president is sticking to his course of investing in digital coins – no matter what.


El Salvador: creditworthiness falls under Bitcoin lawHiding the domestic problems, Bukele now has to justify itself to foreign concerns about the Bitcoin introduction in El Salvador. The rating agency  Standard and Poor (S&P) Global made it clear in its report yesterday that the country’s current creditworthiness could deteriorate. S&P justifies this, among other things, with the fact that Bitcoin would increase the financial risks. On the one hand, this is due to the fact that banks are faced with the challenge of currency discrepancies in lending. On the other hand, the economy would be exposed to considerable financial risks.But it gets worse: S&P sees financial support from the International Monetary Fund (IMF) or the World Bank at risk. Negotiations are currently underway for a $ 1 billion loan for the small Latin American state. Now the IMF spokesman Gerry Rice assesses the situation as “bleak”. The World Bank has already announced in an earlier statement that it cannot support the introduction of bitcoins due to environmental and transparency deficiencies.But perhaps these developments are not so bad in President Bukele’s eyes either – after all, he no longer wanted US dollars.

Burning Bitcoin machines in the capital of El Salvador

People shouted loud slogans in the background of the video by Luis Munos, a Teleprensa journalist. They are upset and concerned about whether the government will be paying out pensions and the like in Bitcoin rather than US dollars in the future. Retirees, veterans and workers in particular have been taking to the streets since it was announced that Bitcoin was legal tender. Their posters have claims like “You [address the president] will pay what people ask you to” or “No to Bitcoin”. According to interviews, many are demonstrating for fear that the volatility of the digital coin is threatening its very existence.

Since yesterday, the dissatisfied have been attacking the city’s Bitcoin machines. A video shows how fire and smoke come out of the destroyed Chivo ATM. Smashed in and sprayed with insulting phrases, it burns on Gerardo-Barrios-Platz in the historic city center. There will soon be 50 of them in the city so that citizens can withdraw their money on the one hand. On the other hand, the machines should provide information about crypto currencies and the connection with the wallet infrastructure.

So far, there seem to be no injuries. But the demonstrators are becoming increasingly aggressive.



No taxes for foreign investors in El Salvador

Whether truth or untruth remains to be seen. Nevertheless, the legal advisor to the President from El Salvador, Javier Arguerta, is already building dream castles for Bitcoin millionaires. In an interview with the AFP news agency, the lawyer said that foreign investors do not have to pay capital gains taxes on Bitcoin profits.

However, this regulation is nowhere recorded in writing. So far, Article 5 of the Bitcoin Act only provides that crypto exchanges do not have to pay any capital gains tax. All other profits, including those that result from securities trading, are subject to a capital gains tax of 10 percent. So far there have not been any changes for foreign investors: inside, companies or actors.

The fact that the President and his legal advisor do not coordinate their statements and accordingly contradict each other has happened several times since the media attention. So it remains to be seen whether there is a planned change in the legal situation or just the need to be at the center of Arguertas’ reason for this statement.

El Salvador: Bitcoin wallet with starting difficulties

On yesterday, September 7th, not only did the Bitcoin law come into force in El Salvador, but the Bitcoin wallet “Chivo” was also published. This should serve as a digital wallet for all Salvadorans who want to jump on the crypto bandwagon. In order to boost Bitcoin acceptance in the country, El Salvador’s President Nayib Bukele has been promoting the Chivo Wallet for some time and, as a special incentive for the installation, also announced that all users will receive a Bitcoin credit at the start of $ 30.

However, the introduction of the wallet is not going completely smoothly. The citizens of the country complained that the app download did not work in the first hours after the law came into force (and the app launch). And even when these difficulties were resolved, the wallet’s servers were so busy that interested parties could not create profiles – and thus did not receive the 30 USD starting credit.

In the meantime, the problems seem to have largely been resolved, but individual users are still complaining about problems with downloading, registering and maintaining their starting credit.

Bitcoin and Ethereum also official means of payment in Panama?

Panama seized the opportunity and announced on the day of the introduction of the Bitcoin law in neighboring El Salvador that the country would like to set the course for the crypto currencies Bitcoin and Ethereum in the direction of acceptance. The Panamanian Congressman Gabriel Silva announced this via Twitter and emphasized that the move had the potential to create thousands of new jobs for the country.

However, Panama El Salvador does not want to emulate completely – there is no mention of a crypto acceptance obligation – at least so far – as the Panamanian television station Telemetro reports .

