‘Running Drivenet:’ Bitcoin Proponent Discusses the Benefits of Drivechain Versus Lightning Network

During the last few days, a number of cryptocurrency supporters have been discussing Paul Sztorc’s Drivechain project, also referred to as “Drivenet.” The Drivechain project has been a work in progress for years now, and just recently Sztorc published a new version of the Drivenet software. On June 29, the Bitcoin proponent John Light tweeted “Running Drivenet” on Twitter, letting the public know about the application’s “important benefits.” During the last five years scaling concepts, offchain networks like Lightning, and sidechains have been both hot and controversial topics. This week,…

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Localbitcoins 2019 Revenue Rises 10% to $29.6 Million Amid Increased Paxful Competition

Peer-to-peer (P2P) crypto exchange Localbitcoins has reported that 2019 revenue rose 10% to $29.6 million from $27 million a year ago. For the year, operating income fell 6% to $19.9 million from $21.2 million the year before. Localbitcoins did not provide detail about net profit. The Finnish marketplace said about $2.8 billion in volume was traded from 15.6 million transactions. Localbitcoins added 1.46 million new users last year, it stated. But stricter know-your-customer (KYC) requirements implemented in the last half of the year drove away some customers, both new and…

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$11 Trillion Offshore Assets Uncovered After 100 Countries Share Information on 84 Million Bank Accounts

Governments in nearly 100 countries have been sharing offshore bank account information in an effort to crack down on tax evasion. Their “Automatic exchange of information” has led to uncovering 10 trillion euros ($11 trillion) in offshore assets in 84 million bank accounts. The Organisation for Economic Co-operation and Development (OECD) said on Tuesday that the international community continues making progress against offshore tax evasion. The group revealed: Nearly 100 countries carried out automatic exchange of information in 2019, enabling their tax authorities to obtain data on 84 million financial…

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A ‘Significant Increase’: UK Regulator Says 2.6 Million Residents Have Bought Cryptocurrencies

The UK’s top financial regulator has conducted a survey and found a “significant increase” in the number of crypto owners and awareness of cryptocurrencies. The regulator estimates that 2.6 million people in the country have bought cryptocurrencies, most of which were from non-UK cryptocurrency exchanges. UK Regulator’s Crypto Survey The Financial Conduct Authority (FCA), which regulates the financial services industry in the U.K., published a report entitled “Cryptoasset consumer research 2020” on Tuesday. This quantitative research follows the FCA report on cryptocurrency published in March last year but involves a…

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Alt-Right Activist Stefan Molyneux Banned from Youtube, Raises $100K in Crypto Donations

The founder of Freedomain, philosopher and alt-right activist, Stefan Molyneux, received more than $100,000 in cryptocurrency donations after he was banned from Youtube on June 29, 2020. Stefan Molyneux is well known for his Youtube videos, podcasts, and books. His early Youtube videos describing the benefits of bitcoin have been lauded. While getting over $100k in bitcoin, dash, bitcoin cash, and ethereum donations this week, the alt-right activist has also joined the Lbry platform. On June 29, Molyneux was banned from Youtube. Molyneux joins a number of popular alt-right activists,…

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Tether’s Market Valuation Grows 144% in 2020, USDT Market Cap Worth $10 Billion

The most popular stablecoin, Tether, has propelled its way into the third-largest position by cryptocurrency market capitalization. At the time of publication, a number of market valuation aggregators show that Tether’s market cap is between $9.1 to $10.1 billion. Tether (USDT) is a well known stablecoin token issued by the company Tether Limited. The company claims each token is backed by a single U.S. dollar, but during the last few years, the firm admitted the backing included loans as well. USDT has always been controversial, but even with the contention,…

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Bitcoin Investors Pocketed 42% in Gains During the Second Quarter of 2020

The second quarter of 2020 was very profitable for bitcoin investors, according to data analytics firm Skew. During the period, the top cryptocurrency climbed 42%, its fourth-best quarterly close since 2014. For the March quarter, the digital asset fell 10.6%, dragged by the massive Black Thursday crash. As a matter of fact, bitcoin declined in three successive quarters before Q2 2020. In terms of price, bitcoin (BTC) soared from around $6,420 at the beginning of April to more than $9,140 at the end of June, Skew figures show. The coin…

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Brewdog Tokyo Accepts Bitcoin Cash Payments: Local BCH Meetup Gathers to Celebrate

On July 1, 2020, the popular eatery and bar in Japan, Brewdog Tokyo, started accepting bitcoin cash payments for products and services. The establishment is the third Brewdog bar to accept bitcoin cash, as the cryptocurrency is accepted at the London and Budapest locations as well. In order to celebrate Brewdog Tokyo supporting bitcoin cash, a number of Tokyo-based BCH Meetup members gathered at the bar on Wednesday to socialize and purchase refreshments. The meetup was the first in-person BCH Meetup in Tokyo since the start of Covid-19. The Roppongi…

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Gold Industry Shaken as 83 Tons of Fake Gold Bars Used to Secure $2 Billion Loans in China

The gold industry has been shaken after it was discovered that 83 tons of fake gold bars have been used as collateral for loans worth 20 billion yuan from 14 financial institutions to a major gold jewelry manufacturer in Wuhan, China. This amount of gold “would be equivalent to 22% of China’s annual gold production and 4.2% of the state gold reserve as of 2019.” Using 83 Tons of Fake Gold to Get Loans One of China’s largest gold jewelry manufacturers, Kingold Jewelry Inc., has been using fake gold to…

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Bitcoin Miner Hut 8 to Add 275 PH/s of Mining Capacity With $8.3M Capital Raise

Hut 8 Mining Corp. has raised $8.3 million from the sale of 6% of its shares to investors. The Canadian bitcoin miner originally intended to raise $7.5 million from the sale, but it was oversubscribed. Totonto Stock Exchange-listed Hut 8 issued about 5.8 million “units” at a price of $1.45 each. Each unit is comprised of one common share. From this, investors have the option to buy another share for $1.80 between now and December 2021. The Alberta-based miner said funds from the offering will be used to upgrade its…

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