Category Archives: Cryptocurrency
Indian Directorate of Enforcement freezes accounts of cryptocurrency based Yellow Tune Technologies – The Financial Express
Indian Enforcement of Directorate (ED) has announced that it has frozen the financial-accounts of Bengaluru based financial services company Yellow Tune technologies, of which, some were held by Flipvolt cryptocurrency exchange, Indian branch of Singapore based Vauld, according to Cointelegraph. This move is aimed at an ongoing-investigation into money laundering by China-based instant loan companies, and is the second time within this week that the body took action in the cryptocurrency space.
As stated by Cointelegraph, the financial regulator announced that it froze Yellow Tunes bank balances, payment gateway balances and balances in the Flipvolt cryptocurrency exchange for a total of Rs 3.7 billion, or $46.4 million after it was found that the company was a shell entity incorporated by two Chinese nationals through the use of pseudonyms. Going by various accounts, ED spent three days searching premises associated with Yellow Tunes, from which ED found that 23 entities had deposited funds into Yellow Tunes Flipvolt wallets that were further transferred out of the country. The ED called those funds as nothing but proceeds of crime derived from bad lending practices.
Moreover, Cointelegraph mentioned that citing Indias Prevention of Money Laundering Act, 2002, ED froze funds in Flipvolts accounts which was in correlation with the sums transferred from Yellow Tunes wallets to foreign wallets. Furthermore, the Singaporean exchange allowed 30% of its staffers to leave in June, and stopped withdrawals from its account at the starting of July. Through granting of protection from its Singapore creditors, it was granted three-month moratorium. Earlier this week, ED had frozen accounts worth $8.1 million funds of the cryptocurrency exchange WazirX, and was investigating at least nine more exchanges with ties to Chinese-backed instant loan companies. ED, through its latest communique, stated that its investigation of the case is still a work-in-progress.
(With insights from Cointelegraph)
Also read: What will be the financial implications of BTC dipping 5% from highs
Follow us onTwitter,Facebook,LinkedIn
See the article here:
Indian Directorate of Enforcement freezes accounts of cryptocurrency based Yellow Tune Technologies - The Financial Express
Cryptocurrency Aave Up More Than 3% In 24 hours – Benzinga
Aave's AAVE/USD price has increased 3.33% over the past 24 hours to $111.93. Over the past week, AAVE has experienced an uptick of over 12.0%, moving from $99.97 to its current price. As it stands right now, the coin's all-time high is $661.69.
The chart below compares the price movement and volatility for Aave over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has risen 22.0% over the past week diverging from the circulating supply of the coin, which has decreased 0.15%. This brings the circulating supply to 13.99 million, which makes up an estimated 87.41% of its max supply of 16.00 million. According to our data, the current market cap ranking for AAVE is #46 at $1.57 billion.
Powered by CoinGecko API
This article was generated by Benzinga's automated content engine and reviewed by an editor.
See the rest here:
Cryptocurrency Aave Up More Than 3% In 24 hours - Benzinga
If banks are the problem, cryptocurrency probably isn’t the answer – Stuff
Jenny Nicholls is a Waiheke-based writer, specialising in science commentary.
OPINION: I have a good friend, a cyber-security expert, who mines cryptocurrency in his laundry, and his mothers basement. This kind of mining doesnt use picks and shovels, but towers of stacked computers linked with fat cables, which look like licorice straps. The air feels warm hot, even, just like inside a real mine.
In winter Patricks mining rigs generate so much heat that it keeps two floors of his mothers four-bedroom house warm; his electricity bill at the address is at least $400 a month.
So far, Patrick says, even though some cryptocurrencies have soared (and plummeted), in value, his hobby hasnt made him rich he has ended up with a lot of shit-coins.
If Id mined Ethereum and banked it Id probably be a few hundred thousand bucks up. But I traded it for shit-coins, hoping those would moon (go up in value) when I should have kept the Ethereum.
READ MORE:* How can we address the climate impact of cryptocurrencies? * Wall Street: Bitcoin price falls sharply, value cut in half since November* 90 per cent of bitcoin's supply has been mined and four other crypto updates you should know
Ill pause here to acknowledge the boyish tang of crypto jargon, in phrases like crypto bros, cryptojacking, lambos (lamborghinis), bags and bag holders, ATH and altcoins, DeFi and getting rekt, or preferably not getting rekt, as this is exactly what it sounds like, just spelled differently.
