Day: May 12, 2023

Bitcoin Community Divided Over BRC-20 Meme-Coin Fever Causing Congestion

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Still, the core problem here is not that Bitcoin is being used to represent frog images per se, but that its value as an efficient, intermediary-free settlement system for transferring value of all kinds is undermined by blockspace congestion. (As CoinDesk columnist David Z. Morris wrote this week, Bitcoin would be experiencing the same problems if, as its advocates hope, millions more people were using Bitcoin for monetary purposes.) That’s where the governance conversation needs to be focused. Original

How will lower interest rates benefit Bitcoin?

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Macro Markets, hosted by crypto analyst Marcel Pechman, airs every Friday on the Cointelegraph Markets & Research YouTube channel and explains complex concepts in layperson’s terms, focusing on the cause and effect of traditional financial events on day-to-day crypto activity. Today’s show starts by discussing the economic crisis in Argentina, a Latin American country that is experiencing hyperinflation. After years of populist measures, its local currency, the peso, saw its value go down by 70% in two years. The government’s overspending caused another issue: a lack of United States dollars for…

The US should promote USDC — before it’s too late

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Ignore the doomsayers. The United States is still the world’s leading economy and will remain so in the future. With its global talent pool and world-class institutions, the U.S. has a competitive edge in virtually every emergent technology. Web3 is no exception.  Despite its advantages, America is bungling its chance to dominate the digital economy. In what Messari CEO Ryan Selkis aptly dubs “a colossal public policy failure,” America’s semi-official stablecoin, USD Coin (USDC), is losing ground to its ex-U.S. rival, Tether (USDT). If policymakers don’t step up soon, America…

BRC20 Token Economy Thrives Amidst Crypto Downturn, Surging 53% in Five Days – Bitcoin News

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Despite the broader crypto-economy experiencing a downward trajectory, dropping 1.59% in the past 24 hours and hovering around $1.11 trillion, the BRC20 token economy has bucked this trend, expanding from $279 million to over $427 million within five days. Impervious to Market Slump, BRC20 Tokens Defy the Odds Built atop the Bitcoin blockchain, the recently established BRC20 token economy has seen significant growth in the past five days. As of Thursday, May 11, its total market valuation stands at $427 million, representing a 53% increase since May 7. Moreover, there…

BitDAO proposes to replace BIT token in branding revamp

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A proposal seeking to apply a “One Brand, One token” principle has been pushed to a vote on BitDAO’s Snapshot and calls for substituting BitDAO’s token (BIT) under a new governance token. Snapshot serves as an off-chain governance voting platform for decentralized autonomous organizations (DAOs) and other blockchain projects. According to proposal BIP-21, the BitDAO ecosystem — governance (BitDAO) and product (Mantle) — will be unified as Mantle. Governance processes and treasury management will remain unchanged, but after community approval, BIT holders will undergo a token-conversion process for the new…

MakerDAO publishes 5-phase roadmap featuring funding for open-source AI projects

MakerDAO, the organization behind the DAI stablecoin and its related MKR governance token, recently announced a slew of planned updates to its ecosystem, including a heavy focus on artificial intelligence (AI) technologies and the planned development of a new blockchain.  Beginning with an upgrade to unify the organization’s brand, the new roadmap details a five-phase project called “Endgame.”  5 phases of Endgame. Endgame has been defined as an update that employs AI tools and open processes to enhance efficiency, resilience, and participation. A new publication on the Maker Forum outlines…

FTX Founder Sam Bankman-Fried’s Ties to George Santos Are a Thread in a Web of Lies

This information was puzzling when it first emerged – Santos had no clear connection to FTX, and no apparent interest in crypto or any other issues Bankman-Fried feigned concern about. According to Puck News, though, the explanation for the Santos connection is relatively straightforward. Salame’s girlfriend, Michelle Bond, former CEO of the FTX-backed crypto trade group Association for Digital Asset Markets, ran for Congress in 2022 as a MAGA Republican, in a district near Santos’. Source

President Biden announces nominations for key positions at Federal Reserve

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United States President Joe Biden has announced his nomination of two people for key positions on the Federal Reserve, including a new Fed governor and economist Philip Jefferson as vice chair. In a May 12 notice from the White House, President Biden said he would put forward Fed governor Philip Jefferson’s name to become the next vice chair of the central bank, replacing Lael Brainard, who resigned in February. The U.S. President added that Adriana Kugler, a former chief economist for the U.S. Department of Labor, was his pick for…

Price analysis 5/12: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

Bitcoin and most major altcoins are slumping, but the charts suggest that a recovery could be around the corner. Bitcoin (BTC) extended its decline on May 12 but analyst Philip Swift, co-founder of trading suite DecenTrader and creator of data resource LookIntoBitcoin, does not expect a deep correction. He said it was “interesting to note that the long/short ratio has been climbing as price has trended down.” One of the reasons that is keeping analysts bullish is Bitcoin’s halving, which has followed a set cycle till now and analysts expect…

Lisk Foundation to sell 1,000 bitcoin for ethereum over 2.5 months

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Lisk Foundation, led by co-founder and CEO Max Kordek, will convert 1,000 bitcoin (BTC) to ethereum (ETH) over the next 10 weeks.  Lisk to convert 1,000 BTC In a tweet on May 11, the CEO said the decision is to  minimize risks associated with third parties. As such, the Lisk Foundation will be selling 100 BTC every week for the next two and a half months. The Lisk Foundation is exchanging 1000 BTC into ETH…