Peter Krauth, a silver market analyst and author of “The Great Silver Bull,” has predicted an upcoming silver shortage produced by the increased demand for the precious metal for different applications. Krauth states that demand for silver has outpaced supply, and there are probably 12 to 24 months of silver available before inventories run out. […]
Bitcoin News
Nigerian Central Bank Dismisses Old Naira Banknote and Cash Shortage Rumors
The Nigerian central bank has dismissed rumors suggesting that the previously demonetized naira banknotes are no longer legal tender. According to the bank, all banknotes it has ever issued remain legal tender and “should not be rejected by anyone.”
No Shortage of Naira Banknotes Says the Central Bank
The Central Bank of Nigeria (CBN) has dispelled ongoing rumors suggesting that the previously demonetized naira banknotes are no longer legal tender. The bank also rejected reports of cash shortages in major cities across Nigeria.
All Banknotes Issued by the Central Bank of Nigeria (CBN) Remain Legal Tender. #NairaBankNotes pic.twitter.com/x8WotrLp54
— Central Bank of Nigeria (@cenbank) November 8, 2023
In a statement issued on Nov. 8 via X (formerly Twitter), the bank said the laws governing its operations clearly state that all banknotes issued by the CBN “should not be rejected by anyone.” It added that CBN branches across the country have been told to continue issuing different denominations of both the old and redesigned naira banknotes.
Spearheaded by the then governor Godwin Emefiele, the Nigerian central bank’s demonetization process was started to ostensibly counter activities of parallel market foreign exchange dealers and currency hoarders. However, several local media reports at the time claimed the exercise was intended to derail then-presidential aspirant Bola Tinubu’s campaign.
CBN Warns Against ‘Panic Withdrawals’
As previously reported by Bitcoin.com News, the CBN’s attempt to demonetize old naira banknotes without injecting sufficient supply of the redesigned banknotes is thought to have caused cash shortages. After it initially refused to give in to the public’s demand for an extension of the deadline, the CBN eventually relented and the demonetized banknotes were made legal tender again.
Meanwhile, in its latest warning to entities and individuals who are rejecting the old banknotes, the CBN said:
“We wish to restate that all denominations of banknotes issued by the Central Bank of Nigeria (CBN) remain legal tender. In line with Section 20(5) of the CBN Act, 2007, no one should refuse to accept the naira as a means of payment.”
The bank also told the Nigerian public to guard against what it called panic withdrawals. It also encouraged the use of alternative modes of payment.
What are your thoughts on this story? Let us know what you think in the comments section below.
An Adderall Shortage and No Vegan Meals — Former FTX Boss Struggles With Jail Life
After Sam Bankman-Fried, once the head of FTX, petitioned the court for a five-day-a-week release from incarceration, the overseeing judge swiftly denied the plea. On Tuesday, Bankman-Fried pleaded not guilty in response to the most recent charges. Meanwhile, his legal team emphasized that he was subsisting solely on bread and water within the confines of the Metropolitan Detention Center (MDC) in Brooklyn, New York.
Bankman-Fried Pleads Not Guilty Amidst Dietary and Medical Struggles in Brooklyn Detention Center
Sam Bankman-Fried, known as SBF, is confronting difficulties at Brooklyn’s Metropolitan Detention Center, or MDC. The 31-year-old appeared before U.S. judge Sarah Netburn on Tuesday, asserting his innocence against recent charges. His attorneys said the jail isn’t addressing his hyperactive disorder because it’s allegedly not providing him with Adderall. There has been a notable shortage of Adderall in 2023, and it isn’t standard for jails to give this medication to prisoners.
However, SBF has obtained a court order directing the MDC to supply him with Adderall. According to reports, he’s living on just bread and water, as his attorneys assert he needs vegan meals. They argue that the lack of appropriate medication and food could hinder his defense. The MDC, a federal detention center, houses male and female inmates in different sections and has various security levels. The facility has a reputation for its tough conditions, leading some to question if SBF is in protective custody or in the general population.
MDC, on 29th Street in Sunset Park, opened in the early 1990s and has housed several notable inmates including Jeffrey Epstein, Keith Raniere, Joaquín “El Chapo” Guzmán, Jabari Brisport, and Natalie Edwards. People who have been incarcerated at MDC describe the conditions as extremely poor. In January and February 2019, the jail experienced significant heating issues. These failures occurred during a winter cold snap, leading to detainees living in cold conditions. This particular incident prompted protests and demands for investigations into MDC’s practices.
At the hearing, SBF told Netburn he was “not guilty.” In response, she said she would address the medication and dietary concerns with the Bureau of Prisons. A spokesperson for the bureau told Reuters that prisoners receive “appropriate” health care, medicine and hot meals at the Brooklyn facility. Netburn further expressed she was “reasonably confident” that at least vegetarian meals are available at the MDC. This isn’t the first time SBF has faced such issues in jail; he encountered similar problems with food and medication shortages during his stint in the Bahamas prison.
What do you think about SBF’s struggles in jail? Share your thoughts and opinions about this subject in the comments section below.
There May Soon Be a Bitcoin “Shortage” Amid Institutional Adoption
Bitcoin has stagnated over recent weeks and months after peaking at ,500 in August. The leading cryptocurrency currently trades at ,450, stuck in the middle of the range between ,000 and ,500. Throughout this, institutions have increased their exposure to Bitcoin en-masse, with tens of thousands of coins being accumulated.
