Lead developer quits bitcoin saying it has failed
Its blockchain, the history of all its transactions , was under attack. Coinbase claims that no currency was actually stolen from any of its accounts. But a second popular exchange, Gate. Just a year ago, this nightmare scenario was mostly theoretical.
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Content:
- SafeMoon Drops As Creators Apologize Over AMA, Say Crypto Will Be on MXC, Mandala Exchanges
- Hype man of the century
- A death in Cryptoland
- Facebook is slowing down its cryptocurrency venture
- Jesse Kline: Behold the power of Bitcoin
- Bitcoin’s lead developer quits, says the digital currency has failed
- Visa’s crypto card payments rise to $2.5bn in latest quarter
- The 5 Big Problems With Blockchain Everyone Should Be Aware Of
SafeMoon Drops As Creators Apologize Over AMA, Say Crypto Will Be on MXC, Mandala Exchanges
Africans and people in emerging markets missed out on the first set of opportunities that technological advancements brought to the world. Computers, the internet, fintech, artificial intelligence, any tech you can name except mobile tech , people in these regions have always had to play catch-up.
But new technologies such as crypto and web3 provide hope to Africans to play a massive role in defining what it looks like in the years to come. Regional inflation, weak currencies, high unemployment rates and economic uncertainty are a couple of reasons behind this growing adoption. Peer to peer transactions and retail trading are two of the biggest drivers of crypto adoption on the continent.
Bademosi was the director of Binance Labs in Africa, overseeing the incubation and development of blockchain projects, when he decided to start Bundle as CEO in With Bundle incubated within the ecosystem of the largest crypto exchange platform, Bademosi had lofty ambitions for the company. By the time he left, three years after, Bundle was only live in Nigeria and Ghana with fewer than , active users. Still, it is when compared with its peers in Africa, as no local crypto platform serving just Africa has reached a million customers.
Bademosi thinks this is because crypto trading alone cannot drive mass adoption of blockchain and crypto-native applications. To create products that can scale to a million users or several million in the next couple of years, companies should build applications that are more accessible for the everyday person, which is the basics of web3.
The Connecticut-based venture capital and holding company has more than 60 crypto and blockchain subsidiaries and investments across 30 countries, including LUNO, CoinDesk and Bitso. However, the difference is that while DCG focuses on western markets and building products for HNIs and institutional clients with custodial features, Nestcoin primarily builds , invests and operates web3 and non-custodial products that are more accessible for everyday people in frontier markets.
The company, which Bademosi describes as a venture collective, launched its media arm called Breach last year to create bite-sized and informative crypto content for the average African. It also set up Metaverse Magna MVM , a gaming guild that introduces users to the world of play-to-earn crypto-powered games like Axie Infinity. The NFT-based online video game developed by Sky Mavis has been a sensation since but is expensive to play.
What MVM has done is to buy Axies and lend to players in its guild while employing a revenue-sharing agreement with them. Bademosi said MVM has had more than 2, applications since its launch. Nestcoin also hopes to introduce its DeFi projects by Q2 this year.
In addition to that, the company will be exploring ways in which content creators on the platform can earn crypto while educating its 6, subscribers with structured learning paths. A part of the funds will also go into investing in web3 projects.
The company has done so in a handful of projects but the only publicly disclosed deal is in Lazerpay, which allows businesses to accept payments in crypto. It recently backed AltSchool Africa, an entry-level tech talent project introducing Africans to software engineering and web3 courses like blockchain. Nestcoin has involved itself with other projects like collaborating with crypto-exchange platform Bitsika to launch a social token for Davido, an African music artiste.
Bademosi said Nestcoin might raise an independent fund to invest and participate in such deals and projects going forward. Asides from centralization, many think web3 projects such as NFTs are becoming expensive to participate in and enriches only a select few. Bademosi disagrees.
According to him, crypto trading, the most accessible form of web3, was accused of the same issues years ago but has become cheaper to use.
