Category Archives: Satoshi Nakamoto
The Payment Privacy Act, Self-custody Crypto Bill, Grupo Cuscatln … – Tekedia
In a surprising move, US Congressman, Warren Davidson has announced that he is working on a new bill that would protect the privacy of online payments and promote the adoption of Bitcoin. The bill, dubbed the Payment Privacy Act, would prevent the government and other third parties from accessing or collecting information about users online transactions, such as their identities, locations, amounts, and purposes.
The Congressman said that he was inspired by the Nakamoto Institute, a research organization dedicated to advancing the ideas of Bitcoin creator Satoshi Nakamoto. He shared a link to the institutes website, where he said he learned about the benefits of Bitcoin as a decentralized, censorship-resistant, and sound money system.
I believe that privacy is a fundamental human right, and that online payments should be no exception. The Payment Privacy Act would ensure that Americans can use the internet to transact freely and securely, without fear of surveillance or interference. It would also encourage the innovation and adoption of Bitcoin, which is the most secure, transparent, and democratic form of money ever created, he said in a statement.
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The Congressman added that he hopes to introduce the bill in the next session of Congress, and that he welcomes feedback and support from his colleagues and constituents. He said that he believes that the Payment Privacy Act would benefit not only individual users, but also businesses, charities, and the economy as a whole.
This bill is not only about protecting privacy, but also about promoting prosperity. By allowing people to use Bitcoin as a medium of exchange, store of value, and unit of account, we can unleash the full potential of this revolutionary technology. Bitcoin is not only a currency, but also a network, a protocol, and a platform for innovation. It can enable new forms of commerce, governance, and social interaction that are more efficient, fair, and inclusive than ever before, he said.
US Congressman Tom Emmer has launched a scathing attack on SEC Chair Gary Gensler, accusing him of being ineffective and incompetent in regulating the crypto industry. In a blog post published on his official website, Emmer said that Genslers lack of clarity and leadership has created uncertainty and confusion for innovators and investors in the digital asset space.
Emmer argued that Genslers approach to crypto regulation is based on outdated and rigid frameworks that do not reflect the dynamic and evolving nature of the technology. He also criticized Gensler for ignoring the calls from Congress and the industry for a balanced and collaborative regulatory framework that fosters innovation and protects consumers.
Emmer said that Genslers failure to provide clear guidance and rules has left the US behind other countries that have embraced crypto and blockchain as a source of economic growth and opportunity. He urged Gensler to listen to the voices of the stakeholders and work with them to create a regulatory environment that supports the development and adoption of crypto in the US.
In a major development for the crypto industry, US Senator Ted Budd has introduced a bill that aims to protect the right of individuals to self-custody their own digital assets. The bill, titled the Financial Technology Protection Act of 2023, would prohibit any federal agency from requiring individuals to use a third-party custodian or intermediary to access or control their own crypto assets.
The bill also establishes a FinTech Leadership in Innovation and Financial Intelligence Program, which would provide grants and incentives for research and development of blockchain and other financial technologies. The program would also support efforts to combat illicit use of crypto and enhance national security.
Senator Budd, who is a member of the Senate Banking Committee and the co-chair of the Congressional Blockchain Caucus, said that the bill is a response to the growing demand for crypto and the need to protect the rights and privacy of users.
Crypto is not only a revolutionary technology, but also a powerful tool for financial inclusion and empowerment. Millions of Americans are using crypto to store their wealth, make payments, access financial services, and participate in the digital economy. They deserve to have the freedom and security to self-custody their own assets, without fear of government interference or coercion, he said.
He added that the bill also recognizes the importance of innovation and leadership in the FinTech sector, and the potential of blockchain and other technologies to enhance efficiency, transparency, and security in the financial system.
The US cannot afford to fall behind in the global race for FinTech innovation and adoption. We need to foster a regulatory environment that supports innovation and protects consumers, while also addressing the national security challenges posed by malicious actors who abuse crypto for illicit purposes. This bill will help achieve these goals and ensure that the US remains at the forefront of the FinTech revolution, he said.
The bill has been referred to the Senate Banking Committee for further consideration. It has also received support from several industry groups and advocates, such as the Blockchain Association, Coin Center, and the Chamber of Digital Commerce.
In a major milestone for the adoption of Bitcoin in El Salvador, the second-largest distributor of consumer goods in the country has announced that it will accept Bitcoin payments for its products and services. The company, Grupo Cuscatln, operates in various sectors, including food, beverages, personal care, household items, and pharmaceuticals. The company has over 2,000 employees and more than 500 distribution points across El Salvador.
Grupo Cuscatln said that it decided to embrace Bitcoin as a way to support the governments initiative to make the cryptocurrency legal tender, as well as to offer more convenience and choice to its customers. The company has partnered with OpenNode, a Bitcoin payment processor, to enable fast and secure transactions using the Lightning Network. Customers can pay with Bitcoin using their Chivo wallet or any other compatible wallet.
The companys CEO, Carlos Hernndez, said that he believes that Bitcoin will bring many benefits to El Salvadors economy and society, such as financial inclusion, innovation, and entrepreneurship. He also said that he hopes that other businesses will follow Grupo Cuscatlns example and adopt Bitcoin as a payment option.
This news comes after El Salvador became the first country in the world to make Bitcoin legal tender on September 7, 2021. The move was met with mixed reactions from the international community and the local population. Some praised it as a bold and visionary step, while others criticized it as risky and irresponsible. The implementation of the law also faced some technical and logistical challenges, such as network outages, protests, and legal disputes.
However, despite the difficulties and controversies, El Salvadors experiment with Bitcoin is still ongoing and attracting attention from other countries and regions that are interested in exploring the potential of the cryptocurrency. According to President Nayib Bukele, more than 2.1 million Salvadorans are using the Chivo wallet, which represents about 32% of the population. He also claimed that Bitcoin transactions have saved the country $400 million in remittance fees.
What are the challenges and opportunities of using bitcoin in El Salvador?
The adoption of bitcoin in El Salvador has been met with mixed reactions from different stakeholders. On one hand, some supporters of the initiative have praised it as a bold and innovative step that could empower millions of people and transform the countrys economy.
They argue that bitcoin offers a more democratic, transparent, and efficient alternative to the traditional financial system, which is often plagued by instability, inflation, and exclusion. They also point out that bitcoin could help El Salvador diversify its sources of income and reduce its reliance on foreign aid and debt.
