Italy blocks ChatGPT, investigates suspected violations
The move follows a recent data breach suffered by the AI platform on March 20, where user data was exposed to a user.
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The move follows a recent data breach suffered by the AI platform on March 20, where user data was exposed to a user.
The German financial regulator has taken a decisive step by prohibiting Ethena GmbH from selling their USDE token. This action comes after the regulator conducted a thorough investigation into the company’s operations and found that they were not complying with regulatory requirements. The ban on USDE sales serves as a reminder that regulatory compliance is [...]
The post German financial regulator bans Ethena’s USDe sales appeared first on Crypto Breaking News.
Lido DAO token (LDO) is trading in red at $2.57 after witnessing a significant rally in the past four days. The token is down 7.53% [...]
Starling Bank has informed its customers that the bank no longer supports fund transfers to cryptocurrency platforms, including crypto exchanges. The bank stated that cryptocurrencies “are high risk and heavily used for criminal purposes and, as such, we no longer support them.” Starling Bank Blocks Fund Transfers to Crypto Exchanges London-headquartered Starling Bank recently notified
The post UK Bank Starling Blocks Payments to Crypto Platforms — Claims Crypto Is High Risk, Heavily Used for Criminal Purposes appeared first on BTC Ethereum Crypto Currency Blog.
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These five moments shaped Bitcoin On-Chain analysis. Down below you’ll find a basic 101 article that reviews the basic concepts of the trade. If you have any problem with the list, David Puell is to blame. He’s a full-time on-chain analyst and the creator of MVRV and Puell Multiple. He didn’t include the metrics he created on the list, which says a lot. Related Reading | Lessons From Reason’s “The Fake Environmentalist Attack on Bitcoin” Mini-Doc In the following article, there’s also something for on-chain analysis experts. A side game called: Did your favorite moment make it? 1. ByteCoin invents cointime destroyed in 2011, the very first on-chain metric ever, still used today, and first metric to detect holding behavior in any financial asset. — David Puell (@kenoshaking) February 17, 2022 Anyway, let’s get into it. On-Chain Analysis Moment #1- ByteCoin Invents Coin Days Destroyed (CDD) AKA Coin Time Destroyed Invented In 2011, according to Puell, CDD is “the very first on-chain metric ever, still used today, and first metric to detect holding behavior in any financial asset.” How does the metric detect holders, though? According to Glassnode Academy, “Coin Days Destroyed is a measure of economic activity which gives more weight to coins which haven’t been spent for a long time.” So, the first eureka moment was to get the coin’s age into the equation. That way, the all-important holders also entered. Glassnode again: “It is considered an important alternative to looking at total transaction volumes, which may not accurately represent economic activity if value was not stored for a meaningful time. Conversely, coins held in cold storage as a long term store of value are considered economically important when they are spent as it signals a notable change in long-term holder behaviour.” BTC price chart for 02/17/2022 on Gemini | Source: BTC/USD on TradingView.com 2. Moment #2 – Willy Woo and Chris Burniske Invent NVT Ratio This one emerged in 2017, and, according to Puell, it’s “where on-chain begins its Golden Age and became clearly an ecosystem of specialists”. It’s also “the first application of traditional economic/financial concepts to Bitcoin”. But, what’s the NVT Ratio specifically? Glassnode Academy responds: “Network Value to Transactions (NVT) Ratio describes the relationship between market cap and transfer volume. Per Willy Woo, its creator, NVT can be considered analogous to the PE (price to earnings) Ratio used in equity markets.” Another way to look at it is, “NVT is that it is the inverse of monetary velocity, comparing two of Bitcoin’s primary value propositions”. Those are store of value Vs. settlement/payments network. 