Patrick mines Ethereum because he loves the mathematical workings of the blockchain, a digital ledger linked together using cryptography a technique used in cybersecurity in the presence of adversarial behaviour, as Wikipedia puts it.
He also likes the way cryptos DeFi, or decentralised finance system, is managed by a network of users, rather than a central entity like the head office of a bank. Patrick thinks banks are bloated and greedy hard to argue with and he sees DeFi as a way to fairly redistribute the wealth on such full display in bankers corporate car parks.
Unsplash
So far, Patrick says, even though some cryptocurrencies have soared (and plummeted), in value, his hobby hasnt made him rich, Jenny Nicholls writes.
He admits, though, that DeFi is still in its infancy, and thinks cryptocurrency needs more regulation to protect users and guard against criminal activity.
Banks may have been bringing creditors and debtors together since the Banco dei Medici improved ledgers in the 15th century, but Patrick thinks it is time to move on. Many others share this view, and not all of them are crypto bros.
In 2016, the British journalist John Lanchester wrote a long think piece in the London Review of Books called When Bitcoin Grows Up. The simplest and biggest possibilities [for radical change to financial systems], wrote Lanchester, concern connectivity. We are more connected in more ways to more people than we ever have been at any point in human history. This is changing everything, and it would be deeply strange if it didnt change money too.
He points to the billions of people in the developing world who own a phone, but have no bank account.
INA FASSBENDER | AFP | Getty Images
If Id mined Ethereum and banked it Id probably be a few hundred thousand bucks up, says Jenny Nicholls friend Patrick.
If your phone can give you access to the things you would need from a bank, says Lanchester, well, youve just disinvented the need for banks, and fundamentally changed the operation of the money system, across whole swathes of the world.
Cryptocurrency, though, is probably not the answer.
M-Pesa, a Kenyan mobile phone-based money-transfer service, was created about the same as Bitcoin. Unlike Bitcoin, M-Pesa is now popular across much of Africa, handling the kind of mass daily transactions crypto-as-currency maximalists can only dream about.
Sceptics often use M-Pesa to demonstrate cryptos shortcomings: Bitcoins decentralised blockchain, they say, makes mass transactions slow and horribly inefficient, and its volatility means you never know how much it will be worth tomorrow.
Supplied
Jenny Nicholls: But even using renewables for crypto mining sucks power away from electric cars and houses and hospitals. Is it all worth it?
Nicholas Weaver, a US cryptocurrency expert who has become one of its most vocal critics, put it this way: M-Pesa is huge. Because it just basically attaches a balance to your phone account. And you can text to somebody else to transfer money that way. And so even with the most basic dumb phone you have easy-to-use electronic money. And this has taken over multiple countries and become a huge primary payment system. [Whereas] the cryptocurrency doesnt work.
Ironically, Patrick, no slouch in the brains department, has designed an app that does much the same thing as M-Pesa. New Zealand banks were not interested.
Forbes magazine recently published a comparison of digital transaction rates. Visa, for instance, can handle around 1700 transactions per second (TPS) compared with Bitcoins 4 TPS. And Visa uses much less energy.
Bitcoin consumes electricity, noted Forbes, at an annual rate exceeding the entire annual electricity consumption of Norway. In fact, Bitcoin uses 707 kilowatt-hours (kWh) of electricity per transaction, which is 11 times that of Ethereum.
For greenies like me, this makes Bitcoin untenable.
Cryptos defenders would dismiss these criticisms, and the ones about rampant money-laundering, as FUD Fear, Uncertainty and Doubt. FUD is cryptos version of fake news. Ethereums planned new algorithm, they say, will drastically improve its carbon footprint.
Most of Patricks mining rig is in Auckland, which gets its power from renewable hydro, wind and geothermal sources. But even using renewables for crypto mining sucks power away from electric cars and houses and hospitals. Is it all worth it?
Journalist Nathan Robinson concluded his interview of arch sceptic Weaver with this summary of his argument: There is no problem that cryptocurrency solves, and to the extent that it is functional, it does things worse than we can already do them with existing electronic payment systems. To the extent it has advantages, the advantage is doing crimes.
