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Topics - Peter90

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1
Kraken Institutional operates under the exchange’s state-chartered banking license in Wyoming, attained back in 2020

"Cryptocurrency exchange Kraken has unveiled a qualified custody service for institutional clients in crypto-friendly Wyoming through the firm’s long-standing state-chartered banking license in the region.

Kraken Institutional, announced on Wednesday, operates under the special purpose depository institution (SPDI) charter snagged by the exchange back in 2020. All deposits will be held in segregated accounts remote from the exchange itself and on a full-reserve basis.

Wyoming, which is populated with twice as many cattle as people** has been steadily striving for regulatory clarity around crypto and has passed some 35 laws on the topic since 2016 – with Kraken being the biggest name to throw its weight behind that campaign.

"Kraken made history as the first cryptocurrency exchange to receive a banking charter in the US in 2020," a spokesman for the exchange said in an email. "It’s taken us the best part of three years since this important milestone to work through all the various legal and compliance checks required to launch a bank and bring Kraken Financial to market."

coindesk.com


**  ;D

2


"While Tesla is the most familiar name across the world’s largest corporate buyers, several companies have amassed far more bitcoin - leading their share prices to skyrocket in value last year. At the same time, the vast majority are found in North America, with the exception of Nexon, a Japanese-based video game publisher.

As the world’s largest corporate owner of bitcoin, MicroStrategy holds 174,530 bitcoin valued at an estimated $9.1 billion as of February 22, 2024.
Headquartered in Virginia, the intelligence software firm first began buying bitcoin in 2020 and has since grown its holdings to become roughly 10 times bigger than the next highest corporate owner. MicroStrategy shares soared over 350% in 2023 thanks to its scale of bitcoin holdings.

Tesla is the fourth-largest owner on the list, with bitcoin holdings worth $546.7 million.
In 2021, the company announced that it bought $1.5 billion in bitcoin to help boost the company’s bottom line. It also served as a way to provide liquidity to customers who could buy its products with the cryptocurrency. Yet the following year, the company sold a large share of its holdings at a steep loss during the crypto crash."

zerohedge.com

3
Stable Coins Forum / Gold-Backed Stablecoins
« on: March 21, 2024, 08:01:46 PM »
Stablecoins can be classified in 6 groups based on what kind of assets they are backed by

6 Types of Stablecoins (based on what they are backed by)

1. Stablecoins backed by fiat currencies

2. Stablecoins backed by hard currencies

3. Stablecoins backed by cryptocurrencies

4. Stablecoins backed by financial products

5. Commodity-backed Stablecoins

6. Algorithmic Stablecoins

The 6 Types of Stablecoins

This thread is about #2, Stablecoins backed by hard currencies (in particular by gold)


What are gold-backed cryptocurrencies

"Gold-backed cryptocurrencies are tokens designed to represent a specific amount of physical gold holdings in a digitalized format, which also can be redeemed by the holders whenever needed.

These tokens offer a unique investment option by combining the stability of gold with the innovation of digital currencies.

The operation of gold-backed cryptos is straightforward: a designated amount of gold is securely stored, and an equivalent number of crypto tokens is issued. Transparency is crucial, with reputable issuers providing regular audits and proof of gold reserves.

Transactions with gold-backed cryptos are conducted on blockchain technology, ensuring secure, immutable records of ownership and transfers. This feature, along with lower operational costs compared to physical gold handling, makes them appealing for global investments.

Investors benefit from the ease of transferring these digital assets internationally, bypassing the complexities of physical gold logistics."

creditcoin.org

4
Ethereum News & Updates / Ethereum Foundation under investigation
« on: March 21, 2024, 12:46:26 PM »
The Ethereum Foundation – the Swiss non-profit organization at the heart of the Ethereum ecosystem – is under investigation by an unnamed "state authority," according to the group's website's GitHub repository.

