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

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Cuban President Discusses Adopting Cryptocurrencies for the ‘Convenience’ of the National Economy

Cuban President Discusses Adopting Cryptocurrencies for the ‘Convenience’ of the National Economy

Cuba has been actively discussing the possibility of adopting cryptocurrencies over the last few months during high-political summits. This time, the president of the Caribbean island discussed crypto assets once again during a virtual currencies topic on the summit agenda, talking about the possibility to consider it for future economic plans.

Discussions Underway Despite Domestic Crypto-Related Scams

According to Periodico Cubano, Miguel Díaz-Canel told regional governors and politicians during a virtual summit about a possible upcoming crypto adoption phase for “the convenience” of the national economy.

He wants to assess the feasibility of implementing such decentralized technologies and their impact on the country. Interestingly, Díaz-Canel is an electronic engineer.

Although he declined to provide further insights on the matter, the Cuban president promised to inform citizens of the latest developments about his virtual currencies’ assessment.

However, during the meeting, Díaz-Canel further talked about an alleged crypto-related Ponzi scheme, even though he declined to name the shady company. The president also commented on the dangers that digital asset scams bring to the Cubans:

In recent times, there have been monetary operations executed by transnational companies that with the use of cryptocurrencies develop speculative schemes and seek to maximize profits through procedures that could be the cause of fraud.

For example, a Trust Investing representative in Cuba, Ruslan Concepción, was arrested by the Cuban authorities on illicit economic activities charges and remains under custody awaiting a trial, said EFE via Deutsche Welle. There is no major information on the origins of the bogus company, as most of its operations targeted Cubans.

Cuban State Political Party and Cryptos

Overall, the state political party, the Communist Party of Cuba (PCC), has been flirting with the crypto industry, but with no close approach yet.

As Bitcoin.com News reported in April 2020, some members of the PCC suggested that the country should make its inception into the virtual currency sphere as “an alternative to face the current economic crisis” that the island is living.

What are your thoughts on the Cuban president’s words? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

$9 Trillion Asset Manager’s CIO: Bitcoin Will ‘Be Part of the Investment Arena’ for Years to Come

The chief investment officer (CIO) of $9 trillion asset manager BlackRock, Rick Rieder, has revealed he believes bitcoin will be a “part of the investment arena” for years to come, even though he argued BTC has “not reached maturity yet” as an asset.

Speaking during CNBC’s “Squawk Box,” Rieder weighed in on Elon Musk’s recent announcement revealing Tesla would no longer accept bitcoin payments over environmental concerns, but would hold onto the BTC it had bought earlier this year. He noted bitcoin is an “interesting asset” that still doesn’t have a clear role in portfolios.

Some of the hurdles the flagship cryptocurrency has to overcome, he says, include its volatility and carbon footprint. BlackRock itself has been focusing on environmental, social, and governance (ESG) investing and believes bitcoin is a “durable” asset that needs to overcome these challenges.

It’s worth noting that back in February, BlackRock “started to dabble” in bitcoin, when the price of the flagship cryptocurrency was close to $51,000. Reider at the time revealed he believes the cryptocurrency “gotten “the imagination of a lot of people” even as its volatility is currently “extraordinary.”

The CEO of BlackRock, Larry Fink, said during an interview that crypto could “become a great asset class.” At the time Fink noted he was “still fascinated” about cryptocurrencies and had been encouraged by the amount of people focusing on the market.

BlackRock is the world’s largest asset manager, with over $9 trillion in assets under management (AUM). It has created a “very small position” in crypto, Rieder revealed.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured Image via Pixabay.com

Sun Has Arrived: Tron’s Tether Has Issued 30 Billion USDT

Tether, the largest stablecoin by market cap, has reached a milestone by issuing 30 billion USDT on top of the Tron blockchain.

30 Billion USDT Issued on Tron

Tether, the largest stablecoin on the market, has released 30 billion USDT as TRC20 tokens on the Tron blockchain, which is the highest amount the stablecoin has ever issued on any chain. Tron’s creator Justin Sun made the announcement on Twitter, congratulating the company on hitting this milestone.