A prominent macro thinker and gold bull thinks that this may mean that there may soon be a Bitcoin “shortage.” This shortage will likely drive prices higher as demand for BTC outweighs the market supply, which is only compounded by the May 2020 halving.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Expect a Bitcoin Shortage?
Over recent months, it’s been clear that institutions have increased their exposure to Bitcoin at a rapid clip.
Just recently, Stone Ridge Asset Management announced that it had picked up 10,000 Bitcoin. The billion asset manager explained that it sees the cryptocurrency as a crucial investment in the shift towards open monetary systems. It was added that the COVID-19 pandemic and the subsequent macroeconomic fallout showed them that the traditional way of constructing portfolios may be flawed.
Dan Tapiero, the co-founder of Gold Bullion International amongst other companies, thinks that shortages of Bitcoin are possible as the cryptocurrency is accumulated en-masse:
“SHORTAGES of #Bitcoin possible. Barry’s @Grayscale trust is eating up btc like there is no tomorrow. If 77% of all newly mined turns into 110%, it’s lights out. Non-miner supply will get held off mkt in squeeze. Shorts will be dead. Price can go to any number.”
SHORTAGES of #Bitcoin possible.
Barry’s @Grayscale trust is eating up btc like there is no tomorrow.
If 77% of all newly mined turns into 110%, it’s lights out.
Non-miner supply will get held off mkt in squeeze.
Shorts will be dead. Price can go to any number. pic.twitter.com/4S4TrLNH8J
— Dan Tapiero (@DTAPCAP) October 14, 2020
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin
Not the Only One That Thinks So
As unlikely as a Bitcoin “shortage” sounds, other individuals think that it may take place.
Pseudonymous cryptocurrency trader “Light” recently said that Bitcoin is in the midst of a “sell-side liquidity crisis” as retail and institutional investors accumulate the coin en-masse:
“Bitcoin is experiencing the beginnings of a sell-side liquidity crisis. It has always been like oil on crack. Production is entirely inelastic, demand meanwhile, is reflexive.”
It is yet unclear when an inflection point will be reached where supply won’t be able to meet demand.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Photo by Katie Harp on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com There May Soon Be a Bitcoin "Shortage" Amid Institutional Adoption
Crypto Mining Craze Creates Global GPU Shortage
The cryptocurrency bull run of 2017 attracted multitudes of investors looking to get rich quick but it also created a mining boom that has resulted in a worldwide shortage of computer components.
Miners Plunder Singapore, Hong Kong For Cheap Rigs
Scores of miners from around the world come to the electronics bazaars in Asia to buy cryptocurrency rigs. Hong Kong’s Sham Shui Po and Singapore’s Sim Lim Square to name just a couple are jammed with people of all ages ordering specialized rigs.
This new demand for mining rigs has revitalized these electronic markets that were dying only a few years ago when shoppers turned online for computers, cameras, and gadgets of all kinds.
“It’s 30-50 percent cheaper to buy equipment related to crypto-mining in Hong Kong than in Europe,” Russian bitcoin miner Dima Popov said. This is because Hong Kong has no sales tax and is in close proximity to Chinese components manufacturers.
Miners are demanding more powerful rigs that can include up to 500 graphics cards each which has created a worldwide shortage of the cards allowing manufacturers and retailers to gauge buyers on the price.
Scarce GPU Cards Selling At Double Price
The market for high-end graphics cards used to work like anything else. You went to the electronics shop, found the card you wanted and paid just about the Manufacturer’s retail price. Today due to the escalating demand from mining you’ll most likely find the shelves that once held them bare but if you do actually what your looking for expect to pay a premium.
These high-end graphics cards are the most efficient way to mine cryptocurrency and as hobbyist miners and big players alike scramble to snatch up as many as they can prices go through the roof. Last summer popular GPU’s like the AMD Radeon RX 580 sold for about 0 at retail, today the price is more likely to be over 0 and that is if you can find them.
Checking the price of the 5 most popular graphics cards from last year and comparing it with the updated version shows a general price increase of between 70 and 100%. This leaves many wannabe miners trolling online for the best deals on new or even second-hand cards. Buying older cards though means slower computing ability which reduces the profitability of a rig.
Rigs using, for example, a high-end Nvidia Geforce GTX 1080 ti card costing around ,300 (MSRP) can earn as much as dollars a day at current crypto values. This means that the card may pay for itself in about 4 months.
String the math out and it’s easy to see how a fair sized rig can make a very nice profit over a year or more. Retailers reported a dip in demand for the cards during the crypto market correction but now that Bitcoin and it’s like are on the rise sellers and manufacturers are looking for demand to reach and surpass 2017.
The post Crypto Mining Craze Creates Global GPU Shortage appeared first on NewsBTC.
Desperately Seeking Devs: How to Fill Bitcoin’s Talent Shortage
Jimmy Song explains why there’s a shortage of developers in the bitcoin community, why that’s a problem and how the industry is addressing it.
BitNewz.net
Desperately Seeking Devs: How to Fill Bitcoin’s Talent Shortage
Jimmy Song explains why there’s a shortage of developers in the bitcoin community, why that’s a problem and how the industry is addressing it.
CoinDesk