3. @nic__carter and @khannib invent realized cap in 2018, the single most important and robust metric in the field, and first verifiable discovery of the cost basis of any asset. — David Puell (@kenoshaking) February 17, 2022 On-Chain Analysis Moment #3 – Nic Carter And Antoine Le Calvez Invent Realized Capitalization Created In 2018, Puell thinks Realized Capitalization is “ the single most important and robust metric in the field, and first verifiable discovery of the cost basis of any asset”. But, what is it exactly? According to Glassnode Academy, Realized Capitalization also makes on-chain analysis look into the age of the coins. “Realized capitalization (realized cap) is a variation of market capitalization that values each UTXO based on the price when it was last moved, as opposed to its current value. As such, it represents the realized value of all the coins in the network, as opposed to their market value.” Ok, “realized cap reduces the impact of lost and long dormant coins, and weights coins according to their actual presence in the economy of a given chain”. How does it do it, though? Glassnode again: “When a coin that was last moved at significantly cheaper prices is spent, it will re-value the coins to the current price, and thus increase realized cap by a corresponding amount. Similarly, if a coin is spent at a price lower than when it was last moved, it will re-value to a cheaper price and have a corresponding decrease on realized cap.” Moment #4 – Dhruv Bansal Invents HODL Waves Created in 2018, HODL Waves is the “last major primer in on-chain analysis, first metric to segregate supply into different conceptual frameworks”. According to Purell, it’s also the “most comprehensive economic time analysis on Bitcoin to date”. Surprising no one, HODL Waves also looks at the age of the coins. According to Glassnode Academy: “HODL Waves provide a macro view of the age of coins as a proportion of total coin supply. This provides a gauge on the balance between short term and long term holdings. It can also indicate where changes in this age distribution occur as the thickness of HODL wave bands change in response to dormant coins maturing, or when old coins are spent, resetting their age into the youngest category.” 5. @ErgoBTC releases the forensics of PlusToken in 2019, the grey swan that defined the market structure of Bitcoin for that year and first relevant nation-state attack on the asset. — David Puell (@kenoshaking) February 17, 2022 On-Chain Analysis Moment #5 – Ergo Releases The Forensics Of PlusToken This famous case happened in 2019. According to Purell, it’s “the grey swan that defined the market structure of Bitcoin for that year and first relevant nation-state attack on the asset.” For a report on the situation, we had to consult Crypto Briefing, who spoke to: “Ergo, the lead researcher of the report, told Crypto Briefing in an email that the most striking feature of this scam was its size. “Billion-dollar scams are very rare,” they said. “We did not expect the previously reported 200K BTC volumes to be accurate, but they were.” Related Reading | Bitcoin On-Chain Demands Suggests That The Market Has Reached Its Bottom The Ergo team also explained why the laundry of the funds didn’t work that well. It was because they practiced “self-shuffling.” What’s that, you ask? Crypto Briefing again: “It refers to the “repeated UTXO splitting and merging in hundreds of transactions,” according to the report. This method was both easy to track and the most common way in which PlusToken funds were handled.” This case wouldn’t be complete without a big institution’s involvement. This time, the suspect is Huobi: “Huobi played a major role in off-loading these funds too, with nearly 250,000 addresses associated with the PlusToken funds. These addresses were reduced to two clusters which were identified following the incompetent privacy standards.” Of course, those are just suppositions. When it comes to the giant Huobi, nothing’s been proven. Feature Image by analogicus on Pixabay | Charts by TradingView
Iran has restricted bitcoin mining operations for the second time this year. Licensed miners are required to shut down until March. Excessive energy demand has led to less power sent to industrial consumers. Iran has once again ordered bitcoin miners to shut down to ease power demand on the country’s energy grid during the winter […]
According to the Russian legislation, it is not prohibited for individuals or legal entities to buy cryptocurrencies in foreign markets, but it is prohibited to issue them on domestic platforms and use them as means of payment within the Russian Federation. In an interview on Friday the 17 December 2021, by the local media house […]
India Crypto Ban: headline should probably read, “Turns Out India Didn’t Ban Crypto After All… for the umpteenth time.” There is no any ban plan in crypto Salute to this journalist https://t.co/kOQE0uUKPm — Pushpendra Singh (@pushpendrakum) November 24, 2021 Yesterday a report came out — I won’t link to it — that claimed India was banning “most’ cryptocurrencies. […]
The post Turns Out India Didn’t Ban “Most” Crypto After All appeared first on CryptosRus.
