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? The Dinarian on Locals brings you the latest in news, interviews, in-depth conversations, and stories from across the blockchain and global communities—within and beyond cryptocurrency ?. Experts delve into how blockchain technology is reshaping industries, enhancing business networks ?, transforming transaction workflows, and advancing distributed ledger systems ??. We also explore intriguing topics that may venture into the realm of conspiracies—and so much more!
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👇🏻 THETA PATENT PUBLISHED 1/4 👇🏻

#20240005350
👉- Edge Computing Platform Supported by Smart Contract Enabled Blockchain Network with Off-Chain Solution Verification

Credit to @StevensJoe11

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How The Sonic Gateway Functions 📚

Smells like mainnet is around the corner, so why not a refresher on how the Sonic Gateway functions

https://x.com/sonicuniversity/status/1866040722669051967?s=19

00:01:20
NATO: From Tanks To Tweets

From tonight's sub stream annotating the Rogan episode with receipts.

The World Does Need To See This Crap!

THEY are not giving up yet, The battle for worldwide FREEDOMS reign on!🐺🐑

00:02:26
🔥 Crypto-Saves-Lives 🔥

Still a skeptic? Watch the onchain effect of @Decaf_so, @StellarOrg,
@MoneyGram, and @circle in Colombia.

#Stellar #XLM

00:11:09
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading
🚨 BlackRock Moves Bitcoin into Thousands of New Wallets!

Reports indicate that BlackRock has shuffled approximately half of their client Bitcoin holdings into thousands of new wallets, with roughly 600 BTC per wallet. 🤯

💭 Speculation is buzzing:

👉 Is this for liquidity management?
👉 Custodial reorganization?
👉 A strategic play for upcoming market moves?

🔍 Official confirmation is awaited, but such significant wallet activity raises questions about their next move in the crypto space.🌐💸

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💥 @SboomFi - One of the first projects on Sonic! 💥

Sboom is a next-generation decentralized exchange built to harness the power of Sonic's EVM Layer-1 blockchain.

Let's start exploring the Sonic chain!

$S $FTM

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Microsoft Set to Vote on Adding Bitcoin to Its Portfolio This Week 🗳

Microsoft's shareholders are preparing for a pivotal decision on December 10 regarding the company’s potential investment in Bitcoin.

Despite Bitcoin’s meteoric rise, fueled by growing institutional interest and public endorsements from high-profile figures, Microsoft’s board remains cautious. The proposal, submitted by a think tank advocating Bitcoin as a hedge against inflation, faces significant resistance from the board, which cites existing investment strategies and the speculative nature of Bitcoin.

The vote will determine whether Microsoft adds Bitcoin to its balance sheet, marking a crucial moment for both the company and the broader cryptocurrency market. While proponents of the move believe it could solidify Bitcoin’s standing as a mainstream financial asset, skeptics, including Microsoft co-founder Bill Gates, argue against its intrinsic value. Gates’ reservations echo broader criticisms that Bitcoin’s volatility undermines its appeal as a stable investment.

This decision ...

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Google’s Willow quantum chip brings Bitcoin security debate 10 years closer
Willow quantum chip milestone prompts the crypto industry to tackle future-proofing obligations for Bitcoin.

 Google has unveiled its latest innovation, the Willow quantum computing chip, stirring discussions within the crypto community about its potential impact on Bitcoin’s cryptographic security.

On Dec. 9, Sundar Pichai, Google’s CEO, introduced the Willow chip as a breakthrough in quantum computing. It boasts error reduction capabilities and 105 qubits, a new computational power milestone.

A Quantum leap in computing

Pichai revealed that Willow achieved a benchmark computation in under five minutes that would take a modern supercomputer an astonishing ten septillion years—a timeline incomprehensibly longer than the universe’s age of 13.8 billion years.

Further, Willow’s design includes low-error-rate gates and high-connectivity algorithms, making it a significant step forward in the quest for scalable quantum computing.

This advancement highlights quantum computing’s potential to revolutionize fields dependent on complex calculations. According to Pichai:

“We see Willow as an important step in our journey to build a useful quantum computer with practical applications in areas like drug discovery, fusion energy, battery design + more.”

However, it also raises concerns about the security of encryption systems, passwords, and other cryptographic protections.

Bitcoin’s safety in focus

Concerns over Willow’s implications for Bitcoin’s cryptographic safety emerged quickly. Critics argue that the chip could someday undermine the top crypto’s security framework.

However, leading crypto experts suggest the technology is far from achieving that capability.

Crypto venture capitalist Adam Cochran noted that while Willow highlights the need for post-quantum encryption, it does not currently endanger Bitcoin.

According to Cochran, the milestone means the crypto industry has a shorter timeline—less than 10 years—to address quantum computing risks before they become a pressing issue. He stated:

“With one breakthrough we’ve seen a 20 year drop in how long Bitcoin and other cryptocurrencies have to start taking post-quantum encryption seriously. And another breakthrough of this equivalent size would put those issues on our doorstep in no time.”

Emin Gün Sirer, co-founder of Ava Labs, expressed similar sentiments, emphasizing that Bitcoin remains secure.

However, he advised proactive steps, particularly regarding Satoshi Nakamoto’s early-minted Bitcoin, which uses the outdated Pay-to-Public-Key (P2PK) format. Unlike modern wallets, this format exposes public keys, potentially creating vulnerabilities if quantum computing advances further.

Sirer suggested freezing these coins or implementing a sunset date for all P2PK-based transactions as a precautionary measure.

[Editor’s Note: While Bitcoin will eventually need to address the capabilities of quantum computing, so will tradFi services, including the global banking industry. Bitcoin should not be singled out as the only target of quantum computing advancements, as all digital services require some form of encryption that will eventually become vulnerable to quantum computers.]

