Autor Cointelegraph By Felix Ng

Pennsylvania pharmacist feeds thousands of homeless using crypto

Pennsylvania pharmacist feeds thousands of homeless using crypto

Uverejnil používateľ | jún 13, 2022 |

Pennsylvania-based pharmacist Kenneth Kim had always “wanted to do something with crypto” that could “make the world a better place”. In 2019, he founded what is known today as Crypto for the Homeless (CFTHL), a New Jersey registered non–profit organization, which has fed more than 5,000 homeless people around the world through the use of digital currencies. “I always had the desire to get involved with some kind of project in crypto… if it made the world better that would be the best possible scenario,” Kim told Cointelegraph. Whilst he was a pharmacy student at Temple University in Philadelphia between 2018 and 2021, Kim would walk past scores of homeless people just on his route between the campus and his home. It was also around this time that the new Blade Runner 2049 movie was released, depicting a dystopian future where people are augmented by technology, but the gap between rich and poor are as wide as ever. Instead of begging for money, the homeless were begging for digital credits.“I guess the movie is trying to convey that we’re so far in the future that even the homeless people have completely adopted this new way of using currency.”How crypto fits into the pictureIt was then that Kim got the idea of using crypto to collect and distribute funds to help those in need.“Basically, after that, I was thinking what if I can utilize that to more efficiently collect funds for the homeless people, and maybe I can go out and give them food?” On April 28, 2019, Kim delivered his first four meals to the Philadephia homeless. Three years later, this organization has celebrated its third anniversary, feeding thousands globally through the help of crypto donations and a tireless volunteer network. Source: Crypto For The HomelessKim said one of the main reasons he chose to use crypto was because of its decentralized nature. Funds can’t be frozen or locked away by authorities. “The main reason I actually began the project with crypto is that I had really bad experiences with PayPal.”The pharmacist said there have been more than a few occasions where PayPal would shut down or freeze accounts for varying reasons. “I didn’t like the idea that there’s a central power that at any moment can do that […] So I was thinking, if I use crypto, it’s literally impossible for that to happen. I have ultimate control of it.”The secondary reason, is that it significantly cuts down the hurdles to reimbursing his volunteers internationally, said Kim. Volunteer from nicaragua doing great deeds. This is what crypto can do to better the world#Crypto #cryptocurrencies #bitcoin #BitcoinCash #philadelphia #ethereum #Philanthropy #BCH #BTC #homeless #homelessness #charity pic.twitter.com/AiChElkNFq— Crypto for the homeless (@CRYPTOFTHL) March 22, 2022CFTHL’s model works by reimbursing volunteers who buy hot meals and hand-deliver them to homeless people in their local regions. Volunteers would provide receipts to evidence the food they purchased, and pictures of the homeless people receiving it. Upon verification that the act was authentic, Kim’s organization would reimburse the volunteers with the crypto of their choice. “We’ve had a pretty significant amount of people volunteer for us overseas, and because we use crypto, I was able to just not really worry about any kind of wiring fee or anything like that.”The human aspect In a statement about CFTHL’s three-year anniversary, Kim said his organization “never set out to solve homelessness”, but rather to re-introduce the human aspect of charity – something which was “sorely missing from most other projects.”CFTHL volunteers are required to seek out homeless people and deliver food to them personally in order to be reimbursed. “[It’s about] physically [being] there handing the food out, like no matter where they are, especially if it’s the middle of the highway, or like under a bridge in their tent.”“There’s one thing that bothered me about a lot of charities out there,” Kim told Cointelegraph.“It felt like a lot of them were really cold, you know, they lacked the human aspect to it. If I donate to a soup kitchen or Red Cross, I wouldn’t really see the effects of it. I don’t think they post on social media or post pictures or anything like that, you know, so I’m not even sure what’s happening with the money.”CFTHL tracks every donation received by the organization from its beginnings and provides a public ledger allowing those to see how the funds are being spent. New post: Data at a Glance: Total Donations https://t.co/0tNM5zegtz #Crypto #cryptocurrencies #bitcoin #BitcoinCash #philadelphia #ethereum #Philanthropy #BCH #BTC #homeless #homelessness #charity— Crypto for the homeless (@CRYPTOFTHL) June 6, 2022

