Your Bitcoin soon in your bank? A revolution on the horizon in the USA! 🇺🇸🚀
Welcome to the Daily Tribune Saturday, March 2, 2024 ☕️
Hello Cointribe! 🚀
Today is Saturday, March 2, 2024, and like every day from Tuesday to Saturday, we summarize the news of the past 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Partly sunny 🌤️:
24-hour crypto summary ! ⏱️
🚀 Binance recovers $4 billion for its users
Binance, the world's leading cryptocurrency exchange platform, achieved a notable feat by recovering over $4 billion worth of digital assets for its users, following deposit errors. These errors include sending incompatible tokens, wallet address errors, or omissions during blockchain updates. With a dedicated team, Binance was able to correct these errors for 381,616 users in 2022 and 2023, properly crediting the affected accounts. This success comes as Binance agrees to pay a record fine to US authorities to settle criminal charges related to money laundering and sanctions violations.
At the same time, the rise in the price of Bitcoin and the renewed interest in cryptocurrencies also unfortunately attract malicious actors. "Rug pulls," a form of scam where developers disappear with investors' funds, are on the rise. Binance warns its users against these practices and offers educational resources and verification tools to navigate the crypto ecosystem safely.
Binance's recovery of $4 billion for its users goes beyond simple customer service; it signals a strategic maneuver to strengthen trust in an ecosystem where fund security is constantly under scrutiny. More than just a technical feat, it is an affirmation of supremacy in the crypto exchange sector.
⚖️ SEC vs Kraken: Prosecutors take a stand
In the legal battle between SEC and Kraken, a group of state attorneys general has risen against the financial regulator, criticizing its extensive approach to cryptocurrency regulation. This unexpected alliance highlights a rare challenge to the authority of the SEC, which is accused of going too far by systematically equating cryptocurrencies with financial securities, thereby endangering the balance of the regulatory framework and consumer interests. The states defend their own protective measures and refuse to diminish their role through SEC expansion.
This situation marks a new stage in the controversy surrounding SEC's regulation of cryptocurrencies, led by Gary Gensler, who faces accusations of inflexibility and hostility towards the industry. Increasing political and judicial tensions could force a rebalancing in favor of local jurisdictions and potentially provide much-needed clarification of the regulatory framework applicable to cryptocurrencies.
By challenging the authority of the SEC, these actors are not only contesting a regulatory decision but also questioning the ability of traditional frameworks to encompass disruptive technologies without stifling innovation.
🏦 Bitcoin in banks: A soon-to-be reality in the USA?
A resolution aiming to overturn certain SEC guidelines could pave the way for American banks to hold cryptocurrencies, a historic turning point for Bitcoin and digital assets in the country. Passed by the House Financial Services Committee and enjoying bipartisan support, the resolution still needs to go through several legislative stages before becoming effective. This initiative reflects a growing awareness in Congress of the potential of blockchain innovation and poses a challenge to the SEC's positions, particularly those of its chairman, Gary Gensler.
However, the path to the banking adoption of Bitcoin is full of obstacles, including the possibility of a presidential veto and the caution of banks in the face of technical challenges and the volatility of digital assets. Modifying or repealing SAB 121 could be a decisive step towards integrating cryptocurrency into the US banking system, but it will require comprehensive regulatory work and a gradual shift in mindsets to become a full-fledged reality.
The initiative to integrate Bitcoin into American banks is a double-edged sword. On one hand, it promises to accelerate mass adoption and legitimize cryptocurrencies as never before. On the other hand, it raises pertinent questions about the very essence of crypto: decentralization. By getting closer to traditional institutions that it initially aimed to disrupt, cryptocurrency risks moving away from its founding principles. This development suggests a future where Bitcoin coexists with the traditional banking system but at the cost of a potential dilution of its revolutionary characteristics.
