Bitcoin added to Guinness Book
By market value, Bitcoin (BTC) is the most valuable cryptocurrency in the world.
It has several Guinness World Records, including the distinction of being the first
and oldest decentralized cryptocurrency.
According to the entry in this acclaimed book,
Bitcoin was "developed as a solution to the problem of regulating a digital currency
without any centralized organization, or "trusted third party," to oversee
transactions." Bitcoin was the first decentralized cryptocurrency. The page claims that
Satoshi Nakamoto, the project's namesake creator, released the whitepaper in 2008 and the
public was given access to an open-source client in 2009. The top crypto in the world
is covered in a total of 17 book entries.
The Guinness Book of World Records received
a lot of praise for including Bitcoin, but it also received some constructive
criticism for some errors.
These include the number of Bitcoins in a single Nakamoto's
wallet, the date the whitepaper was published, and some differences between validators and
miners in proof-of-work (PoW) blockchains.
In the meantime, leading cryptocurrency exchange
Binance said earlier in October that it had hosted the largest cryptocurrency lesson in the
world in collaboration with Talent Network, a hiring firm with offices in Mexico. 289
participants showed up for the class on October 7 at Blockchain Land in Nuevo León, Mexico.
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$250K Bitcoin? Prediction Says So
Many predict that Bitcoin's price will rise
once more and surpass $60,000. But Mark Yusko appears to have a more comprehensive
understanding of the token's potential value.
CEO, founder, and chief investment officer
of Morgan Creek Capital are Mark Yusko.
In his address, he predicted that within five
years, the price of Bitcoin may reach $250,000. This potential may arise since Bitcoin is no
longer just a valuable token. Unfortunately, a lot of investors don't approach it from
this angle. He disclosed this information in a June 2021 interview.
According to recent industry rumors, Yusko is still adamant about the
projected price of bitcoin.
Despite the bleak market, it is clear
that Bitcoin has expanded greatly since its launch to the present. BTC made its first
$100 mark in 2013 and surpassed $230 on April 8. It went through several price swings before
briefly peaking at $1,237 in December 2013.
BTC's price climbed significantly
until the end of the year, starting the year at slightly over $300.
It continued to climb throughout 2016, reaching a peak of approximately $900.
The
token's value increased despite the ups and downs it went through over the years. It
finally peaked at $68,789 on November 10, 2021, before settling at $64,995.
NYC Man Faces Criminal Charges from Crypto
After being found guilty by a federal jury
in Brooklyn of money laundering and running an unregistered money-transferring business, a
New York man now faces 25 years in jail.
The individual was accused of running an
unregistered business as part of a plot to launder bitcoin (BTC) revenue from illegal
narcotics trafficking. Mustafa Goklu, also known as "Mustangy," is a 50-year-old man who was
found guilty.
After a four-day trial in New York, the jury returned a guilty judgment, and
Goklu will now serve a 25-year jail term.
Undercover law enforcement officers
first stumbled onto an advertisement on the peer-to-peer bitcoin trading website
LocalBitcoins.com where a user going by the name of "Mustangy" offered to buy up to $99,999
worth of BTC, which led to Goklu's arrest.
After that, the undercover officers made
contact with "Mustangy," whose true name was Mustafa Goklu, and subsequently went
to see him in person to exchange bitcoin for cash. The undercover agents allegedly
admitted "on several occasions'' that the drug trade was the origin of the bitcoin
they were selling, but Goklu nonetheless carried out the deal as planned.
Over nine
months, Goklu and the undercover agents interacted on seven separate occasions. This
time came to an end with Goklu's arrest.
Tesla Still HODL Bitcoin
Tesla disclosed records before its third-quarter investor relations call,
showing that its Bitcoin holdings had not changed since the second quarter of 2022.
Tesla says it still has $218 million in Bitcoin in its report that was made public on Wednesday.
Tesla reported in July that it has sold $75% of its holdings in Bitcoin, which were worth
$936 million at the time.
Following the sale, Tesla revealed that as of the end of
June, it still had $222 million in "digital assets" on its balance sheet.
At the time, neither the company's position on cryptocurrencies nor Musk's proposal
to purchase Twitter or the subsequent legal struggle over wishing to cancel the
agreement was taken into consideration.