On the other hand, some critics of the initiative have raised concerns about its feasibility, legality, and impact. They contend that bitcoin is too volatile, risky, and complex to serve as a reliable medium of exchange or store of value. They also question the readiness of the countrys infrastructure, regulation, and education to support such a radical change.
They warn that bitcoin could expose El Salvador to money laundering, tax evasion, cyberattacks, and sanctions from international institutions and partners. They also fear that bitcoin could undermine the countrys monetary sovereignty and fiscal policy.
The adoption of bitcoin in El Salvador is a historic experiment that could have significant consequences for the global cryptocurrency market and the broader financial system. Depending on its outcome, it could either inspire or discourage other countries to follow suit or adopt their own digital currencies. It could also influence the development and regulation of cryptocurrency technology and innovation around the world.
Moreover, the adoption of bitcoin in El Salvador could have important implications for financial inclusion and development. It could either expand or limit the access and opportunities of millions of people who are currently excluded or underserved by the formal financial sector. It could also either enhance or erode their financial literacy, security, and rights.
Ultimately, the success or failure of El Salvadors crypto drive will depend on how well it addresses the needs and expectations of its people and stakeholders, as well as how it adapts to the challenges and opportunities that arise along the way.
It remains to be seen how Bitcoin will impact El Salvadors economy and society in the long term, but for now, it seems that more and more businesses and individuals are willing to give it a try. Grupo Cuscatlns announcement is a clear sign that Bitcoin is gaining traction and legitimacy in the country, and that it may soon become a common and accepted way of paying for goods and services.
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The Payment Privacy Act, Self-custody Crypto Bill, Grupo Cuscatln ... - Tekedia
Crypto Roundup: SBF Guilty On All Counts, Plus: HBD BTC … – Investing Daily
Talk about dichotomies
This week marked two important milestones in the history of cryptocurrency.
Yes, the first milestone Im talking about is the Sam Bankman-Fried trial. Weve dipped in and out of covering this trial over the past month or so. But in case you havent heard the news, the verdict is in.
Ill give you a hint. Remember when we skipped covering the trial one week because I told you he wasnt going anywhere?
I just cant help myself. Anyway, our second milestone has to do with a rather special birthday.
Im talking about Bitcoins birthday.
So, rather than machine-gunning our way through several stories in the crypto realm this week, I thought wed spend some time on each one of these milestones.
Welcome to another edition of Crypto Roundup. Lets get to it!
It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, youll do things differently.
Warren Buffett
With one word from a group of 12 citizens last night, Sam Bankman-Fried (SBF), the former crypto boy wonder, was unceremoniously cemented in history along with the likes of Bernie Madoff and Jordan Belfort.
Guilty.
SBFs fall from grace sent shockwaves across the crypto community. The 31-year-old founder of FTX was convicted on all seven counts of defrauding his cryptocurrency exchanges customers. The deliberations only took four hours.
The courtroom drama took place over a month-long trial in a Manhattan federal court, where the prosecution unveiled an $8 billion theft rooted in sheer greed. During the trial, it was revealed that Bankman-Fried funneled money from FTX to his crypto-centric hedge fund, Alameda Research, despite public assurances of safeguarding customer funds.
The diverted funds were used for speculative ventures, vanity projects, luxury real estate, and hefty political donations to influence politicians and sway crypto legislation. FWIW, you can see how much (and where) SBF contributed in the 2022 midterm elections here, courtesy of OpenSecrets.org.
Bankman-Fried took the stand in his defense, acknowledging some operational missteps but denying any theft of customer funds. However, testimonies from his inner circle painted a different picture. That testimony seemed to resonate with the jury, leading to his conviction.
The gavel fell almost a year after FTX filed for bankruptcy, wiping out Bankman-Frieds staggering $26 billion fortune overnight. The once-celebrated crypto mogul awaits a sentencing date set for March 28, 2024. His defense voiced disappointment but pledged to continue fighting the charges.
But this isnt the end of the rap sheet facing SBF. Bankman-Fried is also queued up for a second trial on fresh charges, including alleged foreign bribery and bank fraud conspiracies.
Once a crypto darling, SBF once graced the cover of magazines. Politicians gladly accepted tens of millions in partisan donations. Celebrities lined up for endorsement deals.
But now, the narrative has flipped. SBFs conviction symbolizes a significant win for the U.S. Justice Department. Keen on purging financial market corruption, the prosecutors emphasized that fraud remains an age-old offense that wont be tolerated despite the newness of the crypto industry.
As Bankman-Fried faces the possibility of decades behind bars, this case underscores the legal boundaries emerging within the burgeoning crypto sector. Perhaps one day, well look back at this trial as a landmark signaling the end of the Wild West days of crypto .
While most of us mark October 31st with costumes and candy, this day has more significance than you might expect.
For example, it was also when Martin Luther issued his 95 theses in Wittenberg, Germany, in 1517, sparking the Reformation.
But thats not all.
On October 31st, 2008, a person (or persons) under the pseudonym Satoshi Nakamoto introduced the world to Bitcoin through a whitepaper titled Bitcoin: A Peer-to-Peer Electronic Cash System.
And just like that, the worlds first cryptocurrency was born fifteen years ago.
This nine-pager wasnt just a blueprint of a new cryptocurrency but a foundation stone for a technology that promised to redefine how we perceive and transfer value in the digital realm. The whitepaper explained the principles of cryptographic hashing, the architecture of blocks, and the timing mechanisms essential for sustaining them.
Among the innovations outlined in the paper is the proof-of-work system stands out (even though it wasnt Satoshis brainchild). Adapting ideas like Adam Backs Hashcash, the proof-of-work concept was tailored to tackle the double-spending issue, ensuring every transaction on the network was validated through consensus instead of a central authority.
As Ive explained before, many people predicted the advent of cryptocurrency before Nakamoto. And some even outlined the broad strokes of how it might function. But it wasnt until Bitcoin came along that we had a potentially functioning global payment rail whose decentralized nature allowed transactions beyond the clutches of government-controlled fiat currency.
So far, the robustness of this model has stood the test of time. Over 15 years, the Bitcoin blockchain has grown in both size and strength. As the network expanded, the mining ecosystem morphed into a domain dominated by massive institutional-grade companies. And today, we have a whos who of traditional finance heavyweights vying for their piece of the pie. Or should we say birthday cake?
