This is an opinion editorial by Pierre Gildenhuys, the co-founder of a Hong Kong-based social environment tech startup. Proof-of-work is the consensus mechanism that the Bitcoin protocol uses. On a fundamental level, this means that work has to be done to prove the transactions that have transpired on the network are valid. Proof-of-work functions with specialized “computers” known as application-specific…
Tesla CEO and Twitter chief Elon Musk says that former FTX CEO Sam Bankman-Fried (SBF) probably donated over $1 billion to support the Democratic Party, which would be a much larger sum than the number publicly disclosed. Many people slammed Musk for making accusations without providing proof. “This statement is so unbelievably irresponsible,” one commented. Elon Musk Believes SBF Donated…
Banking giant Sber wants to integrate its blockchain platform with the Ethereum blockchain and the Metamask wallet. The Russian bank believes the integration will give developers more options and create new opportunities for users when in operations with tokens and smart contracts. Sber Bank to Provide Ethereum and Metamask Support on Proprietary Blockchain The blockchain platform developed by Sber, Russia’s…
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week BlockFi files for bankruptcy, cites FTX collapse for its troubles Digital asset lending company BlockFi…
On Nov. 18, Grayscale, the asset manager running the world’s largest Bitcoin (BTC) fund, released a statement detailing the security of its digital assets products and affirming that it won’t share its proof of reserves with customers. “Due to recent events, investors are understandably inquiring deeper into their crypto investments,” the statement begins, which is quite the understatement following the…
Crypto mining company Genesis Digital Assets was the biggest venture investment made by Alameda Research, FTX’s sister company and in the center of the exchange’s bankruptcy. Documents disclosed by Bloomberg on Dec. 3 show that Genesis Digital raised $1.15 billion from Alameda in less than nine months. The capital infusion was made before the crypto prices downturn, between August 2021…
On Nov. 29, 2022, The Electric Reliability Council of Texas (ERCOT) published a report on seasonal assessment and resource adequacy for the ERCOT region. ERCOT’s study indicates that bitcoin mining operations are flexible operations that can be beneficial to the Texas grid during the upcoming winter and extreme peak load times. ERCOT Report Says Texas Bitcoin Mining Facilities Can Curtail…
Fintech Lawyer: Crypto Companies Need to Seek Legal Advice Before Launch Lisa Rubin, a blockchain attorney with Paul Hastings, sat down with Decrypt’s Jason Nelson at 0xpo Crossroads in San Francisco on November 3 to discuss legal misconceptions the industry still holds. Source: https://decrypt.co/videos/live-events/3L4KbTDS/fintech-lawyer-crypto-companies-need-to-seek-legal-advice-before-launch
Embattled crypto broker Genesis and its parent company Digital Currency Group (DCG) owe users of Gemini Earn $900 million, the Financial Times reported on Saturday, citing anonymous sources. Gemini had used Genesis as its primary lending partner for its high-yield Earn service, which allowed customers to deposit their cryptocurrency in exchange for interest, similar to a bank account, offering returns…
Bitcoin (BTC) is a dynamic monetary asset with the potential of being both — a commodity and a currency. For instance, the Securities and Exchange Commission (SEC) classified BTC as a commodity, whereas El Salvador made Bitcoin a legal tender in 2021. So, does this make BTC a store of value or a medium of exchange? It can do both…
