Bitcoin - Virtual currency

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impar
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Re: Bitcoin - Virtual currency

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The Tether controversy, explained
How stable are stablecoins?

What if a digital currency wipeout could injure — or even destroy — the entire cryptocurrency ecosystem? Lately, there’s been a focus on stablecoins, the quiet power players of the cryptocurrency space.

Questions about stablecoins, particularly one called Tether, have been knocking around in financial circles for months: are they as stable as they ought to be? A vocal group of people — including the likes of Jim Cramer, Nouriel Roubini, podcasters Bennett Tomlin and Cas Piancey, and pseudonymous blogger Bitfinex’ed — have raised questions about Tether as a possible systemic risk to the cryptocurrency ecosystem. On August 9th, Tether put out an attestation about its reserves, a way of reassuring users that the most popular stablecoin is, well, stable.
...
https://www.theverge.com/22620464/tethe ... stablecoin
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Re: Bitcoin - Virtual currency

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Cryptocurrency supporters are in the middle of their first big fight in Congress
The ‘infrastructure’ for advocacy was already there

Last week, the Senate approved a massive infrastructure package making serious investments in building out the US’s roads and bridges. It would be the largest domestic spending bill in almost a decade, and nearly every powerful lobbying shop circled Washington for months trying to shape its language.

But one industry was surprisingly thrown into the fight last minute: cryptocurrency. When the Senate finally announced the bill text earlier this month, it included a provision that could impose devastating new tax requirements for wallet developers and miners. Suddenly, the cryptocurrency industry and its few lobbying shops faced one of its largest regulatory threats ever. They needed all of the digital foot soldiers they could get to help rally senators and fix the problematic language.

So, they turned to their vast and vocal online community of investors and posters.
...
https://www.theverge.com/2021/8/18/2263 ... on-kutcher
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Re: Bitcoin - Virtual currency

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Chinese court returns over 485,000 Radeon GPUs to cloud mining company
Bitcoin mining outfit is now looking to rehome half a million RX 470s

https://www.techspot.com/news/91002-chi ... cloud.html
Sweden must give Bitcoin worth €1.3 million back to drug dealers after costly legal misstep

Three convicted drug dealers will have over €1.3 million worth of Bitcoin returned to them by the Swedish government after a legal misstep saw prosecutors value the proceeds of their crime in Swedish Krona and not in crypto.
Prosecutor Tove Kullberg successfully charged the men in April 2019, arguing that 36 Bitcoin seized by Swedish police the year before should be confiscated as they were earned through their illegal online drug sales.
However, in her indictment, Kullberg converted the value of the cryptocurrency to Swedish krona, meaning the government was only legally entitled to seize the cash value of the Bitcoin at the time - roughly 1.3 million krona (€127,000).
...
After the men were sent to prison in May 2019, it fell to Sweden's State Enforcement Authority to auction off the proceeds of the drug crime, a process that took over two years to carry out.
In that time, the value of the 36 Bitcoin skyrocketed from roughly €130,000 to almost €1.5 million today.

This means that when these Bitcoins are liquidated, there will be Bitcoin left over because the debt will be covered much faster," Kullberg told Sveriges Radio.
The men's debts will be covered by the sale of roughly three Bitcoin at today's prices, meaning the remaining balance of around 33 will be returned to them by the Swedish state.
...
https://www.euronews.com/next/2021/08/2 ... al-misstep
^^The article image is perfect.
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Chia miners selling off storage devices due to XCH bear market

https://www.bit-tech.net/news/tech/stor ... -market/1/
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It's official: El Salvador is the first country to adopt Bitcoin as an official currency
A bold, but dangerous experiment for an impoverished country

El Salvador is officially the first country to adopt Bitcoin as an official currency, an event that is viewed with equal amounts of excitement and anxiety by Salvadorians, economists, and supporters of cryptocurrency. This is the boldest Bitcoin experiment to date, as its results could make or break the Central American nation's financial recovery.

https://www.techspot.com/news/91130-off ... icial.html
And, it was going down...
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Re: Bitcoin - Virtual currency

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https://www.bbc.com/news/technology-58545944
Cryptocurrency Litecoin saw a sudden surge in price on Monday over a press release about Walmart accepting it for payment - which turned out to be fake.
...
The fabrication was unmasked when CNBC reached representatives of Walmart by phone and were told the press release was fake. CNBC said it had been among the news organisations to publish the story before discovering it was not true.
JFC, did they not think to double-check before publication? ](*,)
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El Salvador "bought the dip," added 150 Bitcoins to its holdings
El Salvador now owns 700 Bitcoins

https://www.techspot.com/news/91330-el- ... dings.html
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