Daily Archives: October 4, 2021

Grayscale Adds Solana and Uniswap to Crypto Investment Fund

Grayscale Adds Solana and Uniswap to Crypto Investment Fund

Grayscale Investments has added solana and uniswap to its large-cap investment fund. This is the first time solana has been added to a Grayscale fund. The company now offers 15 funds, two of which are diversified portfolios.

Solana and Uniswap Added to Grayscale Fund

Grayscale Investments, the world’s largest digital currency asset manager, announced Friday the quarterly rebalancing of its two diversified portfolios: the large-cap fund and the defi (decentralized finance) fund.

For the Grayscale Digital Large Cap Fund (OTCQX: GDLC), the company sold some of the existing components and used the cash proceeds to purchase solana (SOL) and uniswap (UNI). Grayscale said:

[This is] the first time solana (SOL) will be included in a Grayscale investment vehicle.

This was also the first time uniswap was added to the large-cap fund. However, the token has been in the Grayscale Defi Fund since the portfolio launched in July.

At the end of the day on Oct. 1, the large-cap fund’s components were bitcoin (BTC), 62.19%; ethereum (ETH), 26.08%; cardano (ADA), 5.11%; solana (SOL), 3.24%; uniswap (UNI), 1.06%; chainlink (LINK), 0.82%; litecoin (LTC), 0.77%; and
bitcoin cash (BCH), 0.73%.

The addition of solana and uniswap followed the addition of cardano (ADA) to the large-cap fund, announced in July.

For the Grayscale Defi Fund, no new tokens were added or removed. At the end of the day on Oct. 1, the fund’s components were uniswap (UNI), 45.20%; aave (AAVE), 14.11%; makerdao (MKR), 7.84%; sushiswap (SUSHI), 7.18%; compound (COMP), 6.73%; synthetix (SNX), 6.29%; yearn finance (YFI), 3.92%; curve (CRV), 3.53%; bancor network token (BNT), 3.04%; and UMA Protocol (UMA), 2.16%.

Grayscale’s total assets under management (AUM) as of Oct. 1 was $41.5 billion. Besides the large-cap fund and the Defi fund, the company offers investments in single asset funds in bitcoin, bitcoin cash, basic attention token, chainlink, decentraland, ethereum, ethereum classic, filecoin, horizen, litecoin, livepeer, stellar lumens, and zcash.

What do you think about Grayscale adding solana and uniswap to its investment funds? Let us know in the comments section below.

GNO City Play-to-Earn Game Created the Biggest and Most Diverse WAX Blockchain Game

Play-to-Earn Tokens and NFTs in GNO City - a Diverse Game on WAX Blockchain

GNO City features an already playable trading card game on the WAX blockchain. In GNO City you can collect NFTs, win experience points, level up and earn tokens by just playing the game and having fun. Players can explore the story mode or go head to head in matches against other players.

Welcome to GNO City

GNO City is developing an open world metaverse where players can own land and roam the city to capture characters. The project already features a playable trading card game developed on the WAX blockchain, and the NFTs can be accessed on AtomicHub.

If you are not familiar with the genre, digital collectible card games are a huge business these days. Some brands, such as Blizzard Entertainment’s Hearthstone, report reaching more than 100 million players and have a thriving eSport scene. The industry brings in total revenue of $2 billion a year from selling cards to players, but the latter can not earn much from it unless they get to the level of a famous eSport star.

The introduction of NFTs to the genre allows all players and card collectors to get much more from trading their cards or earning tokens. And while many projects are still in the development stage, GNO City is playable right now on GNOcity.io. GNO City provides the players with modern technology and nostalgic feel in their trading cards. Brings back the old memories of playing Pokémon trading cards with new concepts of being able to breed your NFTs into series 2 with a higher evolution.

GNO City includes a number of game modes: battle (1v1 PVP), racing and story. You can earn the GNOKEN token by playing the PVP and racing modes and you can buy character NFTs with your earned tokens in the GNOKEN shop. In story mode you will be rewarded for collecting certain NFTs.

Character NFTs get upgraded with skills. You can earn experience by winning in PVP, Racing and Story modes. Each character has a max level depending on the rarity of the NFT. You can also grab a pet from Complex Series and stake them for hourly experience so you can level up your NFTs without battling.

