Daily Archives: July 12, 2021

Grayscale Investments’ Diversified Cryptocurrency Fund Now an SEC Reporting Company

Grayscale Investments' Diversified Cryptocurrency Fund Now an SEC Reporting Company

Grayscale Investments now has three SEC reporting funds, with the newest addition being the Digital Large Cap Fund. The company has also filed to make three other funds SEC reporting companies.

  • Grayscale Investments, the world’s largest crypto asset manager, made two announcements Monday.
  • The first was that the registration statement on Form 10 filed with the U.S. Securities and Exchange Commission (SEC) for the Digital Large Cap Fund (OTCQX: GDLC) has become effective. The fund is, therefore, an SEC reporting company, the company confirmed, elaborating:

The fund is Grayscale’s first diversified digital currency investment fund to become an SEC reporting company with its shares registered pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended.

  • Grayscale Digital Large Cap Fund will now file its reports and financial statements with the SEC, along with current reports, in addition to complying with all other obligations under the Securities Exchange Act.

  • The Digital Large Cap Fund’s components as of the end of the day on July 9 comprised 67.49% bitcoin (BTC), 25.35% ethereum (ETH), 4.30% cardano (ADA), 1.03% bitcoin cash (BCH), 0.96% litecoin (LTC), and 0.87% chainlink (LINK).
  • The second announcement on Monday was that Grayscale has filed registration statements on From 10 to make three other crypto investment products SEC reporting companies. They are Bitcoin Cash Trust, Ethereum Classic Trust, and Litecoin Trust.
  • Besides the Digital Large Cap Fund, Grayscale has two other SEC reporting products: Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).

What do you think about Grayscale filing to make its funds SEC reporting companies? Let us know in the comments section below.

Payments Provider Clear Junction Stops Processing Payments for Binance

Payments Provider Clear Junction Stops Processing Payments for Binance

On Monday, the global payments solutions provider Clear Junction announced it ceased processing transactions for Binance. The move by Clear Junction was brought on by the Financial Conduct Authority’s (FCA) recent warning, according to a blog post written about the decision.

Clear Junction Ceases Processing Payments for Binance Citing the Recent FCA Warning

  • The Financial Conduct Authority’s (FCA) warning against Binance operating in the UK has caused a lot of issues for the company. On Monday, the global payments solutions provider Clear Junction revealed it was no longer processing payments for the crypto firm.
  • “Clear Junction can confirm that it will no longer be facilitating payments related to Binance,” the company’s blog post on Monday states. Additionally, the blog post also cites the FCA’s recent warning.
  • “We have decided to suspend both GBP and EUR payments and will no longer be facilitating deposits or withdrawals in favour of or on behalf of the crypto trading platform,” the blog announcement explains further. “Clear Junction acts in full compliance with FCA regulations and guidance in regards to handling payments of Binance.”
  • The Clear Junction news follows the recent moves by Barclays and Santander Bank. Moreover, on July 6, 2021, Binance suspended euro deposits via SEPA bank transfers, while also hiring a U.S. regulator.

  • Binance CEO Changpeng Zhao recently discussed regulatory policy and explained that “compliance is a journey – especially in new sectors like crypto.”
  • On Monday, Changpeng Zhao also referred to as CZ tweeted a picture of himself all dressed up and said: “Do I look more regulated already? Just found out I don’t have dressing shoes at all. So went with sneakers.”
  • Binance has also had issues with the regulatory climate in Thailand, Cayman Islands, Japan, Ontario, and South Africa.

What do you think about Clear Junction explaining that it won’t process payments for Binance? Let us know what you think about this subject in the comments section below.

Panther Protocol and StackOS Partner to Bring Privacy to DeFi and NFTs

Panther Protocol and StackOS Partner to Bring Privacy to DeFi and NFTs

PRESS RELEASE. Panther Protocol has joined forces with StackOS, a decentralized cloud protocol, to deliver privacy and data protection tools.

As a meta-protocol focused on end-to-end privacy for any digital asset, Panther is of great interest to virtually all DeFi users looking to benefit from personal financial data protection and confidential cryptocurrency transactions. Panther zAssets are 1:1 backed representations of the underlying assets they represent, offering users all of the benefits of private transactions in this emerging asset type.

