Featured – Coin Network News https://coinnetworknews.com If it's coin, it's news. Sun, 14 May 2023 04:17:53 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 South African Currency Plunges to New Low Versus the Dollar a Day After the US Accused Country of Secretly Supplying Ammunition to Russia – Featured Bitcoin News https://coinnetworknews.com/south-african-currency-plunges-to-new-low-versus-the-dollar-a-day-after-the-us-accused-country-of-secretly-supplying-ammunition-to-russia-featured-bitcoin-news/ https://coinnetworknews.com/south-african-currency-plunges-to-new-low-versus-the-dollar-a-day-after-the-us-accused-country-of-secretly-supplying-ammunition-to-russia-featured-bitcoin-news/#respond Sun, 14 May 2023 04:17:53 +0000 https://coinnetworknews.com/south-african-currency-plunges-to-new-low-versus-the-dollar-a-day-after-the-us-accused-country-of-secretly-supplying-ammunition-to-russia-featured-bitcoin-news/

The South African currency’s exchange rate versus the U.S. dollar plunged to a new all-time low of ZAR19.51:US$1 on May 12. The rand’s latest fall came a day after the U.S. ambassador to South Africa accused the country of secretly supplying weapons to Russia. Banking giant JP Morgan said it now projects South Africa’s gross domestic product to contract by 0.2%, down from the earlier positive projection of 0.3%.

South Africa Denies It Supplied Ammunition to Russia

The exchange rate of the South African currency versus the greenback fell to a new all-time low of 19.51 units of the rand for every dollar on May 12. The rand’s plunge came a day after the African country was accused of secretly supplying ammunition to Russia by a United States ambassador.

With this latest drop, the South African rand depreciated by more than 5% in just one week and more than 12% since the start of the year. Before hitting the new low, the South African rand’s previous all-time low was set on April 5, 2020.

South African Currency Plunges to New Low Versus the Dollar a Day After the US Accused Country of Secretly Supplying Ammunition to Russia

Reuben Brigety, the U.S. ambassador to South Africa, revealed on May 11 that his country believes Russia, which invaded Ukraine in Feb. 2022, took possession of the weapons in late 2022. Addressing journalists after dropping the bombshell, Brigety said the matter was extremely serious and that the United States does “not consider this issue to be resolved.” The ambassador however said the U.S. is still keen on seeing South Africa practice its so-called “non-alignment policy.”

However, in response to the allegations, the U.S. official was summoned for a meeting on May 12 by the South African foreign affairs ministry. On the same day, Clayson Monyela, the spokesperson for the ministry, said in a tweet that his country has “no record of an approved arms sale by the state to Russia related to the period/incident in question.” Earlier, South African President Cyril Ramaphosa’s office suggested that an inquiry to “establish the facts and role players” was already underway when the U.S. ambassador went public with the allegations.

Dire Consequences for South Africa

Meanwhile, an earlier News 24 report said the South African rand had lost nearly 30 cents just moments after Brigety claimed that a Russian ship named “Lady R” was loaded with arms and ammunition when it docked at a naval base in Cape Town in December 2022. While South African officials have moved quickly to deny Brigety’s allegations, some economic commentators warned of dire consequences for the country if the U.S. decides to retaliate.

According to Nolan Wapenaar, the co-chief investment officer of Anchor Capital, the U.S. government will likely respond to the allegation by blocking South Africa’s access to American markets. Wapenaar explained:

[Brigety’s allegation] is likely to have dire consequences for SA, which could lose its African Growth and Opportunity Act (AGOA) preferential duty-free market access to the US.

