Daily Archives: January 13, 2022

Bitcoin.com Games Releases its Very First Crash Game Space XY

Play a brand new crash game on Bitcoin.com’s crypto casino brought to you by BGaming!

First-Ever Space Crash Game on Bitcoin.com Games

Crash gambling is a type of casino gaming genre that includes a pretty simple and fun-to-play mechanic. It is relatively new and is oftentimes found to capture the imagination of modern-age gamers that like to multiply their thrill with insane money multipliers. Crash games have found a niche spot among Bitcoin gaming enthusiasts as it closely resembles the nature of cryptocurrency charts and the thumb-rule of ‘getting out at the right time’ before the market crashes.

Now, our crypto casino Bitcoin.com Games is bringing you a novel crash game in coordination with one of the hottest gaming providers in the crypto casino industry BGaming. A completely new kind of adrenaline rush awaits in the first-of-its-kind crash game, Space XY, where players get to fly a spacecraft towards galactic interspace. Traversing through the X and Y coordinates, the space rocket reaches new money multipliers as it flies higher and higher.

Bitcoin.com Games Releases its Very First Crash Game Space XY

Players can place bets on how high the rocket will go and hop off at the right time to cashout out up to 10,000x their bet amount

Placing bets before the flight and hopping off at the right time can reward players with massive winnings of up to 10,000x their bet amount. Players can also place multiple bets during the time of flight if they wish to maximize their gains. The autoplay feature within the game also allows players to leave the rocket once an exact multiplier is reached.

Space XY is a supremely fun game with exciting gameplay that arguably remains unrivaled by any other type of online casino game. Check out this newly added game from BGaming now on Bitcoin.com Games!

What do you think about Space XY? Let us know what you think about this subject in the comments section below.


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Gensokishi Online Partners With Crypto Exchange Bybit for Launchpool and Listing

PRESS RELEASE. Taipei: Metaverse (MV), a token of the GensoKishi Online Project , has partnered with Bybit, a leading crypto exchange that provides Crypto currency-related services globally, and announced its listing.

Bybit is one of the world’s largest cryptocurrency exchanges, trusted by traders around the world.

Metaverse (MV) to be on launch pool and listing on Bybit

As a result of this partnership, Metaverse (MV) will be launched and listed on Bybit.

Launch pool starts: January 19: Bybit

Listing on Bybit: January 27

Launch Pool is a service that allows you to be the first to acquire new crypto currency to be listed on the market. It is a project where you can deposit your tokens and receive token dividends for free.

To participate in the project, you need to open an account at Bybit and complete the KYC level 1.

Detailed rules for participation will be announced on Bybit’s blog in near future.

Various schedule adjustments

There will be some schedule changes due to this.

  • The 1st Fashionable Equipment NFT Auction: Jan 17 → Feb 7
  • TRUSTPAD IDO:Jan 18, 9:00 pm UTC+9 – Jan 19, 2:00 am UTC+9
  • Bybit Launch Pool Start:Jan 19, 9:00 pm UTC+9 – Jan 26, 8:59 pm UTC+9
  • MV distribution to Whitelist MV buyers:January 20 → January 27, changed to coincide with or immediately after Bybit listing
  • Bybit listing:Jan 27th, 7:00 pm UTC+9
  • Listing on Uniswap and QuickSwap:Changed from Jan 20 to Jan 31


Please note that participation in Bybit’s launch pool is restricted to the following countries.

Restricted countries: United States, China, Hong Kong, and all authorized OFAC countries (DR Congo, Iran, Myanmar, Sudan, Iraq, Republic of Cote d’Ivoire, North Korea, Syria, Zimbabwe, Cuba, Belarus, Liberia)

Community

Telegram : https://t.me/gensometajpn

Discord: https://discord.gg/gensometa

Twitter : https://twitter.com/genso_meta

LINE:https://lin.ee/fRx2vvE

The Gensokishi Online Project will continue to provide cryptogame fans with the latest information on this project.

 


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.

Russia’s National Finance Association Calls for Legalization of Crypto Investments

The main finance industry association of Russia has urged authorities to reconsider a position against crypto investments in the nation’s financial market strategy. The organization insists that the crypto investments of Russians should be brought out of the “gray zone” instead of being banned.