Bitcoin Pump thanks to El Salvador?

On the occasion of the Bitcoin law coming into force in El Salvador on September 7th, the crypto community has also announced its support for the important step.

In a Reddit thread on the topic, the user u / thadiusb writes that he, too, will invest 30 US dollars in Bitcoin today. 30 US dollars because every Salvadoran who downloads the country’s own crypto wallet “Chivo” today receives this amount – as start-up capital.

The post has met with great support, has already received over 9,100 likes and over 2,000 comments – the vast majority announce their support.

The campaign is to start at 3:00 p.m. Salvadoran time when the Bitcoin Act comes into force.

Bitcoin law goes into effect: El Salvador buys 200 BTC

On the occasion of the Bitcoin law in El Salvador, which comes into force on September 7th, the Salvadoran government is buying 200 Bitcoin. The Salvadoran President – and well-known Bitcoin maximalist – Nayib Bukele announced this via Twitter.

Accordingly, the Latin American nation now holds a total of 400 Bitcoin, which corresponds to almost 21 million US dollars at the current BTC rate of around 52,380 US dollars.

El Salvador wants to punish companies that do not accept Bitcoin

Javier Arguete, legal advisor to Salvadoran President Nayib Bukele, said in an interview on Monday, September 6th, that companies that would not accept payments using the crypto value after the Bitcoin law came into force would face sanctions. This is reported by the country-based newspaper El Mundo .

If the announcement true Arguetes, the threats would be in direct contrast to recent statements by Bukeles that in a Twitter thread wrote that those companies who wanted to continue to focus on cash, which could continue to do so – without fear of sanctions.

El Salvador will introduce Bitcoin law tomorrow

The time has come: In El Salvador, Bitcoin will be legal tender from September 7th.

El Salvador is the first country in the world to make Bitcoin legal tender. The corresponding draft law, which Parliament passed on June 9th, will come into force tomorrow, September 7th. The content of the legal text includes the obligation to accept Bitcoin payments. If the technical conditions prevent BTC custody, the government offers “instant conversion into US dollars”.

Since very few companies are likely to have an adequate technical infrastructure at the beginning, the Salvadoran state could soon be sitting on a veritable digital gold treasure.

No Legal Tender: Disappointment with Bitcoin Law in Paraguay

Bitcoin (BTC) will not become legal tender in Paraguay for the time being. The parliament of the South American country will vote on a crypto law on Wednesday, July 14th. Contrary to previously circulating rumors, this contains no efforts whatsoever to make Bitcoin the national currency. On the contrary: The law provides for strict regulations for the crypto industry in Paraguay. A leaked preliminary version shows that crypto companies such as exchanges and mining farms require registration with the authorities.

Paraguay follows in the footsteps of El Salvador

Will Paraguay become the second country to establish Bitcoin as legal tender after El Salvador? If the two members of parliament Carlitos Rejala and Fernando Silva Facetti have their way, that should be the case. As Rejala announced on Friday, July 9th, on Twitter, a corresponding bill will be introduced into parliament this week.


To date, nothing is known about the content of the law. One can assume, however, that the MPs are based on the Salvadoran model and want to raise Bitcoin to the same legal status as the local currency, Guaraní.

It is also unclear whether the design will fall on fertile ground and receive as broad support as its Salvadoran counterpart.

UN body criticizes Bitcoin advance by El Salvador

The Economic Commission for Latin America and the Caribbean, a UN body for the promotion of economic and social development in Latin America, views the Salvadoran advance with skepticism. General Secretary Alicia Bárcena warned of “systemic risks” regarding Bitcoin adoption in the country.

There is no telling how El Salvador’s economy will react to the introduction of BTC as legal tender. In addition, Bitcoin does not fulfill the basic money functions, among other things, the currency is far too volatile.

El Salvador is giving away Bitcoin to its citizens

Despite criticism from international high finance, Salvadoran President Bukele sticks to his decision: Bitcoin will become the official currency of El Salvador on September 7th this year, when the corresponding law will come into force.

In order to get the population enthusiastic about the project – and incidentally to expand the Bitcoin space by 6 million new users – the Salvadoran government has now announced that it will be giving Bitcoin to everyone in the country. And that’s the equivalent of $ 30. In total, that makes over $ 150 million in Bitcoin.