Crypto for the Homeless is still a relatively small organization, with only two full-time workers and around 10-20 volunteers operating on a regular basis. His organization has collected close to $75,000 in donations since being founded.Related: NFTs: Empowering artists and charities to embrace the digital movementKim runs the organization alongside working as a full-time pharmacist at CVS Pharmacy in Pennsylvania. The founder is hoping to push for an additional 3-5 volunteers over the next few years and to expand his operations to more countries. To date, his organization has fed homeless people in the United States, Canada, Australia, New Zealand, Nicaragua, Paraguay, Thailand, India, and many others.

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Global Bitcoin adoption to hit 10% by 2030: Blockware report

Global Bitcoin adoption to hit 10% by 2030: Blockware report

Uverejnil používateľ | jún 10, 2022 |

The adoption of Bitcoin (BTC) could occur more rapidly than the adoption of past disruptive technologies such as automobiles and electric power, with global take-up likely to hit 10% by 2030 according to a new report.In its June 8 report, Blockware Intelligence said it arrived at this forecast by examining historical adoption curves for nine past disruptive technologies, including automobiles, electric power, smartphones, the internet, and social media, along with the growth rate of Bitcoin adoption since 2009.“All disruptive technologies follow a similar exponential S-curve pattern, but […] newer network-based technologies continue to be adopted much faster than the market expects.”Using the average and weighted average of historical technology adoption curves, as well as the growth rate of Bitcoin adoption, the report was then able to arrive at its prediction.It said that based on a metric called Cumulative Sum of Net Entities Growth and Bitcoin’s predicted “CAGR of 60% we forecast that global Bitcoin adoption will break past 10% in the year 2030.”Blockware Intelligence is the research arm of Blockware Solutions, a Bitcoin mining and blockchain infrastructure company, so you might expect it to be bullish on adoption.The intelligence unit said it expects Bitcoin adoption to reach saturation quicker than many other disruptive technologies, given direct monetary incentives to adopt, the current macro-environment, and because adoption growth will be accelerated by the internet. “From a consumer perspective, past technologies had convenience/efficiency-related incentives to adopt them: adopting automobiles allowed you to zoom past the horse and buggy, adopting the cell phone allowed you to make calls without being tied to a landline,” the report explains. “With Bitcoin direct financially incentivized adoption creates a game theory in which everyone’s best response is to adopt Bitcoin.”Bitcoin, like the internet, smartphones, and social media, also derives benefits the more people that adopt the technology, which is known as the “network effect”.“Case in point if you were the only user on Twitter would it be of any value? It would not. More users make these technologies more valuable.”Related: 75% of retailers eyeing crypto payments within 24 months: DeloitteHowever, the authors of the Blockware report stressed that the model used to predict the rate of adoption was only conceptual at this stage, adding it is neither meant to be used as investment advice nor a short-term trading tool and it would continue to be refined. However:“The general trend is clear; there is a high probability that Bitcoin’s global adoption will grow significantly into the future and thus so will price.”The report and model was reviewed by several crypto investors and analysts, including executives from Ark Invest, Arcane Assets, AMDAX Asset Management, and M31 Capital. Cryptocurrency adoption has been growing rapidly over the last few years. In 2021, global crypto ownership rates reached an average of 3.9%, with over 300 million crypto users worldwide, according to data from TripleA, a global cryptocurrency payment gateway. Blockchain data platform Chainanalysis last year revealed that global adoption of bitcoin and cryptocurrency surged 881% from July 2020 to June 2021. It found Vietnam to have the highest cryptocurrency adoption, leading 154 countries analyzed, followed by India and Pakistan. In April, a survey conducted by cryptocurrency exchange Gemini found that crypto adoption skyrocketed in 2021 in countries like India, Brazil, and Hong Kong as more than half of respondents from its 20 countries polled stated that they started investing in crypto in 2021.

