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    Bitcoin ETF prospects stoke GameFi enthusiasm, says Animoca Brands founder

    Siu argued that observing on-chain activity is a better measure of investor confidence in GameFi than merely tracking a project’s token price. For this, he cited increased transaction activity and trading volume for Axie Infinity, Animoca’s leading blockchain-based game.The founder of Animoca Brands emphasized the central role Bitcoin plays in the ‘gold standard financial ecosystem’, where it acts as the ‘reserve currency of Web3’. This significantly adds to the overall value of the crypto ecosystem. Siu expressed positivity about a potential Bitcoin ETF legitimizing the sector and drawing investment from traditional financial institutions.Siu also projected that the crypto sector would eventually evolve beyond its dependence on Bitcoin, similar to how economies transitioned away from the gold standard. Despite Web3’s $1 trillion valuation, Siu pointed out that it only involves a small fraction of the global population. He attributed this to a lack of ‘market maturity’ and a need for diverse ‘economic inputs’.In conclusion, Siu’s comments highlighted the impact of Bitcoin’s market value inflation on blockchain games and the potential influence of a Bitcoin ETF on investor confidence in the Web3.0 gaming market. He emphasized that token values not only serve as financial assets but also as trust builders for users, thereby extending their utility beyond mere financial profit.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

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    Hut 8 increases Bitcoin reserves, eyes expansion with acquisition bid

    Throughout the same period, the company sold 365 Bitcoins, earning CAD$14.6 million (USD1 = CAD1.3642) at an average price of CAD$39,980 per Bitcoin. The mining operations were conducted at the firm’s Alberta facilities, which boasted an installed ASIC hashrate capacity of 2.6 EH/s and achieved a production efficiency of 43.1 BTC/EH.In addition to its mining activities, Hut 8 is also eyeing expansion through strategic acquisitions. The company has received approval from the Ontario Superior Court of Justice for its stalking horse bid to acquire four natural gas power plants in Ontario and a Bitcoin mine in North Bay from Validus Power Corp. If this acquisition is successful, Hut 8 will establish a new Ontario subsidiary to manage these assets. Macquarie Equipment Finance Ltd is expected to hold a minority equity interest of about 20% in this new subsidiary.CEO Jaime Leverton has expressed the company’s commitment toward building an infrastructure-first operation that diversifies its revenue streams. This includes a proposed merger with US Bitcoin Corp and the development of computing infrastructure across their seven-site portfolio. These sites power not only Bitcoin mining but also high-performance computing data centers and traditional data centers. They also support emerging technologies such as artificial intelligence and machine learning.Hut 8 is known for its unique treasury strategy and holds one of the largest inventories of self-mined Bitcoin among publicly traded companies. The company operates five high-performance computing data centers across British Columbia and Ontario and two Bitcoin mining sites in Alberta.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

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    Record 8 million blockchain addresses hold over $1,000 in Bitcoin

    Bitcoin’s value has seen a near 25% increase in the past month, spurred by bullish sentiment and anticipation of the U.S. Securities and Exchange Commission (SEC) potentially greenlighting bitcoin exchange-traded funds (ETFs). This surge in value, coupled with the increase in address count, further consolidates Bitcoin’s position as a prominent asset class.The optimistic climate surrounding the potential approval of these funds has stimulated intensified trading activities among bitcoin whales. The possible approval of these ETFs could introduce more regulated investment channels, potentially boosting market participation even further.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

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    Metaverse projects failed on lack of correct business model: MetaMinds CEO

    On the sidelines of the recent Cardano Summit in Dubai, Sandra Helou, CEO of MetaMinds Group, told Cointelegraph that the lack of tailor-fit business models for enterprises “have been the biggest failure in the metaverse,” and turning to them for short-term wins is not the right approach. She said:Continue Reading on Cointelegraph More

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    Exclusive-Elon Musk’s X restructuring curtails disinformation research, spurs legal fears

