28 November

“The global stablecoin project was initially proposed to be pegged to a basket composed of multiple fiat currencies, but was walked back by project leaders in April as a result of regulatory pressure.

Now, Libra’s “global stablecoin” will simply launch as a single coin backed 1:1 by the U.S. dollar, pending approval from the Swiss financial regulator FINMA. The other currencies within the basket and the composite may still be rolled out at a later time.

While its limited form, as a 1:1 peg to the U.S. dollar might placate policymakers, the project still faces a significant uphill battle as regulators seek to clamp down on the digital payments industry and hold senders and receivers to account for their transactions.”

“The document lists 194,775 BTC, 833,083 ETH, 487 million XRP, 79,581 BCH, 1.4 million LTC, 27.6 million EOS, 74,167 DASH, 6 billion DOGE, and 213,724 USDT.

The seized digital currencies will be processed pursuant to laws and the proceeds and gains will be forfeited to the national treasury.

It’s not clear how China would dispose of the cryptocurrencies, per the report. If they were sold en masse for fiat currency it could again affect the prices of the cryptocurrencies in the seized pool.

Some suggest that much or all of the coins have already been exchanged, however.”

“Pascal Saint-Amans, the director of the OECD’s Centre for Tax Policy and Administration, has asserted that the 37-nation organization will introduce a common reporting standard, or CRS, for crypto assets in 2021.

Amans stated that the crypto tax standard “would be roughly equivalent to the CRS” developed by the Organisation for Economic Co-operation and Development to combat tax evasion.

The timeline to deliver is probably ’21, sometime in ’21, because there is an appetite by all countries now.”

“If the rumors Brian Armstrong has flagged are true, we would hope that the administration will engage with industry, as the FATF has done through the VACG to ensure the impact and shape of any proposals are right-fit rather than preventative for responsible innovators.

Our view is that forcing a ‘Swiss+’ model is a bad idea. This is where VASPs cannot send or receive funds from non-custodial wallets without some form of KYC declaration. This makes it more difficult for people to manage their own money, and to send money to businesses or family.

It is a shortsighted move that will not stop criminals, since they will simply use layering techniques to get around these controls.”

“The Chinese president said he would work toward greater cooperation among the 10 ASEAN nations, and promote a “digital Silk Road” in the region.

China regards ASEAN as a priority in its neighborhood diplomacy and a key area for high-quality joint construction of the Belt and Road Initiative.

The speech comes in an apparent attempt to strengthen China’s position locally, after U.S. President-elect Joe Biden said he would work with regional allies to take on China’s might.”

See Also: Bank of Russia Fields Banking Industry Concerns Over Digital Ruble Proposal

“SmartKey believes blockchain technology can lay the groundwork for the development of smart cities.

SmartKey will reportedly enable rescue teams to perform their jobs more efficiently by connecting a smart contract to Teltonika smart devices that are used by local rescue teams. This connection enables emergency crews to enter any building in the city without having to track down a keyholder or wait for permission.”

See Also: Ukrainian government sponsors educational web show about cryptocurrencies

“On Friday, a week-long voting period seeking to determine how “admin fees” were to be allocated closed in favor of token holders. The protocol will continue to disburse fees on a weekly basis following this initial payout.

Curve is the sixth-largest DeFi protocol with approximately $882 million worth of cryptocurrencies locked in its various smart contracts.”

See Also: Crypto Custodian Copper Aims to Bridge Gap Between DeFi and Traditional Finance With New Tool

“This is purely a judicious financial decision to realize some gains on Ripple’s MGI [MoneyGram International] investment and is in no way a reflection of the current state of our partnership.

As recently as the end of Q3 2020, Ripple had paid $9.3 million to MoneyGram, noted as “market development fees” on MoneyGram’s latest financial statement, for the remittance firm’s use of Ripple’s XRP-based settlement network.”

27 November

“Bitcoin has fallen victim to a large unwinding of leverage trades in derivatives listed across major exchanges.

Nearly $2 billion-worth of derivative positions have been liquidated in the past 24 hours.

The price drop seen today has taken the cryptocurrency well below its 10-day average and allowed the RSI to realign in a more bull friendly-manner. “It’s a healthy pullback.”

The data suggests investors view the current drop as a bull market pullback and remain confident about the cryptocurrency’s long-term prospects.”

“A PayPal user reports their account has been restricted after they traded crypto too frequently using the platform.

