Anonymous Bitcoin founder commemorated in Budapest with bronze featureless statue

bitcoin founder statue hungary
The statue of Bitcoin’s founder is unveiled in Budapest, Hungary.

  • A statue of the unknown founder of Bitcoin was unveiled in Hungary to honor blockchain and cryptocurrency.
  • The faceless statue is the first honoring the bitcoin creator and was funded entirely from cryptocurrency donations.
  • The real name of Bitcoin’s founder is still unknown, though many have speculated on the identity of the crypto pioneer.
  • See more stories on Insider’s business page.

Members of a cryptocurrency community in Hungary unveiled a statue on Thursday honoring the anonymous founder of the Bitcoin digital currency.

The life-sized bronze bust sits atop a stone plinth at Graphisoft business park in Budapest, engraved with the name “Satoshi Nakamoto,” a pseudonym used by the unidentified developer of Bitcoin.

“We think of Satoshi as the founding father of the whole cryptocurrency industry,”Andras Gyorfi, a Bitcoin journalist and head of the project, told the Associated Press. “He created Bitcoin, he created the blockchain technology, he’s the god of our market.”

The sculpture has no discernible features and is instead a mirrored surface that allows visitors to see their own reflections in the face of Nakamoto’s, alluding to Bitcoin enthusiasts’ long-held belief that “We are all Satoshi,” and Bitcoin belongs to everyone who uses it. The faceless bust is also dressed in a hoodie with the Bitcoin logo on its chest.

Sculptors Réka Gergely and Tamás Gilly were commissioned to make the statue. It was funded with $10,000 in cryptocurrency from the community and announced at a Budapest Blockchain conference in May, according to the AP.

Gyorfi told the news organization that he invited Nakamoto to the unveiling ceremony in the hopes of learning the creator’s true identity, but it is unknown if he was present.

The search for Nakamoto’s identity is as old as the Bitcoin currency itself and remains shrouded in mystery and speculation.

A paper titled ‘Bitcoin: a Peer-to-Peer Electronic cash System,’ now known as the “Bitcoin white paper,” was published in 2008 and circulated within cryptography circles. The paper is authored by the Satoshi Nakamoto, marking the first-ever mention linking the name to Bitcoin.

In 2009, 30,000 lines of code appeared, marking the beginnings of the open-sourced Bitcoin. The year after that, Nakamoto completely disappeared from the web, saying in an email to a Bitcoin Core developer he had “moved on to other things.”

Several people were theorized to be the anonymous Nakamoto, like the early Bitcoin miner Hal Finney, Australian entrepreneur Craig Wright, engineer Dorian S. Nakamoto, and even Tesla CEO Elon Musk. These connections have never been verified, and the men have either categorically denied or retracted claims that they are the Bitcoin founder.

Renewed interest in the Bitcoin founder’s identity spiked again when crypto exchange platform Coinbase filed an IPO in February and symbolically sent a copy of its filing to Nakamoto. The company said in the filing that revealing Nakamoto’s identity could severely compromise the value of Bitcoin.

Bitcoin was instrumental in ushering in the era of decentralized finance, removing banks and government institutions from transactions, and paving the way for other forms of crypto, like Ethereum and Dogecoin. Most recently, El Salvador became the first country to adopt Bitcoin as a legal tender.

Bitcoin was trading at $47,804.98 on Thursday when the statue went up.

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A single bitcoin transaction creates as much waste as throwing out two iPhones, economists find

bitcoin mining
Bitcoin mining is hugely energy intensive.

  • Each bitcoin transaction creates at least 272g of e-waste, the weight of two iPhone 12 minis, a new paper says.
  • This is because “bitcoin miners cycle through a growing amount of short-lived hardware,” the authors said.
  • They found that the average lifespan of bitcoin mining devices is just 1.29 years.
  • See more stories on Insider’s business page.

One bitcoin transaction creates the same amount of electronic waste as throwing away two iPhones, economists have found, because of the short lifespan of “mining” computers.

The bitcoin network annually generates 30.7 metric kilotons of waste as mining equipment is thrown away, according to a study by economists Alex de Vries and Christian Stoll.

