Crypto News September 19: Bitcoin as an energy currency replaces gold with Ripple, Cardano, Litecoin, Wormhole, MISO News
From the idea that Bitcoin can become an alternative energy currency to gold, Turkey is at a war with cryptocurrencies. Here are some highlights from the crypto market.
Bitcoin seems to meet the definition of an energy-based currency proposed by the famous American inventor.
In 1921, the American industrialist Henry Ford proposed the creation of an “energy currency” that could form the basis for a new monetary system that was strikingly similar to the system (BTC) white paper.
On December 4, 1921, the New York Tribune became Upload The article outlined Ford’s vision of replacing gold with an energy currency that he believed could break the grip of the bank and end the war. He wants to achieve this by building “the largest power plant in the world” and creating a new monetary system based on “energy units”.
A century later, Bitcoin seems to have proven this idea73 to be a reality. Since 2009, more than 18.8 million BTC has been generated by energy-intensive mining, which requires computers to solve increasingly complex math problems. This proof-of-work mining process has been criticized for environmental impact claims, but now people are starting to pay attention to using renewable energy to mine BTC. .
Some of Bitcoin’s most ardent proponents believe that cryptocurrency’s solid monetary principles can eliminate war by reducing the likelihood of conflict financing due to inflation. While the gold standard made it difficult for governments to control money inflation, “international bankers” controlled much of the supply of gold bullion. This process of control and accumulation of valuable commodities has enabled the financial world to create a dynamic money market that thrives in times of war.
Bitcoin dominance is only suitable for billionaires.
Su Zhu, co-founder and CEO of the hedge fund Three Arrows Capital, recently revealed that Bitcoin’s dominance is only suitable for billionaires.
His latest statement relates to new entrants who have chosen to stay away from the two largest cryptocurrencies and opt for a higher risk crypto token.
I also agree that btcd is not irrelevant to anyone who is not 10figs +
If I started today and tried to get it hot I would own zero btc or eth
Would be in avax sol and its ecosystem is playing and it’s not even close
– Zhu Su (@zhusu) September 19, 2021
Earlier this year, a speculative frenzy caused meme tokens to explode much like Dogecoin, with retail investors generating excellent returns.
Zhu said he would bet on Solana and Avalanche (and their ecosystem).
However, the crypto mogul remains optimistic about Bitcoin and Ethereum. He predicts that BTC will mess up gold’s market cap, while ETH will eventually hit $ 25,000.
Reporter Charles Gasparino shared information obtained from sources close to top executives at Ripple Labs.
According to the executives, only Ripple’s business in the USA is affected by the legal dispute between the company and the SEC.
BREAKING: people nearby @Ripple drunk while the @SEC_Enforcement The case of XRP has hurt its domestic business, its overseas business is booming, further evidence that @SECGov The agenda for enforcing cryptocurrencies is forcing innovations to occur outside of the United States. Story development
– Charles Gasparino (@CGasparino) September 18, 2021
Outside of the US, Ripple’s blockchain business continues to thrive. As recently reported, Ripple has set up another ODL corridor from Japan to the Philippines. In addition, the company is continuing to grow the RippleNet network, with Paydek, a UK-based company, being the newest member of the network.
Ripple intends to leverage ODL technology to expand its business in Africa and Latin America, providing seamless, inexpensive, and fast money transfers and payments for its users.
One week after the activation of the Alonzo hard fork in the mainnet, Input Output Global, Cardano’s development studio (ADA), provides a detailed explanation of how the new platform can scale with Hydra.
– input output (@InputOutputHK) 17.09.2021
According to a blog post by Sebastian Nagel, Head of Software Engineering at IOG, Cardano throughput will be increased with Hydra, the new off-chain scaling solution based on state channels.
Hydra does not require global consensus, so it can increase the speed and performance of decentralized applications. Hydra’s isomorphic state channel infrastructure consists of Hydra heads working in parallel.
follow information As the crypto data aggregator BitInfoCharts announced, there are a total of 950 Litecoin addresses that currently hold tokens worth more than $ 1,000,000. This means that at least 950 people have become “millionaires” thanks to their LTC holdings. Of these 950 accounts, 138 have balances over $ 10 million.
Currently, the “richest” Litecoin address has a balance of 3.97 million LTC, or $ 724.75 million. This single address accounts for 5.79% of LTC’s total circulating supply. The three largest accounts together now account for more than 10% of the total supply.
Wormhole, a pioneering interoperability ecosystem designed to bridge disparate blockchains, has introduced a new token bridge and shared details on its upcoming V1-V2 migration.
According to the announcement on Wormhole’s official Twitter account, its second version, Wormhole v2, is live.
– wormhole (@wormholecrypto) 17.09.2021
Users can seamlessly transfer assets between the Ethereum (ETH) and Solana (SOL) smart contract platforms.
The migration of liquidity from v1 to v2 will be the first step in the evolution of Wormhole’s ecosystem. About $ 250 million in a variety of assets will be transferred to the new bridge.
SushiSwap’s token launch platform MISO suffered a supply chain attack yesterday that stole 864.8 ETH from the “Jay Pegs Auto Mart” token auction contract.
CTO Joseph Delong said an anonymous contractor injected malicious code into the MISO user interface and replaced the original contract for the Jay Pegs Auto Mart token auction with a personal Ethereum address. A total of 864.8 ETH were transferred to the address, but no other auctions were affected by this attack.
In a series of deleted tweets, Delong said Sushi had “reason to believe” that the attacker was eratos1122, a developer who worked with Sushi and other DeFi projects like Yearn.Finance. He shared a document showing traces of transactions linked to the hacker’s original address, some of which were sponsored by Binance and FTX.
An ultimatum was issued with the document threatening that MISO would take legal action if the money was not returned in time.
Just a few hours later, the hacker returned 865 ETH to the original MISO contract. Data from Etherscan shows that the hacker’s address is almost entirely blank, and Delong himself confirmed the news on Twitter.
All funds returned
– Joseph ???? Delong ???? (@josephdelong) 17.09.2021
Turkey is at war with cryptocurrencies.
In To meet In the city of Mersin, which will take place on September 18 with students from 81 provinces, President Recep Tayyip Erdogan said Turkey was in a war with cryptocurrencies.
The Turkish central bank imposed a ban on crypto payments in mid-April, which means that domestic companies are not allowed to conduct transactions with new assets.
The main reasons for this decision are the insecure regulation, extremely high volatility and crime.
The president added that Turkey will develop with its own currency that is part of its national identity.
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