Meanwhile, in its latest research note, the U.S. banking giant JP Morgan reportedly said it now expects South Africa’s gross domestic product (GDP) to contract by 0.2% in 2023. This is in contrast to the previous projection of a 0.3% growth rate. The banking also warned that its already pessimistic current account projection for the African country could worsen if an electricity situation is not resolved.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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]]> https://coinnetworknews.com/south-african-currency-plunges-to-new-low-versus-the-dollar-a-day-after-the-us-accused-country-of-secretly-supplying-ammunition-to-russia-featured-bitcoin-news/feed/ 0 Former Paxful CEO Says He Cannot ‘Vouch for Anything Happening There Now’ — Platform Tells Users It Is Back Online – Featured Bitcoin News https://coinnetworknews.com/former-paxful-ceo-says-he-cannot-vouch-for-anything-happening-there-now-platform-tells-users-it-is-back-online-featured-bitcoin-news/ https://coinnetworknews.com/former-paxful-ceo-says-he-cannot-vouch-for-anything-happening-there-now-platform-tells-users-it-is-back-online-featured-bitcoin-news/#respond Sat, 13 May 2023 10:59:49 +0000 https://coinnetworknews.com/former-paxful-ceo-says-he-cannot-vouch-for-anything-happening-there-now-platform-tells-users-it-is-back-online-featured-bitcoin-news/

The former CEO of Paxful, Ray Youssef, has told users of the peer-to-peer bitcoin marketplace that he is no longer in control and therefore cannot vouch for “anything that is happening there now.” Youssef also told a user who claimed to have been scammed on the platform that he too has been banned from the platform.

Former CEO Tells Users to ‘Trust No One’

The former CEO of Paxful, Ray Youssef, has again reminded users of the peer-to-peer platform on May 9 that he left the company weeks ago and as such he cannot “vouch in any way for anything that is happening there now.” While he urged users to “trust no ones,” Youssef however said he will soon provide an update about a trust “set up to make any frozen funds whole.”

The remarks by Youssef, who has repeatedly tweeted about his falling out with his co-founder at Paxful, follow reports suggesting that the P2P (peer-to-peer) marketplace was back up just a few weeks after it was shut down.

Paxful Says It Is Taking Steps to Solve Functionality Issues

As reported by Bitcoin.com News in early April, Paxful was forced to shut down by factors including the departure of key staff and regulatory challenges. Some reports also suggested that Youssef’s falling out with fellow Paxful co-founder Artur Schaback had also contributed to the marketplace’s abrupt shutdown.

However, a tweet shared by Paxful’s official handle on May 10 thanked users for their patience when the marketplace was down. The tweet also suggested that steps were taken to solve functionality issues.

“Thank you to the community for your patience, as we continue to gradually restore functionality to the marketplace. We are aware that some users’ accounts are mistakenly banned and our team is working to fix the issue,” Paxful said in a tweet.

Meanwhile, in another tweet, Youssef told a user who claimed to have been scammed on the platform that he no longer had any control and he too was banned. The former CEO also reiterated the same messages to other users that similarly asked about their blocked funds. When asked about what finally caused him to leave Paxful, Youssef said: “It is a wild story bro. We need a [Twitter] spaces.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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]]> https://coinnetworknews.com/former-paxful-ceo-says-he-cannot-vouch-for-anything-happening-there-now-platform-tells-users-it-is-back-online-featured-bitcoin-news/feed/ 0 Leaked Memo Suggests Democrats on US House Committee Were Told to Support Party Position on Crypto Regulation – Featured Bitcoin News https://coinnetworknews.com/leaked-memo-suggests-democrats-on-us-house-committee-were-told-to-support-party-position-on-crypto-regulation-featured-bitcoin-news/ https://coinnetworknews.com/leaked-memo-suggests-democrats-on-us-house-committee-were-told-to-support-party-position-on-crypto-regulation-featured-bitcoin-news/#respond Sat, 13 May 2023 09:26:03 +0000 https://coinnetworknews.com/leaked-memo-suggests-democrats-on-us-house-committee-were-told-to-support-party-position-on-crypto-regulation-featured-bitcoin-news/

Democratic Party members of the U.S. House Committee on Financial Services were handed a memo instructing them to back the party’s position on crypto regulation moments before the commencement of the hearings on May 10. According to the party’s leaked memo, Democrats on the committee were expected to point to the Republican Party’s lack of interest in protecting investors. The memo also said the U.S. Securities and Exchange Commission (SEC) should be allowed to “continue to lead the regulation of the U.S. crypto market.”

