Autor Cointelegraph By Ezra Reguerra

ECB president’s anti-crypto comments trigger community responses

ECB president’s anti-crypto comments trigger community responses

Uverejnil používateľ | máj 26, 2022 |

The crypto community has fired back at European Central Bank (ECB) President Christine Lagarde for her recent anti-crypto remarks, with people expressing disappointment and even criticizing the euro.As crypto markets show signs of stagnation, Lagarde reminded the world of her stance on cryptocurrencies. According to her, cryptocurrencies are “worth nothing” because the assets are “based on nothing.” Additionally, she expressed concerns for those who invest in crypto and called for regulation. Responding to these comments, the crypto community expressed their sentiments. Sheila Warren, CEO of the Crypto Council for Innovation, wrote that she’s disappointed, but not surprised, to hear these comments. According to Warren, the “new digital economy will run on a combination of digital currencies, including crypto, stablecoins, and CBDCs [central bank digital currencies].” Meanwhile, crypto analyst Lark Davis took the opportunity to react to Lagarde’s remarks. Quoting the ECB president, Davis tweeted that instead of describing crypto, she just “described the $euro” because it’s “printed out of thin air.” ESB President Christine LaGarde said “My very humble assessment is that [#crypto] is worth nothing, it is based on nothing—there is no underlying asset to act as an anchor of safety.”Ummmm, I think she just described the $euro Printed out of thin air pic.twitter.com/Mq25reXtNL— Lark Davis (@TheCryptoLark) May 25, 2022Sharing a video showing Lagarde admitting that her son trades cryptocurrencies, Byzantine General called her a dinosaur. Byzantine General tweeted, “How do these dinosaurs not realize it’s over for them. Why keep fighting the future until your last breath.”Related: WEF 2022: SWIFT probably won’t exist in 5 years, says Mastercard CEOEarlier this year, the European Commission announced that it’s preparing a digital euro proposal for 2023. The ECB is expected to have a prototype by the end of 2023, and if everything goes well, it may be issued in 2025. In April, ECB executive Fabio Panetta gave some details on the central bank’s research into CBDCs. According to Panetta, CBDC issuance may “become a necessity.” However, the executive noted that these digital currencies “should not become a source of financial disruption that could impair the transmission of monetary policy in the euro area.

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Exchanges back 'Terra 2.0 revival plan' via airdrops, listing, buyback and burning

Exchanges back 'Terra 2.0 revival plan' via airdrops, listing, buyback and burning

Uverejnil používateľ | máj 26, 2022 |

The fall of Terra (LUNA) shook the entire crypto market. However, the project has no plans to stay down as the project secured backing from crypto exchanges to help it rebuild. In an announcement Thursday, Terra provided details about the airdrop of the new native token within its new blockchain dubbed Terra 2.0. The distribution of tokens will proceed on May 27, 2022 and holders of Terra Luna Classic (LUNC), TerraUSD Classic (USTC) and Anchor Protocol UST (aUST) who are eligible will receive new tokens. Crypto exchanges Binance and FTX noted that they are working closely with the Terra team regarding the upcoming airdrop. According to Binance, their aim is to help affected users within their platform by helping Terra with the recovery plan. On the other hand, FTX announced that it will support the airdrop and temporarily halt LUNA and UST markets during the migration. Apart from Binance and FTX, the Terra team said that they are also working closely with more partner exchanges that will support the airdrop. Apart from the airdrop, many exchanges like KuCoin also expressed support for Terra 2.0 by supporting the migration, listing and trading of the new Terra tokens within their crypto exchange platforms. While some expressed their support, not all exchanges are eager to list the new tokens. In a statement, a spokesperson from crypto exchange BitMEX told Cointelegraph that at the moment, there are no plans to list the new Terra tokens. They explained that: “We list tokens for spot trading based on numerous factors, including that we have a custody solution for that particular token. As such we have no plans at this stage to list LUNA for Spot.”As for derivatives contracts, the spokesperson said that the exchange needs to ensure there is a “reliable reference index” before it can consider contracts on the new LUNA token.Related: Terra fallout: Stablegains lawsuit, Hashed loses billions, Finder wrong and moreMeanwhile, not everyone is ready to fully move on to the new chain. Despite Terra founder Do Kwon’s position against burning LUNA’s circulating supply, users of the crypto trading platform MEXC Global voted to initiate buybacks and burning in Terra’s secondary market. Using the trading fees collected from the new LUNA/USDT spot trading pair within its platform, MEXC committed to a month-long buyback and burning process.

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Cryptopedia: Learn the concepts behind stablecoins and how they work

Cryptopedia: Learn the concepts behind stablecoins and how they work

Uverejnil používateľ | máj 25, 2022 |

Cointelegraph’s director of video production Jackson DuMont dissected stablecoins in the latest episode of Cryptopedia. DuMont also explored and explained algorithmic stablecoins and the recent incident involving the TerraUSD (UST) and why it was unable to maintain its dollar peg. DuMont defined stablecoins as “a crypto whose value is tied to an outside asset such as the United States Dollar (USD).” According to DuMont, stablecoins are very vital to the crypto industry as they provide users with the ability to store their assets without worrying about the depreciation of the assets’ value. This function is useful in bear markets where there are a lot of uncertainties. Using Tether (USDT) as an example, DuMont noted that stablecoins are able to maintain their dollar pegs by having equal reserves. He explained that in order for Tether to create or mint any amount of USDT, the company should have an equal amount of USD in its reserves. [embedded content]The existence of this collateral allows USDT users the ability to exchange their USDT for USD whenever they want. This shows that stablecoins may only be “copies” of the original currency. However, DuMont highlights one of the biggest differences — stablecoins exist on the blockchain. Related: Cryptopedia: Learn about Web3 and how it aims to transform internet servicesApart from these, DuMont also discussed the topic of algorithmic stablecoins. The filmmaker explained that these stablecoins do not use any crypto or fiat money as their collateral. Instead, these projects use smart contracts and complex algorithms to manage the circulating supply and control the price. According to DuMont: “When the price of the stablecoin deviates below its peg, tokens are burned from the circulating supply. Conversely, when the price goes above the peg, tokens are minted.” In the case of Terra, DuMont explained that the system failed and “crashed the whole market.” Several factors including Terra (LUNA) minting drove UST below its peg and snowballed into driving the price very far below its highs.