In PVP you set your character NFT lineup in 5 slots. You may lose energy as a trainer if you battle too much in the day, but you can boost your own energy by owning the Energy Refill NFT or wait it out every hour you get 20 energy maxed out at 100. Healing your character NFTs can be done with the freebie 1 per lineup slot every 24 hours or you can feed your characters some food.

Breeding your Gnomes – you can evolve your Gnome into Series II by gaining eggs. You gain eggs by staking the specific character and earn their egg. Every card in the Gnome Series is stake-able to earn eggs per hour.

As an online multiplayer game, GNO City also includes Achievements and Leaderboards. Players can claim an achievement if they reach a criteria with an NFT (You can only claim an achievement one time on a NFT so choose wisely). And if you are climbing on the ranks you will be able to see your character on the leaderboards.

For trading NFTs GNO City features a Marketplace – this means you can simply list your high level character for sale on AtomicHub and an API will pick it up and show it to all the players so people can buy a high level character with WAX.

The developers are working on many more features that help you play to earn. Coming soon is Land ownership where people with homes or businesses can stake for rewards.
Resources and Inventory is also in development so you will get to build a home and earn more garage spaces for racing mode and more. Additionally, real map exploration is coming soon so you can find Gnome characters and capture them to earn NFTs.

To learn more about GNO City visit the project’s website, and join the community on Discord or Telegram.


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Compound Facing More Problems: More Than $140 Million in Tokens up for Grabs

compound

Compound, one of the main cryptocurrency lending protocols on Ethereum, is facing serious problems again. According to banteg, a Yearn developer, someone called a function that moved more funds to be available for users to claim. Now, users can claim up to $140 million of the protocol’s native currency, comp. Compound is hoping users won’t claim these tokens and is rallying to patch the bug that caused this problem in the first place.

Compound Remains Vulnerable to Exploit

Compound, a decentralized finance protocol, aggravated its current situation when someone called on a function that put more funds at risk of being claimed. The function, called drip, sent more than 200,000 comp (Compound’s native token) to the Comptroller contract, the component that was affected by a bug last week, allowing users to claim unusually high amounts of comp.

According to banteg, developer of another leading defi protocol, Yearn, this was the “best-kept secret in DeFi.” The drip function moves funds between the “cold wallet” contract of the token — that manages the reservoir — to the Comptroller to be distributed among users. The dev also stated that five different addresses could drain $45 million of these tokens, which would have a very detrimental effect on the price of the asset.

Leshner Acknowledges Issues

Robert Leshner, founder of Compound Labs, was quick to acknowledge the issue. He stated that this function was not called for weeks and that he expected the bug to be patched before new funds could be put at risk. Due to Compound’s governance characteristics, the bug introduced last week is still waiting for new proposals to be approved in order to apply a patch to correct it.

However, Leshner was optimistic about the future of the protocol, stating:

I’m optimistic about the patches making their way through the governance process, which fix the distribution, and the community members that are working to manage this bug.

The community is calling for changes to how these governance proposals are managed and approved. A user in Twitter proposed introducing a new kind of governance proposal to deal with bugs quickly, treating them as emergency updates. This new event that puts more tokens at risk has apparently affected comp’s price, which has gone from $340 to $317 in just the last 24 hours.

What do you think about Compound’s issues and its governance model? Tell us in the comments section below.

Donald Trump on Crypto: ‘I Don’t Want Other Currencies Coming Out and Hurting the Dollar’

Donald Trump on Crypto: 'I Don't Want Other Currencies Coming Out and Hurting the Dollar'

Former U.S. President Donald Trump has commented on the growing popularity of cryptocurrencies and the crypto crackdown by the Chinese government. He reiterated his anti-crypto stance: “I don’t want to have other currencies coming out and hurting or demeaning the dollar in any way.”

Donald Trump Comments on Crypto and China’s Crackdown


Former U.S. President Donald Trump commented on the growing popularity of cryptocurrencies and the Chinese government’s crypto crackdown in an interview with Yahoo Finance’s Adam Shapiro, published Monday.

