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Former EU Parliament Member Godfrey Bloom Who Calls Banking System a Scam Bought His First Bitcoin

Former Member of the European Parliament Godfrey Bloom has bought his first bitcoin. The British politician is famed for numerous controversial views, such as calling the entire banking system a scam and the state an institution of theft. Godfrey Bloom Now Owns Bitcoin Godfrey Bloom is a British politician who served as a Member of the European Parliament (MEP) for Yorkshire and the Humber from 2004 to 2014. He was elected for the U.K. Independence Party but later served as an Independent. Bloom has also published six books on military history and the Austrian School of Economics. The former MEP…

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Confessions of a Sharding Skeptic

With final preparations for the launch of Ethereum 2.0 soon to be underway, CoinDesk’s Christine Kim spoke to Cayman Nava, technical lead at ChainSafe Systems and Alexey Akhunov, an independent researcher and software developer about the kinks in ETH’s evolution that still need to be worked out. For free, early access to new episodes of this and other CoinDesk podcasts subscribe to CoinDesk Reports with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS. This episode is sponsored by Crypto.com, Nexo.io and Elliptic.co. The Ethereum blockchain processes about three to four times as many transactions as Bitcoin. It’s still not enough, however, to meet…

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The Web Wasn’t Built For Privacy – But It Could Be

Privacy means different things to different people. To some, it’s secrecy. To others, it means anonymity. To some others, it’s associated with criminality.  But privacy is really about power.  When the web was invented, its openness was key. “The dream behind the Web is of a common information space in which we communicate by sharing information,” Tim Berners-Lee, inventor of the World Wide Web, wrote in 1997. “Its universality is essential: the fact that a hypertext link can point to anything, be it personal, local or global, be it draft or highly polished.” That openness encouraged people around the world…

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Inflation Is the Cruelest Tax

A reading of a new piece from the Wall Street Journal that NLW argues shows a shifting mainstream narrative. NLW argues the piece reflects a changing conversation in mainstream financial circles about the possibility of inflation on the other side of new Federal Reserve policy.  Source: CoinDesk

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ETH Volumes Top $119.5 Billion in Q3: High-Risk Dapps Dominate Tron Network

A recent report says total Dapps transaction volumes reached $125 Billion in Q3 2020, a figure which is $113 billion higher than in Q2 2020. From these volumes, the Ethereum blockchain accounts for 96% or $119.5 billion of the total created value with the majority of this being attributed to the DeFi ecosystem. Still, the report observes that the EOS and Tron blockchain, where gambling and high-risk category account for 60% of activity, are the only competing chains to offer Ethereum a challenge, albeit a very limited one. Compiled by Dappradar, the report says the Ethereum blockchain was able to…

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$8M Worth of ‘Sleeping’ Bitcoin Rewards from 2010 Moved the Day Before ‘Black Thursday’

Over a half a million dollars worth of bitcoin from a May 2010 coinbase reward was transferred to Bitfinex on October 1. A parser recorded the old coins being spent and since mid-February 2020, roughly 33 so-called ‘sleeping bitcoin addresses’ from ten years ago have been spent to-date. Interestingly, 20 out of the 33, 2010-issued rewards moved this year were spent the day before ‘Black Thursday.’ Earlier this week, the software program, Btcparser, recorded an old coinbase reward from 2010 getting spent on Thursday, after the 50 bitcoins sat dormant for over a decade. Btcparser is a Telegram and browser…

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Bitcoin Balances on Exchanges at 2-Year Low and That May Be a Bullish Sign

The balance of bitcoin on major exchanges has hit its lowest levels since November 2018. Yet unlike that time, when bitcoin was in the depths of the crypto winter, some see this current spate of low bitcoin balances on exchanges as a sign that a new generation of investors is putting its money in it for the long term. Total Bitcoin Balances on All Exchanges (Glassnode) The last time bitcoin balances on exchanges were at this low a point was in November 2018, according to data from Glassnode. A hard fork on Bitcoin Cash that month may have also caused…

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Novogratz: Dangerous Time to Be in Stocks, Bitcoin Has More Upside Than Gold

Galaxy Digital CEO Michael Novogratz explains why it is a dangerous time to be in the stock market right now, leading up to the U.S. presidential election. While bearish on the dollar, Novogratz is bullish on bitcoin and gold but thinks that bitcoin has more upside than gold. Dangerous Time to Be in Stock Market, Buy Bitcoin Billionaire investor and Galaxy Digital CEO Michael Novogratz explained his view on the best investments as the November U.S. presidential election approaches in Wednesday’s episode of CNN’s Markets Now show. “I think in the short run we saw the high in the Nasdaq,…

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Only 2.5 million Bitcoin left to mine

With only 21 million Bitcoin (BTC) to be issued, a little under 2.5 million BTC remains for mining. In a tweet, ChartBTC said the Bitcoin network already passed the 18.5 million BTC mark in circulation. This means there is less than 2.5 million BTC left, or about 11.9% of the total Bitcoin to be generated. ChartBTC pointed out half of the remaining 2.5 million BTC will be mined in the next four years. Since the genesis block back in 2009, the Bitcoin network has already undergone three halvings, with the third halving taking place in May this year. As the…

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The 51% Attack Nightmare Scenario (Isn’t That Bad)

On this Speaking of Bitcoin episode, join hosts Adam B. Levine, Andreas M. Antonopoulos, Stephanie Murphy & Jonathan Mohan for an in-depth discussion about what’s really at risk when blockchains suffer the dreaded 51% attack. On today’s show we’re talking 51% attacks, the much discussed, infrequently seen and fairly misunderstood doomsday scenarios. It’s a topic of discussion that’s recently re-emerged as Ethereum plans its transition to Proof-of-Stake and fork Ethereum Classic is hit by its third in less than a month. Although the numbers may change, basically any blockchain you can imagine is vulnerable to some form of the so-called 51% attack. …

