Business

FTX CEO Sam Bankman-Fried: Bitcoin ‘Not a Payments Network’

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Sam Bankman-Fried, CEO of the fast-growing crypto exchange FTX, said that Bitcoin isn’t a suitable payments network.  “The Bitcoin network is not a payments network and it is not a scaling network,” he told the Financial Times on Monday.  Bankman-Fried qualified these statements by pointing to the network’s proof-of-work (PoW) consensus algorithm, which validates Bitcoin transactions.  In a PoW-based network, computers run non-stop to verify […]

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Conspiracy Theories Abound as Terra Tries to Save UST

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TerraUSD (UST), an algorithmic stablecoin hosted by the Terra network and created by South Korea’s Terraform Labs, has once again lost its dollar peg after a wave of sell-offs hit the crypto market. The stablecoin, which is supposed to maintain a value of USD 1 by creating and destroying supply through a swap with Terra’s governance and staking

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Are GBTC Unwinds Bullish or Bearish for Bitcoin?

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Grayscale Bitcoin Trust (GBTC) is an investment vehicle that allows institutional and public market investors to invest in bitcoin without purchasing the cryptocurrency directly. While many GBTC investors were simply looking for public market exposure to bitcoin, many firms also took a more strategic approach to capture the neutral arbitrage trade of GBTC shares trading

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