Cryptocurrency
Whale Moves $1 Billion Worth of Bitcoins, Pays Only $600 as Transaction Fee
Bitcoin’s price may have stabilized for the past few days, but it seems the whales are up to something. On September 6, 2019, Whale Alert, a platform that monitors large crypto transfers informed that an individual has moved $1 billion worth of Bitcoin to a single wallet. The massive transfer has caused a wave of anxiety in the market that a dump could be pending.
94,504 BTC is Moved to an Unknown Wallet
According to Whale Alert, 94,504 BTC valued at $1,018,147,922 was transferred today, from an unknown wallet to another wallet. A review of the wallet that made the transfer showed that its funds were accumulated before being moved to the recipient.
Hours after the massive transfer, the crypto community is still on its toes trying to ascertain what the individual is up to. Comments made on Whales Alert’s tweet threw more light on the transaction. Alex Krüger, for instance, remarked that this is the largest Bitcoin transfer from a non-exchange platform, and the funds could be on the move.
Crypto Community Opines Bakkt Customers are Moving Funds
Other members of the community opined that the transfers could’ve been made by clients transferring their Bitcoins to Bakkt, a Bitcoin futures platform. In their opinion, Bakkt had announced earlier that it would allow customers to move their Bitcoin to its cold storage starting from today, September 6, 2019. As such, the recent whale transfers and the said event could be closely related.
There were, however, others in the space who found the thought of over $1 billion worth of Bitcoin being sent to a wrong address hilarious. If that were the case, it would’ve meant the individual behind the transfer had just lost their entire holdings since Bitcoin transactions are irreversible.
$600 Paid as Fee for Billion Dollar Transaction
These aside, it was also noted that only $600 (0.06 BTC) was paid as the transaction fee. Given that a billion was sent but it only attracted a few dollars in fees, several members of the space pointed out how remarkable that was.
On the other hand, the sender seems to be covering their footprint since efforts to track the payments from the sending wallets is proving a challenge. A crypto user, for instance, said:
“I don’t know how many of these “mixing wallets” there are. Every single tx I follow leads to a new one. Someones trying to hide these coins, that’s for sure. All of them look like they are still active today.”
Nonetheless, these wallets will still be monitored closely in a bid to ascertain if the sender’s motive is to dump the BTC in the market, which could tank the asset’s price.
Cryptocurrency
Cardano’s Charles Hoskinson wants to work with Elon Musk to develop a decentralized social media platform
The Founder of Cardano (ADA) has invited Tesla owner and billionaire, Elon Musk, to work with him in developing the first decentralized social media platform. Charles Hoskinson, who also doubles up as the CEO of Input-Output Global is offering to help Elon Musk achieve his goal of free speech on social media.
The news follows Elon Musk’s acquisition of a stake in Twitter last week. The Billionaire bought 9.2% of Twitter, estimated at $2.89 Billion, and was even offered a seat on the micro-blogging site’s board. However, after deliberations, Elon passed on the offer since it would bar him from owning beyond a certain threshold of Twitter’s shares.
Free speech advocate
Elon Musk is on record for being a passionate supporter of free speech and open internet policies. He has in the past openly accused Twitter of muzzling free speech and open internet use. He recently held a poll that indicated that most users would prefer an edit button on Twitter and said that if he is not allowed to acquire the platform, he would have to reconsider his position as a major shareholder of Twitter.
To actualize this cause, he has offered to acquire the platform for a reported fee of $43 Billion in cash. This intended acquisition has left his critics and supporters talking and would go a long way in helping him bring much-needed changes to Twitter. His intention has however come under fire with his critics, including Dogecoin co-founder, Jackson Palmer saying that Elon Musk is planning a hostile takeover of Twitter.
Hoskinson’s offer to Elon Musk
Upon seeing the opposition against Elon Musk’s plan, Hoskinson wooed Elon to join him in creating a decentralized social media platform. He tweeted:
“@Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one.”
This offer follows Elon Musk’s Twitter poll where he sought the opinion of his 80 million followers about a decentralized social media platform. He posited that were he to be barred from acquiring Twitter, he would establish his decentralized platform that would be founded on free speech and open internet.
Elon Musk’s campaign for free speech and open internet has not been welcomed by all. Some of his critics have argued that coating his move with good intentions, his true intention is to get revenge against the SEC for muzzling his Twitter activities.
Cryptocurrency
Thailand Outlaws The Use Of Crypto For Payments
- The SEC in Thailand has banned crypto payments in the country.
- Its new decision is expected to become enforceable in April.
- The SEC reiterated that the government still maintained support for the blockchain industry, clarifying that the decision does not affect crypto investments.
The Securities Exchange Commission today has placed restrictions on crypto as a means of payment. They believe that it poses risks to the nation’s financial stability.
Crypto Payments Outlawed
Thailand’s SEC today has outlawed the use of crypto as a medium of exchange in the country. The regulators came up with this decision after discussing the benefits and inherent risks from crypto and blockchain technology with the country’s central bank, the Bank of Thailand (BOT).
They concluded that the use of cryptocurrencies for payment was potentially harmful to the country’s financial stability and economy. Price volatility, risks of theft, and potential use cases in money laundering were amongst the reasons cited by the SEC that led them to this decision.
The SEC report read, “the use of digital assets as a medium for payment of goods and services Because it may affect the stability of the financial system and the overall economy. including risks to people and businesses such as the risk of loss of value caused by price volatility Risk of Cyber Theft Risk of personal data leakage or being used as a tool of money laundering.”
As per the SEC’s new decision, crypto service providers and vendors or merchants in the country are encouraged to stop providing or facilitating such services. Suppose a crypto service provider discovers that a customer has used its services to make payments. In that case, the service providers are to inform the SEC and restrict activities on the said account.
The SEC’s new ruling is to take effect from the 1st of April. However, businesses that already offer such services would be given till the end of April to cease such operations. The crypto market in Thailand has grown massively over the last couple of years. As per a Bloomberg report, government data estimates that Thai citizens hold about $3.4 billion in crypto assets.
Crypto Investments Not Affected As The Thai Government Still Supports Blockchain Technology Innovation
The SEC in their release, clarified that the restriction was only on using cryptocurrency as a means of payment and in no way affected citizens investing in crypto. It was stated that “digital asset traders/investors can carry out normal investment/trading related transactions.”
The SEC also maintained that the government still supported blockchain technology and was working to provide a regulatory environment where innovation can be encouraged in the industry. Recall that earlier this month, the country had offered tax incentives to investors and businesses in the crypto industry.
“… the BOT and the SEC, as well as other government agencies, see the benefits of various technologies behind digital assets such as blockchain and emphasize and support the use of technology to further innovation.”
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