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Crypto adoption: How FDIC insurance could bring Bitcoin to the masses
FDIC insurance is highly sought-after by crypto exchanges, lenders, and other service providers. Is it the key to mass adoption?
Over the years, several cryptocurrency companies have claimed that deposits with them were insured by the United States Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) as if they were regular savings accounts. While so far, no crypto firm has been able to offer depositors this type of insurance, some speculate it could be the key to mass adoption.
The most notable case is that of bankrupt lender Voyager Digital, which saw regulators instruct it to remove “false and misleading statements” regarding FDIC insurance. Crypto exchange FTX has been a beacon of hope looking to backstop contagion in the cryptocurrency industry, but it received a cease-and-desist letter from the FDIC to stop suggesting user funds on the platform were insured.
As it stands, even major players in the cryptocurrency space aren’t FDIC-insured. Coinbase, for example, details on its pages that it carries insurance against losses from theft but is not an FDIC-insured bank and that cryptocurrency is “not insured or guaranteed by or subject to the protections” of the FDIC or Securities Investor Protection Corporation (SIPC). Read More
‘Well worth the fight’ — Ripple counsel confirms Hinman docs are in their hands
The truth will be shameful and shocking for the SEC, according to Ripple boss Brad Garlinghouse.
San Francisco-based fintech firm Ripple has inched closer to victory in its ongoing battle with the United States Securities and Exchange Commission (SEC).
On Oct. 21, Ripple general counsel Stuart Alderoty confirmed on Twitter that they finally have the elusive documents after “18 months and 6 court orders,” though noted they remain confidential at the SEC’s insistence.
“It was well worth the fight to get them,” he exclaimed, adding: “I’ve always felt good about our legal arguments, and I feel even better now. I always felt bad about the SEC’s tactics, and I feel even worse about them now.”
The fought-over documents relate to a 2018 speech by former SEC division director William Hinman regarding the status of Ether with the financial regulator seemingly pulling out all the stops to keep the documents under wraps.
In late September, U.S. District Court Judge Analisa Torres overruled the SEC’s second attempt to withhold the documents.
At the time, he stated that ETH was not a security and Ripple considers this a key argument in its case against the regulator, which has accused it of conducting an unregistered securities sale of its native token XRP. Read More
Can NFTs democratize scheduled TV programming in the Web3 era?
The way we watch TV or other scheduled programming is about to undergo NFTization through a new streaming network that focuses on crypto content with NFTs as its backbone.
Nonfungible tokens (NFTs) leave almost no part of the physical world untouched, from museums and major fashion brands like Gucci adopting the technology to digitize items to musicians breaking archaic song rights distribution methods.
Now, even television — or in a streaming era, other forms of scheduled programming — is taking on NFTs as a means of crowdfunding programs. NFTV is streaming crypto-themed content but using NFTs as the backbone to crowdfund shows while providing viewers with some say in what’s on deck.
Each program has a set of related NFTs, which give creators, rather than giant media houses, the reins of the project, and holders have the chance to contribute content.
Greg Cipes, co-creator of NFTV, spoke with Cointelegraph to discuss the fine line between content democratization and an artist’s vision manifesting true to itself.
Big names in the entertainment industry have joined the NFT craze, including Kim Kardashian, Snoop Dogg, Eminem and Matt Damon. When it comes to creative output, many artists have a specific vision for their content, especially industry veterans with a specific style or brand.
When NFTs come into the picture and give the community a say, this can “absolutely” take away from creators, said Cipes, and a fine line must be walked. Read More
Ripple Obtains Long-Sought Documents of Former SEC Official Who Declared Ethereum Not a Security
"The shamefulness of their behavior here will shock you," says CEO Brad Garlinghouse.
A veritable treasure trove of email messages and documents from within the Securities and Exchange Commission has been turned over to Ripple, whose founders created the XRP cryptocurrency and now find themselves as defendants in a high-profile legal battle with the regulatory agency over its assertion that XRP was illegally sold as an unregistered security.
Stuart Alderoty, Ripple's general counsel, broke the news on Twitter on Thursday, declaring victory in an 18-month battle (within the larger war) over the collection of discovery materials dubbed "the Hinman documents."
The documents revolve around former SEC director William Hinman and a much-publicized speech he delivered in 2018 declaring that Ethereum—like Bitcoin—was "sufficiently decentralized" and thus not subject to federal securities regulation.
Hinman's remarks that day represent the thickest cloud currently looming over ongoing debates over crypto regulations, and play a key role in the SEC's December 2020 lawsuit against Ripple, asserting that Ripple sold XRP as an unregistered security. With a market cap of $22.3 billion, according to CoinGecko, XRP is currently the sixth-largest cryptocurrency. Read More
We have a lot to be grateful for within Markethive. It’s like stepping out of the rat race into an oasis of humanity at its best. As an inbound marketing, business-based blockchain platform with an inherent entrepreneurial spirit, we have all the tools to get our message out to the whole world. We have a social media interface with a collaborative ethos rarely experienced on legacy social media.
