Autor Cointelegraph By Ezra Reguerra

Bitcoin advocate floats BTC as a solution to US student loan problems

Bitcoin advocate floats BTC as a solution to US student loan problems

Uverejnil používateľ | aug 25, 2022 |

Following United States President Joe Biden’s announcement of a student loan forgiveness plan that aims to cancel the debt of up to $20,000 for millions of Americans, a Bitcoin (BTC) supporter proposed an alternative method to pay off the loans. Dennis Porter, the CEO of the non-profit organization called Satoshi Action Fund, tweeted that there’s another way for the U.S. government to solve the student loan issue. According to Porter, Biden could give each debtor some BTC worth $10,000 and lock it within a smart contract for 10 years. The non-profit executive explained that the contract should be sufficient to pay off the remaining balance once it is released. Community members criticized Porter’s mention of a smart contract as some believe that the Bitcoin network cannot support this. One Twitter user replied to porter and urged him to not just “lump random things together,” while another said that BTC is not the solution for everything.… I know you think this is smart… but what do families do about the debt they can’t pay for those 10 years. Bitcoin is great but it’s not The Solution for everything. Read the room, my guy.— Degen (@PennDusko) August 24, 2022In a response to the Twitter thread, fintech executive John Wingate told Porter that this can’t be done with only Bitcoin. Wingate also asked Porter if this is his admission that BTC needs to expand its use cases. Related: US lawmakers appeal directly to 4 mining firms, requesting info on energy consumptionDespite the criticisms on smart contract compatibility for Bitcoin, Porter stood by his proposal and defended his stance. The executive also shared a link to a guide detailing a method on how smart contracts can be used to time lock Bitcoin: “Got you Dennis! You said smart contract! Bitcoin can’t do smart contracts!”Wrong. You can lock up bitcoin with a smart contract on bitcoin. It’s literally the centerpiece for the existence of the lightning network. https://t.co/NcjbpX6vur— Dennis Porter (@Dennis_Porter_) August 24, 2022

Porter’s suggestion may be based on the assumption that Bitcoin will work as a hedge against inflation and that its value will increase over time, enough to pay student loan debt. However, for BTC to become an effective inflation hedge, Skybridge Capital CEO Anthony Scaramucci thinks that Bitcoin needs to be in the “billion-plus zone” in terms of the number of users. 

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Ruling to keep Tornado Cash developer in jail for 90 days sparks backlash

Ruling to keep Tornado Cash developer in jail for 90 days sparks backlash

Uverejnil používateľ | aug 25, 2022 |

A judge in the Netherlands ruled that Tornado Cash developer Alexey Pertsev has to stay in jail for 90 more days while waiting for charges. Puzzled by the decision, the crypto community rallied to demand the release of the developer. In a Tweet, crypto investo Ryan Adams argued that the developer did something good for the public as he wrote the code for Tornado Cash. The community member then highlighted that “a few bad guys” decided to use Pertsev’s code and now the developer has to suffer the consequences. Apart from Adams, crypto researcher Jill Gunter also noted that there has not been enough information regarding the arrest of Pertsev. Gunter described the status of the charges as confusing and defined the situation as a “scary problem.” In Amsterdam, protestors gathered to demand the release of the developer. Chanting “open source is not a crime,” the protestors urged the government to catch the criminals and not the developers. pic.twitter.com/xqTMlEXwK3— sudo rm -rf –no-preserve-root / (@pcaversaccio) August 20, 2022Cryptography teacher Matthew Green also criticized the Dutch police for their move to arrest Pertsev. He said that while he has no idea what the developer did to deserve arrest, it looks like the police don’t know either. Related: Tether says it would not freeze sanctioned Tornado Cash addresses unless instructed by law enforcementOn Aug. 12, the developer was arrested for suspicions of involvement in money laundering through the Tornado Cash mixer. Authorities in the Netherlands said that the mixer was used to hide huge money flows from criminals and utilized for crypto scams and hacks. Earlier in August, the United States Treasury Department sanctioned addresses linked to Tornado Cash and prohibited residents to use the mixer due to its involvement in decentralized finance (DeFi) hacks and exploits. USD Coin (USDC) and Ether (ETH) addresses were placed on the Office of Foreign Asset Control’s block list.

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MTV adds Metaverse award category: Nifty Newsletter, Aug 17–23