The user said they had made at least 10 crypto transactions within a week, purchasing during dips and selling when the price was high, and PayPal had asked for an explanation for each transaction.

In a matter of hours, PayPal reportedly sent a message stating that the user would “not be able to conduct any further business” using the platform. The user stated that the remaining funds in the account — $462 — were placed on a 180-day hold.

“The company announced an “end-to-end tokenization solution,” comprising of both a primary market issuance platform called Desygnate, and SygnEx, a secondary market trading venue.

The solution will provide issuers a way to raise capital, grow liquidity, transfer ownership and manage corporate actions.

As an alternative to traditional capital markets, Sygnum said it can help companies raise funding while avoiding high costs and extensive listing requirements. With distributed-ledger technology underlying the solution, Sygnum claims instant settlement around the clock and seven days a week.

“Around $89 million was liquidated on lending platform Compound in the last 24 hours. This includes the third largest COMP farmer, who was liquidated for $46 million. It appears that a malicious actor may have manipulated the price of DAI on the Coinbase Pro exchange.

My understanding is that the DAI price on Coinbase was driven up to a premium of around 30%. Compound’s oracle uses Coinbase for pricing data. This caused liquidations as the value of the loans exceeded collateralization-ratio thresholds.

As far as I can tell, Compound worked exactly as it should. But questions will be asked about the oracle.

DeFi protocols with centralized oracles that rely on a single exchange of any kind (Off-chain or DEX) or even a limited number of individual exchanges for their price data, are exposing user funds to significant risks.”

See Also: Coinbase Goes Down Again as Bitcoin Price Action, Volatility Heat Up Again

“When Satoshi announced Bitcoin on the cryptography mailing list, he got a skeptical reception at best.

It does not seem to scale to the required size.

A couple of months later, [Hal] stated that if Bitcoin became the world’s dominant payment system, then its value ‘should be equal to the total value of all the wealth in the world.‘ Extrapolating this logic further, he arrived at $10 million per bitcoin.

In the January 2009 emails, Satoshi’s time zone appears to be eight hours ahead of Greenwich Mean Time (GMT). If you assume he actually was Japanese as his handle suggested, one might assume this reflects his ancestral land. However, Japan was nine hours ahead of GMT at the time. Even more intriguing is that somehow Finney’s email server had received both emails before Satoshi’s email server, which presents a conundrum.

It is possible Satoshi had initially set his computer’s clock to Japan time based on the pre-DST time difference and later forgot to make the adjustment. But it would not explain why his other post-DST emails do not exhibit the same abnormality.

It is possible that immediately after sending out an email with “normal” timestamps on Jan. 8, Satoshi had travelled to a location in a different time zone with limited connectivity from which he emailed Finney the following day.”

See Also: New analysis suggests Satoshi Nakamoto was a Londoner

“Acknowledging the growing interest in this “relatively new tool,” Mishustin said the government plans to lead the cryptocurrency market’s development in a “civilized direction” so users can better can protect their “rights and interests.”

The prime minister explained that Russia’s tax code will be amended to designate crypto assets as property, meaning owners will be able to seek relief in court if they should fall victim to any illegal activity.”

“As part of the partnership, the teams will merge development resources and introduce several symbiotic interactions between the two protocols. Unlike with Pickle Finance though, the governance and token economics of Cream will remain unchanged.

Yearn users will be able to put their vault tokens — their share in a yield farming strategy fund — as collateral to borrow on Cream. Furthermore, the farming strategies will be able to access leverage on the platform, potentially increasing their yield.”

26 November

John Ratcliffe wrote to SEC Chairman Jay Clayton earlier in November in an effort to push the agency to bring in rules that would allow U.S. businesses to be more competitive.

Ratcliffe is said to have raised the fact that over half of the global cryptocurrency mining power is based in China, and that the People’s Bank of China is already developing its national digital currency.”

See Also: China’s State-Sanctioned Blockchain Project BSN Adds Polkadot, Oasis, Bityuan to Network
See Also: Long in China’s Shadow, the US Is Becoming a Bitcoin Mining Power Again (Good Read)
See Also: Economic justice doesn’t need the blockchain, say advisors to ‘The Squad’

“The VanEck Vectors Bitcoin ETN is 100% backed by physical Bitcoin and offers investors direct exposure to the Bitcoin market in the trusted format of other regulated exchange-listed products.

Our Bitcoin ETN is fully collateralized. This means that the money invested in the ETN is actually used to buy Bitcoin.

