Ethereum blockchain upgrade, crypto regulation struggle, and Bitcoin price discussion: Hodler’s Digest, August 1-7

Come every Saturday, Hodler’s Digest Will help you keep track of every important news report that happened this week. The best (and worst) quotes, adoption and regulatory focus, leading tokens, forecasts, etc.-Cointelegraph for the week on a link.

Headlines this week

Square acquires Australian financial technology Afterpay for US$29B

Jack Dorsey’s digital payments company Square reached a $29 billion stock transaction this week to buy Australian buy-and-pay (BNPL) company Afterpay.

Just like the name of Afterpay This means that Square will basically buy the company now and pay later. The transaction is scheduled for the first quarter of 2022 and will be paid entirely in Square common stock.

Bitcoin (Bitcoin) Supporter Anthony Pompliano is very satisfied with the news and pointed out in his web series Best business show Square is one of the only stocks he owns because he predicts the company’s Valuation will explode After the acquisition.

In the YouTube video on August 3, Pomp’s pure and thorough clickbait titled “SQUARE’s value will reach 1 trillion US dollars”, he emphasized the promotion of Afterpay’s BNPL service to 70 million cash app users and Potential parties with 2 million users.

Ethereum London hard fork goes live

The London hard fork arrived almost as scheduled on August 5, ushering in the Ethereum improvement proposal 1559. An interesting feature of the upgrade is that it also ushered in some bullish sentiment from Ethereum (Ethereum) Supporters and some sour grapes from Bitcoin maxis.

Ethereum has now transitioned from an auction-based fee market to a fixed price and burning mechanism. If more ETH is burned than the number of block rewards issued, the assets may experience deflation.However, after switching to ETH 2.0 Proof of Stake. If the asset is really deflationary, it will reach the state of “ultrasonic currency”, which is also a term Long-running memes In the ETH community, since the supply of Bitcoin is capped at 21 million, people who mock Bitcoins describe BTC as a sound currency.

BREAKING: The White House confirms support for minor changes to the crypto tax proposal

The White House officially supports last-minute amendments to the controversial US infrastructure plan, which proposes to expand the taxation of cryptocurrencies to raise additional funds. $28 billion in revenueThe amendment maintains strict reporting requirements for blockchain developers and verifiers, while exempting miners.

However, the amended vague wording and lack of clearly defined terms indicate that cryptocurrency developers and proof-of-stake verifiers will still be subject to expanded reporting and taxation that some people call “infeasible.”

For some reason, the members of the White House seem to intend to combat tax evasion in the encryption field without understanding the nuances of the encryption industry. They also seem to ignore the blatant slander of the system by multinational giants, which are essentially paying zero taxes while drawing capital from the people’s pockets.

Mike Novogratz criticizes U.S. officials for their lack of control over the crypto industry

In the context of imminent cryptocurrency regulations, it is likely to increase taxes and reduce profits. Galaxy Digital’s CEO Mike Novogratz responded to Senator Elizabeth Warren’s reference to cryptocurrency In response to the “Wild West of the American Financial System” remarks.

Of course, the billionaire cryptocurrency supporter’s remarks were posted via social media, Novogratz said on Twitter on August 3 assertion Most U.S. officials do not know what they are talking about when they talk about cryptocurrencies:

“Cryptocurrency is the future of our financial system, and our citizens are worthy officials do their homework to understand this new technology. Most of our leaders have not yet done so. We also need regulators and politicians who understand that new ideas require room for growth. .”

Circle and Unstoppable Domains introduce username-based USDC payment

Circle and Unstoppable Domains are working hard to introduce username-based addresses as an alternative to lengthy alphanumeric encrypted wallet addresses to help people who don’t know much about technology, that is, novices and baby boomers.

According to the announcement on August 4, the blockchain domain name provider Unstoppable Domains and the stable currency issuer Circle are cooperating to issue a readable “.coin” username for USD Coin (USDC) Transfer.

As part of the partnership, the two companies will work together to support .coin username extensions across wallets and cryptocurrency exchanges, listing the second-ranked stablecoin.

Under this arrangement, USDC transfers will be similar to sending emails, which may alleviate the problems of transferring coins to the wrong address, permanent loss of funds, and regrets due to lack of due diligence.

Winners and losers

This weekend, Bitcoin is located at 42,651 USD, Ether USD 2,867 And XRP in 0.74 USD. Total market capitalization 1.73 trillion US dollars, according to To CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three altcoin beneficiaries this week are Voyager Token (VGX) 94.22%, THORChain (Rune) 50.69% and Ravencoin (RVN) 44.13%.