The title of the magazine interview was Why This Computer Scientist Says All Cryptocurrency Should Die in a Fire.
Read this article:
If banks are the problem, cryptocurrency probably isn't the answer - Stuff
Persystic Token (PSYS): The social cryptocurrency – AMBCrypto News
Persystic Token (PSYS) is the cryptocurrency used on the Persystic platform, a community-driven decentralized social media network that is the first of its type. Persystic was created to resolve the many issues affecting social media today, including unfair monetization policies, privacy and security concerns, and more. Persystic employs advanced security measures to ensure that user data remains safe from bad actors such as hackers.
Persystic Token (PSYS) vs Traditional Social Media
Social media platforms are integral to how we live our lives today, however, the existing market is dominated by a relatively small number of platforms in which the creators and owners have become very powerful.
This has led to issues such as a lack of democracy and transparency in how the platforms are run, with a disproportionate amount of benefits going to advertisers and partners rather than the community of users.
For example, social media networks like Facebook have come under fire for a lack of fairness and transparency in their monetization policies. Creators do not own their content on these platforms, and rather sign away their rights to the content in return for access to the platform and its community of users. In addition, creators cannot monetize their content on many of these platforms.
On the Persystic social media platform, creators have full ownership over their content. This includes the right to monetization, meaning that users can earn from the content they produce. This mechanism is also used to incentivize the creation and generation of authentic content with Persystic Token (PSYS) rewards.
Privacy has been a rising concern with traditional social media networks. Many argue that the measures in place for protecting the privacy of users are insufficient and that these platforms are exploitative of users data which is then sold to and shared with third parties such as advertisers. Often users accept the mandatory terms and conditions required for accessing these platforms without fully reading or understanding the policies.
There is also a lack of right to erasure mechanisms, meaning that content published on these platforms is stored on the company servers indefinitely and users have no course of action to take for removing them.
On Persystic, user privacy is of the utmost importance and the platform has been created in a way that does not steal or share user data with unwanted third parties. Additionally, users can request that their content is permanently removed from the platform in line with EU right-to-be-forgotten laws.
What is Persystic Token (PSYS) used for?
Persystic Token (PSYS) is a BEP20 cryptocurrency built on the Binance Smart Chain and it is used for utility in the Persystic ecosystem. Its primary uses include sending and receiving cryptocurrency transactions between users, trading with users for other cryptocurrencies and fiat currencies, as part of the rewards mechanism for incentivizing content creators, and purchasing content licenses.
In total, 3 billion Persystic Token (PSYS) will be minted.
Token distribution model:
Disclaimer: This is a paid post and should not be treated as news/advice.
Excerpt from:
Persystic Token (PSYS): The social cryptocurrency - AMBCrypto News
RIT Certified and Foundry collaborate on cryptocurrency course | RIT – Rochester Institute of Technology
Underserved students from the city of Rochester with a strong interest in cryptocurrency and blockchain technology recently participated in an immersive, weeklong course at RIT to learn the latest about digital currency.
A mystery to many people, cryptocurrency is a type of currency thats stored exclusively in a digital formatnot issued or maintained by a central authority like a government or bank. Its issued with cryptography, distributed consensus mechanisms, and economic incentive alignment, according to Jonathan S. Weissman, a senior lecturer in computing security in RITs Golisano College of Computing and Information Sciencesand teacher of the class.
Digital currency is interesting to me because its fun learning about how it was created and all aspects related to it, said Teresa Spivey, a Rochester, N.Y., resident who participated in Weissmans class inside Eastman Hall. My future plans are to learn everything I can and really find my passion for what I want to do forever. I will figure that out by learning and experiencing other classes and opportunities like this one.
Thats exactly the mission of RIT Certified, which launched in June and aims to provide a wide range of alternative education courses, certificate programs, and skill-based learning experiences targeting people beginning their careers, changing roles, maintaining their existing job, or advancing in the workplace. RIT Certified offered the class collaboratively with Foundry, a Rochester, N.Y.-headquartered and wholly-owned subsidiary of Digital Currency Group (DCG) focused on digital asset mining and staking.
The class was the outcome of discussions between RIT Certified, Foundry, and University Advancement on how they might partner in supporting alternative pathways to training in the space of cryptocurrency and mining. The Foundry Scholars program resulted in a gift by the company to support seven underserved students this summer and 13 more next year to experience weeklong, industry-focused classes focused on the field of cryptocurrency and blockchain.