Thats all we have for this week. But before I go, I want to make one thing clear
As weve said before, Bitcoin may be the most fascinating and controversial development in money and finance in generations if not centuries. And the underlying blockchain technology has the potential to revolutionize our economy.
We firmly believe that were still in the early stages of that revolution. It will not only change the nature of finance and commerce, but it will also unlock enormous profit opportunities for investors.
While we cant promise youll make the massive profits witnessed from cryptos infancy, we still think some investors still have time to make life-changing gains. Thats why we released a special briefing with all the details you need to know. Go here to see it now.
This article originally appeared on StreetAuthority.com.
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Crypto Roundup: SBF Guilty On All Counts, Plus: HBD BTC ... - Investing Daily
Pioneering the Peer-to-Peer: Bitcoins Role in Reshaping Transactions – Business MattersBusiness Matters
As a trailblazing cryptocurrency, Bitcoin has not only challenged traditional financial norms but has also reshaped the very fabric of transactions. In this article, we delve into the revolutionary world of peer-to-peer transactions powered by Bitcoin, exploring its impact on the global economy, financial inclusivity, security, and the future of transactions. Online trading platforms like Immediate Coraldex often provide risk management tools and features to help traders make informed decisions and safeguard their investments.
At the heart of Bitcoins inception lies the ingenious concept of peer-to-peer transactions. Conceived by the elusive figure known as Satoshi Nakamoto, Bitcoin introduced a decentralized digital currency that operates without the need for intermediaries such as banks or financial institutions. This novel approach enabled individuals to directly exchange value over the internet, laying the foundation for a new era of financial interactions.
Traditional financial systems rely heavily on centralized authorities to facilitate transactions, verify identities, and maintain ledgers. Bitcoin, however, operates on a decentralized network of computers known as the blockchain. Each transaction is recorded on a public ledger that is immutable, transparent, and secure. This decentralization eliminates the need for intermediaries and empowers individuals to have direct control over their transactions.
One of the most profound impacts of Bitcoins peer-to-peer transactions is its contribution to financial inclusivity. In regions with limited access to traditional banking services, Bitcoin offers a lifeline. With just an internet connection, individuals can participate in the global economy, send and receive funds, and access financial services that were previously out of reach. This empowerment has the potential to uplift communities and bridge the gap between the financially privileged and underserved.
The security aspect of Bitcoins peer-to-peer transactions cannot be overstated. Transactions recorded on the blockchain are immutable, meaning they cannot be altered or tampered with. This inherent security feature eliminates the risk of fraud and unauthorized changes, providing a level of trust that traditional systems struggle to match.
Bitcoin transactions rely on cryptographic techniques to secure identities and ensure privacy. Unlike traditional transactions that often require revealing personal information, Bitcoin transactions can be conducted pseudonymously. This anonymity not only safeguards user identities but also reduces the risk of identity theft and fraud.
Bitcoins influence transcends geographical boundaries. Its peer-to-peer nature allows for seamless cross-border transactions without the delays and fees associated with traditional international transfers. As businesses become increasingly globalized, Bitcoin presents itself as a borderless currency that defies the limitations of physical borders.
Bitcoins impact on transactions extends beyond basic peer-to-peer exchanges. The introduction of smart contracts, self-executing contracts with predefined conditions, opens the door to automated transactions. This innovation has implications across various sectors, from supply chain management to real estate, where transactions can be executed with heightened efficiency and reduced human intervention.
Bitcoins value has been characterized by extreme fluctuations, raising concerns about its use as a stable medium of exchange. While its volatility has diminished over the years, it remains a point of consideration for those entering the cryptocurrency space.
The evolving regulatory environment surrounding cryptocurrencies poses both opportunities and challenges. Striking a balance between innovation and adherence to legal frameworks is crucial for the sustained growth of Bitcoin and its role in reshaping transactions.
In the grand tapestry of technological advancements, Bitcoin stands as a testament to human ingenuity and the relentless pursuit of financial innovation. Its peer-to-peer transactions have shattered the barriers of conventional finance, ushering in an era of empowerment, security, and efficiency. As Bitcoin continues to evolve, its influence on reshaping transactions will continue to reverberate across industries and economies, cementing its place as a pioneering force in the digital age.In the wake of this transformative journey, it is evident that Bitcoins role in pioneering peer-to-peer transactions has indeed left an indelible mark on the way we exchange value, transcending boundaries, enhancing security, and propelling us toward a future where transactions are not just transactions, but gateways to a more connected world.
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Sam Bankman-Fried’s FTX fallout and a sudden interest in Bitcoin’s … – City A.M.
Tuesday 07 November 2023 1:42 pm
Data from CryptoCompare shows the price of Bitcoin moved mostly sideways throughout the past seven days, starting it at around $34,300 and rising to $35,100, after seeing a $34,000 low and a $35,500 high over the last week.
Ethereums Ether the second-largest cryptocurrency by market cap steadily moved up throughout the week, starting it at around $1,800 and climbing to near $1,900.
Over the past week, Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, was found guilty of seven counts of fraud and conspiracy after a five-week trial. Bankman-Fried was charged with stealing as much as $10 billion from customers to finance lavish spending that included venture capital investments, real estate, and political contributions.
Bankman-Frieds tentative sentencing date is set for March 28 2024, but he is expected to appeal the guilty verdict, with the counts he was found guilty of carrying a maximum sentence of 110 years.
SBF found guilty on all 7 counts.
Let's remember that he operated "the safe and regulated" exchange, and not a single regulator caught him.
It was, instead, the market, which is not only a great fountain of innovation, but also the best arbiter of discipline and justice.
Over the week, the UKs Financial Conduct Authority (FCA) placed Bitfinex on its warning list of firms suspected of offering financial products or services without the required authorization. On its website, the FCA issued a warning last Friday, urging the public to avoid dealing with Bitfinex, while the exchange responded that it has been in regular and extensive contact with the FCA for the past four months and has taken steps to meet the FCAs regulatory standards.
The exchange has also limited the access of UK visitors to several parts of its website, including to pages offering affiliate programs, staking services, lending services, and more.
Over in the US, cryptocurrency exchange Kraken is set to share some user data with the Internal Revenue Service (IRS) following a June court order it received. The fir noted in an email it expects to share information covered by the courts order in early November 2023.