A transaction that should also be reflected in the prices.

Ethereum becomes more popular than Bitcoin: Analyst says

By
Dave Triplett
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0

Investments in Ethereum are becoming more popular than in Bitcoin. Why does this happen?

Ethereum futures are becoming even more popular than similar Bitcoin trading tools – experts at banking giant JPMorgan have come to this conclusion. Bank officials noted in their recent interview that this month, Bitcoin futures on the Chicago Mercantile Exchange were trading below the market price of the cryptocurrency itself. All of this makes Ethereum more attractive to large investors. 

We talk about the situation in more detail.

Recall that the futures contract is a contract that guarantees that the buyer acquires the asset at a certain time and in a specified volume. The crypto sphere often uses futures contracts with no expiration date. Now, the volume of open positions in futures contracts is greater than that of the spot market, where traders sell and buy crypto assets at market prices, i.e. without speculation on future value.

Can Ethereum outperform Bitcoin?

Bitcoin and Ethereum are the most popular digital assets for futures contracts because trading in these cryptocurrencies has the highest volume and liquidity. The popularity of futures contracts is due to the possibility of opening positions in an asset through leverage, i.e. to sell / buy an asset on funds borrowed by the exchange under one’s own guarantee.

According to Decrypt, the increased interest in Ethereum derivatives indicates “healthier demand for altcoin compared to the same indicator for Bitcoin.” A special role is played by institutional investors – large organizations that may soon start to invest a lot of capital in the Ethereum futures market.

Besides, it is easy to determine the demand ratio of trading instruments: as a general rule, the greater the positive difference between the futures price and the price of the underlying asset, the more popular the derivative. . For example, if Bitcoin futures have been trading below the coin’s market price all month, Ethereum derivatives, on the contrary, are on average 1% higher than the value of Ethereum in September.

At the same time, analysts have established that the reserves of Ethereum crypto exchange platforms have fallen to 18.533 million Ethereum. Remember that this figure hovered around 23.92 million Ethereum almost a year ago. During the same time period, the price of altcoin was only $ 349, which means that the reduction in reserves can serve as a trigger for the growth in the value of the asset.

The logic is simple – the reduction in reserves of the exchange platforms speaks of the massive withdrawal of coins from the markets. This is all because customers are putting Ethereum on cold wallets for long-term storage, reducing the pressure on the seller’s market. The stronger this trend, the faster the Ethereum rate will increase in the future. Despite the recent collapse of the crypto market, this fundamental factor indicates the willingness of investors to keep the currency even in the most negative scenario for all cryptocurrencies.

At the same time, Gary Gensler, head of the United States Securities and Exchange Commission, can create problems for the cryptocurrency market. It will seek to regulate the entire digital asset industry – such a statement was made by billionaire and founder of Galaxy Digital investment fund Mike Novogratz.

In his recent statement in an interview with the Washington Post, Gensler referred to cryptocurrencies as “speculative assets,” whose fundamental value is based on investor expectations. Overall, since his appointment to the post in April this year the head of the SEC has made it clear that the crypto sphere expects fairly strict regulation.

This week, at the Messari Mainnet conference, Novogratz addressed the delicate subject of cryptocurrency control. Here is a quote from the expert: 

“Gary is smart, there’s no question he’s very smart. Also, no one doubts that he wants to regulate crypto, insinuating this transparently. He wants to be his sheriff. “

Also Read:

In other words, Gensler expects the SEC to have enough leverage on the development of Bitcoin and the entire popular altcoin ecosystem as a whole. In his recent remark on issues with the exchange platform Coinbase, he said that many digital assets have characteristics of securities, so the crypto industry needs the protection of ordinary investors.

We believe that the current situation in the futures market is in any case having a good effect on the crypto field as a whole. Regardless of investor preference for premium currencies, whatever happens is helping to popularize digital assets. Therefore, the leadership of Bitcoin in these conditions is not essential.

How to create personalized stickers directly in Whatsapp chat

By
Christopher Patillo
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0

The app is working on introducing an image editor that allows you to create custom stickers, without even leaving Whatsapp

The sticker on Whatsapp are always a great way to write chatting to friends and family in a more original way than usual. If you don’t have memojis on iOS , these different smileys are the best option for not always (and only) resorting to the classic emojis. In short, a third communication way that combines GIFs and emoticons to make jokes and give an extra ironic note to your chat or your groups. Not surprisingly, their introduction in 2018 was one of the most awaited features by users: but what if the stickers available for download do not fully satisfy us? Until now we had to use a third-party app to create our custom stickers- thus risking that Whatsapp would close our account for violation of the rules. Soon, however, it will be possible to do everything directly within the messaging app .

