Bitcoin is a tool to avoid police extortion in Nigeria, centralized social media is being censored amid Thai protests andFederal Reserve Chairman Jerome Powell said thecentral bank will readdress its previous 2% inflation target over the next decade.
Youre readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why theyre significant. You can subscribe to this and all of CoinDesksnewsletters here.
Police-resistantTocombat extortion and coercive policingin Nigeria, some, like Nigerian programmer Adebiyi David Adedoyin, are turning to bitcoin. Human Rights Watch has documented a trend in the country where police detain citizens, determine their life savings through force entry to their phones and seize it. It almost happened to Adedoyin. The money they collected to let me go in that case would have been a lot more if I had more money in my account. But I had most of my money in bitcoin, Adedoyin said. Police are less likely to look for a bitcoin wallet, he said.
Bitcoin fundFidelity Investments chief strategist, Peter Jubber, islaunching a new bitcoin index fund. Disclosed in a Wednesday morning filing with the Securities and Exchange Commission, Wise Origin Bitcoin Index Fund I, LP has a $100,000 minimum buy-in and is the latest example of Wall Street veterans warming up to bitcoin. Wise Origin links back to Fidelity Investments via Jubber and Fidelitys brokerage service and distribution subsidiaries, both of which are set to receive sales compensation from the new fund. It also shares a Boston office building with Fidelity, Danny Nelson reports.
Centralized censorshipThailands anti-government protests highlight thevulnerabilities of major social media platformslike Twitter and Facebook, CoinDesks Sandali Handagama reports. On Wednesday, Thailands digital minister Puttipong Punnakanta said authorities will continue an internet crackdown including Facebook censorship and potential interference on Twitter in an attempt to limit a groundswell of distributed political action in the country.
Exchange extortionTheNew Zealand stock exchange has halted trading for the third dayin a row as a result of criminal cyberattacks. Targeted disruption from malicious actors have knocked the NZX exchanges hosting service Spark has knocked it intermittently offline. The criminals, potentially connected to the Amada Collective and Fancy Bear cybergangs, are demanding bitcoin in order to cease the attacks. Over recent weeks, the group has also attempted to extort bitcoin from PayPal, MoneyGram, YesBank India, Braintree and Venmo, CoinDesks Sebastian Sinclair reports.
Blockchain on the LINEMessaging giant LINE haslaunched a wallet for users to manage digital assets and a blockchain platformwhere developers can issue their own tokens, tokenize digital assets and run decentralized applications (dapps). The wallet services are only available in Japan, at launch, where LINE is particularly well-known. The company, whose messaging app boasts 84 million users, aims to leverage its existing network to jumpstart the development of its token economies and accelerate adoptions of many dapps built on its proprietary blockchain platform setting it apart from other messaging app blockchain experiments.
Inflation watchFederal Reserve Chair Jerome Powellannounced new measures to control inflationat his annual speech on the U.S. central banks policy approach during the Jackson Hole symposium Thursday.
The Fed has left itself flexibility to change its monetary policy plans in the future, including letting inflation rise above its traditional 2% target. In his speech, Powell didnt rule out any use of its monetary policy tools, such as a broader expansion of its balance sheet to keep markets from tumbling if the economy worsens and bankruptcies increase.
Its a speech that may have long-term implications on both bitcoin andether, given the dollars relatively precarious position in the global financial system.
The implication for crypto is that the Fed will likely let inflation run hot for a few years, which could theoretically weaken the dollar and boost prices for bitcoin.
Thursday offers a reminder of just how dramatically once-slow-moving monetary forces have accelerated due to the devastating economic toll of the coronavirus pandemic. The national debt now stands at $26.5 trillion. Digital currencies are now being studied and pursued by central banks in China, the U.S. and just about everywhere else. Goldman Sachs recently warned the dollar risked losing its dominant reserve status, CoinDesks Bradley Keoun reports.
