Elon Musk was told by Jack Dorsey that Twitter should include a "Like Signal" protocol.

Elon Musk wonders over possible variations of the social network in a string of text messages.



Former CEO and co-founder of the birdsite Jack Dorsey advised the Tesla CEO that the microblogging platform should be based on a "open source protocol, sponsored by a foundation" during Elon Musk's acrimonious attempt to acquire Twitter.

The idea was discovered during the legal discovery phase of Musk's ongoing court battle with Twitter and its Board of Directors, who are trying to hold the billionaire to his promise to purchase the site. An archive of text communications between Musk and a number of well-known tech figures, including Dorsey, FTX CEO Sam Bankman-Fried, Oracle co-founder Larry Ellison, and investor-podcaster Jason Calcanis, is one of the case's exhibits.

Internal Tech Emails noticed the archive, which was extracted from court records designated Exhibit H and J, and New York Times reporter Kate Conger published it. Prior to Dorsey's resignation from Twitter's board, Musk and Dorsey exchanged texts in which Musk referred to Dorsey's declared vision as "very fascinating."

Dorsey argued that funding for Twitter should come from a foundation that has no influence over the underlying, open protocol rather than keeping it under the traditional corporate ownership model.

Related: Although most of the crypto industry has had a difficult winter, Messari CEO Ryan Selkis believes that a little austerity will be good for the sector

Similar to what Signal has done, said Dorsey. According to Dorsey, having an advertising model creates a surface area that the government and marketers will attempt to influence and control. "It will be attacked if it has a centralized entity behind it," he warned.

FTX CEO Sam Bankman-Fried wrote, "Btw Elon." Would love to discuss Twitter and write a piece about how blockchain-Twitter might function.

Musk mentioned his proposal for a blockchain-based social media platform that "does both payments and brief text message/links like Twitter" in one message.

According to Musk, the concept is to charge users a little fee to register a message on-chain, which will reduce the majority of spam and bots.

Free speech is assured because there is no neck to choke, he stated. 

Anthony Rose, the head of engineering of Matter Labs and a former engineering manager at SpaceX, was one of the individuals that Musk was recommended to run the possible project.

Musk also proposed using Dogecoin, one of his preferred cryptocurrencies, on the system. Musk suggested that posting or reposting comments cost 0.1 Doge. According to him, "My Plan B is a blockchain-based Twitter, where the 'tweets' are embedded in the transaction as comments."

The concept of free expression on the blockchain has existed for a while, according to Musk. The main concerns are with how to put it into practice.

Musk continued, "Unless those 'peers' are really massive, therefore negating the notion of a decentralized network," a peer-to-peer network cannot fulfill the bandwidth and latency requirements.




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CEO of Messari: "Bear Markets Are Good for Cleaning House."

 Although most of the crypto industry has had a difficult winter, Messari CEO Ryan Selkis believes that a little austerity will be good for the sector—and for his own conference.



Selkis, a seasoned pro in the crypto sector who first entered it in 2013, has witnessed growth come with each bear market, since each has driven some businesses out of business and created space for those that remain to prosper. This cyclical process has occurred in tandem with a regulatory environment that has changed through time and can heat up during bull markets.

At the Messari Mainnet conference this week in New York, Selkis remarked in an interview with Decrypt, "Bear markets are wonderful for getting the appropriate individuals in the room. “We wash away all the dead wood.”

Selkis noted that several officials, including those from the Department of Justice (DOJ) and the Commodity Futures Trading Commission (CFTC), were included as speakers at this year's conference and that their attendance reflected a growing trend in the cryptocurrency space towards regulators cooperating with businesses.

Selkis stated, referring to the capacity to include regulators, "These should be talks." In contrast to the cliché "hammer hunting for a nail," most people seem to be on the same page when it comes to developing more constructive solutions.

Related: Ethereum is in a state of instability as a result of the merger. Was it all worth it? Some Ethereum supporters aren't so certain.

In a fireside chat on stage, Selkis and CFTC Commissioner Caroline Pham discussed how regulation might benefit the cryptocurrency industry as clearer rules for businesses are created and the CFTC and Securities and Exchange Commission's jurisdiction is established (SEC).

Selkis spoke with Sanjeev Bhasker, the U.S. Digital Currency Counsel for the U.S. Department of Justice's Digital Currency Initiative, during a different panel. The panel talked on how using cryptocurrencies affects digital privacy.

Not for the first time, regulators have visited Messari Mainnet. This time, their attendance was prearranged, but the co-founder of Terra Labs, Do Kwon, received a subpoena from the SEC last year as he entered the conference at the top of an escalator. That subpoena was in relation to Mirror, a Terra-based DeFi system that generated artificial replicas of real-world assets that could be traded, including equities.

It's basically the law of huge numbers if you have a gathering of people like this, Selkis added. There will be thousands of people here, some of them from outside; occasionally, [a subpoena] may be issued if some of them are the subject of an investigation.

All of that occurred before Terra's UST stablecoin collapsed this year, wiping out billions of dollars in investor funds and causing institutions that had placed large bets on Terra's network, such as lenders Celsius and Voyager and the now-defunct cryptocurrency hedge fund Three Arrows Capital, to become uneasy.

Selkis thinks that as developers "push the envelope" of what's feasible in the crypto world, there will inevitably be regulatory friction. He claimed that since the beginning of the industry, "things break and individuals get into difficulty."


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Did the Ethereum Merge Go Wrong?

Ethereum is in a state of instability as a result of the merger. Was it all worth it? Some Ethereum supporters aren't so certain.



What are your thoughts on the merger? I recently asked William "Wills" de Vogelaere, co-founder of Spankchain and likely a half-dozen more protocols in the vile Ethereum underbelly, inadvertently.

Naturally, I was referring to the eagerly anticipated software upgrade that, on September 15, booted Ethereum's miners and replaced them with a group of stakeholders that cared about the environment.

