Non-government organization Bitcoin Argentina presented a draft bill proposing to regulate the cryptocurrency market in a way that preserves decentralization and strengthens public trust.

The proposed legal framework was pitched by Bitcoin Argentina’s president Ricardo Mihura at LABITCONF 2023 in Argentina’s capital, Buenos Aires on Nov. 10. Bitcoin Argentina previously dismissed the idea that the industry needed to be regulated. However, the Bitcoin advocates now argue it is necessary to not only preserve blockchain but also hold bad actors accountable to the fullest extent of the law.

“We have always rejected attempts to regulate the crypto economy, but this time we set ourselves the goal of giving a positive response, with only two purposes: preserving decentralization and protecting savings and public trust.” Mihura added:

“We cannot close our eyes to the number of dishonest actors and projects that circulate with the blockchain brand.”

The first article of the legal framework focuses on separating cryptocurrency platforms and service providers into three categories to ascertain property rights — decentralized, local centralized or willing to dialogue with authorities, and global centralized.

Platforms that fall under one of the two centralized categories would be allowed to operate freely, but its customers would be granted “the broadest possible judicial protection,” guaranteeing the right to claim damages in the event of a company downfall.

It is understood that Argentina’s judiciary will not intervene on failures from decentralized platforms.

Courts will decide whether or not a cryptocurrency platform is sufficiently decentralized when resolving claims put forward by allegedly injured customers.

Related: Argentina’s central bank halts cryptocurrencies from payment apps

Mihura stressed that imposing an outright ban on cryptocurrencies — which some governments have tried to do — simply wouldn’t work given the global nature of blockchain:

“Not even the United States can effectively prohibit the operation of the unlicensed cryptoeconomy […] Argentina has no possibility of prohibiting its residents from operating in global environments [so] we believe that it does not make sense to propose a top-down ban and we choose to propose the best that the law can offer to its citizens.”

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The Kuwaiti government’s decision not to legitimize the trading of bitcoin and other cryptocurrencies is a cause for concern for investors in the region. While the government lacks the regulatory power to enforce the prohibition, the absence of support or acknowledgment from the authorities increases the risks associated with investing in a volatile market.

Investors must weigh the potential risks and rewards of cryptocurrency trading carefully, especially in countries where the legal status of cryptocurrencies is unclear. While the lack of government oversight can make it difficult for authorities to intervene, it can also leave investors vulnerable to fraud and other forms of financial misconduct.

As with any investment, it is important for individuals to educate themselves on the risks and benefits of cryptocurrency trading and to seek out professional advice if necessary. While the Kuwaiti government’s position may be a cause for concern, it is ultimately up to individual investors to decide whether or not to engage in cryptocurrency trading.

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One case in point: Undeads Metaverse, developed by a dedicated project team in collaboration with developers at Unicsoft and Whimsy Games. The team further partnered with Warner Bros. and Wabi Sabi Sound for its sound design, as well as BrightNode and Machinations.io for in-game economy design and Unreal Engine 5.1 for the VR social hub for Web3 gamers. Buy vs. build Vendor management is tricky.

Remember about a year ago when the term “supply chain” entered the popular lexicon? That was because seemingly every business in the world – from Fortune 100 tech giants to the corner bodega – was suddenly confronted with the fact that your vendors don’t work for you.

They work with you. And as long as everything’s going well, it doesn’t make a lot of difference. But if there’s a disruption, how can you be sure that your vendors will treat you more favorably than their next customers? So the first challenge is keeping as much of the process in-house as possible, lessening reliance on outside interests.

Of course, that’s not always practical. After all, no business can be best at everything. “Once we have identified the internal gap or issue, we determine if there is team capacity to close the gap internally or if an external partner is necessary,” says Undeads CEO Leo Kahn. “If this gap is able to be closed quickly – through training or off-the-shelf hardware – then it is done as promptly as possible. But if we determine that solving this issue would be done faster or without impact on other areas of production, then a plan for taking on an external partner is started.” Before taking on a new partner, the Undeads team looks at the specific skills and expertise – 3D scanning for example – that are required for the project.

If there’s a company that can save the project team time while ensuring a high-quality end product, then the cost-benefit analysis can kick in. If the cost of augmentation through the prospective vendor is less than that of additional equipment, software or training, then the process moves forward. All the while, though, Undeads maintains creative control and tight deadlines. One of the reasons to outsource a task is to accelerate the project’s speed. While an employee or long-term contractor requires some lead time to get up to full productivity, a vendor is expected to hit the ground running.