A legal dispute between Kraken and the IRS led to the data handover, which came after the tax agency got permission from a U.S. federal court in May 2021 to issue a John Doe summons to the exchange and its subsidiaries and Kraken refused to cooperate with it.
Earlier in October, Bitcoins Wikipedia page saw a surge in popularity, reaching the highest number of pageviews since mid-2022. On October 24, it had more than 13,490 pageviews in an increase that came shortly ahead of the 15th anniversary of Bitcoins whitepaper.
The whitepaper was shared by the cryptocurrencys mysterious creator, Satoshi Nakamoto, on a cryptography mailing list on October 31, 2008, after Satoshi said they were working on a new electronic cash system thats fully peer-to-peer, with no trusted third party.
The email started the decentralised Bitcoin network and, 15 years later, the worlds biggest asset manager, BlackRock is looking to launch a spot Bitcoin exchange-traded fund, while Bitcoins market capitalisation is now above $670 billion.
Hopes a spot Bitcoin ETF will soon be approved in the United States have seen the total assets under management (AUM) for digital assets products spike to $31.7 billion in their first increase since July 2023 last month, with AUM for products based on BTC climbing 11.1% to $23.2 billion, according to CCDatas latest Digital Asset Management Review.
Grayscales GBTC discount to net asset value, meanwhile, shrank to its lowest level since December 2021 at 12.6%.
The enthusiasm surrounding the potential approval of a spot Bitcoin ETF in the US has seen asset management and research firm AllianceBernstein forecast Bitcoins price could climb to $125,000 by 2025.
In the stablecoin sector Circle, the issuer of the USDC stablecoin, announced the discontinuation of stablecoin creation for individual accounts, in a move that it noted it wont affect business or institutional accounts.
The firm noted it is now focusing solely on qualified institutional clients, and recommended retail users access USDC through brokerages, cryptocurrency exchanges, and digital wallet services. The company will stop wire transfers and stablecoin creation for individual accounts by the end of November.
This move aligns Circle more closely with its main competitor, Tether, which has long maintained a minimum threshold of $100,000 for minting and redeeming its USDT stablecoin USDC is the second-biggest stablecoin with a supply of $25 billion but has lost a lot of market share this year, dropping 43% of its market capitalisation year-to-date, while Tethers USDT has hit a record high market capitalization above $84 billion.
Francisco Memoria is a content creator at CryptoCompare whos in love with technology and focuses on helping people see the value digital currencies have. His work has been published in numerous reputable industry publications. Francisco holds various cryptocurrencies.
Featured image courtesy of Ever Wild Outdoors Art.
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Sam Bankman-Fried's FTX fallout and a sudden interest in Bitcoin's ... - City A.M.
Hal Finney: Jameson Lopp Busts the Myth About Hal Finney Being Bitcoin Creator Satoshi Nakamoto – CoinGape
Previously, several reports had suggested that Bitcoin creator Hal Finney was the face behind the pseudonymous Bitcoin creator Satoshi Nakamoto. However, the newly surfaced evidence shows that Hal Finney was completing a 10-mile race at a time when Satoshi Nakamoto was conducting transactions on the Bitcoin blockchain and responding to emails.
Jameson Lopp, co-founder of Bitcoin custody firm Casa, expressed skepticism about the aforementioned speculation. In an October 21 blog post, Lopp presented fresh evidence challenging the theory.
Lopps primary evidence revolves around a 10-mile race held in Santa Barbara, California on April 18, 2009. According to race data, Finney participated in the Santa Barbara Running Company Chardonnay 10 Miler & 5K, commencing at 8 a.m. Pacific time and completing the race in 78 minutes.
This race coincides with timestamped emails exchanged between Satoshi and one of the initial Bitcoin developers, Mike Hearn.
During this period, it has been revealed that early Bitcoin developer Mike Hearn was engaged in email correspondence with Satoshi, as evidenced by archived emails Hearn had previously made public.
This new information raises intriguing questions. Satoshi sent an email to Mike at 9:16 AM Pacific time, merely 2 minutes before Hal completed his race. Lopp emphasized, For the entire 1 hour and 18 minutes that Hal was running the race, its highly unlikely that he was simultaneously interacting with a computer or engaged in email communication.
Additionally, Lopp underscored that on-chain data corroborates his argument. Examining Hearns emails with Nakamoto, it is evident that Nakamoto initiated a transaction involving 32.5 BTC during a specific transaction. Notably, this transaction occurred in block 11,408, which was mined at 8:55 AM California time. This is approximately 55 minutes after the start of Hal Finneys race.
Furthermore, Nakamoto confirmed this transaction, along with another one involving 50 BTC, in an email sent at 6:16 PM. Lopp emphasized that this email was sent while Hal Finney was still participating in the race.
Furthermore, the analysis has brought to light the fact that Satoshi Nakamoto was actively engaged in coding and participating in various online forums during a period when Hal Finney was grappling with the effects of Amyotrophic Lateral Sclerosis (ALS), which had significantly impaired his keyboard usage.
Lopp pointed to an August 22, 2010 post made by Hal Finneys former wife, Fran Finney, where she mentioned that the couple had attended the 2010 Singularity Summit in San Francisco on August 14-15. She revealed that due to Finneys ongoing battle with ALS, his typing speed had slowed from a rapid 120 words per minute to a sluggish finger peck.
During the same timeframe, Satoshi Nakamoto conducted four code check-ins and contributed to 17 forum posts between August 14-15, 2010, as outlined by Lopp.
In addition, Lopp highlighted several distinctions between Finneys Reusable Proofs of Work code and the original Bitcoin client code.
Lopp has, however, stated that he welcomes objections to his thesis. He also believes that Bitcoins creation comes from a single developer instead of a group of developers.
Recently Satoshi shared post after years talking about the future of Bitcoin. On the other hand, Australian scientist Craig Wright has been repeatedly claiming to be the real Bitcoin creator. However, hes failed to provide any evidence for the same.
Lopp said: Bitcoin is better off with Satoshis identity remaining unknown. A human can be criticized and politically attacked. A myth will withstand the test of time.
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High Court agrees to amend particulars of claim in January hearing … – Law Gazette
A widely-awaited High Court trial to determine a computer scientist's claim to be the inventor of the bitcoin digital currency will hear evidence of forgery and fraudulent behaviour, a judge ruled today.