Republicans Accused of Undermining the SEC

According to a leaked memo shared by Eleanor Terrett, a journalist with Fox Business, Democratic Party members on the U.S. House Committee on Financial Services were given instructions to back the party’s position on crypto regulation when the committee met on May 10. In a Twitter post, Terrett claimed that the memo stating this had been circulated among Democrat committee members prior to the start of the hearings.

As shown in the shared leaked memo, Democrats on the committee were expected to reiterate six key messages during the hearings. The first of these messages is the party’s argument that Republicans on the committee are hell-bent on “carving out space for the Commodities Futures Trading Commission (CFTC) in crypto.” Doing this, according to the memo, meant that Republicans are not only undermining the SEC but are also exhibiting a lack of interest in “protecting investors and consumers.”

The second and third messages claimed Republicans on the committee have no interest in averting an economic catastrophe that will befall the U.S. if the debt ceiling is not raised. According to the memo, Republicans’ only interest is passing digital asset laws which neither the Biden Adminstration nor investors have asked for.

As has been reported by Bitcoin.com News, the Biden Adminstration and U.S. regulators have hardened their stance on crypto since the start of 2023. And through the chairman of the U.S. Securities and Exchange Commission Gary Gensler, the administration has targeted crypto entities that are accused of offering securities without the requisite approval.

‘Mass Non-Compliance With Existing Laws’

The SEC’s unclear definition of what constitutes a security as well as the clampdown on crypto entities has so far forced entities like the crypto exchange Coinbase to mull relocating to jurisdictions with less hostile regulatory environments. However, according to the Democratic Party’s leaked memo, it is crypto entities’ refusal to comply with the laws which is the problem. The leaked memo’s message number 4 said:

The problem isn’t ambiguity — it’s mass non-compliance with existing laws, and crypto companies can’t be let off the hook. The U.S. has a regulatory system that has worked well and sustained mass innovation in the financial system for decades. We can’t invent new accommodating regulatory structures simply because crypto companies refuse to follow clear rules of the road.

Concerning the under-fire SEC chairman, the memo urged Democratic committee members to highlight how Gensler and his enforcement team have worked to protect investors and how Republicans are seeking to “reverse course and tie the hands” of the regulator. According to the Democrats, the SEC must be allowed to “continue to lead the regulation of the U.S. crypto market.” The U.S. Congress should play its part by providing the SEC with the resources it needs, the memo added.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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]]> https://coinnetworknews.com/leaked-memo-suggests-democrats-on-us-house-committee-were-told-to-support-party-position-on-crypto-regulation-featured-bitcoin-news/feed/ 0 Syrian Crypto Dealer Freed From Kidnappers Who Demanded Ransom of Over $1.1 Million – Featured Bitcoin News https://coinnetworknews.com/syrian-crypto-dealer-freed-from-kidnappers-who-demanded-ransom-of-over-1-1-million-featured-bitcoin-news/ https://coinnetworknews.com/syrian-crypto-dealer-freed-from-kidnappers-who-demanded-ransom-of-over-1-1-million-featured-bitcoin-news/#respond Mon, 08 May 2023 11:51:26 +0000 https://coinnetworknews.com/syrian-crypto-dealer-freed-from-kidnappers-who-demanded-ransom-of-over-1-1-million-featured-bitcoin-news/

Spanish law enforcement recently nabbed three individuals who befriended and eventually kidnapped a Syrian cryptocurrency dealer. Following their arrest, the kidnappers, who were demanding a ransom of over $1.1 million, were found in possession of weapons and fake identity documents.

Syrian Crypto Dealer’s Captors Were His Party Friends

Spanish law enforcement recently freed a Syrian cryptocurrency dealer from three kidnappers that were demanding a ransom of $1.12 million (or €1 million). According to a report by a Spanish-language publication, the captured trio was set to appear in court on May 6 where they were expected to face kidnapping as well as illegal possession of weapons charges.

