05-16 | Mon

Maximalists at the movies: Bitcoiners crowdfunding anti-FUD documentary film

As the headlines pile up about Bitcoin’s calamitous environmental impact, one group of investors and supporters have stepped up to the plate to defend the world’s largest digital asset with the help of a crowdfunded, FUD-fighting documentary film.  First announced by investor, podcast host, and Bitcoin fanatic Brad Mills on Twitter, the goal of the film is to act as a “definitive” argument for “why Bitcoin will transition the world to renewable energy faster than governments.” I found the filmmaker (@jamie_jk) to make the definitive short film on why Bitcoin will transition the world to renewable energy faster than governments.It will only cost $20-30k for a professional mini-doc on BTC energy FUD.I will put up $5k in, who’s with us?#GreenBitcoin

Andrew Thurman 14:35


Early crypto pioneer slams Elon Musk’s ‘hypocrisy’ on Bitcoin payments

The founder of one of the first physical cryptocurrency exchanges has slammed what he perceives as hypocrisy on the part of Elon Musk after the Tesla CEO announced the electric car firm would stop accepting Bitcoin (BTC) as a form of payment. The charges of hypocrisy leveled at Musk stem from the fact that around $1.5 billion worth of Bitcoin remains on Tesla’s balance sheet. Musk criticized Bitcoin’s energy consumption in a recent tweet where he announced that Tesla had suspended vehicle purchases using Bitcoin. The sudden reversal by Musk comes just six weeks after Tesla made big news by announcing it would accept Bitcoin payments from customers in the United State.

Greg Thomson 14:33


Shanghai Man: Aping out of gorilla token, digital dollar Biden its time... and more

This weekly roundup of news from Mainland China, Taiwan and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape and enterprise blockchain integrations. Feed Every Gorilla (FEG) was a source of drama after memes were posted of Chinese President Xi Jinping. The token claims to use its revenue to take care of gorillas and had been gaining attention among animal-related tokens, amassing a market cap of over $1 billion. Some Chinese community members found the memes offensive and, after not finding support from the team, began to abandon the project. The incident went viral, and Chinese centralized exchanges, including OKEx and, responded by delisting the token. FEG's price dropped around 75% before rebounding slightly on Thursday. The community became divided, with one side claiming Chinese censorship was being forced upon the cryptocurrency community. In all likelihood, the decision to delist the token was more out of caution than outrage, as cryptocurrency exchanges operating in a legal gray area often find it advantageous to avoid being associated with scandal and controversy.

Ben Yorke 14:30


City in North Dakota now accepts cryptocurrency for utility payments

A city in North Dakota is joining the cryptocurrency adoption race in the United States by starting to accept crypto payments. Hercules Cummings, finance director for the City of Williston, announced Thursday that the city administration has partnered with crypto payment firm BitPay to start accepting cryptocurrencies like Bitcoin (BTC) as payment for utility bills. “We have partnered with BitPay, the largest virtual payment merchant whose partners include Microsoft and Facebook. We are the first municipality in the State of North Dakota, and the third in the nation, to offer this service,” the city executive stated.

Helen Partz 14:28


DOGE surges as Elon Musk says he’s working with devs to ‘improve efficiency’

Elon Musk’s latest foray into crypto markets came a few hours ago when he tweeted he is working with the Dogecoin developers to improve the cryptocurrency’s efficiency. According to CoinGecko, the price climbed 26% from $0.38 this morning to $0.48 at the time of writing. The tweet’s reference to “efficiency” seemed to lend weight to the idea Tesla may add Dogecoin (DOGE) as a form of payment after the CEO noted on Thursday the firm is looking at greener cryptocurrencies that use less than 1% of Bitcoin’s energy per transaction.

Brian Quarmby 14:26


Elon Musk loses $20B since SNL, as Michael Saylor comes out firing

Elon Musk has reportedly lost $20 billion since his May 8 appearance on Saturday Night Live, as the news of Tesla halting Bitcoin payments for cars continues to send shockwaves across markets. On May 7, the day before Musk made his appearance on SNL, Tesla stock was sitting at $669. In the week since, the stock has declined 14% to sit around $573. According to Forbes estimates, this sudden drop has seen Musk’s $166-billion net worth plunge by $20 billion down to around $145.5 billion. The 14% drop this week adds to an overall downward trend for Tesla stock over the past 30 days. On April 14, TSLA shares were sitting at $784. Friday’s price of $573 marks a 26.91% decrease over this period, according to data from TradingView.

