Autor Cointelegraph By Brian Newar

Janet Yellen let slip details of Biden's executive order on crypto

Janet Yellen let slip details of Biden's executive order on crypto

Uverejnil používateľ | mar 9, 2022 |

A statement from U.S. Treasury Secretary Janet Yellen on President Joe Biden’s executive order regarding digital assets calls for efforts to support innovation while addressing risk in the industry.Yellen’s statement was released a day early apparently by error and quickly deleted, but was captured on a web archive. It shares early insights into the details of President Biden’s soon to be released executive order. The order will call for “a coordinated and comprehensive approach to digital asset policy.”Yellen’s statement said that the executive order could “result in substantial benefits for the nation, consumers, and businesses.”“It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”Yellen also outlined the next step the Treasury Department will take in learning to understand digital assets and how to regulate them within the parameters of the executive order.President Biden’s White House has been working on an executive order related to digital assets since Jan. which an unnamed source told Barron’s said will help “give coherency to what the government is trying to do in this space.”Looks like Yellen’s comments on tomorrow’s Executive Order were accidentally posted a day early (now removed). https://t.co/k9jZJcPhS4 got them, though – https://t.co/EtOq1eNHRI— Matt Corallo (@TheBlueMatt) March 9, 2022To assist the Treasury in its efforts, other agencies will collaborate to create a report “on the future of money and payment systems.” This will be done with input from international actors in order to “promote robust standards and a level playing field.”Treasury will also convene the Financial Stability Oversight Council to determine if “appropriate safeguards” exist. These efforts will be added to the ongoing work that Yellen said her department has already undertaken with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) regarding stablecoins. The statement suggested that the executive order will have global implications, as “we wilwork with our international partners to promote robust standards and a level playing field”Yellen also said that Treasury will continue to work with investor protection groups and various experts, and tha:“Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.”Related: US Treasury Dept lists digital currencies as part of effort to sanction Russia’s governmentThere has been a mixed reaction so far from prominent members of the crypto community. Founder of Week In Ethereum Evan Van Ness called the statement a “nothingburger of a statement.” But Altered State Machine (ASM) founder Aaron McDonald shared somewhat more grave feelings about the statement. He tweeted that Yellen’s sentiments show she is looking for a way to “Make sure we maintain the most powerful weapon in our military. USD as global settlement.”I read the “Yellen Leaks” as the following 1. Make sure we maintain the most powerful weapon in our military. USD as global settlement. (AML etc all fits in this box as this is how sanctions work and how you derive soft power) 2. Make sure we can TAX this shit.— Aaron McDonald (@aaronmcdnz) March 9, 2022

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Siblings charged over mining coin that turned into alleged $124M fraud

Siblings charged over mining coin that turned into alleged $124M fraud

Uverejnil používateľ | mar 9, 2022 |

A pair of siblings is now in very hot water with the U.S. government with criminal charges filed against them for allegedly committing fraud in the Ormeus Coin scheme. On Mar. 8, the Securities and Exchange Commission (SEC) charged siblings John Albert Loar Barksdale and sister JonAtina (Tina) Barksdale with violating federal securities laws and allegedly defrauding at least 12,000 “retail investors out of more than $124 million.” The Department of Justice (DOJ) arrested John abroad and charged him with wire fraud, securities fraud, and conspiracy. Both of the Barksdale siblings are U.S. citizens. John, 41, was living in Thailand while JonAtina, 45, was in Honk Kong according to Reuters.There were two Ormeus Coin (ORME) initial coin offerings (ICOs) starting in 2017. The SEC complaint specifically states that the Barksdales lied about “the size, value, and purported profitability of Ormeus Coin’s cryptocurrency mining assets.” ORME is an ERC-20 token and a BEP-20 token found on Ethereum (ETH) and BNB Chain (BNB).While both siblings created social media posts and videos marketing the project, only John attended traveling roadshows and conferences to promote it. Associate Director in the SEC’s Division of Enforcement Melissa Hodgman likened John to a “snake-oil salesman.” She also said both siblings used “social media, promotional websites, and in-person roadshows to mislead retail investors for their own personal benefit.” Hodgman also reaffirmed the SEC’s position on fraudsters in the crypto industry in stating: “We will continue to vigorously pursue persons who sell securities in schemes to defraud the investing public no matter what label the promoters apply to their products.”Both the SEC and DOJ are basing fraud charges on alleged misrepresentations the Barksdales told investors about the state of the Ormeus mining operation. The Oremus Coin website states that mining operations for the coin started in Nov. 2017 with physical Bitcoin (BTC), Litecoin (LTC), and Dash (DASH) mining devices. The Barksdales claimed that the project had invested $250 million into the mining operation backing ORME, and that it was generating $5 million in monthly revenue. The project allegedly misled investors by showing its vault wallet was worth more than $190 million as of last Nov. However, the display was allegedly set up through a separate website that showed the value of an unrelated wallet. The SEC claims that the project’s real wallets “were worth less than $500,000.”The DOJ also stated that the mining operation “never approached a value close to $250 million and never produced revenues exceeding one million dollars in any month.” John, who wrote a blog post on February 26, 2018 about “Why Taking Calculated Risks In Life Is Important” is still listed on the Ormeus Coin and Ormeus Cash websites as an advisor. A court date will be set while the Barksdales are held in custody.A recent decision by the 11th Circuit Court of Appeals could give the SEC more leverage in this case as it allows prosecutors to use a broader range of evidence. The court reversed a decision by an inferior court which prevented prosecutors from including videos from being used in the securities fraud case against the BitConnect founders on Feb. 18.Related: SEC unable to locate BitConnect founder convicted in $2.4B fraud caseThe SEC has been hawkish on common advertising methods in the crypto industry and whether it constitutes securities fraud. Reports emerged on Mar. 3 that the Commission currently has its sights set on nonfungible tokens (NFT) used for fundraising purposes “like traditional securities.”