We are starting to see new integrations in the blogging section in preparation for the customized, more intuitive interface and dashboard of Markethive and, of course, the Markethive Wallet that will facilitate the Merchant accounts for members as well as personal transactions, the Vault, etc.
The new-look Blogcasting Hub is located at the top of all blogs in the system. Blogcasting is a term introduced by Markethive and is an enhanced broadcasting system. In the traditional broadcasting sense, only the people who physically subscribe to your blog or newsletter are usually notified of your updates via email.
With this blogcasting system, your social networks are informed of your blog as and when you publish them. What this means is the potential reach is into the millions. Read More
Brazil-Based Neobank Nubank to Launch Own Cryptocurrency as Part of Loyalty Program
Nubank, one of the largest digital banks in the world, has announced it will issue its own cryptocurrency during the first half of 2023. The currency, called Nucoin, will be issued on top of Ethereum with the help of Polygon, a second layer that allows users and developers to take advantage of lower fees, and will be airdropped to all the customers of the bank.
Nubank to Launch Nucoin in 2023
Nubank, the biggest digital bank outside of Asia, revealed its plans to delve deeper into the digital economy through the issuance of its own coin. The Brazil-based institution, which also has offices all across Latam, will issue its own token, called Nucoin. The token will be issued on top of Ethereum, and will use Polygon, a scaling layer, to allow its users to transact with low fees.
This move is directed at ramping up the loyalty and benefits program of the bank. The issuance of the token is projected to happen during the first half of 2023. While the company did not specify whether this token would have a market value, it did explain that the nucoins would be useful for customers to access discount prices for Nubank’s products and services. Read More
Web3 projects focus on education to bring Latin American women to the sector
Women in Latin America are showing an increased interest in Web3 as organizations aim to drive participation through educational content and scholarships.
Interest in Web3 continues to grow despite the crypto bear market. A recent article from McKinsey noted that venture capital investments in Web3 exceeded $18 billion during the first half of 2022. Findings from Cointelegraph Research also show that Web3 attracted the most interest from venture capitalists in comparison to other blockchain sectors during Q2 of this year.
While notable, a lack of diversity has become apparent within the Web3 sector. For instance, it was found that only 16% of nonfungible token (NFT) creators are women. Although this number is low, women are taking an interest in owning digital assets. Given this, industry experts believe that a lack of education around Web3 is creating a barrier to entry for women, especially for those who are from underrepresented regions, such as those from Latin America. Read More
How to do mobile cryptocurrency mining?
Crypto mobile mining can be performed on iOS and Android systems via solo or pool mining services.
Cryptocurrencies like Bitcoin are created using a distributed computing process called mining. Miners (the network participants) undertake mining to verify the legitimacy of transactions on the blockchain and ensure network security by preventing double-spending. In return for their efforts, miners are rewarded with a certain amount of BTC.
There are various ways to mine cryptocurrencies, and this article will discuss how to get started with mobile crypto mining from the comfort of your home.
Mining, a resource-intensive activity that often demands enormous computing power to solve a computational problem and add the next valid block to a blockchain, is a crucial component of cryptocurrencies.
Typically, graphics processing units (GPUs) or high-performance hardware are used for cryptocurrency mining. However, unlike GPU mining rigs, an application-specific integrated circuit (ASIC) mining equipment is explicitly made for mining cryptocurrencies, making an ASIC miner more powerful and energy-efficient than a comparable GPU miner. Read More
What directional liquidity pooling brings to DeFi
Directional liquidity pooling is a new way for liquidity providers to add liquidity to exchanges while avoiding impermanent loss.
Modern decentralized exchanges (DEXs) mainly rely on liquidity providers (LP) to provide the tokens that are being traded. These liquidity providers are rewarded by receiving a portion of the trading fees generated on the DEX. Unfortunately, while liquidity providers earn an income via fees, they’re exposed to impermanent loss if the price of their deposited assets changes.
Directional liquidity pooling is a new method that is different from the traditional system used by DEXs and aims to reduce the risk of impermanent loss for liquidity providers.
What is directional liquidity pooling?
Directional liquidity pooling is a system developed by Maverick automated market maker (AMM). The system lets liquidity providers control how their capital is used based on predicted price changes.
In the traditional liquidity pool model, liquidity providers are betting that the price of their asset pairs will move sideways. As long as the price of the asset pair doesn’t increase or decrease, the liquidity provider can collect fees without changing the ratio of their deposited tokens. However, if the price of any of the paired assets were to move up or down, the liquidity provider would lose money due to what is called impermanent loss. In some cases, these losses can be greater than the fees earned from the liquidity pool. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