Accepting an application to amend particulars of claim inCrypto Open Patent Alliance v Dr Craig Steven Wright, Mr Justice Mellor gave a US-based group of cryptography activists permission to plead that 50 documents purporting to show the development of bitcoin are forgeries. He rejected an argument from Dr Craig Wright, who claims to be bitcoin inventor 'Satoshi Nakamoto', that the late amendment would derail the trial's timetable.
The 'identity issue' trial is widely seen as the high point in a blizzard of litigation arising from the claim by Wright, an Australian computer scientist resident in England, to be the author of the 2008 white paper 'Bitcoin: A Peer-to-Peer Electronic Cash System'. The identity of the author or authors has been the subject of speculation since 'Satoshi Nakamoto' announced he was moving on from the project in 2011. 'Satoshi's' untouched early-minted store of bitcoin would be worth about $35bn today.
In the London trial, claimant the Crypto Open Patent Alliance (COPA) seeks to prove that Wright is not Satoshi while Wright as a claimant will seek to prove to a group of bitcoin developers that he is.A two-month hearing is due to open on 15 January; the court has already made several rulings, including one for security of costs, in the run-up to a case management hearing scheduled for December.
Discussing the latest application to amend particulars of claim, Mellor observed: 'This is an unusual case. Furthermore, it has reached an unusual stage.' Ruling in all but one point for COPA, he said the group should have the opportunity 'to press the essential feature of their claim: that Dr Wright's claim to be Satoshi is fraudulent and, consistenly with that, the documents he relies upon in support of that claim have been forged.'
Meanwhile, the judge continued, Wright must have the opportunity 'to explain why COPA's challenges to his documents are wrong'.He said he would exercise his case management powers to ensure the trial proceeds in January 2024.
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High Court agrees to amend particulars of claim in January hearing ... - Law Gazette
Has Blockchain Innovation Stagnated? – Finance Magnates
Blockchaintechnology appeared on the scene promising to revolutionize industries, upsetconventional institutions, and usher in a new era of transparency anddemocratization. It has demonstrated its potential in a variety of industriesover the last decade, ranging from finance to supply chain management. However,as the initial excitement has worn off, questions have arisen regarding whetherblockchain innovation has genuinely delivered on its early promises or hasstagnated in subsequent years.
The journey ofblockchain began in 2009 with the launch of Bitcoin by an unnamed entity knownas Satoshi Nakamoto. The first of its kind, Bitcoin's blockchain, provided adecentralized digital currency that could be used for peer-to-peer transactionswithout the need for intermediaries such as banks. This breakthrough sparkedenormous interest and enthusiasm, resulting in the establishment of thousandsof cryptocurrencies and blockchain projects.
Blockchaintechnology quickly expanded beyond cryptocurrencies. Smart contracts, which areself-executing agreements with contract rules put directly into code, haveemerged as a focal area of blockchain innovation. Platforms such as Ethereumallowed the creation of decentralized applications (dApps) capable ofautomating numerous functions and procedures.
Blockchain'spromise in industries such as supply chain management, healthcare, and identityverification seemed enticing. It held the promise of streamlining operations,improving security, and increasing transparency. In essence, it was viewed as atechnology that had the potential to alter sectors by removing inefficienciesand lowering the risk of fraud.
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The issues grewin tandem with the euphoria surrounding blockchain. Scalability proved to be asubstantial barrier. During instances of heavy demand, the Bitcoin network, forexample, struggled with poor transaction times and high fees. As more dAppswere launched on Ethereum's platform, similar difficulties arose.
To solve theseissues, efforts were made to build alternative consensus mechanisms, such asproof-of-stake (PoS) and sharding, with the goal of improving scalability andreducing energy usage. While these inventions demonstrated potential, they alsodemonstrated the difficulty in making blockchain technology more efficient andaccessible.
Regulatoryuncertainty is another aspect influencing blockchain innovation. Governmentsand regulatory agencies throughout the world have debated how to categorize andgovern cryptocurrency and blockchain initiatives. This lack of clearlegislative guidelines has generated confusion for businesses and investors,potentially impeding blockchain technology development and adoption.
Initial coinoffers (ICOs), which allowed blockchain projects to raise cash by issuingtokens, were scrutinized by regulators in a number of nations. Some countriesoutright prohibited ICOs, while others imposed stringent rules. Because of theregulatory context, blockchain projects have had to traverse a complexlandscape, limiting their capacity to develop and grow.
In the midst ofthese difficulties, enterprise blockchain solutions have emerged as a viableavenue for innovation. Major corporations and consortia began investigating theuse of blockchain technology to streamline operations and improve transparency.
Hyperledger, aLinux Foundation-hosted open-source collaborative initiative, gathered togetherindustry leaders to develop enterprise-grade blockchain solutions. Projectssuch as Hyperledger Fabric and Hyperledger Sawtooth have gained interest in avariety of industries, including supply chain management, healthcare, andfinance.
The question iswhether blockchain innovation has stalled in recent years. The solution iscomplicated. While the initial passion and exponential growth observed in theearly days of blockchain have subsided, innovation in the blockchain industryhas not slowed.
Blockchaintechnology is constantly discovering new use cases and applications.Decentralized finance (DeFi) has gained traction in the finance sector,allowing users to lend, borrow, trade, and earn interest on cryptocurrencieswithout relying on traditional financial intermediaries.
Non-fungibletokens (NFTs), which are one-of-a-kind digital assets commonly utilized fordigital art and collectibles, have gained mainstream attention and demonstratedblockchain technology's promise in the creative and entertainment industries.
One of the mostrecent blockchain advancements is the emphasis on interoperability andcross-chain solutions. Polkadot and Cosmos are two projects that aim to buildnetworks that promote communication and data sharing between numerousblockchains. This method enables developers to create applications that canconnect with many blockchains, thus opening up new possibilities and use cases.
Privacy haslong been a major concern in the blockchain community. Innovations inprivacy-focused blockchain projects such as Monero, Zcash, and Mimblewimble aimto improve transaction privacy and anonymity. These initiatives take a newapproach to blockchain innovation, concentrating on privacy and security.
The usage ofblockchain and cryptocurrencies by institutions has also increased significantly.JPMorgan Chase and Goldman Sachs, for example, have begun to offercryptocurrency-related services to its clients. This institutional engagementindicates that the blockchain ecosystem is growing and that its potential worthis being recognized.