"You mean the illusion of Ethereum?" De Vogelaere chimed in angrily.

“Oho!” I pondered. This may be interesting. De Vogelaere, it turned out, was expressing an opinion that was rarely made public: that the merger was a mistake. If not a typo in italics, some other pointless diversion.

He raged, "Really, it didn't bring anything of value other than the environmental issue.

De Vogelaere believed that the entire endeavor had been a naïve submission. He claimed that those in positions of power who were concerned about Ethereum's massive carbon footprint were only only doing so to further their own cynical agendas. No one really cares if anything is green as long as it functions, he added. "As long as they can be represented as caring, corporations don't fucking care."


Read Also: Yuga Labs Appoints Chief Gaming Officer to Strengthen Web3 Gaming Push

Maronn’! The price of ETH has plummeted since the combination took place, therefore it's understandable why folks like de Vogelaere are upset. Supporters of bitcoin are mocking the modification. Even the most seasoned Ethereum experts have become alarmed by whispers that Ethereum is now a "security"; some have even been moved to welcome a group of fervent Ethereum militants who were once scorned. (That will be covered.)

De Vogalaere informed me that the idea that Ethereum's reputation will improve after the merger may have been a hoax. The authorities, he claimed, are unlikely to change their minds now that this particular environmental complaint has been resolved, especially given their newly discovered readiness to classify it as a security.

And certainly, the merge was a fantastic demonstration of technological prowess. We're told that merging Ethereum in real-time is like changing the engine of a car while it's speeding down the freeway. From an R&D standpoint, it is revolutionary, but the atom bomb was also.

De Vogelaere feels that the alleged technical advancements of the merge are overstated despite this. It was intended to make it easier to implement various modifications that would increase network efficiency. De Vogelaere, however, asserts that similar solutions have long existed in the shape of sidechains—additions to the main network that employ various forms of validation—like Polygon. He claimed that the switch to Ethereum's "Virtual Machine," which serves as its computing environment, is the only one that truly has value the staking model. 

He also (thank heavens!) noted that those who lack the required amount to independently stake—32 ETH, which is roughly $42,500 at the time of writing and is dropping—must do so through centralized exchanges like Coinbase. The majority of Ethereum would thereafter be traded on a corporate exchange with a single point of failure.

We now know that the price of Ethereum has plummeted, and the authorities are acting. But is de Vogelaere's viewpoint only an outlier?

Not so! Long-time Ethereum miner Kristy Leigh-Minehan, who may be a little predisposed, isn't quite as hostile to the merger as our de Vogelaere. Instead, she questions whether it happened a little too soon. According to her, "the switch to proof of stake is a core component of Ethereum's DNA and was always intended." The question that everyone needs to ask oneself is: Was this the correct time? "It was necessary and required for future optimizations and scalability features."

Read Also: With Ethereum switching to proof-of-stake, Dogecoin is now the second-most valuable proof-of-work coin after Bitcoin

Minehan is not confident. In the current regulatory environment, "I personally do not think it was," she said. The possibility of ETH being officially classified as a security raises the possibility of "scare[ing] validators, operators, and entrepreneurs," she wonders. She continued that it can be unsettling when American regulators have such a dominant role. There is no doubting that Ethereum has established itself in the USA—that will be both its biggest strength and weakness, she added, echoing de Vogelaere.

At least some reputable Ethereum supporters are upbeat. Mat Dryhurst, a left-leaning podcaster and one of the early users of NFTs, speculated, "It could be the case that this has some impact on regulatory decision making." But to be completely honest, I don't get the feeling that the developer side is that worried about this. People are eager to expand the network's utility, and the integration seemed like a celebration of a significant development on a long road ahead.

But isn't it, as you concede, a little overrated? Dryhurst disputed, saying, "I don't think it was intended to be a major technological innovation. Rollups, zkEVMs (zero-knowledge virtual machines), and other scaling techniques are still required. If anything, in my opinion, it merely creates credibility for this particular area of crypto and boosts trust in the viability of other ideas that are being considered. He continued, saying that when he had just visited ETH Berlin, the vibe there was "as upbeat as ever."

The jubilant elderly guard

There is, maybe, a single cohort that wholeheartedly concurs with de Vogelaere and his ilk's pessimistic assessments of the merger and is openly delighted about them. They are the guardians of Ethereum Classic, an older, abandoned iteration of the Ethereum network whose supporters are arguably the most OG in the brief but dramatic history of Ethereum politics. They contend that Ethereum Classic was betrayed by the greedy handlers of Ethereum proper, just like the miners were.

Following a malicious attack of The DAO, the first decentralized autonomous organization on the Ethereum network, Ethereum Classic was created in 2016. The majority of mainstream Ethereum developers opted to "roll back" the hack and compensate the victims, which some purists saw as a fatal breach of Ethereum's fundamental concept of immutability. Because they adhered to the outdated, compromised network, Ethereum was split in half. Since then, they have been anticipating the merge in the hope that recently laid-off miners, whom they aggressively attempted to court, would migrate to Ethereum Classic in search of fresh sources of income.


Amazingly, they were correct after six years of patient anticipation.


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Bitcoin falls as the Fed raises interest rates once more to fight inflation.

As the Fed increases interest rates by 75 basis points, as expected by the market, volatility affects the cryptocurrency market.


Bitcoin News

Following the Federal Reserve's statement that it would raise interest rates by 75 basis points to fight sky-high inflation, the price of Bitcoin fell significantly.

Following the announcement, the largest cryptocurrency by market capitalization fell below $19,000 before rising amid high market volatility. It is currently trading for about $19,039, down about 1% from an hour ago. Additionally, over the last seven days, Bitcoin has decreased by about 5.7%.

