Friend.tech, the latest decentralized social media (DeSo) app in the world of cryptocurrency, is facing significant backlash due to its recent decision to penalize users who opt for forks or copycat versions of its tokenized social media platform.
In a tweet from the official @friendtech X account on August 28, the company stated, “To make sure loyal users are rewarded fairly during our beta, users moving to forks and copies will automatically opt out of earning Points and forfeit existing points.”
This move was met with criticism, particularly from the crypto community, as it was seen as anti-competitive and contrary to the principles of the industry.
While Friend.tech did not explicitly mention any rivals, some users pointed to a new DeSo application named Shares, often referred to as “SocialFi,” that is set to enter public beta on August 31.
Friend.tech had been distributing “reward points” to its beta testers on a weekly basis, with plans to distribute a total of 100 million points over six months.
However, the purpose of these points was not clarified until an August 15 announcement, stating that they would serve a special purpose upon the app’s official release.
Speculations arose that these points could translate into friend.tech governance tokens or hold financial value for users, potentially leading to a native token airdrop in the future.
The community’s reaction to Friend.tech’s decision was swift and negative, with numerous users expressing disappointment in the approach.
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Prominent trader CryptoKaleo criticized the move, stating that penalizing users for trying other platforms goes against the industry’s ethos. The sentiment was shared by others who deemed it an inappropriate response to competition in the Web3 arena.
Amid the uproar, the pseudonymous founder of friend.tech, known as “Racer,” issued an apology on August 29 through the app’s official X account.
Racer acknowledged the initial decision as a “stupid statement” made out of fear of potential competition, ultimately rescinding the penalization plan.
This controversy arose less than three weeks after Friend.tech’s public launch on August 11.
In the aftermath, the app witnessed a decline in key metrics such as user activity, inflows, and transaction volume.
According to data from Dune Analytics, transaction numbers on Friend.tech plummeted over 90% from their peak of nearly 525,000 on August 21 to fewer than 50,000 cumulative transactions on August 28.
In summary, Friend.tech, the emerging decentralized social media app in the cryptocurrency space, faced criticism for its decision to punish users who explore forks or imitations of its platform.
The backlash prompted an apology from the app’s founder, Racer, as it grapples with declining metrics post-launch.
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Bitcoin mining revenue, often termed as “hash price,” has plummeted to its lowest levels since the downfall of FTX in November 2022, despite the hash rate of the Bitcoin network reaching unprecedented heights.
As of August 18, the Bitcoin network’s hash rate surged to an all-time high of 414 exahashes per second (EH/s), indicating a remarkable 54% increase from the start of 2023 and an 80% surge over the past year, according to data from Blockchain.com.
While this surge in hash rate bolsters the network’s security, the situation isn’t as optimistic for Bitcoin miners.
Revenue for miners has experienced a significant decline, sinking to levels comparable to the market cycle’s nadir of approximately $16,500 in November 2022.
Presently, according to HashPriceIndex, the daily revenue stands at merely $0.060 per terahash per second, a stark drop from early May when the fervor surrounding the Bitcoin Ordinals inscription prompted heightened demand for block space.
Dylan LeClair, a market analyst, noted the juxtaposition of dwindling revenue and the peak hash rate.
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LeClair emphasized that while more efficient mining rigs are continually being developed, a point of balance must be reached, where rising prices compensate for the escalating hash rates to ensure mining remains profitable.
The predicament has led Bitcoin miners to rely on funds generated from stock sales during the second quarter to weather the storm of the bear market.
According to Bloomberg, major publicly traded mining companies collectively raised around $440 million through stock sales in Q2, which temporarily sustained their operations.
Mark Jeftovic, curator of the Bitcoin Capitalist newsletter, highlighted a concerning trend.
Some mining firms, he pointed out, are disproportionately diluting shareholders, an action that could prove detrimental if the rate of dilution outpaces Bitcoin’s value increase.
He metaphorically likened this scenario to moving in the wrong direction on a treadmill, emphasizing the importance of aligning dilution and value appreciation.