The scope of the investigation and its focus was unknown at press time. According to the GitHub commit dated Feb. 26, 2024, "we have received a voluntary enquiry from a state authority that included a requirement for confidentiality."

The Ethereum Foundation did not return a request for comment.

After the publication of this article, Fortune reported the SEC is seeking to classify ETH as a security, a move that would have major implications for Ethereum, an ETH ETF and crypto as a whole. The financial regulator has sent investigative subpoenas to U.S. companies in the past several weeks, according to Fortune's reporting.

Previously, the Ethereum Foundation's website contained the following disclosure:
"The Ethereum Foundation (Stiftung Ethereum) has never been contacted by any agency anywhere in the world in a way which requires that contact not to be disclosed. Stiftung Ethereum will publicly disclose any sort of inquiry from government agencies that falls outside the scope of regular business operations."

That footer was removed in the Feb 26.

zerohedge.com


5
To be clear, this is not a ETH ETF, this is a "normal" fund containing "normal" financial assets which will be tokenized on the Ethereum blockchain with an ERC-20 token called BUIDL.
In other words - as far as I understand it - this has nothing to do with ETH the cryptocurrency, it's about the Ethereum blockchain.


BlackRock Seeds Ethereum-Backed Digital Liquidity Fund With $100 Million

"BlackRock’s spot Bitcoin exchange-traded fund was among the first to receive SEC approval in January. Its CEO Larry Fink, who has been generally bullish about BTC, with reservations, told Bloomberg just after the ETF approval:
"We believe the next step going forward will be the tokenization of financial assets, and that means every stock, every bond […] will be on one general ledger.”
“Every investor, you and I, will have our own number, our own identification. We could rid ourselves of all issues around illicit activities about bonds and stocks and digital by having a tokenization,” Fink added.

...the bottom line is that while Bitcoin was the pioneer in Wall Street's institutionalization race, having seen the startling success of bitcoin ETF adoption, the financial titans including Goldman, Blackrock - and now - JPM, have set their sights on what comes next, which is something near and dear to the people who manage trillions: the fastest, cheapest and most effective way to tokenize everything, from information, to data, to money itself. And they have picked the token to do it with."

zerohedge.com

6
A mysterious Bitcoin whale, nicknamed “Mr. 100,” has sparked curiosity in the cryptocurrency space after amassing over 52,996 Bitcoin, worth over $3.5 billion, on-chain data shows.


Who is Bitcoin’s “Mr. 100”?

The Mr. 100 whale wallet bought at least 1,000 Bitcoin on March 15, which is 52% of the total 1,907 BTC bought by the 10 spot Bitcoin exchange-traded funds (ETFs), according to an X post by HODL15Capital.



This address has been continually receiving BTC since November 2022, when the FTX exchange collapsed. The wallet has been adding at least 100 BTC nearly every day since Feb. 14.

The wallet received some larger Bitcoin transfers from a secondary wallet address, which has also been adding tranches of 100 BTC since 2019. This suggests that the mysterious whale has been stacking sats since at least 2019, according to HODL15Capital, who also noted in a March 15 X post:
“What I do know is that this is NOT one of the U.S. ETFs. I have all those mapped.”

Mr. 100 continues accumulating regardless of Bitcoin price at near all-time highs, adding 400 BTC on March 12, when Bitcoin traded above the $72,000 mark.

Following the accumulation spree, the Mr. 100 wallet is currently the 14th-largest BTC holder, according to Bitinfocharts data.



zerohedge.com

7
General Discussion / Amateur musicians and singers - no professionals!
« on: March 14, 2024, 09:02:40 PM »
Okay... the musician probably is a professional... but she's not!  :D


8
Understanding the Bitcoin Halving

Bitcoin operates on a deflationary model, where the reward for mining new blocks is halved every 210,000 blocks, or approximately every four years, a process known as the "halving." This event is significant because it reduces the rate at which new bitcoin are generated, thereby limiting supply. Bitcoin is the only asset in human history to have a fixed supply that never increases, making it the hardest currency ever known.