Market analysts had predicted that the Fed would increase interest rates once again today, by 75 to 100 basis points. Although cautious traders continued to sell down today, it appears that this week's predictions have been mostly factored into the price of bitcoin, other cryptocurrencies, and stocks. Following the announcement, stocks also fell; at the time of writing, the Dow Jones and the S&P 500 had both down by about 0.70%.

To rein down rising prices, central banks—not only the Federal Reserve—have been hiking interest rates. With U.S. inflation at a four-decade high and investors avoiding "risky" assets like equities and cryptocurrency in favor of safe havens like the U.S. dollar, the Fed has been unusually active in its approach.

According to statistics from Arcane Research, Bitcoin has actually been trading most like a tech stock this year. It has also suffered losses; now, it is down 70% from its record high of $69,044 set in November 2021.

The dollar has been steadily rising, and today was no exception: before Fed head Jerome Powell spoke, it had already surpassed a two-decade high, in part due to Russian President Vladmir Putin's decision to escalate the situation in Ukraine.

Read Also : Spencer Tucker, a mobile gaming industry executive, will be in charge of Yuga Labs' Otherside.

There remained hope despite the "troubling market situation," according to Edward Moya, senior market analyst for the Americas at OANDA. He claimed that, for the most part, Wall Street was counting on the Fed to continue fighting inflation, which was challenging for riskier assets like cryptocurrency.

Long-term investors are still committed to cryptocurrencies and won't be alarmed by today's decision. They anticipate that eventually, unlike tech stocks, cryptocurrencies will trade on their own fundamentals.

Bitcoin has been trading like a "macro risk asset," but Darius Sit of Singapore-based cryptocurrency investment firm QCP Capital told Decrypt that eventually it might "break that association."

The second-largest digital asset, Ethereum, didn't fare much better following the Fed's policy choice. The item is currently trading for $1,328, down 1% over the last 24 hours.

The asset has struggled to acquire traction; even after making the long-awaited and much publicized switch to a proof-of-stake blockchain last week, its price has fallen 15% over the last seven days.



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WazirX removes USDC Stablecoin from its list and switches user holdings to Binance USD

The biggest cryptocurrency exchange in India, WazirX, has adopted Binance's delisting policy for three stablecoins and "auto-converting" customer balances to BUSD.

News Bitcoin

Leading Indian cryptocurrency exchange WazirX stated today that it would delist USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD), and that it would convert customers' remaining balances on all three stablecoins into BUSD, the stablecoin created by Binance, automatically.

WazirX has ceased accepting USDC, USDP, and TUSD deposits, and the exchange will not accept any new deposits, according to a statement released on Monday. WazirX will provide BUSD Auto-Conversion for users' existing balances of USDC, USDP, and TUSD stablecoins at a 1:1 ratio to increase liquidity and capital efficiency for users.



According to the exchange, USDC, USDP, and TUSD withdrawals will be suspended after 5 PM IST on September 23. On September 26, spot market pairs for all three stablecoins will be delisted. According to WazirX, the automatic conversion of users' USDC, USDP, and TUSD existing balances would be finished "on or before 5th October."

WazirX delists USDC after Binance.

The announcement to delist USDC and the other two stablecoins by Binance, which used comparable language in its release, occurred two weeks prior to today's news. The decision was made "to improve liquidity and capital efficiency for customers," according to the exchange, which also stated that it had the right to "amend the list of stablecoins suitable for auto-conversion."

Additionally, it follows Binance's recent denial of ownership of WazirX while having before stated the exact contrary in 2019. The creator of Binance, Changpeng "CZ" Zhao, stated on Twitter at the beginning of August that "this transaction was never completed" in response to the 2019 announcement of Binance's acquisition of WazirX in a deal rumored to be for up to $10 million.

Nischal Shetty, a co-founder of WazirX, blasted Zhao's remarks, claiming that he and other co-founders own Zanmai Labs, which is authorized by Binance to run INR-crypto pairs on WazirX.WazirX's crypto-to-crypto pairs are run by Binance, who also handles cryptocurrency withdrawals, according to Shetty, who also claims that "WazirX as a product and a brand is owned by Binance."

We contacted WazirX and Binance, but has not received a response as of the time of writing. Following claims that the Enforcement Directorate (ED), India's top financial enforcement agency, had charged WazirX with violating currency exchange laws and freezing $8.14 million in the company's assets, Zhao denied the deal.

Last week, WazirX announced that its bank accounts had been unfrozen as a result of "active cooperation" with the ED through ongoing anti-money laundering (AML) checks, which resulted in the blocking of accounts for 16 fintech companies that used WazirX to send cryptocurrency assets to "unknown foreign wallets." 


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Spencer Tucker, a mobile gaming industry executive, will be in charge of Yuga Labs' Otherside.

 Yuga Labs Appoints Chief Gaming Officer to Strengthen Web3 Gaming Push.The firm behind the Bored Ape Yacht Club NFT collection, Gaming Officer, made an announcement on Friday.


Tucker will oversee the creation of Yuga's Web3 gaming initiatives, beginning with the company's "Otherside" metaverse. Earlier this year, Otherside caused a stir on Ethereum when it experienced a huge spike in transactions and the selling of $561 million worth of NFT land in a single day.

Tucker is a former executive of the mobile gaming companies Scopely and GREE, where he held the positions of Senior Vice President of Product and President of Games, respectively.

Tucker expressed his excitement about working with Yuga, which also controls the CryptoPunks and Meebits NFTs, on Linkedin. According to Tucker, player ownership, social interaction, and creative expression will be the driving forces behind the future of gaming.

Gaming is one of the company's top goals, according to Yuga CEO Nicole Muniz, who called it the company's "primary priority" moving forward in a statement. It is noteworthy because, according to OpenSea statistics, the NFT company holds the top four Ethereum NFT collections ever assembled.