In summary, the Bitcoin network’s hash rate has surged to unprecedented levels, bolstering its security.
Nonetheless, miners are grappling with plunging revenues, necessitating price adjustments to ensure profitability amid the soaring hash rates.
Mining companies have turned to stock sales to endure the market’s downturn, while experts underscore the importance of aligning dilution rates with Bitcoin’s value trajectory.
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Paolo Ardoino, the Chief Technology Officer of Tether, has responded to speculations surrounding images of industrial containers circulating online.
These images had led to questions about Tether’s involvement in Bitcoin mining, prompting Ardoino to clarify the situation.
In a recent post on X (formerly Twitter) on August 26, Ardoino provided insights into a photo he shared on August 24.
The picture showcased a container adorned with a photoshopped Tether Energy logo, which piqued the curiosity of many observers.
Ardoino explained that the image depicted a control room at a Bitcoin mining site operated by Tether, which is nearing completion and preparing to begin operations.
However, when pressed about the location of the mining site, Ardoino firmly declined to disclose it.
While he acknowledged that the site is situated in South America, he refrained from divulging further details due to security concerns.
He expressed that the decision to withhold exact locations was driven by a desire to prevent potential harassment of personnel, especially given the presence of Tether critics who have raised doubts about its legitimacy.
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Addressing skeptics who questioned the presence of the Tether logo on the containers, Ardoino clarified that it was a deliberate branding choice.
He revealed that the team had expected the photo to gain media attention and wanted to establish branding.
However, he noted that displaying prominent logos at mining sites could compromise the physical privacy and security of these locations.
Ardoino anticipated that operations at the mining site would commence in September. He conveyed the enthusiasm of the team and their diligent efforts to launch operations within the next few weeks.
This development follows news about Tether’s involvement in enhancing transparency within the Bitcoin mining sector.
In an interview with Cointelegraph on August 17, Ardoino elaborated on Tether’s ongoing work on a mining software named Moria.
This software aims to provide more comprehensive data analytics regarding energy production at Bitcoin mining sites.
Ardoino emphasized the importance of improved analytics and performance evaluation in the realm of Bitcoin mining.
He believes that Moria’s insights into energy usage, especially from renewable sources like wind and solar, could optimize mining operations and boost production.
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Decentralized finance (DeFi) platform Balancer, known for its automated market maker mechanism, has confirmed an exploit that resulted in a loss of nearly $900,000.
The incident occurred shortly after the protocol disclosed a vulnerability affecting multiple pools, adding to concerns in the DeFi space.
This breach, unveiled on August 27 via a post on X (formerly Twitter), has been linked to a specific Ethereum address, purportedly belonging to the attacker.
Notably, Meier Dolev, a blockchain security expert, revealed the identity of this address.
Following the attack, the malicious entity received two separate transfers of the stablecoin Dai (DAI), totaling $636,812 and $257,527.
Consequently, the balance in the attacker’s address escalated to an alarming $893,978.
Acknowledging the situation, Balancer’s team addressed the exploit and its ongoing consequences. Despite implementing significant risk-reducing measures over recent days, the affected pools were not completely paused due to inherent limitations.
The protocol emphasized that users who engaged with these affected liquidity pools must take immediate action to minimize the risk of further exploitation.
The recommended course of action is to withdraw funds from these pools.
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The underlying issue was first brought to light on August 22 when Balancer alerted users to a critical vulnerability in its boosted pools.
A subsequent effort to mitigate potential losses involved encouraging users to withdraw funds and temporarily halting pool activities.
This vulnerability extended its impact across various blockchain networks, including Ethereum, Polygon, Arbitrum, Optimism, Avalanche, Gnosis, Fantom, and zkEVM.
Initially, only a fraction of Balancer’s total assets (1.4%) were deemed susceptible on the day of the vulnerability’s discovery, amounting to over $5 million in asset exposure.