    (Reuters) – Social media researchers have canceled, suspended or changed more than 100 studies about X, formerly Twitter, as a result of actions taken by Elon Musk that limit access to the social media platform, nearly a dozen interviews and a survey of planned projects show.Musk’s restrictions on critical methods of gathering data on the global platform have suppressed the ability to untangle the origin and spread of false information during real-time events such as Hamas’ attack on Israel and the Israeli airstrikes in Gaza, researchers told Reuters.The most important method was a tool that gave researchers access to data about 10 million tweets per month. Twitter notified researchers in February it would end free academic access to this application programming interface (API) as part of an overhaul of the tool, according to an email seen by Reuters.The survey of 167 academic and civil society researchers conducted at Reuters’ request by the Coalition for Independent Technology Research in September quantifies for the first time the number of studies that have been canceled due to Musk’s policies.It also shows a majority of survey respondents fear being sued by X over their findings or use of data. The worry follows X’s July lawsuit against the Center for Countering Digital Hate (CCDH) after it published critical reports about the platform’s content moderation.Musk did not respond to a request for comment and an X representative declined to comment. The company has previously said that nearly all content views are of “healthy” posts.Musk’s first year of ownership of X has been marked by advertisers fleeing the site, concerned that their ads could appear next to harmful content. X’s U.S. ad revenue declined at least 55% year-over-year each month since Musk’s acquisition, Reuters previously reported.The survey showed 30 canceled projects, 47 stalled projects and 27 where researchers changed platforms. It also revealed 47 ongoing projects, though some researchers noted that their ability to collect fresh data would be limited.The affected studies include research on hate speech and topics that have garnered global regulatory scrutiny. In one example, a stalled project sought to study child safety on X. The platform was recently fined by an Australian regulator for failing to cooperate with a probe into anti-child abuse practices.The researcher for the stalled project and several others who responded to the Coalition’s survey requested to remain anonymous. An author of the survey said researchers may seek to avoid backlash from X or protect ongoing studies.European Union regulators are also currently investigatingX’s handling of disinformation, which was the focus of multiple stalled or canceled independent research studies, the survey found.The reduced ability to study the platform “makes users on (X) vulnerable to more hate speech, more misinformation and more disinformation,” said Josephine Lukito, an assistant professor at the University of Texas at Austin.She helped conduct the research survey for the coalition, a global group with more than 300 members, that works to advance the study of technology’s impact on society.The survey was sent in mid-September by email to the coalition’s members as well as email lists for other academic groups, such as experts focused on political communication or social media.The EU’s investigation of X, under new strict internet rules that took effect in August, underscore the potential regulatory threat to the San Francisco-based company. Any violation could result in fines of up to 6% of global revenue.An EU Commission spokesperson said it is currently monitoring X’s, as well as other large platforms’, compliance with the law’s obligations, which includes allowing researchers who meet certain conditions to gain access to publicly available data.UNAFFORDABLE COSTBefore Musk bought Twitter for $44 billion, a large proportion of studies about social media had been related to Twitter, because the platform was a valuable source of information about politics and current events. Its data was easily accessible, four researchers told Reuters.But almost from the moment Musk stepped into Twitter’s headquarters, he began slashing costs and laying off thousands of employees, including those who worked on the research tools.Now, X offers three paid tiers of the API ranging from $100 to $42,000 per month, and the lower-priced tiers provide less data than what was available to researchers for free previously. Nearly every researcher who spoke with Reuters said they could not afford the costs.One former employee, who declined to be named for fear of backlash from Musk, said the decision to shut down free academic API access came down to an urgent need to focus on boosting revenue and cutting costs in the aftermath of Musk’s takeover.A majority of survey respondents cited the API changes as the reason for canceling or pausing their studies about the platform.The unaffordable cost of paying to receive less data than what was available previously means research ahead of 2024, a major election year globally, is severely challenged, Lukito said.Tim Weninger, a professor of engineering at University of Notre Dame, said his team has been “flying blind” while trying to track China-linked information operations without data from the API, the cost of which is prohibitive, he said.Several researchers told Reuters they now have limited options to study X, such as manually analyzing posts.Researchers also face limitations in gathering data from other social platforms. Short-form video app TikTok announced an academic research API earlier this year, but its onerous terms and conditions limit its usefulness for researchers, said Megan A. Brown, a researcher at New York University, in a blog post for Tech Policy Press.Facebook and Instagram-owner Meta Platforms (NASDAQ:META) has partnered with external researchers on studies, which is not a substitute for independent research, but shows Meta’s willingness to collaborate, Lukito said.LEGAL CONCERNSThe CCDH, an organization that said it aims to fight hate speech and disinformation, published several reports after Musk’s acquisition that claimed the social media platform failed to moderate and also profited from harmful content.X sued CCDH in July, accusing the organization of improperly accessing data from the platform and promoting false claims about X’s moderation.”Musk wants to silence any criticism of the way he does business,” said CCDH Chief Executive Imran Ahmed, adding CCDH stood by its reports.In the survey from the Coalition for Independent Technology Research, 104 out of 167 respondents cited the possibility of legal action due to either their use of data or their research findings as a concern about their projects.”The move against the CCDH communicates to researchers looking at misinformation and hate speech on online platforms that there is intrinsic liability in publicly disseminating findings,” said Bond Benton, an associate professor at Montclair State University, which produced a study last year that found hate speech increased on Twitter in the hours after Musk’s takeover.One researcher, who declined to be named, was studying how the subject of rape is discussed on X and told the survey they were worried about legal risk and the scientific validity of data collected without access to the API. The researcher said they moved the study to examine a different social media platform.Musk and X CEO Linda Yaccarino have articulated a new policy called “freedom of speech, not reach” that restricts the distribution of some posts but refrains from deleting them from the platform.X has said 99% of content that users see on the platform is “healthy,” which the company attributed in July to estimates from Sprinklr, a software company that helps brands monitor market trends and customer sentiment online.A spokesperson for Sprinklr, which is listed as an official partner of Twitter, declined to confirm the figures cited in the July post after Reuters requested comment and said “any recent external reporting prepared by Twitter/X has been done without Sprinklr’s involvement.” The spokesperson pointed to a March blog post that said toxic posts on X received three-times fewer views than non-toxic posts. More

