Archive for Oktober 2022

Report: Deleted Files Indicate Crypto Lender Hodlnaut’s Execs Gave Little Weight to Terra Luna Exposure

According to a report, the embattled crypto lender Hodlnaut saw a significant loss from the Terra blockchain collapse last May. The report notes that Hodlnaut downplayed the company’s exposure to the Terra ecosystem and allegedly lost $190 million from the incident.

Report Says Hodlnaut Downplayed Terra Exposure Following the Collapse

More than 1,000 deleted documents from the crypto lender Hodlnaut’s Google workspace have shown discrepancies, according to a judicial report discovered by Bloomberg on Oct. 31. The judicial report confirms the court filings published at the end of August that said Hodlnaut suffered a significant financial shortfall from the Terra collapse.

Bloomberg’s Suvashree Ghosh and Sidhartha Shukla explain that the judicial report shows the crypto lender “suffered a near $190 million loss from the wipeout.” The newly discovered deleted documents show Hodlnaut executives allegedly downplayed the exposure to Terra. Hodlnaut also tweeted on May 11 that it was not all-in on the now-depegged stablecoin terrausd (UST).

“Hodlnaut is NOT all-in on UST as one particular rumour on Reddit has mentioned. This is a false claim,” the crypto lender tweeted during the collapse. “Yields on USDC/USDT/DAI are generated in-kind and paid by our loans to institutions and a small amount to defi protocols like Compound Finance,” Hodlnaut insisted.

“It appears that the directors had downplayed the extent of the group’s exposure to Terra/Luna both during the period leading up to and following the Terra/Luna collapse in May 2022,” the judicial report discovered by Bloomberg said.

“In a letter dated July 21, Hodlnaut’s directors ‘made an about-turn’ about the impact and informed a Singapore police department that digital assets had been converted to [terrausd], according to the report,” Ghosh and Shukla wrote.

The report continues:

Much of the latter was lent out on the Anchor Protocol, the report said, a decentralized finance platform developed on the Terra blockchain.

It’s unclear how Singapore, where Hodlnaut is based, will deal with the embattled crypto lender, but regulations in the country have been ramping up. For instance, this month, Singapore police said they received 631 crypto scam reports in 2021.

What do you think about the latest judicial report that says Hodlnaut downplayed the company’s exposure to the Terra collapse? Let us know what you think about this subject in the comments section below.

source https://news.bitcoin.com/report-deleted-files-indicate-crypto-lender-hodlnauts-execs-gave-little-weight-to-terra-luna-exposure/

2 metrics signal the $1T crypto market cap support likely won’t hold

Great Chef 12.33 Add Comment

Despite the 8.5% weekly rally in cryptocurrencies, the lack of stablecoin premiums in Asia and futures markets activity shows buyers’ lack of confidence.

source https://cointelegraph.com/news/2-metrics-signal-the-1t-crypto-market-cap-support-likely-won-t-hold

Satoshi Nakamoto’s Seminal Bitcoin White Paper Turns 14 Today

Great Chef 12.04 Add Comment

Approximately 14 years ago today, on Halloween, Satoshi Nakamoto introduced Bitcoin to the world by sharing the renowned white paper. Satoshi’s invention, shared on metzdowd.com’s Cryptography Mailing List, not only solved a problem that had plagued computer scientists for years, but the invention also redefined how people look at money. Furthermore, as a side effect, Satoshi’s creation spawned a new digital economy with more than 13,000 cryptocurrency assets, worth just over $1 trillion today.

Celebrating the 14th Anniversary of Satoshi’s Bitcoin White Paper

Presently, cryptocurrency and Bitcoin supporters are celebrating the 14th anniversary of Satoshi Nakamoto’s Bitcoin white paper. Bitcoin’s mysterious creator first introduced the white paper on metzdowd.com’s Cryptography Mailing List on Oct. 31, 2008, at approximately 2:10 p.m. (ET). The date marks the first time Satoshi shared the inventor’s vision and the first sentence Bitcoin’s inventor said was:

I’ve been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party.