VanEck put a lot of effort into trying to persuade the SEC to approve its Bitcoin ETF throughout the first part of 2019, but to no avail.”

“We have released a beta version of Loopring Wallet, the first Ethereum smart wallet with zkRollup scaling baked in. Android users can download the wallet app now.

zkRollups gives users much of the same: complete Ethereum layer-1 security guarantees, plus a massive scalability boost: 1000x greater throughput, and 1000x lower fees.

What that means from a user’s POV is that it feels like they are on a traditional fintech app, except it is global, self-custodial, and presents Ethereum’s powerful opportunities.

The wallet allows users to trade on the same orderbooks that are present on Loopring Exchange. Trade at a click, no delays, no gas. It also allows users to send transfers instantly and for free, using Loopring Pay.”

See Also: Over 700,000 ETH Locked up for Ethereum 2.0—Worth $425 Million

“Many financial institutions are poised to increase their blockchain spending in 2021, according to an upcoming survey from Deloitte. Respondents included 800 senior executives at financial institutions — banks, payments companies, insurance companies, hedge funds, and other investment companies.

Richard Walker, head of Deloitte’s financial services blockchain team, said that 2021 will be ‘a break-out year for blockchain and digital ledger technologies. People will be surprised by the perceived speed and impact in this space next year.'”

See Also: Galaxy Digital CEO recommends investing up to 3% of one’s net worth into Bitcoin

“Gold prices took a 5% hit on Nov. 9, the day of the announcement that preliminary data showed a 90% efficacy rate for Pfizer’s COVID-19 vaccine. Bitcoin immediately jumped 2% on the news. Each subsequent week has started with even more encouraging results from other vaccine trials, and the trends show falling gold and rising bitcoin.

If money is leaving gold and going into bitcoin, it may well be because with more optimism in the economy comes more willingness to get into “risk-on” trades like stocks and cryptocurrencies. That doesn’t make bitcoin a safe-haven play except as speculation it might be used as a safe haven sometime in the distant future – a nuanced difference but a difference nonetheless.”

“The blockchain trial aims to reduce administration costs and increase trade efficiency.

This initiative will incorporate paperless trading and secure digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window.”

25 November

“The biggest update in Ethereum’s history will begin its first phase on Dec. 1.

I would say we are comfortably half-way through the overall effort to make Eth 2 feature complete. The research (which lasted years!) is largely done and the phase 0 genesis is definitely a significant implementation milestone.

Phase 0 lays the heavy-duty foundations (signatures, Merkleisation, networking, Eth 1 deposits, randomness, PoS, etc.). Many of the upcoming hard forks will layer relatively thin infrastructure on top of these foundations.”

See Also: Ethereum 2.0 Deposit Contract Secures Enough Funds to Launch

“According to Fidelity’s surveys, institutional investors showed “some interest” in Bitcoin in 2018 which somewhat increased in 2019. However, it was the tumultuous 2020 that became the defining year and a “watershed moment” for institutional adoption of Bitcoin, Sandler noted.

Among the main contributing factors, Sandler cited the coronavirus pandemic, a shift toward a more “productive” approach to regulation, and Bitcoin endorsements from famous established finance companies and personalities.

What we did see in 2020 was a broader adoption of that ‘digital gold’ narrative, it began to resonate with other pockets of institutional investors, namely hedge funds, ultra-high net worth individuals and subsequently family offices.”

See Also: Visa CEO Looks Ahead at the World of Crypto
See Also: Bitcoin Breaks $19K, New All-Time High Seems Imminent

The new crypto lending platform will allow users to lend their crypto to SBI and earn interest at a rate of 1% with taxes included. [🤣]

The new service, dubbed VC Trade Lending, will initially support the major cryptocurrency Bitcoin (BTC), with SBI further planning to add support for Ether (ETH) and XRP.”

See Also: Gazprombank Switzerland Executes First Bitcoin Trades, Announces Payments Initiative

“Libra’s potential for rapid mass adoption across multiple jurisdictions would require authorities to develop dynamic and adaptable tools for supervision and enforcement, the analysts wrote. While challenging, they argued that the nature of the digital stablecoin can itself offer new enforcement mechanisms.

This “embedded supervision” would make a direct and automated data reporting provision a registration requirement for all prospective stablecoin issuers.

“dHEDGE is a non-custodial social trading platform that allows users to choose asset managers to pool their funds with. The managers’ past trading performance is available for scrutiny.

The investors and the DAO will collectively invest $1.15 million into an initial cohort of 33 fund managers operating on the platform.