Short-listing Of course the quality of the vendor partnership, and thus the quality of the final product, is only as good as the selection process. “One way we find potential partners is to research companies and individuals in blockchain technology, decentralized gaming or in-game economies who have a track record of working on top projects,” according to Kahn. “We also look towards best-in-class traditional games, film and visual effects companies for a solid benchmark. … We want to work with partners who share our vision of creating high-value productions and don’t take shortcuts.”

The team often finds them at conferences or other industry events. Selection, though, is a one-time event. Then comes the intricate work of managing an ongoing project with resources drawn from multiple organizations.

This involves establishing clear communication channels and regularly scheduled meetings to ensure all parties are on the same page. A designated project manager then acts as the main point of contact and coordinates the efforts of all team members, each of whom clearly knows their roles and responsibilities, as well as development milestones and deadlines. That’s how Undeads avoids confusion and overlap.

With any ongoing activity, feedback is vital. It’s how Undeads avoids potential conflicts and makes adjustments on the fly. The result is that Undeads has developed a successful approach to vendor management on its way to developing an immersive MMORPG. And it shows in the end result.

“Previous Web3 projects didn’t focus on or understand the importance of value to the end user. To many, it has all been about hyping and getting those first NFT sales,” Kahn reflects. “The majority of our efforts are on creating the game and the ecosystem, not focusing on hype marketing.”

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• Wallet 0xd6 moved more than 182 billion shiba inu tokens to crypto exchanges Gemini and Crypto.com during Asian morning hours on Monday, data cited by analytics firm Lookonchain shows.

• Three months ago, the same wallet moved more than 200 billion SHIB to Crypto.com, selling them for U.S. dollars. SHIB’s price fell 7% at the time.
• Tracking the movement of tokens from wallets that hold a significant amount of supply can serve as an indicator of price activity. If a large number of tokens are sold, the price might decline as greater supply is available to the market. If the tokens are moved to related decentralized-finance (DeFi) applications, however, prices may not drop immediately.
• Etherscan data shows the wallet 0xd6 holds more than 3.1 trillion shiba inu tokens, valued at almost $40 million at current prices. That is slightly over 0.3% of the total supply of shiba inu tokens.
• Lookonchain said the wallet acquired shiba inu tokens in August 2020 with an initial investment of 10 ether (ETH), or just over $3,000 at the time.

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“I was not involved with the creation and sale of this or any other NFTs. I have not consented to the use of my code or my name for this purpose,” Luke Dashjr, one of the Bitcoin core developers, tweeted. “Due to the misrepresentation involved and actual buyer confusion, I strongly insist upon 100% of the auction proceeds to be refunded to the buyer.”

Non-fungible tokens have been plagued with forgery, plagiarism, and other copyright issues. As CoinDesk has previously reported, OpenSea said that at one time nearly 80% of the NFTs on its shared storefront were “plagiarized works, fake collections, and spam.”

The auction was hosted on Scarce.City, a new marketplace for Ordinal NFTs. Without identifying the auction winner, Dashjr said that the highest bidder won the NFT for 0.41 BTC or $9600.

Dashjr also said on Twitter that someone – again, not identified – purportedly with Scarce.City reached out to him to “donate” to him 90% of its value. He has been a vocal critic of the Ordinals protocol, telling CoinDesk in a previous statement that it was an “attack” on Bitcoin.

“Ordinals aren’t _just_ a spam attack; they are also an attack on Bitcoin’s fungibility, and if accepted would break at least Lightning and CoinJoin,” he also tweeted in mid-February.

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Finoa, which has been operating under a preliminary crypto custody license since January 2020, also closed a strategic venture round led by new investor Middlegame Ventures and including existing investors Balderton Capital, Coparion, Venture Stars, and Signature Ventures. The size of the investment was not disclosed.

Given the general state of regulatory uncertainty across crypto markets, including the U.S. Securities and Exchange Commission (SEC) recently announced plans to focus specifically on crypto custodians, the seal of approval from BaFin couldn’t come at a better time, said Finoa co-founder Chris May.

“The custody license in particular is a very reassuring message to our customers and differentiates us from many other players in the market,” said May in an interview. “The preliminary regulatory status we have been under since the beginning of 2020 follows the same checkpoints and standards which the SEC followed through on a couple of weeks ago.”

In addition to the custody approval, Finoa received the go-ahead for broker-dealer and prop trading licenses, which allows the firm to trade its own treasury but not against its customers, May pointed out.

Finoa raised a $22 million Series A round back in 2021.

