Biden’s anemic crypto framework isn’t what we need

The cryptocurrency industry needs substantive proposals that aim to do more than simply mitigate potential damage. The Biden administration’s framework failed to acknowledge crypto’s advantages.

The long-awaited cryptocurrency regulation framework released by President Joe Biden’s Treasury Department this month attempted to outline a plan for managing the burgeoning crypto industry. Unfortunately, the department’s assessment failed to embody more substance than a mere mission statement.

While Biden’s administration appears to be taking a “whole-of-government approach” toward overseeing the decentralized finance (DeFi) sector and its ripple effects on the traditional economy, they are focused predominantly on defending against negative events — such as financial crime — and failing to facilitate positive events, such as the wealth-building opportunities that crypto offers to Americans excluded from the traditional big-banking system.

The new framework was a follow-up to Biden’s executive order in March, titled, “Ensuring Responsible Development of Digital Asset.” Officials focused predominantly on prosecuting money launderers and Ponzi schemers across jurisdictions. That may come as no surprise, considering it was developed as crypto dominoes fell over the summer months. Those included the collapse of Terraform Labs, which led to an Interpol arrest warrant for its founder, Do Kwon; the Celsius Network’s bankruptcy; and the collapse of crypto prices.

Nonetheless, these events served the healthy purpose of shaking out bad actors who were in crypto for criminal or self-interested purposes. An effective set of laws related to crypto that prevent illicit activity and promote peer-to-peer financial transactions would work wonders for crypto’s public image. The Biden framework, which is more reactive than proactive, doesn’t achieve that.

Related: Biden is hiring 87,000 new IRS agents — and they’re coming for you

As a nation, we don’t agree on much these days. We mostly want the United States to remain a global economic superpower, but we differ on how to do it. Stablecoins and other cryptocurrencies dismantle the power of federal currencies and allow individuals to accrue wealth independently, which is exactly why the federal government doesn’t like them.

The Biden framework literature suggests digital currency is key to securing America’s future as an economic leader. But if it grants power over crypto to the same authorities who wield power over traditional finance, the status quo isn’t going to change. Instead of establishing the U.S. dollar’s “digital twin,” the government would be better off finding a way to coexist with alternative currencies.

The White House’s proposed framework is a fucking disgrace.

– Clear attack on proof-of-work by implying they will set environmental standards for mining.
– Pushing FedNow over crypto
– Framing everything as a potential scam or threat
– Harping on volatility and consumer risk

— The Wolf Of All Streets (@scottmelker) September 16, 2022

It’s time to move beyond the enforcement of existing regulations and to institute new programs that integrate blockchain technology into areas most in need of disruption, such as healthcare and big business, even if we can’t quite agree on how to address currencies.

For example, keeping medical records on a blockchain — like Estonia’s highly advanced e-health system already does — would streamline and secure each person’s health data from birth through death, with each doctor or pharmacist along the way accessing an accurate history to make the best decision. Collecting anonymized, uncorrupted medical data is going to lead to better research, better treatments and more cost-effective health care.

Related: Cryptocurrency is picking up as an instrument of tyranny

Similarly, putting property and business records on a blockchain would lead to more accountability for big, opaque corporations that make bold claims of charity and sustainability. Such transparency would allow consumers to make more informed decisions about who they buy from — and bank with.

The federal government should also nurture blockchain technology by investing in large-scale blockchain projects and incentivizing companies that use it to better serve the public.

Going forward, let’s hope both federal and state governments will cooperate to write real crypto industry legislation, not just to mitigate its damage, but to foster its potential. Cryptocurrencies and other digital assets have the capacity to bring wealth-building opportunities to huge swaths of unbanked Americans, break up monopolies, and hold wealthy Goliaths accountable for their business dealings to a degree never seen before. The Biden framework is a lukewarm beginning, but we have a long way to go.

Guy Gotslak is the president and founder of the CryptoIRA platform My Digital Money (MDM). He holds a degree in computer science & engineering from UCLA and an MBA from Northwestern University.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.


Wintermute suffers $160M attack, Kraken CEO departs and US bill aims to ban algo stablecoins: Hodler’s Digest, Sept. 18-24

The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — one week on Cointelegraph in one link!

Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.

Top Stories This Week


Krakens Jesse Powell will step down as CEO, stay on as board chair

After more than a decade heading up crypto exchange Kraken as CEO, Jesse Powell has decided to pass the torch to the companys chief operating officer, Dave Ripley. Powell is not done with Kraken, however. He will become chair of the board for the organization. Its just gotten to be more draining on me, less fun, Powell said, as quoted in by Bloomberg. Ripley joined Kraken as chief operating officer in 2016.


South Korean ministry recommends enactment of special Metaverse laws

In line with other advances South Korea has taken to embrace the digital world, the country wants to create new laws regarding the Metaverse, according to plans from the Ministry of Science and ICT. The ministry wants proper laws in place for the Metaverse, but thinks its unwise to form-fit current regulations to new technology. Previous news saw South Korea invest $200 million toward metaverse development in the country.