Leaked communications showed Musk discussing
the future of Twitter with several software entrepreneurs. One suggestion was to
include a Dogecoin payment option, Musk's preferred digital currency. Musk explained
that the plan was to charge users a small fee to register a remark on-chain, which would
eliminate the majority of spam and automated comment posting by charging 0.1 Doge.
Celsius, Under Investigation in 40 States
Recent court documents indicate that the bankrupt
cryptocurrency loan platform Celsius is being investigated by the federal government and is
also being questioned by 40 US states.
According to a recent filing, Celsius is the focus of
"significant" government investigations and might face criminal charges and fines for
allegedly mismanaging customer funds.
According to the petition, in addition to
investigations or inquiries involving the federal government, Celsius is reportedly
the target of enforcement actions or investigations in at least 40 states.
According to the committee that is in charge of speaking on behalf of Celsius' creditors, it
would be redundant and wasteful for the court to conduct its investigation.
They contend that
a thorough Examiner's inquiry may unnecessarily replicate the Committee's examination, wasting
estate resources and lowering recoveries.
Expanding the Examiner's purview to conduct
a second investigation would be unnecessary, expensive, and inappropriate. The
Committee feels that the Examiner shouldn't devote a lot of time to keeping
track of ongoing government inquiries.
Earlier this year, Celsius stopped
all withdrawals, and on July 13th, the company declared bankruptcy.
Twitter Founder’s New Defi Social App
According to the co-founder of Twitter, the
Bluesky app is a deliberate effort to build on Twitter's successes by creating a more
feature-rich social media platform that appeals to users on a decentralized level.
Note
that Jack Dorsey has consistently supported the necessity for user data control, user data
sovereignty, and user data monetization.
The Bluesky social networking app is the result
of a great deal of work on interoperability, performance, a special algorithmic
choice, and other things. By relying on its AT protocol rather than the previous
centralized regulatory limits and set-ups, Bluesky claims it can return the
power of data choice and control to the original creators. The current massive
plan of data theft, manipulation, control, and monetization without recourse to the original
owner may have a solution in Bluesky.
The authenticated transfer protocol,
formerly known as ADX and now known simply as AT protocol, was created primarily
for large-scale distributed systems.
However, the AT protocol will protect the accounts and
data of its users by utilizing domain names within the protocol. Data is transferable from one
supplier to another and is also tamper-proof.
Bluesky outlined the characteristics of its
protocol. It has account portability, to start. Every user has a unique identity; they may
simply switch between service providers without being tied down or losing control of their social
network or data. Having total control over your algorithms will provide you with this freedom.
Cooperation—the fusion of possibilities and, rarely, diversity in ideas and services—are
the primary driving forces underlying effective competition in every market. Lastly, performance.
The Bluesky team believes that performance shouldn't be overlooked despite the efficiency
that comes with using the aforementioned three and is growing its supporting infrastructure
to make timelines, feeds, and sites load faster than you can imagine.
Ripple Wants Smart Contracts for XRP
With the beginning of the XRP Ledger sidechain's
testing phase, communication with decentralized applications (Dapps) compatible
with Ethereum will be allowed.
A blockchain development business called Peersyst
Technology tweeted on October 17 that the test phase has started and the new sidechain is
compatible with the Ethereum Virtual Machine (EVM).
EVM is the name of the programme that runs
smart contracts on the Ethereum network. Users of Ripple will now have access to decentralized
applications (dApps) like Uniswap and Web3 wallets like the XMM wallet and Metamask to maintain
compatibility between the two networks.
A cross-chain bridge feature on the new
sidechain makes it simple to move XRP and other digital assets between the EVM sidechain
and the XRP Ledger development network.
The dependable Tendermint protocol, which is
committed to processing 1000 Transactions per second, served as the foundation for the
EVM-compatible sidechain (TPS). This will improve the platform's ability to scale, which
will improve the network's effectiveness.
The EVM sidechain is accessible
for testing on the XRPL Devnet, revealing the first stage of the three-part
procedure. The EVM chain will change from a permissioned chain to a permissionless chain in
the second phase. Mayukha Vadari asserts that the third phase is the ultimate objective.
On a typical trading day, this kind of news has a significant impact on the price of the underlying
token. Unfortunately, the price of the Ripple cryptocurrency (XRP) did not significantly
alter as a result of this event.
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