Crypto Mountains

2022-04-02 20:00:37 ​​OpenSea set to integrate Solana in April, further expanding the NFT ecosystem.

Magic Eden is currently holding a monopoly in the Solana NFT space, but expect OpenSea to attempt to encourage their consumer base onto their platform following this launch.

Nonfungible token (NFT) marketplace OpenSea has announced an upcoming integration of the Solana (SOL) blockchain within its platform, a long-awaited move that industry experts and numerical data suggest could have reciprocal benefits across both ecosystems, as well as positive sentiments for the wider NFT space.

Scheduled to commence on a yet-to-be-disclosed date in April, Solana will join the list of three networks, Ethereum, layer-2 Polygon and Klaytn, and will be visible via the drop-down "all chains" tab on the rankings page.

Alluding to the vast number of tweets and media publications on the potential for a Solana launch, OpenSea cheerfully referred to the announcement as the “best-kept secret in Web3.” Head of blockchain Adam Montgomery also shared his perspective on the launch.

Their sixteen-second teaser video was received with strong fanfare, a reception numerically validated by the tweet attaining 615,500 views, 8,964 retweets and 21,700 likes in the eighteen hours since the release.

The emergence of NFT marketplace LooksRare in January 2022 was the first genuine leadership challenge to the multi-year monopoly held by OpenSea within the NFT space. It saw the adoption of an airdropping model, which granted seasoned investors the opportunity to claim governance LOOKS tokens as incentives for utilizing the platform.

Quantitative data from Dune Analytics reveals that LooksRare has registered a total of 55,874 users since inception on Jan. 10, facilitating over $21.3 billion in trading volume. In comparison, OpenSea has registered 884,052 new users since the release of its competitor, however, these investors have only traded a little over $12 billion in volume.

For this reason, LooksRare is currently edging the battle for market share based upon trading volume, with a percent of 52.4% compared to OpenSea's 47.6%. Open / Comment

2022-03-31 18:30:01 KunciCoin keeps on pushing their way to succeed in DeFi and we are proud to see that they will soon be listed in @BitrueOfficial

Since we posted for the first time, over 14 top exchanges were listed, over $3M of daily trading volume and a game studio with 20 million downloads.

Congratulations to the team for the achievements, join @KunciGlobalOfficial to know further. Open / Comment

2022-03-30 20:00:47 ​Central Bank of Sudan Warns of Risks Associated With Cryptocurrency

The central bank in crisis-stricken Sudan has warned residents dealing with cryptocurrencies that they face numerous risks including loss of value. The warning comes as Sudan is grappling with an economic crisis that worsened after the civilian government was deposed by the military.

As Sudan’s currency continues to plummet, the country’s central bank has warned citizens against using or trading cryptocurrencies, a report has said. It warned those dealing with crypto assets that they face risks such as loss of value, financial crimes, and electronic piracy.

The warning by the Central Bank of Sudan (CBOS) comes amidst a worsening economic crisis that has seen Sudan’s exports plummet by 85% in January. The warning also comes as reports suggest the country’s currency, the pound, is losing further ground against the U.S. dollar on the black market. The deteriorating economic conditions are believed to be key factors behind the increased interest in cryptocurrencies by Sudanese residents.

However, according to a report published by Sudan News Agency, the CBOS has suggested that residents dealing with cryptocurrencies face legal risks as well. Such risks, the central bank argued, stem from what it said were cryptocurrencies’ non-classification as “money or even private money and property” as per the country’s laws.

The report added that other risks also stem from what the CBOS referred to as their “lack of material cover” as well as their issuance by unauthorized or unaccredited bodies. However, the report did not state if Sudan’s military government, which seized power in October 2021, is planning to enact new laws that would punish Sudanese residents for failing to heed the central bank’s warning. Open / Comment

2022-03-27 20:00:32 ​​White House office seeks public opinion on crypto-climate implications.

Following up on a recent executive order signed by President Joe Biden, the OSTP reached out to the general public to identify the energy and climate implications related to digital assets.

The Office of Science and Technology Policy (OSTP), an Executive Office of the President of the United States, commenced a study to identify the scope for offsetting energy use and climate changes related to digital assets.