Finance Industry Body Urges Government to Regulate Operations With Crypto Assets


The Russian National Financial Association (NFA) has issued a call to amend the country’s Strategy for Development of the Financial Market of the Russian Federation Until 2030 in the part concerning investments in cryptocurrencies, RIA Novosti and Prime reported, quoting the proposal. The NFA unites over 200 entities active in Russia’s financial market.

The strategy now states that the Russian government and Bank of Russia will continue to oppose the use of “monetary surrogates,” a term often employed to describe decentralized digital currencies such as bitcoin. They carry high risks for citizens, according to the document, and may hinder the implementation of macroeconomic policies aimed at creating favorable economic conditions.

Operations with crypto assets remain “in the gray zone” despite the fact that investments of Russians in cryptocurrencies are significant, the self-regulatory body of the Russian finance sector noted. Foreign companies and unregistered intermediaries receive revenues from such transactions, the organization remarked.

The NFA believes that the option to provide Russian investors with access to digital financial assets through Russian professional market participants, as well as the possibility of creating exchange-traded mutual investment funds with cryptocurrencies for qualified investors, requires additional study.

The proposal comes after recent reports revealed that cryptocurrency is a popular investment choice for many Russians. According to the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), at least 17.3 million people in Russia have crypto wallets. In December, the head of the Financial Market Committee at the State Duma, Anatoly Aksakov, announced that Russian citizens have invested 5 trillion rubles in crypto (over $67 billion).

Bank of Russia has been a strong opponent of the legalization of cryptocurrencies in the country and wants to restrict crypto investments by blocking card payments to recipients such as digital asset exchanges. However, estimates quoted in the central bank’s own Financial Stability Overview for Q2 and Q3 of 2021 have indicated that the annual volume of digital currency transactions made by Russian residents amounts to around $5 billion.

Do you think Russian authorities will change their stance on cryptocurrency investments? Tell us in the comments section below.

US Inflation Rate Jumps Highest in 40 Years to 7%, Democrats Concerned Inflation Will Haunt the Party

US Inflation Rate Jumps Highest in 40 Years to 7%, Democrats Concerned Inflation Will Haunt the Party

One of the hottest topics in the United States in 2022 is the rising inflation, as the U.S. Labor Department’s data published on Wednesday indicated that the consumer price index (CPI) rose to 7% in December. This represents the largest annual jump since 1982. Federal Reserve governor Lael Brainard is set to tell congressional leaders today that the central bank is focused on battling inflation. Moreover, members of the Democratic party are concerned that the rising inflation may cost the Biden administration politically.

CPI Rate Jumps to 7%, Wholesale Prices Spike 9.7%


On January 11, 2022, the U.S. Labor Department published CPI data for the month of December and the metrics indicate that the U.S. inflation rate jumped 7% year-over-year (YoY) and last month was the third consecutive month over 6%. The rise is the highest jump the CPI has seen since June 1982 as inflation is making the cost of goods and services spike exponentially. Basically, the CPI is a measure of a basket of consumer goods and services urban consumers pay for on a regular basis.

US Inflation Rate Jumps Highest in 40 Years to 7%, Democrats Concerned Inflation Will Haunt the Party

After the Labor Department published the statistical estimate, the CPI jump made headlines and ignited a number of discussions about inflation on social media and forums. Making matters worse, the U.S. producer price inflation rate, or wholesale prices, jumped 9.7% in December from a year ago, which is the highest YoY record to date. The inflation levels have caused a number of U.S. officials to grow concerned about the lack of purchasing power Americans are dealing with today.

Federal Reserve Governor to Address Inflation Concerns, State Governors Take Action


On Thursday, Federal Reserve governor Lael Brainard plans to discuss the central bank’s focus on the inflation issue in prepared testimony to the U.S. Congress. Brainard released a statement on Wednesday, which said the Federal Reserve’s “policy is focused on getting inflation back down to 2% while sustaining a recovery that includes everyone.” The day prior, Florida governor Ron DeSantis said that he had proposed a bill to help Florida families stave off inflation burdens. DeSantis tweeted:

To help alleviate the burden of inflation on Florida families, I am proposing a $1 billion gas tax holiday to help reduce prices at the pump. If Washington, D.C., won’t change course, then we have a responsibility to step up on behalf of Floridians.