Flat optionsBitcoins options marketforesees little price turbulence in the short term,CoinDesks Omkar Godbole reports. Bitcoins implied volatility on one-month options, a gauge of the markets expectations for price movements, fell to the lowest level since July 25. Short-term price expectations have declined sharply from 70% to 52% over the past two weeks. This wait-and-see approach is happening ahead of Federal Reserve Chair Jerome Powells Jackson Hole address, in which hes expected to signal tolerance for high inflation a move that could weaken the U.S. dollar and propel bitcoin higher.
Back to the Baseline?Baseline Protocol, wherecorporates can use the Ethereum public mainnet as a common frame of referenceamong different systems of record, has released its Version 1.0. The way enterprise blockchains typically work is by running data on-chain like a traditional workhorse database a grave error of judgment, John Wolpert of ConsenSys said. Announced Wednesday, the Microsoft-backed project developed by Paul Brody, blockchain lead at EY, and Wolpert uses Ethereum only for hashing and ordering events, CoinDesks Ian Allison reports.
DeFi debateDeFi Pulse, run by the Concourse Open Community, has becomethe chief source of knowledge in the decentralized finance(DeFi) space, pionering a metric called, Total Value Locked. TVL represents the dollar value of all the tokens locked in the smart contract of a given decentralized lending project. While a convenient way to rank projects, it also raises controversies around the value in locked-in value.
NFT games?Leah Callon-Butler, a CoinDesk columnist and director of Emfarsis, reveals the unknown world ofFilipinos using non fungible tokens (NFTs) to earn a livingduring the coronavirus pandemic. A popular Ethereum-based game, Axie Infinity, where players breed, raise, battle and trade adorable digital critters called Axies, is providing pathways out of poverty and helping spread the word about novel technology, she said. Its food on the table, its money for their families and its saving them when they cannot even leave the house during this pandemic, Gabby Dizon, the Filipino co-founder of mobile app development company Altitude Games, said.
Distributing dictators hordeRuben Galindo, CEO of the P2P network Airtm, joins the latest The Breakdown to discuss how thecrypto-powered network is teaming with Venezuelas opposition government to distribute $18 millionin funds the U.S. seized from the Maduro dictatorship.
Who won #CryptoTwitter?
Here is the original post:
- Yes, bitcoin could be the new GameStop - CNBC - February 1st, 2021
- Silver Is the New GameStop as Musk's #Bitcoin Stalls - CoinDesk - CoinDesk - February 1st, 2021
- Behind the Bitcoin Bubble - The Wall Street Journal - February 1st, 2021
- This investor in both gold and bitcoin says only one offers real long-term safety - MarketWatch - February 1st, 2021
- Bitcoin White Paper - Miami - City of Miami - February 1st, 2021
- Bitcoin and Inflation: Everything You Need to Know - CoinDesk - CoinDesk - February 1st, 2021
- What the crypto bill means for bitcoin investors - Mint - February 1st, 2021
- r/WallStreetBets Shows Bitcoin's In The Game - Bitcoin Magazine - February 1st, 2021
- Elon Musk talks Mars, monkey brain implants and Bitcoin in Clubhouse interview - CNET - February 1st, 2021
- Laying out the biggest risks of investing in bitcoin in 2021 - KTAR.com - February 1st, 2021
- Bitcoin miners raked in more than $1 billion in revenue last month - TechRadar - February 1st, 2021
- Bitcoin Rally Attracts Wave Of Private Investment As Leading Blockchain VC Raises New $120 Million Fund - Forbes - December 26th, 2020
- Bitcoins Rally Has Already Outlasted 2017s Epic Run - The Wall Street Journal - December 26th, 2020