New York judge orders Tether to document USDT backing

A New York court has ordered that Tether provide proof that its USDT stablecoin is fully backed. The decision is part of a case involving iFinex, Tethers parent company, which originated in 2019. The case against iFinex alleges that it used the unbacked USDT for crypto market manipulation. Two other U.S. authorities have requested proof of backing on previous occasions, with iFinex reportedly providing sufficient documentation.


SEC lawsuit claims jurisdiction because ETH nodes are clustered in the US

As part of a case against crypto YouTuber Ian Balina, the United States Securities and Exchange Commission (SEC) recently claimed certain jurisdictional rights based on the high number of Ethereum nodes reportedly residing in the U.S. Although crypto is borderless by nature, the SEC, in this case, is trying to claim that transactions occurred within U.S. boundaries, which could bring certain laws into relevance. The claim is part of a broader case against Balina in which the commission alleges a failure of proper registration for a token sale he facilitated.


China accounts for 84% of all blockchain patent applications, but there’s a catch

Information from Chinas Ministry of Industry and Information Technology detailed that 84% of the globes blockchain patent applications come from the country. President Xi Jinping stimulated patent activity when, in 2019, he expressed the need for China to focus on blockchain technology. China has only greenlit 19% of submitted blockchain patents, however.



Winners and Losers


At the end of the week, Bitcoin (BTC) is at $18,800, Ether (ETH) at $1,296 and XRP at $0.47. The total market cap is at $923.34 billion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are XRP (XRP) at 40.98%, Chiliz (CHZ) at 31.63% and Algorand (ALGO) at 29.76%.

The top three altcoin losers of the week are Ravencoin (RVN) at -23.49%, Toncoin (TON) at -22.90% and Terra Classic (LUNC) at -16.59%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.





Most Memorable Quotations


Regulation is always a concern, but BTC is regulated.

Jamie Coutts, crypto market analyst for Bloomberg Intelligence


How does a DAO really own the IP [intellectual property] of the protocol it is supposed to govern?

David Kappos, partner at Cravath, Swaine & Moore LLP


The government in India definitely doesnt want crypto anymore. […] The government is outright saying, We like blockchain but we dont like cryptocurrency, but its kind of ridiculous.

Anshul Rustaggi, CEO and founder of Totality Corp


Sharding is indeed one of the most effective and universal ways to solve the so-called ‘scalability trilemma.’

Martin Hiesboeck, head of research for Uphold


The concern is that if the Fed tightens too much, the U.S. economy may actually go into a severe recession.

CK Zheng, former global head of valuation risk for Credit Suisse


Cryptocurrencies are volatile, but no middlemen are taking a hefty commission or scrutinizing your transactions.

Alan Austin, managing director for the Litecoin Foundation


Theres an outside chance we find a way to get to consensus on a stablecoin bill this year.

Warren Davidson, U.S. congressman


People are getting more cautious in the space and are not sure how to interact with Tornado Cash, weve seen deposits into services providing similar activity go down at least temporarily, because people are measuring like, What does this mean for me?

Jacob Illum, chief scientist at Chainalysis


Im a major skeptic on crypto tokens, which you call currency, like Bitcoin. They are decentralized Ponzi schemes.

Jamie Dimon, CEO of JPMorgan


Prediction of the Week


This Bitcoin long-term holder metric is nearing the BTC price ‘bottom zone’

Bitcoin largely traded between $18,000 and $20,000 this week, according to Cointelegraphs BTC price index. The number of Bitcoin long-term holders (LTHs) in the red currently lines up with previous bear market bottoms, suggesting that the digital asset may be in the process of bottoming out. Of Bitcoins long-term hodlers, about 30% sat in losses as of Sept. 22. Bitcoins 2020 and 2018 bottoms occurred when the percentage of LTHs in the red hit around 35% and 32%, respectively. A drop to between $10,000 and $14,000 could cause the LTH loss percentage to line up with previous bear markets.



FUD of the Week

$160M stolen from crypto market maker Wintermute

Decentralized finance operations under United Kingdom-based company Wintermute suffered an attack that cost the firm roughly $160 million. Wintermute CEO Evgeny Gaevoy noted the company has enough funds to withstand the loss without affecting customers. Gaevoy expressed willingness to classify the event as a white-hat hack but only if the violator comes forward. Later reporting showed the attack was not a smart contract exploit as originally thought, but instead a private key issue, according to blockchain security firm CertiK.


BTC mining firm Compute North files for bankruptcy

Filing for Chapter 11 bankruptcy in Texas, Bitcoin mining hosting company Compute North is one of the latest crypto bear market casualties. However, the price of energy also weighed on the firm. The company reportedly has between $100 million and $500 million worth of assets, although its debts total roughly $500 million. Compute North partners Marathon Digital and Compass Mining should not see negative effects from the bankruptcy filing, according to comments from both companies, but additional updates may follow.