There were 112.5 million transactions in 2020, so that “equates to at least 272 g of e-waste per bitcoin transaction,” they said in a paper published this week.

That is equivalent in weight to two iPhone 12 minis, as The Guardian pointed out, or to 0.5 of an iPad, according to Digiconomist.

Critics have long focused on bitcoin’s enormous electricity consumption, but De Vries and Stoll said people have “thus far ignored that bitcoin miners cycle through a growing amount of short-lived hardware.”

Bitcoin mining is the process whereby computers solve complex puzzles to verify transactions and are rewarded with new coins. It is very energy intensive, and most miners use specialist computer chips known as ASICs.

The computers are competing against each other, meaning miners are driven to use the newest and most powerful devices. And because mining computers often only serve one purpose, they’re quickly rendered obsolete.

“The lifespan of bitcoin mining devices remains limited to just 1.29 years,” De Vries and Stoll wrote.

Read more: An ex-Goldman exec turned crypto trading head explains why he thinks bitcoin can still reach $70,000 by the end of the year – and shares ‘a safe play’ that’s off the beaten track

They said the 30.7 kilotons of waste bitcoin produces each year is comparable to the amount of small IT and telecommunication equipment waste produced by a country like the Netherlands.

The ethereum network is trying to tackle the problem of waste from crypto mining by changing to a so-called “proof of stake” network. In that system, users put forward a stake to gain the right to verify transactions, rather than use vast amounts of computing power.

However, De Vries and Stoll, from the Dutch central bank and MIT respectively, noted that the traditional financial system also generates huge amounts of waste, from servers in bank branches to old ATMs.

“The six billion payment cards that are produced annually – with a lifetime of three to four years – illustrate the large scale,” they said in the paper, published in the Resources, Conservation & Recycling journal.

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US stocks trade mixed as investors weigh impact of new economic data on Fed policy

trader screen chart nyse

US stocks were on Thursday as traders digested how the latest batch of economic data will impact the Federal Reserve’s timeline for easing its stimulus measures.

Spending at US retailers and restaurants handedly beat economist expectations and soared in August. Retail sales gained 0.7% last month, while economists surveyed by Bloomberg expected sales to drop by 0.8% through the month.

Meanwhile, more Americans filed for unemployment than expected last week. Initial jobless claims jumped to an unadjusted 332,000 last week, versus 330,000 expected. It also snapped a two-week streak of declines and placed claims just above pandemic-era lows.

Here’s where US indexes stood at the 9:30 a.m. ET open on Thursday:

Weaker economic data means the Fed is unlikely to announce a taper at next week’s FOMC meeting, according to macro economists at Guggenheim. While an announcement at the November meeting seems the market’s base-case, upcoming drama in Washington over the debt ceiling and infrastructure bill could affect that decision, they added.

Bitcoin hovered around $48,000. Coinbase said on Wednesday it plans to expand its product offering to include trading in futures and derivatives.

West Texas Intermediate crude fell 0.35%, to $72.37 per barrel. Brent crude, oil’s international benchmark, slid 0.32%, to $75.23 per barrel.

Gold 1.9%% to $1,760.10 per ounce.

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Coinbase applies to offer trading in crypto derivatives and futures on the exchange

Coinbase
Coinbase

Coinbase, the largest publicly listed crypto exchange, said on Wednesday it plans to expand its product offering to include trading in futures and derivatives.

The company said in a tweet it had submitted an application with the National Futures Association (NFA), a US regulatory body that focuses on derivatives.

Coinbase is joining CME Group, as well as crypto exchanges like Binance, OKEx, FTX and Kraken, in offering derivatives.

“This is the next step to broaden our offerings and offer futures and derivatives trading on our platforms. Goal: Further grow the crypto economy,” Coinbase said in a tweet.

The company, which listed on the US stock exchange in February, has been making strides in growing its business.

Earlier this week, Coinbase said it planned to raise up to $2 billion through a bond sale and would use the proceeds to fund future takeovers, develop new technologies and products.

The NFA website showed Coinbase Financial Markets had a pending membership application.