As revealed in the report, the unnamed Syrian crypto dealer had partied with the trio before the kidnapping. However, when they four met on May 3, the Hungary-based crypto dealer’s party friends pounced and started demanding the ransom money. According to the report, the crypto dealer whose company is based in Dubai, was told to access applications that he uses to manage his crypto business and to contact the intended recipient of the ransom money.

However, whilst in captivity, the Syrian crypto dealer is said to have taken a picture through the window and sent this over to a colleague who was negotiating his release. The colleague, in turn, then sent this to the victim’s other acquaintance who then forwarded this to law enforcement.

Upon receiving the information, Spanish law enforcement launched an investigation which eventually led to the raid on a luxury villa located in Benalmádena. In addition to finding weapons and gardening tools, law enforcement agents also found one of the kidnappers in possession of several fake identity documents. In addition, two of the Syrian crypto dealer’s captors had fake Greek Passports.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons



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]]> https://coinnetworknews.com/syrian-crypto-dealer-freed-from-kidnappers-who-demanded-ransom-of-over-1-1-million-featured-bitcoin-news/feed/ 0 Coinbase’s Arguments ‘a Surefire Loser’ and Possibly Criminal – Featured Bitcoin News https://coinnetworknews.com/coinbases-arguments-a-surefire-loser-and-possibly-criminal-featured-bitcoin-news/ https://coinnetworknews.com/coinbases-arguments-a-surefire-loser-and-possibly-criminal-featured-bitcoin-news/#respond Fri, 05 May 2023 21:00:51 +0000 https://coinnetworknews.com/coinbases-arguments-a-surefire-loser-and-possibly-criminal-featured-bitcoin-news/

According to John Reed Stark, crypto exchange Coinbase’s assertions that its business activities were endorsed by the U.S. Securities and Exchange Commission (SEC) when it approved its initial public offering are “a surefire loser.” According to Stark, the SEC’s approval of Coinbase’s registration statement was done to ensure the latter had made “proper disclosures in their application.”

SEC Not Constrained by Any Doctrine

John Reed Stark, a former chief of the U.S. Securities and Exchange Commission (SEC) Office of Internet Enforcement, has said the arguments that Coinbase’s business activities were endorsed by the commission when it approved its initial public offering (IPO) are “a surefire loser.” Stark also said the assertion that Coinbase has “some sort of regulatory safe harbor” and that the SEC is constrained by some sort of doctrine “has no basis in law or in fact.”

The remarks by Stark came just days after Coinbase chose to publicly disclose its response to the Wells notice it received from the SEC back in March. As reported by Bitcoin.com News, Coinbase made clear its opposition to the SEC’s enforcement actions. Coinbase also implied in its response that the SEC had in fact greenlighted its core business when it allowed the IPO to proceed. The company went public in April, 2021.

However, in his May 1 Twitter thread, Stark, who worked for eleven years as an SEC chief, assailed the assertion that the commission’s approval of Coinbase’s registration statement amounted to an endorsement of the crypto exchange’s activities. According to Stark, the SEC’s approval of Coinbase’s registration statement was done to ensure the latter had made “proper disclosures in their application.”

‘No Approval Clause’

To further support this argument, Stark pointed to regulations which compel companies seeking to raise funds from the public to insert a “No Approval Clause” in their respective prospectuses. The intention of this clause is to inform prospective investors that regulators that include the SEC have neither approved nor disapproved securities being offered.

The former SEC enforcement chief also shared more links which seemingly support the argument that the Commission is not being constrained by some “sort of regulatory estoppel.”

Meanwhile, Stark also suggested in his tweet that Coinbase’s own Form S1 Registration Statement under the Securities Act of 1933 proved that the crypto exchange was aware that its business activities had the potential to cause problems. He said:

Finally, Coinbase’s Form S1 Registration Statement under the Securities Act of 1933, the form that Coinbase filled out to become a public company and the form that the SEC reviewed, disclosed that there is regulatory uncertainty regarding the status of their activities and that Coinbase could be subject to a litany of civil, criminal, and administrative fines, penalties, orders and actions (which is exactly what is happening right now).