Both Foundry and RIT Certified are actively invested in career and technical education, not only for K-12 students, but for traditionally underserved populationsfor whom the scholarships are targeted.
We believe that employer-driven educational experiences for high school students will only improve their ability to be successful, said Dennis Di Lorenzo, chief business officer for RIT Certified. A program like this brings students from communities with limited opportunities to a college campus, provides them with a college experience, and industry exposure. Its about changing their perspective on the future of work.
Foundry Academy Executive Director Craig Ross 06 (telecommunications engineering technology) said the class fit Foundry CEO Mike Colyers vision of Western New York becoming the center for innovation in blockchain technology. Ross heads up the companys new initiative to train and develop top technicians for the fast-growing bitcoin mining industry.
Considering RITs reputation of academic excellence and prominence in Western New York, Foundry and RIT are a natural partnership, Ross said. The goal of this course was to provide an overview of bitcoin mining and cryptocurrencies to historically marginalized groups in Rochester, ultimately working to break down barriers to employment in the industry.
We believe that the Bitcoin and cryptocurrency industry is a hotbed for innovation, just like the Internet and mobile revolutions, he added. It is Foundrys goal to ensure that all interested members of our communityno matter their socioeconomic statuscan capitalize on this exciting technology and be contributing members of the blockchain revolution.
Weissman said his courses objectives included students walking away with a granular understanding of cryptocurrencies and blockchains and the ability to reason about newfangled technologies.
I wanted to provide them the familiarity with trends and notable projects in the field and industry, he noted, along with the confidence to pursue opportunities for participation and contribution in the future.
During the weeklong class, Weissman asked his students questions such as what problems do cryptocurrencies and decentralized applications help solve; where do they see themselves in this industry; and how are blockchain entrepreneurs disrupting industries nowand how might they do so in the future?
Blockchains can be used in many different ways besides cryptocurrencies, Weissman said. Blockchain is often listed as one of the leading cutting-edge technologies of the future.
Adrian Hale, director of Economic and Community Development at Foundry, said he hopes that programming like the one at RIT provides the necessary groundwork for people interested in our industry to become familiar with the fundamentals that will enable them to grow into fully functional contributing members of a work team and the broader blockchain community.
About RIT Certified
RIT Certified provides alternative education-to-employment pathways, offering applied training which serves both individuals in and out of the workforce and working professionals. Committed to promoting economic mobility and sustainability for individuals from all sectors of the workforce across the region, nation, and globe, RIT Certified is a partner to employers, helping organizations develop potential, fill core and specialized skills gaps, provide outcomes-based training and development to nurture and promote talent, and improve the models by which employers evaluate and assess talent. RIT Certified will begin offering a diverse portfolio of workforce development and professional training courses and certificate programs late this fall.
About Foundry LLC
A subsidiary of DCG, Foundry LLC was created to meet the institutional demand for better capital access, efficiency, and transparency in the digital asset mining and staking industry. Headquartered inRochester, N.Y., Foundry leverages its institutional expertise, capital, and market intelligence to empower participants within the crypto ecosystem by providing the tools they need to build tomorrow's decentralized infrastructure. For more information, go to Foundrys website.
TechScape: Im no longer making predictions about cryptocurrency. Heres why – The Guardian
Ive been writing about cryptocurrency for my entire career. In that time, one point Ive always stuck to is simple: dont listen to me for investment advice. Today, I want to quantify why.
Bitcoin was created in 2009, while I was in my first year at university. As an economics student and massive nerd it sat squarely at the intersection of my interests. By my final year of uni in 2011, the original cryptocurrency was experiencing its first boom and bust cycle. It rose from a low of $0.30 to a high of $32.34 that summer, before crashing back down to less than $3 when Mt. Gox, the original bitcoin exchange, was hacked. (This will become a theme.)
Sign up for our weekly technology newsletter, TechScape.
That was also the year the Guardian first covered the currency, with Ruth Whippman warning: Its critics in the political sphere fear that it could give rise to an online Wild West of gambling, prostitution and global bazaars for contraband.
I was very much on the outside looking in, though. Not being a regular drug user (cf massive nerd), the mainstream use of bitcoin getting pills or weed delivered by post from the Silk Road passed me by, so I found it more of an intellectual curiosity than anything else.