By August 24, the at-risk assets had decreased, but still accounted for $2.8 million, approximately 0.42% of the total value locked in the platform. Balancer’s team shared essential insights with their users through X:
“While we believe that funds in the mitigated pools (identified as ‘mitigated’) are secure, we strongly recommend transitioning to safer pools promptly or making withdrawals.
Pools that could not be effectively mitigated are labeled as ‘at risk.’ For those participating in these pools, we advise immediate exit.”
Balancer was initially deployed on the Optimism network in June of the previous year, aiming to enhance user experience and minimize transaction fees within the DeFi landscape.
However, this incident underscores the persistent challenges and risks faced by decentralized financial protocols and the broader crypto community.
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Does the online casino have a gender? Many people think it’s a male-dominated field, but facts say the opposite. This article will show that the female audience is rapidly increasing and determine the kind of quality casino entertainment each gender prefers.
How Many Women Play in Casinos?
The history of the casino goes back to the 18th century. During these times, gambling houses were visited mainly by men. But with the advent of new technologies and going online, the situation in the world has changed.
Gambling statistics (in 2019) report that the total number of women relative to all online casino users exceeds 17.6% in Canada and 45.8% in Australia! It means that almost each fifth Canadian and each second Australian casino player is female. According to the British Gambling Commission surveys (in 2021), 41.6% percent of United Kingdom women were gambling last month. For men, this percentage is just over 43%. At the same time, the average age of women in the casino is 29 years, and for men – 33 years. It vividly demonstrates the real picture of casino gender and refutes that gambling is male-dominated.
Psychology of Online Gambling
After online casinos appeared, this kind of entertainment became much more accessible to females. Like men, they see gambling as a vibrant alternative Universe for a unique experience. According to the YouGov UK research about the reasons to play (in 2021), more than 40% of women and men agreed that this is a common fun activity. Over 27% of women chose that they like to fantasize about winning. Over 20% of men selected it as getting the experience of what they bet on. Besides, five times more men than women identified the casino as a reliable way to show skills and earn money.
Another difference is that women are less dependent on casinos. The British Gambling Commission study found that men are about seven times more likely to have addiction problems. They see the casino as a source of income or competition because of keeping going for the reward when losing a streak. Besides, men’s large bets with aggressive strategies also express it. Women, in turn, play for a long time, bet little, and enjoy the process differently.
What games do men and women prefer?
The main question remains how the preferences of players of different sexes differ. Men love table games such as BlackJack or Poker because they prefer competitive activities and often play according to the chosen strategy. Women choose games of luck such as Lottery or Bingo. In addition, they are attracted by colorful Slots with fruits or any other theme. They rarely act according to a specific plan, so these games are perfect for them.
Some activities appeal to both women and men. For example, Roulette is a game with a moment of randomness but a certain probability of a ball falling out. This combination of sheer luck and clear strategy has proven to be universal in terms of gender casinos.
Crypto Casino and Genders
The above facts argue that men have ceased filling the casino space. But one more variable should be added to this equation – cryptocurrency. Since modern online casinos allow you to place bets in many currencies, the gender distribution, in this case, changes significantly.
The spoiler is that this situation will not change. It is difficult to deny the clear predominance of the number of male crypto enthusiasts. The percentage of women with an account on platforms like BetFury is very low. Although, according to statistics, more than 40% of those interested in buying Bitcoin were women. Therefore, more women will soon play in the casino and bet on cryptocurrencies.
So, we can conclude that women are interested in investing and the cryptocurrency market no less than men. By the way, apart from the 8,000 Slots and Original games with one of the highest RTPs on the market, you can also participate in Staking on BetFury. BetFury has an internal token – BFG. It’s listed on many crypto exchanges: PancakeSwap, Biswap, etc. The token has over 55,000 holders, and more than 3B BFG are in circulation. To start investing, you only need a minimum of 100 BFG.
Communication Ways on Social Media
Social media is one of the most important means of attracting an audience to the casino environment. Among them are Twitter, Telegram, TikTok, YouTube, and others. So, Twitter has 43.6% of women, Telegram has 41.4%, and TikTok has 57%. Let’s now define the relationship between general statistics and gambling.