Bitcoin entrepreneur John Carvalho might be on to something. In a recent episode of the Tales from the Crypt podcast, he posed his theory on why did China shot itself in the foot by banning Bitcoin mining early in the year. We at NewsBTC have been racking our brains trying to come up with possible reasons for the bizarre decision. Are they making way for their CBDC? Is the CPC cutting the wings of Chinese Billionaires in all areas? Were they already losing the hashpower battle? Is China having energy problems? Is this an ESG issue? Were they closing the exit ramps before the Evergrande collapse? Is Bitcoin just too dangerous? Why would they retire from a billion Dollar business that they controlled? Why? WHY? It has been a long time since I last joined TFTC to chat. I had a great time discussing misc Bitcoin and "good morning tweet" topics. Check it out! https://t.co/TVbOEjHWFD — John Carvalho (@BitcoinErrorLog) November 2, 2021 The interviewee summarizes our position with one phrase, “I refuse to believe that China is stupid.” According to Carvalho, they’ve made too much money in the mining business alone, and they also control the ASICs manufacturers. Not only that, mining machines inflate the value of chips. And they control that business too, alongside Taiwan and South Korea. Why would they shoot the goose that laid the golden eggs? It just doesn’t make sense… unless… Carvalho’s Mind Blowin Theory Warning: the following text is full of speculation and assumptions. “I can easily be wrong,” was one of the first things Carvalho said. He doesn’t have any proof that this is what’s happening and neither does NewsBTC. Let’s take it as a thought exercise. This is how Carvalho would “play the game,” though. And if he could come up with that plan, so did the CCP leaders. According to Carvalho, every cycle China manipulates the Bitcoin price to get more BTC. They sell, use the collateral to short Bitcoin, and reaccumulate when the bear market arrives. This time, though, China was facing a more mature and sophisticated market. Their FUD techniques were not working. People weren’t falling for their tricks. So, they had to turn it up a few notches. The main ASIC manufacturer, the Chinese company Bitmain, had a new generation of miners ready. So, the CCP “decided to create a demand for the aftermaket and combine it with the FUD.” As they usually do, they sold their Bitcoin and made their shorts. Then, China banned Bitcoin mining and the whole country turned off the ASICs. The world perceived the ban as real, just “look at the hashrate.” This is the first time this happens. Then, China sold a small portion of its ASICs to the USA. According to the latest stats, the USA now provides the biggest percentage of Bitcoin’s hashrate… or does it? “Everybody has this narrative where China has stupidly left mining and giving it to the US,” Carvalho said unconvinced. A few months after the China ban, American mining companies are suddenly on everyone’s radars. But, is this really what’s going on? If The Theory Holds Up, China Will Come Back To The Mining Game This is price manipulation on another scale. China figured out a way to get more Bitcoin both against traders and against buyers of ASICs in other countries. They got rid of the old equipment, and Bitmain will provide new machines soon enough. Then, China’ll buy back their Bitcoin and turn their next-gen ASICs on. According to Carvalho, maybe they already did, and they’re just not signing blocks or signing their blocks differently. If this is true, they’ll unban Bitcoin mining soon enough, and spin a “the resurrection of Asian mining” narrative. The Tales From The Crypt host, Marty Bent, is not convinced. He argues that we have to separate CCP from the individual Chinese miners. It’s worth noting that Bitcoin mining is Bent’s field of expertise. He is himself a miner and is involved with some major Bitcoin mining companies. According to Bent, there definitely have been mining farms that operated in mainland China and moved to the US. And sizable operations, at that. He thinks that maybe the Chinese didn’t move all the hashrate to the U.S., but they definitely moved “a material ammount.” He also believes that, even after the ban, there’s definitely hashrate still in