The CEO of Blackrock, the world’s largest asset manager, Larry Fink, says he is “very bullish on the long-term viability of Bitcoin.” Noting that he is “pleasantly surprised” by the demand for Blackrock’s spot bitcoin exchange-traded fund (ETF), he emphasized that the Ishares Bitcoin Trust (IBIT) is “the fastest growing ETF in the history of […]
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Judge Denies Coinbase Dismissal Request; CEO Hails Win for Self-Custody Wallets
New York Judge Katherine Polk Failla has ruled that the U.S. Securities and Exchange Commission (SEC) has “sufficiently pleaded” its case and the lawsuit will move forward. Legal Battle Ahead: Coinbase Dismissal Motion Rejected by Judge On Wednesday, the most recent legal filings revealed that Judge Katherine Polk Failla has declined Coinbase’s request to dismiss […]
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Developer Hails ETH Burning, Will Ethereum Break $3,000?
Péter Szilágyi, an Ethereum (ETH) developer, has lauded EIP-1559 and its ETH burning mechanism as “the great equalizer.” Taking to X on January 16, Szilágyi admired EIP-1559’s ability to “level the playing field between validators and regular users.”
Developer: EIP-1559 Is A “Great Equalizer”
Since the implementation of EIP-1559, Ethereum adjusted how users bid gas fees, introducing the “base fee,” which was burned or sent to an irretrievable wallet. So far, data from Ultrasound Money shows that over 3.9 million ETH have been destroyed.
In the last week alone, the Ethereum network automatically sent more than 21,100 ETH out of circulation, “burning” ETH’s supply.
Specifically, Szilágyi mentioned the advantage regular users have with EIP-1559. Through this implementation, validators (previously miners before Ethereum shifted to a proof-of-stake blockchain) no longer have the privilege of arbitrarily adjusting gas limits and transaction fees.
Earlier, that leeway created what the developer described as an “imbalance,” which made it tough for “regular users to compete.” However, following this implementation, everyone must adhere regardless of status as a validator, founder, or user.
With EIP-1559, the “base fee” adjustment is set at the protocol level. It is this base fee that the network burns, gradually making ETH deflationary, reading from the number of coins taken out of circulation since EIP-1559 went live in early August 2021. Even so, a sender can “tip” the validator, incentivizing them to prioritize validating a transaction.
Stability And Predictability Achieved, Ethereum Upsides Capped At ,000
Szilágyi’s comments reflect a growing consensus among Ethereum supporters regarding the positive impact of EIP-1559. Though a big percentage of EIP-1559 is fixated on the price impact of the proposal, there is more that it achieves.
Most importantly, from a user experience perspective, it is now easier for senders to predict how much they will pay for a transaction. This is crucial, especially when the network is congested. Additionally, though the Ethereum gas fee remains relatively high, EIP-1559, though considered a “bad idea” by Szilágyi, has stabilized the network.
ETH burning is attributed to reducing inflation in Ethereum, a network whose total supply is not capped like Bitcoin. Over the long term, prices might benefit from this proposal. However, prices are bullish in the short to medium term. Still, upsides are limited to around the ,000 psychological round number.
US Ambassador to Argentina Hails Bitcoin Miner’s ‘Genius’ Flared Gas Power Generation Plans
The U.S. Ambassador to Argentina, Marc R. Stanley, has lauded Unblock Computing’s bitcoin mining initiative for its innovative use of flared gas in generating electricity. Ambassador Stanley commended the plan for its dual benefits: aiding Argentina in achieving its climate objectives and promoting energy conservation.
Argentina’s Climate Goals
The United States Ambassador to Argentina, Embajador Marc R. Stanley, has praised bitcoin miner Unblock Computing’s plan to generate electricity using flared gas. According to Stanley, Unblock Computing and its partner Crusoe Energy Systems’ ingenious plan not only helps the South American country attain its climate goals but also saves energy.
The remarks by Stanley, which he shared via X (formerly Twitter), followed reports that the Argentine Bitcoin miner had secured a million investment to power its operations at Vaca Muerta. Located in the Neuquén Basin in northern Patagonia, Vaca Muerta is said to hold one of the world’s largest shale gas reserves.
Expressing his delight at the two companies’ unique way of generating electricity, the U.S. Ambassador said:
Love seeing U.S. [and] Argentine companies work together to solve problems and help the environment. The geniuses at Crusoe [and] Unblock Global figured out a way to combust methane and generate electricity. This not only helps Argentina meet its climate goals, but also saves energy and makes money. Brilliant.
Ya somos el 2do minero con gas de flare del mundo! @UnblockComputos
Con una inversión de más de M en Argentina, junto a @CrusoeEnergy @PampaEnergia y @Petrocuyo hacemos que 0M de petróleo de Vaca Muerta se produzcan con menos emisiones @PluspetrolARG @Tecpetrol pic.twitter.com/zHS5dqm9YG
— Tomas Ocampo (@tomasoc) December 13, 2023
Meanwhile, in a Dec. 13 post on X, Tomas Ocampo, the founder of Unblock Computing, said the million investment is set to help Crusoe Energy Systems and its partners produce 0 million worth of oil with fewer emissions.
What are your thoughts on this story? Let us know what you think in the comments section below.