Draft US stablecoin bill would ban new algo stablecoins for 2 years

Bloomberg got its hands on a draft of a U.S. government bill that reportedly aims to prohibit new algorithmic stablecoin creation for two years. The text seemingly seeks to enforce a ban on new stablecoins that derive their pegs from other associated digital assets from the same creator, where redemptions can occur for a fixed price. Stablecoins currently fitting the bills description would have two years to alter their models.



Best Cointelegraph Features

Saving the planet could be blockchains killer app

Putting Paris Agreement carbon markets on Ethereum and connecting the national carbon accounts of the world, is blockchains killer app.

Toss in your job and make $300K working for a DAO? Heres how

The collaboration-maxi nature was a welcome breath of fresh air.

The market isn’t surging anytime soon so get used to dark times

Global economic conditions suggest that markets including the cryptocurrency market have further downside ahead. Dont bank on a surge to new all-time highs in the months ahead.


When youve been in crypto long enough, everything is a chart.

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Post-Merge ETH has become obsolete

Staked ETH is more capital efficient and more profitable than regular ETH, and platforms that offer liquid staking derivatives are bolstering its popularity.

For years, various blockchain projects were rumored to be future “Ethereum killers,” projects that would unseat Ether from its throne and usurp its title as the top digital asset. That day seems to have come, though it appears it was an inside job. Lido-staked Ethereum (stETH) and other liquid staking derivatives are primed to render Ether (ETH), as an asset, obsolete. 

The transition from proof-of-work (PoW) to proof-of-stake (PoW) allows everyday decentralized finance (DeFi) users to benefit from rewards previously reserved for miners simply by holding stETH or any other ETH liquid-staking derivative. This has given way to a wave of interest across the industry, from individuals to institutions across centralized finance (CeFi) and DeFi. In the past month, the ETH liquid staking derivatives have received a ton of attention, and titans of the industry — including Coinbase and Frax — have released ETH liquid staking derivatives.

Liquid staking derivatives offer all the benefits of regular ETH while also being a yield-generating asset. That means holders are able to gain exposure to ETH’s price action and maintain liquidity while harnessing staking benefits. Wallets holding stETH will see their holdings gradually increase as staking yields are regularly added to the initial sum.

Related: Lower costs, higher speeds after Ethereum’s Merge? Don’t count on it

While most staking strategies require locking up funds in a validator, liquid staking derivatives allow users to maintain liquidity while still benefiting from the staking yield. ETH locked up in staking validators isn’t available for withdrawal until an ambiguous time in the future, likely with the Shanghai update. While stETH still trades at a slight discount compared to ETH, this gap is expected to close permanently once withdrawals are enabled. Simply put, ETH liquid staking tokens are just more capital efficient than standard ETH or more traditional staking practices.

From a user perspective, there’s little reason to hold regular ETH, where the only potential upside would be an increase in price when they could hold a liquid staking derivative that would boost their prospective profits via staking yield. Project founders have adopted a similar mentality. From DeFi to nonfungible token (NFT) projects, teams across Web3 have integrated stETH into their protocols, with behemoths such as Curve and Aave making it even easier for DeFi users to integrate stETH into their investment strategies.

For lending protocols, stETH offers the ability to increase yield collateral without having to make risky investment decisions to keep users satisfied. NFT projects are able to establish a source of revenue through their mint proceeds rather than being left with a finite lump sum. By making it easier for Web3 projects to stay afloat and keep their community happy, ETH liquid staking derivatives free up project leaders to move beyond money worries and shepherd true innovation.

Beyond being far more capital efficient, ETH liquid staking derivatives help in maintaining the Ethereum network. stETH and other derivatives represent Ether, which has been deposited into an Ethereum validator to help provide network security.

Related: Ethereum’s Merge will affect more than just its blockchain

The centralization of the staked ETH has been a major criticism of the PoS consensus model, with Lido accounting for more than 80% of the market share of liquid staking derivatives while controlling over 30% of staked ETH. However, the recent proliferation of alternatives is poised to quell such worries as the market share becomes spread between various organizations. Swapping ETH for liquid staking derivatives is a means for users to support decentralization while padding their bags.

As the benefits of staking continue to be covered in the press, liquid staking derivatives are sure to become a central part of even the simplest of DeFi strategies. Coinbase providing “cbETH” means even retail investors will be familiar with the strategy. We’re likely to see a steep upshoot in protocols accepting liquid staking derivatives as users begin to flock to the essentially free yield. Soon, many DeFi users may only hold ETH to cover their gas fees.

The proliferation of liquid staking derivatives will help to bolster the amount of ETH deposited into various validator systems, enhancing network security while providing yield to provide financial benefits for supporters. The days of ETH seem to be numbered. Beyond a nominal gas allowance, any ETH not converted to a liquid staking derivative will just be money left on the table. The long foretold ETH killer appears to have finally emerged, though it looks like it will only boost Ethereum’s security and its supporters’ bags.

