Day: May 4, 2023

Biden Aides Explore Minting $1 Trillion Platinum Coin as Solution to Impending Debt Default – Economics Bitcoin News

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As the United States stares down the barrel of a potential debt default come June, a curious and intriguing solution has emerged: crafting a single $1 trillion platinum coin. This unusual tactic exploits a legal loophole that allows the Treasury Department to mint platinum coins of any value. By delivering such a coin to the U.S. central bank, the Treasury would create enough funds to settle its debts. Though this proposal might sound bizarre, it’s gained traction as a potential escape route from the impending debt catastrophe. The Trillion-Dollar Platinum…

FTX bankruptcy judge approves sale of LedgerX

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The judge presiding over crypto exchange FTX’s bankruptcy case has given the green light to a motion allowing the sale of LedgerX. In a May 4 hearing in United States Bankruptcy Court for the District of Delaware, Judge John Dorsey approved a motion from the FTX debtors filed in April to sell LedgerX to M7 Holdings, an affiliate of Miami International Holdings. FTX said at the time of the purchase agreement that the total proceeds of the transaction would total roughly $50 million. According to lawyers speaking at the hearing,…

El Salvador’s school program raises over $29k via Bitcoin Lightning Network

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied My First Bitcoin, an El Salvadoran nonprofit program, has raised over 1 bitcoin (BTC) in less than three weeks from Bitcoin education enthusiasts. Support has poured in from countries such as Venezuela, Poland, and Canada, with hundreds of people sending satoshis (the smallest denomination of bitcoin) over the Lightning Network (LN) to help fund the expansion of My First Bitcoin’s Bitcoin Diploma program. We did it! We crowdfunded 1 BTC on @geyserfund in April A matching…

Microsoft axes Bing wait list, giving users free access to GPT-4

Microsoft recently announced a slew of new artificial intelligence (AI)-powered features for its Bing chatbot and Edge web browser. Chief among the changes, Bing users now have full access to the GPT-4 model — the same underlying engine that powers ChatGPT’s “Plus” subscription service. Previously, Microsoft held access to the GPT-4 version of the Bing chatbot to a “limited preview.” It’s now announcing open availability through the Bing app, web access and the Edge browser. Aside from giving Bing, Edge and Windows users free, unfettered access to the GPT-4 model,…

The Reactionary Political Theater of CBDC Bans

What all of that research has revealed is … complicated. There are legitimate risks associated with CBDCs, and theoretical impacts that could reshape the financial sector as we know it. A “retail” CBDC, for instance, essentially a checking account kept at the Federal Reserve that any U.S. resident would be entitled to use, would compete against private banks and credit unions, numerous studies have found. Source

There’s a simple formula for adding crypto to your portfolio

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Imagine coming home and opening your fridge to find a jar filled with your favorite juice. After taking a sip, you realize that the kind soul who prepared the juice added too much water, and there’s not much you can do to fix it — removing water from juice is a complicated process. However, if instead the juice-maker was too stingy with water, you can simply dilute the juice with extra water and enjoy a perfect refreshing drink. A similar phenomenon happens with the risk of financial assets. If an…

ETH Liquid Staking Protocol Lido Finance Deposits Surpass 6M Ether After Shanghai Upgrade

Lido has not yet activated withdrawals, pending the release of its version (v)2 protocol upgrade expected later in May. Given the nature of liquid staking, users who want to withdraw from the platform can just sell their stETH derivative token on exchanges. As the token’s price tracks closely to ETH’s, Lido likely isn’t facing significant withdrawal pressure, Kunal Goel, an analyst at crypto research firm Messari, wrote in a report Wednesday. Source

Arbitrum’s Chronos reaches $217M TVL with staking, becomes 8th largest DEX

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Decentralized exchange (DEX) Chronos set a new milestone on May 4, reaching $217 million in total value locked (TVL) at the time of writing, just seven days after its launch on the Arbitrum blockchain.  With the new TVL figures, Chronos ranks eighth among the largest decentralized exchanges, according to DefiLlama. In DeFi, TVL represents the funds held or staked within a protocol.  The TVL milestone was achieved during the first hours of the day after the protocol kicked off Epoch 1, which enabled Chronos (CHR) token emissions to liquidity pools. The…

Judge Upholds Freeze on SpartacusDAO’s $35M in Lawsuit Served Via Discord, NFT

Judge Victor Marrero upheld his previously signed restraining order against Wei Wu, allegedly the man behind Spartacus, in a hearing in the Southern District of New York on Thursday. Marrero said the order will remain in place until Wu, who has been a no-show, starts to work with the court, said Diogenes Casares, CEO of the investment company suing Wu. Original Source 35MDiscordFreezeJudgeLawsuitNFTServedSpartacusDAOsUpholds CryptoX Portal

Bitcoin Miners Breathe a Sigh of Relief as Difficulty Drops 1.45% After Five Consecutive Increases – Mining Bitcoin News

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Bitcoin’s network has been putting miners through the wringer lately, with five straight difficulty increases that had them on edge. However, on May 4, 2023, at block height 788,256, the network difficulty level took a dip, dropping by 1.45% and bringing the overall difficulty down to 48.01 trillion for the next two weeks. Bitcoin Difficulty Takes a Dip After Five Straight Increases Bitcoin’s difficulty level finally dropped on May 4, 2023, after increasing five times since the February 24 increase of 9.95%. The five difficulty increases combined equated to a…