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Financial Censorship After Capitol Riot ‘Truly Chilling,’ Says OCC Chief Brian Brooks

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“Everything is at risk” if financial technology is politicized, said Acting Comptroller of the Currency Brian Brooks. 

Speaking at a public event hosted by blockchain analysis firm Elliptic on Wednesday, Brooks said the world needs to stop politicizing tech, pointing to the reaction after an attempted insurrection in Washington, D.C., last week that saw supporters of President Donald Trump break into the Capitol Building in an effort to halt the formal acceptance of the Electoral College votes.

“We had a really, really awful event in the United States last week, as everybody knows, I mean we saw things that were not worthy of a mature democracy in the 21st century, not worthy of the eras of Thomas Jefferson and James Madison,” Brooks said. “What has followed from that, however, is truly chilling. Now you’ve got payments companies saying that they will not process the payments of people who are on a certain political party who voted one way on a contested political issue.”

Payments platforms Shopify and Stripe deplatformed Trump’s campaign after the violence, which saw five deaths, including that of a Capitol Police officer.

Brooks said this is an extension of the existing pressure payment companies have exerted on businesses in the past, such as Mastercard and Visa announcing they wouldn’t process transactions for pornography

He also pointed to the firearms and tobacco industries as areas financial institutions do not want to service. The OCC under Brooks is looking into creating a rule that would prohibit institutions from not providing services to certain industries, including the energy and crypto sectors. While a public comment period on the proposal has closed, the rule itself has not yet been finalized.

“We live in a world where not only information, but also money might be controlled by a handful of elites who might not like the way that any one of us thinks [about an issue],” Brooks said in the live-streamed interview with Elliptic CEO Simone Maini. “This is what decentralization is about. In the world of crypto, there is no CEO. Crypto is about freedom and if you didn’t believe that freedom mattered last week, you should think about it again.”

Source: https://www.coindesk.com/financial-censorship-after-capitol-riot-truly-chilling-says-occ-chief-brian-brooks

Blockchain

Cardano Price Analysis: 15 January

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Disclaimer: The findings of the following analysis are the sole opinion of the writer and should not be taken as investment advice

Cardano‘s ecosystem has been witnessing strong developments of late, with each aimed at making it more self-reliant. With the cryptocurrency ADA rising on the charts, one can argue that the crypto is highlighting its ecosystem’s developments too. With a press time value of $0.3194, ADA also shared a strong correlation with Bitcoin, the world’s largest cryptocurrency.

Despite a recent hike in price, however, the long-term movement of the cryptocurrency remained in dispute, at the time of writing.

Cardano 4-hour chart

Source: ADAUSD on TradingView

Cardano’s [ADA] attached 4-hour chart indicated that the crypto’s price has been building higher and higher, with its growth outlined by an ascending channel. However, the price hit the resistance level at $0.3261, following which, it has only consolidated.

This price level in question has been an important resistance level for ADA to surpass in the past, and this will be the case this time as well. Further, with the cryptocurrency’s price moving sideways, the volume has fallen on the charts too.

Reasoning

The 50 moving average was intertwined with the price candles, but it had taken a position under it, by the time of writing. This highlighted a level of bullishness in the market, despite the fact that the price was moving sideways.

The Relative Strength Index indicated that ADA was close to being overbought, but had not hit the upper limit yet. As the trading war continues in the market, the value of the RSI may go close to the equilibrium zone. A swing in value may be witnessed if Bitcoin’s price sees a sharp pump or dump in the market.

Meanwhile, the Awesome Oscillator was underlining the loss of momentum in the market. The value of the AO, although positive, was reflecting a small range, one that was likely to change within no time. The aforementioned low momentum, along with the sideways moving price, fueled a restricted range for the cryptocurrency to trade in.

Conclusion

ADA’s market has been seeing a lot of active behavior from traders. With the cryptocurrency meeting strong resistance at its press time level, the price may have to receive a boost from the market to surge past it.

Source: https://ambcrypto.com/cardano-price-analysis-15-january

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Tether’s Bank Discloses ‘Large Position’ in Bitcoin

Deltec, the Bahamas-based bank that holds the reserves for the cryptocurrency space’s leading stablecoin issuer Tether, has revealed it has a “large position” in bitcoin and has been buying BTC since it was trading at $9,300. In a 2020 review video the firm published, first spotted by Twitter user lenne, the firm’s Chief Investment Officer […]

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Deltec, the Bahamas-based bank that holds the reserves for the cryptocurrency space’s leading stablecoin issuer Tether, has revealed it has a “large position” in bitcoin and has been buying BTC since it was trading at $9,300.

