In this edition of Hodler’s Digest, we take a look at the latest crypto news. This week saw Vitalik Buterin outline his vision for ETH 2.0 and Vinay Gupta announce that he is now employed by Visa to build blockchain capabilities into their payment system (among other things). We also cover Joe Biden’s decision to name an anti-crypto nominee as Comptroller while one of the nominees withdraws after being called out on her views towards cryptocurrency directly by President Trump himself. Lastly, we recap some headlines from our previous weeks in Crypto Twitter digest series:
“Vitalik Buterin outlines path to ETH 2.0, Visa launches crypto advisory service, Biden’s anti-crypto nominee for Comptroller withdraws: Hodler’s Digest, Dec. 5-11.” Read more in detail here: vitalik buterin next project.
Every Saturday, Hodler’s Digest will keep you up to date on all of the major news stories from the previous week. A week on Cointelegraph in one link: the finest (and worse) remarks, adoption and regulatory highlights, top currencies, forecasts, and much more.
This Week’s Top Stories
Vitalik Buterin lays out the ETH 2.0 ‘endgame’ plan.
With the long-awaited switch to Eth2 nearing completion, Ethereum co-founder Vitalik Buterin laid out a “Endgame” plan on Monday to ensure the upgrade is completed.
While Buterin does not address the problem of centralization with block production as the network strives for scalability, the 27-year-old virtually addressed all other aspects of block validation.
He proposed implementing “a second tier of staking, with low resource requirements” to carry out distributed block validation; introducing “either fraud proofs or ZK-SNARKS to let users directly (and cheaply) check block validity;” and introducing “either fraud proofs or ZK-SNARKS to let users directly (and cheaply) check block validity.” as well as the addition of “data availability sampling to allow users to assess block availability [and] provide additional transaction routes to avoid censorship.”
Buterin added, “We achieve a chain where block production is still centralized, but block validation is trustless and very decentralized, and specific anti-censorship magic prohibits block producers from filtering.”
Despite Ethereum’s update delaying the difficulty bomb, Coinbase adds ‘ETH2.’
On Tuesday, leading crypto exchange Coinbase introduced a mirror version of Ethereum’s native coin, ETH, to its crypto price index, dubbed Eth2. There was no trading activity on the new listing, although it was valued the same as ETH.
Despite the fact that Eth2 isn’t anticipated to be released until at least mid-2022, Coinbase has launched a currency with the same name only days before the smart contract network’s “Arrow Glacier” update, which will allow developers extra time to prepare for Ethereum 2.0.
Coinbase also announced on Thursday that it would begin supporting crypto hardware wallets, beginning with Ledger’s devices. From the beginning of 2022, the deployment will be phased in.
With the WazirX crypto exchange partnership, a major Indian bank violates the ‘banking prohibition.’
According to local media sources, India’s largest private bank, Kotak Mahindra Bank, has signed an agreement with major crypto exchange WazirX to become the first of its type to work with a crypto business.
The agreement, which allows dealers to sell their digital assets using Kotak’s banking facilities, is a significant step forward for a local crypto market beset by several challenges posed by the banking sector and the Indian government.
“WazirX has created an account with Kotak, which may be used to receive and disburse money to WazirX investors.” The account has yet to be activated. “Paperwork, KYC, and some testing are in the works,” one source familiar with the situation stated.
Biden’s anti-crypto Comptroller nominee has withdrawn.
Saule Omarova, President Joe Biden’s crypto skeptic choice for Comptroller of the Currency, withdrew her name from consideration on Tuesday.
Omarova is a polarizing personality who has often advocated for the abolition of the banking and crypto industries, eliciting substantial opposition from Republican leaders who hold contrary viewpoints and have implied that the professor has Marxist inclinations.
“Saule was exposed to unacceptable personal assaults that went way beyond the pale,” Biden said of her departure from the race.
Visa has announced the launch of a new cryptocurrency consultancy service for businesses and institutions.
Visa, the global payments behemoth, announced a new consultancy and advice service for crypto-curious businesses, financial institutions, and retailers wishing to enter the market on Wednesday.
Visa’s crypto-focused consulting services can help with anything from crypto features and services to NFTs and CBDC-focused digital wallets, according to the company.
Visa’s interest in cryptocurrency stems from a need to stay competitive and fulfill customer demand, according to the corporation. According to Visa, “40 percent of crypto owners questioned believe they would be likely or very likely to switch their main bank to one that provides crypto-related goods in the next 12 months,” citing a recent in-house research.
Losers and Winners
Bitcoin (BTC) is at $47,524, Ether (ETH) is at $3,956, and XRP is at $0.81 at the conclusion of the week. According to CoinMarketCap, the entire market cap is $2.20 trillion.
The top three cryptocurrency gainers of the week are NEAR Protocol (NEAR) at 6.44 percent, Huobi Token (HT) at 5.11 percent, and BitTorrent (BTT) at 4.61 percent among the top 100 cryptocurrencies.
THETA (THETA), Cosmos (ATOM), and Qtum (QTUM) are the top three cryptocurrency losers this week, with losses of 32.53 percent, 32.04 percent, and 31.65 percent, respectively.
Read Cointelegraph’s market analysis for more information on crypto pricing.
The Most Memorable Quotes
“If DeFi becomes widely used, its flaws might jeopardize financial stability.” Because of excessive leverage, liquidity mismatches, built-in interconnection, and the absence of shock absorbers like banks, these may be severe.”