Sam Forman is the founder of Sturdy, a DeFi lending protocol. He became passionate about cryptography in high school before studying math and computer science at Stanford. When he’s not working on Sturdy, Sam practices Brazilian Jiu-Jitsu and rooting for the New York Giants.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.


The biggest Bitcoin fund just hit a record -35% discount — A warning for BTC price?

Institutional interest in Grayscale Bitcoin Trust continues to dwindle 10 months into the crypto bear market.

Grayscale Bitcoin Trust (GBTC), a cryptocurrency fund that currently holds 3.12% of the total Bitcoin (BTC) supply, or over 640,000 BTC, is trading at a record discount compared to the value of its underlying assets.

Institutional interest in Grayscale dries up

On Sep. 23, the $12.55 billion closed-end trust was trading at a 35.18% discount, according to the latest data.

GBTC discount versus spot BTC/USD price. Source: YCharts

To investors, GBTC has long served as a great alternative to gain exposure in the Bitcoin market despite its 2% annual management fee. This is primarily because GBTC is easier to hold for institutional investors because it can be managed via a brokerage account. 

For most of its existence, GBTC traded at a hefty premium to spot Bitcoin prices. But It started trading at a discount after the debut of the first North American Bitcoin exchange-traded fund (ETF) in Canada in February 2021.

Unlike an ETF, the Grayscale Bitcoin Trust does not have a redemption mechanism. In other words, GBTC shares cannot be destroyed or created based on fluctuating demand, which explains its heavily discounted prices compared to spot Bitcoin.

Grayscale’s efforts to convert its trust into ETF failed after the Securities and Exchange Commission’s (SEC) rejection in June. In theory, SEC’s approval could have reset GBTC’s discount from current levels to zero, churning out profits for those who purchased the shares at cheaper rates.

Grayscale sued the SEC over its ETF application rejection. But realistically, it could take years for the court to give a verdict, meaning investors would remain stuck with their discounted GBTC shares, whose value have fallen by more than 80% from their November 2021 peak of around $55.

GBTC daily price chart. Source: TradingView

Also, GBTC’s 12-month adjusted Sharpe Ratio has dropped to -0.78, which shows that the anticipated return from the share is relatively low compared to its significantly high volatility.

GBTC 12-month adjusted Sharpe Ratio. Source:

Simply put, institutional interest in Grayscale Bitcoin Trust is drying up.

A warning for spot Bitcoin price?

Grayscale is the world’s largest passive Bitcoin investment vehicle by assets under management. But it doesn’t necessarily enjoy a strong influence on the spot BTC market after the emergence of rival ETF vehicles.

For instance, crypto investment funds have attracted a combined total of almost $414 million in 2022, according to the CoinShares’ weekly report. In contrast, Grayscale has witnessed outflows of $37 million, which include its Bitcoin, Ethereum, and other tokens’ trusts.

Fund flows by provider. Source: CoinShares

Instead, day-to-day fluctuations in the spot Bitcoin price are heavily driven by macro factors, at least for the time being.

NDAQ versus BTC/USD daily price chart. Source: TradingView

A stronger U.S. dollar also hurts Bitcoin’s upside prospects, given their consistent negative correlation over the past year in a higher interest rate environment.

Related: BTC mining firm Compute North files for bankruptcy

For instance, the U.S. dollar index (DXY), which measures the greenback’s strength against a basket of top foreign currencies, has climbed over 113, its 20-year high, on Sep. 23. Similarly, yields on 2-year and 10-year U.S. Treasury notes have climbed to 4.21% and 3.69%, respectively.

U.S. dollar index versus US 10-year and US 2-year Treasury yields. Source: TradingView

Several on-chain metrics, however, are suggesting that Bitcoin could bottom out soon based on historical data. However, from a technical standpoint, BTC’s price still risks a drop toward the $14,000-$16,000 area, according to independent analyst il Capo of Crypto.

BTC/USD eight-hour price chart. Source: TradingView/Capo of Crypto

Its more likely that [Bitcoin] will reject at the first resistance of 20300-20600,” he said while citing the chart above, adding:

“Wait for the bounce, then exit all the markets.”

Other Bitcoin analysts have thrown around even lower targets such as $10,000–$11,000, due to this being a historical high-volume range.  

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.


Scientists say it will be impossible to control superintelligent AI

The idea of ​​overthrowing humanity with artificial intelligence has been discussed for decades, and in 2021 scientists delivered their verdict on whether high-level computer superintelligence can be controlled.

The scientists said that the catch is that in order to control a superintelligence that is far beyond human understanding, it will be necessary to simulate this superintelligence, which can be analyzed and controlled. But if people are not able to understand this, then it is impossible to create such a simulation.

The study was published in the Journal of Artificial Intelligence Research .