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    Multinationals plan moves to minimise China risk, ECB survey shows

    Firms have increasingly discussed shifting production sites after the pandemic and Russia’s war in Ukraine disrupted value chains, but there has been little empirical evidence of mass relocations. Seeking on-the-ground confirmation, the ECB surveyed 65 very large firms with a global footprint and 49% said they were looking to “near-shore”, or bring production closer to the point of sales. In total, 42% wanted to “friend-shore” some operations, or move them to more welcoming locations. “As to those countries which posed – or could pose – a risk to supply chains in their sector more generally, two-thirds of all respondents cited China,” the ECB said in an Economic Bulletin article. More than half of the firms sourced critical materials from a specific country or small number of countries, and nearly all said that these supplies now faced elevated risk.”A large majority of these identified China as that country, or one of those countries, with all of them considering this an elevated risk,” the ECB added.Near-shoring was already a tendency in recent years but friend-shoring is a new phenomenon as only 11% said they were already pursuing such a strategy in the past five years.The European Union is still likely to be a loser in such corporate movements as the number or firms looking to move production out of the bloc remains larger than the number moving it in, and this could have a “significant” impact on employment.The moves could also fuel inflation as close to half of firms said they expected the changes to result in higher prices, the paper added. More

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    RBZ governor calls for fiscal prudence in Zimbabwe’s 2024 budget

    Mangudya highlighted the problem of rising global inflation, which has been triggered by supply chain disruptions since 2021. This has led to increased borrowing costs and Zimbabwe’s annual inflation rate now stands at 17.8%. The RBZ governor anticipates that global inflation will continue to rise, hitting 6.9% in 2023 and 5.8% in 2024.In order to ensure macro-stability while promoting the formalization of the economy through digitization, Mangudya recommended several measures. These include abolishing tax on point-of-sale transactions, increasing public transactions settled in local currency including QPDs (Quarterly Payment Dates), leveraging increased diaspora remittances and private sector loans, rationalizing the tax system, and effective communication on policies to anchor inflation and exchange rate expectations.Despite a drop of 9.6% in export receipts, foreign currency receipts have seen growth of 2.5%. The governor’s call for fiscal prudence and a strict monetary policy in 2024 reflects the government’s efforts to confront both domestic and global economic risks.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

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    Yellen and Chinese Vice Premier to discuss economic relations ahead of APEC summit

    The high-level talks will address significant matters such as debt relief for developing nations and financing for climate change initiatives. The duo will also seek to clear up misunderstandings arising from recent U.S. national security actions, including investment restrictions in Chinese industries.This initiative underscores the Biden administration’s drive to better comprehend China’s economic policies. This is a continuation of efforts that began with Yellen’s visit to Beijing in July and the subsequent establishment of financial and economic working groups for continuous dialogue between the two nations.In addition to these discussions, Yellen is also championing for the diversification of U.S. supply chains as a strategy to lessen dependence on China. This move forms part of a broader plan to ensure stability and resilience in U.S. economic operations amidst shifting global dynamics.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More