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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Several former FTX executives have teamed up to help build a new cryptocurrency exchange in Dubai with a specific focus on what FTX failed to do — secure customer funds.

Ex-FTX lawyer Can Sun is leading the way with Trek Labs, a Dubai-based startup that received a license to offer cryptocurrency services in the region in late October. Backpack Exchange is the name under which Trek Labs will offer those services.

Sun will receive support from ex-FTX employee, Armani Ferrante, who serves as CEO of Trek’s holding company in the British Virgin Islands, according to a Nov. 11 report by the Wall Street Journal. Ferrante also runs Backpack, a cryptocurrency wallet which is integrated in Backpack Exchange.

Sun’s former legal deputy at FTX, Claire Zhang, who is also Ferrante’s wife, is also on Trek’s executive team. However, once Trek raises an investment round, Zhang plans to transition out of the company as she has been working without pay to “help bootstrap the exchange,” WSJ said.

Sun and Ferrante iterated they wanted to use the lessons learned from FTX’s failure to protect customer funds. Backpack’s technology offers a self-custody solution which integrates a multiparty computation (MPC) technique to ensure funds remain secure. MPC typically involves several parties approving a transaction before funds are moved.

It will also enable Backpack customers to verify funds whenever they want, Sun told WSJ:

“In a post-FTX world, you need trust and transparency to create a true alternative to the other players.”

Backpack Exchange is currently in beta and a wider launch will come later this month, the firm said.

Sun was a witness at Bankman-Fried’s recent fraud trial where he revealed that the former FTX CEO turned to him seeking a legal justification as to why FTX’s funds were at Alameda Research. Bankman-Fried was convicted on all seven fraud-related charges.

Related: How long could Sam Bankman-Fried go to jail for? Crypto lawyers weigh in

Sun said he quit as FTX’s general counsel the day after Bankman-Fried told him about the use of customer money.

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This move is a significant shift in Ethereum’s consensus mechanism, and Grayscale is taking a close look at the potential implications for their investment.
The review suggests that Grayscale is taking a cautious approach to the change and wants to ensure that the transition will be smooth and not negatively impact its investment in Ethereum.

As one of the largest institutional investors in Ethereum, Grayscale’s stance on the switch to PoS will be closely watched by other investors in the market.

Grayscale Concerns

Grayscale has concerns about the potential security risks and centralization issues that could arise from the switch and the potential decrease in mining revenue for Ethereum miners. The debate surrounding the switch to PoS is ongoing, with some supporting the move while others argue that PoW should remain the consensus mechanism.

Proponents of PoS argue that it is more energy-efficient and environmentally friendly compared to PoW. They also argue that it can reduce the risk of centralization and increase network security. However, critics argue that PoS favors those who have a large stake in the network, leading to a potential increase in centralization.

Grayscale, as a major player in the cryptocurrency space, has a vested interest in the future of Ethereum and its consensus mechanism. The company has been advocating for more education and discussion around the potential implications of the switch to PoS.

Ultimately, the decision to switch to PoS will have to be made by the Ethereum community through a consensus-based process. It remains to be seen how the debate will play out and what the future of Ethereum’s consensus mechanism will look like.

The Ethereum community awaits the London hard fork, expected in July 2021, to see if Grayscale’s concerns will be addressed.

Ethereum has been on the radar of the crypto community for quite some time now, with its recent merger with Ethereum Classic and the upgrade to Ethereum 2.0. However, the latest buzz surrounding the platform is about its decision to switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS) with the upcoming London hard fork.

ETHPoW

ETHPoW or Ethereum Proof of Work is a consensus algorithm used by the Ethereum network to validate transactions and add new blocks to the blockchain.

Similar to Bitcoin’s Proof of Work, ETHPoW requires miners to compete to solve complex mathematical problems using their computing power. The first miner to solve the problem is rewarded with newly minted Ether coins and the right to add the next block to the blockchain. This process ensures the security and immutability of the Ethereum network. However, Ethereum is moving towards a Proof of Stake consensus algorithm, known as ETH2, which aims to reduce energy consumption and improve scalability.

