Transparent financial systems won’t get real traction, blockchain exec argues

As the conversation around privacy intensified with the recent Litecoin (LTC) upgrade called Mimblewimble and regulators’ reaction to the feature, Adrian Brink, the founder of blockchain protocol Anoma, weighed in on the topic and shared his perspectives to Cointelegraph.  According to Brink, privacy is an essential tool for democracy because it prevents huge corporations from targeting people and segregating them into different bubbles. The Anoma founder told Cointelegraph that: “The fact that you have surveillance capitalism allows micro-targeting to such an extent that it can put people into their own…

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Terra’s meltdown highlights benefits of CEX risk-management systems

The collapse of Terra’s ecosystem — namely, native coin LUNA and algorithmic stablecoin TerraUSD (UST) — rocked the wider blockchain and cryptocurrency ecosystem. Not only did Terra-ecosystem tokens (such as Anchor’s ANC) collapse in value, but the widespread fear, uncertainty and doubt sent market-leading cryptocurrencies Bitcoin (BTC) and Ether (ETH) below $27,000 and $1,800, respectively, on some exchanges. As of the time that I’m writing this article, the cryptocurrency market still hasn’t recovered — even if Terra’s contagion has been mostly contained. Related: What happened? Terra debacle exposes flaws plaguing…

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Centralized systems are here to stay, says Binance CEO CZ

In a tongue-in-cheek hot seat video to round off 2021, Binance CEO Changpeng Zhao, or “CZ,” responded to a series of curated Tweets from the Binance community. The Chinese-Canadian business executive’s standout message was that centralized exchanges such as Binance would remain relevant in 2022 and beyond. Riposting to a loaded tweet about centralized finance’s dark side as well as the future of decentralized finance, CZ said, “Today, we still need the centralized systems to integrate with the traditional financial industry so that we can bring the money into and…

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China’s central bank worried about stablecoins’ risk to financial systems

The Chinese central bank is “quite worried” about the global financial risks associated with digital currencies, particularly stablecoins, according to a senior official. Fan Yifei, a deputy governor of the People’s Bank of China (PBoC), expressed concerns over the reportedly serious threat stablecoins like Tether (USDT) pose to global financial and settlement systems, CNBC reported Thursday. The official emphasized that the speed of development in private payment systems is “very alarming,” and the PBoC is working against monopolies and the “disorderly expansion of capital,” adding: “Some commercial organizations’ so-called stablecoins,…

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State-backed digital currencies can disrupt financial systems: Report

Central bank digital currencies, or CBDCs, could pose a threat to financial systems if related risks are not managed, Big Three credit agency Fitch Ratings has warned. Fitch Ratings released a report on Monday entitled “Central Bank Digital Currencies: Opportunities, Risk and Disruption,” which discussed the major trade-offs between risks and benefits associated with CBDCs. Fitch Ratings stated that the key benefits of a retail CBDC lie in its potential ability to expand government-backed cashless payments in an effort to keep up with the wider digitalization of society. The biggest reasons…

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Gemini reports ‘degraded performance’ in key systems as ETH falls under $4,000

Major U.S.-based cryptocurrency exchange Gemini has experienced two service disruptions today and is now reporting degraded performance in its mobile app, web interface, and application programming interface. According to an update on the Gemini status page, the crypto exchange began investigating reports of potential service disruptions at 13:24 EST today. Though the exchange said it had restored all of its services only minutes later, Gemini reported another service disruption a few hours later, saying its systems were “experiencing degraded performance” due to an undetermined cause. At time of publication, deposits…

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All of the Federal Reserve’s wire and ACH systems are down

All of the services available through the Federal Reserve’s online portal have been down for more than an hour. According to the Federal Reserve Bank Services’ website, the bank is experiencing a disruption in its account services, central bank, Check 21, check adjustments, FedACH, FedCash, FedLine Advantage, FedLine Command, FedLine Direct, FedLine Web, Fedwire Funds, Fedwire Securities, and National Settlement — all services typically available — which started at 6:18 PM UTC today. In addition, all the access solutions that the Fed offers, with the exception of FedMail, are also offline.…

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Blockchain-based voting systems have potential despite security concerns

The 2020 United States presidential election was met with an increase in mail-in ballots due to COVID-19 concerns. Yet while many Americans stayed away from polling stations this year, postal delays, rejected ballots, and other challenges emerged. Unsurprisingly, better ways for casting votes during major elections quickly became a hot topic of discussion. This has also led some in the crypto community advocating with renewed vigor for a blockchain-based voting system to be used in the future presidential elections. While the promises of blockchain include trust, transparency and immutability, a group…

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MIT cybersecurity experts do not trust blockchain-based voting systems

While certain parties in the United States continue to challenge the integrity of the election process, a group of researchers is advocating against using Internet-based and blockchain-based voting systems in the future. According to a Nov. 16 report from researchers at the Massachusetts Institute of Technology’s Computer Science and Artificial Intelligence Laboratory, relying on blockchain voting technology is not a reliable means of promoting greater turnout and may increase the risk of hackers tampering with elections. The cybersecurity team of Sunoo Park, Michael Specter, Neha Narula and Ronald L. Rivest…

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Italian man caught allegedly using airport computer systems for ETH mining

An Italian airport staffer allegedly took advantage of the computer systems at his place of work in order to mine Ethereum (ETH). Employed at an airport located in the Italian city of Lamezia Terme, the staffer allegedly put mining malware onto the airport’s computer systems, said a news brief today from Italian media outlet Rai News. The employee is said to have set up multiple mining rigs on site, taking advantage of the airport’s backend systems in the process. Authorities eventually caught the culprit via security cam footage. Technical services provide…

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