Decentralized asset management is set to become a core primitive in the DeFi space.”

See Also: Yearning for Pickle? Two DeFi Protocols Merge

“The exchange pointed to “recent guidance” from the CFTC, referring to the Commission’s March guidance around “actual delivery” of digital assets as the reason for this decision, but didn’t specify which aspect of the guidance led to the move.

Essentially, Coinbase would have to register with the CFTC as a commodities exchange if it wants to continue offering leveraged products.”

See Also: IDEX Plants a Flag for a Multichain Future, Beginning With Binance Chain and Polkadot

The world’s first livestreaming platform dedicated to cryptocurrency is going live just in time for the 2021 bull market.

Ran Neuner, host of CNBC’s Crypto Trader show, has launched the first call-in media channel devoted exclusively to cryptocurrency. Dubbed Crypto Banter, the station features a blend of news, opinions, interviews and live discussions with industry leaders.

Banter is designed to bring the banter from Crypto Twitter and Telegram to a credible, moderated AV medium. It is designed to filter out the noise and bring information that people can trade on to a live streaming medium.”

See Also: YouTube Channel

“Nigeria’s Finance Ministry is reportedly in talks with the country’s securities regulator to develop a new framework for blockchain and cryptocurrencies — a move that could accelerate adoption in Africa’s largest economy.

Bitcoin (BTC) and other cryptocurrencies are witnessing growing adoption in Nigeria as the country struggles with capital controls, devaluation and new protests targeting police corruption.”

“Australia-based West Coast Aquaculture (WCA) has completed an A$5 million (US$3.65 million) initial public offering, becoming the first firm in the nation to use cryptocurrency for its capital raise.

Fintech firm STAX said it had assisted WCA in raising just over 89%, or just over A$4.4 million (US$3.2 million), of the total raise via the stablecoin tether (USDT).

The successful WCA capital raise and IPO, paves the way for the future of capital markets in Australia.”

24 November

“The smart contract that will trigger the first phase of Ethereum’s most ambitious upgrade yet has nearly accrued enough funds to activate.

The Ethereum 2.0 deposit contract currently holds [461,760 ($280 million)] of the requisite 524,288 ETH required to activate Ethereum 2.0’s beacon chain, the central nervous system of the completely rebooted network.

If the deposit contract reaches 100% of the necessary deposits by Nov. 24, then the Beacon chain will go live Dec. 1.

The activation event can be triggered after this timeframe as well, so if the deposit contract hits its minimum on Nov. 25, for example, then the Beacon chain will activate on Dec. 2 (or if the threshold is reached by Nov. 26, it will activate on Dec. 3, and so on).”

See Also: Deposit Contract Status
See Also: Ethereum Price Hits $600 for First Time Since June 2018

PayPal will begin allowing users to transact with crypto as a funding instrument across 28 million businesses early next year.

Schulman said central bank digital currency is a global inevitability. As that happens, ‘you’ll have more and more utility happen with cryptocurrencies. Both may play important roles going forward.'”

See Also: PayPal CEO Talks Bitcoin on CNBC (Video)

“One of GnosisDAO’s key marketing points is its integration with the Gnosis prediction markets. Because any protocol change will have an associated prediction market where traders are betting on its impact, Gnosis users can judge a proposal based on the market’s attitude (whether traders overall think it’s good or bad for Gnosis).

This governance model, called futarchy, proposes the efficacy of democratically elected officials or policies should be tested by prediction markets; in other words, prediction markets create a barometer for success or failure of policies, which voters can then consult to augment their decision-making.

People can influence [a vote] with their trading decision. As a new proposal is on the table, people can already signal whether they would buy or sell the token (GNO) if the proposal was implemented. It is basically the most direct way to ask ‘the market’ for feedback on a proposal.”

“As Treasury Secretary, Yellen could shape how some of the financial regulators approach crypto.

While she’s said in the past that she’s not a huge fan of bitcoin, Yellen is on record as saying she believes the U.S. financial regulators should allow blockchain and cryptocurrency projects to develop, saying in 2015 the Fed and other regulators might have “limited authority” over digital currency systems.

Two years later, she said blockchain is an important ‘new technology that could have implications for the way in which transactions are handled throughout the financial system.’

It’s unclear how Yellen might view the crypto space at present.”

“This bull run is indeed different from 2017, though that doesn’t mean we won’t see another peak-and-trough cycle. Signals that hint at the kinds of investors who are participating indicate we may be earlier in the cycle than we were when bitcoin hit its all-time high three years ago.