China. According to Carvalho, there’s anecdotal evidence that contradicts the theory, but it’s only anecdotal. “We don’t have enough information about China,” he says. Bent agrees and adds that, due to the permissionless nature of the Bitcoin network, we can never truly know what’s happening. However, “foreign buyers are getting access to new gen miners.” At least to the preorders. Take that for what it’s worth. BTC price chart for 11/08/2021 on Bittrex | Source: BTC/USD on TradingView.com Conclusion And Other China Theories According to Carvalho, using web traffic measuring tools, you could check that traffic to the Chinese mining pools is roughly the same as before the ban. The signing of blocks is manipulatable. “The only reason we know who mines what is because they say they mined it,” he says. What does this mean? Are the Chinese already mining? Is there an increase in unsigned blocks? Or are they just signing them as non-Chinese entities? They could’ve been planning this for a long time, setting the pieces in place. The TFTC host poses an alternative theory. This one’s based on his conversation with Edwar Evenson from Braiins, who lived in China. According to Evenson, this year marked the 100th anniversary of the CCP, and the theme of the celebration is “harmony.” And, sadly, they consider Bitcoin mining as unharmonious. That’s the reason they banned it. Once the anniversary passes, they’ll quietly allow it back. Maybe, but according to Carvalho, the Chinese quietly returning to mining is exactly what would happen if any of the two theories are true. He admits that, to confirm his theory, serious research that he can’t perform needs to be done. So, he leaves it open to the public to step up and do it. NewsBTC did its part by publishing this article. It’s your turn now. Featured Image by panayota from Pixabay - Charts by TradingView
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The biggest property developer in China, Evergrande, seems to be on the verge of collapse. They apparently owe $300B. Is bankruptcy on the table? There’s a better question, though. Is Evergrande the only company in the sector with these kinds of debts? Or is Evergrande just a symptom of a widespread disease? Also, how does this relate to Bitcoin? Do we present a valid case in the following article? Is this “China’s Lehman moment,” as the pseudonymous Bitcoin analyst suggests? Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course What we know for sure is that “China’s major banks have been notified by the housing authority that Evergrande Group won’t be able to pay loan interest due Sept. 20,“ according to Reuters. Plan B’s comment sets the tone, and the video shows the intensity of the situation: China's Lehman moment. The money printing will be massive, I repeat MASSIVE! This is good for #bitcoin https://t.co/lAdSMhnk3L — PlanB (@100trillionUSD) September 15, 2021 Check yesterday’s date. Well, on September 15th, 2008, Lehman Brothers filed for bankruptcy. Let’s quote Investopedia for a quick recapitulation. “At the time of its collapse, Lehman was the fourth-largest investment bank in the United States with 25,000 employees worldwide. It had $639 billion in assets and $613 billion in liabilities. The bank became a symbol of the excesses of the 2007-08 Financial Crisis, engulfed by the subprime meltdown that swept through financial markets and cost an estimated $10 trillion in lost economic output.” Is China living through a similar situation right this minute? How Did China Evergrande Get Here? A few days ago, on September 13th, the South China Morning Post seemed cautiously optimistic about the situation. They explained the root of the issue: “Reports about missed payments to contractors, attempts to reschedule payments on wealth management products, and failure to sell assets have prompted Chinese regulators and the central bank to intervene to prevent a shock to the financial system.” At the time, the big news was that they hired “Houlihan Lokey and Hong Kong-based investment bank Admiralty Harbour Capital to assess its capital structure, evaluate the liquidity and explore ways to ease its current liquidity crunch.” And you know what that meant: “Hiring such financial advisers means Evergrande has come to