In the message, Bitcoin’s creator said that the invention offers a number of different properties. Bitcoin’s benefits include the prevention of double spending and there is “no mint or other trusted parties,” Satoshi said. The inventor also highlighted how bitcoins are minted via a “Hashcash style proof-of-work.” Satoshi added:

The proof-of-work for new coin generation also powers the network to prevent double-spending.

After introducing the main properties, Satoshi shared the abstract summary of the seminal Bitcoin white paper with a link to bitcoin.org, where the paper was hosted at the time. Satoshi did not communicate with the public again, until four days later, as the inventor published two more emails on Nov. 3, 2008. Both emails were introductions to the Bitcoin white paper, with a summary and URL linking to where the paper could be read. Satoshi wrote a total of 16 emails (some replies to James A. Donald) in 2008 before the network actually launched on Jan. 3, 2009.

‘A Solution to the Byzantine Generals’ Problem’

On Dec. 10, 2008, Satoshi’s last email before the network launched was a welcome post to the Bitcoin mailing list. After the network launched on Jan. 3, 2009, Satoshi did not communicate via the mailing list until Jan. 8, 2009, in a post called “Bitcoin v0.1 released.” In that thread, Bitcoin’s inventor shared the very first codebase release of Bitcoin when the creator said:

Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending. It’s completely decentralized with no server or central authority.

It is believed that Satoshi may have shared the codebase with others before the “Bitcoin v0.1 released” post was published. It is also commonly understood that Nakamoto helped kick-start the network during those early days. It is assumed that Bitcoin’s inventor mined between 750,000 to 1.1 million BTC before leaving the community in 2010. It is also assumed that Satoshi may have mined the cache of coins with a single PC.

In addition to releasing the white paper on Halloween 2008, it was the first time academia and computer scientists were provided with a paper that solved the “Byzantine Generals’ Problem” or the “Byzantine Fault.” It also introduced the first academic paper that shows how triple-entry bookkeeping works, and Nakamoto knew it was a breakthrough invention when the inventor stated on November 13, 2008:

The proof-of-work chain is a solution to the Byzantine generals’ problem.

Not too long after the Bitcoin network launched, the idea of creating an alternative crypto asset network sprung to life. 14 years later since the white paper was published, there’s now more than 13,000 crypto assets in the wild today, worth $1 trillion in USD value. Other types of blockchain and crypto concepts now exist like smart contracts, decentralized finance (defi), and non-fungible tokens. Out of the $1 trillion in value within the crypto economy, Satoshi’s invention represents nearly 38% of the aggregate today.

What do you think about Satoshi Nakamoto publishing the Bitcoin white paper 14 years ago on Halloween, 2008? Let us know what you think about this subject in the comments section below.

source https://news.bitcoin.com/satoshi-nakamotos-seminal-bitcoin-white-paper-turns-14-today/

HUSD Stablecoin Plunges Below Dollar Peg After Huobi Delisting

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October 31, 2022

The biggest crypto news and ideas of the day

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Hello and welcome to The Node. This is Daniel Kuhn and Xinyi Luo, here to take you through the latest in crypto news and why it matters. In today's newsletter:

– D.K.

Today's must-reads

Top Shelf

Hong Kong Reconsiders Stance on Crypto ETFs, Tokenized Securities and Retail Trading: Hong Kong's Financial Services and Treasury Bureau claimed that it's ready to engage with virtual asset service providers and invite them to the city in a policy statement. If proper safeguards are put in place, Hong Kong is prepared to allow retail trading of crypto assets.

The city is "open to the possibility" of having crypto-based exchange-traded funds (ETFs) and will no longer classify tokenized securities as complex products just because they are issued on the blockchain.
This move comes as Singapore proposes tightening the threshold for retail crypto trading and Beijing declared all activities related to digital coins illegal last year.

After Huobi Delists HUSD, the Stablecoin Falls 72% From Dollar Peg: HUSD stablecoin has fallen dramatically from its $1 peg, dropping to a low of 28 cents after crypto exchange Huobi delisted the asset on Friday. It is unclear why Huobi decided to move away from the stablecoin it developed.