Stark ended the long tweet by reiterating that the “no approval clause” was a sufficient warning to Coinbase executives who may face potential jail time should the crypto exchange lose its fight against the SEC.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Andriy Blokhin / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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]]> https://coinnetworknews.com/coinbases-arguments-a-surefire-loser-and-possibly-criminal-featured-bitcoin-news/feed/ 0 BTC to Surge by $20,000 if the US Defaults on Debt Obligations – Featured Bitcoin News https://coinnetworknews.com/btc-to-surge-by-20000-if-the-us-defaults-on-debt-obligations-featured-bitcoin-news/ https://coinnetworknews.com/btc-to-surge-by-20000-if-the-us-defaults-on-debt-obligations-featured-bitcoin-news/#respond Wed, 03 May 2023 07:54:11 +0000 https://coinnetworknews.com/btc-to-surge-by-20000-if-the-us-defaults-on-debt-obligations-featured-bitcoin-news/

Geoff Kendrick, the head of forex research at the banking institution Standard Chartered, recently said that the price of bitcoin is likely to jump by $20,000 in the event of the United States defaulting on its obligations. According to Kendrick, while bitcoin is likely to surge when the U.S. defaults, other cryptocurrencies like ethereum are likely to go down.

U.S. Debt Default a ‘Low-Probability’ and ‘High-Impact Event’

As fears mount that the United States government may default on its debt obligations, Geoff Kendrick, a forex research head at Standard Chartered, said such an event would cause the price of bitcoin (BTC) to surge by more than $20,000. While Kendrick characterizes the default as a “low-probability, high-impact event,” he nonetheless suggested that the top cryptocurrency’s reputation for performing well when markets are down as well as its safe haven status means the nearly 70% surge in its price is possible.

However, the Forex analyst said he believes the surge will not commence immediately after the default. Instead, the surge is likely to be preceded by a price drop of $5,000 before it jumps by $25,000. According to Kendrick, only the price of bitcoin is likely to follow that trajectory while other cryptos like Ethereum are likely to fall when the U.S. defaults.

“So actually, the optimal trade would probably be long bitcoin, short ethereum. That sort of mix would probably be a good expression of this,” Kendrick said.

BTC to Top $100,000 by the End of 2024

As recently reported by Bitcoin.com News, Treasury Secretary Janet Yellen warned that the United States government is likely to default on its obligations on June 1 if Congress fails to raise or suspend the debt limit. According to Yellen, such an event would “produce an economic and financial catastrophe.”

Besides predicting the $20,000 price jump, Kendrick recently said the BTC would top $100,000 by the end of 2024. In a recently published note, the analyst reportedly listed the U.S. banking turmoil, the halving event, and the Federal Reserve rate hikes among some of the factors that are likely to help drive up the price of BTC. However, the note is said to exclude the much-talked-about U.S. debt default.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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]]> https://coinnetworknews.com/btc-to-surge-by-20000-if-the-us-defaults-on-debt-obligations-featured-bitcoin-news/feed/ 0 Jack Dorsey-Backed Bitcoin Legal Defense Fund Supports Open Source Developers in Lawsuit With Craig Wright – Featured Bitcoin News https://coinnetworknews.com/jack-dorsey-backed-bitcoin-legal-defense-fund-supports-open-source-developers-in-lawsuit-with-craig-wright-featured-bitcoin-news/ https://coinnetworknews.com/jack-dorsey-backed-bitcoin-legal-defense-fund-supports-open-source-developers-in-lawsuit-with-craig-wright-featured-bitcoin-news/#respond Mon, 01 May 2023 10:27:41 +0000 https://coinnetworknews.com/jack-dorsey-backed-bitcoin-legal-defense-fund-supports-open-source-developers-in-lawsuit-with-craig-wright-featured-bitcoin-news/
Jack Dorsey-Backed Bitcoin Legal Defense Fund Supports Open Source Developers in Case Against Craig Wright

Bitcoin Legal Defense Fund (BLDF) recently delivered on its promise to fund the legal costs of 11 Bitcoin developers that are the target of the self-proclaimed Bitcoin inventor Craig Wright’s lawsuit. According to Alex Morcos, the “mission [of BLDF] is to safeguard innovation by shielding developers from legal intimidation.”