Regarding the undisclosed level of this new funding, May said it wasn’t a major Series B round.
“As part of the license approvals we wanted to strengthen our statutory or regulatory capital,” he said. “Adding some millions to our balance sheet portrays trust to our customers and allows us to leverage the licenses to the fullest.”

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Whether the crypto market’s current price correction has already ended or if new lows will start in the new trading week will be largely determined by the development of the US dollar index (DXY) and the US stock markets. The latest Bitcoin analysis outlines the potential targets for Bitcoin.

The economic data set to be released this week will likely have a significant impact on various financial markets.

This week, economic data that will be relevant include the latest US Durable Goods Orders on February 27th, followed by the announcement of the CB Consumer Confidence in the USA the following day. Mid-week, the focus will be on the ISM purchasing managers’ indices for the US manufacturing sector. The trading week will be rounded off with the final data from the US purchasing managers’ indices for the service sector.

Orders received for durable goods

On Monday, February 27, 2023, the final figures for January durable goods orders will be published, with market experts expecting a slight increase of 0.1 percentage points compared to the previous month. However, a drastic slump of -4.0 percent is forecast compared to the previous year. If the figures are in line with the forecasts and incoming orders drop significantly, as expected, the US dollar could tend negatively. Since the stock market has recently been trending bullish after strong incoming orders, it is difficult to predict how the market could develop as a result of weak data.

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This is only the fourth time that the DCA Indicator has reached current highs in Bitcoin’s history, with each previous instance being followed by a significant price movement. Sorout notes that this development is “the mother of all positive signs for Bitcoin” and is being noticed by influential crypto investors.

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The $10 million price target is based on the assumption that Bitcoin’s market capitalization will eventually reach around $200 trillion, which is roughly a quarter of the estimated total value of all global assets. This would require a significant shift in global wealth towards cryptocurrencies, and would likely take many years to achieve.

While some experts are skeptical of such a lofty price target, others believe that Bitcoin’s potential as a global store of value is still largely untapped. They argue that as more institutional investors and corporations allocate funds towards cryptocurrencies, the demand for Bitcoin and other digital assets will continue to grow, driving up their prices.

It’s worth noting, however, that the cryptocurrency market is notoriously volatile and subject to rapid price fluctuations. As such, any predictions about the future price of Bitcoin should be taken with a grain of salt, and investors should exercise caution when investing in digital assets.

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The cause of the forking event is currently under investigation, but it is believed to have been caused by a bug in the network’s software. This bug caused nodes on the network to diverge from the main chain, creating a fork in the network.

The drop in processing capacity has caused some concern in the crypto community, as Solana is a popular platform for decentralized applications (dApps) and has seen significant adoption in recent months. Some dApps built on the Solana network have reported slowdowns and errors in processing transactions, causing frustration for users and developers alike.

Solana’s development team is working to address the issue and restore the network’s processing capacity to its previous levels. However, it is unclear how long this process will take, and the incident serves as a reminder of the potential risks and challenges associated with decentralized systems.

1. Importance of transaction processing speed for blockchain platforms

One of the key features that distinguish blockchain platforms from traditional financial systems is their ability to process transactions quickly and efficiently, without the need for intermediaries like banks. This is especially important for decentralized applications (dApps) that rely on fast transaction processing to provide seamless user experiences.

Solana is known for its fast transaction processing speed, which has made it a popular choice for developers looking to build high-throughput dApps. The network’s ability to process up to 400,000 transactions per second has been a major selling point, as it allows for near-instantaneous settlement times and reduces the risk of network congestion and high transaction fees.

However, the recent forking event that caused Solana’s transaction processing capacity to drop by over 80% highlights the potential risks associated with relying on a single point of failure in a decentralized system. It also underscores the importance of ongoing research and development to improve the resilience and scalability of blockchain platforms.

2. Impact on Solana’s ecosystem and the broader crypto community

The decline in Solana’s transaction processing capacity has had a significant impact on the network’s ecosystem, including its dApps, users, and developers. Some dApps have reported slowdowns and errors in processing transactions, which can negatively affect user experience and erode trust in the platform.

In addition, the incident has raised concerns among the broader crypto community about the potential risks and limitations of blockchain platforms. While blockchain technology has the potential to revolutionize many industries, including finance, healthcare, and supply chain management, it is still a nascent and rapidly evolving field. As such, it is important to recognize the challenges and limitations of blockchain platforms and to continue investing in research and development to address these challenges and improve the overall scalability and resilience of decentralized systems.

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