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El Salvador will exempt foreigners from paying bitcoin taxes to encourage investment, report says

bitcoin payment el salvador people buying
  • El Salvador will exempt foreign investors from paying taxes on bitcoin profit and income, AFP reported.
  • An advisor to El Salvador’s president said the country wants the move to encourage foreign investment.
  • The Central American nation recently made bitcoin legal tender, the first country in the world to do so.
  • See more stories on Insider’s business page.

El Salvador, which this month became the first country to make bitcoin legal tender, will exempt foreign investors from paying taxes on their profits from the cryptocurrency, according to an AFP report.

“There will be no taxes to pay on either the capital increase or the income,” from bitcoin, Javier Argueta, a legal adviser to El Salvador President Nayib Bukele, told AFP in a report published Friday.

“This (is done) obviously to encourage foreign investment,” Argueta was quoted as saying. The Central American country launched bitcoin as legal tender on September 7, in part to help combat persistent hyper-inflation.

Argueta also the government hopes that bitcoin as a legal payment option will cut millions of dollars off commissions on remittances sent home from abroad, mainly the United States.

El Salvador’s rocky rollout of bitcoin, which included technical issues with the country’s Chivo national crypto wallet, was cited as a factor in sending bitcoin’s price tumbling by at least 17% on the country’s launch day. Bitcoin joins the US dollar as national currency in the country but the move has been met with local protests and skepticism about its use, partially because the cryptocurrency is prone to sharp price swings.

Bitcoin on Wednesday slipped 0.2% to $47,805.

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Fidelity pushed for approval of its bitcoin ETF in a private meeting with the SEC as the regulator drags its feet

In this photo illustration a Bitcoin logo seen displayed on a smartphone with the stock market graphic in the background
  • Fidelity officials met the SEC privately to push for its bitcoin ETF as the regulator still hasn’t approved one.
  • The investment firm argued that the bitcoin market has matured and can support such funds.
  • They also pointed to the existence of these products in Canada, Germany, Switzerland, and Sweden.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Fidelity Digital Assets met with SEC officials privately to push for the approval of their proposed bitcoin exchange-traded fund and argued the cryptocurrency market is now big enough to support it.

The investment firm’s president, Tom Jessop, and other executives attended a virtual meeting with the regulator on September 8, according to a presentation that lays out the investor demand for the product.

They cited an in-house survey that found bitcoin exchange-traded products hold massive appeal, US institutions have a strong interest in digital assets, and a significant number of institutional investors currently hold cryptocurrencies.

Fidelity also said market regulators have already approved bitcoin ETPs in Canada, Germany, Switzerland, and Sweden. The firm held the meeting with the SEC as the US continues to delay approval of these investment products.

Although no similar product has been approved in the US yet, the securities regulator is considering applications from more than 20 companies, including Galaxy Digital, VanEck, Valkyrie Investments, and FirstTrust/SkyBridge. It has extended the decision to approve VanEck’s ETF by 60 days to November 14.

SEC Chair Gary Gensler has been somewhat open to bitcoin ETFs, suggesting those that comply with the strictest rules for mutual funds could provide investor protection. He has also seemed to lean towards approving a futures-based ETF, over a physical one.

But Fidelity’s argument didn’t seem to line up so well with Gensler’s preferences.

“We believe bitcoin futures-based products are not a necessary interim step before a bitcoin ETP; firms should be able to meet investor demand for direct exposure to bitcoin through 1933 Securities Act,” Fidelity said in its presentation, adding that the bitcoin market has matured and can support them.

The firm submitted paperwork in March to launch a bitcoin ETF called Wise Origin Bitcoin Trust that would track the digital currency’s price performance. If approved, it would trade on Cboe Global Markets.

Read more: Buy these 3 little-known altcoins instead of ‘ethereum killers’ before a big October crypto rally, says the chief technical analyst of a crypto firm

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Billionaire investor Mike Novogratz compares crypto zealots to anti-vaxxers – and says GameStop fans show the same conviction

GettyImages 1281542990
Mike Novogratz.

  • Mike Novogratz compared crypto zealots to anti-vaxxers, in terms of their stubborn beliefs.
  • The Galaxy Digital boss said GameStop’s fans show a similar level of passion and commitment.
  • Novogratz disclosed that he shorts viral assets when they explode in popularity.
  • See more stories on Insider’s business page.