This is perhaps in part because the first thing I remember hearing about bitcoin was a tale, probably apocryphal, of someone using their gaming PC to mine the currency in their dorm room in a heatwave. The air conditioning failed, the user reported in a forum post, and heatstroke left them with mild brain damage. You can see why I was unimpressed.
By the second major boom, I was covering economics for the New Statesman. And thats where the trouble starts.
In my first published piece using the word bitcoin the first time the New Statesman had covered the topic I confidently declared: This is what a bubble looks like. At the time, bitcoin was trading at around $40 a coin.
It has never gotten that low again.
I was right that there was a bubble in the offing: the price of bitcoin had doubled in two months, and would double twice more before it popped less than a month later. But the crash, which would have been huge for any other normal asset, was a reduction of around half, taking bitcoin to the lows of three weeks prior.
A decade on, the memory of this bold claim still haunts me, and I refuse to make predictions about the future of any cryptocurrency. In fact, Ive taken to joking that the best way to make money, historically, is to do the opposite of what I say.
So I put it to the test.
The Alex Hern bitcoin investment strategy
Obviously, I dont give actual investment advice. So I reviewed every article Ive ever written that mentions bitcoin, and sorted them based on whether or not a reader would think they were good news for the crypto, or bad news. Theres an element of value judgment to this, of course: you might disagree with my decision that a story about the Winklevii launching a bitcoin price tracker in 2014 is broadly positive; or that a story about Mt. Gox reopening after a hack (another hack) is broadly negative. My hope is that the disagreements average out.
Then, I paired the stories against the price of bitcoin on the day they were written, and asked a simple question: if youd bought $10 of bitcoin every time I wrote something that seemed like bad news, and sold $10 of bitcoin every time I wrote something that seemed like good news, how would your investment have performed?
The bottom line: you would have spent a net of $420 on bitcoin, and have a crypto wallet containing around 1.1 bitcoin as a result worth, at todays market value, a little over $22,000.
Oof.
Going over the specifics, though, gives me a bit of cheer. Well over half that gain comes from a total of just seven pieces written in 2013: six negative and one positive. At the end of that run, youd have spent $50, and own 0.7 bitcoin. Those articles have an outsized influence on the over-calculation, due to how much bitcoins value has increased in the nine years since they were published.
Bitcoin had two boom and bust cycles in 2013. The first, in April, took it to a high of $266. The second, in December was bigger much bigger. The price of a coin spiked at $1,238, and fell to a low of $687. The rush of pieces I wrote about the currency when I started at the Guardian, through late 2013 and the first half of 2014, contribute much less to the bottom line, even though there were more of them.
It was also the period with the most positive stories for bitcoin. In 2014, the potential of the currency was still untapped: the idea that bitcoin or the blockchain might prove revolutionary wasnt a hackneyed promise, but something that might be just around the corner. In that boom, I wrote as many positive stories as negative.
For every article about bitcoin hitting an all-time high of $269, there was another about a 1m hack of a payment processor. For every long feature asking if bitcoin was about to change the world, there was a warning from a Dutch central banker that the hype was worse than tulip mania (and he should know).
The timing of the pieces didnt quite balance out, though, and by the end of that boom you would have turned your 0.7 bitcoin into 0.9 while cashing out as many dollars as you put in. And in that period, those bitcoin would have gone from $100 to more than $500.
From 2014 to the most recent boom, however, the money you put in would start being drowned out by the bitcoin you already own. $10 at the beginning of 2014 bought you around 0.01 bitcoin, and so 10 negative pieces from me would have sizeably increased your position.
Three years later, it would take 30 negative pieces for you to acquire the same amount of bitcoin. That meant the impact of the ICO boom the first of the great expansions of the sector from a handful of cryptocurrencies to a whole ecosystem of shitcoins was muted compared to what came before, despite stories about Iceland becoming a miners paradise and Kodak bringing out a branded cryptominer, leading to a flurry of buying and selling.
And three years after that, at the beginning of 2020, a $10 investment in the cryptocurrency would get you just 0.001 BTC. Thats good news for our theoretical investor, because 2020 marked my most positive reporting on the currency. Stories such as the US government seizing bitcoins used in the Silk Road were a sign of the growing professionalism of the sector and, for the first time, bitcoin was enough of a fixture of the tech scene that even in a comparative slump the Guardian was still covering it.