There will no longer be a need to rely on external services because the Menlo Park team is working on a real editor to be used within the application . Just choose the image you need, upload it to the image submission screen and convert it into a sticker, with the ability to crop it, rotate it, write text on it or apply an emoji. Once the sticker has been created, you can easily draw it from the list of other stickers present in the appropriate reference keyboard. At this moment, the development of the mechanism for Whatsapp Desktop is certain, while there are no confirmations on the arrival for iOS and Android.

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After launching photos and videos that disappear after the first viewing , therefore, Whatsapp continues on its path of improvement giving us the opportunity to give free rein to our creative verve. We do not know exactly when the new feature will be released and, considering the complexity of the editor, it is possible that it will have to face several weeks in the beta phase to have precise and timely feedback from the testers. But we are ready to welcome this new possibility with open arms.

The network that facilitates micro-payments in Bitcoin grows 200% in a year

By
Ismael Brooks
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0

Key facts:

  • 2,800 bitcoins, about 0.02% of the total circulating, are blocked on the Lightning network.
  • So far in September 2021 alone, the Lightning network has grown 10%.

The Bitcoin Lightning Network (BTC), which allows immediate payments and very low fees, continues to grow. The network has reached all-time highs, both in adoption and in number of blocked BTCs. In these parameters, growth has been more than 200% in the last year.

If you look at the current numbers, it can be seen that both the number of nodes and the number of active channels have grown considerably. More than 200% and 100%, respectively, in the last 12 months .

In the case of pay channels, the figure currently stands at over 72 thousand public channels, not counting private channels. This, in relation to the 32 thousand that were in September of last year represents a growth of 226%.

In the case of the amount of BTC blocked within the Lightning network, the figure already reaches 2,800 BTC with a market value of just over USD 100 million

In relation to September of last year, the growth was 258% going from 1,100 BTC blocked to the current figure. It is worth noting a boost of 22% of blocked BTC only in the month of September .

September has been one of the fastest growing months of 2021 for the Bitcoin Lightning Network. Source: DeFi Pulse.

In the case of the new nodes that have joined the network, the figure is currently over 15 thousand . An increase of 50% since April of this year, and 100% since September 2020.

In the case of the new network nodes, growth has been more gradual compared to the new payment channels. Source: Bitcoin Visuals.

A payment channel, is a means of transaction, outside the blockchain, in which two people commit funds in one direction, allowing them to make exchanges between pairs, without being directly established on the Bitcoin blockchain.

The nodes , on the other hand, basically correspond to a computer or server, which keeps a copy of the entire network, and is responsible for routing payments to the destination address. A decentralized network is made up of multiple nodes, as is the case with Bitcoin, spread all over the world.

Also Check: Twitter: introducing Bitcoin payment feature on its platform

Technological growth of the Lightning network

The growth of the Bitcoin Lightning network is not only measured in the number of nodes and channels, but also in technological development. This year, the developers of the Lightning network have presented several innovations that represent significant improvements within this protocol.

In May, this media reported the implementation of an update that will allow opening payment channels with third-party financing. This gives users the ability to send and receive payments over the network, without the need to lock their funds before using them.

By June, news broke that reusable invoices would become available within the network , specifically for the Lightning Network Daemon client. This allows a payment invoice, which is the counterpart of what a wallet address would be on the Bitcoin network, to have no expiration date. This allows to improve the user experience within this second layer Bitcoin solution. (More: China’s opposition to crypto is a great opportunity for the US)

Adoption of the Lightning network

In addition, implementations are being developed that favor the adoption of the Lightning network. For example, before yesterday Twitter enabled a BTC tipping system within its social network with the integration of Strike, which uses Bitcoin and the Lightning network to send and receive funds.

Another platform that facilitates the use of the network of payment channels is Paxful, a P2P exchange, which a few days ago enabled the function of receiving and withdrawing BTC through Lightning .

However, some specialists estimate that the Bitcoin Lightning network is still a long way from its mass adoption at the infrastructure level. Developments in this area are necessary so that the network can support the massive demand for transactions that will occur when it is massively adopted by large platforms, for example, exchanges or marketplaces that accept BTC.