There are stillobstacles to overcome:
Whileblockchain innovation is ongoing, problems remain. As previously said,scalability is a critical issue that requires continual attention. Someblockchain networks' energy consumption, particularly proof-of-work (PoW)systems like Bitcoin, has prompted environmental concerns.
Interoperabilityacross blockchains is still a difficult topic to tackle, and creating seamlesscommunication between dissimilar networks is an ongoing task.
VitalikButerin, Ethereum's co-founder, recently shared hisinsights on the future of the Ethereum platform and the broadercryptocurrency landscape. His primary concern revolves around the potentialstagnation of the crypto industry due to a lack of ongoing innovation. Buterinemphasizes the need for continuous progress to prevent the abandonment ofambitious goals like enhancing privacy and open internet infrastructure.
Blockchain'smaturation is a key theme in Buterin's perspective. He stresses the importanceof proactively achieving privacy and open internet infrastructure goals ratherthan becoming complacent in a competitive crypto landscape.
Buterin'sinsights also reflect a growing preoccupation with blockchain technology's rolein transforming the digital world. As the crypto space matures, addressingconcerns related to innovation and blockchain's role in the broader technologylandscape is imperative. Buterin's commitment to blockchain's ethicaldevelopment aligns with the crypto community's principles, aiming for a moreinclusive, secure, and technologically advanced future.
To summarize,blockchain innovation has not stagnated, but rather progressed and matured overtime. The initial euphoria of blockchain initiatives and their quick expansionhas given way to a more thoughtful and measured approach to innovation.
Blockchaintechnology continues to have enormous potential in a variety of industries, andits progress will almost certainly result in new and unexpected uses. Whilescalability and regulatory ambiguity remain obstacles, continuing research anddevelopment initiatives are aggressively addressing these issues.
The blockchainindustry is approaching a period in which real-world adoption and realistic usecases are taking center stage. It will be intriguing to see how blockchaintechnologies impact sectors, economies, and communities around the world as thetechnology matures. In the end, blockchain's journey has been one ofperseverance and adaptation, and it remains a technological and financial forceto be reckoned with.
Blockchaintechnology appeared on the scene promising to revolutionize industries, upsetconventional institutions, and usher in a new era of transparency anddemocratization. It has demonstrated its potential in a variety of industriesover the last decade, ranging from finance to supply chain management. However,as the initial excitement has worn off, questions have arisen regarding whetherblockchain innovation has genuinely delivered on its early promises or hasstagnated in subsequent years.
The journey ofblockchain began in 2009 with the launch of Bitcoin by an unnamed entity knownas Satoshi Nakamoto. The first of its kind, Bitcoin's blockchain, provided adecentralized digital currency that could be used for peer-to-peer transactionswithout the need for intermediaries such as banks. This breakthrough sparkedenormous interest and enthusiasm, resulting in the establishment of thousandsof cryptocurrencies and blockchain projects.
Blockchaintechnology quickly expanded beyond cryptocurrencies. Smart contracts, which areself-executing agreements with contract rules put directly into code, haveemerged as a focal area of blockchain innovation. Platforms such as Ethereumallowed the creation of decentralized applications (dApps) capable ofautomating numerous functions and procedures.
Blockchain'spromise in industries such as supply chain management, healthcare, and identityverification seemed enticing. It held the promise of streamlining operations,improving security, and increasing transparency. In essence, it was viewed as atechnology that had the potential to alter sectors by removing inefficienciesand lowering the risk of fraud.
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The issues grewin tandem with the euphoria surrounding blockchain. Scalability proved to be asubstantial barrier. During instances of heavy demand, the Bitcoin network, forexample, struggled with poor transaction times and high fees. As more dAppswere launched on Ethereum's platform, similar difficulties arose.
To solve theseissues, efforts were made to build alternative consensus mechanisms, such asproof-of-stake (PoS) and sharding, with the goal of improving scalability andreducing energy usage. While these inventions demonstrated potential, they alsodemonstrated the difficulty in making blockchain technology more efficient andaccessible.
Regulatoryuncertainty is another aspect influencing blockchain innovation. Governmentsand regulatory agencies throughout the world have debated how to categorize andgovern cryptocurrency and blockchain initiatives. This lack of clearlegislative guidelines has generated confusion for businesses and investors,potentially impeding blockchain technology development and adoption.
Initial coinoffers (ICOs), which allowed blockchain projects to raise cash by issuingtokens, were scrutinized by regulators in a number of nations. Some countriesoutright prohibited ICOs, while others imposed stringent rules. Because of theregulatory context, blockchain projects have had to traverse a complexlandscape, limiting their capacity to develop and grow.
In the midst ofthese difficulties, enterprise blockchain solutions have emerged as a viableavenue for innovation. Major corporations and consortia began investigating theuse of blockchain technology to streamline operations and improve transparency.
Hyperledger, aLinux Foundation-hosted open-source collaborative initiative, gathered togetherindustry leaders to develop enterprise-grade blockchain solutions. Projectssuch as Hyperledger Fabric and Hyperledger Sawtooth have gained interest in avariety of industries, including supply chain management, healthcare, andfinance.
The question iswhether blockchain innovation has stalled in recent years. The solution iscomplicated. While the initial passion and exponential growth observed in theearly days of blockchain have subsided, innovation in the blockchain industryhas not slowed.
Blockchaintechnology is constantly discovering new use cases and applications.Decentralized finance (DeFi) has gained traction in the finance sector,allowing users to lend, borrow, trade, and earn interest on cryptocurrencieswithout relying on traditional financial intermediaries.
Non-fungibletokens (NFTs), which are one-of-a-kind digital assets commonly utilized fordigital art and collectibles, have gained mainstream attention and demonstratedblockchain technology's promise in the creative and entertainment industries.
One of the mostrecent blockchain advancements is the emphasis on interoperability andcross-chain solutions. Polkadot and Cosmos are two projects that aim to buildnetworks that promote communication and data sharing between numerousblockchains. This method enables developers to create applications that canconnect with many blockchains, thus opening up new possibilities and use cases.
Privacy haslong been a major concern in the blockchain community. Innovations inprivacy-focused blockchain projects such as Monero, Zcash, and Mimblewimble aimto improve transaction privacy and anonymity. These initiatives take a newapproach to blockchain innovation, concentrating on privacy and security.