Under the Partnership agreement, Panther Protocol’s DeFi privacy services will be deployed on StackOS’ decentralized cloud. This is easily done in minutes through its easy-to-use interface after the applications have been containerized. Applications running on StackOS become unstoppable and more secure as the infrastructure is automatically being maintained, resulting in the removal of DevOps costs.

Panther Protocol CEO and co-founder Oliver Gale comments:

“We are delighted to work with StackOS and its innovative platform. StackOS is leading the way in the containerized deployment of applications. This partnership will assist in the advancement of privacy and data protection tools.”

StackOS.io is a decentralized cloud protocol on which full-stack applications can be deployed anonymously and securely. Together with Panther Protocol fully collateralized privacy-enhancing digital assets, both platforms can leverage each other’s technologies bringing StackOS users complete anonymity and making Panther’s services unstoppable.

StackOS CEO and Chief Architect, Vishnu Korde say:

“Currently every payment on the platform with $STACK tokens through the Ethereum chain is public. The transactions will now be made private with Panther’s technology, making payments for cloud resources and apps in the App Store completely anonymous. We welcome this great pairing of our technologies to deliver real benefits for both users.”

StackOs will soon be introducing NFTs to its platform. Currently, NFT’s are public as they are on a public ETH chain, but StackOS will use Panther’s service to encrypt the NFT data, making NFT interaction within the StackOS platform private.

About Panther Protocol

Panther Protocol is an end-to-end privacy protocol for DeFi. Panther provides DeFi users with fully collateralized privacy-enhancing digital assets, leveraging crypto-economic incentives and zkSNARKs technology. Users can mint zero-knowledge zAssets by depositing digital assets from any blockchain into Panther vaults. zAssets will become an ever-expanding asset class for users who want their transactions and strategies the way they should always have been: private.

Stay connected: Telegram | Twitter | LinkedIn | Website | Medium | Blog

About StackOS

StackOS is a cross-chain open protocol that allows individuals and organizations to share their computing resources and collectively offer a decentralized cloud; where developers around the world can deploy any full-stack application, decentralized app, blockchain private nets, and main net nodes.

It aims to provide the world with “The Unstoppable Infrastructure Protocol”, which will allow any person across the world to deploy their application without incurring heavy cloud management costs and freely run any application they wish to run. StackOS furthermore intends to help brick and mortar businesses around the globe, to go online cost-effectively and securely with minimal technical overhead.

StackOS has already gained heavy early traction from the market and is soon preparing to launch its native STACK token on the Mainnet for the general public to use and govern.

Twitter | Telegram | Demonstration Video | Explainer Video | Website | Apply (Early Access)

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not 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 the press release.

Incoming Squeeze? Bitcoin Shorts on Bitfinex Spike, BTC Long Positions Tap Fresh New Highs

Incoming Squeeze? Bitcoin Shorts on Bitfinex Spike, BTC Long Positions Tap Fresh New Highs

The entire market capitalization of all 10,800 cryptocurrencies in existence is down 2.8% on Monday as bitcoin has lost over 2.4% during the last 24 hours. Meanwhile, bitcoin shorts are rising again after bitcoin shorts tapped a two-year high on the derivatives exchange Bitfinex on June 25.

Bitcoin Shorts Climb Higher

Bitcoin (BTC) and digital markets, in general, have seen better days as BTC tapped an all-time high above the $64K handle three months ago but is still down 48.66% since then. Roughly 17 days ago, on Bitfinex, the number of BTC/USD short positions skyrocketed to levels not seen since June 17, 2019.

Incoming Squeeze? Bitcoin Shorts on Bitfinex Spike, BTC Long Positions Tap Fresh New Highs
Stats from datamish.com/btcusd/7d

Around 20 days ago, BTC reached its lowest price point in quite some time at $28,600 per coin, and today the cryptocurrency is only 13.72% up from that low price point. Now after the June 25th spike in short positions, things settled on June 27 and shorts remained low. Today, however, short positions held on Bitfinex are starting to climb once again and some spectators believe it’s a bearish signal.