Trump was asked: “You have a relationship with the Chinese President Xi Jinping. What do you think Xi Jinping is up to? And is this crackdown on crypto good for the U.S.?” He replied:

Well, I think he wants to do his own currency, whether it’s crypto or otherwise.


Several people, including famous “Rich Dad Poor Dad” author Robert Kiyosaki, have similarly expressed that China has been cracking down on crypto to pave the way for its central bank digital currency (CBDC), the digital yuan. Some view the anti-crypto move by the Chinese government as positive news for the U.S, including a number of lawmakers. “China’s decision to restrict access presents a perfect opportunity for American leadership on cryptocurrency,” noted Congressman Patrick McHenry.

Commenting on the rising popularity of cryptocurrencies, Trump said: “And one of the reasons that we have to be very careful is we have a currency right now, the dollar. And I’m a big fan of the dollar. I’m a big fan of our currency.” He emphasized:

I don’t want to have other currencies coming out and hurting or demeaning the dollar in any way.


“And China is certainly not looking to back the dollar. But right now, they’re based on the dollar and they would probably have to stay that way unless we do something very foolish in our country,” the former president opined.

Citing “the horror show at the border” and “the horror show of the Afghan withdrawal,” Trump stressed: “The problem that I have … is our country is losing credibility.” He elaborated: “If you look at a monetary system based on the dollar, if you start losing credibility, all of a sudden you’re going to lose that strong monetary system. And we have to be very careful about that.”

Trump has always been a critic of bitcoin and cryptocurrencies. While still president of the U.S., he tweeted: “I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

In June, he said bitcoin “seemed like a scam” and he would not invest in it. The price of bitcoin was only $6,000 at that time. At the time of writing, BTC is trading above $49K based on data from Bitcoin.com Markets. In August, Trump warned that crypto was “potentially a disaster waiting to happen.”

What do you think about Donald Trump’s comments? Let us know in the comments section below.

Bitcoin’s Mining Difficulty Continues to Rise: 37% More Difficult to Mine BTC Than 3 Months Ago, Difficulty Nears 20 Trillion

Bitcoin’s Mining Difficulty Continues to Rise, 37% More Difficult to Mine BTC Than 3 Months Ago, Difficulty Nears 20 Trillion

Bitcoin’s hashrate has been climbing steadily over the last three months and rose more than 40% after the network’s hashpower was below 90 exahash per second (EH/s) on July 5. The trend has led to a consecutive run of five bitcoin mining difficulty accruals with another increase expected during the next transition.

Hashrate Steadily Increases, Antpool Commands Top Position, Unknown Hashrate Returns


The overall Bitcoin (BTC) hashrate has been slowly but steadily rising higher during the last 90 days. The network’s current processing power is coasting along at 130 EH/s, and three months ago the hashpower was 40% lower than today.

In the last 24 hours, Antpool has been the top mining pool dedicating hashrate to the BTC network with 29.7 EH/s or 20.47% of the global hashrate. Antpool is followed by F2pool with 23.58 EH/s or 16.2% of BTC’s overall hashrate, and Pooling captures 13.2% of the network or 19.2 EH/s.

Other top pools dedicating vast amounts of hashrate to the BTC network include operations such as Viabtc, Foundry USA, and Btc.com, respectively. While Bitcoin.com News reported that the quantity of unknown hashrate had disappeared during the last hashrate report, a small fraction of stealth mining has recently returned. 1.86 EH/s or 1.28% of the global hashrate currently belongs to unknown mining entities.

Bitcoin Mining Difficulty Expected to Increase for 6th Time in a Row


As BTC’s hashrate has increased and mining pools have been shuffling around, the network’s mining difficulty is expected to increase for the sixth time in a row. At the time of writing, it is expected to increase by 2.99% to 19.57 trillion, getting awfully close to the 20 trillion mark. Currently, BTC’s mining difficulty is 19.00 trillion. A 2.99% increase will mean it will be 37% more difficult to mine bitcoin than it was on July 30.

Bitcoin’s Mining Difficulty Continues to Rise, 37% More Difficult to Mine BTC Than 3 Months Ago, Difficulty Nears 20 Trillion

The upcoming increase is similar in size to the difficulty increase two weeks ago which was roughly 3.16%. The biggest jump in the consecutive run of difficulty rises was on August 25, at block height 697,536, when the difficulty jumped approximately 13.24%. The consecutive run of mining difficulty increases follows the run of five consecutive difficulty adjustment algorithm decreases.