Justin Sun tweeted about the milestone earlier today:

“Congrats on TRC20USDT reaching the milestone of 30 Billion, as the best-performing stablecoin with immediate transactions and free handling fees on TRON. The circulation amount of TRC20USDT issued by @Tether_to on the TRON network exceeded 30.9 Billion.”

According to official data obtained from Tether’s website, nearly 60 billion USDT have been sold, with Tron dominating the market. With approximately 27 billion USDT distributed as ERC20 tokens, Ethereum is now in second place. More than a billion USDT has been issued on top of Omni, the bitcoin-based protocol. Though Tether has been multichain for a long time, other chains have struggled to gain traction, with Solana being the fourth, with nearly 200 million USDT released.

Tether issuance has increased since the bull market began, rising from 10 billion USDT in August 2020 to nearly 60 billion USDT today, according to Glassnode results. This means that the amount of Tether on the market has increased fivefold in less than a year, a phenomenal increase for such a short time.

Tether debuted on Tron in April 2019, but it didn’t gain traction until this year, when it gradually surpassed its Ethereum equivalent in market capitalization. Users were drawn to the Tron edition of tether (USDT) because of its near-instantaneous transactions. This year, Ethereum began to experience congestion, and users have had to wait hours for expensive transactions. Despite these issues, tether remains one of the most widely used currencies in decentralized finance (defi) networks, with hundreds of millions invested in protocols such as COMP and AAVE.

Even with all of its legal issues and uncertainty, tether’s supremacy in the cryptocurrency stablecoin sector is remarkable. Also after being fined $18.5 million by the NY Attorney General Office in a settlement in February, the currency was recently listed on Coinbase, a significant achievement.

Related article | A 50% Increase in Tether Supply Points to Another Bitcoin Rally: Analyst

Tether Reveals A Breakdown Of Its Reserves

The breakdown is dated March 31, 2021. Tether kept approximately 76 percent of its reserves in cash and cash equivalents, as well as other short-term deposits and commercial paper, according to the study.

With a 65 percent share, commercial paper made up the bulk of its cash and cash equivalents segment. Fiduciary deposits accounted for 24% of the total, with reverse repo notes accounting for 3.60 percent, treasury bills accounting for 3%, and real cash accounting for just 3.87 percent.

Source: Tether

The rest of the reserves were divided across three categories: Secured loans, of which none is to affiliated entities, forming 12.55% of the total reserves; corporate bonds, funds, and precious metals forming nearly 10% and other investments, including digital tokens, comprising 1.64%.

USDT market cap has continued to surge. Source: TradingView

Related article | PayPal Didn’t Shoot Bitcoin Above $13,000, Analyst Explains Why

Featured image from Pixabay, Charts from TradingView.com and Tether.

Michael Saylor Breaks It Down: The PoW Architecture Is A Masterpiece Of Engineering

What a week! The cryptosphere is buzzing. Did a single tweet from Elon Musk tanked Bitcoin’s price? Or did weak hands surrender their coins to strong hands at a discount? Even though Elon’s motives are in question, and probably have nothing to do with the environment, MicroStrategy’s CEO came to the rescue. In a recent tweetstorm, Michael Saylor explained to the world the wonders of Proof-Of-Work as a consensus mechanism. 

Before we even start, let’s check Saylor’s credentials. According to Wikipedia, “He graduated from MIT in 1987, with a double major in aeronautics and astronautics; and science, technology, and society.” And this extremely qualified person states, “The Proof of Work architecture is a masterpiece of engineering that anchors the system to the real world, providing Seven Layers of Security.

Related Reading | By The Numbers: Here’s How Much MicroStrategy Has Made On Bitcoin

Those layers are in these areas: Energy, Technology, Political, Financial, Mining, Spatial, and Temporal. And Taylor proceeds to break them down one by one. But before getting into it, let’s think about the phrase “Anchors the system to the real world.” How do Proof-Of-Stake coins relate to material reality? And if the thing that gives them value is not energy, what is? How are those coins valuable?

BTCUSDT chart for 05/13/2021 - TradingView

BTC price chart on FTX | Source: BTC/USDT on TradingView.com

Wasted Energy according to Saylor

What people like Elon and his bosses forget is that well-placed economic incentives are the gas that makes Bitcoin work. And there’s a huge incentive to move mining operations to places where energy is cheap. And energy costs less in places where it’s abundant, even wasted.  Who better than Michael Saylor to explain this?