Incoming Squeeze? Bitcoin Shorts on Bitfinex Spike, BTC Long Positions Tap Fresh New Highs
BTC/USD shorts on July 12, 2021.

At the time of writing, BTC/USD shorts recorded on the derivatives exchange Bitfinex have spiked at least halfway toward the high recorded on June 25. 13,600+ BTC/USD shorts have been recorded while BTC/USD long positions on Bitfinex have surpassed 2019’s all-time highs.

51,000 Bitcoin Long Positions Hope for a Quick Pump

Over 51,100 long positions on the exchange have been played so far on Monday and both longs and shorts continue to climb. The number of long positions doesn’t necessarily give a bullish impression either, but it kind of shows some optimistic sentiment, one where market participants are hopeful about a rise in the future.

Incoming Squeeze? Bitcoin Shorts on Bitfinex Spike, BTC Long Positions Tap Fresh New Highs
BTC/USD longs on July 12, 2021.

The ethereum short position chart pattern is a bit different than bitcoin’s as shorts have risen in recent times but have also started dipping today. ETH/USD long positions also show a different path than BTC’s current long records on Bitfinex, as ETH/USD longs on the derivatives exchange is low on Monday.

Etoro market analyst Simon Peters places a lot of the crypto market carnage blame on the digital currency mining issues in China and the regulatory climate worldwide.

“Both crypto assets (BTC & ETH) have been hit by crypto crackdowns in China and regulatory changes in different jurisdictions around the world,” Peters said in a note to Bitcoin.com News on Monday.

The number of BTC/USD shorts also may not be considered bearish, as a short squeeze could be in the cards. A “short squeeze” in BTC/USD markets is not unusual and when it happens, it triggers an extremely fast pump that leaves short sellers in the dust and in the land of liquidations. Usually short squeezes occur in the world of bitcoin trading when there’s an unusually high amount of BTC/USD short positions recorded.

The same thing can happen to those playing longs in what’s called a “long squeeze.” Similarly, a significant and sudden dive in bitcoin’s value incites panic selling and longs are also forced to liquidate.

What do you think about the current rise in short positions and the significant long positions at the moment? Let us know what you think about this subject in the comments section below.

Social NFT Project Nifty’s Raises $10M, Partners With Entertainment Giant Warner Bros

Social NFT Project Nifty's Raises $10M, Partners With Entertainment Giant Warner Bros

The Miami-based Nifty’s, Inc. announced the launch of the project’s website which aims to reveal a non-fungible token (NFT) social platform focused on gathering mainstream attention. The company has also revealed it raised $10 million in a seed round from well-known investors like A&T Capital, Polychain Capital, Ethereal Ventures, Liberty City Ventures, Dapper Labs, Topps, Polaroid, and Samsung Next.

Nifty’s Partners With Warner Bros, Launches Space Jam NFTs

The new NFT venture Nifty’s announced Monday the launch of the project’s website niftys.com and further detailed that the company has partnered with Warner Bros., the American multinational mass media and entertainment conglomerate. Nifty’s will be working with Warner Bros. on NFTs tethered to the upcoming animated film “Space Jam” featuring LeBron James and the Looney Tunes characters. In four days, “Space Jam: A New Legacy,” will release in theaters and on HBO Max.

“We are excited to partner with Nifty’s on this new way for our audiences to engage with their favorite characters, connect with other fans and enjoy our movies on and off the screen,” Pam Lifford, president of Warner Bros. global brands and experiences, said in a statement. “Space Jam: A New Legacy is fun for everyone and it was important to us to give audiences new and exciting ways to celebrate their fandom.”

Social NFT Project Nifty's Raises $10M, Partners With Entertainment Giant Warner Bros

According to the announcement, Warner Bros. will distribute a single limited-edition NFT to anyone who registers on Nifty’s and also visits the Space Jam NFT collection page. Warner Bros. says the NFTs will feature the Los Angeles Lakers’ James and the Looney Tunes’ “Tune Squad.” The Space Jam: A New Legacy NFTs were produced by Palm NFT Studio which uses advanced blockchain tech that claims to reduce “energy consumption by 99%.”