The Bank for International Settlements (BIS) is a financial institution
“I believe that once regulation is in place, a whole new class of investors will enter this market.” That, I believe, is what we’ve seen in other jurisdictions, such as Singapore.”
Independent Reserve CEO Adrian Przelozny
“Predicting $100,000 by the end of the year is a challenging task. […] I believe $100,000 will be achievable in 2022, but not this year.”
Bitwise’s chief investment officer, Matt Hougan
“I do not think members of Congress should possess/trade individual stock since we have access to sensitive information and forthcoming policies, and I prefer not to hold any so that I can stay unbiased regarding policymaking.” […] I also apply it to digital assets/currencies (particularly as I am a member of the Financial Services Committee).”
Alexandria Ocasio-Cortez (AOC), a member of the Financial Services Committee in the United States House of Representatives
“We don’t want banks directly participating in digital asset trading because banks are [responsible] for client deposits and the general public, and there is danger.”
Senior director of the Bank of Thailand, Chayawadee Chai-Anant
“In a world where money is becoming a core feature of the internet, the United States should aggressively promote the use of the dollar as the internet’s primary currency, leveraging it as a source of national economic competitiveness, security, and a major upgrade needed for more efficient and inclusive financial services.”
Circle’s CEO and co-founder, Jeremy Allaire
“We don’t need politicians’ knee-jerk reflexes to regulate out of fear of the unknown rather than a desire to learn.”
U.S. Representative Patrick McHenry
“The objective of crypto is genuine decentralization, and the initiatives that accomplish that will be the ones that thrive.”
Bitfury’s CEO, Brian Brooks
The Week’s Prediction
With a $53K BTC price cap, Bitcoin may ‘drive people insane’ for months, according to one expert.
Bitcoin’s price has been falling over the previous several weeks, hitting a low of $41,614 on December 3, according to Cointelegraph’s Bitcoin price index. Since then, the price of BTC has fluctuated between $46,000 and $52,000.
Scott Melker, better known as The Wolf Of All Streets on Twitter, a crypto trader and podcaster, provided his opinion on the Bitcoin market on Monday.
According to Melker, crypto’s top asset might stay rangebound between $42,000 and $53,000 for many months. On a general level, the trader identified $53,000 as a price barrier that must be overcome in order for BTC to continue on its upward trajectory.
“Everything between the two figures presently is ranging chop,” Melker noted, “which will send traders into a panic.” “If any of these levels is hit, people will be tremendously bullish at 53K and bearish at 42K.”
The Week’s FUD
Following the Ethereum and Binance Smart Chain vulnerabilities, Bitmart was hacked for $200 million.
Exchange of cryptocurrencies BitMart was the victim of a hot wallet breach, which resulted in the loss of about $200 million in cryptocurrency.
PeckShield, a blockchain security and data analytics startup, initially reported the theft on Sunday after seeing two suspicious transactions totaling $100 million on Ethereum and $96 million on the Binance Smart Chain. The breach, according to the business, was a simple case of transfer out, swap, and wash.
The hackers took over 20 tokens, including Binance Coin, Safemoon, BSC-USD, and BNBPay, as well as a substantial number of meme currencies like BabyDoge and Floki Inu.
The highest punishment for breaking crypto rules in India will be a fine of $2.7 million or 1.5 years in prison.
The local government may soon specify penalties for non-compliance with its impending crypto laws, according to Bloomberg’s Indian affiliate, BloombergQuint. According to the magazine, the penalties may include a maximum fine of 20 crore rupees ($2.7 million) or 1.5 years in prison.
While the regulatory situation in India is still unclear, it has been suggested that Indian investors may soon be forced to transfer their crypto assets to exchanges authorized by the Securities and Exchange Board of India.
Pundits predict that Prime Minister Narendra Modi would set a deadline for crypto investors to comply with the new laws and reveal their holdings before enforcing any misconduct.
Ubisoft’s latest NFT project video receives a 96 percent negative rating from gamers.
After announcing their new NFT project entitled “Quartz” on Wednesday, gaming company Ubisoft received a lot of backlash from the gaming community. Thousands of individuals have threatened to boycott the firm because of what they believe to be a fast cash grab by the company’s followers.
The Assassin’s Creed developer’s YouTube video unveiling the new project and roll-out of useable in-game NFTs called “Digitz” garnered a 96 percent disapproval rating. In fact, user “OperatorDrewski” said that “comments condemning the project earned more likes than the video itself.”
“To me, this is a clear indication that you’re just milking the Ghost Recon series for all it’s worth while putting very little work into the game itself.” If there’s this amount of degeneracy on the squad, I’m not going to play another GR game.”
Cointelegraph’s Best Features
Cookies in the browser are not consent: Following the failure of EU data legislation, a new avenue to privacy has emerged.
Nobody likes cookies: Where the General Data Protection Regulation of the European Union falls short and what may be done.
Austin’s Crypto City Guide
“Because the crypto sector, at least in many people’s thoughts, is essentially a threat to central banks, everything that occurs in banking and finance is important to us.”
What Facebook’s makeover reveals about the ‘Game of Platforms’ in Big Tech
Despite being based on the concept of connectedness, the Metaverse has the potential to disintegrate the internet. The answer resides in the way business is conducted.
Watch This Video-
- vitalik buterin net worth
- ethereum creator