Rules such as “do not harm people” cannot be set if people do not understand what scenarios AI has to offer, scientists say. Once a computer system is running at a level beyond the capabilities of our programmers, then no more limits can be set.

“Superintelligence is a fundamentally different problem than those that are usually studied under the slogan “robotic ethics. This is due to the fact that the superintelligence is multifaceted and, therefore, is potentially able to mobilize a variety of resources to achieve goals that are potentially incomprehensible to humans, not to mention that they can be controlled,” the researchers write.

Part of the team’s reasoning came from the halting problem posed by Alan Turing in 1936. The Halting problem – Given a program/algorithm will ever halt or not? Halting means that the program on certain input will accept it and halt or reject it and halt and it would never go into an infinite loop. Basically halting means terminating.

As Turing proved through some smart math, while we can know that for some specific programs, it’s logically impossible to find a way that will allow us to know that for every potential program that could ever be written. That brings us back to AI, which in a super-intelligent state could feasibly hold every possible computer program in its memory at once.

Any program written to stop AI from harming humans and destroying the world, for example, may reach a conclusion (and halt) or not – it’s mathematically impossible for us to be absolutely sure either way, which means it’s not containable.

The scientists said the alternative to teaching the AI ​​some ethics and telling it not to destroy the world — something that no algorithm can be absolutely sure of — is to limit the capabilities of the superintelligence.

“The study rejected this idea, too, suggesting that it would limit the reach of the artificial intelligence; the argument goes that if we’re not going to use it to solve problems beyond the scope of humans, then why create it at all?

f we are going to push ahead with artificial intelligence, we might not even know when a super-intelligence beyond our control arrives, such is its incomprehensibility. That means we need to start asking some serious questions about the directions we’re going in.” the scientists noted.

The post Scientists say it will be impossible to control superintelligent AI appeared first on


How crypto is playing a role in increasing healthy human lifespans

How can you add years to your life, and life to your years? Longevity science can help — and this is a concept that’s of particular interest to crypto pioneers.

It’s a question that’s infatuated scientists for decades: how can we prolong life expectancy — giving humans everywhere more years of good health?

This field is known as longevity science, and within this industry, experts argue care which regards ageing as a normal but treatable ailment are rare — and of the approaches available, they can only be accessed by those who are highly educated and privileged.

Just some of the key tenets that govern this approach to medicine involve therapeutics, personalized medicine, predictive diagnostics and artificial intelligence. The goal is to eliminate a “one size fits all” attitude toward treatment, and ensure that therapies are customized to an individual’s unique medical profile. This can matter in many different ways — to the best method for tackling cancer, to the food we eat and our risk of heart disease.

And while predictive diagnostics offers an existing way of unlocking better patient outcomes, this often hinges upon using large amounts of anonymized data to determine what’s happened in the past, and how greater levels of success are achieved in the future.

Bizarrely, there are parallels between cryptocurrencies and longevity science. You could argue that this approach to medicine is currently where digital assets were back in 2013 — a time when crypto discussion was confined to online message boards, niche group chats and convoluted whitepapers. Longevity researchers are excitedly sharing their findings with one another — and collaboration is taking place across sectors. Experts are keen to ensure that anyone with an interest in this nascent field can get involved and contribute.

Educating the masses

As in the crypto industry, a big challenge that longevity science faces is education — and simply explaining this concept to the public. This is a journey that takes time, effort, money and patience.

Because of this, a dedicated event has been established so this cutting-edge concept can be discussed in an open forum. The Longevity Investors Conference is set to take place in Switzerland from Sept. 28-30. It’s being sponsored by Credit Suisse, and tickets can be paid for in cryptocurrency.

It’s being organized by Marc P. Bernegger. He’s a founding partner of Maximon — a Swiss company that invests and builds in longevity-focused companies. Bernegger explored Bitcoin in 2012 and told Cointelegraph: “There is room for everyone. We can all travel the same path but take different approaches. It’s still the same narrative.”

Just some of the items on the agenda include exploring the scientific meaning of longevity — and how this will affect individuals around the world in the long run. Discussions will also be held on how to cultivate investment in this fledgling space, and according to Bernegger, this is a field that’s of great interest to crypto enthusiasts.

The conference aims to build bridges, and highlight how scientists play a vital role in ensuring that we can all benefit from longer lifespans and a healthy retirement. While there are business opportunities to be found, investors face a challenge because they’re not from a scientific background. Likewise, bright minds often need an entrepreneurial perspective in order to bring their genius concepts to market.

Bernegger added: “There are a number of different perspectives — the entrepreneurs, the scientists, investors who bring money. They need a combination of everything. This sector appreciates new players. The more money there is, the more smart and serious people you have, the better. The industry is still finding itself. It is accessible now, and people are happy to help.”

Why crypto is a good match

It’s the science element that’s attracting early adopters of cryptocurrency to this space. The reason is simple: because many of these enthusiasts are forward looking, open minded and technology driven.

