“Ether’s net daily issuance is less than bitcoin’s for the first time on record. Ether’s daily annualized net issuance fell to 1.11% earlier this week versus bitcoin’s 1.75%.
EIP 1559, which went live on Aug. 5, burns a portion of fees paid to the miners, removing a notable chunk of coins from circulation. Since activation, the upgrade has eliminated over 100,000 ETH, representing 36% of the new coins issued over the same period.
If the trend continues, ether could attract store-of-value demand, which until now has been concentrated mainly toward bitcoin.
Previously closer to digital oil, ETH’s value moved in tandem with its usage; now that its issuance is probably lower (and potentially deflationary), it is likely to develop a monetary premium like BTC.”
See Also: Early Uber Investor Bill Gurley Takes ‘Personal Position’ in Ethereum
“Bitcoin gained Friday, and the U.S. dollar dropped in foreign-exchange markets, after Federal Reserve Chairman Jerome Powell leaned dovish in a key speech at the U.S. central bank’s annual Jackson Hole, Wyo., conference. He provided no concrete date for starting to taper or scale back the Fed’s $120 billion-a-month bond-buying program.
In the highly anticipated speech at the Federal Reserve Bank of Kansas City’s annual economic symposium, Powell said the economy no longer needs as much policy support but the central bank should refrain from making an “ill-timed policy move” in response to this year’s “transitory” rise in inflation.
The timing and pace of the coming reduction in asset purchases will not be intended to carry a direct signal regarding the timing of interest rate liftoff, for which we have articulated a different and substantially more stringent test.”
“This is the problem we’re going to solve: make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into Bitcoin. You can think about this as a decentralize[d] exchange for fiat.
We’d love for this to be Bitcoin-native, be entirely developed in public, open-source, open-protocol.”
“Weiss Crypto, the subsidiary of financial ratings firm Weiss Ratings, slammed Cardano’s partnership with Coinfirm, describing it as a “bad move all around.”
The Cardano Foundation announced its partnership with the blockchain analytics provider on Tuesday, which will see Coinfirm’s analytics being utilized to ensure compliance with frameworks such as the 6th Anti-Money Laundering Directive and Financial Action Task Force’s guidelines.
The excessive regulation is how the banking system was choked to death. With this announcement, it would seem ADA is proudly announcing they want to follow in their footsteps.
[Cardano] is now closer to becoming a censorship-prone, politicized, and manipulated network.”
See Also: SEC reportedly contracts blockchain analytics firm to monitor DeFi industry
“The central bank, which is known as the BCC, said it may authorize, for reasons of socioeconomic interest, the use of certain virtual assets in commercial transactions and license virtual asset service providers to allow them to conduct certain financial activities, such as collecting payments.
Financial institutions and other legal entities may only use virtual assets among themselves and with natural persons to carry out monetary and mercantile operations, and exchange and swap transactions, as well as to satisfy pecuniary obligations.”
“In this year’s Hype Cycle report, research firm Gartner has ranked NFTs at “Peak of Inflated Expectations.”
Every year, global research and development company Gartner publishes its Hype Chart, which highlights the 25 breakthrough technologies that the company considers will have the most impact on business and society over the next two to ten years.
With the top marketplaces generating $2.5 billion worth of trading volume in the first half of the year, and popular collections such as CryptoPunks and Bored Ape Yacht Club recording new peaks, NFTs have yet to reach the “trough of disillusionment” that Garner predicts will come after the “peak of inflated expectations.”
NFTs are establishing themselves as an exciting new asset class with a regular inflow of new buyers. Whilst many have already called the top multiple times on NFT markets, the consolidation of price followed by new market highs continues to surprise.”
“Banks helped force a hugely disruptive porn ban on OnlyFans. With public fury focused on their outsized power, the banks seem to have backed down.
The ban, announced just a week ago, was met with widespread outrage both from adult performers and, more generally, those concerned about the power of banks to effectively shut down businesses they don’t like by cutting off payments service. Public discussion of that threat, often referred to as “banking censorship,” was likely a key element in the reversal of the ban.
95% of coverage about OnlyFans supports [sex workers].
Meanwhile, adult performers have been organizing protests against Mastercard scheduled for Sept. 1. Those may still continue and could be hugely embarrassing for banks and financial services – particularly to the degree they highlight payment processors’ ability to block pretty much any payment they please.
All of this marks a major defeat for efforts by social conservatives and other anti-porn activists to leverage the payments system to impose their views on society. It also appears to have more broadly raised awareness about the threat of banking censorship.
For cryptocurrency advocates who have spent more than a decade banging on about the threat of bank censorship, this may come to be viewed as a watershed moment.”
“The new warrants authorize police to hack the personal computers and networks of suspected criminals, seize control of their online accounts and identities, and disrupt their data. The Greens slammed the bill for hastening Australia’s march down the path to becoming a “surveillance state”:
What’s worse, the data disruption and network activity warrant could be issued by a member of the Administrative Appeals Tribunal […] It is outrageous that these warrants won’t come from a judge of a superior court.”