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Anchor dev claims he warned Do Kwon over unsustainable 20% interest rate

Anchor dev claims he warned Do Kwon over unsustainable 20% interest rate

Uverejnil používateľ | jún 9, 2022 |

Anchor protocol was originally designed to offer an interest rate of 3.6% but this was dialed up to 20% just a week before release to attract more investors, a core developer alleged in an interview with Korean media outlet JTBC. “I did not know that this would go out with such a high-interest rate. Set to 20% just a week before the release,” said the employee, referred to only as Mr. B in the Korean-language report.   “I thought I was going to collapse from the beginning. (I designed it), but it collapsed 100%”Mr. B said the platform was designed to only offer an interest rate of 3.6% and this was a key component of keeping the Terra ecosystem stable as it took into account the available funds in Anchor’s war chest. Mr. B revealed however that a week before launch, the developers found out that the plans had been changed, giving investors access to a very high 20% interest for locking up their UST stablecoins in the Anchor Protocol instead. The JTBC also claims it had obtained internal design documents made by Terraform Labs, which wrote about attracting investors with high-interest rates. The developer said he attempted to take this issue up with Terra Luna founder Kwon Do-Hyung (Do Kwon) just ahead of the launch in April 2019. “Just before the release, I suggested to CEO Kwon Do-Hyung that the interest rate should be lowered, but it was not accepted.”Related: Law Decoded, May 30–June 6: Terra’s aftermath in China, Japan and South KoreaThe dramatic fall of Terra (LUNA) and the algorithmic stablecoin UST has led to plans by the South Korean government to launch a new Digital Asset Committee in June, to serve as a watchdog over the country’s crypto industry responsible for policy preparation and supervision.Do Kwon has been summoned to attend a parliamentary hearing on the matter in South Korea in mid-May.He has also found himself in hot water after court documents revealed he dissolved Terraform Labs Korea just days before the LUNA crash.In May, South Korean authorities also reportedly issuing subpoenas to employees of Terraform Labs, looking into whether there was intentional price manipulation and whether the tokens went through proper listing procedures. Despite this, the Terra co-founder has managed to relaunch the collapsed network on May 28 with a new chain called Terra 2.0 (Pheonix-1), aimed at reviving the fallen Terra (LUNA) and TerraUSD (UST).

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Gillibrand and Lummis state that most altcoins are securities

Gillibrand and Lummis state that most altcoins are securities

Uverejnil používateľ | jún 9, 2022 |

Senators Kirsten Gillibrand and Cyntia Lummis believe that most altcoins would likely be considered securities under their proposed new legislation — but confirmed that Bitcoin (BTC) and Ether (ETH) will be classified as commodities. Lummis and Gillibrand both agreed with Securities and Exchange Commision Chair Gary Gensler’s assessment that most cryptocurrencies are securities under the Howey test with Gillibrand stating:“Most cryptocurrencies go to the SEC […] Bitcoin and Ether would be certainly commodities, and that’s agreed upon. That’s agreed with Chairman Gensler as well as the chairman of the CFTC.”Gillibrand pushed back on reports characterizing the legislation as making the CFTC the primary regulator. “I don’t think CFTC is the primary regulator,” she said. “They just have the obligation to regulate Bitcoin and Ether, the majority of cryptocurrencies today.”The pair made the comments during a Washington Post event on June 8, a day after releasing the details of the Responsible Financial Innovation Act..@SenLummis tells @ToryNewmyer, “The CFTC, although it will have the lion share by market cap, the majority of the digital assets…have characteristics of securities that will require the SEC’s disclosure capabilities….The SEC’s role in this is absolutely critical.” pic.twitter.com/1B0wnQQ62p— Washington Post Live (@PostLive) June 8, 2022Rostin Behnam, chair of the Commodity Futures Trading Commission (CTFC), was also at the event and took a slightly different view on the proportion of altcoins that are securities. He said that while there are “probably hundreds” of coins that replicate security coins, there are also many commodity coins, such as Bitcoin (BTC) and Ether that should be regulated by the CFTC.“It’s pretty clear that many of the digital assets themselves replicate or look like commodities. They’re more like stores of value than they are securities.”Tony Tuths, head of the digital assets team at KPMG Tax, told Cointelegraph that the legislation, under its current form is unlikely to “move forward” in the foreseeable future, adding it was unclear which coins will ultimately fall within the purview of the SEC versus the CTFC.“On the regulatory side the legislation calls for the CFTC to be the primary regulator but then carves out a wide swath of tokens that have attributes similar to securities for regulation by the SEC. It will be a struggle to decipher what exactly is in the SEC bucket but it could be the exception that swallows the rule. “Related: Class action suit against Coinbase alleges unregulated securities salesThe new bipartisan bill is expected to lean heavily on the Howey Test to determine whether a particular coin is classed as a security or a commodity. “We’re trying to just fit the digital asset world into our current regulatory framework. […] We spent a lot of time on the definition of the modern Howey test,” said Senator Lummis during a CNBC interview on June 7.The Howey Test is a framework set by the U.S. Supreme Court to determine whether a transaction qualifies as an investment contract, and thus considered security. The Howey Test has become a focal point in the SEC’s case against Ripple which began in December 2020, alleging that the company used its digital token XRP to raise funds in 2013, and was an unregistered security token at the time.