On March 9, United States President Joe Biden signed an executive order, directing various federal agencies to examine implications of digital assets on six key areas — consumer and investor protection, financial stability, financial inclusion, responsible innovation, the United States’ global financial leadership and combating illicit financial activity.

As a part of the initiative, the OSTP invited the general public and other stakeholders to share their viewpoints on various factors that contribute to the energy use and climate impacts of all types of digital assets and cryptocurrencies.

President Biden’s executive order requires OSTP to submit a report on digital assets to identify factors that negatively or positively affect energy and climate concerns. According to the official notice:

“In particular, this Right for Information (RFI) seeks comments on the protocols, hardware, resources, economics, and other factors that shape the energy use and climate impacts of all types of digital assets.”

In addition, OSTP seeks public opinion on the potential benefits of digital assets in addressing the rising energy and climate concerns. According to the notice, the federal government will use the findings of the study to dictate future developments or industry trajectories related to digital assets.

The general public and organizations are invited to submit comments on or before 5:00 p.m. ET on May 9, 2022.

The U.S. Secretary of the Treasury Janet Yellen, who has historically shared anti-crypto sentiments, recently acknowledged the “significant role” played by cryptocurrencies:

"There are benefits from crypto, and we recognize that innovations in the payments system can be a healthy thing." Open / Comment

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If you haven't signed up on AAX yet https://bit.ly/33n9jok Open / Comment

2022-03-24 20:00:52 ​​‘US Government does not stand for freedom’: Bukele reacts to US bill passing Senate committee.

The bill would direct federal agencies to scrutinize how El Salvador implements its Bitcoin law.

El Salvador president Nayib Bukele reacted to the news that the recently proposed Accountability for Cryptocurrency in El Salvador Act (ACES) had passed the U.S. Senate Foreign Relations Committee and will now head to a full Senate vote. The 40-year old national leader responded emotionally on Twitter:

On Wednesday, March 23, the Senate Foreign Relations Committee approved the bill, sponsored by Senators James Risch, Bill Cassidy, and Bob Menendez. The Committee granted a pass to S. 3666 (ACES) bill that is supposed to “mitigate risks related to El Salvador’s adoption of Bitcoin as legal tender”, and to S. 816, “legislation to recalibrate the State Department’s risk tolerance abroad”.

The ACES was first introduced on Feb. 16, 2022. In case securing the approval of the full Senate, it will require the federal government to assess the enactment of Bitcoin law in El Salvador and determine whether the nation can “mitigate the financial integrity and cyber security risks” and meet Financial Action Task Force (FATF) requirements. After 60 days of assessment, the agencies should come up with action plans.

Immediately after the introduction of the ACES in February, Bukele demanded that the U.S. “stay out” of El Salvador’s domestic affairs. “The US Government DOES NOT stand for freedom and that is a proven fact”, — Salvadoran leader claimed this time.

The date of the ACES vote in the U.S. Senate is yet to be determined. Open / Comment

2022-03-23 16:00:53 Sphere Finance aims to do governance acquisitions using a treasury amassed by investors, for investors. The profits from the investments are then sent to investors as dividends in the form of the $SPHERE token every 30 minutes, 48 times a day. The treasury is amassed through taxes that users agree to pay for buying, selling & transferring their tokens, including the "Dynamic" tax, an additional tax for every % of the LP that you hold and sell on a transactional basis. Later, the project will take the form of an index fund, like an S&P 500 of crypto, airdropping tokens as dividends to holders. Join the movement.

Telegram: https://t.me/SphereDeFi
Discord: https://discord.gg/spheredefi
Twitter: https://twitter.com/SphereDeFi Open / Comment

2022-03-21 22:30:00 ​Here Is Internet Computer Founder's Proposal to 'Hasten the End' of Ukraine War.

Dominic Williams, the founder of Internet Computer (ICP) and the non-profit organization dedicated to building and promoting it, DFINITY, has a plan to help end the war in Ukraine.

Pointing out that Russia is in full control of all the media running in its jurisdiction, which distribute "carefully-crafted propaganda and false information," Williams proposed the crypto community use the power of blockchain and smart contracts to counter this authoritarianism.

He noted that one way to help end the aggression against Ukraine is by convincing the Russian people that the war -- as opposed to what the Russian leader calls "a humanitarian mission to protect people in Ukraine from genocide" -- is a crime against humanity.