“The digital collectibles will include two-dimensional and three-dimensional versions with five levels of rarity,” the entertainment company and Nifty’s announcement details. “Awards will be randomized and include all levels of rarity, including a chance to receive one of the ten legendary versions of each. Collectors will be able to purchase additional NFTs individually for only $2.99, with a randomized assignment of character and rarity.”

“The speed and strength of our platform’s development is a testament to the incredible talent of our team and was made possible by a group of investors who have given us the resources to accomplish our goals,” Jeff Marsilio, CEO and cofounder of Nifty’s, noted during the announcement. “We are thrilled to introduce Nifty’s to the world with exciting content from Warner Bros. and to launch our community as an inviting home base for new and experienced explorers of the NFT universe.”

Warner Bros Joins Prominent Brand Names Entering the NFT Industry

The announcement from Nifty’s comes as NFTs remain in the spotlight and major brand names and celebrities like Playboy, MLB, Mike Tyson, UFC, DeLorean Motor Company, TIME, USA Today have joined the NFT craze. David Lee, the executive vice president of Samsung Electronics and head of the VC firm Samsung Next, believes the team behind Nifty’s will help mold future trends. “What Nifty’s has developed in such a short time deeply impressed us, and we cannot wait to see how they shape the future of NFT engagement,” the Samsung Electronics president concluded.

Just recently, rumors went viral on the web that said Warner Bros. was planning on selling both Mortal Kombat’s Netherrealm Studios and LEGO dev TT Games. Warner Bros. is in the midst of a $43 billion merger and it was suspected that the company was offloading some intellectual property and subsidiaries. However, Warner Bros. denies the claims that it plans to offload Netherrealm Studios.

What do you think about Nifty’s partnership with Warner Bros.? Let us know what you think about this subject in the comments section below.

Baby Doge Sheds Over 40% This Week Despite NASCAR Debut and Animal Shelter Donation

Baby Doge Sheds Over 40% This Week Despite NASCAR Debut and Animal Shelter Donation

The popular meme token baby doge has slid quite a bit in value even after the token’s image was plastered all over Brandonbilt Motorsports’ No. 68 Chevrolet Camaro at the NASCAR Xfinity Series in Atlanta this past weekend. On Monday, baby doge statistics show the coin has dropped 42% in value over the last seven days and over 2% in the last 24 hours.

Baby Doge Spanked by Grown-Up Markets, Donates Six-Figures to Animal Shelter

Over the last two weeks, the cryptocurrency community has been focused on a meme-based cryptocurrency called baby doge (BABYDOGE). There are a couple of reasons why baby doge has made it into the spotlight, and Elon Musk’s July 1st tweet about the token probably hasn’t hurt. Still, its value has climbed a whopping 931% in 30 days. Bitcoin.com News reported on Musk’s incoherent baby doge tweet and how the dog token came awfully close to a $2 billion market capitalization.

Baby Doge Sheds Over 40% This Week Despite NASCAR Debut and Animal Shelter Donation
Baby doge (BABYDOGE) stats on Monday, July 12, 2021.

However, since then baby doge has dropped considerably and currently trades for $0.000000002993 per unit. Data from coingecko.com shows the token has $8,239,318 in 24-hour trade volume. The volume is spread across Pancakeswap versions 1&2, Xt.com, and Lbank. On Monday, the BABYDOGE market valuation is $1.2 billion after dropping from $1.925 billion a week ago. While the baby doge token has shed enormous value, the social community has nevertheless grown significantly.

Baby Doge Sheds Over 40% This Week Despite NASCAR Debut and Animal Shelter Donation
The Baby Doge community has donated to organizations like Pawswithcause and Furkids Animal Rescue, two programs that work with 45 different shelters across the USA. Photo credit: Brandonbilt Motorsports.

The project’s Telegram channel has 122,654 members and over 18,000 are online at the time of writing. The token’s official Twitter account now has 131,500 followers and there are 4.1K subscribers on the r/babydogecoin subreddit.