Brian Quarmby 14:23


Bitcoin whale MicroStrategy buys additional 271 BTC

MicroStrategy, a Virginia-based business intelligence firm, has added another 271 Bitcoin (BTC) to its strategic reserves, underscoring CEO Michael Saylor’s growing conviction in the digital asset.  The purchases were made through May 13 for an average price of $55,387, Saylor disclosed on Thursday. MicroStrategy now has 91,850 BTC on its books for an average purchase price of $24,403. MicroStrategy has purchased an additional 271 bitcoins for $15.0 million in cash at an average price of ~$55,387 per #bitcoin. As of 5/13/2021, we #hodl ~91,850 bitcoins acquired for ~$2.241 billion at an average price of ~24,403 per bitcoin. $MSTR

Sam Bourgi 14:21


Crypto industry brass explains harnessing renewable energy could help BTC miners

The energy consumed by mining — the process that keeps Bitcoin’s blockchain running — has been an increasingly popular topic of discussion in recent weeks. On Friday, CNBC posted an interview with SUKU CEO Yonathan Lapchik, during which he explained the Bitcoin mining scene as it relates to renewable energy. The interviewer noted Lapchik previously claimed that 75% of Bitcoin mining comes from renewable energy. “We think that 75% is an actual figure,” Lapchik told CNBC, “The miners are truly incentivized to use renewable energy." Turning his thoughts to electric car-maker Tesla, which recently announced it would no longer accept Bitcoin for purchases due to environmental concerns, Lapchik said “It’s surprising that Elon didn’t consider that before getting into the space, before accepting Bitcoin as a payment mechanism for Tesla.”

Benjamin Pirus 14:19


Bitcoin is durable, says BlackRock's Rick Rieder

Rick Rieder, chief investment officer at BlackRock Financial Management, is pushing back against Telsa CEO Elon Musk’s decision to drop Bitcoin as a form of payment. In an interview with CNBC’s Squawk Box on Thursday, Rieder said Bitcoin (BTC) had “not reached maturity yet” and still had some hurdles to overcome, like the public perception of its energy consumption and price volatility. Though he didn't specifically mention Musk’s claims that the crypto asset comes “at a great cost to the environment,” he said BTC wasn’t “a normal, stable asset” just yet. “I think it's durable,” said Rieder, referring to Bitcoin. “I think it will be part of the investment arena for years to come, but some of these challenges and the volatility around it — regulatory dynamics, fiat currency concerns relative to crypto [...] — are real. They will be overcome over time."

Turner Wright 14:16


UK will likely need to issue a digital currency, says BoE deputy governor

The Bank of England's deputy governor Jon Cunliffe has argued that a sea change in the issuance and circulation of public and private monies could make general access to a digital form of central bank money crucial for ensuring financial stability in future. In a speech at the OMFIF Digital Money Institute in London, Cunliffe reflected on past, present and future trends in the widespread use of private money issued by commercial banks, noting that the COVID-19 pandemic has accelerated existing trends away from public to private money for everyday payments. About 70% of respondents to a recent Bank of England survey indicated they are using less cash than before the pandemic, typically turning to options such as contactless payments and internet transactions.

Marie Huillet 14:14


Singapore’s biggest bank launches crypto trust solution

DBS Private Bank, one of the biggest wealth managers in Asia outside China, has launched a cryptocurrency trust solution amid growing demand for digital assets. After setting up its own crypto exchange in December 2020, the Singaporean banking giant is now expanding its crypto services via its wholly-owned trust company DBS Trustee, The Business Times reports Friday. The new crypto trust solution allows the company’s private banking clients to invest, custody and manage cryptocurrencies. The trust offering supports four cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, and Bitcoin Cash (BCH), which are the sole digital assets hosted on the DBS Digital Exchange.

Helen Partz 14:12


Central Bank of Bahrain and JPMorgan to work on digital currency settlement pilot

The government of Bahrain, the third-richest Arab country, is working with American investment bank JPMorgan Chase on a digital currency settlement pilot. The Central Bank of Bahrain officially announced Tuesday that the bank is now collaborating with JPMorgan and the Arab Banking Corporation BSC, or Bank ABC, in a pilot scheme to introduce an instant cross-border payment solution based on digital currency technology. Aiming to cut settlement processing time, the new digital currency pilot will involve transferring funds from and to Bahrain in U.S. dollars for payments from buyers and suppliers. The central bank emphasized that it could move forward with the project to extend the collaboration to a central bank digital currency.

Helen Partz 14:09


Turkish customs confiscate over 500 smuggled Bitcoin mining rigs

Turkish customs enforcements brought down an illegal smuggling operation in what is said to be a record bust against illegal Bitcoin (BTC) mining equipment in the country.  After receiving a tip, Turkey’s Customs Protection’s anti-smuggling and intelligence teams raided a warehouse earlier this week in Karabağlar, İzmir, where they found 501 ASIC Bitcoin mining rigs in closed cardboard boxes.  Customs enforcement reported the estimated value of the seized equipment at 5 million Turkish liras, or $600,000. Four suspects were detained as part of the investigation. Reports claim that law enforcement is carrying out another active operation in İstanbul, the biggest city and a major customs checkpoint in Turkey.