a serious stage of listing what it owns, what it owes and what are the best plans” to extricate itself, said Lung Siu-fung, an analyst with CCB International. The writing was on the wall. Evergrande price chart on HKEX | Source: 3333 on TradingView.com Where Are We Now? Is China Really In Trouble? Apparently, China Evergrande was caught in a loop. The company was pre-selling apartments and using that money to fund other projects, in which they also pre-sold the apartments and the cycle started again. Evergrande bonds are suspended, and there’s a chance they won’t be active ever again. They might be worthless. The stock is near its all-time low, it has lost nearly 80% of its value this year. Completing the story, CNBC informs: “The company warned investors twice in as many weeks that it could default. On Tuesday, Evergrande said it’s at risk of a cross default, which means such risks could spill into other related sectors. Evergrande said Tuesday its property sales would continue to deteriorate significantly this month, adding to its severe cash flow problems.” Is there a possibility that Evergrande’s problems are the symptom of a widespread disease? That’s the $1M question. Is China’s real state sector really in trouble? For that answer, we have to go to ZeroHedge’s report: “Country Garden, the nation’s largest developer by sales, plunged 16% in the past two days, while Gemdale slumped 12% as a gauge of property shares in Shanghai tumbled almost 5% in the period, with valuations firmly below book value. Following the news, Guangzhou R&F Properties drops 10.8% to the lowest since Dec. 2008 while Greentown China -9.1%. At this point, one can safely call it a crisis.” How Does Evergrande Relate To Bitcoin? China’s Bitcoin policy doesn’t make sense. Regulating themselves out of the leadership position in the most important industry of our times is beyond comprehension. There has to be something else going on. We at NewsBTC have been on the case. We explored the Digital Yuan CBDC angle. We looked at ads selling small hydropower stations. We discovered China’s dominance over the Bitcoin hashrate was waning before the ban. And we detailed the so-called new “China Model.” The guaranteed outcome of fractional reserve banking: Impairment of promises. It's just a matter of when and at what magnitude. The impairment of credit will cascade to other balance sheets unless central planners debase the currency via QE, UBI, and/or debt forgiveness. BRRRRR — Preston Pysh (@PrestonPysh) September 15, 2021 Under Plan B’s original tweet, two comments attract attention. Investor and podcaster Preston Pysh feels that the situation is “The guaranteed outcome of fractional reserve banking: Impairment of promises. It’s just a matter of when and at what magnitude.” And the person behind Documenting Bitcoin goes conspiratorial and says, “They knew this was coming. Perhaps this is why they “banned” bitcoin.” That, as you might imagine, opens a huge can of worms. Related Reading | Since China’s Mining Ban, Bitcoin Hashrate Has Recovered by 68% And Counting Full of confidence, Plan B responds, “Yes, and they closed the exits, typical they always do that.” Bad for the people in China but, in general, bullish for Bitcoin. To recap: the government saw this coming from a distance. They knew the crisis was going to repeatedly hit the country and banned Bitcoin mining to scare the population into not buying the hardest asset ever created. Bitcoin, the true hedge against the collapse of every economy. In any case, the Chinese government will probably try to print its way out of this one. And somehow it’s going to use this crisis to unveil their Digital Yuan CBDC. Does the theory sound coherent to you? Or is there even more to this story? Featured Image by Li Yang on Unsplash - Charts by TradingView
Bitcoin’s September dump is just par for the course. Covered Current Market Dump Similarities To Previous Bull Run Overall Market Outlook Current Market Dump Bitcoin Day (September 7th) ended up being a bust. Bitcoin (ticker symbol: BTC) tumbled as low as $42,000 USD on the day El Salvador officially deployed the world’s first cryptocurrency as […]
The post Bitcoin Bull Run: How The Latest Dump Compares To 2017 appeared first on CryptosRus.