The team has also tried to gain recognition through marketing schemes and charitable causes. For instance, the Baby Doge community has donated over $100K to the Metro Atlanta animal shelter to help save dogs. The community also helped the organization Furkids Animal Rescue and Shelters obtain a new van for the shelter’s “Transfur” program. The Furkids’ van sports the BABYDOGE logo and website as well.

Baby Doge Goes to NASCAR

Following the Dogefather’s lead in NASCAR, the baby doge token team had also partnered with NASCAR racer Brandon Brown and Brandonbilt Motorsports. This past weekend in Atlanta, Brown’s car featured the babydogecoin.com domain name and the baby doge logo as well.

Baby Doge Sheds Over 40% This Week Despite NASCAR Debut and Animal Shelter Donation
Brandon Brown being interviewed at the Atlanta Motor Speedway race this past weekend. Photo credit: Brandonbilt Motorsports.

At the Atlanta Motor Speedway, Brown took the checkered flag from the 31st position on Saturday. Brown’s Camaro sustained “heavy right front damage” while only a handful of laps remained.

“It was a tough break for Brown as the No. 68 Chevrolet Camaro ran in and around the 10th position for the majority of the event,” Brandonbilt Motorsports said. Brandonbilt added to the statement by thanking some of its new sponsors:

“Nonetheless, we would like to thank Baby Doge Coin, The Erosion Company – TEC and Furkids Animal Rescue and Shelters for joining us this weekend for their very first NASCAR Xfinity Series race.”

The Collision Course of This Week’s Meme Coin Markets

The famous meme token dogecoin (DOGE) had entered the NASCAR scene long ago when DOGE fans decided to raise 68 million DOGE in order to sponsor Josh Wise’s Ford Fusion in 2014. The dogecoin emblazoned vehicle recently made headlines on June 19, 2021, when Stefan Parsons crashed it at the Nashville Superspeedway race. On Monday, July 12, data shows that meme-based cryptocurrencies have also crashed in value over the last week.

Shiba inu (SHIB) is down over 12% this week and dogecoin (DOGE) is down 14.6%. Baby doge’s 42.4% loss is much larger than these two but a coin called alaska inu (LAS) has lost 70% this week and jejudoge (JEJUDOGE) dropped over 60%. However, elon doge token (EDOGE) has gained over 48% this week and keanu inu (KEANU) jumped 35.4% in value.

What do you think about baby doge coin shedding more than 40% in value this week and the NASCAR sponsorship? Let us know what you think about this subject in the comments section below.

California Man Arrested for Using Government’s Covid-19 PPP Loan to Buy Cryptocurrency and Tesla

California Man Arrested for Using Covid-19 PPP Loan to Buy Cryptocurrency and Tesla

The U.S. has arrested a man on criminal charges after he allegedly defrauded the government’s Covid-19 loan programs and used the money to buy cryptocurrency and Tesla.

Using PPP Loan to Buy Cryptocurrency and Tesla

The U.S. Department of Justice (DOJ) announced Friday that Lebnitz Tran was arrested Thursday “on criminal charges related to his alleged scheming to submit fraudulent loan applications seeking millions of dollars in Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Covid-19 relief funds.”

According to an indictment unsealed Friday, the 40-year-old man from San Jose, California, submitted at least 27 PPP loan applications and at least seven EIDL loan applications on behalf of multiple persons and business entities.

The indictment alleges that “Tran sought in excess of $8 million in PPP and EIDL funds, obtained over $3.6 million in illicit loan proceeds, and ultimately netted approximately $2 million from the scheme.” The DOJ noted:

Tran and others used these illicit loan proceeds to make purchases at restaurants and retail stores, make deposits into personal investment accounts, buy cryptocurrency, and, in one instance, to purchase a $100,000 Tesla from a luxury car dealership.

He allegedly used “false and fictitious information and documents, including falsified employee information, fictitious or grossly exaggerated payroll figures, and fake tax documents,” the Justice Department detailed, adding:

Tran is charged with six counts of wire fraud and three counts of bank fraud. If convicted, he faces a maximum penalty of 30 years in prison as to each count of bank fraud, and 20 years in prison as to each count of wire fraud.

