Americans Trade Depreciating Dollars For Bitcoin

A Bloomberg article claims that Americans are foregoing the safety of the dollar for more speculative assets like stocks, gold, and Bitcoin (BTC). High saving rates, low yields Because of the COVID-19 lockdown, the personal savings rate in the U.S. is at a historic high. The yield offered by the financial institutions on savings accounts, however, is close to zero. At the same time, assets as Bitcoin, equities, and gold, all have made double-digit gains since March. This is making them an attractive option for investors. Source: Bloomberg. The article…

Future Lotteries Could Benefit From ETH 2.0’s Randomness

Discussing Ethereum’s (ETH) hackathon in partnership with the Colorado State Lottery, Vitalik Buterin opined that in the future, such lotteries could benefit from Ethereum 2.0’s Verifiable Delay Function. No immediate use for Ethereum in the project The Ethereum creator will be one of the guests at the virtual opening ceremony for the Colorado State Lottery GameJam Hackathon. Jared Polis and Chainlink’s co-founder, Sergey Nazarov, will also be inattendance. Buterin does not believe that the Colorado Lottery will immediately start using the Ethereum blockchain for its games of chance, but suspects…

Big Tech, Central Banks and the Hunt for Monopolies, July 24-31

Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law.  Editor’s note The concept of monopoly will reign in today’s Law Decoded. As a fundamental principle, blockchain technology is about distributing both inputs and outputs of information securely. In its still very young lifecycle, the technology has proven to have boundless applications on the basis of this fairly simple principle.  A secondary principle is decentralization, and in this way, blockchain technology seems inherently opposed to monopolies. The big challenge of Bitcoin’s…

A 17 Year Old Was Just Arrested in Connection With Twitter’s Recent Hack

Authorities have taken a teen into custody, believing him to be the brains behind the recent Twitter breach. Authorities have taken a 17-year old into custody, claiming the not-yet-adult as the brains behind the recent massive Twitter breach.  “Early this morning, the FBI, IRS, US Secret Service, and Florida law enforcement placed a 17-year-old in Tampa, Florida, under arrest — accusing him of being the ‘mastermind’ behind the biggest security and privacy breach in Twitter’s history,” a July 31 article from The Verge said. The massive exploit saw many top…

DeFi User Base Needs to Be More Decentralized, Says Former ConsenSys Exec

At a Kraken-hosted webinar titled “DeFi-ing expectations: the future of Ethereum,” panelists discussed the rise of decentralized finance, its defining features and how to measure its success. The webinar was held on July 31 and featured known DeFi influencers Anthony Sassano, co-founder of EthHub.io, Ryan Sean Adams, founder of Mythos Capital, Andrew Keys, managing partner at Darma Capital and former ConsenSys executive, and William Mougayar, an early Ethereum investor and former advisor to the Ethereum Foundation. Pete Rizzo, editor-at-large at Kraken, moderated the panel, often asking somewhat provocative questions about…

What To Expect If Bitcoin Forms Three White Soldiers On Weekly Timeframes

Bitcoin price this week exploded through resistance at $10,000 and blasted to a high of $11,400. The cryptocurrency is now consolidating below that level, gearing up for what one crypto analyst expects to be a follow up nearly one and a half times the size of this week’s rally. Will the cryptocurrency close a “Three White Soldiers” formation, and if it does, what can be expected for price action in the days and weeks ahead? Bitcoin Price Weekly Structure Looks Set For Bullish Uptrend Pattern, Claims Crypto Analyst In response…

Decentralized Exchange Bancor Officially Launches Upgraded V2 Platform

The Bancor project has launched a heavily upgraded version of its decentralized exchange, promising to solve what it calls “DeFi’s dirty little secret.” According to a blog post released on Friday, the contracts have been deployed to mainnet in a beta launch mode. Each pool will have its liquidity capped to $1 million until a “pool manager” permanently removes the limitation when it is confirmed safe. As Cointelegraph previously reported, the exchange mitigates the issue of impermanent loss, where liquidity providers could lose some of their money as prices for…

This Indicator Predicted the 2017 and 2019 Bitcoin Rallies; It Just Flashed Again

Bitcoin is currently flashing some signs of strength as it continues consolidating within the lower-$11,000 region. Overnight, bears attempted to push the digital asset below $11,000, but this dip was met with significant buying pressure that subsequently allowed it to climb higher. Analysts are widely noting that the resistance found within the mid-$11,000 region remains a crucial hurdle that the cryptocurrency may continue struggling to surmount. Because BTC is consolidating above its support throughout the upper-$10,000 region, it does seem as though it may be well-positioned to push higher in…

Chainlink Partners With State of Colorado to Help Create A New Lottery Game

Chainlink (LINK) and the State of Colorado have partnered on a hackathon with the goal of creating a new lottery game. There are $17,500 in prizes available for three winners, plus an additional $8,500 in Web3 bonus prizes sponsored by Chainlink. $1 billion revenue goal for Colorado Lottery The Colorado Lottery has created a GameJam Hackathon that is open to participants from around the world. The state lottery hopes that the new innovative games will help it “reach its $1 billion revenue goal to fund outdoor recreation, land conservation and…