Crypto Retro

2023-03-14 22:30:00 ​Banks down? That is why Bitcoin was created, crypto community says.

Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, doubt, and uncertainty (FUD) across the crypto community.

Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, doubt, and uncertainty (FUD) across the crypto community, leading many to come back to crypto roots, reviving the Bitcoin white paper published just weeks after the Lehman Brothers meltdown in 2008.

"There’s an entire generation of builders who only read about Lehman and the financial crisis and scoffed at Bitcoin. Now, their eyes are wide open. Welcome new friends," stated on Twitter Ryan Selkis, founder and CEO of Messari.

Approximately six weeks after the dramatic collapse of the American bank, Satoshi Nakamoto released the now famous white paper that paved the way for the emergence of the Bitcoin network.

Some people blame the SVB failure on the rising interest rates in the United States. The Federal Reserve increased its benchmark rate over the past year to more than 4.5% - the highest rate since 2007. In January, the inflation rate in the US was 6.4%.

Many crypto and tech companies are affected by the collapse of Silicon Valley Bank. USD Coin issuer Circle revealed it could not withdraw $3.3 billion of its $40 billion reserves from SVB, leading to a sell-off and the stablecoin's price dropping below its $1 peg.

SVB, a Federal Deposit Insurance Corporation-insured bank, was about to shut down operations when Circle initiated a wire transfer to remove its funds. The stablecoin ecosystem felt an immediate effect as USD Coin depegged from the U.S. dollar. USDC's collateral influence prompted major stablecoin ecosystems to deppeg from the dollar. Dai, a stablecoin issued by MakerDAO, lost 7.4% of its value due to USDC’s depegging, Cointelegraph reported.

Other popular stablecoin, such as Tether and Binance continue to maintain a 1:1 peg with the U.S. dollar. Open / Comment

2023-03-11 23:00:01 ​Banks down? That is why Bitcoin was created, crypto community says.

Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, doubt, and uncertainty (FUD) across the crypto community.

Silicon Valley Bank (SVB) collapse on March 10 has sparked fear, doubt, and uncertainty (FUD) across the crypto community, leading many to come back to crypto roots, reviving the Bitcoin white paper published just weeks after the Lehman Brothers meltdown in 2008.

"There’s an entire generation of builders who only read about Lehman and the financial crisis and scoffed at Bitcoin. Now, their eyes are wide open. Welcome new friends," stated on Twitter Ryan Selkis, founder and CEO of Messari.

Approximately six weeks after the dramatic collapse of the American bank, Satoshi Nakamoto released the now famous white paper that paved the way for the emergence of the Bitcoin network.

Some people blame the SVB failure on the rising interest rates in the United States. The Federal Reserve increased its benchmark rate over the past year to more than 4.5% - the highest rate since 2007. In January, the inflation rate in the US was 6.4%.

Many crypto and tech companies are affected by the collapse of Silicon Valley Bank. USD Coin issuer Circle revealed it could not withdraw $3.3 billion of its $40 billion reserves from SVB, leading to a sell-off and the stablecoin's price dropping below its $1 peg.

SVB, a Federal Deposit Insurance Corporation-insured bank, was about to shut down operations when Circle initiated a wire transfer to remove its funds. The stablecoin ecosystem felt an immediate effect as USD Coin depegged from the U.S. dollar. USDC's collateral influence prompted major stablecoin ecosystems to deppeg from the dollar. Dai, a stablecoin issued by MakerDAO, lost 7.4% of its value due to USDC’s depegging, Cointelegraph reported.

Other popular stablecoin, such as Tether and Binance continue to maintain a 1:1 peg with the U.S. dollar. Open / Comment

2023-03-11 15:00:13 Complaining on "Crypto Winter"?
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2023-03-08 23:00:01 ​South Korean Police Form New Crypto Scam-fighting Cybercrime Taskforce

South Korean police have announced that they will launch a new crypto scam-busting cybercrime taskforce.

KBS reported that police say that one of the new taskforce’s “three main tasks” will be dismantling and fighting crypto scams. Crypto-related fraud is on the rise in South Korea, with several high-profile scams galvanizing the public of late.

These include V Global, a realistic-looking crypto exchange that duped scores of victims with Ponzi-type multi-layered marketing tactics. A fake “crypto bank” also left investors out of pocket to the tune of some $181 million. And smaller-scale voice phishing, fake crypto mining platforms, and dating app scams have targeted individual citizens.

The National Police Agency (NPA) explained that the taskforce would have “three subcommittees.” One of these will be dedicated to the “analysis” of cryptoassets. The other subcommittees will deal with the darkweb and distributed denial-of-service (DDoS) attacks and other forms of cyber terrorism. Open / Comment

2023-03-08 17:00:17 Polaron Is Announcing Its Public Presale Event NO2 Of The POLAR Token

Polaron is a modular vertical farming technology for amazingly simple plant cultivation that will revolutionize food production.

Polaron Public Presale
This is an exclusive opportunity for early supporters to get in on the ground floor of Polaron. During the presale, Polaron is offering a limited number of tokens at a discounted price. This is a significant discount from the token's expected price upon launch.

Public Presale is divided into 3 main events:

Public Presale NO1 - closed
Public Presale NO2 - 11 March 2023 13:00 CET - 15 March 2023 13:00 CET
Public Presale NO3 - end of March

In each subsequent event, the price of the token will increase compared to the previous one and the marketing of the project will also be increased. Each participant in the Public Presale Event may receive rewards in the form of AirDrop and the opportunity to participate in the pre-release game Polaron's Battle.