The BetFury platform has collected data on gender from social media. The study showed that the clear leaders in the female audiences are TikTok (28%) and Twitter (32.09%). Therefore, most women often go to the casino from these social networks.
Analyzing this data makes it possible to identify the content attracting females the most. These are fascinating videos, funny memes, short info posts, and interactive, that is, a news feed with short facts and a visual component.
To sum up, the potential of attracting a female target audience to the casino is great since it’s a high-quality type of entertainment. Women are increasingly interested in cryptocurrency, looking for ways to make money and have a good time. Therefore, the online gambling audience will become more diverse soon, and no one will say that the casino is a male-dominated area.
Georgetown, Cayman Islands, August 28th, 2023, Chainwire
Stargate, the leading omnichain liquidity layer, and native asset bridge with over $18 billion in lifetime transaction volume, has now deployed on Kava Chain, the Cosmos-Ethereum interoperable Layer 1. This integration will expand the reach of Tether’s Cosmos-native USDt issued exclusively on the Kava Chain, to the Ethereum ecosystem and beyond.
Stargate’s success in connecting Ethereum networks is unmatched, with 300x more TVL than the next most-used bridge. Deploying Stargate on the Kava Chain gives DeFi users the most secure and efficient way to move USDt between the Cosmos and Ethereum ecosystems.
The integration ensures that users from any of Stargate’s chains have access to USDt on Kava Chain and every app-chain on Cosmos’s Internet of Blockchains. Ease-of-use features like single-click transfers and swaps, combined with unified liquidity and instant guaranteed finality, make traversing USDt capital efficient and simple. Stargate’s native asset transaction capabilities ensure a more direct and efficient connection to the Cosmos ecosystem.
“Kava Chain’s growth since becoming the exclusive native USDt hub for Tether has been impressive, with 90 million native USDt issued,” said Scott Stuart, Kava Chain Co-founder. “With Kava Chain now on Stargate, both retail and institutional users who previously had restricted access to certain features on Kava, now have an even broader spectrum of opportunities with USDt.”
Stargate’s involvement, combined with the Kava Chain’s USDt integration, promises to drive growth, increase exposure to liquidity, and open the Kava Chain and Cosmos ecosystems to wider markets, unprecedented usage for the first time.
About the Kava Chain
The Kava Chain is a secure, lightning-fast Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos in a single, scalable network. Committed to fostering innovation and growth, the Kava Chain is a trusted choice for developers and users worldwide.
For more updates, follow Kava Chain on X (fka Twitter).
About Stargate
Stargate is a fully composable liquidity transport protocol that lives at the heart of Omnichain DeFi. With Stargate, users & dApps can transfer native assets cross-chain while accessing the protocol’s unified liquidity pools with instant guaranteed finality.
Contact
Media manager
guillermo carandini
Kava
[email protected]
[August 26, 2023] – Evadore emerges as an innovative ReFi regenerative finance project alongside a worldwide eco-movement, aiming to forge a more sustainable path for future generations and proffer solutions to global environmental challenges.
Notably, ReFi stands out as a financial system with a clear mission: contributing significantly to global improvement. With the escalating impacts of climate change and the growing harm inflicted upon the environment and wildlife by human actions, the urgency is evident. Evadore is set to initiate a worldwide campaign in collaboration with ReFi, facilitating nations to integrate their economic and state management systems within the ReFi framework.
The team has strategically fostered partnerships with prominent institutions within the blockchain industry, including top-tier exchanges, wallets, and service providers. Remarkably, the project is using state-of-the-art blockchain technology to coordinate the building of a financial infrastructure that will support sustainable growth while reducing reliance on fossil fuels.
In a statement made by expert Jimmy Rocks from the team of Evadore, he mentioned that “ Evadore promotes the ReFi financial paradigm in a world where conventional energy sources like oil, natural gas, and coal are becoming less competitive economically and have dwindling reserves. This cutting-edge framework has the world’s best interests at heart. Additionally, the ambitious worldwide movement spearheaded by Evadore and supported by the ReFi strategy aims to encourage countries to adopt a unified economic and political structure as climate change and the human ecological impact worsen.”