This aspect of the protocol cannot be changed due to the decentralized distribution of nodes. For the supply limit of Bitcoin to be increased, the majority of nodes would have to agree to such a change. While this might be possibly in theory, it’s hard to imagine a scenario where it becomes reality. Thousands of independent node operators around the world would have to agree to making themselves poorer and reducing the value of Bitcoin as a whole.

               

zerohedge.com

9
Vitalik's Podcast in Taiwan: The Application of Blockchain in Democracy, Consensus, and Government Governance

Chinese podcast featuring Ge Rujun and Vitalik


Personal Introduction of Vitalik Buterin

Vitalik Buterin was born in 1994 and is a Canadian programmer, writer, and co-founder of Ethereum, the world’s second-largest blockchain platform. He had his first computer at the age of four, created an encyclopedia about rabbits at seven, was recognized for his talents in mathematics and urban design at ten, and was capable of complex mental arithmetic. By the age of twelve, he was already able to write games in C++. Between the ages of thirteen and sixteen, he was deeply engrossed in the video game World of Warcraft, until the game publisher Blizzard removed a key ability, “Life Siphon,” of his favorite Warlock character. This event profoundly affected him, leading him to reflect on centralized control and eventually sparking his interest in blockchain technology.

By the age of twenty-four, Vitalik’s net worth was already considerable, and he was ranked 22nd on Fortune magazine’s list of the most influential people under 40. Despite his significant achievements in technology and business, Vitalik emphasizes that every moment in life is precious, just like every block in a blockchain, and nothing should be erased, as everything is worth cherishing.

For Vitalik, his life experiences from birth to the age of eighteen were incredibly rich, making it difficult to pinpoint what was most important. Every event, every experience, had a significant impact on him, helping to shape who he is today. For listeners, his story is not just about the growth of a tech genius but also about a perspective on life and the pursuit of innovation.

wublock.substack.com

English subtitles




10
Stable Coins Forum / The 6 Types of Stablecoins (Poll)
« on: February 18, 2024, 10:58:59 PM »
What are Stablecoins?




Why are Stablecoins important?

When people get paid, they want the certainty that the money they’ve received will be worth the same tomorrow or next month. In other words they want to avoid the risk of losing their earnings through the devaluation of the currency they received as payment.
Secondarily, when people save money - keep in mind the difference between saving and investing - they want their savings to keep their purchasing power over time.
Stablecoins aim to be the solution to both these problems.



6 Types of Stablecoins (based on what they are backed by)

1. Stablecoins backed by fiat currencies
Fiat-collateralized stablecoins are the simplest type of stablecoins: for each stablecoin there is a fixed amount of fiat currency in a bank account backing it up.

2. Stablecoins backed by hard currencies :D
SC backed by gold or silver. (Depending on the definition of precious metals, platinum, palladium and others can be considered precious metals too)

3. Stablecoins backed by cryptocurrencies

4. Stablecoins backed by financial products
SC backed by Treasuries, bonds, stocks, loans, derivatives, ETF, futures... Think of USDT or USDC.

5. Commodity-backed Stablecoins
SC backed by real estate, oil, natural gas, aluminium, copper, steel, beef, grains etc... „Traditionally, such commodities were restricted only to the financially privileged class. However, commodity-backed stablecoins create new opportunities in investment for the average person, irrespective of geography.“ (101blockchains.com)

6. Algorithmic Stablecoins
„Non-collateralized or algorithmic stablecoins do not have any assets or collateral for backing them. So, how are algorithmic stablecoins classified as stablecoins when they don’t have any collateral for backing them up?
The non-collateralized or algorithmic stablecoins follow an algorithm for controlling the stablecoin supply. Such a type of approach is also known as seignorage shares. With the rise in demand, new stablecoins will be created to reduce the price to the normal level. In event of considerably low coin trading, coins on the market are purchased up for reducing circulating supply.“ (101blockchains.com)

11
Banned Chinese Bitcoin Miners Have Moved On To Africa's Largest Dam In Ethiopia


Chinese bitcoin miners have officially arrived in Ethiopia.
With China banning bitcoin mining about two years ago, many miners look to be heading to Africa’s largest dam, the recently built Grand Ethiopian Renaissance Dam, according to a new article from Bloomberg.
Nuo Xu, founder of China Digital Mining Association, told Bloomberg: “Ethiopia will become one of the most popular destinations for Chinese miners.”