What do you think about Bitcoin’s hashrate this week and the upcoming mining difficulty increase? Let us know what you think about this subject in the comments section below.

Gold Spikes on US Debt Fears — Finance Portal Disowns End-of-Year Gold Price Prediction

Gold Spikes on US Debt Fears — Finance Portal Disowns End of Year Gold Price Prediction

While the price of bitcoin has surged during the first few days of October, the price of the precious metal gold has also increased percentage-wise as the U.S. dollar and the country’s 10-year Treasury yields slid in value this past week. An ounce of fine gold exchanged hands this weekend for $1,760 per unit, up 1.32% since September 29.

Gold Spikes More Than 1% This Past Week, Metal’s Rise Attributed to a Soft Dollar, US Default Fears, the Fed’s Upcoming QE and Benchmark Rate Decisions


After the end of September, like clockwork, bitcoin (BTC) and the crypto-economy saw billions funnel back into crypto markets. Today, the entire crypto-economy is worth around $2.23 trillion and BTC commands $909 billion or 41% of that aggregate total.

Meanwhile gold, on the other hand, has been lackluster as far as percentage gains are concerned but the asset has jumped 1.3% in the last six days. Gold bugs, speculators, and precious metal (PM) market analysts have pointed to the soft dollar last week attributing to the shiny yellow metal’s price rise.

Gold Spikes on US Debt Fears — Finance Portal Disowns End-of-Year Gold Price Prediction

Last week, both the dollar index and U.S. Treasury yields declined in value and PMs saw significant demand from other fiat currencies. Furthermore, market participants are worried about the Federal Reserve’s moves, as discussions of reducing massive asset purchases every month and raising the benchmark rate next year continue to rattle investors.

Additionally, the U.S. running out of funds, raising the debt ceiling, or possibly defaulting on its debt has added to these market fears. Marc Chandler, chief market strategist at Bannockburn Global Forex explained that investors can’t imagine the U.S. defaulting on its debt.

“The more hawkish stance appears to have been the key factor driving the dollar higher in late September,” Chandler remarked this weekend. “However, more immediately, fiscal policy is the focus, though investors appear to be looking through it, as many find it inconceivable that the U.S. would default on its debt,” the market strategist added.

Gold Spikes on US Debt Fears — Finance Portal Disowns End-of-Year Gold Price Prediction

On the other hand, analysts at schiffgold.com explain that “the [Federal Reserve] is clearly monetizing U.S. debt” in a research post called “[the] Fed absorbs $60B of 1-5 year U.S. Treasuries in September.”

“The Fed has monetized a large percentage of debt issued since January 2020. The focus is clearly seen in notes and bonds to keep a lid on long-term rates,” the schiffgold.com Fed study posted October 1 details. “The Fed can talk about tapering and even make attempts to do so, but they will inevitably reverse course and begin expanding their balance sheet by more than $120 [billion] a month.”

FX Empire Disavows End-of-Year Gold Price Forecast


Despite the 1.3% jump this past week, FX Empire said that its end of the year forecast for gold was wrong. “[We’re nixing] our Gold forecast high of $2,401. We are wrong and not even close. Period,” FX Empire sternly noted. Even though there are still a few months left, FX Empire explains it’s irrational to think gold will reach $2,401 at this point in the game.

Gold Spikes on US Debt Fears — Finance Portal Disowns End-of-Year Gold Price Prediction

“As we are quantitatively-driven, barring the occurrence of something horribly massive, to anticipate gold even reaching $2,000 by year-end, let alone $2,401, is outright out of any rational range,” FX Empire author Mark Mead Baillie stressed.

“Gold just commenced Q4 by settling out the week yesterday (Friday) at $1,761, (after having settled Q3 on Thursday at $1,758),” the author added. “The stretch to reach $2,401 in the year’s 63 remaining trading days thus requires a price increase of 36.3%,” Baillie added. The FX Empire analyst continued:

Now has such [a] percentage increase in the price of gold ever happened before within a 63-day stint? Absolutely. Obviously there was the infamous run from 1979 into 1980, with a like move in 1982; but then ’twas not until 2009 that the price of Gold again increased by at least a like percentage.