Headlines Show Biden, Democrats Could Pay a ‘Political Price’ Over Inflation — Biden Administration Dismisses Concerns


Meanwhile, there are numerous headlines on Thursday that say “Democrats worry Biden could pay the political price for rising inflation.”

US Inflation Rate Jumps Highest in 40 Years to 7%, Democrats Concerned Inflation Will Haunt the Party

A CNN analysis written by Maeve Reston and Stephen Collinson says “inflation concerns could spell trouble for Democrats.” However, Jared Bernstein, Biden’s economic adviser, dismissed the concerns when discussing the subject with CNN’s Jim Sciutto.

“It’s really important to get under the hood of these monthly inflation reports,” Bernstein told Sciutto. “And if you look at the change from November to December, inflation is up half a percent. That’s considerably down from October and November, when inflation was up, .8 and .9%, respectively.” U.S. President Biden reiterated the same commentary and said:

Today’s inflation numbers show a meaningful reduction in headline inflation over [the] last month. We are making progress in slowing the rate of price increases. But there is still more work to do — I remain focused on lowering costs for families and maintaining strong economic growth.

US Officials Ridiculed on Social Media, Economist Peter Schiff Says Rates Far Worse Than the ‘Government’s Cooked CPI’


On social media politicians and the U.S. central bank were ridiculed for the rising inflation. Square and Twitter founder Jack Dorsey said “Damn, Santa didn’t take the transitory inflation away.” Northman Trader’s Sven Henrich jokingly tweeted: “SPX turns red as the inflation party has run out of free drinks.”

US Inflation Rate Jumps Highest in 40 Years to 7%, Democrats Concerned Inflation Will Haunt the Party

Gold bug and economist Peter Schiff discussed the inflation subject in a blog post called: “The Inflation Freight Train.” Schiff’s blog post reminds Americans that the CPI formula is considered inaccurate and inflation is likely much higher.

“Keep in mind, this is using the cooked government CPI formula that understates inflation,” Schiff’s editorial claims. “If the government was still using the formula that it used in 1982, inflation would be higher in 2021 than it was then. In fact, we’d have the highest level of inflation in history. According to Shadowstats, it would be just over 15%,” the blog post adds.

What do you think about the rising inflation in the United States and the criticisms of the country’s political leaders? Let us know what you think about this subject in the comments section below.

Wikimedia Foundation Debates Acceptance of Cryptocurrency Donations Over Environmental Concerns

Wikimedia Foundation Debates the Acceptance of Cryptocurrency Donations Over Environmental Concerns

Following Mozilla’s decision to pause crypto donations due to environmental concerns, a number of Wikimedia Foundation community members have submitted a proposal that asks the foundation to stop accepting digital currency donations. The proposal explains that crypto donations “signals [an] endorsement of the cryptocurrency space,” and also says that “Cryptocurrencies may not align with the Wikimedia Foundation’s commitment to environmental sustainability.”

Proposal Claims Cryptocurrencies May Not Align With the Wikimedia Foundation


Members of the Wikimedia Foundation are voting on a proposal that could stop the foundation from accepting digital currencies like bitcoin and ethereum. The U.S. non-profit started accepting crypto assets in 2019 via Bitpay. “We accept donations globally, and we strive to provide a large variety of donation options. It’s very important that we can get international donations processed in ways that are efficient and cost-effective,” Pats Pena, director of payments and operations at Wikimedia Foundation said at the time.

However, a proposal submitted by the user dubbed “Gorillawarfare” claims that accepting crypto donations goes against specific Wikimedia Foundation principles. “Cryptocurrencies may not align with the Wikimedia Foundation’s commitment to environmental sustainability. Bitcoin and ethereum are the two most highly-used cryptocurrencies, and are both proof-of-work, using an enormous amount of energy,” the proposal says.

While the proposal mentions the Cambridge Bitcoin Electricity Consumption Index it leverages a lot of the research done by the Digiconomist’s Bitcoin Energy Consumption Index. The proposal seems to have a lot of support as voting members left comments signaling affirmation. “Long overdue. Accepting cryptocurrency makes a joke out of the WMF’s commitment to environmental sustainability,” Wikimedia user Gamaliel said. However, not everyone agreed and in fact, there are a great number of people who voiced the opposite opinion. In reply to Gamaliel’s statement, for instance, one person wrote:

Are you aware that the traditional banking system also uses energy?