The Future of Open-Source Software Development

Bitcoin Legal Defense Fund (BLDF), a Jack Dorsey-backed fund, has said it will make its services available to 11 Bitcoin developers named in a lawsuit filed by the self-proclaimed Bitcoin creator Craig Wright. According to the trio behind the fund, defending Bitcoin developers not only eases the pressure on them but ensures the legal system will not interfere with open-source software development.

In a statement, Dorsey, who founded BLDF along with Alex Morcos and Martin White, argued the case for defending the eleven individuals. He said:

The outcomes of these cases are important for everyone, even those who may not be interested in Bitcoin, because these lawsuits could have serious detrimental effects on open-source development writ large, which will negatively impact our lives in ways we may not even realize until it’s too late.

In their defense filed with a High Court in the United Kingdom on April 26, the developers characterized Wright’s allegations as “a fraudulent claim” and insisted his firm, Tulip Trading Limited (TTL) had deliberately commenced legal proceedings knowing full well it has no claim over the missing 111,000 bitcoins.

Litigation Against Developers Having the ‘Intended Effect’

Before jumping to the defense of the 11 developers, the BLDF founding trio penned a letter that explained their reasons for launching the fund. According to the letter, the weight of continued litigation and the threats of more are “having their intended effect” as has been demonstrated by defendants that have capitulated. Therefore, the objective of BLDF “is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem,” the trio said.

Meanwhile, in a separate statement, Alex Morcos said the fund not only seeks to defend the “right of open-source developers to create and freely share their code with the world for the greater good.” Morcos added that the “mission [of BLDF] is to safeguard innovation by shielding developers from legal intimidation.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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]]> https://coinnetworknews.com/jack-dorsey-backed-bitcoin-legal-defense-fund-supports-open-source-developers-in-lawsuit-with-craig-wright-featured-bitcoin-news/feed/ 0 ‘I Like BTC for the Same Reason the Chinese Communist Govt Doesn’t Like BTC’ – Featured Bitcoin News https://coinnetworknews.com/i-like-btc-for-the-same-reason-the-chinese-communist-govt-doesnt-like-btc-featured-bitcoin-news/ https://coinnetworknews.com/i-like-btc-for-the-same-reason-the-chinese-communist-govt-doesnt-like-btc-featured-bitcoin-news/#respond Sun, 30 Apr 2023 09:23:39 +0000 https://coinnetworknews.com/i-like-btc-for-the-same-reason-the-chinese-communist-govt-doesnt-like-btc-featured-bitcoin-news/

United States Senator Ted Cruz has said he remains “incredibly bullish on bitcoin” which he described as the “alpha in the crypto sphere.” According to Cruz, people are attracted to bitcoin because they see it as a hedge against inflation and also as an “important check” against government spending.

Bitcoin Is Still the ‘Most Dominant’

United States Senator Ted Cruz has said he is “incredibly bullish on bitcoin” and he still believes the “insight that led to its creation is still extraordinary.” In his remarks at an event organized by the Bitcoin Policy Institute, Cruz insisted bitcoin is the “alpha in the crypto sphere” because it came first and “is the most dominant one.”

The remarks by Cruz, a Republican from Texas, came at a time when the Biden administration has upped the ante in its fight against the crypto industry. As has been reported by Bitcoin.com News since the start of 2023, U.S. officials and agencies have targeted crypto entities as part of the so-called Operation Chokepoint 2.0. The Securities and Exchange Commission (SEC) charges have ranged from illegally selling securities to American citizens to promoting these without the requisite permissions.