He referenced his time at Microtraction, an early-stage investment firm he founded in to back African startups. He said if Nestcoin can replicate something similar in Africa, a market with over million mobile gamers, wealth will be distributed among millions of people and not a select few. The company, with team members in nine countries, has onboarded strategic web3 and traditional investors to back its mission.
Hype man of the century
Cryptocurrencies are starting to stabilize after falling in January, and some analysts expect prices to recover this month, especially as several alternative cryptocurrencies altcoins outperformed bitcoin over the past week. The announcement didn't trigger a significant market response. Analysts expect regulatory headwinds to fade over the short term, which could boost investor sentiment. And in the bitcoin futures market, there are signs of a pending short squeeze, which occurs when prices unexpectedly rise, forcing short sellers to exit positions. For now, some buyers continue to return on dips. Bitcoin, ether and gold prices are taken at approximately 4pm New York time.
A death in Cryptoland
Arthur Hayes lives large. Like Bobby Axelrod-in- Billions large. Just replace New York with Hong Kong and infuse it with a dose of Silicon Valley—where unicorns spring from the minds of irrepressible company founders—and, well, you get the picture. Screen-star handsome and fabulously wealthy, the African American banker turned maverick personifies the contemporary fintech pioneer. Prosecutors allege that Hayes and his business partners violated the Bank Secrecy Act by failing to implement and maintain an adequate anti-money-laundering program—to weed out bad actors and dirty money. Adding to the chorus of voices are some high-powered legal experts who consider the case United States of America v. Arthur Hayes to be largely unprecedented. Hayes, 35, went radio silent in October. But the crypto condor has not always been so elusive.
Facebook is slowing down its cryptocurrency venture
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Jesse Kline: Behold the power of Bitcoin
By Jemima Kelly. Hearn, one of five senior developers who has spent more than five years working on the web-based currency, said he would no longer be taking part in development. In August, Hearn and Andresen released a rival version of the current software, called Bitcoin XT, which would increase the block size to 8 megabytes, allowing up to 24 transactions to be processed every second. While that is still a fraction of the 20, or so that Visa can process, it would increase every year, so that bitcoin could continue to grow. Hearn says the bitcoin network is about to run out of capacity as the volume of transactions increases.
Bitcoin’s lead developer quits, says the digital currency has failed
This content can also be viewed on the site it originates from. Not long ago, I was in Montreal for a cryptocurrency conference. My hotel, on the top floor of a big building downtown, had a roof garden with a koi pond. Every few seconds, they dipped their beaks to drink, and, in the process, spilled undigested pellets into the water. A few koi idled there, poking at the surface for the scraps. The longer I watched, the more I wondered if the ducks were deliberately feeding the fish. Was such a thing possible? I asked the breakfast attendant, a ruddy Quebecer.
Visa’s crypto card payments rise to $2.5bn in latest quarter
This could include developers and others who do not control digital assets on behalf of users. These newly defined brokers would be required to comply with IRS reporting requirements for brokers, including filing form s with the IRS. It could even potentially implicate miners, those who confirm and verify blockchain transactions. The mandate to collect names, addresses, and transactions of customers means almost every company even tangentially related to cryptocurrency may suddenly be forced to surveil their users.
The 5 Big Problems With Blockchain Everyone Should Be Aware Of
Iceland will soon use more energy mining bitcoins than powering its homes. The amount of power used to mine bitcoin in Iceland is set to overtake the country's entire domestic power usage this year, a local energy company has claimed. Business development manager at Iceland's HS Orka Johann Snorri Sigurbergsson said electricity use at mining data centres was gobbling up the small nation's power resources. And the demand would only grow with many potential customers drawn to the nation to mine the cryptocurrency. The country's small population of about , people has seen an increase in new data centres keen to capitalise on the country's near per cent renewable energy and cold climate which help prevent computer servers overheating.
Log4j RCE activity began on December 1 as botnets start using vulnerability. Rust takes a major step forward as Linux's second official language. Security firm Blumira discovers major new Log4j attack vector. The FTC will reportedly look at whether Microsoft, which makes Xbox consoles, merging with Activision would harm competition by limiting rivals' access to major game titles. To truly secure software, we need to know what's inside.
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