Proposals in Wyoming and Arizona to accept tax payments in Bitcoin and other cryptocurrencies would undermine the dollar’s unique status.
China has designated some cities and entities to trial blockchain applications, underscoring the importance Beijing is attaching to this particular technology.
In 2019, President Xi Jinping called on China to “seize the opportunities” presented by blockchain, giving his personal backing to the technology.
The Chinese capital Beijing and mega city Shanghai as well as Guangzhou in the south are all part of the pilot projects. Local government departments, universities, banks, hospitals, car companies and power firms are among the 164 entities chosen by China to carry out trial blockchain applications.
Quantum computers could cause unprecedented disruption in both good and bad ways, from cracking the encryption that secures our data to solving some of chemistry’s most intractable puzzles. New research has given us more clarity about when that might happen.
Modern encryption schemes rely on fiendishly difficult math problems that would take even the largest supercomputers centuries to crack. But the unique capabilities of a quantum computer mean that at sufficient size and power these problems become simple, rendering today’s encryption useless.
That’s a big problem for cybersecurity, and it also poses a major challenge for cryptocurrencies, which use cryptographic keys to secure transactions. If someone could crack the underlying encryption scheme used by Bitcoin, for instance, they would be able to falsify these keys and alter transactions to steal coins or carry out other fraudulent activity.
Last fall, Texas Governor Greg Abbott gathered dozens of cryptocurrency deal makers in Austin where they discussed an idea that, on its face, seemed almost upside down: Electricity-hungry Bitcoin miners could shore up the state’s power grid, a top priority after a deep freeze last winter triggered blackouts that left hundreds dead.
The industry’s advocates have been making that pitch to the governor for years. The idea is that the miners’ computer arrays would demand so much electricity that someone would come along to build more power plants, something Texas badly needs. If the grid starts to go wobbly, as it did when winter storm Uri froze up power plants in February 2021, miners could quickly shut down to conserve energy for homes and businesses. At least two Bitcoin miners have already volunteered to do just that.
No matter how big that number sounds, it isn’t much compared to standalone blockchain-based games. Axie Infinity, an NFT-focused video game developed on the Ethereum network, surpassed $1 billion in total trade volume in August 2021, perhaps the most prominent 30-day period in the history of NFTs.
With so much interest in NFTs, it’s only natural that developers have begun to develop the infrastructure necessary to handle what will undoubtedly become a massive secondary market for these assets. In addition, holders want real tangible benefits to holding NFTs, and in a crowded gaming market, new entrants need to differentiate to survive.
2022 is likely the year NFT games become more mainstream, especially now that many crypto investors own these assets. And real innovation, not just in NFTs but in gameplay and mechanics themselves, will be the driving force.
The second phase of the CBDC pilot would test real-world functionalities such as cross-border remittance, retail payments and offline payments. The bank stated:
“We will confirm the possibility of operating various functions, such as offline settlements, and the application of new technologies, such as one intended to strengthen privacy protection during the second phase of the test.”
Bank of Korea (BOK) is also looking to onboard financial institutions for the second phase, quite similar to what China is currently doing with its digital yuan. However, unlike China, BOK-issued digital currency would also focus on user privacy.
The world’s richest men have lost billions of dollars in the past week, as cryptocurrency markets and tech stocks plummet. #9News
The richest men in the world have lost billions of dollars in the past week as cryptocurrency markets and technology stocks plummet.
According to the Bloomberg Billionaires Index, in the last 24 hours Elon Musk lost US$12.5 billion ($17.41 billion), Jeff Bezos lost US$9.17 billion ($12.78 billion) and Facebook – now Meta – CEO Mark Zuckerberg lost US$4.86 billion ($6.77 billion).
Continue reading “World’s richest men lose billions as cryptocurrency, tech stocks tank” »
Some people are accusing Ethereum co-founder Vitalik Buterin and other rich tech guys, such as Elon Musk, to be building “The Matrix” for suggesting artificial wombs could ease the pregnancy on women.
A new “crypto winter” could be around the corner after a huge crypto price crash has wiped $1.5 trillion from the combined cryptocurrency market —hitting bitcoin, ethereum, BNB, solana, cardano and XRP hard.
The bitcoin price has this week fallen to levels not seen since July last year, losing 20% over the last week and dropping to half its all-time high of almost $70,000. Other top ten cryptocurrencies ethereum, BNB, solana, cardano and XRP have all lost between 20% and 30% from their price this past week (with Wall Street giant JPMorgan issuing a stark ethereum price warning).