There they are being lured by some of the cheapest energy costs in the world - and the dam is providing power to run miners at electricity substations.

Ethiopia's closer ties with China and the construction of a $4.8 billion dam by Chinese companies for electricity supply underscore the move, the report says. The change of location comes as climate concerns and energy shortages elsewhere in the world have prompted some backlash against the lucrative Bitcoin mining industry.

This makes Ethiopia a uniquely appealing prospect, though it now faces competition in places like Texas, Bloomberg writes. Kazakhstan and Iran initially welcomed Bitcoin mining, but eventually turned on the sector due to its massive energy use.





Meanwhile the national power monopoly in Ethiopia has secured agreements with 21 Bitcoin miners, predominantly Chinese, making clear the country's emerging role in the sector.

In a recent article called "Why I Bitcoin", Zero Hedge contributor Quoth the Raven wrote:
 
"If the people want the Bitcoin network, and they have power and an Internet connection, they’re going to get it. The network is like a slippery fish someone tries to hold onto — the harder you hold it and the more you try to control it, the quicker it slips from your grasp. If Canada bans it, it will drift to Mexico. If Mexico bans it, nodes will drift to Mauritius. If Mauritius bans it, nodes will drift to Russia. There’s always going to be somewhere on the globe – at least for the short to mid-term right now – that is going to embrace Bitcoin."

In this case, that place is - at least for now - Ethiopia.

zerohedge.com

12
Forum related / Do you want +/- karma functionality? (Poll)
« on: February 10, 2024, 01:13:55 PM »
Everybody can cast max 4 votes

13
Operation Choke Point 2.0 Is Underway, And Crypto Is In Its Crosshairs

Detailing the Biden Admin's coordinated, ongoing effort across virtually every US financial regulator to deny crypto firms access to banking services


"For crypto firms, obtaining access to the onshore banking system has always been a challenge. Even today, crypto startups struggle mightily to get banks, and only a handful of boutiques serve them.
This is why stablecoins like Tether found popularity early on: to facilitate fiat settlement where the rails of traditional banking were unavailable.

However, in recent weeks, the intensity of efforts to ringfence the entire crypto space and isolate it from the traditional banking system have ratcheted up significantly. Specifically, the Biden administration is now executing what appears to be a coordinated plan that spans multiple agencies to discourage banks from dealing with crypto firms.
It applies to both traditional banks who would serve crypto clients, and crypto-first firms aiming to get bank charters. It includes the administration itself, influential members of Congress, the Fed, the FDIC, the OCC, and the DoJ.

In sum, banks taking deposits from crypto clients, issuing stablecoins, engaging in crypto custody, or seeking to hold crypto as principal have faced nothing short of an onslaught from regulators in recent weeks.
Time and again, using the expression “safety and soundness,” they’ve made it clear that for a bank, touching public blockchains in any way is considered unacceptably risky



Beginning in 2013, Choke Point was a scheme which sought to marginalize specific industries operating legally — not through lawmaking, but by applying pressure via the banking sector.
The Obama DoJ had already cut its teeth with its successful effort to sideline the online poker space in 2011 and 2012 with threats issued to banks supporting poker companies. With Choke Point, the Department decided to scale up its efforts and target other industries, starting with uncontroversial targets like payday lenders.