In response to the crackdown which is being spearheaded by the SEC, Republican senators including Cruz have slammed the regulatory body’s chairperson Gary Gensler. Others like the pro-crypto U.S. Senator Tom Emmer claimed that Gensler’s actions are “pushing innovation into the hands of a communist country.” Senator Cynthia Lummis, a BTC advocate and investor, also voiced her displeasure with the SEC’s crypto regulation approach.

BTC a Hedge Against Inflation

Meanwhile, in his address at the Bitcoin Policy Institute event, Cruz explained why he and many others are attracted to bitcoin.

“One of the attractions to bitcoin is as a hedge against inflation and particularly when you have irresponsible politicians in Washington that spend money like drunken sailors,” Cruz said.

Cruz added that the printing of trillions of dollars over the past two years had led to what he described as “significant inflation.” According to Cruz, since BTC is less “susceptible to government control” it can therefore act as an “important check” against wasting government spending.

The Texas Senator also claimed that he likes BTC for the “same reason that the Chinese Communist government doesn’t like bitcoin.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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]]> https://coinnetworknews.com/i-like-btc-for-the-same-reason-the-chinese-communist-govt-doesnt-like-btc-featured-bitcoin-news/feed/ 0 Bitcoin Network Hits 75% Progress Towards Next Reward Halving – Featured Bitcoin News https://coinnetworknews.com/bitcoin-network-hits-75-progress-towards-next-reward-halving-featured-bitcoin-news/ https://coinnetworknews.com/bitcoin-network-hits-75-progress-towards-next-reward-halving-featured-bitcoin-news/#respond Sun, 30 Apr 2023 04:38:42 +0000 https://coinnetworknews.com/bitcoin-network-hits-75-progress-towards-next-reward-halving-featured-bitcoin-news/
Bitcoin Network Hits 75% Progress Towards Next Reward Halving

At 11:06 a.m. Eastern Time (ET) on April 29, 2023, at block height 787,500, the number of blocks left to discover until the next Bitcoin blockchain halving is now fewer than 52,500 blocks. This means the network has progressed 75% through the 210,000-block halving cycle, which will ultimately result in a reduction of the block reward from 6.25 bitcoins per block to 3.125 bitcoins per block.

Bitcoin Halving Countdown: Fewer Than 52,500 Blocks Left to Discover

On Saturday morning (ET), the Bitcoin network progressed 75% of the way toward the next block reward halving, with fewer than 52,500 blocks left to discover until the event occurs. This milestone marks another step in the ongoing evolution of the Bitcoin network as it progresses toward its eventual maximum supply of 21 million bitcoins. The Bitcoin blockchain halves its block reward every 210,000 blocks, which occurs roughly every four years.

Bitcoin has recorded three halvings so far, with the first taking place on Nov. 28, 2012. Prior to that date, Bitcoin miners received 50 BTC per block discovered, and after the first halving, it was cut to 25 BTC. The second halving occurred on July 9, 2016, cutting the block subsidy down to 12.5 BTC, and the third took place on May 11, 2020, slashing the reward down to the current 6.25 bitcoins per block.

The 75% progress mark happened at block height 787,500, and at the time of writing, there are 52,465 blocks left to discover until the halving. Bitcoin’s halving is expected to occur on or around April 22, 2024, while other estimates vary by a few days. With 6.25 bitcoins per block today, Bitcoin’s inflation rate per year is 1.71%, but after the next halving, it is expected to be 0.84%. Statistics show that roughly 900 bitcoins are generated per day, and at the current BTC exchange rate, miners accrue roughly $26,335,800 per day.

The next proof-of-work (PoW) blockchain to experience a reward cut will be the Dash network, but the fraction removed is a reduction and not an official halving. The Dash reward reduction will occur in less than 53 days from now. Litecoin (LTC), on the other hand, will experience a reward halving in less than 95 days from now. The LTC network will see its reward halved from 12.5 LTC to 6.25 LTC on or around Aug. 3, 2023.