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U.S. Treasury Refers To BTC As ‘Digital Gold’; Foresees Rapid Growth For Digital Assets

For the record, does anyone else find it deeply concerning that the very institutions Bitcoin was designed to challenge are not only endorsing it but actively adopting it? This raises serious questions about their motives. My intuition signals a major red flag—could this be part of a larger, orchestrated strategy? Perhaps even one of the most elaborate "rug-pulls" in history? If the goal is to destabilize the current system to usher in a new one, this could be a critical step in that transition. ~ Namasté 🙏The Dinarian

The Department of US Treasury, in its Fiscal Year 2024 Q4 report, has emphasized Bitcoin’s rapid growth discussing its use case, especially in DeFi. Remarkably, it also acknowledged Bitcoin as a digital gold. 

It noted the trends in digit asset growth and usage which has undergone a rapid growth from very low levels. It noted that growth has come both from native crypto coins like Bitcoin and Ethereum, as well as stablecoins.
 

A Store Of Value In The World Of Defi

According to the US Department, the primary use case for BTC, which they also referred to as “digital gold,” seems to be a store of value in the DeFi world. It underscored that the speculative interest seems to have played a prominent role in the growth of digital tokens thus far. 

Recently, the Fed Chair Jerome Powell also likened Bitcoin to gold as he compared both assets. Jerome Powell said that BTC is a speculative asset that has a closer correlation to gold than the US dollar.

The report also noted Bitcoin’s market cap over the years. In 2015, the flagship crypto had a market cap of $6.4 million. In 2019, it grew to $194 billion. Currently, Bitcoin boasts a market cap of $2.3 trillion. The Bitcoin price is not showing signs of stopping anytime soon, as it recently crossed the $100,000 milestone. Analysts note that Bitcoin’s success is driving institutional FOMO as more companies are looking to embrace it as an asset on their balance sheet. 

 

Stablecoin Growth

The US Treasury report also highlighted stablecoins as another category of digital assets that have seen rapid growth. The report stated that stablecoin growth has resulted in a modest increase in demand for short-dated treasuries.

Fiat-backed stablecoins are said to have a significant portion of their collateral in the form of treasury bills and treasury-backed repo transactions. The US Treasury estimates that $120 billion in total stablecoin collateral is directly invested in Treasuries.

It also noted that Stablecoins play an integral role intermediating transactions in digital asset markets. Over 80% of all crypto transactions now use a stablecoin as one leg of the transaction. Over the near term, the US department expects continued growth in stablecoin markets along with the overall size of the digital asset market. 

 

“The High Beta Assets”

The report also mentioned that in recent years, institutional sponsorship of Bitcoin citing instances of BlackRock ETF and MicroStrategy, has been growing and crypto assets have behaved like “high beta” assets. Further, they also predict that the rapid growth of Bitcoin and other digital assets and massive volatility might lead to future hedging needs and fight-to-quality demand for Treasuries

 

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FSOC warns stablecoins pose stability risks, calls for legislative action to enhance oversight
FSOC advocates urgent legislative measures to curb stablecoin risks amid expanding crypto-TradFi integration.

Dinarian Note: It appears Europe is not the only one going after Tether... 

The Financial Stability Oversight Council (FSOC) raised concerns that stablecoins pose a mounting risk to financial stability due to inadequate oversight and significant market concentration, according to its 2024 annual report.

The report called for urgent legislative action to create a comprehensive federal framework for stablecoin issuers to mitigate risks tied to their rapid growth and limited transparency.

It also called for stricter oversight of the wider crypto market amid growing integration with the traditional financial system and sustained institutional adoption.

Recommendations for stablecoins

The FSOC emphasized that stablecoins, often marketed as reliable digital alternatives to traditional currencies, are acutely vulnerable to runs without stringent risk management standards.

It also argued that the opacity surrounding issuers’ reserves and operational practices further undermines market discipline and increases the potential for fraud. The report noted that one issuer accounts for approximately 70% of the market, amplifying the risk of systemic disruptions should the entity fail. However, it did not explicitly name the entity.

The council urged Congress to establish a comprehensive federal prudential framework for stablecoin issuers. Recommended measures include requiring robust reserve management, setting minimum capital and liquidity standards, and implementing regular reporting obligations.

The report stressed that such a framework would address risks related to payment system disruptions and enhance investor and consumer protections. FSOC members also highlighted stablecoins’ growing integration with traditional financial systems as a key concern.

The report warned that without appropriate risk management standards, any instability in the stablecoin market could cascade into broader financial markets. In the absence of legislative action, the council advised federal agencies to explore alternative regulatory measures under existing authorities.

Integration with TradFi

The FSOC also detailed the expanding footprint of crypto-assets in traditional markets and warned that the sector’s rising integration with traditional finance also required increased oversight.

While the total global market value of crypto-assets remains modest compared to traditional financial markets at just under $2 trillion, recent regulatory approvals of spot exchange-traded products (ETPs) have heightened investor accessibility. The market value of spot crypto-asset ETPs surged to nearly $80 billion in 2024 following the SEC’s approval of several listings earlier this year.

Despite their growth, the FSOC emphasized that the crypto-asset ecosystem remains a high-risk sector. The report identified significant gaps in regulatory oversight of the crypto spot market, citing a lack of explicit federal rulemaking authority to address fraud, market manipulation, and other risks.

To counter these challenges, the FSOC recommended granting federal financial regulators explicit powers to oversee crypto markets that fall outside securities regulation.

While acknowledging the transformative potential of digital assets, the FSOC emphasized the need for a balanced regulatory approach that supports innovation while safeguarding financial markets.

 

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