MTV adds Metaverse award category: Nifty Newsletter, Aug 17–23

Uverejnil používateľ | aug 24, 2022 |

In this week’s newsletter, read about how the Metaverse is a catalyst for nonfungible token (NFT) adoption. Check out how GameStop’s NFT marketplace revenue dropped and how MTV added a metaverse award at the VMAs. In other news, learn about how the Telegram founder has been floating the idea of integrating NFT-like smart contracts for Telegram usernames. And, don’t forget about this week’s Nifty News roundup featuring Decentraland’s Metaverse Art Week. Metaverse is a key factor in long-term NFT success, says new researchA report published by consultancy firm Juniper Research highlighted that in the next five years, the NFT market may grow from 24 million to about 40 million. According to the report, Metaverse developments will be one of the primary catalysts to the broader adoption of NFTs. The study also noted that Metaverse-related NFTs will be the fastest growing niche in the next five years, with a projected increase in transactions from 600,000 to 9.8 million. Despite the predictions, the researchers pointed out that the values in the report are based only on a medium scenario and urged the community to do their due diligence before investing. Continue reading…GameStop NFT daily fee revenue plunges under $4K as gloom infects marketsGameStop’s NFT marketplace witnessed a dip in daily fee revenue to below $4,000 as its 24-hour sales volume dropped to around $166,800, suggesting that interest in the NFT platform has started to die down since its launch. The drop in profits follows a downturn in the broader NFT market as popular collections such as the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) dropped large percentages in their floor prices. Continue reading…MTV introduces the ‘Best Metaverse Performance’ award categoryWeb3 continues its foray into the music scene as the 2022 MTV Video Music Awards (VMAs) added the “Best Metaverse Performance” in its award categories, giving the age-old awards show a hint of the future. In the first year, there are six artists who were up for nomination. This includes Ariana Grande for The Rift Tour on Fortnite, Blackpink for The Virtual on PUBG Mobile, BTS for a performance on YouTube, Charli XCX for a performance at Roblox, Justin Bieber for An Interactive Virtual Experience at Wave and Twenty One Pilots for their show in Roblox. Continue reading…Telegram founder suggests ‘NFT-like smart contracts’ to auction usernamesTelegram founder Pavel Durov has suggested the idea of implementing smart contracts similar to NFTs to auction in-demand usernames, group and channel links within its messaging platform. According to Durov, this can potentially give birth to a new platform that lets username holders sell their accounts to interested parties secured by the blockchain. The Telegram founder said that the idea was inspired by the success of The Open Network.Continue reading…Nifty News: NFL All Day opens to the public, Boss Beauties go to Hollywood and moreMetaverse platform Decentraland will host its third Metaverse Art Week on August 24 and August 28. The event will feature various curated NFT artworks from Sotheby’s, OpenSea and Artnet and feature panel discussions. Meanwhile, the Australian Football League (AFL) has released its first NFTs, selling out in under 12 hours.Continue reading…Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.

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Ethereum Merge in trouble? Developers find bugs ahead of the planned update

Ethereum Merge in trouble? Developers find bugs ahead of the planned update

Uverejnil používateľ | aug 24, 2022 |

While the upcoming ETH Merge is one of the most anticipated events in the crypto community at the moment, it’s not free from hiccups. However, Ethereum developers are quick to respond to the issues that arise.Péter Szilágyi, an Ethereum (ETH) software developer, has announced on Twitter that they have found a regression that results in a corrupted state. He explained that it was probably one of the pull requests that was merged toward the new storage model or online pruner. In a later update, the developer highlighted that the problem will likely affect those who are running the release in terms of corrupting their database and resulting in the loss of data. He added that the issue of data loss happens on shutdown, and this is why their tests were unable to catch the bug. Despite the issues, the developers were able to provide a fix after a day. Go Ethereum released a hotfix to patch the bug. The team advised those who’ve updated to roll back and rerun and see if everything is working fine. They tweeted: We’ve just released Geth v1.10.23, a hotfix to patch a state corruption in 1.10.22.If you’ve already updated to .22, you will have to roll back your chain and rerun the last 2 days to ensure everything’s ok. More in the release notes.Sorry about this!https://t.co/bkvAmw09KZ— Go Ethereum (@go_ethereum) August 24, 2022After the release of the patch, Szilágyi advised the community to wait until the builders are finished to ensure that they will be on the “good version.” The developer apologized on Twitter for missing the issue during the testing phase and promised to figure out how to do better stress tests. The developer also thanked those who contributed to helping figure out the issue. Related: Ethereum Foundation clarifies that the upcoming Merge upgrade will not reduce gas feesMeanwhile, in a Cointelegraph interview, economist Lex Sokolin described the potential economic effects of the upcoming ETH Merge. According to Sokolin, the Merge will give a less risky way to stake ETH and possibly standardize the interest rates within the Web3 space.Apart from economic effects, the upcoming ETH Merge also pushes miners to make a choice. Some say that a solution for miners may be a proof-of-work (PoW) Ethereum hard fork. On the other hand, some mining pools have shown that they are shifting to staking.

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Hodl until mega yacht: Mintable founder shares crypto journey

Hodl until mega yacht: Mintable founder shares crypto journey

Uverejnil používateľ | aug 24, 2022 |

While other traders may be quick to take profits once they see gains, some are willing to hold on to their digital assets until they can pursue bigger goals, like a “mega yacht.” In a Twitter thread, Mintable founder Zach Burks shared how he found Web3 and went from being broke and jobless to founding a nonfungible token (NFT) marketplace. According to Burks, he found Bitcoin (BTC) when it was just trading at $5.50 at the now defunct crypto exchange Mt. Gox in 2012. Since then, Burks went on to keep on buying and trading crypto. At some point, the Mintable founder shared that he switched from trading BTC to accumulating Ether (ETH). “My goal was only to collect ETH and never sell until I can buy a mega yacht. I still haven’t cashed out,” he wrote. Eventually, Burks said that he realized that he wanted to become a Solidity developer. He started learning, going on hackathons, testing contracts and working in the sector. By then, he noted that he became financially independent three years after he started.The NFT expert then moved to Thailand to build Mintable and, in 2017, missed out on an opportunity to claim a CryptoPunk. After that, he invested in Cryptokitties and fell in love with NFTs. And that’s when it happened, somehow, not purposefully, I feel in love with NFTs. I’ve only worked with NFTs since 2017 and continue to do so. I love them with a passion. And passion drives what I do, and when you combine these attributes…— Zach Burks (@ZachSpaded) August 22, 2022Fast forward to the present, the executive highlighted that the Mintable NFT marketplace is now worth hundreds of millions with a continuously growing team. Lastly, Burks gave some advice to others. “Take chances. Never sell your crypto. Learn to use your brain,” he tweeted. Related: Why Alex Tapscott quit his high-paying job to write a book about BitcoinMeanwhile, even as NFT prices of prominent collections go down, investors who are holding NFTs continue to grow. According to an NFT statistics website, nearly 500,000 users became NFT holders in June and July.

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