Despite its $450 million seed round and stunning $4 billion valuation, Yuga currently only has a tiny crew. The company has hired about 60 people so far this year and plans to increase that number to 100 by the end of 2022.


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After the Ethereum merger, Dogecoin is now the second-largest Proof-of-Work coin.

 With Ethereum switching to proof-of-stake, Dogecoin is now the second-most valuable proof-of-work coin after Bitcoin.


Dogecoin is currently the second-largest proof-of-work coin by market cap after Bitcoin as a result of the completion of the Ethereum merger and the conversion to a proof-of-stake method on the leading blockchain for NFTs and decentralized apps.

With a market capitalization of $7.95 billion, Dogecoin is now the tenth-largest cryptocurrency. It was first introduced in 2013 as a joke that parodied the cryptocurrency crisis.

Like Bitcoin, Dogecoin is mined through proof of work, which requires miners to use computers and a significant amount of energy to solve difficult mathematical equations in exchange for DOGE.

According to cryptocurrency tracking platform Currency.com, miners take about 14.4 million DOGE daily, increasing the coin's 132.6 billion supply. Dogecoin has no cap, in contrast to Bitcoin, which has a finite amount of 21 million coins that will ever exist.

Elon Musk, the founder of Tesla, has been the world's richest person in recent years, and he has become the unanticipated champion of Dogecoin. Musk has tweeted about the coin since 2019 and has repeatedly pushed up the price of Dogecoin.

However, even Musk's backing was unable to save Doge from the brutal crypto winter. Dogecoin's price is currently $0.05, down from its all-time high of $0.73 reached on May 8, 2021—the day that Musk made an appearance on Saturday Night Live. That is a loss of 91.89%.

Through a partnership with coin kiosk operator Coinstar, cryptocurrency exchange and ATM startup Coinme announced last month that Dogecoin would be added to the list of possibilities on its machines. Additionally supported by the ATM are Polygon, Stellar, Chainlink, Ethereum, and Litecoin.


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Bitcoin Is a Tumor, According to "Black Swan" According to author Nassim Taleb

 If markets deteriorated, Bitcoin might reach $1,000 or perhaps zero.

Bitcoin is a "tumor," according to crypto enthusiast-turned-hater Nassim Nicholas Taleb. The Black Swan author said that everyone under 40—Millennials and GenZ—don't understand how the economy works due of the atmosphere of Federal interest rates in which they have grown up in an interview with CNBC's Squawk Box on Thursday.



The economic structure has been essentially wrecked by Disneyland for the past 15 years—14 and a half years, according to Taleb. Consider it: There are no interest rates. Anyone over 40, for example, has no prior market experience. Zero. They are ignorant of the concept of the time worth of money.

The Black Swan, Taleb's best-selling book, examines chance, danger, uncertainty, and probability. It is founded on the idea of a "black swan event," which is unforeseen, has a significant impact, and is later justified as being less random and more predictable. Taleb asserted in his interview on Thursday that the U.S. Federal Reserve cut interest rates far too aggressively, and society will eventually pay the price.

Zero interest rates for an extended period of time damage the economy, lead to bubbles, and tumors like Bitcoin, according to Taleb.

Taleb was interested in cryptocurrencies a few years ago and even had some of his own. He advised Lebanese citizens to "use cryptocurrencies!" back in April 2020 to get around the nation's financial system. A few months later, he terminated his Coinbase account after complaining on Twitter about Coinbase's customer assistance.

Due to its volatility, Taleb called Bitcoin "a failure" in February 2021 and announced he was selling his Bitcoin. He continued his slide into no-coinerdom in April of last year by asserting that Bitcoin "has elements of an open Ponzi."


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Significant Ethereum Mining Pools Support ETHW Mining

Following the merger, EthereumPoW will be supported by F2Pool, Poolin, BTC.com, and Nanopool.



Following the unification, a number of significant Ethereum mining pools are anticipated to adopt EthereumPoW (ETHW), according to the new asset's developers. Major pools including F2Pool, Poolin, and BTC.com will enable ETHW mining, which is anticipated to start after a planned hard fork, according to a series of tweets from the ETHW account. A few hours later, Nanopool also declared its intention to take part.

Mining pools are collections of cryptocurrency miners who pool their resources in order to work together more effectively, process transactions more quickly, and split the rewards. With the long-awaited "merge," Ethereum, the second-largest cryptocurrency, will switch to proof of stake. As a result, validators will take their position and process transactions while maintaining the security of the network, eliminating the need for miners.

The change is intended to make the network greener. Blockchains based on proof-of-work, such as Bitcoin, are infamously energy-intensive. In order to maintain the network, industrial operations that consume a lot of electricity are not required with a proof-of-stake consensus mechanism. Chandler Guo, a well-known Chinese miner, started a campaign last month to protest the merger because those who previously mined Ethereum may be left with useless equipment.

Guo and other developers proposed a new cryptocurrency via a hard fork that would still use proof-of-work mining in order to save these businesses. The news from today supports the idea's broader support. According to a tweet from today, "several new pools are also undertaking mining tests based on data from our testnet, in addition to the main mining pools (F2Pool, Poolin, BTC.com, etc.) who have confirmed their support of ETHW mining."

It also stated that EthwMine, a backup mining pool, has joined forces with the ETHW community.Several significant exchanges, like as Coinbase and Binance, have stated they would not exclude out listing ETHW in the interim.


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The DAI stablecoin's underlying DeFi technology, Maker, revealed that it had quadrupled the debt cap for its staked Ethereum (stETH) vault

The crypto lender wants to get away from centralized stablecoins while increasing the value of the collateral in its vault.

The DAI stablecoin's underlying DeFi technology, Maker, revealed that it had quadrupled the debt cap for its staked Ethereum (stETH) vault. Maker, the largest decentralized finance platform in the world, is attempting to lessen its reliance on centralized stablecoins like Centre's USD Coin (USDC), particularly in the wake of the Tornado Cash controversy that broke in the middle of August. Staked Ethereum is a cryptocurrency token that represents one Ethereum unit that has been deposited or locked up in advance of the network's impending upgrade, the merge.