Describing the initial days of crypto, Bernegger explained: “They were all in for the technology. It was not just speculative. They saw the potential of a peer-to-peer solution, and now they see the potential with regard to ageing.” 

Indeed, blockchain technology also has the potential to enhance the quest to achieve longevity. Decentralized autonomous organizations (DAOs) have already been established that are funding research to support and commercialize therapeutics. This approach also ensures that donors can vote on the future direction of research projects.

Even though the bear market has cast a long shadow over the crypto sector, many of those in this industry are firmly in the “BUIDL” phase. They’re using this opportunity to innovate, cultivate new products, and develop the trends that will drive the next bull run. Longevity science can be one of them — and according to Bernegger, pioneers know that paying close attention to health is far more important than the value of any token. 

We already know that the rate of ageing can be controlled, to some extent, by genetic pathways and biochemical processes. But in the coming decades, there are still so many questions to be answered — and dots to be connected — in the quest to improve our quality of life, and ensure that anyone can access it. 

The Longevity Investors Conference says attendance will be strictly limited to 100 hand-picked delegates, and they’ll be able to benefit from the insights of over 30 outstanding speakers. It’s a compelling opportunity to get to know the industry inside and out, all while establishing meaningful contacts with the best people in the field.

It’s going to take place in Gstaad, one of the most exclusive Swiss mountain resorts, in a “one-of-a-kind setting” within a plush, five-star hotel, and world-class speakers flying in to attend and present. This includes members of the Longevity Science Foundation Visonary Board.. This nonprofit recently entered into a partnership with The Giving Block — tapping into a vital stream of crypto philanthropy.

If you want to know how to add years to your life, and life to your years, this could be the most important conference you ever attend.

Learn more about Longevity Investors Conference

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.


What is a cryptocurrency mining pool?

A fraternity-based approach to mine crypto, mining pools let miners combine their computational resources for a better chance to win rewards.

In the early days of Bitcoin (BTC), crypto enthusiasts only required a basic personal computer with an internet connection to generate new BTC tokens through a distributed computing process known as mining. 

However, with more people chasing the same number of block rewards, Bitcoin’s mining process has become more challenging with time. In fact, the quantum of rewards will progressively reduce by half every four years, making it less rewarding for individual miners who will need to allocate greater computational resources with time.

Available on blockchain protocols that employ a proof-of-work (PoW) consensus mechanism, this mining process requires application-specific integrated circuits (ASICs) to be deployed in the form of large rigs so as to complete the complex nature of mathematical problems within the time needed to mine a block.

With the increasing difficulty of the mining algorithm and the rewards for mining a block reducing with time, it has become impossible for a piece of single personal computing equipment to successfully mine a block. 

This has brought the concept of a cryptocurrency mining pool to the forefront, where individual miners or users come together and pool their computational resources in order to improve their chances of mining a block and share the rewards received among them. 

In existence since 2010, when Slush Pool was formed as the first Bitcoin mining pool, there are now many popular mining pools for cryptocurrencies like Ether (ETH), Zcash (ZEC), Bitcoin Cash (BCH), Bitcoin SV (BSV) and more to choose from.

Replete with their own dashboards that provide status on aspects like the mining hardware’s status, the current hash rate, estimated earnings and other parameters, the mining pools offer crypto users the opportunity to participate in the mining process of a particular cryptocurrency consistently and earn regular rewards in proportion to the computing power contributed.

Understanding the cryptocurrency mining process

Before we delve into what is a cryptocurrency mining pool and how an individual can join one, let us look at how cryptocurrency mining takes place and understand the key difficulties involved. 

Firstly, for any PoW blockchain protocol, the process of mining its native token involves solving math problems using computing power, where the correct answer is represented as the block’s hash number, and rewards are presented to the entity that solves the fastest. 

These rewards are presented in the form of native tokens, with the mining process programmed such that a new transaction block is mined after specific durations of time. In the case of Bitcoin, this time is around ten minutes and the complexity, or hash rate, is adjusted depending on the amount of computing power available on the network.

With more computing power, the hash rate proportionately increases and requires even more powerful computing power to be having any chance of solving the mathematical puzzle within each cycle time. 

This is the reason why cryptocurrency miners have graduated from using personal computers or CPU mining to using graphic processing units (GPUs) and now shifting entirely to custom-built rigs using hundreds of ASICs in order to mine cryptocurrency. 

These ASIC miners continue to evolve and use the latest chip technology to provide a hash rate that can increase the chances of mining Bitcoin or any other cryptocurrency. Depending on the hash rate, power consumption, the noise produced, and profitability per day, ASIC miners like the Bitmain Antminer S19 Pro, AvalonMiner 1166 Pro, and WhatsMiner M32 are preferred among the crypto mining community today.

Whether it be releasing new tokens into the system or verifying and adding transactions to the public ledger in the form of blocks, the mining process gets tougher as more miners compete for the same. 