- Here's Why I Won't Buy Bitcoin, and You Shouldn't, Either - Motley Fool - December 26th, 2020
- The price of bitcoin is 'driven by manipulation': Nouriel Roubini - Yahoo Finance - December 26th, 2020
- Bitcoin To 27K Projection? - Yahoo Finance - December 26th, 2020
- Bitcoin And Crypto Trading Tips From Poker World Champion Annie Duke - Forbes - December 26th, 2020
- Mark Zuckerberg has another answer to Bitcoin - The Japan Times - December 26th, 2020
- An Unknown User Incurs More Than $80,000 in Transaction Fees When Sending BTC Worth $1 | Blockchain - Bitcoin News - December 26th, 2020
- Tokenized Bitcoin on Ethereum Now Tops $1.1 B: Here's Why - CoinDesk - Coindesk - September 25th, 2020
- 3 reasons why traders turned bullish after Bitcoin price surged to $10.7K - Cointelegraph - September 25th, 2020
- First Mover: Bitcoins Hit Exchanges as Bloomberg Touts Crypto and DeFi Hedge Fund Seeks $50M - CoinDesk - September 25th, 2020
- BitGo Is Bringing DeFi-Friendly Wrapped Bitcoin to the Tron Blockchain - CoinDesk - Coindesk - September 25th, 2020
- Keiser Insists 'Bitcoin Inversely Correlated To USD Not Stock Markets' After Crypto Market Tumble | Markets and Prices - Bitcoin News - September 25th, 2020
- Profit taking Bitcoin miners wont stop the next bull run: On-chain analyst - Cointelegraph - September 25th, 2020
- The Winklevosses have launched their bitcoin exchange in the UK - Wired.co.uk - September 25th, 2020
- Christies to sell its first non-fungible-token as part of epic Bitcoin artwork - Cointelegraph - September 25th, 2020
- Bitcoin-related ads are now streaming on Disney+ in some regions thanks to Zebpay - Cointelegraph - September 25th, 2020
- Cryptocurrency ETF by Nasdaq and Hashdex Approved to List on Bermuda Stock Exchange | Regulation - Bitcoin News - September 25th, 2020
- XSwap Started Yield Farming, The Highest APY Reaches 70,000% | Press release - Bitcoin News - September 25th, 2020
- Bitcoin sentiment at record lows Does it mean the price will go up? - Cointelegraph - September 18th, 2020
- Its a bull trap! 3 key metrics forecast Bitcoin price rejection at $11K - Cointelegraph - September 18th, 2020
- Bit Digital, Inc. Announced Officially to Cooperate with the World's Leading Bitcoin Colocation Partner In US - PRNewswire - September 18th, 2020
- How Bitcoin Correlations Drive the Narrative - CoinDesk - CoinDesk - September 18th, 2020
- Bitcoin hardware devices need to improve to handle complex transactions - Cointelegraph - September 18th, 2020
- First Mover: Bitcoin Investors the Sane Ones as Federal Reserve Cheers Inflation, Price Nears $11K - CoinDesk - CoinDesk - September 18th, 2020
- Why We Get Obsessed With Bitcoin - Decrypt - September 18th, 2020
- Tevoro.com Announces New Book Revealing What's Missing from Bitcoin, Ethereum and Other Cryptocurrencies - PRNewswire - September 18th, 2020
- Bank of England talks negative interest rates in best ad for Bitcoin - Cointelegraph - September 18th, 2020
- Fed, oil and record hash rate: 5 things to know in Bitcoin this week - Cointelegraph - September 18th, 2020
- Glen Oaks Escrow Announces It Assisted With Yet Another Bitcoin Transaction - PRNewswire - September 18th, 2020
- India's Crypto Bill Omitted From Parliament Agenda While New Ban Report Appears - Bitcoin News - September 18th, 2020
- First Mover: As Bitcoin Falls for Second Day, Long-Term Holders Probably Won't Care - CoinDesk - CoinDesk - September 5th, 2020
- Can You Have Your Bitcoin And Eat It Too? - Forbes - September 5th, 2020
- If Bitcoin Crashes Below $10,000 Its All OverHeres Why - Forbes - September 5th, 2020