This will, in turn, spur the people to pressure the government to stop the invasion.

"Support for Vladimir Putin across Russia remains very high, possibly in the range of 60–70%," he said. "This will remain so if he continues to control the flow of information to his population, allowing him to make the perversely false claim that the war is a humanitarian mission to protect people in Ukraine from genocide."

In order to persuade the Russian population, we need to find ways of directly communicating with them, Williams said, arguing that people living in Russia are "largely completely ignorant" of what is really going on in Ukraine.

"I now propose a way that blockchain and smart contracts can potentially help further, by getting millions of Russians to watch an entire informational video(s) about the war," he said.

All that is needed to execute the plan is Internet Computer, a public blockchain that hosts smart contracts that run at web speed, and USD 250m in bitcoin (BTC) and ether (ETH). Open / Comment

2022-03-18 21:00:41 ​​Central Bank of Russia tightens P2P transactions monitoring, including those in crypto.

The regulator’s recommendation is designed to prevent capital flight amid economic collapse.

The Central Bank of Russia (CBR) recommended that the nation’s commercial banks ramp up monitoring users’ transactions that could be aimed at circumventing CBR’s “special economic measures to counter the outflow of foreign currency abroad,” local media reported on Thursday. The recommendation includes closer oversight over crypto trading, which is named among the vehicles for withdrawing capital from Russia.

The letter, sent to the banking organizations by CBR’s vice chairman Yuri Isaev on Wednesday, directs them to pay closer attention to the instances of their clients’ “unusual behavior.” This includes “abnormal” transactional activity and uncommon patterns of expenditures. Any withdrawals of money via digital currencies should also attract increased attention, the letter specifies.

If necessary, the suspicious transactions must be blocked and the information about them should be passed to the Federal Financial Monitoring Service (Rosfinmonitoring).

Special measures to limit the outflow of foreign currencies were enacted in the first days of the Ukraine war and the resulting economic sanctions. They include limiting Russian citizens’ foreign currency transactions to $5,000, as well as a $10,000 cash cap for those traveling abroad. Purchasing realty, securities and other assets from residents of “non-friendly” jurisdictions requires government authorization.

The vice-chairman of the Russian Banks Association, Aleksey Voylukov, explained to journalists that the CBR’s recommendations intend to prevent the spread of schemes to circumvent the imposed limits, especially via crypto exchanges.

The news comes as no surprise considering that more than 10 million Russian citizens collectively hold around 5 trillion rubles ($63 billion) in crypto. With their Visa and Mastercard cards disabled and their own government imposing hard restrictions on transactions, many Russian citizens are left with crypto as the only option to move their funds. Open / Comment

2022-03-15 20:00:58 ​​Over 100 illegal mining farms were shut down in enforcement raids in Kazakhstan.

The Financial Monitoring Agency, Kazakhstan's financial watchdog, emphasizes the need to regulate the sector.

The Financial Monitoring Agency of the Republic of Kazakhstan reported earlier on Tuesday that 55 illegal mining farms “voluntarily stopped their operation” due to an enforcement campaign by the regulator, and another 51 entities’ operations “were terminated.” The enforcement operation targeted illegal mining operations that compromised the nation’s energy network. The agency called for developing a clear regulatory approach to crypto mining in its release.

According to the release, not only had all the targeted operators frozen the mining process, but they also dismantled the rigs and removed them from the “places of deployment.”

The release mentioned a number of high-profile business figures who were allegedly tied to the illegal activity. Those included an ex-chairman of the state-owned Qazaqgaz gas company, a former head of the drug crime department of the national police, and the 17th richest person in the country.

These operations were deemed illegal because they had not informed the regulators of their activity, had illegally attached themselves to the grid or had evaded tax and customs payments. Some of the energy the illegal operators used should have been allocated to industrial production.

The agency seized more than 67,000 pieces of equipment worth some $190 million and opened 25 criminal cases. The daily energy consumption in the country reportedly went down by 600 MWh following the enforcement raid.

The enforcement action comes as no surprise as Kazakhstan has been stepping up its efforts to lower the stress load that illegal crypto mining has been putting on its grid. In August 2021, the country housed more than 18% of the global BTC hash rate, but in February 2022 the national Ministry of Energy announced its strategy to identify and disconnect non-compliant mining farms from the grid. Open / Comment