This move has been met with mixed reactions from the community, with some supporting the switch to PoS, while others arguing that Ethereum should stick to PoW. One of the biggest players in the crypto space, Grayscale Investments, has now extended its review of the ETHPoW decision.

Grayscale Expresses Concerns Over ETHPoW Decision in Recent Blog Post

Grayscale first announced its intention to review the ETHPoW decision in a blog post on May 28, 2021. The company stated that it had concerns about the potential impact of the switch on the Ethereum network and its users. Grayscale is one of the largest institutional investors in Ethereum, with over $6 billion worth of ETH under management.

• Ethereum is switching from Proof-of-Work (PoW) to Proof-of-Stake (PoS) with the upcoming London hard fork
• This decision has caused mixed reactions from the community
• Grayscale Investments is reviewing the ETHPoW decision due to concerns about potential impact on the network and its users
• Grayscale is one of the largest institutional investors in Ethereum with over $6 billion worth of ETH under management.

Grayscale’s Concerns About Potential Security Risks with the Switch to PoS for Ethereum Network

The company’s concerns are centered around the potential security risks arising from switching to PoS. Grayscale believes that PoS is still an untested and unproven consensus mechanism and could lead to centralization issues. The company also believes that the switch could lead to a decrease in mining revenue for Ethereum miners, which could ultimately lead to a decrease in network security.

“Proof-of-stake is an untested and unproven consensus mechanism, and it could lead to centralization issues.” – Andreas Antonopoulos

• Concerns centered around security risks of switching to PoS
• PoS is untested and unproven, could lead to centralization issues
• Decrease in mining revenue could lead to decreased network security.

Grayscale Remains Skeptical About Ethereum’s ETHPoW Decision

Grayscale has now extended its review of the ETHPoW decision, indicating that it is still not convinced that the switch is the right move for Ethereum. The company has stated that it will continue to monitor the situation and provide updates as necessary.

The extended review by Grayscale is just the latest in a series of debates surrounding the switch to PoS. Many in the community are still divided on the issue, with some arguing that PoS is the future of Ethereum, while others believe that PoW should remain the consensus mechanism.

London Hard Fork and PoS Switch Amidst Grayscale Concerns

The Ethereum community is eagerly awaiting the London hard fork, which is expected to take place in July 2021. The hard fork will introduce several changes to the Ethereum network, including the switch to PoS. It remains to be seen whether Grayscale’s concerns will be addressed before the hard fork takes place.

1. Ethereum community awaits London hard fork in July 2021
2. Hard fork will bring changes to Ethereum network, including switch to PoS
3. Grayscale has concerns that may or may not be addressed before the hard fork

Our Conclusion

The switch from PoW to PoS is a significant decision for Ethereum, and it is understandable that investors like Grayscale are taking a cautious approach. While there are potential benefits to the switch, there are also potential risks, and it is essential that these risks are carefully considered before any irreversible changes are made to the network.

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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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When it comes to topics like Bitcoin, I can provide information on expert opinions, historical trends, and other relevant data to help you make informed decisions or gain a deeper understanding of the topic.

Some experts and analysts believe that Bitcoin’s value will continue to rise in the coming years due to various factors such as increased institutional adoption, growing acceptance as a mainstream asset, and limited supply. They also argue that Bitcoin’s decentralized nature and unique features make it an attractive investment opportunity.

However, it’s important to note that Bitcoin’s value has historically been volatile and subject to market fluctuations, and predicting its future performance with certainty is challenging. It’s always advisable to do your own research and exercise caution when investing in any asset, including cryptocurrencies like Bitcoin.

We advise consulting experts. So, now let’s dig straight into this blog post to know more.