This is not the first time someone has been charged with using Covid-relief funds to buy cryptocurrency. In July, Joshua Thomas Argires of Houston, Texas, was charged with Covid relief fraud for using a PPP loan to invest in cryptocurrency, among other things.

In April, Darryl Corradini and Vicki Hackenberg, both of Bloomsburg, Pennsylvania, were similarly charged. They used over $350,000 of fraudulently obtained government loans, including a PPP loan, to purchase bitcoins.

In March, a Los Angeles-based fraud ring was indicted for exploiting Covid-relief programs after submitting over 150 fraudulent loan applications seeking over $21.9 million in Covid-19 relief funds. The fraudulently obtained funds were used to buy cryptocurrency, among other things.

Do you think Tran should go to jail? Let us know in the comments section below.

Blockchain ‘Immutability’ Dispute Sparked by Ethereum Request for Reorg Contract

Blockchain 'Immutability' Dispute Sparked by Ethereum Request for Reorg Contract

Just recently, a software developer and “Solidity nerd” called Bunny Girl has sparked heated conversations within the cryptocurrency community over a smart contract that reveals a process called a “Request For Reorg contract (RFR).” On Twitter, Bunny Girl explained that the contract “creates a mechanism that allows users to pay miners to reorg the Ethereum blockchain.” Ever since then, the tweet went viral and there have been lots of debates over whether or not blockchains, in general, are immutable.

Solidity Developer Reveals Blockchain Reorganization Smart Contract for Ethereum

Conversations and debates concerning blockchain immutability have been taking place for years, and a fresh new discussion has ignited over a tweet and smart contract published on Github by the developer Bunny Girl. On July 10, Bunny Girl explained that the smart contract aims to enhance systematic chain reorganizations.

A blockchain reorganization is a contentious subject and basically occurs when a chain of recorded blocks is invalidated. Reorganizations have taken place on various blockchains when a mining entity or group of miners controls more than 51% of the hashrate.

Blockchain reorganizations force miners (not participating in the reorg) back to a point where they have to start again from a specific block height. It’s akin to rolling back a recorded history of transactions and then re-recording them again, but of course, the new transactions would never be the same as the ones that were erased.

Bunny Girl’s tweet explained how Ethereum developers can “codify chain reorgs” by leveraging the smart contract. “Announcing the Request For Reorg contract (RFR),” Bunny Girl said. “This contract was inspired by a tweet by @EdgarArout. Are there ways we can perform payments to miners for reorgs in an on-chain manner?”

“Using the example of the $40m Binance hack,” Bunny Girl added, “what if Binance wanted to pay out a bounty to miners for re-orging the chain to exclude the hacker’s tx? They could pay out a lower amount than the hack e.g. $10m. It turns out this is all possible with what Solidity has to offer. First, Binance will ask that the transaction be mined at a specific block in the past. They will attach the reward amount for doing so in the form of ETH.”

The software developer continued:

Next, the miner will perform the time bandit. They would go back in time to mine a block from the past. This time, they include their `reorg` tx, which sets them as the claimant for the reward attached to the reward. What happened to the previous request tx? Since the state is rolled back, there isn’t a request in the first place right? Easy, we reconstruct the state by including the `request` tx first. OLD STATE: Block N+1 = [request]. NEW STATE: Block N = [request, reorg].

Furthermore, Daniel Goldman followed up on Bunny Girl’s RFR smart contract with an idea that disincentivizes reorgs called “Deorg.”

“Published Deorg: a contract to create bounties for disincentivizing reorgs, all on-chain,” Goldman tweeted. After Goldman published his idea on Twitter, one person asked if the Deorg concept would “make a great incentive to miners to ‘hope’ for situations to trigger a reorg/deorg smart contract battle?” Goldman responded:

If there’s gonna be a battle, best that both sides show up to the battlefield armed.

Is It Misleading to Describe Blockchains as Immutable?

The RFR thread was followed by an extremely mixed reception. “So we just ignoring immutability now?” asked one person in response to Bunny Girl’s tweetstorm. Others made fun of Ethereum with memes and some mentioned past controversies like the DAO rollback incident, which caused the Ethereum Classic fork. Others claimed that once Ethereum 2.0 reaches finality, it won’t be possible with proof-of-stake (PoS).