Decentralized lending platforms offer loans directly to people and enterprises without the need of middlemen and pay interest to those who contribute cash. The staking token known as Staked Ethereum is given out as compensation to Ethereum lenders on websites like Lido Finance, Coinbase, Kraken, and Binance, among others.

Maker wants to reduce the weight of USDC and the percentage of DAI, the crypto lending service's own decentralized stablecoin pegged to the US dollar, that the token now holds as collateral. The protocol anticipates that by approving Maker DAO's governance proposal to increase the debt ceiling to $200 million, its dependency on USDC will be lessened.

The WSTETH-B vault, the pool into which customers can deposit collateral, currently has about 245,000 stETH provided, or about $392 million, according to data from DAI Stats.


A tornado's financial effects

In August, the US Treasury Department imposed sanctions on the cryptocurrency mixer Tornado Cash, making it illegal for Americans to use the protocol and related smart contracts.

38 wallets that were sanctioned in conjunction with the Tornado Cash prohibition were banned by Circle, a member of the Centre consortium. Privacy advocates condemned the action as business collaboration with overbearing and unfair government censorship.

In a statement, Circle founder Jeremy Allaire said, "We believe that abiding by the law and assisting in the prevention of money laundering is both right and our job as a regulated financial institution." We are aware that standing up for what is right put our belief in the importance of open source software on the Internet and our belief that the presumption and maintenance of privacy should be a guiding principle in the creation and use of dollar digital currencies at risk.

Lowering dependence

The parameter adjustment request made by Maker DAO on August 25 was strongly influenced by the developments involving Tornado Cash. The US OFAC agency's application of penalties on Tornado Cash smart contracts, according to its research of the loan market, "may signal rising risk for direct holdings of censorable assets like as USDC."

Concerns about USDC as a controlled asset in respect to Tornado Cash have grown in the crypto services. Despite recent changes, Maker's collateral ratio still primarily depends on USDC to support DAI. On August 11, Rune Christensen, the creator of MakerDAO, posted to the DAO's Discord, saying, "I think we should seriously explore preparing to depeg from USD."

The majority of MakerDAO's collateral would transition to a cryptocurrency without a locked value by converting the USDC to ETH, according to Christensen's "uprooting" method, which is known as the "yolo USDC into ETH approach". The percentage of collateral USDC makes up in Maker's pools will drop as a result of lenders depositing stETH in exchange for DAI. Although this move would deviate from USDC, given the market's turbulence, it could be harmful.

Because USDC is no longer a no-brainer, Christensen continued, "the market may eventually start to reward decentralization to the point where risks are acceptable." Other analysts such as Erik Voorhees, founder of ShapeShift, have addressed Maker calling for the protocol to begin “unwinding your USDC collateral immediately, converting it into stables that are more censorship resistant.”

Multiple shifts

In July, Maker DAO lowered its WSTETH-B stability cost to 0% in order to encourage users to add more collateral to the pool. As soon as the proposal was made, the amount of provided collateral rose to almost the vault's previous debt cap of $100 million. The endeavor to lower the ratio of collateral USDC holds against Maker's native stablecoin compared to other assets is furthered by doubling the debt ceiling, which provides incentives for users to deposit more stETH into the vault as collateral against DAI.

Less USDC should be used on the Maker network, according to ongoing news about Tornado Cash and Circle's wallet blacklisting. The use of stETH by Maker is their most recent effort to unwind their USDC collateral.


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Terra Reverses Course: LUNA Drops 38% From Recent High

Terra has slowed down since last week's abrupt increase, but the prices of LUNA and LUNA Classic have increased significantly in the past week.



Briefly, 

#After last Friday's unexpected increase, the cost of Terra's LUNA has dropped 38%.Both coins have 

#Increased in value dramatically over the previous week, despite LUNA Classic's (LUNC) sharp decline.

Late last week, Terra's LUNA mooned as the newly revived cryptocurrency token rose 247% early on Friday. Although the token's value has increased significantly over the past week, the rise has come to an end; it is currently down more than a third from its previous peak.

According to statistics from CoinGecko, LUNA has decreased by a total of 38% from its Friday top of $6.72 to its current price of $4.17 per coin. The second-generation coin was airdropped to owners of the first-generation LUNA cryptocurrency, which has subsequently been renamed LUNA Classic, on June 1, making that price the highest for LUNA since then (LUNC). Although there has been a noticeable decrease, LUNA has kept up a good portion of its recent increase. It has increased by 133% during the past seven days, more than tripling after months of fluctuating around the $2 level.

It's interesting to note that other coins in the Terra ecosystem have recently experienced similar ups and downs in price. For instance, the price of LUNC is at $0.0003, down 17% over the past 24 hours, and down 43% since its peak in late last week. However, LUNA Classic is still up 33% for the week and 242% on a 30-day basis.

While TerraClassicUSD (USTC), formerly known as UST, a stablecoin linked to the dollar, is down 10% today at $0.047, it has increased by approximately 54% over the past week and 61% over the past 30 days. For comparison, the overall cryptocurrency market is up today by around 1%.

Under their prior names, LUNC and USTC, both of which lost their dollar pegs in early May and caused the paired LUNA cryptocurrency to fall, respectively, collapsed. The simultaneous drop of LUNA and UST, two cryptocurrencies with total market caps in the tens of billions of dollars, contributed to a wider crypto market crash.

A transaction fee that will be used to buy up and burn (or permanently destroy) coins in order to reduce the supply has been implemented by the community to help rebuild the ecosystem. LUNC's growth in recent weeks has been more steady than LUNA's.