The current patterns of new, larger and longer-term investors’ growing involvement is likely to continue, but bitcoin and downmarket cryptos will be risk-on investments for the foreseeable future.”

See Also: More Institutions Are Buying Bitcoin, Say JPMorgan Analysts

“We are a regulated Swiss firm that offers an insured savings product to traditional financial institutions, with higher rates than in a bank.

Aave’s innovative money market technology is the best way for us to bring our real-world offer to DeFi. We are going do this by tokenizing our insured real-world collateral and offering deposit (lending) opportunities to investors.

  • Aave investors can put their crypto into an insured savings market.
  • A safe savings account option should lead to increased financial depth in DeFi, resulting in lower system-wide volatility, and greater connections from Aave to other money legos.”

See Also: Deriswap: Capital efficient swaps, futures, options, and loans

“On Dec. 12, a shopping festival known as “Double 12” in China, the city of Suzhou will hold a giveaway designed to gauge usability of the digital yuan.

The Suzhou event will trial additional aspects of the technology not activated in Shenzhen, including the digital yuan’s offline feature that allows users to touch smart devices to make transfers.”

See Also: US Fed researcher says CBDCs should beat Big Tech payments on privacy protection
See Also: China Construction Bank Pulls Planned Listing of Bitcoin-Tradable Bond

“Economic nationalism, undertaken through import substitution, strict capital controls and stifling regulation, made financial institutions lethargic, their balance sheets anemic and their service ethic customer-unfriendly. Banks, insurance firms, consumer credit institutions and cooperative agencies of Latin America have long suffered with such inefficiencies.

By decentralizing the financial sector and putting trust in distributed ledgers, there will be less need for traditional, inefficient and corrupt intermediaries like the financial services behemoths that that have long mismanaged the economy and injured depositors’ interests.”

The Disrupt Weekend

“Some 71,891 eth ‘will be in the deposit contract before 24 November at noon.’

That was the amount as of yesterday at 5PM, with Bitcoin Suisse still accepting staking deposits until November 22.

The Swiss company is the only known established [custodial solution] to provide ethereum staking from the get go.

See Also: Eth2 Deposit Contract Passes 50% Staked

Most people just want a “plug-and-play” solution to start earning a ETH-denominated passive income.

DAppNode and Avado are two solid options. They give you the proper hardware and a nice UI to work from. For the non-technical people out there, this is what you need to get started.

Running your own server contributes to the collective vision of a resilient, censorship-resistant, decentralized global network and you can earn significant returns on your holdings for your contribution.”

Great thread on the groundbreaking research behind Eth2

Holding Bitcoin (BTC) in treasury will soon become a corporate standard. Wall Street firm MicroStrategy recently made headlines when it decided to allocate a large portion of its treasury to Bitcoin, buying over 21,000 BTC in August and almost 17,000 more in September. MicroStrategy stock rallied just like BTC as well — by 50%.

The world’s economies are entering strong expansionary monetary phases. Demand, then, is materializing on pure monetary considerations, and Bitcoin is, technically speaking, a natural inflation hedge in that regard. It will soon be a corporate standard like owning treasury notes is.

There is also a slight ideological bent to the current corporate moves. For savvy chief financial officers, having a portion of the treasury held in digital currency provides a measure of regulatory hedge and arbitrage. No one controls the Bitcoin blockchain, and no government can hack it and seize operational funds.”

The International Monetary Fund is now calling for a second Bretton Woods era to be announced in 2020. This would establish the Special Drawing Right, or SDR, as the new reserve currency as opposed to the U.S. dollar. The SDR serves as the most stable investment option for the IMF. Its value consists of the top five global fiat currencies as a protection against volatile movements in forex markets. The problem with the SDR approach is that it could make the economic situation even worse than it is today.

We can’t have a single powerful entity with the power to print itself out of temporary trouble, especially while it would be putting us in future debt that would be impossible to manage.

Blockchain has raised our standards to expect decentralization in the institutions that are meant to serve us. True decentralization is reached when the hierarchy is broken. Everything becomes transparent, and incentives are offered to push the system forward in the right direction.”

See Also: Tokenization will bring desirable stability to emerging markets

The digital painting EthBoy uses new programmable technology called “layering” to remake itself daily.

An innovation enabled by the blockchain-based art market and platform Async Art, which EthBoy was released on, allows digital artworks to reflect external data and stimuli. EthBoy will change every day, ‘in response to external variables out of ours or anyone else’s control.’