Individual Insists ‘Each Point Is Untrue and/or Misleading’


There is some discussion from a few people’s submitted comments that insists Wikimedia Foundation members should realize the U.S. dollar is backed by significant amounts of carbon energy and worst of all, state-enforced violence. One person explained that each point that Gorillawarfare brought up in the proposal “is untrue and/or misleading.” For example, the point about being aligned with the crypto industry’s so-called values. The individual retorted that “this is not true, any more than accepting USD signals endorsement of the U.S. Dollar or the U.S. Government.”

In reply to the environmental concerns Gorillawarfare introduced in the proposal, the individual explained that the proposal’s point is conflated. “The proposal conflates the existence of Bitcoin to merely using it,” the Wikimedia Foundation member Awwright opined. “The proposal does not demonstrate that dropping acceptance of Bitcoin (or other cryptocurrency) will actually have an effect. As a technical matter, there is no direct relationship between making a Bitcoin transaction and energy usage (that’s significantly more than the domestic banking system).”

Commenters Highlight Bias Stemming from the Digiconomist


Furthermore, there are many complaints about Gorillawarfare citing the Digiconomist, as the researcher’s work has been widely dismissed over inaccuracies and extreme bias. “Digiconomist is a blog run by Alex de Vries, who is an employee of De Nederlandsche Bank NV (DNB), the central bank of the Netherlands, which is a direct competitor to Bitcoin,” one of the comments against Gorillawarfare’s proposal notes. Another individual explained that the Digiconomist’s work is inaccurate, as many others have discovered, and the Digiconomist’s work is loaded with discrepancies. One individual wrote:

Digiconomist isn’t just biased and conflicted. De Vries is self published, has no editorial review process and he has a poor reputation for fact-checking and accuracy.


At the time of writing, there’s a myriad of individuals who are against the proposal submitted by Gorillawarfare, but the lion’s share of the votes and comments support the idea. It seems the crypto community and proponents of proof-of-work (PoW) must work harder to dispel the myths that are circulating from mainstream media pundits, the old financial guard, and ​​paid opposition researchers.

What do you think about the Wikimedia Foundation proposal that suggests the foundation stop accepting crypto assets over environmental concerns? Let us know what you think about this subject in the comments section below.

Georgia Goes After Crypto Miners Using Subsidized Electricity in Historic Town

Georgia Goes After Crypto Miners Using Subsidized Electricity in Historic Town

A record high consumption of electricity blamed on illegal crypto farms in northwestern Georgia has caught the attention of authorities in the capital Tbilisi. The central government and the local utility are taking on the issue of dealing with power shortages in the mountainous region of Svaneti.

With Tourism Hit by Pandemic, People in Georgia Turn to Crypto Mining on Cheap Energy


The government of Georgia, a small nation in the Caucasus, has joined forces with the energy distribution company Energo-pro, to address the growing illegal use of electricity to mine cryptocurrencies in the Svaneti region. The move was announced by the country’s Minister of Economy and Sustainable Development, Natia Turnava, at a press conference this week.

The extraordinarily high power consumption by mining farms in the area of the historic town of Mestia has been a hot topic for a whole month now, the Novosti-Georgia news agency reported. Svaneti has attracted miners with its low electricity rates introduced for businesses working in the mountainous region. The population of Mestia has access to free electrical energy.

Until the end of December, residents of Svaneti had to put up with a limited power supply regime. Underground crypto miners have been blamed for the shortages and damages to the power grid. Minister Turnava commented:

Of course, illegal consumption of electricity is unacceptable, especially the problems with home mining which exists there. We are working with the local government, as well as with Energo-pro Georgia which supplies electricity to Svaneti, in order to gradually resolve this issue.


Residents of Mestia have held several demonstrations demanding the closure of the mining farms and accused local authorities of protecting the miners. Meanwhile, Energo-pro Georgia threatened to increase the electricity tariffs for the region. Despite this and the protests, consumption has not decreased yet.

“Compared to previous years, consumption has grown by 237% this year,” the municipality of Mestia revealed in a statement last month. The local authorities also urged residents involved in the minting of digital currencies to abandon the activity.