Learn More Open / Comment

2023-03-05 22:00:05 ​Bitcoin NFTs: How Ordinals Proved Bitcoin Can Evolve With the Times

While the true identity of Satoshi Nakamoto, the pseudonymously named creator of Bitcoin remains unknown, his primary purpose of creating the flagship cryptocurrency has never been a mystery. He created Bitcoin as a peer-to-peer version of electronic cash to take back financial control from institutions serving as trusted third parties to process electronic payments.

The goal was crystal clear: create a trustless system of electronic transactions. The study of the Bitcoin whitepaper further shows that Bitcoin was designed to focus purely on financial transactions.

In fact, Nakamoto had previously opposed the addition of other use cases to the leading cryptocurrency. In 2011, the pseudonymous creator of Bitcoin rejected the idea of integrating a domain name system (DNS) into Bitcoin called BitDNS, saying that combining all proof-of-work consensus systems into one dataset would not be scalable.

"The primary goal behind the creation of Bitcoin was to serve as a medium of value transfer," Sebastian Jan Menge, co-founder of FitBurn, said in a comment. However, this goal has evolved many times over the past decade.

The first Crypto enthusiasts mostly bought in on the idea that Bitcoin's canonical hard cap of 21 million coins would make it a hedge against inflation. This led to the cryptocurrency gaining some reputation as "digital gold," or a sound store of value.

Even Goldman Sachs put forward the “store of value” thesis for Bitcoin. However, that narrative failed just recently when Bitcoin plunged 75% despite inflation soaring to record high levels. Open / Comment

2023-03-02 22:00:05 ​​Xapo Bank enables faster Bitcoin payments with Lightning Network.

Xapo Bank members will now be able to instantly pay for small purchases of up to $100 at any vendor accepting Lightning payments.

Xapo Bank, an international private bank headquartered in Gibraltar, integrates the Lightning Network to improve its Bitcoin capabilities.

On March 2, Xapo officially announced a partnership with the Lightning Network infrastructure platform Lightspark, which allowed the firm to implement Lightning on its platform.

The integration enables faster and cheaper transactions on Xapo , reducing blockchain confirmation waiting times and transaction fees on the original Bitcoin network.

According to the firm, Xapo Bank members will now be able to instantly pay for small purchases of up to $100 at any vendor accepting Lightning payments. High-volume transactions are initially not supported with the integration.

The new integration was introduced on Feb. 27 as part of a new update for Xapo bank’s apps on the Apple Store and Google Store.

According to Xapo Bank CEO Seamus Rocca, Bitcoin’s transaction confirmation can take up to one hour during periods of high usage, which makes BTC unsuitable for small daily payments like groceries. By integrating the Lightning Network, Xapo allows its customers to pay using Bitcoin without having to convert it to the U.S. dollar, he said.

Bitcoin average confirmation time has seen a huge spike in mid-February amid a massive activity on the Bitcoin network, with the mempool size reaching November 2022 levels. According to data from Ycharts, BTC confirmation time hit nearly 600 minutes on Feb. 19.

Rocca also noted that Bitcoin payments are especially crucial during times of hyperinflation, economic uncertainty and political turmoil.

Founded in 2013, Xapo operates a private bank as well as a Bitcoin custodian and wallet regulated by the Gibraltar Financial Services Commission. The company is known for combining traditional banking with crypto by offering USD and BTC accounts in one place. Open / Comment

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LoT Instagram: https://www.instagram.com/leagueoftraders.io/ Open / Comment

2023-02-27 21:30:02 ​​Colombia’s legal system experiments in the metaverse.

Colombia has positioned itself at the forefront of innovative ways to conduct legal proceedings after recently hosting a trial in the metaverse.

A Colombian court recently hosted its first legal trial in the metaverse, with the court magistrate saying it felt “more real than a video call,” according to a recent report.

According to a Reuters report published on Feb. 24, Colombia’s Magdalena Administrative Court held a court case in the metaverse on Feb. 15 involving participants in a traffic dispute.

The case lasted two hours and was brought by a regional transport union against the police, and will progress “partly” in the metaverse. The verdict could also be given in the metaverse.

The participants appeared as avatars in a virtual courtroom, with Magistrate Maria Quinones Triana dressed in black legal robes.

It was noted that Columbia is one of the first countries in the world to test legal proceedings in the metaverse, with Quinones telling Reuters that it felt more “real than a video call.”

This comes after a recent survey released by CoinWire on Jan. 16 found that 69% of respondents believe that the metaverse will eventually modify social lifestyles due to new approaches taken for entertainment and activities.

Cathy Hackl, author of Into the Metaverse: The Essential Guide to the Business Opportunities of the Web3 era, told Cointelegraph on Jan. 31 that the “physical world side” of the metaverse will “come in the next 10 years.”

Hackl added that if that is considered, then how we “socialize will be deeply impacted by the metaverse

In January this year, the World Economic Forum boasted metaverse experiences. The conference allowed delegates to experience the forum in its own 3D immersive digital sessions called the “Global Collaboration Village.” Open / Comment

2023-02-25 20:00:05 Spotify is Testing Special Playlists Just

Spotify is getting in on the hot NFT trend, and they’re rolling out a unique feature that requires owning an NFT

Read more https://theblockopedia.com/spotify-is-testing-special-playlists-just-for-nft-owners/ Open / Comment