On to the latest boom and bust cycle, where finally the investor starts to lose out and I claw back some of my reputation. From its peak at $69,000 earlier this year, bitcoin has fallen by a third. Ive diligently covered the collapse, which has been by far the most brutal the sector has faced. That means the tracker has sunk almost $200 into bitcoin, and even as the overall value of the holdings has plummeted from a high of $50,000 in March to its present number.
What next?
The question going forward, of course, is whether the pattern holds up. Will you continue to make money if you buy when Im grumpy about crypto, and sell when Im optimistic? Obviously see above Im not about to make any strong predictions, but I doubt well ever again see as sharp an increase in price as we saw in the last decade, which means Ill never make a call that plays out as badly as the ones in those initial pieces from 2013.
Which is not to say I cant make other terrible calls. Remember Dejitaru Tsuka, the shitcoin that was sold with my name? I broke my rules, and warned readers: I do not think you should buy this shitcoin, nor any others. Well, if youd bought 10 worth of Tsuka when I said that, youd now have 4,000.
If you want to read the complete version of the newsletter please subscribe to receive TechScape in your inbox every Wednesday.
Originally posted here:
TechScape: Im no longer making predictions about cryptocurrency. Heres why - The Guardian
New cryptocurrency oversight legislation arrives as industry shakes – PBS NewsHour
WASHINGTON (AP) A bipartisan group of senators on Wednesday proposed a bill to regulate cryptocurrencies, the latest attempt by Congress to formulate ideas on how to oversee a multibillion-dollar industry that has been racked bycollapsing pricesandlenders halting operations.
The regulations offered by Senate Agriculture Committee chair Debbie Stabenow and top Republican member John Boozman would authorize the Commodities Futures Trading Commission to be the default regulator for cryptocurrencies. That would be in contrast with bills proposed by other members of Congress and consumer advocates, who have suggested giving the authority to the Securities and Exchange Commission.
This year, crypto investors have seenprices plunge and companies craterwith fortunes and jobs disappearing overnight, and some firms have been accused by federal regulators of running an illegal securities exchange.Bitcoin, the largest digital asset, trades at a fraction of its all-time high, down from more than $68,000 in November 2021 to about $23,000 on Wednesday. Industry leaders have referred to this period as a crypto winter, and lawmakers have been desperate to implement stringent oversight.
The bill by Stabenow, a Democrat from Michigan, and Boozman, of Arkansas, would require all cryptocurrency platforms including traders, dealers, brokers and sites that hold crypto for customers to register with the CFTC.
READ MORE: Cryptocurrency meltdown is wake-up call for many, including Congress
The CFTC is historically an underfunded and much smaller regulator than the SEC, which has armies of investigators to look at potential wrongdoing. The bill attempts to alleviate these issues by imposing on the crypto industry user fees, which in turn would fund more robust supervision of the industry by the CFTC.
Our bill will empower the CFTC with exclusive jurisdiction over the digital commodities spot market, which will lead to more safeguards for consumers, market integrity and innovation in the digital commodities space, Boozman said in a statement.
Sens. Cory Booker, D-N.J., and John Thune, R-S.D., are co-sponsors of the bill.
Its critical that the (CFTC) has the proper tools to regulate this growing market, Thune said.
The legislation can be added to the list of proposals that have come out of Congress this year.
Sen. Pat Toomey, R-Pa., in April introduced legislation, called the Stablecoin TRUST Act, that would create a framework to regulate stablecoins, which have seen massive losses this year. Stablecoins are a type of cryptocurrency pegged to a specific value, usually the U.S. dollar, another currency or gold.
Additionally, in June, Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo.,proposed a wide-ranging bill, called the Responsible Financial Innovation Act. That bill proposed legal definitions of digital assets and virtual currencies; would require the IRS to adopt guidance on merchant acceptance of digital assets and charitable contributions; and would make a distinction between digital assets that are commodities and those that are securities, which has not been done.
Along with the Toomey legislation and the Lummis-Gillibrand legislation, a proposal is being worked out in the House Financial Services Committee, though those negotiations have stalled.