The top three altcoin losers this week are Amp (ampere) -14.97%, the new financial network (XDC) -4.74% and Telcoin (Telephone) -1.66%.

For more information on encryption prices, be sure to read Cointelegraph’s market analysis.

The most memorable quotes

“We can see Bitcoin on the balance sheets of cities, states, governments, companies, small businesses [and] Big investor. “

Michael Sayler, MicroStrategy CEO

“We are now entering a world where we have these irreplaceable software objects. These objects have unique identities, can actually receive money, pay money, and participate in governance, whether in a decentralized autonomous organization or in other Type of government that can manage itself.”

Joe Rubin, Founder and CEO of ConsenSys

“I spend five hours a day dealing with everything from regulation to licensing and everything in between.”

Sam Bankman-Fried, FTX CEO

“First of all, encrypted assets provide digital and scarce tools for speculative investment. Therefore, in this sense, one can say that they are highly speculative stores of value.”

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission

“Encryption is a bit like the parable of the blind and the elephant. People touch it in different ways. They get distracted, forget about it, and are full of energy on these different topics.”

Mark Anderson, Andreessen Horowitz, general partner and co-founder

“If you point a gun at my head and you say,’I can only have one.’ I would choose gold.”

Ray Dario, Billionaire hedge fund manager

“So we are very clear here that the US Securities and Exchange Commission has no authority over pure commodities or their trading venues, whether these commodities are wheat, gold, oil… or #crypto assets.”

Brian Quintense, US CFTC Commissioner

“The more people who have stablecoins in their pockets, the more people will participate in decentralized finance.”

Matthew Gould, Unstoppable Domain CEO

Forecast this week

The Bitcoin chart fractal shows that the price of BTC will rise to at least $80,000 by September

If this latest BTC bullish prediction turns out to be true, then Bitcoiners may soon be able to start driving their Lambo on the moon.

Independent market analyst Nunya Bizniz issued a bullish forecast on August 1, because they emphasized that about 40% of the recent rally in late July included 10 consecutive days of cute green candles instead of those A lot of scary red candles.

The analyst pointed out that each of the previous 10-day bull market for BTC ended in at least 100% price increase within 30 to 60 days. Therefore, if history repeats itself, the price of Bitcoin may double and soar to an all-time high near $80,000.

FUD this week

According to reports, South Korean regulators will close 11 cryptocurrency exchanges

There was news this week that the Financial Services Commission or FSC, South Korea’s top financial regulator, plans to close more than a dozen local cryptocurrency exchanges. South Korea’s cryptocurrency regulations may become stricter due to suspected fraud.

According to local media reports, FSC will suspend the operation of at least 11 medium-sized cryptocurrency exchanges in South Korea due to suspected illegal activities and fraudulent collective accounts.

The publication quoted anonymous industry sources as saying that the name of the exchange has not been disclosed, so Koreans will not know exactly how to FUD until the name is revealed. Sources believe that the aforementioned cryptocurrency exchanges will not be able to obtain FSC’s operational approval.

The report also pointed out that the authorities are planning to implement stricter regulations on small cryptocurrency exchanges in South Korea, which means that any company that wants to participate in illegal activities must do so on a large scale.

Former Monero defender arrested in the U.S. on allegations unrelated to cryptocurrency

Speaking of alleged illegal behavior, Riccardo Spagni, the former defender of Monero (Riccardo Spagni) (XMR) Cryptocurrency, arrested in Nashville, Tennessee last month, but has nothing to do with cryptocurrency.

During his tenure as an information technology manager in South Africa from 2009 to 2011, Spani faced fraud charges related to suspected crimes when he was an information technology manager at a company called Cape Cookies.

Allegedly, Spagni forged additional invoices from Cape Cookies suppliers, which included inflated prices for goods and services, as well as his bank details, rather than supplier details. He is now facing a hearing on August 5 to determine whether he is being detained and awaiting trial. If convicted in South Africa, he will face 20 years in prison.

Sudden: BSV reportedly suffered a “large-scale” 51% attack

According to reports, Bitcoin SV suffered a “large-scale” 51% attack on August 3, resulting in the simultaneous mining of three versions of the chain.

Speaking of the attack, Lucas Nuzzi, Network Data Product Manager at Coin Metrics, stated on Twitter that “someone is seriously trying to destroy BSV,” adding:

“In more than 3 hours, the attacker was able to take over the chain. All exchanges that received BSV deposits during this period may have been double spent.”

Best Cointelegraph features

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