[A]s the months and years progress EthBoy on Async will become an artistic, visual representation of Ethereum relating to factors including price fluctuations, gas fees, an accessory layer connected to one of Vitalik’s wallet address, and even annual changes triggered by Vitalik’s birthday and the initial release of the Ethereum system.”

At 9 pm EST tonight, Ethereum co-founder Vitalik Buterin will face off against chess streamer National Canadian Team player Alexandra Botez in an event live-streamed on Twitch.

The Canadian sports some serious accolades: she currently holds the title of Woman FIDE Master, and is a five time Canadian National Girls Champion. So far, the [prediction] markets believes that Vitalik is going to have a rough evening.

Not all are counting out the 26 year-old Ethereum co-founder, however. Some have speculated that between pondering Derek Parfit and solving scalability, Vitalik might be hiding some genuine chess chops. Additionally, in 2019 he debuted “1.58 dimensional chess,” played on a pyramidal plane.”

On Friday, the team introduced the cDAI jar, a “new strategy” aimed at maximizing returns from DAI deposited on the decentralized lending protocol Compound. The Pickle team, and a group of “white hat hackers” have traced the 19,759,355 DAI weekend exploit to this smart contract.

There are reports that our DAI PickleJar strategy has been exploited. We are actively looking into this matter and will provide further updates.”

See Also: Decentralized insurance protocol Cover holds vote to cover Pickle hack

“The first patent, “techniques and probabilistic methods for tracing Monero”, lays the groundwork for the firm to develop probabilistic methods that assign numbers to Monero transactions and cluster likely owners, and adopt probabilistic approaches to money laundering controls.

The firm also filed a patent application for ‘‘systems and methods for investigating Monero,” which forms parts of its forensics tools to trace Monero transactions.

CipherTrace sells these anti-Monero technologies to the United States Department of Homeland Security as part of a $5 million contract.”

“On Nov. 18, blockchain solutions provider BlockApps launched a blockchain-based agricultural crop tracking network called “TraceHarvest” — and one of the largest companies in the world, Bayer, is among its first users.

TraceHarvest reportedly provides users with the ability to trace the life cycle of agricultural products starting from the source of seeds, all the way to defining the responsibilities of each party involved in the supply chain. The platform also provides users with information in real-time, ideally mitigating problems associated with manually tracking crops.”

“The legal team is alleging the former Ethereum Foundation researcher provided a service to the DPRK by using an analogy of a U.S. citizen providing nuclear secrets to scientists in the reclusive nation.

By Griffith’s logic, the [North Korea Sanctions Regulations] would permit an American physicist to travel to the DPRK and explain the science behind nuclear weapons to a conference of North Korean physicists.”

21 November

Pantera Capital says a Bitcoin shortage is at the heart of the recent price surge and that the majority of newly minted BTC is being scooped up by PayPal.

The increase in itBit volume implies that within four weeks of going live, PayPal is already buying almost 70% of the new supply of bitcoins.

Pantera says it’s a lot easier to purchase Bitcoin now than it was during the last bull market in 2017. In addition to PayPal, retail onramps into Bitcoin and other digital currencies now include Cash App and Robinhood.”

See Also: Players Prefer Cashing Out in Bitcoin Amid Rally, Says Online Poker Giant

I think cryptocurrency’s here to stay, I think it is … durable.

Do I think it’s a durable mechanism that … could take the place of gold to a large extent? Yeah, I do, because it’s so much more functional than passing a bar of gold around.”

See Also: Global search volume for Bitcoin appears higher than in 2017
See Also: Corporate Bitcoin frenzy: Companies now hold $15.3 billion in BTC

Circle is using USDC, the dollar-pegged stablecoin it issues with Coinbase, to distribute relief funds to medical workers and other Venezuelan locals, it announced Friday.

The U.S. Treasury Department has been trying to send these funds directly to Venezuelan residents, but this task has been made difficult after Maduro tried blocking the distribution.

This is, in a sense, a way to bypass the state-controlled banking system and just directly distribute to people.

This, I believe, marks really a first where the U.S. is effectively executing a global foreign policy objective with stablecoins for foreign aid because the existing dollar banking system can’t do the job.

By using USDC, these Venezuelans can spend in dollars, which are currently far more stable than Venezuela’s native bolivar. All local residents need to receive the stablecoins is a mobile phone and some way of accessing the internet.”