Committee chair Maxine Waters, D-Calif., said last month that while she, top Republican member Patrick McHenry of North Carolina and Treasury SecretaryJanet Yellenhad made considerable progress toward an agreement on the legislation, we are unfortunately not there yet, and will therefore continue our negotiations over the August recess.
President Joe Bidens working group on financial markets last November issued a report calling on Congress to pass legislation that wouldregulate stablecoins, and Biden earlier this year issuedan executive ordercalling on a variety of agencies to look at ways to regulate digital assets.
See the article here:
New cryptocurrency oversight legislation arrives as industry shakes - PBS NewsHour
Here’s My Top Cryptocurrency to Buy Before Fall – The Motley Fool
Crypto prices may have taken a beating over the last several months, but that doesn't mean it's a bad time to invest.
In fact, this downturn can actually be one of the best times to buy, because it's an opportunity to invest in expensive cryptocurrencies at a discount. While nobody knows for certain how long this slump will last, there's one investment I'm stocking up on before fall: Ethereum (ETH -1.41%).
The price of Ethereum has been rebounding in recent weeks, largely due to positive news about its upcoming update, "The Merge."
This upgrade will bring the network one step closer to a proof of stake (PoS) system, shifting away from its older, energy-intensive proof of work (PoW) mining protocol. Developers recently set a tentative date of Sept. 19 for the rollout, which has many investors feeling optimistic about Ethereum's future.
The move to PoS brings a slew of benefits for Ethereum. Not only is PoS far more energy efficient than PoW, but it will also speed up transaction times significantly and bring down transaction costs for users.
Right now, Ethereum can process around 15 transactions per second. Once its update is completed, however, it could potentially handle up to 100,000 transactions per second.Speed like that will allow Ethereum to scale, and it will also help it compete with smaller, faster networks like Solana and Cardano.
Ethereum could be on the verge of serious growth after its update this fall, but there are still a few risks to think about before you invest.
For one, Ethereum -- like all cryptocurrencies -- is still a speculative investment right now. Nobody knows for sure whether crypto will stick around for the long term. Even if it does, it's uncertain which individual cryptocurrencies will succeed.
Also, it's likely Ethereum will see more volatility as it grows. Updates can sometimes be rocky, and if the network experiences any bugs or setbacks with The Merge, it could result in turbulence in the market. Before you invest, be sure you're prepared to weather more potential volatility as Ethereum continues to find its footing.
Ethereum is one of the strongest players in the crypto space right now. It's the second-largest cryptocurrency behind Bitcoin, and it's also the most popular network for decentralized applications. The Merge will add to its many advantages, making it an even stronger investment.
However, crypto is still risky. Before you buy, consider how much volatility you can withstand, and think about whether you're willing to invest in something that may or may not succeed over time. And if you do choose to buy, only invest money you can afford to lose.
The coming months are promising for Ethereum as it gets closer to its upgrade, so right now could be a smart time to buy. Just be sure you've considered the risks so that you're as prepared as possible -- regardless of what happens with the crypto market.
Katie Brockman has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and Solana. The Motley Fool has a disclosure policy.
Excerpt from:
Here's My Top Cryptocurrency to Buy Before Fall - The Motley Fool
A downturn in the cryptocurrency market and the impacts on West Texas – NewsWest9.com
"Well right now there is kind of a downturn in the crypto market," said James Beauchamp with MOTRAN.
MIDLAND, Texas West Texas has ties with cryptocurrency mining using natural gas from things like flares to power machines that mine bitcoin.
In the past month or so, the cryptocurrency market has seen a dip.
"Well right now there is kind of a downturn in the crypto market." Said James Beauchamp with MOTRAN. "Weather you like cryptocurrency or don't, from a Permian Basin perspective it's very unique because your using a product that's fairly expensive to capture and collect and to get into a normal system where you would sell your natural gas in a lot of cases and your providing a secondary market for it."
Here in the Permian basin, oil and gas is used to power cryptocurrency mining. This type of cryptocurrency mining is also important because it doesn't put a strain on the states power grid, especially in these hot summer months.
"I think one of the big concerns from a statewide perspective on cryptocurrency has always been if we already have an overtaxed electric grid, and we do if you're mining crypto off of that grid then that's just another burden in an already overburdened system," Beauchamp said
Mining cryptocurrency does have benefits for both groups.