What do you think about gold’s recent 1.3% price rise and FX Empire nixing its end of the year gold forecast? Let us know what you think about this subject in the comments section below.

Cryptowisser : China Crypto Ban Sheds Light on Over 15 Countries That Restrict or Ban Cryptocurrency

PRESS RELEASE. October 2021, leading Crypto service comparison site – Cryptowisser, take an in-depth look at the recent crypto ban in China as well as several other countries who legally restrict crypto currency in some way and why.

As the Cryptowisser report states, there are over 15 countries where Crypto currency is restricted or outright banned, however some are stricter than others and make it entirely illegal to own any crypto assets. For instance, the report lists Bangladesh as a country that forbids owning any form of cryptocurrency, despite this, it is also reported that 2.27% of the population of Bangladesh own some cryptocurrency.

Decentralized exchanges lead the way

The report also clarifies why Decentralized exchanges like Pancakeswap still make it possible to own crypto despite your citizenship. With the ability to keep your finances away from any centralized authority, citizens of reportedly banned crypto states can still hold currency.

Countries with Partial bans try and Control their market

While some countries such as Turkey and Russia do not outright ban cryptocurrency, they do force their citizens to jump through certain hoops. For instance, the report explains these restrictions can range from not allowing users to make payments with crypto (but holding is ok) to forcing users to register their crypto exchanges with the bank, or in Bahrain’s case, requiring users to have a “crypto license”.

Highest concentration of of Crypto users reported in Developing countries

The report also lists the countries with the highest percentage of crypto users as developing countries. Countries like Vietnam and the Philippines reported that 20% of their population interacted with Cryptocurrency at some point, while the US reported a mere 13%.

Concluding Remarks

It is no surprise that countries ban and continue to enforce stricter regulations on cryptocurrency activity. As crypto currencies become more normalized, governments are likely to enforce regulations as well as further their understanding of digital currencies, and at the very least create a synergy between them.

Cryptowisser is a cryptocurrency services comparison site with the world’s largest, most frequently updated and most trusted lists of cryptocurrency exchanges, wallets, debit cards and merchants. With more than 1,000 reviews of the various exchanges, debit cards, wallets and merchants, they help you make all of your purchasing decisions and service choices in the crypto world.

For more information please contact [email protected]

 


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South African University to Commence Blockchain and Digital Currency Education in November

A South African university, the University of Cape Town (UCT) has revealed it will commence blockchain and digital currency classes starting in November. According to the institution, students that enroll and complete the $693 six-week course will be issued a legal certificate.

Better Understanding of Blockchain


As explained on UCT’s website, students that successfully complete the short course will walk away with “an understanding of how blockchain technology fits into the existing financial systems.” They will also gain an understanding of “how applications such as bitcoin, ethereum, and other crypto-assets can be used.”

Further, students enrolling in this course are expected to “investigate the ethical implications of investing in the crypto-asset industry.” They will also discover how ethics and governance can shape new financial infrastructure for the benefit of society.

Importance of the Short Course


In the course’s overview, the UCT explains why the university has now added blockchain and crypto education to its list of short courses. The overview states:

It’s no longer enough to simply know about cryptocurrencies. With crypto-assets and blockchain technologies growing at unprecedented rates, professionals need the ability to analyse and understand how the latest developments in the finance industry will fundamentally change the way the financial system functions in the present and near-future.


UCT, which is one of the first higher education institutions in Africa to offer blockchain and crypto lessons, adds that only “organisations that adapt their offerings to either compete with cryptocurrencies or offer services that support the industry are best positioned to take advantage of the rise of crypto assets.”

What are your thoughts on this story? Tell us what you think in the comments section below.

Canadian Bitcoin Mine Operator Facing $7 Million Fine for Setting Up Power Plants Without Permission

bitcoin mine

Link Global, a bitcoin mine operator in Canada, is facing a fine of up to $7 million for installing power plants to run its miners without government permission. The company installed several power plants without following legal procedures and alleges that, if the penalty is enforced, it will constitute a fatal blow to its finances.