“Ether has jumped to 28-month highs, taking year-to-date gains to nearly 290%. Apart from the broader market uptrend, Ethereum’s impending transition to proof-of-stake looks to be powering gains in ether.

The belief is that it’ll lead to a supply shortage of ether.”

See Also: Nearly 1% of Bitcoin’s Circulating Supply Now Tokenized on Ethereum

“DAiM will serve as an adviser and fiduciary while helping companies create a 401(k) plan that allows a maximum allocation of up to 10% in bitcoin. Individuals can choose to take a bigger exposure to bitcoin following a consultation with DAiM and will be able to transfer pension bitcoins in the event of a job switch.

From the moment we were approved by the State of California in June 2018, we’ve seen incredible inbound demand from individuals eager to invest bitcoin in 401(k)s.

We believe [b]itcoin has demonstrated it has a place in the modern portfolio and individuals should have an opportunity to ‘Get Off Zero’ and invest directly through their retirement account.”

“A greater use of CBDCs can lower cross-border financial frictions, so markets can be deeper and more integrated. There is the possibility that rebalancing towards a more multipolar world can be accelerated by the CBDCs, and that can be a good thing.

For the countries willing to introduce a CBDC, the main goal should not be reducing the cost of transactions – which many countries have already achieved – but creating ‘a platform for innovation and economic growth,’ in which a CBDC might be even not the only kind, but one of the many digital assets integrated into a new-generation payment system, Birch said.

The money of the future will not only be used by humans, and that’s important to consider while designing the CBDCs. In the smart cities of the future that are driven by data, we will see ‘architectures that have people’s money, machine’s money and algorithms’ money.’

Widespread adoption of CBDCs around the world could reduce the dollar’s domination, leading to unpredictable effects.”

See Also: IMF lawyers argue that central banks need reform before they can issue CBDCs
See Also: Japan’s Banking Giant MUFG Plans to Launch Blockchain Payment Network in 2021

“In the words of Comptroller Brian Brooks, ‘Blanket boycotts of entire industry sectors have to stop.’ The OCC’s announcement points to political hot-button issues that banks have systematically denied services to, including oil and gas companies in Alaska as well as Planned Parenthood.

There is a creeping politicization of the banking industry that has the potential to be very dangerous.”

“SEC Chairman Jay Clayton reiterated that he does not believe Bitcoin is a security, but suggested that more regulation could still be on the way from other federal agencies. He also warned that as Bitcoin becomes more popular, it could become further regulated as a payment method.

I think we’re going to see this mature, and I think we’re going to see more regulation around the payments space.”

MicroStrategy executives are on the hunt for blockchain experts who could help the publicly traded firm build a suite of bitcoin data services. Exactly what those services might be, when they would come online and how they would be monetized are still open questions.

There’s an entire exploding universe of intelligence opportunities all wrapped around this kind of unique bitcoin intelligence coming off the blockchain. And we’ll explore it all.”

“By comparison, Twitter produces about 4.3 petabytes a year, or 0.0043 exabytes. Data company Zeenea estimated in March 2019 that Netflix stored 60 petabytes of movies and TV shows, or six percent of Filecoin’s current capacity.

Being able to reach a scale to compete with and contend with the traditional cloud is something that many people said was impossible.

The next step is getting applications to join the network. Last checked on November 19, 761 gigabytes of data are currently being stored on the network.”

“Xu appeared on a private social media platform to post that he had been cooperating with an investigation relating to an equity merger that OK Group had finalized years prior.

The equity investee was the target of a “complicated” legal case, Xu said, choosing not to go into further detail. It remains unclear as to precisely to which deal he was referring.

The authorities have clarified the matter and proved me innocent.”

20 November

“Bitcoin’s appeal as an alternative store of value asset is strengthening, according to analysts at Germany-based investment bank Deutsche Bank.

There seems to be an increasing demand to use bitcoin where gold used to be used to hedge dollar risk, inflation, and other things.

While bitcoin has gained 144% this year, gold is up 22%.”

See Also: Survey of millionaires finds 73% own or want to invest in crypto

“The Digital Currency Electronic Payment (DC/EP) could be a more attractive alternative to existing digital payment services provided by fintech companies in a cashless environment, said the 81-page report.

It cited anonymity enabled by the separation of a bank account and the digital yuan wallet, offline payment and interconnectivity with various payment options as contributing to the digital yuan’s success.

Commercial banks will be the only institutions permitted to operate in DC/EP exchange as it is the digitalization of legal tender. This will effectively level the playing field with fintech platforms.