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Crypto-stock trade pairs in the cards as Swyftx inks $1.5B merger with Superhero

Crypto-stock trade pairs in the cards as Swyftx inks $1.5B merger with Superhero

Uverejnil používateľ | jún 8, 2022 |

Australian crypto exchange Swyftx wants to eventually offer seamless trading between traditional and crypto-asset classes, with its first step being the completion of its $1.5 billion merger deal with online investing platform Superhero. The deal to combine the two was revealed on June 8, with the merged entity set to become the first in Australia to offer both decentralized and traditional finance. We’re teaming up with equities trading platform & fellow Aussie fintech @superheroaus, to give you the opportunity to invest in digital and traditional assets – all in one place! Official announcement here https://t.co/ygmeaS3wuq pic.twitter.com/Ivhsa2lybI— Swyftx (@SwyftxAU) June 7, 2022Speaking to Cointelegraph on Wednesday, Swyftx co-CEO Ryan Parsons revealed that one of its longer-term goals is to explore “greater interoperability between asset classes.”“You can imagine customers trading their Bitcoin or other digital assets for equities in listed companies like Tesla, and vice versa.”Parsons said that its first priority will be to work with regulators and set up appropriate customer protections:“But it’s important to be clear that we’re working through all the regulatory requirements in what is already a quickly evolving regulatory landscape. We’re extremely keen to ensure that whatever we do, is done properly with appropriate customer protections in place.”Related: Aussie consumer group calls for better crypto regs due to ‘lagging laws’While the merger news appeared to come without any prior warning, Parsons said it was “no surprise” that a number of equity trading platforms have been looking to offer crypto trading and vice versa, and that discussions with Superhero about a merger had been underway for several months prior:“The two teams have been actively talking for a few months, with the merger following out of initial discussions around the potential for a crypto-equities partnership opportunity. It just made more sense to join forces than to be partners.”Co-founded by Alex Harper and Angus Goldman in 2018, Swyftx is an Australian crypto exchange, offering 320 digital currencies and crypto interest-earning products. The company’s exchange saw a banner year in 2021, growing its investor base by nearly 1,200% to over 600,000 retail and corporate investors.Superhero, an online broker, was founded in the same year, but launched only in late 2020. Over the last 12 months, the company has grown its investor base by more than 600% to over 200,000 investors, allowing them to trade Australian and U.S. stocks, as well as manage their Superhero superannuation (Australia’s version of 401K) a product launched in July 2021. In a statement on June 8, Swyftx said the completed merger would create a combined customer base of 800,000 when it’s completed around mid-2023. The combined platform will allow customers to trade and invest across cryptocurrencies, equities and superannuation. Later, Parisons said the company wants to build out its product offerings, which could include banking-type services or other traditional finance products and services.Following the merger, Swyftx co-founder Alex Harper and current Swyftx CEO Ryan Parsons will become co-CEOs of the combined entity. John Winters will head up the traditional financial services arm and take a position on the board of directors. Winters told the Sydney Morning Herald on Tuesday evening that there was a possibility of listing the combined entity on the Australian stock exchange once the merger is tied off, but said there would be “a lot of work to be done before we get to that stage.”Winters stated that, for the time being, the two platforms will continue to operate independently of each other, and no job losses are expected as part of the merger.

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