Huobi said that users can still exchange HUSD tokens for Tether (USDT), the industry's largest stablecoin by market cap. HUSD is trading below 40 cents at press time.
TRON founder Justin Sun said recently on CoinDesk TV that as a recently-hired Huobi advisor he will push for his own Terra UST-like algorithmic stablecoin USDD to be used across the global exchange's ecosystem. He also suggested Huobi may reenter mainland China, if regulations ease.

Visa Files Trademark Applications for Crypto Wallets, NFTs, Metaverse: Payments giant Visa filed two trademark applications to the United States Patent and Trademark Office related to digital wallets, non-fungible tokens and the metaverse. The move follows that of other large corporations and payment companies including American Express.

– Xinyi Luo

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Putting the news into perspective

The Takeaway

(DALL-E/CoinDesk)

Bitcoin Will Usher in a New Era of Governance

Across the world, people are losing trust in the institutions that underpin society. Any thinking person can see the institutions of governance, finance and money are corrupt, incompetent and yet unavoidable. Edan Yago writes about how the creation of Bitcoin is leading to a new way of organizing businesses and societies. Read the full article here.

Overheard on CoinDesk TV...

Sound Bites

"Being able to have that computation where neither party actually knows exactly what's happening is really valuable."

—Nillion Chief Business Officer Slava Rubin, on CoinDesk TV's "First Mover"

The news in a sentence

Headlines

India's Central Bank to Start Wholesale CBDC Pilot Nov. 1 | Attacker Behind $14.5M Team Finance Exploit Returns $7M | Bitcoin White Paper Celebrates 14th Birthday | El Salvador, Lugano Sign Agreement to Help Spread Bitcoin Adoption and Education | Crypto Exchange Coincheck Plans to List on Nasdaq in July 2023 |

What others are writing

Off-Chain Signals

Elon Musk, Twitter, Dogecoin, Bluesky, and the Decentralized Social Media Race (Decrypt)
Vitalik Urges DeFi to Slow Down Integration with Traditional Finance (The Defiant)
Crypto, Cash and Spies: Secret Videos Sink Legal Rising Star (Bloomberg Law)

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Bitget Launches ‘Bitget Insights’ to Enhance Social Trading Initiatives

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PRESS RELEASE. October 31, 2022 – Leading global cryptocurrency exchange Bitget announces the launch of its new feature “Bitget Insights’‘. The feature serves to integrate social media with social trading via the Bitget exchange. The launch signifies the next stage in Bitget’s crypto social trading initiative, aimed at benefiting both new retail investors as well as seasoned traders.

With Bitget Insights, new traders will have the opportunity to glean insights from experienced traders. Compared to existing social media platforms, Bitget guarantees that all shared insights come from verified and credible traders in the first stage, thus saving new traders time, resources and potential losses resulting from cryptocurrency ‘shilling’, false endorsements or other crypto scams.

To assure that Bitget Insights provides valuable and insightful views to users, only those traders that meet certain criteria, which include being an actual verified trader on the Bitget platform, are able to share and post with this new feature. In addition, they must have a substantial and verifiable following across various social media platforms. Other traders can follow and take advantage of the insights, such as the technical strategies or market analyses, posted by the verified traders.

Bitget’s decision to accredit qualified traders was based mainly on the fact that malicious agents are common, and scams are frequent on other social media platforms. This makes it difficult for new traders to make informed decisions about their trades and investments. Since traders are verified based on actual trading data on the exchange, Bitget Insights aims to provide better protection for new users entering the markets.

Bitget Insights also enables accredited traders to increase their community presence by sharing market views and trading strategies with potentially millions of existing traders on Bitget’s global platform. Accredited traders can also benefit from Bitget Copy Trade, its flagship crypto social trading product.

Gracy Chen, Managing Director of Bitget, says, “Innovative trading products and social trading services are Bitget’s quintessential and key features. Bitget is a pioneer in crypto social trading thanks to the way it works to improve products through innovation. On ‘Bitget Insights’, the social trading platform where valuable information is more accessible to everyone, the curated and verified traders and selected opinion leaders can post their chart analysis, technical strategies and articles, to share their insights with followers.”