Bitcoin is a perpetual motion machine. The Bitcoin hashrate is slowly climbing to pre-China-ban levels, and the service continued uninterrupted without a hiccup. Such is the power of well-placed incentives. Pantera Capital’s CEO Dan Morehead adds one more factor to the equation. “The bitcoin network has recovered 68% of the drop in hashrate that our difficulty model attributed to China’s ban—likely in places with cleaner energy.” The recovery is happening exactly as forecast. The #bitcoin network has recovered 68% of the drop in hashrate that our difficulty model attributed to China's ban—likely in places with cleaner energy. The transition to renewables is underway. Sep Letter: https://t.co/xLyaLpPQQN pic.twitter.com/UsK9ML3BU8 — Dan Morehead (@dan_pantera) September 9, 2021 In the company’s newsletter, Pantera fleshes out the argument: “Although difficult to know with certainty, it seems very likely that much of the reboot in mining power is occurring in places with cleaner energy than those utilized by Chinese miners. The transition to renewables is well underway.” Regarding The Bitcoin Hashrate, Are ESG Concerns Even Important? Here at NewsBTC we’ve determined that China’s Bitcoin mining tended to go to provinces with abundant green energy. Bitcoin incentivizes that. The Bitcoin hashrate tends to go where the energy is cheap. We’ve also determined that the environment doesn’t seem to be the reason for China’s Bitcoin mining ban. “The fact that the electricity for crypto mining in Sichuan came from clean hydropower meant that many thought the province would be a safe haven for Bitcoin miners. As pressure on local governments to cut carbon emissions mounts, projects were successfully shuttered in some other provincial-level regions — such as Xinjiang and Inner Mongolia — where the mining was chiefly fueled by coal.” The only thing we can know for sure about the Chinese government’s plan is this: the environment is not on their radar. They’re closing these mining operations for other reasons altogether. It’s also important to remember that China’s Bitcoin hashrate dominance was already on decline before the mining ban. “According to Arcane Research, CBECI numbers say that: China’s share of total Bitcoin mining power has declined from 75.5% in September 2019 to 46% in April 2021?—?before the restrictions on Chinese miners were even imposed. That figure is much lower than the older estimate of 65%. That’s a sharp decline. Why did China’s miners lose so much ground before the ban?” None of this invalidates Pantera Capital’s original thesis, though. “The transition to renewables is well underway,” that certainly seems to be the case. And the Bitcoin hashrate keeps climbing. BTC price chart for 09/09/2021 on Timex | Source: BTC/USD on TradingView.com Do Bitcoin Halvins Imply Cuts In Energy Consumption? Another interesting idea present in the mentioned newsletter is this one: “Bitcoin has a built-in mechanism to reduce energy consumption over time. The number of bitcoin issued in the every-ten-minutes block reward is cut in half every four years. Ceteris paribus, the amount of electricity Bitcoin consumes will be cut by 50% every four years. For comparison, the Paris Accord only requires 7% cuts every four years.” Of course, when related to fiat currencies, Bitcoin’s price fluctuates. So, the value of every Bitcoin stays the same, but the price might – and usually does – increase more than twofold. Even though the miner’s rewards are cut in half, their earnings might increase. That extra money could bring even more competition and a Bitcoin hashrate increase with it. Taking that into account, Pantera poses: “Perhaps a more realistic scenario is if the price of bitcoin were to double every four years in parallel with the halvings – putting bitcoin at $320,000 /BTC in 2032 – electricity consumption would be no greater than it is today.” Enough About The Bitcoin Hashrate, What About The Price? Another point that the newsletter makes is this one.“This is China’s third ban of Bitcoin. The reverse hex is still working – the price is up 57%.” Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course Is this a bullish signal? Bitcoin’s price has “only” increased by 57% since the Chinese mining ban sent the Bitcoin hashrate in death spiral for a few seconds. Bitcoin paid the price and resisted sabotage like a hero. We’re not sure if a “reverse hex” could be considered reliable information, but… maybe this IS a bullish signal? Featured Image by Diana Polekhina on Unsplash - Charts by TradingView and Pantera Capital
Ohio is taking steps to become a more crypto-friendly state by introducing a bill that aims to prevent imposing state taxes on cryptocurrency payments. The state has been making efforts to embrace digital currencies and blockchain technology, and this new bill further solidifies Ohio’s commitment to fostering innovation in the crypto space. The bill, if [...]
The post Ohio Bill Bans State Taxes on Crypto Payments appeared first on Crypto Breaking News.
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