The report also notes DC/EP would not disintermediate the commercial banks since the virtual currency is replacing cash rather than savings.”

See Also: 30 Japan Firms to Collaborate on Private Digital Yen

“The ‘traditional model of banking would be disrupted‘ by a widely used digital currency, Haldane said, adding that more attention needs to be given ‘to the potential longer-term benefits of such a structural shift.’

One such benefit is the emergence of so-called narrow banking, which would partially segregate banks’ “safe” payments-based activities from their riskier credit business.

On the monetary policy side, the central banker believes a digital currency could mitigate or possibly even negate the prevalence of negative interest rates. Haldane says zero-bound or negative rates ‘arise from a technological constraint on the ability to pay or receive interest on physical cash.'”

In an apparent first, the regulatory body stated that it would not recommend enforcement action against IMVU for making VCOINs available for their “intended purpose.” According to the platform, users can buy, earn, and transfer the tokens off IMVU to convert to fiat.

IMVU would need to make the token ‘continuously available in unlimited quantities and at a fixed price‘ of $0.004, and would not ‘promote or support listing or trading‘ of the token on any third-party platform.”

Lil Yachty has 10.7 million listeners on Spotify, 9.8 million Instagram followers and 5.2 million Twitter followers.

Fyooz did not disclose when Lil Yachty’s token will launch or what the rapper plans to do with it. He will be the largest influencer to feature on the platform.”

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VMware joins the ranks of IBM and other global tech conglomerates that have launched their own blockchain platforms. The firm identified highly complex and fragmented multi-party enterprise workflows that results in delays, increased costs and hindered innovation as core problems they aim to solve.

Last year, VMware CEO Pat Gelsinger condemned Bitcoin as being ‘bad for humanity.'”

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“In an update on Thursday, OKEx said the private key holder ‘has completed assisting the authorities in a previously referenced investigation.’

OKEx was confirmed not to have been involved in any wrongdoing or illegal activities, and the private key holder has now returned to his normal business functions.”

19 November

To sum up, today’s market is far more mature, more financialized, more surveilled, more orderly, more restrained, less reflexive, more capital-efficient, and more liquid than the market that powered the prior bull run in 2017.”

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“Rollup-centric upgrades, a simplified merge and the parallelization of phases are among the top revisions to ETH 2.0’s roadmap, according to Buterin, which impact the final network results.

All of these changes are designed to decrease the time until eth2 becomes useful to people. TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”

See Also: Bitcoin Suisse expects to offer Ethereum staking before Christmas

The billionaire shared a video captured in “a Latin country” depicting banks throwing out garbage bags filled with paper money into a dumpster. He asserted that ‘paper money is worth nothing,’ adding: ‘That is why it is always good to diversify our investment portfolio.’

Three hours later, Pliego then tweeted a recommendation for the book The Bitcoin Standard, asserting that ‘Bitcoin protects the citizen from government expropriation‘ and revealing his cryptocurrency investment.

Many people ask me if I have Bitcoins, YES. I have 10% of my liquid portfolio invested.”

“Today, we’re excited to introduce the new Ledger lending feature to the world!

This gives you access to Compound lending services directly through Ledger Live: you can now lend your USDT, USDC or DAI and earn interest for it!

“Brooks said the Office of the Comptroller of the Currency, or OCC, was on the cusp of allowing trust companies to become banks.

Companies like Anchorage, Coinbase Custody, and Gemini are already operating as trust companies under state-issued trust company charters.”

The Thai SEC now allows firms dealing with digital assets to include the value of those assets when calculating their net capital funds. The new rules follow a surge in volume on Thai exchanges.”

See Also: Vietnam’s Ministry of Education Adopts Blockchain Record-Keeping

Major players in U.S. crypto lobbying are coming out in defense of noncustodial wallets.

On Tuesday, the Blockchain Association released a new report presenting policy options for self-hosted wallets to regulators. On Wednesday, Coin Center published an expert view by Jai Ramaswamy, also defending such wallets.

Ramaswamy and the Blockchain Association agree that efforts to enforce AML are best suited to crypto-to-fiat on- and off-ramps — typically exchanges.

A sober review of the technology explains why such efforts are bound to fail and will only serve to undermine rather than enhance efforts to detect and disrupt illicit financial activity.”

See Also: FATF Needs Entirely New Approach to Regulating Crypto, Says V20 Summit

Chris Dunn: Our Pre-Holiday Trade Setups