In the meantime, Do Kwon, the project's original founder, and Terraform Labs have launched a new cryptocurrency called LUNA in an effort to revive the Terra ecosystem after its meltdown in May. It's still unclear why the revived LUNA's value increased last week, however it might have been a spillover from the LUNC's own recent increase.


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It's Important for Everyone in Crypto That Ethereum Merges

Not just the Ethereum community, but the entire crypto community is watching the integration. Both Bitcoin users and non-users should care about the event.




The Ethereum integration is finally happening after numerous delays over the years. The merger of the proof-of-stake beacon chain and the proof-of-work Ethereum mainnet, formerly known as Ethereum 2.0, may take place as soon as Tuesday. (For non-techies, I enjoy this endearingly nerdy analogy from the Ethereum Foundation itself: "If Ethereum were a spacecraft, it might not be quite ready for an interplanetary journey. The neighborhood has constructed a new engine and a fortified hull using the Beacon Chain. It's about time to hot-swap the new engine for the old mid-flight after extensive testing ")

Everyone in the cryptocurrency business should be watching this event with rapt attention. The integration will almost immediately increase the Ethereum blockchain's speed, scalability, and energy efficiency by 99%. Theoretically, it ought to be fantastic for Ethereum (both the network and the asset). Nobody can anticipate if the price of ETH will truly change after the merge or if it will remain the same because it has already been "baked in" — and at Decrypt, we don't perform any price forecasting.

However, the aspect of this all that interests me the most is how it will impact all the other cryptocurrencies and blockchains.

The issue with energy comes first.

Since Ethereum will no longer support proof-of-work mining, we will be able to watch the hash rate of the Ethereum network fall to zero immediately. According to Bitcoiners like Dan Held, this could increase public pressure on Bitcoin's high energy use. Additionally, it will remove Ethereum from the sights of authorities who are focusing on energy-intensive proof-of-work blockchains, leaving only Bitcoin (without the company of a fellow offender).

However, proponents of Bitcoin claim that proof of stake compromises network security. Additionally, a large number of Ethereum miners are dissatisfied with the merger because it would end mining and leave them with expensive, useless equipment. Could they go to Bitcoin in its place?

Second, there could be repercussions for coins other than the top two, particularly dubbed "Ethereum killers" like Solana, Cardano, Avalanche, and Polkadot.

You may assume that the success of the Ethereum merger will boost these other proof-of-stake cryptocurrencies, and in fact, many of them saw significant gains during the previous week, possibly as a result of the publicity surrounding the merger. Because many of these Ethereum competitors positioned themselves as greener versions of Ethereum, the opposite is also possible. Once proof of stake is used, this component of Ethereum's value proposition is lost.

Of course, all of these are issues of perception and image. The people who shout that NFTs are ruining the rainforest should stop when Ethereum switches to proof of stake. It should separate Ethereum from Bitcoin in discussions about how energy-intensive cryptocurrency mining is. But it could also not, given how consistently inaccurate and misleading mainstream accounts of the cryptocurrency industry have been. There are individuals who, despite everything, will never accept cryptocurrency (louder and more proudly than before).

Even while Ethereum developers are adamant that there won't be any big issues with the integration, Decrypt's Sander Lutz notes that "confusion surrounding the event could raise cases of scammers exploiting uneducated consumers."

Finally, as my devoted column readers are well aware (all tens and tens of them, to paraphrase Dean Winters from the most recent Allstate "Mayhem" commercial), I think regulation will be the biggest unknown for the entire crypto industry following the merger. Gary Gensler, the chair of the SEC, has maintained his position that Bitcoin is not a security and that he is fine with the CFTC having control over it. Ethereum, what about it? He won't express his opinion. ETH is commonly considered to be viewed by Gensler and the current SEC leadership as a security, in contrast to what Bill Hinman, a former SEC officer, claimed back in 2018.

Even if the Ethereum merger is an overwhelming success, it won't be very helpful in the long run if the SEC decides to attack ETH and all other Ethereum-based tokens. Of course, there is always a chance that the merger will happen quietly, without making a big splash, and won't affect pricing or shake things up in cryptoland. Even so, it would be a significant story. During Merge week, pay special attention to the news. Keep reading Decrypt, where our journalistic staff will cover every angle.


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This Week in Coins: LUNA Moons, Bitcoin, and Ethereum Rebound

The new British administration appears to be supportive of cryptocurrencies, while arguments about regulation in Washington are getting more heated.



In the midst of a bitter crypto winter, Bitcoin and Ethereum experienced a nice week for the first time in many weeks.

Bitcoin experienced a steady 7.3% comeback over the last seven days after falling below $19,000 at the beginning of the week, and as of this writing, according to CoinMarketCap, it is trading for $21,236.

Just days before the Ethereum merging event to proof of stake, Ethereum, the second-largest cryptocurrency by market cap, rose more strongly. Its value has increased by 10.9% during the past week to $1,726.

A number of so-called "Ethereum killers," or layer-1 blockchains with highly functional smart contracts, saw significant gains as well. Cardano (ADA) soared 9.4% to 51 cents, Solana (SOL) increased 11.4% and trades for $35, Avalanche (avax) increased 8% to $20.35, and NEAR Protocol increased 13% to $4.71.

The Bitcoin network's 10% hash rate, or computing power per second, was announced to be frozen on the same day by Poolin, a Beijing-based mining pool, citing "liquidity issues."

Also on Monday, a plan to repay $270 million to impacted consumers was accepted by the bankruptcy court overseeing the insolvent cryptocurrency broker Voyager Digital. The following day, a court document indicated that Voyager will auction off its remaining assets the following week. A hearing will be held on September 29 to approve the proposals presented by various organizations. The 22 potential buyers haven't been named, but Sam Bankman-exchange Fried's FTX has already made a public offer. Lawyers for Voyager denounced this as a "low-ball" offer.