Erhan Kahraman 14:07


Binance is reportedly under investigation from IRS and Justice Department

Major cryptocurrency exchange Binance is reportedly under investigation by both the United States Department of Justice and Internal Revenue Service in an apparent effort to stymie illegal trading activity from users in the United States. According to a Bloomberg report, the two government agencies are looking into Binance Holdings Ltd as part of an investigation into U.S. residents using cryptocurrencies for illegal transactions. Officials are reportedly seeking information from Binance employees and customers, but not all their inquiries are necessarily tied to allegations of wrongdoing. The report said the information came from unnamed sources who requested anonymity due to the confidential nature of the probe. A Binance spokesperson said the company took their legal obligations "very seriously and engage with regulators and law enforcement in a collaborative fashion." CEO Changpeng Zhao, also known as CZ, said on Twitter that the crypto exchange was collaborating with the law enforcement agencies "to fight bad players" rather than seemingly being the target of any potential investigation.

Turner Wright 14:05


Mark Cuban counters Elon Musk, says Mavs will continue to accept Bitcoin

Billionaire investor Mark Cuban will not be following in Tesla CEO Elon Musk’s footsteps in withdrawing support for Bitcoin (BTC) payment. Tweeting in response to Musk on Wednesday, the Dallas Mavericks owner remarked that the Mavs will continue to accept Bitcoin, Ether (ETH) and Dogecoin (DOGE) as payment means for tickets and merchandise items. We at will continue to accept BTC/Eth/Doge because we know that replacing Gold as a store of value will help the environment and shrinking big bank and coin usage will benefit society and the environment

Osato Avan-Nomayo 14:02


New Australian Islamic finance DeFi platform is ‘guided by Sharia’

A team based out of Sydney is building what it claims is the world’s first “Shariah-guided” decentralized finance platform to navigate a course between the advantages of DeFi and the beliefs of Islamic finance. The Marhaba Decentralized Financial Platform (marhaba means "welcome" in Arabic) is expected to launch in the coming months and seeks to offer the Islamic world a DeFi platform informed by the core tenets of Shariah. Speaking to Cointelegraph, Naquib Mohammed, chief innovation officer of Blockchain Australia and Marhaba’s CEO and founder, emphasized that a core tenet of Shariah-based finance is ensuring that “both the financial body providing a service and the client must win in the financial transaction.”

Samuel Haig 14:00


Unstoppable Domains’ .crypto websites now available via Brave browser

Major privacy-focused browser Brave is the latest browser to integrate support for decentralized domains by blockchain domain name provider Unstoppable Domains. Brave announced Thursday that its browser now provides native support for the crypto domain name company, allowing users to seamlessly access ".crypto" domains via desktop and Android applications. The new feature unlocks access to 30,000 decentralized websites and more than 700,000 blockchain domain names registered with Unstoppable Domains. Through the integration, the Brave browser is supporting a decentralized network not relying on the traditional Domain Name System, which is often associated with privacy issues and other risks like hijacking, denial-of-service attacks and phishing attacks.

Helen Partz 13:58


Grayscale’s diversified crypto fund files to become SEC reporting company

Grayscale has filed its third Form 10 with the United States Securities and Exchange Commission to convert one of its investment funds into an SEC-reporting company. Tweeting on Thursday, Grayscale announced that the company’s Digital Large Cap Fund, or GDLC, has filed the application with the SEC. Today we voluntarily filed for Form 10 with the SEC for $GDLC. If effective, it would designate GDLC as Grayscale’s third digital currency investment vehicle to become an SEC reporting company, following $GBTC as the first and $ETHE as the second in the US.

Osato Avan-Nomayo 13:55


AppSwarm’s DOGE division calls for a global dev teams to build off Dogecoin

A Dogecoin (DOGE)-focused division of publicly traded over-the-counter software firm AppSwarm is looking to bring together global development teams to build off of the Dogecoin blockchain. DogeLabs — a newly launched division of AppSwarm’s blockchain research lab, TulsaLabs — announced Wednesday a new initiative calling on DevOps teams to unite their efforts in building a “sort of decentralized network” of DOGE developers across the globe. “These teams would share ideas and provide support for Doge based applications for both commercial and possible larger enterprises within their local jurisdictions under the DogeLabs network,” DogeLabs said in the announcement.

Helen Partz 13:53


Spanish stock exchange ready to test blockchain-based SME financing system

Spanish stock exchange Bolsas y Mercados Españoles, or BME is set to test its blockchain infrastructure for small- and medium-sized enterprise financing following a successful pilot run back in 2020. According to Finextra on Friday, this next set of trials by BME will involve businesses that are part of the country’s SME financing ecosystem under the aegis of a regulatory sandbox created by Spain’s Ministry of Economic Affairs and Digital Transformation. As previously reported by Cointelegraph, this sandbox is seen as an important step in promoting greater fintech development in Spain, with a focus on improving greater competition while reducing entry barriers for participants.

Osato Avan-Nomayo 13:51

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