Autor Cointelegraph By Ezra Reguerra

WEF 2022: Miami mayor says that Bitcoin can be a global currency

WEF 2022: Miami mayor says that Bitcoin can be a global currency

Uverejnil používateľ | jún 3, 2022 |

Kristina Cornèr, Cointelegraph’s editor-in-chief, sat down with Miami mayor Francis Suarez at the recent World Economic Forum held at Davos, Switzerland, to discuss topics like the role the mayor played at the WEF, Bitcoin being a global currency and what the mayor does with his BTC.According to Suarez, his role at the WEF is different from what he did at the Bitcoin Miami event. At Davos, the mayor noted that he played an “evangelist role” where he’s teaching people about Bitcoin. He explained that he is trying to get people to understand that this technology is going to impact “the lives of many.” [embedded content]Apart from this, Suarez also discussed the potential of Bitcoin as a global currency. The mayor highlighted that Bitcoin presents various opportunities to democratize and even “disrupt socialist regimes.” Additionally, he said that Bitcoin “creates trust, which is what currency systems should be based on.” Suarez, who received some of his paychecks in Bitcoin, told Cornèr that he mostly hodls his Bitcoin. He underscored that he believes in the technology behind the crypto and thinks that he could give it to his children one day.Related: WEF 2022: Bitcoin should be seen from an innovation perspective, says Miami mayorThe mayor of Miami also expressed that he agrees with the sentiments of Mastercard CEO Michael Miebach on how SWIFT may cease to exist in five years. Suarez noted that companies like Mastercard leaning into crypto are very important for the industry. The mayor believes that Mastercard has an infrastructure that can help the crypto world in terms of processing power.

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Chainlink launches price feeds on Solana to provide data to DeFi developers

Chainlink launches price feeds on Solana to provide data to DeFi developers

Uverejnil používateľ | jún 3, 2022 |

Blockchain oracle platform Chainlink has announced the launch of its price feeds on the Solana blockchain. The integration allows decentralized finance (DeFi) developers to use the feeds within their decentralized applications (DApps). In an announcement sent to Cointelegraph, the blockchain oracle platform notes that upon launch, seven price feeds will be available to Solana developers, including BTC/USD, ETH/USD and USDC/USD. At the later stages of the integration, more Chainlink oracle services and price feeds will be made available.Anatoly Yakovenko, co-founder of Solana, believes the Chainlink integration will help developers building DeFi-based DApps on Solana. “Chainlink’s launch on Solana will give DeFi developers access to the most widely used oracles in blockchain,” he said.Chainlink co-founder Sergey Nazarov also expressed his excitement over the integration. Nazarov noted that Chainlink has a comprehensive oracle network and that its team is anticipating its role in the Solana ecosystem. He described the integration as “a major leap forward” for DeFi.As soon as Chainlink gets integrated, Solana-based projects have committed to using the price feeds for their products. Yield aggregators Francium and Tulip and lending protocol Apricot Finance are among those that will use them.Related: Blockchain and oracles can help clean energy transition, study claimsEarlier in May, LaProp integrated Chainlink to power its real-estate platform, which lets investors purchase tokenized shares of rental properties. Through Chainlink’s functions, rental payments will be automated and distributed to tokenholders within the platform.Meanwhile, amid the Terra market fiasco, DeFi protocols reported losses from exploits resulting from a price feed discrepancy within the Luna Classic (LUNC) oracle as Chainlink paused the LUNA price feed. However, a community member believes that the losses are due to negligence from the protocols’ side.

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New York AG warns against crypto investments amid state push to ban mining

New York AG warns against crypto investments amid state push to ban mining

Uverejnil používateľ | jún 3, 2022 |

As New York pursues efforts to ban proof-of-work (PoW) crypto mining, the attorney general reminded investors of the risks associated with investing in crypto. In an investor alert published Thursday, New York Attorney General Letitia James said that investors are “losing billions” in crypto. James highlighted that even digital assets that are well-known and are traded in reputable exchanges can crash. Because of this, the attorney general is convinced that crypto investments create “more pain than gain” for investors. Apart from this, James urged New Yorkers to take extra caution when putting their money into crypto. Because of its volatility, the attorney general said that these investments may become a source of anxiety instead of a fortune. The cryptocurrency market is extremely unpredictable. Just last month, the market reached record lows and investors lost hundreds of billions. New Yorkers should be cautious and think twice before putting their hard-earned money into this unstable market.— NY AG James (@NewYorkStateAG) June 2, 2022The published alert also highlighted several factors to discourage investors, which included the unpredictability of the market, difficulties in cashing out, high transaction costs and the instability of some stablecoins. The announcement also reminded investors that the many digital currencies are unregulated. The alert came as the New York State Senate passed a bill banning PoW mining within the state. If the bill gets approved by Governor Kathy Hochul, new mining operations will be prohibited, and those with licenses to operate will not be able to renew their permits. Related: US energy company opens crypto mining facility in Middle East to use stranded natural gasMeanwhile, Kenya-based energy company KenGen called on Bitcoin (BTC) miners to purchase its excess renewable energy. According to an executive at the company, there is lots of space within the country and they are eager to welcome miners. As the bear market continues, BTC mining revenue is also showing a downward trend. On May 24, the daily mining revenue recorded a new eleven-month low of $22.43 million. This is almost half of what was recorded at the start of May 1, which was $40.57 million.