In a 2020 review video the firm published, first spotted by Twitter user lenne, the firm’s Chief Investment Officer Hugo Rogers said:

  • It also includes a large position in bitcoin, which has received a lot of attention recently. We bought bitcoin for our clients at about $9,300, so that worked very well through 2020. And we expect it to work well in 2021 as the liquidity crisis continues to run hot.

Data shows that Tether’s USDT stablecoin has a circulating supply of 24.3 billion tokens. On top of that, Tether’s transparency page shows 40 million EURT, 23 million CNHT, and 47,600 XAUT are also in circulation.

Each stablecoin Tether issues is pegged to the value of a fiat currency. USDT is pegged to the value of the USD, and according to Tether its reserves include “traditional currency and cash equivalents,” and from “time to time” they may include “other assets and receivables from loans made by Tether to third parties.”

Deltec’s move, as Decrypt reports, has seen some question whether USDT is at least in part backed by BTC. Deltec, however, is believed to have various other clients in the cryptocurrency space, including popular derivatives, exchange FTX.

Larry Cermak, director of research at The Block, has said that the “vast majority of market makers, OTC desks and exchanges” have bank accounts at Deltec, which could mean the firm has been buying BTC for other clients and not Tether itself.

It’s worth noting that cryptocurrency exchange Bitfinex, which shares management with Tether, is rumored to own a large stake in Deltec.

Featured image via Pixabay.

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Wikipedia Turns 20: How the Internet Encyclopedia Has Impacted Crypto

Wikipedia was founded with the idea of creating a free and accurate source of information on absolutely anything. “[…] written by volunteers, for everyone in the world, it seemed impossible,” states the birthday celebration page.  Fast forward twenty years, and the website now ranks thirteenth in the world in terms of traffic. The birthday post states … Continued

The post Wikipedia Turns 20: How the Internet Encyclopedia Has Impacted Crypto appeared first on BeInCrypto.

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Wikipedia, otherwise known as the free internet encyclopedia, turns 20 years old today. But what impact has the world’s most popular source of information had on the cryptocurrency industry?

Wikipedia was founded with the idea of creating a free and accurate source of information on absolutely anything. “[…] written by volunteers, for everyone in the world, it seemed impossible,” states the birthday celebration page

Fast forward twenty years, and the website now ranks thirteenth in the world in terms of traffic. The birthday post states that Wikipedia is “celebrating the power of human collaboration, creativity, and curiosity.”

However, has the rise of Wikipedia had any real impact on the growing cryptocurrency industry? 

Wikipedia – A History of Knowledge

Wikipedia now holds the largest collection of open knowledge in history. Thanks to open collaboration between internet users, it now has over 280,000 people editing every month.

As the biggest encyclopedia globally, the site should offer a large amount of information on the crypto industry. However, the history between the two has been marred with controversy. 

Cardano co-founder Charles Hoskinson recently accused the project of censoring his project’s paper as a citation. Wikipedia continually removed the citation, which stirred up controversy between Hoskinson and the community who labeled the move as commercial censorship.

Bitcoin Donations If You Must

Wikipedia has however been involved with bitcoin since as early as 2014. Even back then, the website added bitcoin as a method for accepting donations.

While it did receive some BTC donations, it appears the cryptocurrency has fallen out of favor as a donation method. Wikipedia still accepts cryptocurrency transfers, however, this isn’t mentioned on the donations page.

Popular methods now include PayPal and credit cards. Crypto specific donations seem to be relegated to a separate page as a last resort. Via the use of crypto payment provider BitPay, users can donate with bitcoin, bitcoin cash, ether, or xrp. 

Wikipedia founder Jimmy Wales has previously expressed his distaste for the Bitcoin fork, Bitcoin SV. Wales commented on the embroiled project, saying:

“BSV offers nothing for Wikipedia, there is zero chance we would ever use it.” 

Wales has also tweeted several times about Bitcoin. His most popular tweet relates directly to the king of crypto. He explains that he had purchased 0.1 BTC through Coinbase several months before Wikipedia added bitcoin as a donation method. 

Wikipedia may be the largest available knowledge portal on the web. However, it seems to have had a slim impact on the cryptocurrency industry as a whole. Perhaps in the future this will change as the industry begins to mature, and adoption continues to grow.  

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Source: https://beincrypto.com/wikipedia-turns-20-how-the-internet-encyclopedia-has-impacted-crypto/

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