Day: October 27, 2023

Blockchain congestion and transaction queues actually deter ‘nefarious actors’: Study

Researchers from Florida Atlantic University and the University of Mississippi recently published research indicating that blockchains with “full” blocks — especially when there’s a transaction queue — appear to have an added layer of protection against nefarious actors, money launderers and would-be fraudsters.  Dubbed “Bitcoin Blocksize, Custodial Security, and Price,” the team’s paper takes a deep dive into the Mt. Gox crash and other instances where cryptocurrency has been stolen from crypto exchanges. The study’s premise lies in the notion that the perpetrators of illicit activity wish to complete laundering…

Consultation on digital pound attracts more than 50,000 responses, privacy is key concern

The Bank of England’s consultation on the digital pound has sparked widespread public debate, underscoring critical concerns about privacy, cash usage and the currency’s future trajectory. The Bank of England has received more than 50,000 responses, on its idea of introducing a digital pound. Deputy Governor Jon Cunliffe talked about this in his speech, pointing out that people are worried about how private their information will be, what might happen to cash, and how the digital pound would actually work. Cunliffe said that if people use the digital pound, their…

Fed, BOE officials share continuing interest in CBDCs, stablecoin regulation

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The Federal Reserve Board continues to research a central bank digital currency (CBDC), or at least adjacent technologies, Vice Chair Michael Barr said on Oct. 27. He also touched on stablecoins at the Economics of Payments XII Conference, where his English colleague Sir Jon Cunliffe made his last speech as deputy governor of the Bank of England (BOE). The Fed’s research is currently focused on “end-to-end system architecture,” such as ledgers and tokenization and custody models for an intermediated CBDC, Barr said in Washington. Barr repeated the Fed mantra of…

Bitcoin Braces For $50 Billion Influx, Bitwise CEO Says

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Bitcoin (BTC) enthusiasts and investors have their eyes fixed on the potential launch of a spot Bitcoin exchange-traded fund (ETF), eagerly awaiting its impact on the cryptocurrency market. With predictions of substantial inflows, industry experts are delving into the potential ramifications of such a development, exploring its capacity to transform the landscape of digital assets.  Matt Hougan, the CEO of Bitwise, the world’s largest crypto index fund manager, shared his insights on the promising future of a spot BTC ETF, projecting a surge of around $50 billion within the first…

Sam Bankman-Fried denies defrauding FTX users at trial

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The jury overseeing the criminal trial of Sam “SBF” Bankman-Fried listened to the former FTX CEO’s testimony for the first time, which involved largely denying knowledge of fraudulent activities at the crypto exchange. According to reports from the New York courtroom on Oct. 27, Bankman-Fried suggested Wang, the former chief technology officer at FTX, had been partly responsible for creating the “allow negative” button for Alameda Research. The feature gave the crypto hedge fund the ability to trade more funds than it had available. “At the time, I wasn’t entirely…

Shiba Inu Team Member Clarifies SHIB Burn As Shibarium Grows

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A prominent Shiba Inu team member has come forward to shed light on the proper processes involved in burning the SHIB token.  Shiba Inu Burn Process Demystified In a brief X (formerly Twitter) post on Thursday, Lucie, a popular Shiba Inu marketer provided a detailed guideline on how SHIB users and investors should burn their SHIB tokens. Lucie stated that before sending the SHIB token into a dead wallet, users should bridge the SHIB token back to the Ethereum network first.  “To ensure the proper process, if you are a…

Polygon Initiates POL Token Upgrade on Ethereum Mainnet

Following the announcement of the transition, MATIC experienced a 4% drop in its price, resulting in a reduced market capitalization of $5.8 billion.  Polygon, a renowned blockchain scaling platform, reaches a pivotal moment in its evolution with the initiation of the POL token upgrade on the Ethereum mainnet. Months of meticulous development, community involvement, and a successful testnet launch have led to this remarkable milestone, solidifying Polygon’s commitment to building the Value Layer of the Internet. The Polygon (POL) Upgrade This new token, which has recently gone live on the…