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Coinbase chief legal officer responds to SEC disclosure FUD

Coinbase chief legal officer responds to SEC disclosure FUD

Uverejnil používateľ | jún 2, 2022 |

As fears surrounding the Coinbase exchange run wild, Paul Grewal, the chief legal officer of Coinbase, assured customers that their funds are safe within the exchange. In an SEC disclosure made by Coinbase back in May, certain parts of the document mentioned that in the case of bankruptcy, crypto-assets held in custody on behalf of its customers may be “subject to bankruptcy proceedings” and that customers may become “unsecured creditors” in the process. The disclosure was thrust into the limelight right after Coinbase reported its losses in the first quarter of 2022 amounting to $430 million and showed a decrease in revenue of 27% in comparison to the last year. To make matters worse, the news trended right when Coinbase’s junk bonds also started to go down in value. As sentiments that the company may go bankrupt circulated on social media, Coinbase’s chief legal officer clarified and explained the situation in a blog post published Thursday. According to Grewal, the exchange protects the funds of customers both “legally and physically.” The chief legal officer noted that the firm also updated its Retail User Agreement to extend bankruptcy protections of institutional clients to retail investors as well. Grewal also explained that the firm does not do any sort of action with its customers’ assets unless the users specifically give instructions to do so. This includes using the funds for lending or any other commercial activities that traditional banks do. There’s never been a serious question that assets on @coinbase are safe. We have more than $6B in the bank, are financially strong, and have legal and operational protections for customers to invest, access, and withdraw their crypto.— paulgrewal.eth (@iampaulgrewal) June 1, 2022In addition to that, the attorney also highlighted in a tweet that the exchange is “financially strong” and has more than $6 billion in the bank, implying that it’s not going bankrupt anytime soon despite the “FUD.”Related: Wealthy Coinbase clients are still ‘hodling’ Bitcoin since December 2020, data suggestsBack in May, Brian Armstrong, the co-founder, and CEO of Coinbase also commented on the issue. The CEO underscored that the firm has “no risk of bankruptcy” and simply added the clause due to a new SEC requirement. He noted that there are strong legal protections for its users in any event.

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Community fires back at anti-crypto letter sent to US lawmakers

Community fires back at anti-crypto letter sent to US lawmakers

Uverejnil používateľ | jún 2, 2022 |

The increase of crypto lobbyists recently sparked an effort from anti-crypto individuals in the tech space to urge regulators through a letter to resist the influence of blockchain advocates. In response, the crypto community criticized the move and laid out counterarguments against the contents of the letter. Signed by 26 tech personalities, the letter sent to United States lawmakers described crypto assets as “risky, flawed, and unproven digital financial instruments.” It expressed disagreements about the potential of blockchain technology and has urged the regulators to create harsher regulations for cryptocurrencies. The crypto community did not stay silent as many reacted and expressed their disagreements with the letter and its contents. Tech lawyer Preston Byrne also gave his take on the issue. In a blog post, Byrne dissected the letter and provided counterarguments to the claims made by its signatories. According to the attorney, the crypto community does not want a “safe haven” but rather a regulatory certainty. The tech lawyer also blasted some of the signatories, calling them “unapologetic attention seekers.” Apart from Byrne, Meltem Demirors, the chief strategy officer at CoinShares, also criticized the signatories, mentioning that they are known to be “anti-crypto” trolls. what tech experts are these? last i checked it was 26 individuals who have been notable anti-crypto twitter trolls FT will really publish anything huh https://t.co/u2ySwMkJuB— Meltem Demirors (@Melt_Dem) June 1, 2022Philosophy professor Bradley Rettler also gave his opinion on the letter. According to Rettler, writing an essay requires support and the letter failed to support its claims. In a Twitter thread, Rettler presented a detailed critique against the claims made by the “tech bros.” In a tweet, Vitalik Buterin, the founder of Ethereum, said that activist and blogger Cory Doctorow being a signatory to the letter is “upsetting and confusing a lot of crypto advocates.” Buterin noted that many community members have looked up to Doctorow vision and related as “fellow travelers.” Related: Congress tells SEC redefining long-standing concepts would be bad for digital ecosystemMeanwhile, crypto lobbying efforts are on the rise. Back in February, data showed that crypto lobbying expenditure has gotten an annual increase of 116%, making the 5-year total expenses $9.5 million. The report showed that Ripple Labs has topped the chart of biggest spenders for lobbying in the United States.

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