“Above all, we are actively listening to our community and we know that a lot of the information and misinformation about Web3 can be difficult to navigate, especially for new investors. As a crypto CEX (Centralised Exchange), we are in a unique position to help traders and Web3 investors gather information and glean insights from verified traders on our platform. Ultimately, this makes crypto more accessible to wider markets or individuals who might otherwise be hesitant about Web3.”

To celebrate the launch of Bitget Insights, Bitget has prepared a User-Generated Content campaign, which includes giveaway and share contest for the users who post original insights and content on the platform. Winners can share up to 100,000 $BGB, souvenirs signed by Bitget’s latest partner Lionel Messi, and more. For more information, please visit the Bitget website.

About Bitget

Bitget, established in 2018, is the world’s top five leading cryptocurrency exchange with innovative products and social trading services as its key features, currently serving over 8 million users in more than 100 countries around the world.

The exchange is committed to providing one-stop and secure trading solutions to users and aims to increase crypto adoption by collaborations with creditable partners, including Argentinian legendary footballer Lionel Messi, Italian leading football team Juventus, PGL Major’s official esports crypto partner, and the leading esports organisation Team Spirit.

For media queries, please contact:

sylvia.huang.yq@bitget.com

rachel.cheung@bitget.com

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

source https://news.bitcoin.com/bitget-launches-bitget-insights-to-enhance-social-trading-initiatives/

3 Bitcoin Mining Records Set in October — BTC Hash Price Taps Lifetime Low, While Hashrate and Difficulty Surged

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This month bitcoin’s hash price tapped an all-time low of $66,500 per exahash on Oct. 25, according to statistics from the onchain market intelligence firm Glassnode. Alongside this, the network’s mining difficulty reached a lifetime high at 36.84 trillion on Oct. 23. Despite the high mining difficulty and the lower prices, Bitcoin’s total hashrate reached an all-time high at 325.11 exahash per second (EH/s) as 4,578 blocks were generated during the past 30 days.

Bitcoin Hash Price Sinks, Hashrate Taps a Lifetime High, Difficulty Reaches New Heights

While the month of October did see an “Uptober,” as far as 30-day percentage gains are concerned, the month also saw a few mining records. The most notable was the all-time hashrate high recorded at block height 758,138, when Bitcoin’s (BTC) total hashrate reached 325.11 EH/s.

Bitcoin’s hashrate has remained above the 200 EH/s mark all month long, but reached a low of 215 EH/s on Oct. 10. The hashrate average over the last 2,016 blocks (roughly two weeks) was around 259.8 EH/s.

Bitcoin’s record high hashrate has made it so the network has experienced two difficulty changes this month that have increased. The first difficulty adjustment change was the largest difficulty retarget in 2022, jumping 13.55% at block height 758,016 on Oct. 10.

The second retarget in October took place on Oct. 23, as the shift increased upwards again by 3.44%. Both of these upwards shifts combined brought the network’s difficulty to a lifetime high at 36.84 trillion.

The next difficulty change is not due until next month on Nov. 6, and it’s expected to decrease by 1.51%. Price-wise, while the crypto winter has been tough on bitcoin miners, October was the best month out of the last three months for BTC prices.

Bitcoin gained more than 5% against the U.S. dollar during the 30-day span. During the last 30 days, bitcoin miners discovered 4,578 blocks which produced 28,612.50 newly minted bitcoins. Out of the 4,578 blocks, the top mining pool, Foundry USA, discovered 1,186 blocks.

Over the last 30 days, Foundry’s total hashrate equated to 25.91% of the global hashrate. During the last month, bitcoin miners have managed quite the feat by pushing the hashrate and mining difficulty to record highs, while bitcoin’s hash price has been at the lowest it’s ever been in close to 14 years.

With all these factors, it will be interesting to see what happens to the hashrate and difficulty metrics when bitcoin’s hash price reaches higher prices, rather than the all-time lows recorded this month.

What do you think about the state of bitcoin mining during the month of October? Let us know what you think about this subject in the comments section below.

source https://news.bitcoin.com/3-bitcoin-mining-records-set-in-october-btc-hash-price-taps-lifetime-low-while-hashrate-and-difficulty-surged/