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Nifty News: Women’s Day in the Metaverse, Potion Unlock NFT auction, and Papa John’s brand new bag

Nifty News: Women’s Day in the Metaverse, Potion Unlock NFT auction, and Papa John’s brand new bag

Uverejnil používateľ | mar 8, 2022 |

NFT platform HeyLayer has partnered with the Stacks Foundation to host an event in the vSpace Metaverse to celebrate International Women’s Day.The ‘HerNFT’ event will feature the work of more than 30 women nonfungible token (NFT) artists, including Goldy Succi, Mother Pop, Kaylee Hawley, and others. Their work on the Stacks blockchain will be on display in a virtual gallery curated specifically for this event which starts on March 8.Participants in the event will be able to purchase NFTs on the HeyLayer Marketplace. 2.5% of sales from the event will be donated to the Just Love Film Academy charitable organization for Ibero-American female filmmakers.David #5 by Olga Sennikova on the HeyLayer NFT MarketplaceCEO and Co-founder of HeyLayer Alla Koretsky said “We created HerNFT as a way to tap into more feminine energy and celebrate and showcase more female points of view within NFT art.” She added:“These women all have something that they want to say and when it comes to our theme of #BreaktheBias, art can be a very powerful medium of getting that message across.”PotionLabs NFT auction to fund project and communityPotion Protocol developers PotionLabs have launched the Potion Unlock NFT auction to help it complete the “aggressive decentralization” by maximizing community involvement and sidestep the pitfalls of traditional project launches.The funds raised in the auction of 10,000 unique NFTs will support the growth of the community and the Potion Protocol project moving forward. It will be a Dutch auction that runs from March 14 to 24.Each NFT in the collection contains a small portion of the code for Potion Protocol. When all the lines of code are combined, the code will become part of the public domain. This means that community members are encouraged to closely collaborate to release the code rather than work against each other.Major early investors in Potion Protocol include Polychain, Pantera, MetaCartel, Compound’s Robert Leshner, and others. Potion Unlocked is a novel project launch mechanic that debuted on Feb. 22 by Potion Labs. The newest thing Papa John’s has is filled with cheeseGlobal pizza chain Papa John’s is giving away 19,840 NFTs meant to promote its new Cheddar range in at least six countries including the United Arab Emirates, Qatar, Spain, Ecuador, and El Salvador.The NFT Hot Bags collection will display nine different bag designs based on iconic pizza delivery bags. They were designed by NFT artists Tom Hoss and Ash Sketch. Papa John’s minted the NFTs on the Tezos blockchain, which it says is an “energy-efficient blockchain, which means the NFTs are also energy-efficient.”South Korean Presidential hopeful turns to NFTsLeading South Korean presidential candidate Yoon Seok-yeol has released 4,000 NFTs on the Aergo blockchain to help raise more funds for his campaign and gain attention from 20-something swing voters.The No. 2 Yoon Seok-yeol NFT collection is currently for sale on the CCCV NFT marketplace. He plans on minting a total of 22,329 NFTs in total, each costing about $41.15. South Korea’s presidential election began on March 4 and ends on March 8.Yoon Seok-yeol’s NFT collection on the Aergo blockchainOther Nifty NewsCreative showcase platform Behance by Adobe has added support for the Phantom wallet on Solana to allow users to add NFTs to their profiles. Parties involved in the development of this support heralded the update as a “huge” step for the creator economy on Solana.Australia-based NFT platform Immutable has secured $200 million in a Series C round of funding led by Singapore’s state-owned investment firm Temasek. Animoca Brands and Tencent also participated in the round. It will use the funds to develop the Immutable X layer-2 scaling solution for NFTs on Ethereum.