The “Seven Layers of Security”

  • Energy: “Miners can monetize any form of energy, anywhere on earth, in any quantity, at any time, at the highest price.” According to Saylor, energy providers around the globe will compete for those miner’s business. This is already happening. The system is slowly falling into place. 
  • Technology: If the market is demanding energy-efficient and clean energy mining hardware, there’s a huge incentive for manufacturers to provide them. And miners,  “need to continually upgrade equipment to stay competitive, and this creates massive barriers to entry & exit, stabilizing the network while bringing Darwinian discipline & vitality.
  • Political: We already discussed geopolitical arbitrage when it comes to taxes, but, what about the mining business? Aren’t countries and states incentivized to bring a booming business to their shores? After all, “Miners represent the ultimate clean, high-tech exporter generating hard currency.
  • Financial: It’s no secret that Bitcoin is the best performing asset in the history of the planet. To say it’s an “attractive investment” is an understatement. That means “investors & their bankers are thus recruited as powerful political & financial allies” of miners because they’re the main clientele for their product. 
  • Mining: The miners themselves “become powerful advocates for the network,” with a “strong vested interests to defend” it. As this story unfolds, miners will become a dominant force in the world. 
  • Spatial: All of the factors above “drive geographic decentralization of the mining network.” That’s Bitcoin’s best defense against any attack, it’s everywhere and nowhere at the same time. Plus, the mining network is one step removed from the asset itself.
  • Temporal: Breaking all of those layers of security will take an enormous effort, but, maybe more importantly, it’ll take time. According to Saylor, between two and four years. That makes, “any attack very difficult, expensive, slow, hard to conceal, unlikely to succeed, & allows time to react.

Related Reading | MicroStrategy Acquires An Additional $15 Million in Bitcoin

Conclusion and summary

We’re going to leave this section to Michael Saylor himself:

Enough said.

Photo by Bill Oxford on Unsplash - Charts by TradingView

State-Owned Swiss Bank Postfinance Launches App Supporting 13 Cryptocurrencies

State-Owned Swiss Bank Postfinance Launches App Supporting 13 Cryptocurrencies

The banking subsidiary of the national postal service of Switzerland, Postfinance, has launched a mobile app providing clients with access to cryptocurrencies, ETFs and more. The software allows users to make payments, save funds or invest in various assets, with a commitment to a level of security provided only by the country’s leading online banks.

Swiss Post’s Bank Offers Clients Access to Crypto Assets and Stocks

The new application called Yuh is the product of a partnership between Postfinance and the online trading platform Swissquote. The collaboration was established late last year and the software was unveiled at a virtual launch event on May 11, the bank said in a press release. Anyone who wants to test it is welcome to download and install the app on either an iOS or an Android device. Postfinance emphasized:

With the Yuh app, you can not only execute payments and save for future projects or goals, but also make small or large investments, all from your smartphone.

Users can invest in over 100 of the most popular stocks like those of Apple, Nike, Tesla, or Coca-Cola, as well as exchange-traded funds (ETFs). The two financial companies also revealed that their customers will be able to buy and sell 13 cryptocurrencies from the app, including bitcoin (BTC) and ethereum (ETH).

“With Yuh we place the entire financial world in the palm of their hands. Everyone should be free to decide when, where and how they manage their money,” commented Yuh CEO Markus Schwab.

The platform launches with a promise to maintain “low to no fees” and provide “full transparency at all times” regarding applicable charges. Payments and peer-to-peer transfers are free of charge, for example. However, fees apply to the purchase or sale of equities, 0.5%, and crypto assets, 1%. The costs for these transactions will be clearly displayed within the app. Furthermore, Yuh account holders who deposit 500 Swiss francs or more will receive 500 swissqoins, the app’s cryptocurrency, which Yuh users will be able to trade.

Yuh to Help Postfinance Attract Needed Customers

Postfinance embarked on implementing a new digital banking strategy after registering a serious decline in some of its key indicators last year. Its profit fell from 246 million to 131 million Swiss francs ($145 million), while operating costs increased by 18 million francs (close to $19.9 million) in 2020, Swissinfo detailed in an article reporting on the announcement of Yuh.

