Aurelia Butler

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    in Cryptocurrency

    Face-off Between Ripple CTO and Acclaimed Bitcoin Maker Explained

    Recently, David Schwartz, the chief technology officer (CTO) of the Ripple blockchain (XRP), and Craig Wright, a self-acclaimed creator of Bitcoin, entered a heated argument, with both parties calling the other names.In a series of tweets today, the Ripple CTO left a negative reply to a comment by the creator of CoinGeek, referencing Wright in the process. Wright tweeted back, saying Schwartz was devoid of logic and full of fallacies.The post Face-off Between Ripple CTO and Acclaimed Bitcoin Maker Explained appeared first on Coin Edition.See original on CoinEdition More

  • 125 Shares179 Views

    in Cryptocurrency

    Lightning Network gets physical form in Australia with Bitcoin ATM

    A Bitcoin Lightning ATM works quite similarly to traditional Bitcoin ATMs but saves significant time because of the instant transaction capabilities of the layer-2 Lightning solution. It also allows for purchasing very small amounts of BTC, mostly in Satoshi (sats), the lowest denomination of Bitcoin, where one satoshi is equal to 0.00000001 BT.Continue Reading on Coin Telegraph More

  • 163 Shares159 Views

    in Cryptocurrency

    South Korean Court Clears Former Bithumb President of Fraud Charges in First Trial

    Seoul’s Central District Court, presided by Judge Kang Gyu-tae, cleared the former President of Bithumb, Lee Jeong-hoon, of all fraud charges levied against him.Recall that the former president of the crypto exchange has been facing trial in South Korea for a while now. The prosecutor accused him of indulging in fraud by selling BXA coins, a token belonging to Blockchain Exchange Alliance. Lee allegedly sold BXA tokens worth about $25 million to the BK group without listing them.Additionally, Lee was accused of misappropriating a part of the fund meant to acquire Bithumb. According to findings, the chairman of BK Group, Kim Byung-Gun, initially planned to purchase the crypto exchange in a deal worth billions of dollars. Byung-Gun said he made an initial payment of $70 million, with a promise by Lee to list the BXA token. This thus ignited a lawsuit between Lee and Kim Byung-Gun and led to the intervention of South Korean investigators.In a filing, prosecutors requested an eight-year jail term for the former president. In addition, they claimed investors suffered severe damages from the alleged illicit act of Lee. During the court hearing, Lee’s defense team dispelled the allegations by comparing the sale of the coin to a stock stake contract. Further, Lee’s legal team maintained that their client did everything with pure intention.Reacting to the development, Bithumb said it respects the court’s ruling. In a statement, the exchange added that it operates under a system of professional managers, stressing that Lee is not involved in the management of Bithumb.Bithumb has, in recent times, been ravaged by numerous controversies, putting the exchange in a bad light.Investigations on the allegation started last October after it was suspected that the Bithumb ex-President conspired with other execs of the exchange to amass illicit funds from the manipulation. A few days ago, reports confirmed that the vice president of the largest shareholder company of the exchange, Mr. Park, committed suicide amidst ongoing investigations over alleged manipulation of stock prices belonging to Bithumb affiliates. South Korean authorities have pledged to investigate Park’s death.Lee has been facing charges from prosecutors for a while now. However, prosecutors dismissed investors’ claims that Lee and Kim had conspired in the sales. It may be a relief for the South Korean exchange, which has been struggling due to allegations and bad market conditions. You may also like:Bithumb’s Largest Shareholder Company’s VP Commits Suicide During InvestigationsBinance Moves to Acquire South Korean Crypto Exchange GOPAX: SourcesSee original on DailyCoin More

  • 138 Shares149 Views

    in Cryptocurrency

    Crypto Analyst Predicts EGLD To Hit $460, Can the Bulls Support?

    Crypto Rover, a technical crypto analyst, and enthusiast tweeted that it would be risky for traders to open a long position with Elrond (EGLD), citing the tanking prices inside a bullish falling wedge. However, he stated that if his bullish prediction of EGLD hitting $460 were to play out, traders would be rewarded. The post Crypto Analyst Predicts EGLD To Hit $460, Can the Bulls Support? appeared first on Coin Edition.See original on CoinEdition More

  • 125 Shares149 Views

    in Cryptocurrency

    Why 2023 Could Be a Game-Changer for Shiba Inu (SHIB)

