Saifedean Ammous and Erik Voorhees spoke at the Consensus: Distributed conference on Monday, focusing on concerns over the actions of central banks and governments in response to the current coronavirus pandemic. Both speakers expressed a belief that Bitcoin (BTC) as a nonpolitical form of money would be far better placed to see the world through the current crisis. Mass-printing fiat: bad On the fiscal stimulus measures taken by governments around the world, both men were particularly critical, with Ammous pointing out: “The hit of the addict always feels good when you first take it. It’s the withdrawal that’s the problem.” …

By spring 2020, it became inescapable that we now live in a world with an unraveling future. The once-imminent shift, now fueled by the coronavirus outbreak, has accelerated the pace of technological adoption, and the financial field was among the first industries to accept it. The shift from a cash-based culture to card payments in many conservative European countries became even more notable, alongside a growing interest in cryptocurrencies and stablecoins in particular. What once might have required a few more years of crypto maturity became urgent as physical cash became a potential virus transmission vector, while new levels of …

Normally, little is unexpected concerning the regular, pre-programmed adjustment of the Bitcoin network’s mining reward size, otherwise known as halving. Baked into the digital currency’s original protocol, the anti-inflationary mechanism gets triggered once every 210,000 blocks mined — or roughly every four years — providing all the interested parties with ample notice and time to buckle up. Throughout Bitcoin’s (BTC) rather short history, halvings invariably foreshadowed massive rallies in crypto markets. The upcoming event, however, is unprecedented, as it will take place in the middle of a crisis that has affected just about every aspect of the global economy. How …

On May 9, we wrote that the Loom Network, a platform-as-as-service blockchain project, appeared to no longer be active. Representatives from the platform have since responded publicly to Cointelegraph, indicating that the project is, in fact, alive and well. Communication in stasis Following the departure of the network’s CEO, the project announced that it would be pivoting away from its original business model into an enterprise-facing solution. In the weeks that followed, a number of the Loom Network’s validators abandoned the project, with one calling the network dead in a March 31 tweet. Communication appeared to have stalled on the …

Let’s face it: Whether you’re an avid crypto enthusiast or just mildly interested in this blooming industry, chances are you’ve read, seen or heard more stories about the coronavirus and the Bitcoin (BTC) halving than you’d probably like to. In all fairness, the coronavirus led to the world has collectively agreeing to press pause in an unprecedented manner, so the fact that a global pandemic happens to be taking place around the same time as the most important event in crypto means that full-on, 24/7 media coverage is to be expected. However, sometimes people just need a break from the …

Video conferencing app Zoom, the undisputed titan in an era of social distancing, has acquired end-to-end encryption start-up Keybase. The acquisition, announced May 7, follows multiple privacy and security-related scandals — including the rise of video conference gatecrashing (“zoombombing”), controversial data sharing with Facebook, false claims that video calls were encrypted, and revelations that nefarious actors were peddling half a million Zoom accounts on the darknet. Under the terms of the new deal, Keybase will become a subsidiary of Zoom and its team will lead security engineering work to develop an end-to-end encryption feature available for paying customers. Founded in …

Analysts have revised down their forecasts for European enterprise spending on blockchain development in the next few years due to the economic aftershocks of the COVID-19 pandemic. In a report published on May 5, United States-based market research firm International Data Corporation (IDC) said it expects the slowdown to be temporary and unevenly distributed across sectors. Prior to the crisis, IDC had forecast that European blockchain spending would be $1.4 billion in 2020, with strong growth of 58% compound annual growth rate (CAGR) to 2023. Carla La Croce, co-lead of IDC European Blockchain Practice, explained that: With depressed customer demand, …

Despite zero downtime since its inception, Bitcoin (BTC), still has some catching up to do with New York City’s subway system. Wednesday was the first time in its 115-year history that New York City purposely shut down its main transportation artery. The downtime will allow workers to deep clean all transit cars in an effort to prevent the further spread of COVID-19. Subway Map of Bitcoin Forks. Source: Bitcoin Magazine Meanwhile, Bitcoin has been clogging along without any interruptions since its genesis block. Mined on January 3, 2009, the genesis block held the now-famous Coinbase transaction: “The Times 03/Jan/2009 Chancellor …

Although coronavirus conditions have created global economic difficulties, cryptocurrencies could see growth amid the struggle, according to one blockchain incubator's head. "Short-term: digital currencies suddenly look appealing," Polyient Labs CEO Brad Robertson told Cointelegraph in a May 1 email. "If someone only looked back at the last two weeks, they might think 'cryptocurrencies are back, baby,'" he added. Bitcoin has rebounded faster than mainstream markets Bitcon crashed in tandem with mainstream markets on March 12 amid rising coronavirus fears. Both sectors have since recovered, although Bitcoin sprung back to life more quickly than traditional markets. The U.S. government's recent money …

The global economic crisis caused by the coronavirus panic is so severe that the world’s most powerful central bank, the United States Federal Reserve, announced “QE infinity.” Bank of America Securities is estimating that the Fed could spend up to $8 trillion. While the U.S. pledged to help support stocks with infinite asset purchases, it is believed that the U.S. unemployment rate could nonetheless hit 30% for the first time since the Great Depression. The dollar’s reserve status continues to be questioned, especially as policymakers expand the money supply. The hegemony of one sovereign currency is proving to be a …

The Tron Foundation is once again mired in controversy over an as yet unverified allegation that it secured a ~$2 million grant from the United States’ federal relief program for small businesses hit by the pandemic downturn. The official WeChat account of a Beijing-based subsidiary, “Tron,” appears to have circulated the claim on May 5: Screenshot of a purported WeChat post from a Beijing-based subsidiary. Source: WeChat The WeChat post claims that the Tron Foundation in the U.S. successfully applied for a loan from the Paycheck Protection Program (PPP), which was rolled out by the Small Business Administration (SBA) as …

Multi-millionaire and former hedge fund manager, Mike Novogratz, recently posited government spending around coronavirus efforts may be the cause of recent mainstream and crypto market rallies. "Household Income in the USA could actually be up this year even though we could have 25% unemployment," Novogratz said in a May 6 tweet, adding: "That is unprecedented.Thanks Uncle Sam and Chairman Powell. Helps with social unrest, might explain the retail bid to the stock market, and certainly helps make the BTC case." It is unclear exactly what Novogratz meant in his tweet, and which aspects have impacted market prices. Cointelegraph reached out …