Crypto Pay Could ‘Destroy the Financial System’

Crypto Pay Could ‘Destroy the Financial System’

The chief architect of Russia’s crypto laws has defended a brand new Russian regulation that outlaws fee in bitcoin (BTC) and altcoins – claiming {that a} failure to take action may have spelled the top for the ruble-powered Russian monetary system.

The feedback had been made by the pinnacle of the parliamentary committee on monetary markets Anatoly Aksakov, in an interview with the Russian-language version of state-controlled Russia At this time.

Aksakov said that Moscow had no plans to “legalize digital cash as a unit of accountancy,” including,

“[Cryptoassets] can be utilized as a technique of fee for items elsewhere on the earth, however not in Russia. The popularity of digital cash as an official technique of fee on a par with the ruble would imply the destruction of the monetary system, which ensures the steady operation of all the financial system. Our plans don’t but embody the legalization of [cryptoassets] as a fee different to the ruble.”

Nevertheless, Aksakov instructed that Moscow has excessive hopes for its rising blockchain expertise sector. He instructed that the expertise may assist increase worldwide commerce – and even assist Russia bypass the burden of worldwide sanctions.

He stated,

“Enterprise can now entice investments from international companions, in addition to promote their items on blockchain networks. On the identical time, the blockchain expertise, because of its technical options, makes it potential to bypass sanctions-related restrictions, which helps contribute to the event of commerce.”

As beforehand reported by, that though the brand new regulation does outlaw crypto funds, it’s unlikely to impact the sector a lot, and quantities to little greater than a “glossary of crypto ideas” – with a extra complete set of laws more likely to comply with in 2021 on the earliest.

Bitcoin Mass Adoption Would Benefit and Harm Current Economy
Russian Lawyers Warn E-pay Laws May Have Knock-on Effects for Bitcoin

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    First Litecoin-Native Visa Debit Card Is Being Launched

    August 15, 20200 Comments

    The first Litecoin (LTC) native Visa debit card is being launched by BlockCard. 

    Charlie Lee told Cointelegraph this is their second attempt at the endeavour as the previous one failed: “We previously worked with LitePay on a debit card but that failed when LitePay went out of business.”

    Lee also drew a distinction between this Litecoin-native debit card and other crypto cards that support the currency:

    “There are other crypto debit cards available today that support Litecoin, but they only support funding with LTC. This card is natively LTC, so funds are kept in LTC until you swipe the card.”

    “I don’t think that even exists. Most Litecoiners support and hold BTC also.”

    Users will be able to make deposits in twelve of the most popular crypto currencies, including all major stablecoins. According to Lee, approximately 300 users have signed up so far. Meanwhile Litecoin has continuously stayed among top ten coins by market capitalization and has one of the biggest followings on social media.


    Author: by admin

    Bad Crypto News of the Week

    Bad Crypto News of the Week

    Last week, the Bitcoin news was all about lift-off. This week, it’s all about the leveling off. Bitcoin ends the week around $11,400, a fall of about 2.7 percent over the last seven days. That drop included a correction of $700 in one day so the question now is whether the bullish moment has gone or will Bitcoin push on to $15,000? 

    Its first mission will be to break the resistance at $12,000. Bitcoin failed to do that twice in ten days but consolidated after each failure, which some experts believe is evidence of a continued bull run. 

    MicroStrategy, a publicly-traded business intelligence company, certainly hopes so. The firm has spent $250 million buying 21,454 Bitcoins to use as its primary reserve asset. MyCryptoWallet and MyEtherWallet co-founder Taylor Monahan has some advice for MicroStrategy, and for anyone else wondering how to manage their investments during a bull run. Pick a few long term coins, she says, don’t risk more than 5 percent of your net worth and if you lose it all, don’t try to recoup your losses.

    If you are going to buy, though, make your purchase on Sunday night. According to new research, that’s when Bitcoin sees the highest returns, helped by low volumes and high volatility. 

    It’s not just Bitcoin that’s doing well, though. The token sale for the NEAR Protocol DApp had to be postponed for a day after CoinList, the exchange hosting the offering, was overwhelmed by traders. Adam Back thinks those buyers should back off. Bitcoin is enough, he says, and Satoshi should stay hidden. 

    One person who is being kept hidden, though, is Andrew Yang. The former presidential candidate and blockchain advocate isn’t included on the DNC speaker list. That could be a huge oversight. Grayscale, a cryptocurrency investment firm, is broadcasting an ad on CNBC, MSNBC, FOX, and FOX Business, among others. The ads may do to crypto investing what Merrill Lynch’s 1948 New York Times did for the popularization of stock investing.

    One aspect of the blockchain that new investors will need to bear in mind is China’s dominance. China holds most of the world’s Bitcoin mining capacity, which could let Chinese miners take control with a 51 percent attack. Jameson Lopp, the co-founder and CTO of Casa, isn’t concerned. Attackers couldn’t steal Bitcoins, he noted, and any attack would also lower the value of their own holdings. 

    But threats don’t only come from China. India is the world’s capital of call center scams, and those scammers are also now targeting cryptocurrency investors. Don’t expect Google to protect us though. The company is struggling to weed out fraudulent ads from scammers. The ads lead to a cloned Uniswap page which then demands secret login information. At least one victim has lost $30,000 to the scam.

    Tor isn’t doing much better. A vulnerability in the secret, government-made browser might have let attackers steal Bitcoins from users. On the other hand, police have arrested a UK sheep farmer for allegedly trying to extort a supermarket chain. Nigel Wright is said to have told Tesco that he had contaminated baby food. He’d only reveal the location of the food in return for $1.8 million in Bitcoins. The farmer is reported to have been part of a group who felt that Tesco had underpaid them for goods. 