Bitcoin (BTC) technical analysis

Bitcoin is a well-known cryptocurrency. Bitcoin (BTC) technical analysis is an approach used to forecast the future price movements of Bitcoin based on its historical data and chart patterns. Technical analysis is an important tool for both long-term holders and short-term traders who are looking to profit from the volatility of the cryptocurrency market.

Unlike fundamental analysis, which focuses on the economic and financial factors that influence an asset’s value, technical analysis is solely focused on analyzing market data and patterns.

Technical analysts use a variety of indicators, such as candlestick charts,

moving averages, and the Relative Strength Index (RSI),

to identify trends and make predictions about future price movements

By analyzing past price movements and identifying patterns in the charts, technical analysts can make data-driven conclusions about the future direction of the Bitcoin market. This information can be used to make informed investment decisions, such as when to buy or sell Bitcoin.

It’s important to note that technical analysis is not a foolproof method for predicting the future price of Bitcoin, and it should be used in conjunction with other forms of analysis and research. However, by mastering technical analysis, investors and traders can gain a deeper understanding of the Bitcoin market and potentially increase their profits.

Bitcoin is a decentralized digital currency that was created in 2009 by an unknown person or group using the name Satoshi Nakamoto. It is based on a revolutionary technology called blockchain, which is a decentralized ledger that records all transactions made with Bitcoin.

Bitcoin (BTC) underlying analyses

When it comes to the basic and fundamental aspects of Bitcoin, there are several key points to consider:

1. Decentralization: Bitcoin is decentralized, meaning that it is not controlled by any central authority or institution. Instead, it is powered by a network of users who verify transactions and maintain the blockchain ledger.
2. Limited supply: Bitcoin has a finite supply, with a maximum cap of 21 million bitcoins that will ever exist. This helps to ensure its scarcity and value.
3. Security: Bitcoin transactions are secured by complex cryptographic algorithms that make it virtually impossible to hack or counterfeit.
4. Pseudonymity: Bitcoin transactions are not tied to real-world identities, but rather to unique Bitcoin addresses, making it a pseudonymous form of currency.
5. Irreversibility: Once a Bitcoin transaction has been confirmed and added to the blockchain ledger, it cannot be reversed or altered.

These basic and underline aspects of Bitcoin have contributed to its popularity and success as a digital currency, and have paved the way for its adoption as a store of value and a means of exchange.

Bitcoin (BTC) Price Predictions

I cannot predict the future with certainty, but I can provide an overview of some of the potential trends and developments that may impact the cryptocurrency market in the coming years, based on expert opinions and current market conditions. Here are some optimistic forecasts for the next coming year up to 2030:

1. Continued mainstream adoption: Many experts predict that Bitcoin and other cryptocurrencies will continue to gain mainstream acceptance in the coming years, as more people become familiar with the technology and see its potential benefits.
2. Increased institutional investment: The growing interest from large institutional investors, such as hedge funds and pension funds, is expected to continue, which could lead to increased demand for Bitcoin and other cryptocurrencies.
3. Enhanced scalability and usability: The ongoing development of blockchain technology is expected to make cryptocurrencies more scalable and user-friendly, which could lead to wider adoption and increased use cases.
4. DeFi growth: The Decentralized Finance (DeFi) space has been growing rapidly, and it is expected to continue in the coming years. This could create more opportunities for investors and entrepreneurs to build new decentralized applications and services.
5. Potential for new use cases: As the cryptocurrency market matures, new use cases for blockchain technology may emerge, such as in supply chain management, voting systems, and identity verification.
6. Bitcoin price appreciation: Some experts predict that the price of Bitcoin may reach $500,000 or even $1 million in the next 5 to 10 years, based on the overall market capitalization of the industry and increased adoption.

It’s important to note that these forecasts are speculative and subject to change based on various factors, including regulatory developments, technological advancements, and overall market conditions. It’s always wise to conduct your own research and analysis before making any investment decisions.

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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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