Since the reward for mining a Bitcoin block is 6.25 BTC, it is quite lucrative from a monetary perspective and has motivated many miners to increase their computing capacity by purchasing expensive ASIC miners. 

Alternatively, those who would rather dedicate their existing computing capacity to earn lesser but consistent rewards prefer to join a cryptocurrency mining pool like F2pool, Slush Pool, or AntPool, and they like to combine resources and earn daily rewards for their contributions.

How do crypto mining pools work?

 A cryptocurrency mining pool is a collection of miners that work together as one entity to augment their chances of mining a block and share rewards among each other in proportion to the computing power contributed by them in successfully mining a block. 

The mining pool operator manages activities such as recording the work performed by each pool member, managing their hashes, assigning reward shares to each member and even the work to be performed by them individually. 

In return, a mining pool fee is deducted from the rewards distributed to each member, which is computed based on the pool-sharing mechanism and depending on how these cryptocurrency mining pools share rewards, they can be of the proportional type, pay-per-share type or completely decentralized peer-to-peer (P2P) pool type. 


In a proportional mining pool, miners that are contributing their computational power receive shares until the time when the pool is successful in mining a block, which are then converted into rewards proportional to the number of shares received by each pool member.

Pay-per-share pools differ slightly from proportional pools in the sense that each member can encash the shares received on a daily basis, irrespective of whether the pool has been successful in finding a block. 

Last but not least, P2P cryptocurrency mining pools are more advanced versions where the entire pool activity is integrated as a separate blockchain to prevent the operator or any single entity from cheating the pool members.

Irrespective of the type of pool one chooses, it is important to check if the crypto mining pool is profitable after analyzing the computing power needed, electricity costs involved, the mining pool fee applicable and how often crypto mining pools payout. 

Usually, different cryptocurrency mining pools charge between 2% to 4% of the realized earnings, with most offering a daily pay-out mechanism at a predetermined time of the day. 

For contributors, though, the cost of purchasing dedicated ASIC miners and the regular cost of electricity needed to power them need to be carefully ascertained to understand if crypto mining pools are profitable.

What are the different types of crypto mining pools and how to start mining a pool?

There are a number of reputed cryptocurrency mining pools available for individual miners to join and start contributing toward. 

Binance, AntPool, F2pool, Pool BTC and Slush Pool are some of the best-known cryptocurrency mining pools that have an exemplary track record in terms of uptime efficiency and regular payouts being made to pool members. 

In fact, Slush Pool has been responsible for mining more than 1.3 million BTC since its inception, helping over 15,000 small individual miners collectively mining Bitcoin at a total hash rate accounting for 5-8% of the total Bitcoin network.

Instead of participating in a Bitcoin mining pool, individual miners can also join in mining other cryptocurrencies like Litecoin (LTC), Bitcoin Gold (BTG), Monero (XMR), ETH, and Ethereum Classic (ETC) among others, by joining the right mining platform. 

Amongst Ethereum mining pools, Ethermine, 2Miners, F2pool, Nanopool, and Ezil are some of the more established options for users to choose from, with each offering a different network hash rate and comprising hundreds to thousands of individual miners. 

Choosing which cryptocurrency to start mining with depends upon its price stability, the hash rate required to consistently earn decent rewards and the mining platform’s fees that will be minus the overall earnings.

Apart from registering for a cryptocurrency mining platform, individual miners will need to have mining hardware in the form of one or more ASIC miners, mining software installed and a secure cryptocurrency wallet to store rewards and other crypto holdings for transacting purposes. 

The more capital invested in advanced mining rigs or equipment, the brighter the chances of earning higher rewards, subject to the entire hardware being dedicated to the purpose of cryptocurrency mining. 

Additionally, having a fast internet connection and an uninterrupted electricity supply are essential to perform the work allocated by the mining pool operator at the fastest pace possible.

Advantages and disadvantages of a crypto mining pool

Cryptocurrency mining pools offer even smaller miners the opportunity to utilize their computational resources to earn a regular income without having to invest heavily in developing a dedicated mining rig that can cost millions of dollars. 

Periodic payouts, clear and real-time visibility of the rewards potential and benefit from the professional management of a pool operator are just some of the advantages of joining a crypto mining pool.

However, not all crypto mining pools are safe, as demonstrated by Poolin, which recently announced that it was suspending BTC and Ether (ETH) withdrawals due to liquidity concerns. Moreover, considering that crypto mining pools make money by deducting a mining pool fee from rewards earned by mining activities, the actual earnings for each pool member are considerably lower than what is possible in the case of being a sole miner. 

What’s more, is that the equipment needed for pursuing even mining pool operations can be very expensive and profits can be disproportionately affected by any increase in electricity or internet costs.

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NFT ecosystem attempts a bounce back amid bearish market sentiment

Supporting the uptrend, the number of NFT holders grew 32.24% over the past three months, as evidenced by data from NFTGo.