Tags in this story
Bitcoin, Blockchain, Cryptocurrency, dash, evolution, Halving, inflation, litecoin, mining, network, Proof of Work, reward

What do you think the impact of the Bitcoin halving will be on the overall cryptocurrency market? Share your thoughts in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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]]> https://coinnetworknews.com/bitcoin-network-hits-75-progress-towards-next-reward-halving-featured-bitcoin-news/feed/ 0 ‘You Need Bitcoin’ — Critics Insist BTC Is Too Volatile – Featured Bitcoin News https://coinnetworknews.com/you-need-bitcoin-critics-insist-btc-is-too-volatile-featured-bitcoin-news/ https://coinnetworknews.com/you-need-bitcoin-critics-insist-btc-is-too-volatile-featured-bitcoin-news/#respond Fri, 28 Apr 2023 05:36:26 +0000 https://coinnetworknews.com/you-need-bitcoin-critics-insist-btc-is-too-volatile-featured-bitcoin-news/

Micheal Saylor, the founder of Microstrategy, has told people living in inflation-stricken Argentina that they now “need bitcoin.” While many bitcoiners have welcomed Saylor’s suggestion, a few critics have said the top crypto asset’s volatility makes it an unsuitable alternative for the faltering local currency.

The Dollarization Option

As the Argentinian currency — the peso — continued with the slide that has seen it depreciate by more than 40% over the past twelve months, Micheal Saylor, the founder of Microstrategy, has chimed in by tweeting that people living in the South American country now “need bitcoin.” In a subsequent tweet, Saylor, a bitcoin critic turned advocate, also shared news about the South American country’s inflation rate after it topped 7.58% per day.

The tweets by Saylor, whose firm is one of the largest corporate holders of BTC, came as reports suggested that some Argentinian politicians favor replacing the peso with the U.S. dollar. As reported by Bitcoin.com News, the Argentinian presidential aspirant Javier Milei has said dollarization can put the brakes on inflation, which officially stood at 103.4% in March.

Milei, who is seen as a frontrunner in presidential elections set to be held on Oct. 22, said he plans to shut down the central bank before starting the dollarization process. Steve Hanke, a professor of applied economics at Johns Hopkins University, has similarly suggested the South American country can only escape its present predicament by dollarizing.

Yet, despite the apparent widespread support for dollarization in Argentina, critics of the U.S. dollar, including Saylor’s followers on Twitter, have voiced their support for his call on residents to choose bitcoin instead.

Policy Brief: Argentina’s Fiscal Imbalances Will Not Go Away After Dollarization

However, some of Saylor’s followers on Twitter like Manu Ferrari B, a self-proclaimed “liberty maximalist,” have said BTC is too volatile and therefore it cannot be a viable alternative to the falling peso just yet. The user suggested that while it is possible for a bitcoin-backed stablecoin to become the solution, more still needs to be done. He added:

But the whole tech is not ready, yet. Most bitcoiners not living in Argentina, Líbano, Venezuela will not understand this. Most bitcoiners talking about Argentina don’t know what they are talking about. Completely centralized stablecoins running on fiat legacy rails are also not a solution.

In addition to being an expensive undertaking, dollarizing the Argentinian economy would result in the country’s central bank becoming subservient to the policies of the U.S. Federal Reserve. Dollarizing would also see the country’s central bank losing seigniorage — the profit earned from printing currency.

A policy brief published by the Policy Center for the New South on April 28, 2022, described the calls for dollarizing the economy as the “revival of a zombie idea.” Denouncing the Argentinian Congress’ proposal to retain the greenback as the country’s primary currency, the brief warned that the country’s “fiscal imbalances will not be eliminated by dollarization.” The brief also said dollarization would further require “a selective default of domestic currency liabilities, a brutal devaluation, and/or a unilateral conversion of public deposits.”

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons, DCStockPhotography / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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