The usage ofblockchain and cryptocurrencies by institutions has also increased significantly.JPMorgan Chase and Goldman Sachs, for example, have begun to offercryptocurrency-related services to its clients. This institutional engagementindicates that the blockchain ecosystem is growing and that its potential worthis being recognized.
There are stillobstacles to overcome:
Whileblockchain innovation is ongoing, problems remain. As previously said,scalability is a critical issue that requires continual attention. Someblockchain networks' energy consumption, particularly proof-of-work (PoW)systems like Bitcoin, has prompted environmental concerns.
Interoperabilityacross blockchains is still a difficult topic to tackle, and creating seamlesscommunication between dissimilar networks is an ongoing task.
VitalikButerin, Ethereum's co-founder, recently shared hisinsights on the future of the Ethereum platform and the broadercryptocurrency landscape. His primary concern revolves around the potentialstagnation of the crypto industry due to a lack of ongoing innovation. Buterinemphasizes the need for continuous progress to prevent the abandonment ofambitious goals like enhancing privacy and open internet infrastructure.
Blockchain'smaturation is a key theme in Buterin's perspective. He stresses the importanceof proactively achieving privacy and open internet infrastructure goals ratherthan becoming complacent in a competitive crypto landscape.
Buterin'sinsights also reflect a growing preoccupation with blockchain technology's rolein transforming the digital world. As the crypto space matures, addressingconcerns related to innovation and blockchain's role in the broader technologylandscape is imperative. Buterin's commitment to blockchain's ethicaldevelopment aligns with the crypto community's principles, aiming for a moreinclusive, secure, and technologically advanced future.
To summarize,blockchain innovation has not stagnated, but rather progressed and matured overtime. The initial euphoria of blockchain initiatives and their quick expansionhas given way to a more thoughtful and measured approach to innovation.
Blockchaintechnology continues to have enormous potential in a variety of industries, andits progress will almost certainly result in new and unexpected uses. Whilescalability and regulatory ambiguity remain obstacles, continuing research anddevelopment initiatives are aggressively addressing these issues.
The blockchainindustry is approaching a period in which real-world adoption and realistic usecases are taking center stage. It will be intriguing to see how blockchaintechnologies impact sectors, economies, and communities around the world as thetechnology matures. In the end, blockchain's journey has been one ofperseverance and adaptation, and it remains a technological and financial forceto be reckoned with.
Original post:
Bitcoin: more good news on ETF from Grayscale – The Cryptonomist
More good news for bitcoin today: the DC Circuit Court of Appeals has finally formalised Grayscales victory over the SEC in the case involving its application to convert GBTC into a spot bitcoin ETF.
With this sentence, the judges opinion on the matter can no longer be appealed.
Grayscale is the company that created and manages the worlds largest bitcoin fund.
This is the Grayscale Bitcoin Trust (GBTC), which to date holds more than 621,000 BTC. Excluding Satoshi Nakamoto, of whom all traces have been lost for more than 12 years, it is the largest holder of bitcoin in the world, well ahead of MicroStrategys 158,000 BTC.
It has been around for many years, but it is not an ETF. It is still a secured fund that tracks the price movement of the underlying asset, but it is only listed OTC and not on traditional exchanges.
Some time ago, Grayscale asked the SEC to approve the conversion of its GBTC into a true spot bitcoin ETF, and the SEC refused.
The company then sued the SEC and eventually won.
According to the Court of Appeals, the SEC did not have sufficient grounds to deny the application, and therefore the SECs decision in this regard was overturned.
Although the ruling did not explicitly order the SEC to approve Grayscales application, the most obvious outcome of this case would be for the SEC to admit that it did not have sufficient grounds and proceed with approval.
Moreover, the SEC could theoretically have appealed to the same court, and if it had intended to resist to the end, it probably would have done so.
Instead, it decided not to appeal, effectively accepting the decision.
And so, yesterday, the Court of Appeals was able to issue its final and irrevocable judgment, finding Grayscale right and the SEC wrong.
This now final ruling effectively orders the agency to reverse its rejection of Grayscales application, although it does not explicitly order it to approve it.
It is now up to the SEC to decide the matter again.
At this stage, it is expected to approve the application, although there is theoretically a small possibility that it could find other reasons to reject it again.
In other words, this final ruling is by no means a prerequisite that makes the approval of Grayscales Bitcoin Spot ETF inevitable, but it does make it extremely likely that it will happen.
The issue is not limited to Grayscales GBTC, as there are several similar applications that the SEC will have to decide on.
There is speculation that it may decide to approve them all en bloc, so as not to give any one manager a head start over the others.
In addition, it appears that BlackRock is already making concrete preparations for the launch of its spot bitcoin ETF, suggesting that approval may be imminent.
However, it is not certain that all of these applications will be equally likely to be approved.
It is assumed that all those that the SEC can no longer oppose will be approved at once, starting with Grayscales and BlackRocks.
However, some of the others may be flawed or may not meet all the requirements, so some may even be rejected.
At the moment, however, it appears that at least two applications (BlackRock and Grayscale) have all the requirements to be approved.
The rise in the price of bitcoin over the past few days could be a trivial way of saying that the markets have already priced in the approval of spot bitcoin ETFs.
On the other hand, BTCs dominance has risen to its highest level in two years, with BTC setting a new annual record for 2023 and ETH not.
At this point, it is hard to imagine that the definitive news will push bitcoins price any higher, although in theory there is still some room for growth in the short term.
However, the biggest impact will be in the medium to long term, particularly over the next two to three years.
The spot bitcoin ETFs are, in fact, directly backed by BTC, forcing their managers to buy bitcoins on the market and hold them to cover the value of all the shares issued.
Add to this the fact that the fourth halving of bitcoin will take place in six months time, and the picture for 2024/2025 becomes quite interesting.
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Bitcoin: more good news on ETF from Grayscale - The Cryptonomist
All Crypto Is A Scam – Just Take The Right Position In It. Unique … – NullTX
The markets going down the drain, crypto folks are clueless about where to put their cash, dont know who to listen to, everythings messed up, its another crypto-winter
But here comes the ray of hope! Heres the one whos gonna bring us another bull run People like to call him the next Satoshi Nakamoto because he casually dropped the idea of Bitcoins price going down to $15,000.