Over the past two years, nonfungible tokens (NFTs) gave the crypto ecosystem the boost it needed to grab mainstream attention — owing to the involvement of prominent artists and celebrities. However, despite the enormous losses suffered by NFT investors following the ongoing, 10-month-long bear market, the ecosystem showed sustainable signs of a comeback in the last two weeks.

Since Sept. 12, the performance of blue-chip NFT collections witnessed a steady growth, inching back toward the 10,000 Ether (ETH) that was lost in mid-August 2022, according to data by NFTGo.

The performance of blue-chip NFT collections. Source: NFTGo

On Sept. 20, the market capitalization, which is derived from the floor price and the trading price of NFTs, spiked nearly 16.5% at roughly 11.25 million ETH.

Market capitalization of NFT collections. Source: NFTGo

Reciprocating the market cap breach of the 11 million ETH mark for the first time in three months, the number of NFT holders grew 32.24% along the same timeline, as shown above.

Ethereum Name Service (ENS) currently contributes the highest volume at 9.25%, which is followed by popular NFT collections such as Bored Ape Yacht Club and Otherdeed.

NFT market sentiment. Source: NFTGo

However, current market sentiment — calculated based on volatility, trading volume, social media and Google trends — remains cold as investors try to recoup their previous losses.

Related: Post offices adopting NFTs leads to a philately renaissance

NFT marketplace OpenSea launched the OpenRarity protocol to verify the rarity of NFTs within its platform.

The protocol aims to provide a reliable “rarity ranking” that would assist investors when considering purchasing NFTs.


The astronomer said that aliens are AI robots that destroyed their creators

No life beyond Earth has ever been found; there is no evidence that alien life has ever visited our planet.

However, this does not mean that the universe is lifeless other than on Earth, according to NASA.

The space agency says: ‘While no clear signs of life have ever been detected, the possibility of extraterrestrial biology – the scientific logic that supports it – has grown increasingly plausible.’

And this is not the first time scientists have said that aliens may actually be artificial intelligence. For example, British astronomer Martin Rees believes that aliens are robots that have destroyed their creators.

Lord Martin Reese, the UK’s leading astronomer royal, said aliens who may one day visit us are likely to be robots.

Numerous Hollywood films have presented the possibilities of robots becoming self-aware and deciding to destroy humans so they can rule the world.

Martin Rees, the Astronomer Royal, told Cheltenham Science Festival robots taking over was a possibility. He said: “I think if we were to detect anything artificial I think it would not be a flesh and blood civilization like ours.

“I think it will be something robotic and electronic.

“If we imagine a timeline for our Earth, it’s taken nearly four billion years for simple life to evolve into a civilisation and we’ve had technology for a few thousand years at most.

“It’s certainly on the cards that after a few centuries more – 1,000 years – we will be superseded by electronic entities.

“And they would be near-immortal and they could go on for the rest of the universe history. So they could go on for a few billion years.”

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MEVbots backdoor drains users’ Ethereum funds via arbitrage trading bot

An investigation of MEVbots’ contract revealed a backdoor that allows the creators to drain Ether from its users’ wallets.

MEV gain, an Ethereum (ETH) arbitrage trading bot built by MEVbots, which claims to provide stress-free passive income, has been actively draining its users’ funds via a fund-stealing backdoor. 

Arbitrage bots are programs that automate trading for profits based on historical market information. An investigation of MEVbots’ contract revealed a backdoor that allows the creators to drain Ether from its users’ wallets.

Our analysis confirms what the @mevbots promotes for the so-called “MEV gain” has a fund-stealing backdoor. Do *NOT* fall prey to it And thanks @monkwithchaos for the heads-up

— PeckShield Inc. (@peckshield) September 23, 2022

The scam was first pointed out by Crypto Twitter’s @monkwithchaos and later confirmed by blockchain investigator Peckshield. 

Suspect account @chemzyeth promoting MEV services. Source: Google cache

Following the revelation, primary promoter of MEV @chemzyeth disappeared from the internet.

@chemzyeth’s Twitter account deleted after community callout. Source: Twitter

Peckshield further confirmed that at least six users had fallen victim to the backdoor attack.

Transaction of stolen funds from MEV gain’s fund-stealing backdoor. Source: Peckshield

However, considering that the contract is still active, at least 13,000 unwary followers of MEVbots on Twitter remain at risk of losing their funds.

Related: ETHW confirms contract vulnerability exploit, dismisses replay attack claims

Carrying forward the success of scalability-focused layer-2 solutions, Ethereum co-founder Vitalik Buterin shared his vision for layer-3 protocols. He stated:

“A three-layer scaling architecture that consists of stacking the same scaling scheme on top of itself generally does not work well. Rollups on top of rollups, where the two layers of rollups use the same technology, certainly do not.”

One of the use cases for layer-3 protocols, according to Buterin, is “customized functionality” — aimed at privacy-based applications which would utilize zk proofs to submit privacy-preserving transactions to layer 2.

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