China’s opposition to crypto is a great opportunity for the US

By
Edmund Hurtt
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0

On September 24, 2021, Republican Party Senator Pat Toomey (@SenToomey) said that China’s authoritarian opposition to cryptocurrencies, including Bitcoin (BTC), is a great opportunity for the United States discovered in the crypto industry. It is also a reminder of our huge structural advantage over China.

The senator stressed that economic freedom leads to faster growth and a higher standard of living for all.

“Beijing is so hostile to economic freedom that it cannot even tolerate the participation of its people in the most exciting financial innovation in decades”, – he added.

Pat Toomey released a statement as the People’s Bank of China attempts to make it illegal to trade cryptocurrency between platforms or for fiat. Bitcoin fell below $ 42,000 amid tighter regulation.

Recall that at the end of August, Pat Toomey called on the US authorities to adapt the legislation to the crypto industry instead of ignoring and cracking down on it.

The senator previously co-sponsored a crypto industry friendly amendment to the provisions of the bipartisan infrastructure project.

Also Read:

According to the initial wording of the bill, anyone who provides cryptocurrency transfer services and receives remuneration for doing so must report the activities of their users to the Tax Service.

According to one interpretation, these requirements could extend to blockchain miners and node operators, wallet developers, liquidity providers in DeFi protocols and other non-custodian actors.

On August 10, the United States Senate sent the House of Representatives an unamended document on cryptocurrencies. According to CNBC, citing a Ministry of Finance official, the agency does not intend to broadly interpret the definition of “broker” for industry participants, even if the infrastructure project is passed without the to modify.

Twitter: introducing Bitcoin payment feature on its platform

By
Dave Triplett
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0

Twitter has started to introduce a Bitcoin payment feature compatible with Lightning Network on its platform. This is part of the company’s strategy to reward creators of cryptocurrency content. The main digital asset was not chosen by chance: Twitter CEO Jack Dorsey has long been known for his active support of the crypto sphere. In addition, when announcing the new features, company representatives noted that “Bitcoin works without global borders” and that Twitter will be able to “join the world of decentralization” with the help of initiatives similar. We talk about what’s going on in more detail.

Recall that Lightning Network is a second level Bitcoin network. In fact, it is an add-on on top of the main BTC blockchain, which only fixes the results of multiple transactions after they are completed. The advantages of LN are the high speed of transactions due to the characteristics of the network and the low cost of sending coins. 

Bitcoin on Twitter

The “tip” in BTC can be sent in two ways. The first is to use Square’s Cash App or Go Fund Me payment gateways. The second is to make a payment through the Strike platform, built on the second-tier Bitcoin Lightning Network solution. As we have already noted, LN is an important infrastructure development that allows you to make almost instant Bitcoin transactions with a small commission.

As Decrypt indicates, so far the crypto transactions feature is available in the Twitter app only for iOS users. Support for Android operating systems will be added in the near future. In the official Twitter account also appeared instructions on how one user can send coins to another.

It should be noted that the function can be activated in the profile settings. Accordingly, there the user will indicate their own cryptocurrency address, which will be used to receive funds.

The crypto payments acceptance initiative is part of Twitter’s global content monetization strategy. Among other companies of this type, features such as “Super Follows” and “Spaces” conferences, available so far only to a limited number of people on the platform.

Lightning Network users reacted very positively to the news: the day before, the number of new LN nodes and channels between them increased by 23.68% and 22.24%, respectively. According to the 1ML service, at the time of writing this article, 27,082 nodes with over 73,662 channels are active on Lightning Network.

What is happening is also linked to the situation in El Salvador. Recall that on September 7, 2021, Bitcoin became an official payment tool, with which you can pay almost anywhere. At the same time, transactions take place through Lightning Network, which allows parties to save on commissions.

Fulmo startup CEO Jeff Gallas said innovations on Twitter will have a positive impact on innovation uptake in the Bitcoin ecosystem. Here is his line.

Also Read:

“It’s very interesting to watch the latest Lightning Network introduction to the real world. More and more pieces of the puzzle come together. “

Twitter’s decision to use the Lightning Network was no accident: the network is designed for micropayments, which means it’s ideal for small transactions for everyone in the world. At the same time, even people who were not interested in crypto can receive transfers from other users around the world, which will only increase the popularity of Bitcoin.