Responding to the immutability comment, Bunny Girl said: “This affects time to finality. My guess is that if people use this, immutability wouldn’t be affected if the block already is deep in the chain.”

Bunny Girl also didn’t take too kindly to some of the bitcoiners attacking the RFR thread. The developer noted that the fact that Ethereum can reorg the chain via smart contracts is “epic” and bitcoiners were “jealous.” The conversation also fragmented away from Bunny Girl’s thread and brought up the debate about whether or not blockchains are even immutable at all. Angela Walch, research associate at the UCL Centre for Blockchain Technologies discussed the subject on Twitter as well, and talked about the term “immutable.”

“For *5 YEARS* I have been arguing that it is misleading to describe blockchains as *immutable*,” Walch said. “The ‘reorg as a service’ discussion on Ethereum is only the latest manifestation of why. Blockchains are unchangeable only if the people who comprise them *choose* not to change them.” Walch believes the word “immutable” is a poor term to use when describing blockchain technology and she wrote about it in her paper called “The Path of the Blockchain Lexicon (and the Law).”

Bitcoin’s Rollback in March 2013 and the Perpetual Motion Claim of an Immutable Blockchain

Walch and many others have been discussing the subject for years and it was a hot debate when Binance CEO Changpeng Zhao (CZ) mentioned a reorg after his exchange lost $40 million worth of BTC. Tim Swanson told Walch that he and Ernie Teo talked about the problem in November 2015. Bitcoin Uncensored cohost Chris DeRose published a paper on immutability on July 7, 2016, called: “Why Blockchain Immutability is a Perpetual Motion Claim.” DeRose wrote at the time:

Immutability! It’s the buzzword that magically transforms a simple database into the next million dollar VC fundraise.

Further, In March 2013, Arvind Narayanan described a similar situation where Bitcoin (BTC) developers coordinated to get a large mining pool to revert the chain to prior software after an accidental fork took place. At the time, the inventor of Ethereum, Vitalik Buterin questioned the move and said “the incident opens up serious questions about the nature of the Bitcoin protocol and puts into the spotlight some uncomfortable facts about Bitcoin’s notion of ‘decentralization.’”

There have been countless claims that Bitcoin is immutable and the word has been tossed around so much in the industry it’s like second nature and barely questioned. One individual argued that Walch was “ignoring the concept of confirmations, therefore your assessment is incorrect.” Walch replied: “I’m not ignoring them. That’s orthogonal to my point that it is misleading to describe blockchains as immutable.”

There seem to be too many variables pointing to the fact that blockchain immutability really is a perpetual motion claim. Moreover, while blockchains like BTC and ETH are safe today, the rulesets and concepts of making it very hard to change blocks must be resilient to the whims of future generations as well.

What do you think about the recent debate over blockchain immutability? Let us know what you think about this subject in the comments section below.

Nigeria’s June P2P Bitcoin Trade Volumes Surged Again Despite Central Bank’s Crypto Restrictions

Nigeria's June P2P Bitcoin Trade Volumes Surged Again Despite Central Bank's Crypto Restrictions

Nigeria’s peer-to-peer bitcoin trade volumes went up to just under $38 million in June 2021, the latest data shows. This surge becomes only the second time Nigerian P2P traded volumes have breached the $35 million mark in 2021. March 2021 is the only other period when P2P bitcoin traded volumes nearly surpassed the $38 million mark.

Nigerian P2P Growth Unhindered by Central Bank Crypto Restrictions

Still, as the data shows, the country’s June volumes surge had been preceded by the marginal drop of traded value to $35.2 million and $34.9 million in the months of April and May 2021 respectively. Nevertheless, both volumes still remain higher than the over $31 million which was recorded in February 2021.

Nevertheless, the latest data (which is sourced from two P2P exchanges) once again suggests that Nigerian interest and usage of cryptocurrencies continue to grow despite the imposition of restrictions on crypto assets by the central bank.