Natia Turnava expressed her hope that people in the region will not risk jeopardizing the tourist season. With beautiful landscapes, medieval towers and ancient traditions, Svaneti and Mestia have attracted thousands of visitors in the past decade. However, as the number of tourists declined amid the Covid-19 pandemic, locals have found an alternative income source in mining.

Georgia became a mining hotspot several years ago when the country ranked as the second most profitable location for bitcoin miners after China. According to a 2018 study by the Cambridge Center for Alternative Finance (CCAF), the nation also placed second in terms of electricity consumed for cryptocurrency mining. As of August 2021, its share of the global average monthly hashrate was 0.18%.

Do you think Georgian authorities will be able to solve the problems with electricity supply in the Svaneti region? Tell us in the comments section below.

GAIMIN Brings Blockchain and NFTs to Minecraft

PRESS RELEASE. Zug, Switzerland, 13th January 2022: As part of its strategic business objective to become the leading gaming technology company, GAIMIN announces a plug-in and metaverse environment that enables blockchain technology and NFTs to be used within Minecraft.

GAIMIN has developed a gaming and technology platform that delivers blockchain and NFT technology to gamers and game studios whilst providing a mechanism for gamers to passively generate rewards based on the processing power of their gaming PC. The GAIMIN platform incorporates a Windows-based software application to allow users/gamers to generate rewards whilst they play. GAIMIN’s “P2E 2.0″, the next evolution in play to earn (where you earn even when you are not playing!) platform utilises the processing power in a gamers high performance PC to access GAIMIN’s distributed data processing network and generate rewards for the gamer in the form of GAIMIN’s GMRX token. These rewards can be used to acquire in-game assets, in the form of NFTs from GAIMIN’s marketplace or converted to other crypto or fiat currencies when GMRX is imminently launched on crypto exchanges.

GAIMIN’s Minecraft plug-in delivers a dedicated metaverse for GAIMIN’s Minecraft players and enables these gamers to utilise NFTs and blockchain based components within Minecraft and thus benefit from any NFT investments they make, utilising their GMRX rewards to acquire assets. Blockchain technology allows gamers to acquire, store, use, sell, rent and stake their NFT assets across games and applications that incorporate blockchain technology and NFTs in their software, ensuring these assets are potentially re-usbale across different games and the GAIMIN ecosystem.

Martin Speight, CEO of GAIMIN explained, “GAIMIN is a gaming and technology company. Our business has been developed for gamers by gamers. In 2021 we successfully tested our technology to utilise the processing power available from the GPU in a gaming PC, which generates revenue for GAIMIN and rewards the gamer for the use of their device. As part of the development of our gaming platform, we wanted to provide our users with the facility to utilise their rewards within the games they play.

Joseph Turner, GAIMIN’s Chief Gaming Officer, stated “Minecraft is our first target for blockchain and gaming technology. We have developed our own Metaverse environment for Minecraft fully based on blockchain and NFT technology. Minecraft gamers can access our Minecraft environment through the GAIMIN platform, play Minecraft and passively generate GMRX rewards for in-game use, improving their gaming experience whilst ensuring any assets they acquire are not lost and can be used outside of Minecraft.

Martin concluded, “Minecraft is our first target for blockchain and gaming technology. We have plans to expand our technology to other game ecosystems and are in the process of developing an SDK for developers using the Unreal Game platform to utilise blockchain and NFTs within Unreal games. This will allow interoperability of NFT assets across different gaming ecosystems, allowing gamers to retain their investment in gaming assets which are not lost when a gamer changes games.”

The GAIMIN platform with Minecraft blockchain and NFT updates will be launched in February 2022 following the listing of GAIMIN’s GMRX token. The GAIMIN.IO website allows users to register their interest and be updated on the release of the platform.

About GAIMIN

GAIMIN.IO Ltd (GAIMIN) is a UK and Swiss based gaming company focused on helping the gaming community monetise the computational power of their gaming PC. GAIMIN has created a decentralised data processing network harnessing under utilised processing power typically found in gaming PC’s to create a world-wide decentralised data processing network, delivering “supercomputer” performance.

With a free to download PC-based application GAIMIN monetises the under utilised performance through innovative approaches to delivering “supercomputer” level data processing performance from a world-wide network of independent processing devices. Focusing initially on the powering of blockchain computations, the GAIMIN data processing network also supports a number of different large scale data processing applications, including video rendering.