🛠️ Controversy surrounding Bitcoin Core developers
Bitcoin Core developers are under criticism for their handling of ordinals and other listings, accused of collusion and passivity in the face of the problems they cause. The ordinals, which allow the registration of arbitrary data on the Bitcoin blockchain, have been used for controversial projects, increasing the size and complexity of transactions. Luke Dash, a major contributor, has proposed a Pull Request to restrict these practices, highlighting an issue with the current limits of data that can be inserted into transactions.
This situation has triggered a debate on the governance and direction of Bitcoin Core, highlighting tensions around the use of the blockchain for unintended purposes. Some developers are accused of modifying Bitcoin Core's documentation to justify inaction regarding the insertion of arbitrary data, echoing heated debates about block sizes and Bitcoin decentralization. Despite the controversies, solutions like the "ordirespector" filter have been developed to block transactions including ordinals, indicating active search for solutions within the community.
The criticisms directed at Bitcoin Core developers regarding ordinary listings strike at the heart of decentralization and Bitcoin governance. This controversy is not just a question of technique or security, but an inquiry into who holds the power to shape the future of Bitcoin. In the absence of a central authority, the community finds itself navigating a space where technical decisions can have significant ideological implications. This situation highlights the tension between open innovation and the need to maintain a secure network true to its original vision, reminding us that every change in Bitcoin also reflects the power dynamics within its community.
Crypto of the day: Shiba Inu (SHIB)
Shiba Inu (SHIB), nicknamed the "Dogecoin Killer," has quickly emerged as one of the most popular cryptocurrencies since its creation in August 2020. Built on the Ethereum blockchain, SHIB is not only a "meme" crypto inspired by the Shiba Inu dog, but it has also introduced several key innovations in the crypto space. Its ecosystem includes ShibaSwap, a decentralized exchange (DEX) that allows holders to participate in staking and trading activities, providing utility beyond being a speculative asset.
The initial distribution of SHIB encouraged broad community participation, allocating nearly half of the total supply to Ethereum co-founder Vitalik Buterin, who then burned a significant portion and donated the rest to charitable causes. This approach has not only generated significant media buzz but has also enhanced the scarcity and perceived value of SHIB. Holders benefit from various advantages, including staking rewards and governance power within the Shiba Inu ecosystem.
Recent performance of Shiba Inu (SHIB)
Current price: €0.00001923
Percentage increase/decrease: SHIB has experienced an impressive 47.27% increase in the past 24 hours.
Market capitalization: €11,335,222,441
Rank on CoinMarketCap: SHIB is ranked 13th according to CoinMarketCap.
What is a crypto trading bot and how does it work?
Crypto trading bots are automated tools designed to assist traders in their trading operations by executing transactions based on predefined parameters. These computer programs can independently manage trading operations or provide signals to the user to assist in their trading decisions. Based on complex algorithms, they aim to maximize profits while minimizing losses and human errors, operating 24/7 without being affected by emotions.
Blockchain, innovation, and utility
Crypto trading bots use advanced algorithms to analyze the cryptocurrency market and make trading decisions based on precise data. They can be programmed to follow specific trading strategies, ranging from arbitrage (taking advantage of price differences between exchanges) to scalping (profiting from small price changes), and more. These bots offer significant added value by enabling traders to exploit market opportunities 24/7 without constant manual intervention.
The main utility of trading bots lies in their ability to quickly and efficiently execute orders in the market, often faster than would be possible manually. Bots can be configured to perform transactions based on various market signals and technical criteria, providing traders with a competitive advantage.
Performance
The performance of trading bots can vary significantly depending on the implemented strategy, market conditions, and bot configuration. While some bots have demonstrated the ability to generate significant profits, it is crucial for users to exercise due diligence and fully understand the risks involved when using them. The performance of a bot also depends on its ability to adapt to changing market conditions.
Similarly, it is important to remember that the crypto trading bot sector is not immune to scams. Many malicious actors promise unrealistic returns to attract unsuspecting investors. These scams can take various forms, ranging from selling inefficient trading bots to disguised Ponzi schemes. If you are interested in trading bots, it is essential to research reliable reviews and check the developers' background while being cautious of promises of quick gains without risk.