In a filing to the U.S. Bankruptcy Court on Wednesday, Vermont state officials claimed that Celsius, a bankrupt cryptocurrency exchange, had artificially inflated the price of its CEL token over the previous three years at the expense of retail investors, and that they were seeking more authority to look into this.

Vermont Assistant General Counsel Ethan McLaughlin stated that Celsius artificially inflated the company's CEL holdings on its balance sheet and financial statements by boosting its Net Position in CEL by hundreds of millions of dollars.

Washington and Westminster dispatches

At a business conference on Thursday, SEC Chair Gary Gensler declared his support for a congressional resolution that would grant the Commodity Futures Trading Commission (CFTC) authority to "oversee and regulate crypto nonsecurity tokens and related intermediaries."

Gensler noted that his own federal agency shouldn't be disregarded if Congress gave the CFTC primary oversight over cryptocurrencies. He previously declared that Bitcoin is a commodity and not a security, so it is not subject to SEC regulation. Many in the cryptocurrency community believe he is trying to find a method to put ETH under SEC jurisdiction because he has refused to express his opinion on the matter.

The same day, the White House made a suggestion that due to cryptocurrency mining's high carbon impact, American lawmakers and regulators may soon take tougher measures.

The Environmental Protection Agency (EPA), the Department of Energy (DOE), and other federal agencies must work with crypto miners to reduce greenhouse gas emissions, according to a new report from the White House Office of Science and Technology Policy, which was required by President Biden's executive order in March.

In the event that the sector does not make strides toward sustainability, the report recommended that "the Administration should investigate executive actions, and Congress should consider legislation, to prohibit or eliminate the use of high energy intensity consensus procedures for crypto-asset mining."

The British parliament held its first crypto debate on Wednesday in London, across the pond. According to Richard Fuller, Economic Secretary to the Treasury, the UK aims to "become the country of choice for individuals wishing to create, innovate, and build in the crypto area."

According to Fuller, the new government led by Liz Truss is "looking for methods to obtain global competitive advantage for the United Kingdom" as crypto technologies "increase in relevance." That sounds... hopeful?


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MicroStrategy Is Thinking About Purchasing More Bitcoin

In order to sell up to $500 million in Class A stock, the company filed with the SEC. Try to guess what it would wish to buy with the money.




With almost 129,000 BTC in its bank account, publicly traded software business MicroStategy (MSTR) is already the only corporate Bitcoin holder. The company now wants to buy more, barely one month after its brash CEO Michael Saylor resigned and one week after the Washington D.C. Attorney General sued the company and Saylor for alleged tax evasion.

MicroStrategy stated in a prospectus submitted to the SEC on Friday that it has a deal with investment bank Cowen & Co. to sell up to $500 million in shares of its Class A common stock.

The company warned that future changes in the value of Bitcoin trading could force it to convert any Bitcoin it had bought with the net proceeds of this sale into cash with a value that was significantly lower.

The corporate software firm, under Saylor, has amassed a sizeable Bitcoin treasury of 129,699 BTC, currently valued at over $2.7 billion, which the business claims it expects to maintain for a long time.

Saylor resigned as CEO and became executive chairman last month, and MicroStrategy disclosed a non-cash digital impairment charge of $917.8 million in the second quarter of 2022.

MicroStategy stated in the prospectus that it does not intend to trade Bitcoin or enter into derivative contracts with it; nevertheless, it may sell Bitcoin when necessary to raise money for "treasury management and other general business reasons."

The company stated, "We have not targeted any precise level of Bitcoin holdings. In order to decide whether to carry out debt or equity financings to buy more Bitcoin, "We will continue to observe market conditions."


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Judge: Apple Refused to Respond to Lawsuit Regarding Crypto Wallet App

 Apple Inc. is exempt from the "Toast Plus" class action lawsuit since a phony cryptocurrency wallet program was offered in the Apple App Store, according to a federal judge in California. After downloading the phony program and losing some cryptocurrency, a client sued the tech giant.


source: https://bit.ly/3x59ErF

Customer downloaded a fake cryptocurrency app, but Apple is not responsible for the loss.

According to Bloomberg, Apple Inc. is not liable in a class action lawsuit involving a bogus cryptocurrency wallet program that was accessible for download from the company's app store, according to Judge Phyllis J. Hamilton of the U.S. District Court for the Northern District of California.

Crypto investor and plaintiff Hadona Diep charged Apple with hosting a fake mobile software that imitates Toast Plus, a reliable XRP wallet program. The name and branding of the phony app were the same as those of the real one. In September of last year, she filed a class action complaint in federal court in Maryland against the tech giant; in December, the case was moved to the Northern District of California.

According to the lawsuit, the plaintiff downloaded the phony application from the Apple App Store in January 2018 and used it to start a transfer of about 474 XRP tokens from the cryptocurrency exchange Bittrex to a Rippex wallet.

However, the complainant was still able to access her funds from other wallets after Rippex went down in February 2018. In March 2021, the complainant "connected her private XRP key, or a seed phrase, into Toast Plus." But in August 2021, she noticed that her Toast Plus account had been canceled in March 2021 and that the XRP coins she had placed were vanished.

Diep alleged that the fact that Apple hosted the fake cryptocurrency wallet software resulted in losses of more than $5,000. Ryumei Nagao, another plaintiff with her, alleges that he lost $500,000.

Apple and Judge Hamilton both agreed that the tech corporation is not responsible for the bogus app. According to Hamilton's opinion on September 2, Apple is exempt from liability under Section 230 of the Communications Decency Act because it is regarded as a publisher of the content offered by another content provider rather than a creator.

The judge also agreed with Apple that Diep failed to adequately allege claims under the Consumer Privacy Acts of both Maryland and California because she lacked specifics regarding the occasion, setting, and nature of the claimed fraudulent representations.