Moving forward, Evadore has set sail for an optimistic tomorrow. The project is confident in its ability to lead blockchain initiatives that benefit the environment. Evadore is set to undergo rapid iterative improvements that will allow it to more effectively control its growing carbon footprint and meet the ever-changing needs of the decentralized ecosystem.
With a strategic outlook, Evadore is poised to extend its sphere of influence into developing markets, including emerging economies and regions where blockchain technology remains in its infancy. This strategic maneuver aims to foster the proliferation of Evadore’s adoption, stimulate the growth of the decentralized ecosystem, and contribute to a greener world.
The platform’s commitment remains steadfast: eco-friendly solutions that are swift and inclusive, transcending boundaries.
About Evadore
Evadore is a pioneering ReFi regenerative finance project and global eco-movement dedicated to forging a sustainable path for future generations and pioneering solutions to global environmental challenges. By leveraging strategic partnerships and cutting-edge blockchain technology, Evadore endeavors to reshape the financial landscape while diminishing reliance on fossil fuels. Through visionary expansion and technological innovation, Evadore aspires to be the premier blockchain platform championing a greener world.
Contact
Name: Timothy Walker
Email: [email protected]
Company: Evadore
Location: United Kingdom
Bitcoin (BTC) is exhibiting on-chain activity reminiscent of the period preceding its historic surge to all-time highs in 2021, recent data reveals.
In a post shared on August 25th, Ki Young Ju, the CEO of CryptoQuant, a prominent analytics platform, disclosed that Bitcoin velocity has reached multiyear lows.
This trend indicates reduced movement of BTC at its current price levels, resulting in a lack of pronounced buying or selling pressures.
The concept of velocity, which gauges the rate of BTC units traversing the network, highlights this stagnant state.
CryptoQuant’s data highlights that on a daily basis, this metric is currently at levels that were last observed back in October 2020.
Ki Young Ju offered a two-fold perspective on this situation.
On one hand, it can be interpreted positively as evidence of whales retaining their BTC holdings.
Conversely, it could also be perceived negatively due to the limited transfer of BTC to new investors.
This scenario extends to high-volume traders as well, indicating a subdued trading activity amongst them.
This aligns with the narrative that the market is cautiously observing Bitcoin’s movements, adopting a “wait and see” approach.
READ MORE: Bitcoin’s Evolution Accelerates: Recursive Inscriptions Unveil New Horizons Beyond Cryptocurrency
Notably, the early months of the year witnessed the influx of fresh capital into the market, coinciding with BTC/USD’s impressive Q1 performance, achieving a remarkable 70% gain.
A significant aspect lies in the volume data. In late 2020, a similar pattern emerged where a low point in this metric coincided with Bitcoin’s surge past $20,000 and eventually reaching new all-time highs a year later.
However, in contrast to that period, Bitcoin’s current value of $26,000 seems to be oversold according to its daily relative strength index (RSI), as indicated by Cointelegraph Markets Pro and TradingView.
A recent report by Cointelegraph highlighted that the 12-hour RSI has hit a five-year low this month and is yet to recover, reflecting a delay in the resurgence of investor interest.
In conclusion, Bitcoin’s on-chain behavior is resembling the prelude to its previous historic price rally.
The slowed movement of BTC and the subdued trading activities among high-volume investors reflect a sense of caution prevailing in the market.
However, the oversold RSI suggests a potential for renewed investor engagement, albeit with a delay.
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The IRS, responsible for US tax collection, has unveiled proposed regulations regarding digital asset sales and exchanges by brokers.
These regulations aim to simplify tax filing and reduce tax evasion by introducing Form 1099-DA.
This form is designed to aid taxpayers in calculating taxes on digital asset gains and losses, thus negating the need for complex calculations and expensive digital asset tax preparation services.