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HIVE Blockchain to expand mining operations with new Intel ASIC chips

HIVE Blockchain to expand mining operations with new Intel ASIC chips

Uverejnil používateľ | mar 8, 2022 |

Publicly traded crypto mining company HIVE Blockchain Technology has signed a deal to buy ASIC chips from semiconductor manufacturer Intel that will be used in their new custom mining devices.HIVE has arranged for the new devices to be made by a third-party custom design manufacturer that will integrate the Intel chips into new air-cooled Bitcoin (BTC) mining devices. HIVE expects that the new devices will nearly double its aggregate Bitcoin mining hash rate from 1.9 to 3.8 Exahashes per second (Eh/s). They will begin arriving ready for use starting in the second half of 2022.Intel stated in its patent for the chips, called “Bonanza Mine,” that the chips would also reduce the power consumption of mining operations by 15%. The reduction in power usage may allow HIVE to employ more devices, helping it increase its hash rate contribution even more.Aydin Kilic President and COO of HIVE suggested that the new devices would be important in the future growth of the company and its hash rate contributions to the network. He said that the company is committed to “implementing these next-generation blockchain accelerators in (HIVE’s) green energy infrastructure.” Executive Chairman of HIVE, Frank Holmes, added: “Intel’s commitment to challenging the status quo and commitment to energy-efficient products aligns very well with our ESG and clean energy commitment.”Currently, New York state and several countries around the world are considering banning Bitcoin mining in the name of preservation of the environment and the power supply. HIVE may be protected against such complaints regarding its new Texas location by using a facility powered by renewable energy owned by digital infrastructure firm Compute North.HIVE currently has mining operations in Canada, Iceland, and Sweden where it mines BTC, Ethereum (ETH), and Ethereum Classic (ETC). The Texas operation will be it’s first in the U.S.Related: Bitcoin mining difficulty drops for the first time this yearApplication-specific integrated circuit (ASIC) chips are customized for a particular use. In the case of Bitcoin mining, they are designed to perform complex mathematical equations in order to create new blocks on the chain.

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Total exchange BTC inflows have been net negative since July '21

Total exchange BTC inflows have been net negative since July '21

Uverejnil používateľ | mar 8, 2022 |

Bitcoin inflows across all exchanges have been net negative since last July, but four major exchanges have been running contrary to this trend with nearly an equal amount of net positive inflows.There have been total net outflows of 46,000 BTC (worth around $1.8 billion at current prices) from all crypto exchanges since last July.Only Binance, Bittrex, Bitfinex, and FTX have seen net positive inflows of 207,000 Bitcoin (BTC), according to data from blockchain analytics firm Glassnode’s March 7 newsletter. Over the same time period, net outflows have totaled 253,000 BTC from all other exchanges tracked.FTX, Binance, Bittrex, and Bitfinex have seen net positive inflows of BTC since July, 2021 – GlassnodeFTX and Huobi have experienced the most dramatic shift in their BTC holdings since last July. Whereas FTX has more than tripled the amount of BTC it holds to 103,200 today, Huobi’s holdings have dwindled to just 12,300 BTC, or around 6% of what it held, from over 400,000 BTC in March 2020.Most exchanges have seen net negative inflows of BTC since July, 2021 – GlassnodeNet outflows have been consistent since last year, with a few major spikes occurring in August and most recently on Jan. 11.However, Glassnode attributes the current relatively low inflows to “the scale of market uncertainty at present,” and suggests that the crypto trading market, in general, has shifted to derivatives trading over spot sells in order to hedge risk. Exchange inflows are measured to help give a better understanding of whether investors are preparing to liquidate or hodl their coins. Net inflows s incoming selling pressure whereas net outflows suggests more hodling.The coins that remain on-chain maintain a realized price of $24,100 per BTC, suggesting most hodlers enjoy a profit margin of 63%. Realized price is the average price of all coins when they were moved on-chain. The realized price contrasts with an implied price of $39,200. The implied price is an estimated fair value price per coin and is currently just below break-even as BTC was trading at $38,346 at the time of writing according to CoinGecko. Right now, short-term holders are underwater by about 15% as the average price of coins that have moved on-chain in the last 155 days is $46,400 according to Glassnode.Related: Bitcoin price rejection at $39K and mounting regulatory concerns tank the market againIn addition to the low volume of inflows and outflows is the profit and loss (PnL) ratio of sellers which has been demonstrably flattening since the beginning of 2021. Glassnode suggests that long-term holders (LTH) are growing tired of selling even though “we are yet to see a major LTH capitulation event as was seen at previous cyclical bottoms.” It added:“The historically low magnitude of both STH and LTH losses may be signaling increasing probabilities of aggregate seller exhaustion.”The newsletter warns that there still remains the risk of a “final and complete capitulation of both STH and LTH” which has happened at the bottom of previous cycle bottoms.

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