Bitcoin bull Mike Novogratz compared some cryptocurrency fans to anti-vaxxers in terms of their conviction, and noted GameStop’s followers display the same kind of blind devotion.

The billionaire investor and Galaxy Digital CEO spoke at the Barclays Financial Services Conference this week. He remarked that if he questioned cardano’s roughly $80 billion market capitalization on Twitter, he would be inundated with thousands of attacks by the coin’s supporters.

“It’s like telling a Manchester United fan that Man U sucks, or going to an Eagles game with the Giants’ jersey on,” Novogratz said, according to a transcript on Sentieo, a financial-research site.

“These ecosystems are unbelievably rabid,” he continued. “They’re passionate. It’s like an anti-vaxxer – you can’t tell an anti-vaxxer they’re wrong, right? They have personalized this stuff.”

Viral assets such as cardano, dogecoin, or GameStop and AMC shares don’t make sense to rational investors given their limited functions or heady valuations, Novogratz said. Yet online communities have sprung up around them, and diehard members have made owning and touting those assets a key part of their identities, he continued.

“GameStop is a crypto at this point, there’s no link to its profitability,” Novogratz said.

The Galaxy Digital boss revealed that he seeks to profit from the breathless, but often short-lived, excitement around meme stocks and altcoins.

“I love shorting, because that’s how I get longer the stuff I like,” he said. “The moment that community gets really big, you’re going to short it.”

However, Novogratz noted that he cashes out his profits once there’s a sell-off, as the support bases for viral assets have proven to be far more resilient than he expected.

Novogratz also trumpeted the crypto industry’s prospects at the conference. The sector is only now taking off, he said, and failing to invest in the space would be like missing the internet in the early 2000s.

Read the original article on Business Insider

Fidelity pushed for its bitcoin ETF in a private meeting with the SEC as the regulator stalls on making its 1st approval

In this photo illustration a Bitcoin logo seen displayed on a smartphone with the stock market graphic in the background
  • Fidelity officials met the SEC privately to push for its bitcoin ETF as the regulator still hasn’t approved one.
  • The investment firm argued that the bitcoin market has matured and can support such funds.
  • They also pointed to the existence of these products in Canada, Germany, Switzerland, and Sweden.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Fidelity Digital Assets met with SEC officials privately to push for the approval of their proposed bitcoin exchange-traded fund and argued the cryptocurrency market is now big enough to support it.

The investment firm’s president, Tom Jessop, and other executives attended a virtual meeting with the regulator on September 8, according to a presentation that lays out the investor demand for the product.

They cited an in-house survey that found bitcoin exchange-traded products hold massive appeal, US institutions have a strong interest in digital assets, and a significant number of institutional investors currently hold cryptocurrencies.

Fidelity also said market regulators have already approved bitcoin ETPs in Canada, Germany, Switzerland, and Sweden. The firm held the meeting with the SEC as the US continues to delay approval of these investment products.

Although no similar product has been approved in the US yet, the securities regulator is considering applications from more than 20 companies, including Galaxy Digital, VanEck, Valkyrie Investments, and FirstTrust/SkyBridge. It has extended the decision to approve VanEck’s ETF by 60 days to November 14.

SEC Chair Gary Gensler has been somewhat open to bitcoin ETFs, suggesting those that comply with the strictest rules for mutual funds could provide investor protection. He has also seemed to lean towards approving a futures-based ETF, over a physical one.

But Fidelity’s argument didn’t seem to line up so well with Gensler’s preferences.

“We believe bitcoin futures-based products are not a necessary interim step before a bitcoin ETP; firms should be able to meet investor demand for direct exposure to bitcoin through 1933 Securities Act,” Fidelity said in its presentation, adding that the bitcoin market has matured and can support them.

The firm submitted paperwork in March to launch a bitcoin ETF called Wise Origin Bitcoin Trust that would track the digital currency’s price performance. If approved, it would trade on Cboe Global Markets.

Read More: Crypto pump-and-dump scams trick victims out of hundreds of thousands of dollars. 4 experts break down the 3 smart ways to spot a scam and invest safely

Read the original article on Business Insider

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