"It's not just the fact that your utilizing natural gas or for the end user gathering the accumulation of the cryptocurrency they're mining for but also the carbon credits as we talk about air quality issues of that nature," Beauchamp said. "There are a number of credits out there, tax credits so again I think its another way we can be proactive and show our industry and our area is proactive."
From here, things are up in the air but for the Permian Basin things are looking up.
"Where's it going to end up?" Beauchamp said. "Nobody really knows, but at the same time not knowing there's some benefits in the Permian Basin. The good part is even if all the rest of it goes downhill in certain way the Permian wins at least in short term."
View original post here:
A downturn in the cryptocurrency market and the impacts on West Texas - NewsWest9.com
Cryptomus Simplifies The Process Of Cryptocurrency Payments While Maintaining Safety, Transparency And – Bitcoinist
Cryptomus wants everyone to know that accepting cryptocurrency payments is now in fact easier than ever before, as all that is needed to successfully do it is nothing more than a mere email address or phone number. It is even possible to generate payment links without users needing to have their own websites, and they can also connect to API for more functionality. By having such reliable and quick payment processing, Cryptomus is providing a top payment gateway for ecommerce and online payments.
There are several aspects which make Cryptomus a top choice for crypto payments. For starters, their commissions and fees are comparatively much lower than the various other online payment processing companies which accept payments and they start at 0.4% too, depending on the turnover. Additionally, the crypto payment processors services can be smoothly integrated into any type of business or project.
Moreover, one of the most infamous elements associated with crypto is volatility and unpredictable market behavior. With Cryptomus, however, there is no longer any need to worry about crypto volatility as the rate will be fixed after the users accept it and make the conversion to the coin of their choosing. Apart from this autoconversion aspect, Cryptomus also supports a wide range of different cryptocurrencies like LTC, TRX, DASH, ETH, BTC and more.
Blockchains are widely considered to be safer, more stable and transparent than that of traditional financial institutions, such as banks. With Cryptomus, users can even enable the ability to only withdraw to certain authorized addresses in their personal accounts, which means that any withdrawals to other wallets would be prohibited.
Cryptomus has also enabled 2FA (two-factor authentication), which many believe is a vital feature these days due to the increasing number of fraudulent activities, data hacks, and security risks. This 2FA system is completely flexible, and Cryptomus does not require KYC procedures either as it is a technical platform for developers that offers a convenient and user-friendly interface for the purposes of automating work with crypto.
Cryptomus is a crypto payment system and blockchain payment processor/gateway which provides merchant services for businesses that cater to all kinds of customers. Usually, crypto payment gateways are needlessly complex and have too many limitations which often stifle the customers. With Cryptomus, crypto payments can be accepted from anyone anywhere in the world with low transaction fees and without a website. Cryptomus is also useful if individuals just want to have their own secure crypto wallet for fund storage.
The platform offers an intuitive user interface which is optimized for all devices, and there is quick and reliable support available at all times as well. Furthermore, the money is paid instantly and users can easily track the transaction if need be. More importantly though, the platforms features allow for complete anonymity and all incoming funds will only belong to the user and shall never be frozen or refunded for no reason as is often the case with classic e-wallets and banks.
Ultimately, choosing Cryptomus makes sense as it is an innovative crypto payments platform that also functions as a cryptocurrency wallet. The platform offers plenty of value and utility, and the biggest advantage would certainly be the ability to make extremely fast payments easily. Users can accept crypto by generating payment links and then redirecting the payer to them, which will display a convenient form with the required payment data. Users can also utilize the API integration, which Cryptomus will be helping with.
The platform has also witnessed over 100,000 transactions happen to date, with many more expected to occur before long. Regarding future goals, Cryptomus will implement useful widgets for the site, helpful statistics, auto-withdrawal and auto-split functionalities, Telegram notifications, a P2P exchange, input and output of fiat currencies, and so much more in order to become the best cryptocurrency payment gateway. Ultimately, Cryptomus aims to make crypto payments easier and more accessible, which is something that is desperately needed nowadays as the crypto industry continues to become increasingly popular and mainstream with more and more companies accepting crypto.
For additional information and regular updates, visit the official website along with the Twitter and Telegram channels.
Continue reading here:
Cryptomus Simplifies The Process Of Cryptocurrency Payments While Maintaining Safety, Transparency And - Bitcoinist