GAIMIN pays users in its own crypto currency, GMRX which can then be used for purchases on the GAIMIN Marketplace for NFTs, in-game assets, accessories and merchandise, or it can be converted to fiat or a different crypto currency.

For further information, please contact:

The Americas, Middle East and Australian Pacific – Andrew Faridani, Chief Marketing Officer for GAIMIN (based in Toronto, Canada): [email protected]

UK and Europe – Marc Bray, Director of Communications for GAIMIN (based in Manchester, UK): [email protected]

 

 


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.

Bitcoin Mining Firm Luxor Launches ASIC Trading Desk

Bitcoin Mining Firm Luxor Launches ASIC Trading Desk

On January 11, 2022, the Washington-based bitcoin mining operation Luxor announced the launch of a new application-specific integrated circuit (ASIC) trading desk. According to the company, Luxor’s new trading desk will give miners and investors access to bitcoin ASIC mining rigs “at a fair market price.”

NYDIG-Backed Mining Operation Luxor Reveals ASIC Trading Desk Service


The bitcoin mining firm Luxor aims to purchase and sell bitcoin mining machines via the company’s new ASIC trading desk service. The press release published on Luxor’s web portal explains that the company “will purchase and sell specialized Bitcoin mining hardware on behalf of the Luxor team, miners and investors.” Luxor recently raised $5 million in a Series A led by the firm NYDIG in June 2021.

Furthermore, the Luxor mining pool is the 12th largest mining pool at the time of writing on Wednesday, with 0.46 % of the global hashrate or 801.30 petahash per second (PH/s). Luxor’s ASIC trading desk announcement details that the company is confident in its equipment procuring process.

“After moving tens of thousands of machines and serving miners across a few continents, we established a streamlined process for procuring equipment. Our multinational team has a deep network of ASIC manufacturers, re-sellers, miners, and investors,” Lauren Lin, Luxor’s operations manager remarked during the announcement.

The move to establish a mining rig trading desk follows Foundry’s mining machine marketplace announcement last December. The market is called Foundryx and the firm’s announcement claimed at the time that it had 40,000 mining machines ready for resale. During the first week of June 2021, Canaan revealed the company has established an overseas after-sales center in Kazakhstan.

Luxor says the firm will take “principal positions in ASICs to help miners gain access to rigs at fair market prices. “Our ASIC Trading Desk is an important step on our roadmap to becoming a full-scope mining services firm,” Alex Brammer Luxor’s VP of business development explained. Brammer added:

Whether it’s an institutional miner replacing a fleet of new-generation machines or retail buying one rig, we are able to maximize our clients’ capital efficiency and minimize their risk. Our goal is to simplify the procurement process so our miners can spend more time building hashrate and less time worrying about how to find it.


What do you think about the Luxor ASIC trading desk? Let us know what you think about this subject in the comments section below.

Report Highlights Tech Firm Ryval’s Avalanche-Powered Litigation Tokenization Concept

Report Highlights Tech Firm Ryval's Avalanche-Powered Litigation Tokenization Concept

According to a recent interview, trial lawyer Kyle Roche from the legal firm Roche Freedman LLP has started a tech startup called Ryval that aims to be “the stock market of litigation financing.” The firm plans to launch during the first quarter and allow people to leverage tokens in order to wager on civil lawsuits.

Ryval’s Initial Litigation Offering Concept


The trial lawyer Kyle Roche was recently interviewed by the Vice author Maxwell Strachan as Roche’s new tech startup Ryval was showcased for its litigation tokenization concept. Ryval co-founder Roche told Strachan that “Ryval’s goal is to make access to justice more affordable.” Essentially, the Vice editorial discusses how Ryval will gamify the court system by decentralizing the barrier to access shares in multi-billion dollar court cases.

“What we do is: tell the story, vet the legal claim, and then allow the public to invest and give you the funds to go and litigate your case,” Roche told Strachan. “And what does the public get in return? The public gets an interest in the outcome of your suit.”

Kyle Roche is well known for the myriad of crypto lawsuits his law firm Roche Freedman has been involved in during the last few years including the multi-billion dollar lawsuit against Craig Wright, a lawsuit against Tether, and a case against multiple digital currency exchanges and the issuers of certain initial coin offering (ICO) tokens. The law firm Roche Freedman managed to win $100 million against the self-described Bitcoin inventor Craig Wright.

