Month: May 2023

Can memecoins be used as real currency?

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Memecoins’ security and dependability as a medium of exchange remain a topic of debate in the cryptosphere. Memecoins are said to be safe and decentralized, but some are concerned about their volatility and lack of oversight. Memecoin proponents claim that because they are decentralized, users have more control over their money and are protected from fraud and theft. Furthermore, memecoins leverage blockchain technology, ensuring transactions are securely recorded on a decentralized ledger, making them resistant to hacking and manipulation. Governments and central banks that implement measures to maintain stability, control…

‘Significant risk’ of US Treasury running ‘out of funds’ soon: Report

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The United States government faces a “significant risk” of no longer being able to meet all of its financial obligations as early as June, as per a recent report. According to a May 12 report published by the U.S. Congressional Budget Office (CBO), the risk of the U.S. government defaulting on its debt in the near future stems from having reached its statutory debt limit of $31.4 trillion, on Jan 19. The CBO predicts that if the debt limit remains unchanged, the U.S. government could be in hot water as early as…

Americans’ Preference for Real Estate, Crypto Plunges — Fondness for Gold Skyrockets – Bitcoin News

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A recent Gallup Poll reveals a significant decline in the percentage of Americans favoring real estate as their preferred long-term investment, despite its continued popularity. Conversely, the Gallup survey indicates that the perception of long-term investments in gold has experienced an almost twofold increase compared to the previous year’s poll on the same topic. Gallup Poll Reveals Preference for Real Estate and Crypto Slides, While Bias Toward Gold Nearly Doubles Gallup, Inc., the analytics and advisory company headquartered in Washington, D.C., recently unveiled its latest Gallup Poll on long-term investments…

South African Currency Plunges to New Low Versus the Dollar a Day After the US Accused Country of Secretly Supplying Ammunition to Russia – Featured Bitcoin News

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The South African currency’s exchange rate versus the U.S. dollar plunged to a new all-time low of ZAR19.51:US$1 on May 12. The rand’s latest fall came a day after the U.S. ambassador to South Africa accused the country of secretly supplying weapons to Russia. Banking giant JP Morgan said it now projects South Africa’s gross domestic product to contract by 0.2%, down from the earlier positive projection of 0.3%. South Africa Denies It Supplied Ammunition to Russia The exchange rate of the South African currency versus the greenback fell to…

BTC miner Rhodium faces lawsuit over an alleged $26M in unpaid fees: Report

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Crypto mining firm Riot Platforms – formerly Riot Blockchain – is seeking to recover “more than $26 million” in alleged unpaid fees from Texas-based Bitcoin (BTC) miner Rhodian enterprises, according to its Q1 2023 report. Published on May 10, Riot’s report stated that Whinstone – a wholly owned subsidiary of Riot – has filed a petition against Rhodium Enterprises on May 3, alleging a breach of contract after failing to pay “certain hosting and service fees under agreements.” Riot seeks to recover “more than $26 million,” plus legal fees and other…

10 Southeast Asian Nations Challenge Dollar Dominance With Push for Local Currencies – Economics Bitcoin News

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The leaders of 10 Southeast Asian nations, members of the Association of Southeast Asian Nations (ASEAN), have agreed to “encourage the use of local currencies for economic and financial transactions.” The group comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. This move will help them reduce their reliance on the U.S. dollar. Southeast Asian Countries’ De-Dollarization Efforts The leaders of the Association of Southeast Asian Nations (ASEAN) gathered in Labuan Bajo, Indonesia, for the 42nd ASEAN Summit on May 10-11 under the chairmanship of the Republic…

US Government Faces ‘Significant Risk’ of Default in June, Congressional Budget Office Warns – Economics Bitcoin News

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The Congressional Budget Office (CBO) has stressed that “there is a significant risk that the Treasury will run out of funds at some point in the first two weeks of June” if the debt ceiling is not raised or suspended. The CBO’s projection is in line with the estimate by the Treasury Department that a U.S. default could occur on June 1. CBO Sees ‘Significant Risk’ of the U.S. Defaulting in June The Congressional Budget Office (CBO) released an update to the Budget Outlook for 2023 to 2033 Friday. The…

G7 Nations Discuss Countering China’s ‘Economic Coercion’ – Economics Bitcoin News

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The Group of Seven (G7) countries are discussing ways to counter China’s “economic coercion” against other nations, U.S. Treasury Secretary Janet Yellen has shared. Noting that Canada, France, Germany, Italy, Japan, the U.K., and the European Union share similar concerns, she emphasized that any action by the U.S. will be “narrowly scoped and targeted at technologies where there are clear national security implications.” Janet Yellen Calls for Coordinated Efforts to Counter China’s Economic Coercion U.S. Treasury Secretary Janet Yellen revealed at a press conference Thursday that members of the Group…

Coinbase screws up, Florida bans CBDCs, and Bitcoin Ordinals…

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Top Stories This Week Coinbase calls Pepe a ‘hate symbol,’ prompting calls to boycott the exchange An email sent out to Coinbase customers describing the Pepe the Frog meme as a “hate symbol” co-opted by alt-right groups has drawn significant ire from the PEPE memecoin community this week. Two hours after the email was sent, the hashtag “#deletecoinbase” hit the trending sidebar on Twitter, with over 14,000 comments calling on users to boycott the exchange. Paul Grewal, the Coinbase’s chief legal officer, took to Twitter to respond to the outrage…

Ethereum’s Beacon Chain is updated after finality issues

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Ethereum core developers rolled out patches for Prysm Labs and Teku clients as a response to two Beacon Chain finality issues within a 24-hour period. The Beacon Chain serves as the consensus layer for the Ethereum network.  On May 11, Ethereum developers reported that the Beacon Chain was experiencing problems confirming transactions. Although new blocks were able to be proposed, an unknown issue prevented their finalization. The outage lasted around 25 minutes. A similar issue took place on May 12, preventing block finalization for over an hour. Finality was unable…