Check out the Odyssey public group a hidden gem community with mind-blowing knowledge led by Odyssey, a battle-hardened trader and crypto market mastermind.
Odyssey is no ordinary figure in the crypto scene. Hes a seasoned market maker whos providing invaluable market insights to his community, and he does it at no cost.
Crypto is like a pyramid, and everything is a pyramid; its just a matter of its strength and reliability, and where you manage to position yourself within that pyramid. Odyssey
Still, a knack for spotting market signals has made Odyssey an expert, eventually leading him to become a market maker himself. Seeing through the complexities of market psychology and crowd behavior, Odyssey was willing to share his wisdom with his followers.
This is how the Odyssey Telegram channel was born, and its audience has grown exponentially since then. The insights gained from the community have helped many members achieve their financial goals and even change their lives.
Armed with experience and knowledge gained through his crypto voyage, Odyssey launched several ventures including Grimace, an audited project with transparent tokenomics that has already shown an x19 surge in August 2023 in record time as little as 1.5 weeks. Grimace has achieved a peak daily trading volume of $60,000,000, with a holder count exceeding 10,000.
Ive seen how tokens are created, how theyre deployed, and how they are managed, and I know all the intricacies. Thats why I created Grimace, leveraging my extensive knowledge of how it all works from the inside. Odyssey
The Odyssey public group thrives on the unprecedented communitys engagement and retention. The channels following continues to soar, with a remarkable weekly growth rate of 12%.
The real foundation, the only foundation that exists in the entire crypto space, is the community. This doesnt just apply to crypto; it works everywhere. Its only the community, the belief, the dedication, and the passion of people that give meaning and life to anything. Odyssey
So, why embark on this crypto Odyssey? First and foremost, what Odyssey brings to the table are an explanation of market mechanisms and hints about where it is heading, the wisdom that you wont find anywhere else. Were talking about precious knowledge that often stays hidden from the prying eyes of the mainstream. In a volatile market, Odysseys invaluable insights foresee surges in select assets even amidst a stumbling market, and his track record of accurate predictions speaks volumes.
Second, the Odyssey Telegram channel isnt a place to be a passive observer; instead, youll be part of the action. Engage in thrilling contests with huge money prizes, dive into heated discussions about Odysseys project plans and roadmap insights, and attend regular Ask Me Anything (AMA) sessions and ambassador talks. Its an arena where your engagement knows no bounds.
But perhaps the real charm of this community lies in the no-holds-barred approach. Odyssey never holds back in expressions, and insights come with a side of sarcasm and post-irony that you simply wont find anywhere else. Delve into Odysseys world, where conventional knowledge is defied, and the extraordinary becomes the norm.
Unlike many shady groups with buy signals out there, Odyssey stays on point. As a market maker, Odyssey is all about sharing the real deal on the market, not pushing you to buy stuff. And folks can actually turn these hints into profit.
What began as a diary where Odyssey chronicled his thoughts on market movements has evolved into an engaged community of like-minded individuals, and its audience continues to grow. With global reach, extraordinary opportunities open to members, and dedication of the audience, Odyssey is poised for further expansion.
Im at a stage in my life where the result and profit are no longer measured in money. Its not about six-figure sums anymore. Yes, I am the creator of Grimace, the creator of Odyssey, a large-scale project with a multi-million dollar market cap. But success is no longer measured in that. Its more about respect, the warmth of human connection I receive as a token of gratitude for what I do. Odyssey
Uncertainty is the only constant in the ever-shifting crypto landscape. Fortunately, with Odysseys guidance, you can navigate these treacherous waters with confidence. Whether youre a seasoned trader or a newcomer, Odysseys insights can be your treasure map to the future of finance.
So, if you ever find yourself lost in the crypto maze, remember that Satoshi Odyssey is your guiding light, ready to steer you towards profitable shores with a generous dose of humor.
Why wait? Join a vibrant community led by a renowned crypto influencer and experienced market maker. Seize this opportunity become a part of the Odyssey public group today!
Twitter https://twitter.com/GrimaceOdysseus
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosurehere.
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All Crypto Is A Scam - Just Take The Right Position In It. Unique ... - NullTX
Top 10 Crypto Millionaire Stories: Shaping the Crypto World – Geeks World Wide
Summary
Discover the top 10 crypto millionaire stories and how their journeys have shaped the crypto world. From the enigmatic founder Satoshi Nakamoto to the visionaries behind Ethereum and Ripple, these individuals have made lasting contributions to the industry. Explore lessons learned from their success and how they have influenced innovation, adoption, and understanding in the crypto space.
The world of cryptocurrency has seen its fair share of astounding success stories, with individuals who invested in digital currencies early on becoming crypto millionaires. These pioneers have not only amassed wealth but have also played a pivotal role in shaping the crypto landscape. In this article, well explore the top 10 crypto millionaire stories and delve into how their journeys have left an indelible mark on the crypto world.
1. Satoshi Nakamoto: The Enigmatic Founder2. The Winklevoss Twins: From Facebook to Bitcoin3. Vitalik Buterin: Ethereums Visionary4. Barry Silbert: Crypto Investment Mogul5. Brian Armstrong: Building Coinbase6. Charlie Lee: The Creator of Litecoin7. Chris Larsen: Ripples Architect8. Jed McCaleb: Stellar Lumens and Ripple9. Andreas Antonopoulos: The Bitcoin Advocate10. Gavin Andresen: A Bitcoin Pioneer
These 10 crypto millionaire stories are more than just tales of financial success; they have each made significant contributions to the crypto world. Satoshi Nakamotos creation of Bitcoin birthed the entire industry, while the Winklevoss twins and Vitalik Buterin pioneered institutional investment and smart contracts. Entrepreneurs like Brian Armstrong and Charlie Lee made cryptocurrencies accessible and offered unique use cases, respectively. Innovators like Chris Larsen and Jed McCaleb addressed real-world financial issues, while advocates like Andreas Antonopoulos spread awareness. The crypto millionaire stories in this list have collectively shaped the direction of the crypto world, fostering innovation, adoption, and understanding. Their journeys have had a lasting impact, and they continue to be instrumental in the ongoing evolution of cryptocurrencies and blockchain technology. As the crypto space grows, we can expect new crypto millionaire stories to emerge, each with its unique imprint on this transformative industry.
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Top 10 Crypto Millionaire Stories: Shaping the Crypto World - Geeks World Wide