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How G20 Central Bank Digital Currencies Are Progressing

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When Will a G20 Central Bank Issue a Digital Currency? Central bank governors and finance ministers of many G20 countries have been working on their own central bank digital currencies (CBDCs), particularly in response to Facebook’s planned Libra coin. Mark Cliffe, chief economist and head of global research at ING Group, expects to see the first G20 central bank digital currency soon. In a blog post published Friday, he wrote: When might we see a fully-fledged digital currency from a G20 central bank? … they’ll be making moves towards just that in the next two to three years. Philip Middleton Last

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Central bank digital currencies in the interconnected future

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Central bank digital currencies (CBDCs) are already set to become part of national financial systems. In part one of a two-part series, Bitt.com’s Simon Chantry describes how the design and configuration of these networks is trending and how this is likely to affect us in the future interconnected world. Simon Chantry is co-founder and Chief Business Development Officer at Bitt.com. He is a member of the OECD’s Blockchain Expert Policy Advisory Board (BEPAB) and the WEF’s Digital Currency Governance Consortium. Efforts to mitigate the spread of COVID-19 have impacted all industries, with the financial and payments industries being no exception.

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S2F Bitcoin Price Prediction Model as Accurate as Astrology, Says Exec

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Prominent members of the crypto community continue to express skepticism over the stock-to-flow, or S2F, chart, a Bitcoin (BTC) price prediction model recently revised by analyst PlanB. Nico Cordeiro, Chief Investment Officer (CIO) at crypto quant fund Strix Leviathan, called S2F a “chameleon,” a term from Stanford professor Paul Pleifderer describing models built upon dubious assumptions. “The model’s accuracy will likely be about as successful at forecasting Bitcoin’s future price as the astrological models of the past were at predicting financial outcomes,” Cordeiro said. Revisions to past models As reported on June 1 that PlanB had updated its signature chart, making it seem

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Digital Assets Data CEO Weighs in on Bitcoin’s Mining Difficulty

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Recent findings from analytics company Digital Assets Data show miners hanging on to their Bitcoin (BTC). “Rolling MRI (Miner’s Rolling Inventory) has declined significantly since the halving, meaning that miners are holding onto more BTC than they are mining, despite the (presumed) increased costs of the added hash power to the network,” Digital Assets Data CEO and co-founder Mike Alfred told on June 18. Image courtesy of Digital Assets Data Bitcoin difficulty pushing network highs The network mining difficulty of crypto’s largest asset recently surged to unusual heights. This essentially means Bitcoin miners are spending an increasing amount of time and effort

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Here Are Some of the Upcoming Witnesses Requested to Speak in Kleiman v. Wright

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The litigating parties in the Kleiman v. Wright case have presented a joint witness list, which includes Andreas Antonopoulos, Gavin Andresen, Wright’s ex-wife, and a confidential witness. The parties have requested 36 witnesses in total. The high profile crypto case that has enchanted the crypto community for years is scheduled to go to trial in late August. The witnesses are split into fact and expert witnesses. Notable witnesses Some of the notable fact witnesses include: Gavin Andresen, former chief scientist of Bitcoin (BTC) foundation, Kimon Andreou, who co-authored a book with late Dave Kleiman, Ira Kleiman, Dave Kleinman’s brother and plaintiff in the case, Jimmy Nguyen, former

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Bitcoin Name and Logo Registered With Spanish Patent and Trademark Office

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The Bitcoin name and logo has been trademarked in Spain with the Spanish Patent and Trademark Office. This process was completed by Ignacio Rubio Menéndez, a compliance expert and lawyer specializing in business law. This person explained: “I now have the logo and the word ‘bitcoin’ registered at the national level in the Spanish Patent and Trademark Office. Anyone can access the records, as they are published daily and for all audiences.” When asked why he took the initiative to protect this intellectual property for himself, he replied: “I am a bitcoin salesman, I have a buying and selling office, and the idea

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Nassim Taleb: Almost All Bitcoiners Are ‘Total Idiots’

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Nassim Taleb, author of “Skin in the Game,” got into a small Twitter feud in which he explained that most investors can’t understand the nuances of a cryptocurrency like Bitcoin. According to a tweet posted by Nassim Taleb on June 21, Bitcoin (BTC) is a good idea but “almost all bitcoiners are total idiots.” Taleb was exchanging posts with self-described “Bitcoin maximalist” Giacomo Zucco. He challenged Taleb’s views on imposing central planning by bureaucrats and politicians with “no skin in the game” as the best risk management strategy. Nassim Nicholas Taleb ✔@nntaleb 1) I explain in #SkinintheGame scale transformations: Bitcoin is a

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11.4M Bitcoin Held As Long Term Investment

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According to Chainalysis, the vast majority of Bitcoin (BTC) is held as long term investment, with 60% held by licensed custodians. Breakdown of Bitcoin supply. Source: Chainalysis. Digital gold The company concluded that the breakdown of Bitcoin’s supply makes it similar to gold, supporting the asset’s status as digital gold. They clarify, however, that it is the 3.5 million BTC that is actively traded which supports the price: “But this digital gold is supported by an active trading market for those who prefer to buy and sell frequently. The 3.5 million Bitcoin used for trading supplies the market, and, in interaction with the

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Ransomware Gang Auctions Off US Healthcare Data for Bitcoin

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Crozer-Keystone Health System recently suffered a ransomware attack by the NetWalker ransomware gang. The gang is now auctioning the system’s stolen data through its darknet website. If it is not purchased at auction within six days, the gang has vowed to leak the data. There appeared to be dozens of folders with an undisclosed amount of data, mostly concerning finances, but nothing related to medical records of patients. The gang claims that Crozer-Keystone Health System failed to pay for the ransom they demanded in Bitcoin (BTC). Crozer-Keystone is a health system made up of four hospitals. It is based in

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Australia’s DeFi Boom: Growing Excitement as New Projects Launch

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Australia is experiencing a decentralized finance (DeFi) boom, playing host to some of the most talked-about projects in the space. They include longtime DeFi leader Synthetix (SNX), the up-and-coming Thorchain (RUNE) along with the just-launched Ren (REN) and mSTABLE (META). RUNE has increased 167% in the past 30 days, REN is up 36% (mostly in the past week),  and SNX is up 35% — and 2,600% since its lows prior to launching last year. “I think the fact that Australia is punching way above its weight in DeFi is probably not well appreciated,” said Henrik Andersson, the Chief Investment Officer from Apollo Capital.

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