Link Global Facing Hefty Fine


A bitcoin mine operator in Canada could be fined up to $7 million after setting up a mining operation with power plants without having permission from the government in Alberta. Link Global started operations in Alberta by setting up four gas generators at a site in Sturgeon County, near Edmonton, and also another mine in Kirkwall. According to reports, none of these sites complied with the rule of the Alberta Utilities Commission.

The case was put in motion when neighboring communities complained about the noise the sites created. The authorities notified the company it did not comply with their requirements earlier this year, on August 25, and stopped operations of the two mining sites involved. Each of the sites had been operating for more than a year in those conditions.

Two Types of Penalties, CEO Reassures Shareholders


The Alberta Utilities Commission divides the penalties proposed into two major parts: the first one has to do with the benefits obtained for generating power. The institution alleges that damages in this regard amount to two million dollars. The other part has to do with the benefits obtained for mining bitcoin using this power. This amount goes up to five million, according to estimations.

Link Global is contesting the fines, explaining that they are not based on the actual financial reports of the company. It is now relocating these bitcoin mining operations to other locations, to comply with current regulations. Stephen Jenkins, CEO of Link Global, declared to local media:

Link has followed the orders issued by the AUC and believes that what enforcement staff is proposing is punitive … I apologize to our shareholders who do not deserve this. We will work tirelessly to ensure the outcome is positive.


The company and its shareholders, which are in the process of building two new bitcoin mines in the region, will have to wait till October 14, where their destiny and the definitive fine will be decided in a hearing.

What do you think of Alberta’s regulation on power plants? Tell us in the comments section below.

Venezuela Slashes Six Zeroes off Its Currency, Bolivar Keeps Losing Ground Against the Dollar

Venezuela Slashes Six Zeroes off Its Currency, Bolivar Keeps Losing Ground Against the Dollar

The Central Bank Of Venezuela applied the announced redenomination plan for the national fiat currency, the bolivar on October 1. This redenomination implied slashing six zeroes from the currency, to make payments and currency handling easier, according to earlier statements. However, just hours after applying this measure, the bolivar lost more than 20% of its value against the U.S. dollar.

Venezuela Slashes Six Zeroes From Its Currency

The Central Bank of Venezuela, the institution that dictates the monetary policy of the country, has applied a redenomination of its fiat currency, the bolivar, to simplify the action of paying and handling big amounts of money. This redenomination implied slashing six zeroes of the current value of the currency, effectively making 1,000,000 Bolivares just 1 Bolivar now.

The measure was announced in August, where the Central Bank announced it was changing the name of the currency to the “Digital Bolivar,” which sparked speculation about a possible issuance of a central bank digital currency in the country. But the bank did not present any reports in this regard and instead announced the issuance of new bills to complement the redenomination plan.

Banking and financial institutions stopped their services to the public on September 30 to apply the necessary changes in their platform to adequate the amounts to the new redenominated currency.

Crippling Devaluation

But, even with this measure taken, the so-called digital bolivar is still losing its value at a fast pace. According to one of the most popular dollar price sites in Venezuela, Monitor Dolar Paralelo, the exchange rate went from 4,317,970.70 bolivares per dollar to 5,140,000 (or 5.14 in the redenominated currency) in just two days. This means the fiat currency lost 19% of its value on the verge of the redenomination plan.

Some analysts have reported that the government is likely to enter the foreign currency market by injecting resources to keep the exchange rate low in the short term. Tomás Socías López, a Venezuelan analyst, declared to local media the government could introduce liquidity to the exchange market putting up to 30 million dollars each week, with the objective of keeping this rate low in an artificial way.

However, this decision would be costly to Maduro’s government, which would have to divert resources directed for other purposes to control the exchange rate. The country is now facing fuel shortages, and citizens have to endure big lines to fill their tanks as a consequence of a multitude of factors, including the poor state in which local refineries are.

This is why more and more Venezuelans are considering cryptocurrencies as an alternative source of investment and savings. But the dollar is still the king currency in the country, that is going through an unofficial dollarization process.

What do you think about the fiat redenomination plan in Venezuela? Tell us in the comments section below.