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WEF 2022: NFT custody is ‘the missing piece’ for mainstream adoption, says Veritic CEO

WEF 2022: NFT custody is ‘the missing piece’ for mainstream adoption, says Veritic CEO

Uverejnil používateľ | máj 25, 2022 |

On day four of the World Economic Forum 2022, presentations on nonfungible tokens (NFTs) have taken place with speakers sharing their takes on NFT use cases and adoption. At the Blockchain Hub Davos, speakers Veritic CEO Stephan Holzer and Seal Storage Technology CEO Alex Altman spoke on the importance of NFTs, their role in society, and how the community can attract the mainstream into using the technology. In his lecture, Holzer argued that simplifying access to NFTs may push mainstream adoption forward. According to the Veritic CEO, minting in more secure environments and NFT custody is “a missing piece to mainstream adoption.” He explained that: “We want to enable the next billion and this needs NFT custody. And I personally believe that NFTS can potentially have the potential can potentially be bigger than cryptocurrency itself.”Holzer noted that providing first-time users with a more familiar interface and custody services where users do not need to set up their own wallets could be a “game-changer” for the entire market. Apart from Holzer, Alex Altman, the CEO of Seal Storage Technology weighed in on NFT use cases in his talk. He gave various examples of how NFTs can improve the current state of affairs in real estate and gaming. He said that: “There’s absolutely no reason that a deed to a house couldn’t be a unique digital asset as long as that asset is created and stored in the correct way. Given the fact that an NFT is purely unique, that asset can also be transferred really easily.”Altman also pointed out that many are spending hundreds of hours playing games and developing characters within their games, and it ends with the player just leaving the game, and afterward, all the assets acquired “disappear into the ether.” With NFTs, Altman said that people can “develop that asset and create it into a real-world piece of data that you can move, transfer and monetize.”Related: WEF 2022, May 25: Latest updates from the Cointelegraph Davos teamIn a panel discussion on equality, the VP of Meta Nicola Mendelsohn mentioned that there is a possibility that the creator of Bitcoin, Satoshi Nakamoto is a woman. Not dismissing the possibility, Cointelegraph editor-in-chief Kristina Lucrezia Cornèr shared her belief that the BTC creator is a group comprising of both genders, rather than just a single person. In an interview with Cointelegraph, the founder of Polkadot (DOT), Gavin Wood underscored that Web3 has expanded beyond only crypto and decentralized finance. He explained that the term also refers to many new kinds of services that Web2 cannot provide.

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WEF 2022: Blockchain community breaks stereotypes at Davos

WEF 2022: Blockchain community breaks stereotypes at Davos

Uverejnil používateľ | máj 24, 2022 |

On the second day of the Global Blockchain Business Council’s (GBBC) Blockchain Central Davos 2022, Cointelegraph’s editor-in-chief Kristina Lucrezia Cornèr moderated a panel discussion focusing on the current direction of the financial industry. Panelists included co-founder and CEO of Soramitsu Makoto Takemiya; Treasury executive at Oesterreichische Nationalbank Johannes Duong; and chief operating officer (COO) of theStellar Development Foundation Jason Chlipala. The panel tackled various issues such as educating the mainstream about blockchain, how blockchain companies are breaking stereotypes at the World Economic Forum (WEF) 2022 and current market issues surrounding central bank digital currencies (CBDCs) and stablecoins. The common perception of WEF is that it’s a gathering of industry bigwigs and “financial elites.” However, this year’s WEF has been more exciting as “barbarians” stormed in. According to Takemiya, blockchain companies have broken the stereotype. He explained that: “The stereotype of the WEF is the entrenched financial elite that is looking to preserve their wealth. That may or may not be true. Blockchain companies are the barbarians at the gate of the WEF.”Apart from having a voice at one of the biggest gatherings of the financial industry, the panel also discussed the community’s efforts on educating the masses on cryptocurrencies and blockchain. Duong weighed in on the topic. According to Duong, there are a lot of educational concerns in Austria. However, there are also efforts from universities to teach about blockchain and crypto. He said that “we have universities providing courses for blockchain assets and are trying to see it from a neutral position.”Panelists at Blockchain Central Davos 2022. Among the topics discussed, current market issues such as CBDCs and stablecoins have also surfaced. Chlipala compared the launch of Libra, later renamed Diem, and its impact on the conversation around CBDCs with the current situation of Terra and how it will affect the discussions surrounding stablecoins. He said that: “This could be the impetus for really starting to get some regulatory clarity and some business clarity. I think that leads to trust.”Meanwhile, in an interview with Cointelegraph, Sheila Warren, CEO of the Crypto Council for Innovation shared that despite the negativity surrounding the market, she remains optimistic and believes in the future of blockchain and crypto. Related: WEF 2022, May 24: Latest updates from the Cointelegraph Davos teamSimilarly, the senior vice president (SVP) of Ripple, Brooks Entwistle, also encouraged people to focus on building despite what seems to be a crypto winter. The Ripple executive said that this has happened before and it’s likely to happen again.

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