Apothio, LLC v. Kern County


Roche revealed some of what Ryval is doing in October last year when he explained that Roche Freedman and Republic were involved with an “initial litigation offering (ILO).” Very excited to announce that Roche Freedman and Republic have launched the world’s first ILO today by leveraging the power of the AVAX ecosystem,” Roche tweeted at the time. According to the details, the offering is aimed at raising funds for the company Apothio’s litigation proceeds.

Hemp producer Apothio is involved with a lawsuit against Kern County California after its been alleged that state officials were involved in “one of the largest alleged wholesale destruction of crops by a state official in the history of the United States.” According to Republic’s report in 2019, Apothio anticipated a significant hemp harvest cultivated from 450 acres of land.

However, the Kern County Sheriff’s Office and California’s Department of Fish and Wildlife allegedly destroyed Apothio’s harvest “estimated to be worth between $500M and $1B at the time, without prior warning, justification, or opportunity for Apothio to be heard.” Republic’s report notes that litigation is costly and the firm has to pay “attorney and expert witness fees, discovery costs, and trial expenses.” Roche explained to Strachan that for the first few years Ryval will be picky on which cases it chooses.

“[Ryval will be] focused on access to justice and taking on claims that we believe are good claims,” Roche said. “But at the end of the day, I don’t think anybody should be the gatekeeper to who has access to the courts. I think access to the court system, access to the legal justice system should be something that is given to as many people as the justice system can handle.”

What do you think about the tech startup Ryval and the concept of an initial litigation offering via tokenization? Let us know what you think about this subject in the comments section below.

‘Being a Currency and a Security Are Not Contradictory,’ Crypto Can Be Both: Monetary Historian

Franklin Noll, an academic and monetary historian, has asserted that crypto can be both a security and a currency. Pointing to the history of U.S. money, Noll argues that being both a currency and a security is, in fact, not contradictory.

The ‘Infamous’ Continental Dollar Coins


Franklin Noll, a U.S.-based monetary historian, has asserted that the history of the U.S. dollar over the years shows that being a currency and a security is not contradictory and that crypto can be both.

The assertions by Noll, the president of Noll Historical Consulting, come as the debate over the status of cryptocurrencies continues to be a contentious and unresolved one. For instance, Bitcoin.com News recently reported on current U.S. SEC chair Gary Gensler’s comments on the subject.

Yet in a short piece published to his blog recently, Noll starts by using the example of the continental dollar coins to support his assertions. According to the historian, these now “infamous” coins were an attempt “to fund the American Revolutionary War by printing money” that ultimately failed.

In addition to functioning as a currency for funding the war, the continental dollar coins were intended to act as securities. Noll explains:

As Farley Grubb [a professor in economics and history] has pointed out, Continentals were basically zero-coupon bonds issued in small denominations. However, the plan collapsed when Congress changed the original terms of repayment, rendering the notes valueless.


Besides the continental dollar, Noll also points to the creation of interest-bearing notes which were in fact “a grouping of Civil War-era paper money-related emissions of the U.S. Treasury.”

According to Noll, these notes were intended “to act both as currency and as a security.” However, unlike the continental dollar coins that ultimately failed, interest-bearing notes were successful.

“The interest-bearing note was created to act both as currency and as a security. Issued in denominations as low as $10, the notes paid 5% interest. This interest would be paid when the note matured and was turned into the Treasury. These notes were a success and were paid off as promised by the U.S. Treasury,” explains Noll.

The New Paradigm


Meanwhile, when asked how long it will take regulators, in particular, to come around to the idea that crypto can be both a security and a currency, Noll told Bitcoin.com News that this will probably take some time. He argues that “regulatory agencies don’t think that way.” To them, something is either a security that should be monitored by the SEC or it is a form of money that must be monitored by the U.S. Treasury or some other agency.

“I think it will take some time for regulators to move to a new paradigm (or really, return to an old one that hasn’t been seen for a century) where the categories for payment methods are different or merged. I think we are talking at least 5 years,” he concluded.

Do you agree with Noll’s argument that crypto can be both a security and a currency? Tell us what you think in the comments section below.