We believe that the implementation of this feature can be compared to the support for cryptocurrencies on the PayPal platform, announced in the fall of 2020. Now even digital asset critics will understand that they have at least one clear advantage under the form of transferring value anywhere in the world for penny commissions. And it’s a great opportunity to start learning and using cryptocurrency.

These jobs could be newly created by technology: Quantum computers

By
Ismael Brooks
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0

Quantum computers, which overshadow the performance of conventional computers, could find their way into our everyday work in the not too distant future – so it is high time for students to take a look at which jobs are emerging as a result. Our columnist already has a few ideas.

The quantum computers are coming – and with them new job profiles!

You have probably heard of quanta before. Sounds kind of ugly and evokes repressed memories of the physics class. However: The developments in the field of quantum computers could soon also be part of your everyday work. So what is a quantum computer? In contrast to normal computers, as found in your smartphone or laptop, quantum computers not only know the states “one” and “zero”, but also an intermediate position in which the two states are equally likely. Likely?

Quantum computers: that’s what technology is all about

The Austrian quantum physicist Erwin Schroedinger carried out a thought experiment that illustrates this state. Imagine there is a small cat in a box. Next to the cat is a container that contains a radioactive material that will eventually decay. As soon as the first atom decays, it sets in motion a mechanism that releases hydrogen cyanide and kills the cat. But now you do not know when exactly the first atom will decay. As long as the box is closed, the cat is dead and alive for you at the same time.

Quantum computers use this form of simultaneity – and it makes them potentially much more powerful than all supercomputers currently out there. Many experts in research and industry hope that this potential can now be realized. Because with conventional computers, the rate of increase in performance continues to decrease. While the computing power on a chip of the same size has doubled every two years for decades – this is also known as Moor’s Law – this leap now takes more and more time. The reason: The production of chips simply reaches its physical limits . There will only be significant leaps in performance with a new chip design.

Students should look at which jobs are created by quantum technology 

Quantum computers are one of the most promising approaches for advancing into completely new spheres of computer performance. The development is still in a very early phase. For the foreseeable future, you will not be able to purchase a laptop powered by quantum technology in the electronics store. The next iPhone will probably not contain a quantum chip either. But: The first steps towards applications are currently being made. A few weeks ago, the first quantum computer in Europe was inaugurated near Stuttgart . It’s called “Quantum System One” and was developed by IBM.
Initially, it should be used by researchers from the Fraunhofer-Gesellschaft – later on, economic applications should follow. Therefore, especially for students and young professionals, now is the right time to take a closer look at which job profiles will be boosted by quantum technology and which new job profiles could emerge.

Quantum Job # 1: Cyber ​​Security Expert


We all deal with a multitude of passwords every day, which we have put together more or less professionally from numbers, letters and characters. Everyone knows: the more complicated the combination, the more secure the password. Even if not all act accordingly: The most popular passwords in Germany in 2020 were “123456”, “123456789” and “password”.

The idea behind this form of encryption is that combinations of numbers, letters and characters lead relatively quickly to such a large number of possibilities that they cannot be decrypted by simple trial and error. Now, however, quantum computers are appearing on the scene. It should be easy for them to crack this combinatorial form of encryption – and that in the not too distant future!

In the next few years, companies and government organizations must prepare for this new quantum age of cybersecurity and prepare themselves against attacks. At the same time, quantum-based forms of encryption will be developed. This race will offer many exciting career opportunities.

Quantum job # 2: drug and materials researcher

Most of the materials and drugs that are of use to us humans have been discovered or developed in laboratories over the past centuries and decades. The “low hanging fruits” have already been picked. In other words: We already know the things that could be discovered and developed with reasonable effort and that generate a great deal of income.

If we want to get any further here, we have to make extremely complex simulations of chemical and biological processes. Conventional computers sometimes fail to calculate such models at the molecular level. Quantum computers, which are particularly suitable for such calculations, could change that. Wherever biology, chemistry and medicine meet knowledge in the field of quantum technology, highly sought-after job profiles will emerge.

Quantum job # 3: System and process control expert

Supercomputers also regularly fail when analyzing highly complex systems such as traffic flows or industrial manufacturing processes. Quantum computers offer the potential to make complex systems more efficient, error-free and easier to control. Anyone who combines knowledge of production and processes with an understanding of quantum technology shouldn’t have to worry about a well-paid job for the foreseeable future.

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