    In better news, a new report explains how the recycling industry could benefit from the blockchain, and enterprises appear to look to be public blockchains as the technology matures.

    And finally, John McAfee’s claim that he had been arrested in Norway for using a thong as a face mask was exaggerated. The software mogul and blockchain enthusiast later admitted that he wasn’t in Norway, and claimed he was in Belarus.

    It’s not only the Bitcoin market that’s known for its bull.

     Check out the audio version here:

    Joel Comm is an internet pioneer, New York Times best-selling author, futurist speaker and co-host of The Bad Crypto Podcast. That’s a fancy way of saying he writes words, says things and loves to play with cryptos

    The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.


    Author: News Bureau

    Record Ethereum Network Use and Gas Fees Pose Risk to DeFi Expansion

    Record Ethereum Network Use and Gas Fees Pose Risk to DeFi Expansion

    The number of Ethereum network transactions more than doubled in 2020 and is now virtually identical to the January 2018 all-time high. 

    As shown on the chart below, the number of transactions doubled in the past six months to stand at 1.23 million per day. 

    Ethereum 7-day average daily transactions

    Ethereum 7-day average daily transactions. Source: CoinMetrics

    This situation might seem very bullish at first, but one must remember both EOS and Tron (TRX) started as ERC-20 tokens before launching their own mainnet and running fully independent blockchains.

    A similar chain migration is happening on Tether’s USDT, a stablecoin which recently secured a $12 billion market capitalization. 

    Tether was created under the OMNI protocol, which runs on the Bitcoin network and most of the USDT tokens were moved to the Ethereum network to avoid increasing Bitcoin (BTC) transaction fees. 

    Ethereum 7-day average transaction fee

    Ethereum 7-day average transaction fee. Source: BitInfoCharts

    As Ethereum fees rose throughout 2019, a similar movement happened over the past year, as some Tether (USDT) holders opted for the Tron network. 

    This occurred while median Ethereum transaction fees increased threefold to $0.14 in July 2019, although this seems insignificant compared to the current $3.

    Current Tether USDT balance sheet

    Current Tether USDT balance sheet. Source: Tether

    The Tron network currently holds half the amount of USDT under ERC-20 and it will likely increase its share, considering the recent Ethereum network fees. 

    For comparison, USD Tether was dominated by Omni in August 2019, while Tron represented less than 3% of its market capitalization.

    Tether USDT balance sheet in August 2019

    Tether USDT balance sheet in August 2019. Source: Tether

    It is worth highlighting that USDT is currently circulating in EOS, Liquid, Algorand, and Bitcoin Cash SLP networks, although on a much smaller scale.

    To better gauge the odds of additional outflow from the Ethereum ecosystem, one should analyze what kind of transactions are taking place. Stablecoins, for example, have fewer incentives to withhold during periods of network constraint.

    On the other hand, switching networks on DeFi applications such as Maker (MKR) and Compound (COMP) seem less obvious. 

    Competing smart contract platforms have their disadvantages, and a much smaller ecosystem, as reported by Cointelegraph.

    Top weekly active Ethereum tokens

    Top weekly active Ethereum tokens. Source: Etherscan

    Etherscan data shows growing use by Decentralized Finance (DeFi) applications on the Ethereum network, but how sustainable are those numbers considering the current fee levels?

    Data from DefiPulse shows that the total value locked in DeFi grew an impressive five-fold over the past 90 days. While this is astounding, exactly how many of these Ethereum transactions are related to this figure? (YFI) transaction amount and count (YFI) transaction amount and count. Source: Etherscan

    According to Etherscan data, (YFI) averaged daily 3,400 transactions in the past week with 15,700 token transfers. 

    Considering its $5,175 price over that period, each transfer was worth $23,900 on average, meaning a $3 fee increase should not be an impediment.

    To ascertain whether YFI is an outlier, one should analyze Synthetix Network Token (SNX), another DeFi contender among the top 20 most active Ethereum contracts.

    Synthetix Network Token (SNX) transaction amount and count

    Synthetix Network Token (SNX) transaction amount and count. Source: Etherscan

    As per the above chart, SNX averaged daily 2,800 transactions past week with 8.3 million token transfers. Considering its $4.70 price over that period, each transfer was worth $13,900 on average. This is yet another indication that no exaggerated impact was caused by increasing Ethereum network fees.

    Chainlink (LINK) is the largest token aiming to provide oracle solutions, and despite being interoperable on multiple chains, it’s indeed an Ethereum ERC-20 token. 

    Its increasing usage seems to be behind an impressive 88% surge over two weeks, as reported by Cointelegraph.

    Chainlink (LINK) transaction amount and count

    Chainlink (LINK) transaction amount and count. Source: Etherscan

    LINK averaged 35,000 daily transactions in the past week and 34 million token transfers. Considering its $13.40 price over that period, each transfer was worth $13,000 on average.

    This analysis is another positive indicator that despite the recent Ethereum network increasing fees, some major oracle and DeFi applications will be able to withstand it, at least momentarily.

    The Ethereum network’s rising fees have been accelerating second layer solutions development on some DeFi applications. 

    Although the overall impact for Ethereum might be positive, as it might prevent the migration of applications to competing networks, it certainly does not paint a good picture for investors and the general public.

    Ethereum 2.0 development is under immense pressure to deliver a network which is better able to address the rapidly growing demand from stablecoins, oracles, decentralized exchanges, and DeFi. 

    The most important question to ask now is will the current Ether (ETH) holders and the network developers adapt to the current constraints? 

    The answer to this might depend on what competing cryptocurrency networks can offer, so in addition to tracking Ether price, wise investors should also monitor the network’s activity closely.

    The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.


    Author: by admin

    Crypto Pay Could ‘Destroy the Financial System’

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