Then, the DoJ coordinated with the FDIC and OCC to pressure member banks to “redline” — determine as too risky to do business with — certain legal but politically disfavored sectors, chief among them firearms manufacturers and adult entertainment. Banks and payment processors internalized this guidance, and even after the program was formally shuttered under Trump in 2017, its shadow lingered.
Today, banks simply ascribe a higher risk to activities that they suspect might draw the government’s ire, even if no specific guidance exists.

In 2017, Trump and Republican lawmakers like Rep. Luetkemeyer were able to put a stop to Choke Point for a time, but it didn’t last. One of the first moves from Biden’s OCC was to undo Brian Brook’s Fair Access rule that prohibited political discrimination in banking. Biden’s deputies picked up where Obama’s regulators had left off. And now, after the time it took to digest Biden’s Executive Orders, regulators are tightening the screw.


In some key respects, Crypto Choke Point 2.0 differs from the original. It appears that the administration has learned from the efforts of its predecessors.
In Choke Point 1.0, guidance was mainly informal and involved backdoor, off-the-record conversations. Its main tool was the threat of investigation from the DoJ and FDIC if financial institutions didn’t internalize the administration’s risk standards. Because this was patently unconstitutional, it gave Republicans the collateral to ultimately repeal the program.
In 2.0, everything is happening in plain sight, in the form of rulemaking, written guidance, and blogs. The current crypto crackdown is being sold as a “safety and soundness” issue for banks, and not merely a reputational risk issue.

Jake Chervinsky of the Blockchain Association calls it “regulation by blog post.” No need to ask Congress for new laws if federal regulators can simply make policy by publishing guidance which dissuades banks from doing business with crypto."

--------------------------------------------------------------------


1) Do you think similar policies will expand to other countries - or continents - outside of the USA?

2) Do you think they will expand to your country?
Or are similar policies in your country already in place?

3) Do you think political authorities' anti-cryptos bias will go away in the next future? Or will get stronger?
What is necessary for them to go away?

Your vote in the poll is much appreciated  :D

14
Ethereum Forum / 8 ETH ETFs coming online this summer (poll)
« on: January 25, 2024, 10:46:57 AM »


Update 14.02.2024
Franklin Templeton added as 8th ETF


An Ethereum ETF is coming sooner than you expect

Bitcoin ETFs were delayed because of politics. Now that we have clarity — along with seven deadlines between May and August — Ethereum ETFs aren't far away.

Indeed, as was observed by Commissioner Hester Peirce in her damning indictment of the SEC’s conduct over this approval published on Jan. 10, the denials of these applications never made sense.
Rather than follow what was always a very clear process for these products, the regulator denied applications based only on “prejudice” against Bitcoin — a prejudice that was only, finally — ended by Greyscale’s lawsuit.

As a really long shot, the only potential obstacle in the way of a spot ETH approval is liquidity.
Just as the size and scale of the market was a concern for a Bitcoin spot product, it will be even more so for Ethereum, whose move to proof-of-stake has further constrained the supply of ETH.

Moreover, while BTC — now used almost purely as a store of value - can be held long-term inside large investment funds, ETH is a working currency used to pay for ever-growing numbers of transactions on the highly composable chain.


https://cointelegraph.com/news/ethereum-etf-coming-sooner-than-you-expect

15
Wyoming Lays the Foundation for a Government-Issued Stablecoin


Wyoming’s recently enacted Stable Token Act is the latest step in the Cowboy State’s efforts to create a business and legal environment that is tailored to digital assets and blockchain businesses. It also cements Wyoming’s position in the debate among regulators and the private sector around the types of entities that can – or should – issue stablecoins.

The Act creates a path for Wyoming to issue the United States’ first government-issued stablecoin, which would be fully backed by reserves of US dollars.


https://www.mayerbrown.com/en/perspectives-events/publications/2023/05/wyoming-adopts-stable-token-legislation-and-lays-the-foundation-for-a-government-issued-stablecoin


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