State-Owned Swiss Bank Postfinance Launches App Supporting 13 Cryptocurrencies

In the midst of a global pandemic limiting international travel and spending, Postfinance’s banking clients fell to 2.69 million, from 2.74 million in 2019. Switzerland’s negative interest rates contributed to the trend. Besides, the bank is majority-owned by the Swiss state and as such, it’s not allowed to offer mortgages or corporate loans to compete with private Swiss banks.

The partnership with the online financial services provider Swissquote, which led to the launch of the new mobile app, is part of efforts to adapt to the rapidly changing environment in the country’s banking sector. Digital banking is closing more and more physical branches in Switzerland. With attractive features, such as the option to buy even fractions of company shares and trade a variety of cryptocurrencies at relatively low fees, Yuh is likely to attract new and different customers.

Do you think Postfinance will succeed in expanding its customer base with its new banking app supporting cryptocurrencies? Tell us in the comments section below.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Green energy tokens capitalize on Tesla’s decision to nix Bitcoin payments

What can I do to prevent this in the future?

If you are on a personal connection, like at home, you can run an anti-virus scan on your device to make sure it is not infected with malware.

If you are at an office or shared network, you can ask the network administrator to run a scan across the network looking for misconfigured or infected devices.

Boxing Legend Floyd “Money” Mayweather To Launch NFTs Later This Month

Boxing legend Floyd Mayweather plans to join the NFT craze by launching his digital collection on May 26th ahead of his fight with Logan Paul.

The NFTs Will Drop On May 26

Before his upcoming fight with Youtuber Logan Paul, boxing legend Floyd Mayweather will issue his own NFTs. With one-of-a-kind pieces, the exclusive collection honors Mayweather’s legacy in life and sport. After winning major titles in various weight classes, Floyd remained unbeaten throughout his professional career.

The NFTs will be a collection of artwork, videos, and rare memorabilia available to boxing enthusiasts and NFT collectors all over the world. IronBend combined forces with Reality Gaming Group and Zytara Labs in order to release the non-fungible tokens. “There will be a digital collection of 5 NFT pieces, including a rare 1 of 1,” Al Burgio, founder and CEO of Zytara Labs said.

Mayweather, the self-proclaimed TBE (”The Best Ever”), speaking on the initiative said:

”I started from nothing and beat all the odds to achieve what I did in my career and I think that’s the American dream. I don’t look at myself as a celebrity – I look at myself as an icon, one who made it. My name will always live on for the things that I did and the mark that I left in sports. These digital collectibles give everyone a chance to be part of the Mayweather Legacy.”

“Right now, my career is over, but my name will always live on for the things that I did and for the legacy that I left and the mark that I left in sports,” Mayweather added.

Although it is unclear which blockchain network the NFTs would be built on or on the marketplace they will be sold, Burgio said that those information will be revealed before the sale on May 26.

Related article | NFT Sales Volume Plummets From Recent Highs: Is the Hype Over? 

Crypto Companies Will Facilitate The NFTs

The NFT will be released on May 26th, one day before Mayweather’s fight with Paul on June 6th. Floyd “Money” Mayweather returns from retirement with a career record of 50 wins to face the young Youtube influencer who has over 20 million subscribers but has only competed in one professional boxing match, losing to British Youtuber and rapper KSI.

“As anticipation of the event builds, this NFT drop will offer rare, must-have digital collectibles for both NFT collectors as well as die-hard Floyd Mayweather fans from around the world,” a press release detailed. “The officially licensed content will be of the highest quality and fans can start collecting the limited-edition items secure in the knowledge that they will own a unique piece of Floyd Mayweather’s legacy,” said Reality Gaming CEO Morten Rongaard.

Mayweather’s NFT initiative comes more than two years after he reached a settlement with the Securities and Exchange Commission (SEC) over ICO promotions. Mayweather had to pay a fine of more than $600,000 because he failed to reveal that he was paying to promote ICOs.

NFT on Uniswap has been soaring. Source: TradingView

Related article | Why Bitcoin Is The Solution To The “Powell Problem”

Featured image from Forbes, Charts from TradingView.com