The move aligns digital asset reporting with reporting standards for other asset types, fostering consistency.
The draft proposal, a substantial 282 pages, is set for publication in the Federal Register on August 29.
It is a part of the Biden administration’s execution of the bipartisan Infrastructure Investment and Jobs Act (IIJA), which is projected to generate $28 billion in fresh tax revenue over a decade.
Envisaged to take effect in 2026 for transactions in 2025, the rules’ implementation timeline was established. Public commentary on the proposal will be accepted until October 30, followed by at least one public hearing.
However, the initial response suggests potential challenges for the IRS. Kristin Smith, CEO of the Blockchain Association, underscored the uniqueness of the crypto ecosystem and stressed the need for tailored rules that avoid affecting participants without compliance options.
The DeFi Education Fund’s CEO, Miller Whitehouse-Levine, criticized the proposal as attempting to apply regulations built around intermediaries to a context where they don’t exist.
Criticism has extended to political spheres as well. Patrick McHenry, chairman of the House of Representatives Financial Services Committee, deemed the proposal an extension of the Biden administration’s assault on the digital asset sector.
READ MORE: Binance’s Russian P2P Crypto Exchange Renames Sanctioned Banks Amidst Controversy
McHenry asserted that the rules should adhere to the narrow, precise criteria laid out after the Infrastructure Investment and Jobs Act’s passage.
He applauded the exemptions mirroring those in the Keep Innovation in America bill, co-authored by himself and Rep.
Ritchie Torres, aimed at rectifying the perceived inadequacies of digital asset reporting provisions in the IIJA.
Coin Center, an advocacy group, had previously communicated digital asset taxation suggestions to Sens. Ron Wyden and Mike Crapo.
The suggestions targeted digital assets specifically and voiced concerns about privacy implications.
In conclusion, the IRS’s proposed regulations on digital asset reporting via brokers aim to streamline tax filing and prevent evasion.
The introduction of Form 1099-DA seeks to simplify calculations for taxpayers and bring digital asset reporting in line with other asset types.
Yet, the proposal faces early criticisms for its applicability in the unique crypto landscape and its potential regulatory overreach.
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Roman Storm, a co-founder of the cryptocurrency mixing service Tornado Cash, was taken into custody by the United States Department of Justice (DOJ) on August 23 on charges of money laundering and other offenses.
However, his lawyer, Brian Klein, swiftly announced that Storm has been granted bail following his arrest.
Expressing his discontent, Klein highlighted his disappointment with the prosecution’s decision to target Storm for his involvement in software development.
Klein stated that this legal approach sets a risky precedent, potentially affecting all software developers.
Storm’s release on bail occurred shortly after the DOJ’s announcement of his arrest and the charges brought against him and fellow Tornado Cash founder Roman Semenov on August 23.
The charges presented by U.S. authorities revolve around allegations of operating Tornado Cash’s services and purportedly laundering over $1 billion in illicit funds.
Additional charges entail accusations of engaging in a conspiracy to violate sanctions and running an unlicensed money transmitting business.
Despite the release of Storm on bail, there has been no immediate response from his lawyer, Klein, in relation to Cointelegraph’s inquiry.
This development emerges approximately a year after the U.S. Treasury Department designated Tornado Cash-associated addresses as part of the Office of Foreign Asset Control’s (OFAC) list of Specially Designated Nationals.
READ MORE:Ordinal Inscriptions Maintain Dominance on Bitcoin Network Despite Price Dip
This action led to the subsequent arrest of another Tornado Cash developer, Alexey Pertsev, in the Netherlands.
Pertsev spent around nine months in custody before being released in April 2023.
It is important to note that Storm and Pertsev are not the sole developers of Tornado Cash who have faced legal actions.
Roman Semenov, another co-founder, was also added to OFAC’s list of Specially Designated Nationals and Blocked Persons on August 23.
Despite being listed, Semenov has yet to be arrested for the alleged offenses.
The situation reflects an ongoing legal battle surrounding the cryptocurrency mixing service and its developers.
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