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$2.4 Trillion Stimulus Package Proposed in US With Second Direct Payments to Americans

A new stimulus package costing about $2.4 trillion is being prepared in the U.S. that includes a second round of stimulus checks for Americans. Since the first coronavirus stimulus package was signed into law, talks of further relief aid have stalled. This new proposal aims to restart the stimulus package discussion. Nancy Pelosi Plans to Introduce a $2.4 Trillion Stimulus Package House Democrats are reportedly putting together a new coronavirus stimulus plan, which would cost about $2.4 trillion, which is roughly $1 trillion less than their previous proposal. CNBC described: The bill would include enhanced unemployment insurance, direct payments to…

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Americans don’t want to give up their paper money, but they should

The recent health scare surrounding the COVID-19 outbreak seems to have accelerated the move toward a cashless society, with cashless payment spiking in concert with viral cases. Yet, our findings in a Genesis Mining study called “Perceptions and Understanding of Money 2020” indicate that a significant majority of Americans are not psyched about parting with their paper money on a permanent basis. To be more specific, we found that 60% of respondents are opposed to the idea of paper money being replaced with “digital-only money.” This could be a “devil-you-know” versus a “devil-you-don’t-know” situation where familiarity with paper money is…

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Americans don’t want to give up their paper money, but they should

The recent health scare surrounding the COVID-19 outbreak seems to have accelerated the move toward a cashless society, with cashless payment spiking in concert with viral cases. Yet, our findings in a Genesis Mining study called “Perceptions and Understanding of Money 2020” indicate that a significant majority of Americans are not psyched about parting with their paper money on a permanent basis. To be more specific, we found that 60% of respondents are opposed to the idea of paper money being replaced with “digital-only money.” This could be a “devil-you-know” versus a “devil-you-don’t-know” situation where familiarity with paper money is…

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The Biggest Story in Crypto: The Stablecoin Surge and Power Politics

Welcome to Opinionated, a new podcast featuring CoinDesk’s leading columnists and contributors. I’m your host, Ben Schiller, CoinDesk’s opinion editor. On this week’s show, we’re joined by Nic Carter, cofounder of Coin Metrics and partner at Castle Island Ventures. Nic discusses this year’s $20 billion surge in USD-backed stablecoins (what he calls “crypto-dollars”) and the potentially enormous implications of an offshore dollarization system based on blockchain. Fiat-backed stablecoins are “not what Satoshi intended,” Carter says, but their “preposterous” growth this year is the “the most important phenomenon in the industry.” “It not only tells us about the maturation of the…

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Understanding the Coming Currency Cold War

Will the future of currency be led by the U.S., China, Bitcoin, or some combination we can barely imagine today? In it, Wilsner talks to experts about four scenarios: A multi-currency scenario, where exchange is abstracted away via digital wallets A China-led scenario A U.S.-led scenario A bitcoin/non-state currency-led scenario In addition to reading, NLW gives his take on which scenario is most likely.  Source: CoinDesk

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The Yearn.finance factor: Key use cases to explain YFI’s high value

The crypto industry is known for its dramatic price action, euphoria and bubbles. In the latest sustained fad since the 2017 initial coin offering, or the ICO boom, the decentralized finance niche of the industry now captivates the attention of many participants. One particular asset within this niche, YFI, has pumped to amazing price heights, totaling at least 4,400% gains inside a two-month span. Is this price action warranted, and does the token have actual value? “YFI’s value lies in its design as a governance token, allowing the community to vote and decide on the direction of the Yearn Finance…

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Dinner is served: Here’s what DeFi’s food-meme tokens bring to the table

Lately, in the crypto scene, everything related to decentralized finance is being considered a gold mine. While DeFi has brought solid projects to the industry, there’s also a hot new craze, and it’s related to food. Everything from yams to burgers is now being converted to a coin and sold like a tasty meal at a food fair, and investors can’t seem to get enough of these food-themed coins. However, there are growing concerns over the sustainability of these DeFi projects. At the beginning of the month, Hotdog, a food-themed project, shed 99% of its value within minutes. The occurrence…

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Tether’s Stablecoin Dominance Drops Below 80% as Audit Controversy Lingers On

The total volume of stablecoins in circulation is closing in on the $20 billion mark, while the market-leading coin, USDT’s share of the total circulating supply continues to shrink, data from Coinmetrics shows. According to the data, USDT now accounts for an estimated at 80% of total supply, and the majority of the coins are now issued on the Ethereum and Tron networks. Out of the total supply, the USDT-ETH accounted for approximately 53% while USDT-TRX took just over 20% of USDT’s total circulating supply. On the other hand, USDC, which has a market capitalization of $2.53 billion according to…

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NASDAQ-Listed Company Buys $175M in Bitcoin | Bitcoin News Summary Sep 21, 2020

 The decentralized exchange, Uniswap has launched its own governance token called UNI which had a massive impact on the entire crypto market. Especially on Ethereum, as network fees have soared again. The value of the token skyrocketed after its launch as major exchanges like Binance, Coinbase and OKeX listed the token almost immediately. Cryptocurrency trading platform Kraken has received a banking license recognized under federal law to operate as a bank in the U.S. Kraken Financial can now provide comprehensive deposit-taking, custody and fiduciary services for digital assets in Wyoming. The banking operations will soon operate globally. Cryptocurrency exchange,…

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