- A Radical New Crypto Just Blew Past The Bitcoin Price All-Time HighUp A Shocking 3,500% In Just One Month - Forbes - September 5th, 2020
- First Mover: Buying Bitcoin's Dip, Betting Against Tether and Weighing the Jobs Report - CoinDesk - CoinDesk - September 5th, 2020
- Private Capital And Institutions Are Piling Into Bitcoin And Other Digital Assets But You Need To Know Where To Look - Forbes - September 5th, 2020
- Ethereum Soars 10% Overnight Implications For Bitcoin - Forbes - September 5th, 2020
- Bitcoin Down Almost 10% Today, You'll Be Surprised to Hear What's Next - FX Empire - September 5th, 2020
- So Far, a Nice Rise But Not a Wild Runup for Bitcoin Since the May Halving Event - Digital Transactions - September 5th, 2020
- Bitcoin Will Be Accepted for Tax Payments in Swiss Canton Zug Next Year | Taxes - Bitcoin News - September 5th, 2020
- The History of Bitcoin - WTOP - September 5th, 2020
- Wasabi Wallet Patches Flaw That Could Have Thwarted Bitcoin Privacy Feature - CoinDesk - Coindesk - September 5th, 2020
- Why Fusion's DCRM is The Best Option for DeFi Users | Sponsored Bitcoin News - Bitcoin News - September 5th, 2020
- Bitcoin Will Break Out This Year, Says Devere CEO | News - Bitcoin News - September 5th, 2020
- Tax Implications For Donations Of Bitcoin - Forbes - September 5th, 2020
- Protection Over Profit: What Early Mining Patterns Suggest About Bitcoins Inventor - CoinDesk - CoinDesk - September 5th, 2020
- Research: New Malware Employs Tor and Bittorrent To Steal Bitcoin and Ether | Security - Bitcoin News - September 5th, 2020
- Will Bitcoin Dump If Stocks Have Another COVID-19-Scale Crash? - Forbes - September 5th, 2020
- Elon Musk Confirms Serious Russian Bitcoin Ransomware Attack On Tesla, Foiled By The FBI - Forbes - September 5th, 2020
- 3rd Bitcoin SV Hackathon Finalists announced to compete for USD $100,000 - PRNewswire - September 5th, 2020
- Max Keiser thinks Warren Buffett will move to Bitcoin soon - Cointelegraph - September 5th, 2020
- Major Swiss Insurer Adds Bitcoin and Ether Payments | News - Bitcoin News - September 5th, 2020
- Warren Buffett Shifts Funds From US Amid Inflation Fears, Bitcoin's New All-Time High Expected | News - Bitcoin News - September 5th, 2020
- No interim injunction over bitcoin account where damages would be adequate - Lexology - September 5th, 2020
- Venezuela's Bitcoin Use Soars Amid Hyperinflation: 3rd on Global Crypto Adoption Index | News - Bitcoin News - September 5th, 2020
- Bitcoin market index back to fear on 91st anniversary of 1929 crash - Cointelegraph - September 4th, 2020
- China Is No Threat To Bitcoin, Promises Foundry CEO After $100 Million Bitcoin Mining Bet - Forbes - September 4th, 2020
- 3.5 Million+ Crypto Wallets Downloaded in July, Active Users up 110% in the Year | Wallets - Bitcoin News - September 4th, 2020
- Here Are The Key Levels To Watch In Bitcoin - Forbes - September 4th, 2020
- Ethereum Is Eating Bitcoin - Forbes - September 2nd, 2020
- Bitcoin Rally Fails After Breaking Through $12,000 - Forbes - September 2nd, 2020
- Fidelity Is A 1,000 Pound Bitcoin Gorilla In The Making - Forbes - September 2nd, 2020
- Is Bitcoin About to Explode? - TheStreet - September 2nd, 2020
- Russia Blocks Cryptocurrency Websites Ahead of Regulation | News Bitcoin News - Bitcoin News - September 2nd, 2020
- USD has more room to fall 5 things to watch in Bitcoin this week - Cointelegraph - August 31st, 2020
- Bitcoin In The Early Stages Of A Bull Market, Crypto Wallet Data Reveals - Forbes - August 31st, 2020
- Federal Reserve's Major Policy Shift to 'Push Up Inflation' Could Send Bitcoin Price to $500K - Bitcoin News - August 31st, 2020
- Bitcoin balks as the Fed talks, DeFi surge continues: Weekly recap - Cointelegraph - August 31st, 2020