In early February 2021, the Central Bank of Nigeria (CBN) directed financial institutions to stop serving entities involved in cryptocurrencies. The measures took immediate effect and this also led to the immediate decline in the traded volumes of centralized exchanges. On the other hand, the growth in P2P volumes appears to show that traders have switched to platforms which the CBN cannot control or censor.

Ghana Overtakes South Africa

The same data shows that second-ranked Kenya’s June traded volumes dropped to $13.4 million from the $16.5 million that was recorded in May. However, this drop represents the first time the country’s upwards volumes growth trend has been shattered so far this year.

Meanwhile, the latest data shows that Ghana has now replaced South Africa as the country with the third-highest P2P bitcoin trades after its volumes topped $11.2 million in June. With traded volumes of $7.7 million, South Africa is now ranked fourth on the continent. The Central Africa Republic, which recorded volumes of less than $50,000 in June 2019, is in fifth place after trades worth $1.85 million were recorded in June 2021.

What are your thoughts on the latest African P2P bitcoin traded volumes? Tell us what you think in the comments section below.

Los Angeles Dodgers to Auction 2020 World Series Ring NFT via Candy Digital

Los Angeles Dodgers to Auction 2020 World Series Ring NFT via Candy Digital

After Major League Baseball (MLB) revealed a partnership with Candy Digital, the Los Angeles Dodgers announced it is auctioning a non-fungible token (NFT) World Series championship ring, a physical version, and a VIP first pitch experience. The NFT collection will start with an online auction on Monday, July 12, and net proceeds will go to the Los Angeles Dodgers Foundation (LADF).

LA Dodgers Reveal World Series 2020 Ring NFT

Another sports team is selling non-fungible token (NFT) assets, as the MLB’s Los Angeles Dodgers revealed plans to sell an NFT of a World Series championship ring hosted on the marketplace Candy Digital. The NFT package includes a 2020 Los Angeles Dodgers World Series ring NFT collectible and a VIP first pitch experience at Dodger Stadium. At approximately 9 a.m. (PT), Candy Digital will host the auction on July 12 up until 4 p.m. (PT) on Thursday.

In addition to the 2020 World Series championship ring NFT, the Los Angeles Dodgers will also sell an open edition NFT that showcases a 2020 World Series logo and a Dodgers’ shooting ball NFT as well. Proceeds from the lower-end NFTs will also be donated to LADF and can be bought for $20.20. Candy Digital is the brainchild of Michael Rubin, the cofounder of the company Fanatics, and the entrepreneurs Mike Novogratz and Gary Vaynerchuk.

“The Dodgers are excited to work with MLB and Candy to continue the franchise’s legacy of innovation as the first MLB Club with an officially licensed NFT,” Dodgers executive vice president and chief marketing officer Lon Rosen said in a statement sent to the press. Rosen further added:

The opportunity to own a World Series ring in both digital and physical forms has never been offered previously, and we hope this is the first of many such drops as we continue to develop unique multifaceted experiences for our fans.

World Series Ring NFT Auction Winner Gets a Physical Ring With the NFT’s Token ID

The news stemming from the L.A. Dodgers follows MLB’s recent partnership announcement with crypto-collectibles startup Candy Digital. The first NFT launch featured the New York Yankees’ first baseman, Lou Gehrig. “The first NFT from MLB and Candy is a 1-of-1 NFT of Gehrig’s iconic ‘Luckiest Man’ speech that the Yankees legend delivered on July 4, 1939, at Yankee Stadium, after being diagnosed with ALS,” MLB reporter David Adler detailed at the time.

The L.A. Dodgers NFT auction winner will receive the high-def single edition (1-of-1) Dodgers 2020 World Series champions ring NFT developed by RTFKT Studios and a physical ring as well specifically created for the auction. The physical ring will contain the NFTs token ID that can be verified on a public blockchain explorer. Alongside this, the winner will also get four premium tickets to a Dodgers game and a VIP first pitch experience at Dodger Stadium.

“As MLB continues to look for new ways to engage with our fans, the Dodgers World Series ring NFT presents an innovative offering to commemorate the first World Series champion of the new decade,” MLB chief revenue officer Noah Garden explained during the announcement.

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