Bitcoin Dips Below $25,000 As Former Paypal President Hails It As Universal Internet Currency
In an interview with CNBC on Monday, David Marcus, former President of Paypal and Head of Facebook Payments, expressed his belief that Bitcoin (BTC) is the universal protocol for money on the internet.
He emphasized Bitcoin’s significance as the flagship cryptocurrency and its core value as a payment solution while discussing its potential as a global payment network.
Bitcoin As The Universal Protocol For Internet Money
Despite enduring a challenging period and navigating various headwinds in recent months, Bitcoin remains at the forefront of the cryptocurrency market. According to Marcus, Bitcoin’s prominence is not solely due to its market position but is also driven by its ability to serve as a universal protocol for internet money.
Marcus highlighted the absence of a universal protocol for value transfer on the internet, stating, “There’s no universal protocol for money on the internet that enables value to be transported.”
He explained that the vision is to transform Bitcoin into a global payment network, providing a seamless and efficient means of transferring value across borders.
One of the advantages Marcus cited for Bitcoin is its availability and accessibility. Unlike traditional financial systems, where individuals may face fees and the need to visit a branch during limited hours, Bitcoin operates 24/7.
This inherent characteristic of Bitcoin allows for greater convenience and flexibility, enabling users to transact at any time, including weekends.
While acknowledging Bitcoin’s potential as a payment network, Marcus noted that its primary function may not be as a currency for everyday purchases. He stated, “Our view is that BTC is not the currency people will use to buy things.”
However, he emphasized Bitcoin’s role as the universal protocol for money on the Internet, enabling secure and efficient value transfer across various digital platforms.
As Bitcoin continues to gain attention and recognition, Marcus’s endorsement further solidifies its position as the flagship cryptocurrency and reinforces its potential as the universal protocol for internet money.
BTC Trading Volume Hits Lowest Level Since 2019
According to Satoshi Club data, Bitcoin is experiencing a significant slump in its daily trading volume, reaching its lowest point since February 2019 at just .4 billion.
This decline has been attributed to a lack of market enthusiasm following the collapse of FTX. Furthermore, Bitcoin’s price dipped to ,900 on Monday, the lowest level since June, exacerbating concerns about a potential extended decline shortly.
The dwindling daily trading volume of Bitcoin indicates a prevailing apathy among traders, with reduced participation and a lack of significant buy or sell activity. This trend is reminiscent of the market sentiment observed after the collapse of FTX, which has had a lingering impact on investor confidence.
Of particular concern is that Bitcoin’s price dropped to ,900 on Monday, reflecting a downward trend that has persisted since BTC reached its annual high of ,800 on July 14.
This decline has intensified worries among market participants about the possibility of a prolonged downward trajectory for Bitcoin in the coming weeks.
The cryptocurrency has successfully reclaimed the ,000 level; however, it continues to decline by over 1.5% within just a few hours of Monday’s trading session.
Featured image from iStock, chart from TradingView.com
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China’s Central Bank Hails Crypto Ban a Huge Success
The Central Bank of China is calling the country’s crypto ban a huge success as recent data shows that the Chinese Yuan is currently being used in less than 1% of crypto-trades.
Chinese Crypto Ban Huge Success
The Chinese crypto market once dominated the space, accounting for 90% of all global trades according to a report in atimes.com. That was before Bitcoin led cryptocurrency on an unprecedented bull run in the latter part of 2017 which spread fear throughout the banking world and resulted in a tightening of regulations over the space in most countries.
China outlawed initial coin offerings (ICO), a popular fundraising method for crypto companies, in September of 2017 while cracking down on crypto trading, supposedly to combat scams. Since then officials have shuttered 88 cryptocurrency exchange platforms and shut down 85 ICOs.
Zhang Yifeng, a blockchain analyst at the Zhongchao Credit Card Industry Development Company said of the new data:
“The timely moves by regulators have effectively fended off the impact of sharp ups and downs in virtual currency prices and led the global regulatory trend,”
Despite the success of the ICO ban, China is heavily invested in blockchain technology projects. It may lead the world in crypto mining and has been working on a national cryptocurrency that would be issued through the Peoples Bank of China. Officials from the PBoC and regulatory bodies in the government have made pledges to support global regulatory frameworks if they are ever created.
Interested in Global Regulatory Framework
In March the PBoC through its Institute of International Finance released their “Global Banking Industry Outlook Report” in which they outlined a policy of supporting global financial regulation. As quoted from that report “China should actively participate in the global governance of digital currencies”.
While the Chinese government may be calling their crypto regulation a great success it was also the main factor in a massive exodus of crypto exchanges and other related business, along with investors, out of the country.
Binance, one of the worlds largest cryptocurrency exchanges, began in Hong Kong but fearing regulatory interference after China implemented its 2017 ban moved first to Japan and more recently to Malta which has become a safe haven for crypto-based companies.
The loss of revenue created by the ban doesn’t seem to bother financial commentators speaking on the country losing 89% of its crypto trading market. As Guo Dazhi, research director at the Zhongguancun Internet Finance Institute, concurred:
“This indicates that the policy has been very successful. It is within expectations that the yuan’s share in global Bitcoin transactions would drop after China announced the ban.”
Image from Shutterstock
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