    2022 was not kind to the meme con Shib Inu (SHIB) as its price dropped early on in the year thanks to the crypto winter. Despite this, the Shiba Inu team continued with the development of the ecosystem, which could be the crypto’s saving grace in 2023.The Shiba Inu metaverse was one of the first big developments for SHIB in 2022. This was followed by the launch of DOGGY DAO in February of last year.These developments created excitement in the crypto community which is probably why SHIB remained popular throughout 2022 despite the drop in its price. There was, however, a bit of a drawback when the market realized that SHIB’s price was mostly at the mercy of whales. The meme coin’s MVRV also hit its lowest point of 2022 in May.Throughout 2022, SHIB’s daily on-chain transactions in profit spiked three times in February, June, and October. The number of daily addresses also followed a similar trend and spiked during the same month.The post Why 2023 Could Be a Game-Changer for Shiba Inu (SHIB) appeared first on Coin Edition.See original on CoinEdition More

  • 113 Shares99 Views

    in Economy

    British rail workers start new year with week-long strike

    LONDON (Reuters) – British rail workers kicked off the new year with a week-long strike on Tuesday, disrupting the return to work for millions of commuters in the latest bout of industrial action to hit the country.Britain is in the grip of its worst run of worker unrest since Margaret Thatcher was in power in the 1980s, as surging inflation follows more than 10 years of stagnant wage growth, leaving many workers unable to make ends meet.Repeated rail strikes have crippled the network in recent months while nurses, airport staff, paramedics and postal workers have also joined the fray, demanding higher pay to keep pace with inflation that is hovering around 40-year highs, reaching 10.7% in November. Teachers are due to go on strike in Scotland next week.”Due to industrial action, there will be significantly reduced train services across the railway until Sunday 8 January,” Network Rail said. “Trains will be busier and likely to start later and finish earlier, and there will be no services at all in some places.”The government has said it cannot afford to give public sector workers an inflation-matching rise, meaning there is no end in sight to what has been dubbed a new “winter of discontent” in reference to the industrial battles that gripped Britain in the late 1970s.A YouGov poll published in December found two-thirds of Britons support the nurses’ strike. The majority of those surveyed said the government was most to blame for the action and Prime Minister Rishi Sunak could suffer if the disruption runs through 2023.Mick Lynch, the head of the RMT rail union, said the government seemed content for the strikes to go ahead.”All the parties involved know what needs to be done to get a settlement, but the government is blocking that,” Lynch told the BBC. The government has called on union bosses to return to the negotiating table, aware that the strikes are taking a heavy toll on businesses that rely on commuters, such as coffee shops and pubs in town centres.”The only way you get a deal sorted out is to get the trade unions and employers around the negotiating table and not on the picket line and that’s what I want to see happen,” Transport Minister Mark Harper told Times Radio. More

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    in Economy

    China banks: Covid will eclipse property woe this new year

    Foreign news bulletins have been featuring grim footage of Chinese hospitals packed with coronavirus patients. Nearly half the passengers on recent flights from China to Milan have tested positive. The Chinese economy is correspondingly sickly itself. Banks will bear a heavy financial burden as a result.Data show that Beijing’s abrupt reversal of its restrictive zero-Covid policies is causing damage worse than widespread lockdowns. China’s factory activity shrank at its sharpest pace in nearly three years in December. The non-manufacturing index, measuring construction and services sector activity, declined to 41.6 from 46.7 the previous month. That was well below the 50-point mark separating contraction and growth.Chinese health authorities estimate that 250mn people, or about 18 per cent of the population, contracted the virus in the first few weeks of December. The real percentage must be closer to figures reported by Italian health officials monitoring flights from Beijing. That points to dire labour shortages and supply chain disruption. Manufacturing will continue slowing and corporate financial distress will rise.The real estate sector is already in deep trouble. Property prices and sales volumes have been slumping amid a consumer demand slowdown. The retail and leisure sectors are exposed too. They could usually expect to make $110bn in sales over the Lunar New Year holidays. This year, infections are the only surge that matters.Outside real estate, most big businesses have the resilience to weather the storm. Smaller companies are more vulnerable. Chinese authorities will expect big banks to support struggling enterprises with soft loans and outright rescues. Local developers and regional banks are among previous beneficiaries.The non-performing loans of Chinese banks already stood at a record Rmb3tn ($436bn) by the middle of last year. Beijing asked big lenders to step in to support the housing market with another Rmb1.9tn last year. Other sectors are increasingly leveraged. China’s debt as a percentage of GDP hit a historic record in the first half.Shares of the largest banks, including Bank of China, Agricultural Bank of China and China Construction Bank have dropped in the past six months. The biggest, Industrial and Commercial Bank of China, is down a tenth and trades at 0.4 times tangible book — less than half the price of foreign peers such as HSBC. China’s economic recovery will come at the expense of local lenders and their shareholders. More

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    in Cryptocurrency

    Tax attorney breaks down the MicroStrategy Bitcoin sale

    A regulatory filing with the United States Securities and Exchange Commission (SEC) on Dec. 28 detailed the first time the firm sold some of its BTC since its high-profile adoption of the preeminent cryptocurrency as its primary treasury asset.Continue Reading on Coin Telegraph More