CRYPTOGALACTIC

2023-06-12 15:43:08 Ordinals Have A New Update, Allow Size Of Inscriptions To Exceed The 4MB Limit

“Raphjaph”, the current principal maintainer of the Bitcoin protocol Ordinals, has incorporated Casey Rodarmor’s (the developer of the Bitcoin protocol Ordinals) “recursive inscriptions” No. 2167 upgrade into the Ordinals source on GitHub.

Inscriptions may now utilize the specific “/-/content/:inscription id” syntax to request material from other inscriptions, according to developer Leonidas.og. This small modification opens up a slew of new possibilities.

For example, rather than inscribing 10,000 JPEG files individually for a PFP collection (which would be prohibitively expensive), it would be preferable to inscribe 200 features from the collection, followed by 10,000 more inscriptions, each of which uses a small amount of code to request the features and render the image programmatically. Artwork is simply kept on-chain more efficiently, saving over $1 million in transaction costs in the instance of Bitcoin Apes.

Similar to BRC721, each inscription has the function of calling a function, the code for executing the function is solely in text format, and the volume is relatively tiny. As a result, even if the size of the individual inscription is less than 4MB, the entire inscription may surpass this restriction. Complicated 3D video games are completely on the Bitcoin blockchain.

Bitcoin Ordinals are a method for satoshis (individual Bitcoin units) to be numbered, named, and even engraved with data, converting them into non-fungible tokens (NFTs).

The Ordinals protocol is a technique for distinguishing and tracking individual sats, which is a necessary component for developing Bitcoin-based NFTs. As a new Bitcoin block is mined and new coins are minted as mining rewards, the system gives each sat a unique number depending on when it was mined. Smaller numbers indicate older sats. Open / Comment

2023-06-11 17:58:07 Binance Controlled Bank Accounts Belonging to Its US Affiliate Between 2019 and 2020

Between 2019 and 2020, crypto exchange Binance controlled bank accounts belonging to its U.S. affiliate including one holding funds of American clients, a new Reuters report has said. According to the report, employees of the crypto exchange’s U.S. affiliate had to get Binance executive Guangying Chen to sign off on payments including payroll.

According to a report, Guangying Chen, a senior executive with , was in control of five bank accounts belonging to the crypto exchange’s supposedly independent affiliate Binance U.S.

The report, which cites bank records, said the new revelation of what Chen and her deputies did between 2019 and 2020 undercuts claims that the U.S. affiliate operated independently. Open / Comment

2023-06-10 15:52:07 BNB UPDATE

We need to watch this ascending trend line. As long as it holds, the buy-setup is valid. Breakdown of this level will mean invalidation. Open / Comment

2023-06-09 18:15:17 Bitcoin Trades at Narrow Discount on BinanceUS

Bitcoin (BTC) was priced at a slight discount on BinanceUS early Friday after the exchange said it would become a crypto-only platform starting June 13.

At 08:25 UTC, the bitcoin-U.S. dollar pair on BinanceUS traded at least $130 below prices on Coinbase and other major exchanges, according to data tracked by the charting platform TradingView.

"BTC now trades at a slight discount on BinanceUS," said Clara Medalie, a director at Paris-based crypto data provider Kaiko. "News of a possible halt in USD withdrawals has caused an uptick in BTC selling as traders quickly try to get their assets off the exchange,"

BinanceUS tweeted late Thursday that it would no longer accept dollar deposits and warned that its banking partners are preparing to pause fiat withdrawal channels as of June 13. The exchange urged clients to reclaim their dollars using bank transfers before then, and said it would begin delisting the dollar-denominated pairs starting next week.

The decision comes days after the U.S. Securities Exchange and Commission (SEC) asked a federal court to freeze BinanceUS' assets, while suing its global entity Binance and rival exchange Coinbase for violating the federal securities law.

The SEC's action saw market makers remove liquidity from BinanceUS' order books. The resulting worsening of the market depth saw bitcoin trade at a premium of more than $1,000 on the exchange at one point. Open / Comment

2023-06-08 16:53:54 Crypto regulation is in the works, and Coinbase isn't ruling out relocation away from the U.S.

“Anything is on the table,” said CEO Brian Armstrong when asked if Coinbase would consider moving to Britain.

In Late March, the U.S. Securities and Exchange Commission warned Coinbase of plans to implement regulation on the company.

Lawmakers have yet to agree on these plans as they decide whether assets like Bitcoin and Ethereum should be considered securities or commodities. Open / Comment

2023-06-06 17:29:56 El Salvador's Volcano Energy Triumphs With $1B Commitments To Establish 241 MW Bitcoin Mining Facility. Open / Comment

2023-06-05 17:02:59 The U.S. Justice Department Awaits Bahamas Response Regarding New Charges Against Sam Bankman-Fried

The charges that could be dropped include those related to bank fraud, operating an unlicensed money transmitting service, and a case of bribery of a Chinese official, court documents filed on Monday shows.

The reason given for why some charges could be dropped if Bahamas objects to them is that they could violate the terms of Bankman-Fried’s extradition since they were not included in the original indictment that served as the legal basis for Bankman-Fried’s extradition to the US.

The former FTX boss was arrested in the Bahamas in December of 2022, and shortly after extradited to the United States under a special agreement between the two countries.

According to the agreement, individuals who are extradited can only be tried and punished for crimes that the extraditing country – in this case the Bahamas – has agreed to.

For the time being, US federal prosecutors are still waiting to hear from Bahamian authorities on whether they can get a waiver from the rule in order to try Bankman-Fried on the charges that have been brought into the case after his extradition. Open / Comment

2023-06-04 17:36:16 ⁠MUFG to facilitate Japanese bank-backed stablecoins via Progmat Coin platform

MUFG hasn’t revealed what firms will be the first to utilize its platform, however a handful of banks have reportedly already opted for a separate stablecoin solution. Open / Comment

2023-06-03 16:00:51 MASK has filled the buy zone and ready to pop! Open / Comment

2023-06-02 18:41:47 Cardano Whales Move 313 Billion ADA as Network Shows Outstanding Performance

In a demonstration of Cardano's remarkable performance, a staggering 313 billion ADA tokens have been moved in large transactions, highlighting the cryptocurrency's significant market activity. Amid this flurry of large-scale transactions, the overall volume of these transactions exceeded 70,000, underlining the network's substantial throughput.

The large transaction volume, as defined by those exceeding $100,000, provides a key indicator of whale activity within the network. Such substantial movements have the potential to significantly impact the price of the ADA token. However, despite the dramatic increase in volume, ADA's price has shown rather neutral performance, with a volatility of around 4% over the past seven days.

This lack of price movement, despite the substantial volume of ADA being moved, might suggest that whales are realizing their holdings. In other words, large ADA holders, colloquially known as "whales," could be moving their ADA tokens to other addresses or converting them into other assets. This kind of activity can often lead to price stability, as buying pressure offsets selling pressure.

However, it is also possible that the whales are simply transferring their assets without the intention to sell. They might be preparing for future transactions, diversifying their portfolio across multiple addresses, or securing their holdings. Without further information, it is difficult to determine the exact intentions behind these large transactions.

Regardless of the reasons, these high-value transactions underscore the trust and confidence of large investors in the Cardano network's potential. Despite some criticisms, Cardano's performance and the sheer volume of ADA being moved by whales provide a testament to the network's fundamental growth and technical relevance. Open / Comment