Additionally, the court's decision states that Diep's claims must be rejected because, in accordance with Apple's terms and conditions, the firm is not responsible for losses resulting from or connected with the usage of third-party apps.

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IMF: As Insurance Against Weak Currencies and Potential Payment Instruments, Crypto Assets Are Becoming More Commonplace

 According to a report from the International Monetary Fund (IMF), cryptocurrencies are becoming "more popular as speculative investments, hedges against weak currencies, and prospective payment vehicles." The IMF has demanded a coordinated, uniform, and thorough global approach to cryptocurrency regulation.



IMF Representatives on Crypto Regulation and Widespread Adoption

In the September issue of its flagship publication Finance & Development, the International Monetary Fund (IMF) released a research titled "Regulating Crypto: The Right Rules Could Provide a Safe Space for Innovation." Aditya Narain, the deputy director of the IMF's Monetary and Capital Markets Department, and Marina Moretti, the assistant director, wrote the paper.

The report states, "Crypto assets have been around for more than a decade, but it's only now that efforts to regulate them have moved to the top of the policy agenda," adding that only recently have crypto assets transitioned from being niche products without a clear use to being more widely used as speculative investments, hedges against weak currencies, and potential payment instruments.

The failure of cryptocurrency issuers, exchanges, and hedge funds, as well as a recent decline in cryptocurrency valuations, have fueled calls for regulation, according to the authors.

The report describes difficulties with crypto regulation. Applying current regulatory frameworks to crypto assets or creating new ones is difficult for a number of reasons, according to Narain and Moretti.

"To begin with, the cryptosphere is changing quickly. Given their limited resources and competing goals, regulators are finding it difficult to develop the personnel and skills necessary to keep up with the pace. Regulators find it challenging to keep track of thousands of actors who might not be subject to customary disclosure or reporting obligations, which makes it tough to monitor the crypto markets, they said.

The IMF officials noted efforts to create crypto rules at the national and international levels and stated: "The regulatory fabric is being woven, and a pattern is expected to emerge. The concern is that as time passes, more national bodies may become ensnared in varying regulatory systems.

They concluded: "This is why the IMF is pushing for a global response" that is coordinated, consistent, and thorough.

A worldwide regulatory framework will bring order to the markets, aid in fostering consumer confidence, outline the parameters of what is legal, and create a secure environment for the continuation of meaningful innovation.

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Vitalik Buterin, a co-founder of Ethereum, Talks About the Long-Term Security of Bitcoin

 The co-founder of Ethereum, Vitalik Buterin, spoke extensively on Bitcoin and the network's long-term stability in an interview he gave to economics author Noah Smith on September 1. Buterin talked about the collapse of the cryptocurrency market and expressed his surprise that it had not happened sooner.

Source:https://bit.ly/3D2BEjg

Bitcoin "Is Not Succeeding at Getting the Level of Fee Revenue Required to Secure What Could Be a Multi-Trillion-Dollar System," according to Buterin.

In a recent interview with the economist Noah Smith, Ethereum co-founder Vitalik Buterin discussed the state of cryptocurrencies in great detail. When Smith first questioned Buterin about his opinions on the most recent cryptocurrency crash, Buterin said that he believed it would have crashed sooner.

Buterin stated in the interview, "I was astonished that the crash did not happen earlier. "Typically, crypto booms peak and then decline rapidly within 6 to 9 months of exceeding the prior high. This time, the bull market continued for almost a full year and a half," the developer continued.

The Bitcoin (BTC) network and The Merge, Ethereum's much-anticipated switch from proof-of-work (PoW) to proof-of-stake, were two other topics Buterin covered in great detail (PoS). He asserts that when it comes to fee income from block subsidies, Bitcoin falls short.

According to Buterin, "Bitcoin security is going to be totally funded by fees in the long run, and Bitcoin is just not succeeding at generating the sort of fee money required to safeguard what may be a multi-trillion dollar system."

When Smith inquired about the energy consumption of Bitcoin, Buterin responded that PoS will not only lessen environmental damage but also maintain the security of the blockchain. Buterin is the co-founder of Ethereum.

Buterin emphasized that a consensus system that wastefully consumes large amounts of electricity is not only harmful for the environment but also necessitates the annual issuance of hundreds of thousands of BTC or ETH. Eventually, of course, the issuance will go to almost zero, at which point it won't be a problem anymore, but at that point, Bitcoin will have to start focusing on another problem: how to maintain its security. Howevern added:

And the shift by Ethereum to proof-of-stake is also largely motivated by these security concerns.

The co-founder of Ethereum asserts that the early Proof-of-Work era is "unsustainable" and "not coming back."

Buterin is aware that, for the time being as least, Bitcoin won't alter its consensus algorithm, but he thinks that if the chain were attacked, the concept of a hybrid PoS algorithm may become relevant.

The political will to migrate to at least hybrid proof of stake will undoubtedly materialize if Bitcoin is actually attacked, but I anticipate that it will be a hard transition, the software developer told Smith. The co-founder of Ethereum stated that he believes the popular misconception that PoS gives the largest stakeholders network control is incorrect.

People have also attempted to argue that PoS allows major stakeholders to control the protocol, but Buterin argued that such claims are demonstrably false. They are based on the fallacy that PoW and PoS are consensus procedures, whereas in fact they are governance systems. They merely assist the network in selecting the proper chain.

Buterin went on to say that while he feels the original PoW was a fine starting point, he now sees it as outdated, on its way out, and probably never coming back.

Although the highly democratized early proof-of-work era was wonderful and greatly aided in increasing the equality of bitcoin ownership, it is unsustainable and will not last.

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Elon Musk was told by Jack Dorsey that Twitter should include a "Like Signal" protocol.

Elon Musk wonders over possible variations of the social network in a string of text messages. Former CEO and co-founder of the birdsite Jac...

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