Cardano Chief Says He’s Not Retiring Anytime Soon

In a recent video he titled “Birthday Musings”, Charles Hoskinson, founder of the blockchain platform, Cardano has said he is not retiring anytime soon. He feels there is a lot at stake, hence leaving the company now is not the right option.


The 35-year-old founder condemned the activities of trolls and the constant attacks he keeps getting lately on social media. While he admits that it’s frustrating when people lie about Cardano’s progress, Charles is reluctant to throw in the towel just yet and will keep at it as long as there is something to win.


Recently Charles repurposed the verified Twitter page of Ethereum Classic to that of the Ergo proof-of-work network. His confiscation of the account that has served the Ethereum Classic community since 2016 was greeted by condemnation by many in the crypto Twitter community. Many believed the 600k Twitter handle belonged to the community and Charles was just a custodian.


Furthermore, the Cardano chief publicly severed ties with the XRP community after news of the brawl with Ethereum Classic made the rounds. The outspoken critic has been the target of many supporters of the XRP coin. According to his tweets, these XRP trolls continued to harass him unprovoked, forcing him to block most of them as he says he’s done with it.


The move sparked reactions in the crypto Twitter community with some users urging the Cardano chief not to stereotype the XRP community based on the actions of a selected few.


Meanwhile, the Cardano founder has said Blockchain technology could revolutionize government structures from the whelms of archaic processes to modern ones. With the recent video, it’s evident that Charles is in no hurry to join other top executives in crypto firms that have either retired or stepped down from their positions to pursue other possibilities.

In September, Jesse Powell, co-founder of crypto exchange Kraken, stepped down as Chief Executive Officer and was replaced by the firm’s Chief Operating Officer Dave Ripley. Also, Alexander Höptner, took over as CEO of BitMEX Exchange after Authur Hayes submitted his resignation last month.

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The Launch of CBDC May Destroy Bitcoin – Arthur Hayes

Arthur Hayes, one of the industry’s well-known trading and crypto veteran who doubles as the Co-founder of the BitMEX exchange, has given his view on what he thinks will happen to Bitcoin if the majority of Central Bank Digital Currencies (CBDCs) is eventually launched.


According to a press release, Hayes has called the CBDC “pure evil.” His point of view is based on the notion that the CBDC will grant the government total influence over amending legislation relating to numerous subjects, like the use of Bitcoin. 

He claimed that CBDCs directly infringe upon the right of individuals to self-govern fair trades with one another. He went on to say that the CBDC will affect the banks by posing an existential threat to their capacity to conduct business.

He also stated that he believes the government will be able to quickly replace fiat currency with CBDC because of the indifference of the population, bringing in a nightmare of financial surveillance. However, he hinted that the domestic commercial banks can act oddly as an accomplice to prevent the government from putting the best CBDC architecture for suffocating the populace into place.

Hayes also underlined that the government is trying to use CBDC to fight economic inflation, but he claims that doing so could hurt the general population by hurting the blockchain industry. The inflation that will soon be felt, according to him, will be significantly different from what the economy has seen over the previous 50 years, so he merely hopes that employing CBDC will be successful.

The Dominance of CBDC as an Instrument of Trade

A CBDC is a type of legally recognized digital currency, also known as “digital cash”. It is fundamental money, just like real money, and liability of the central bank. 

So many countries have begun testing the use of CBDC by using it to make payments for goods and services. For example, the government of Canada has begun consultations on how to use the CBDC. Deputy Prime Minister Chrystia Freeland recently released a government statement with a focus on digital assets and currencies and their use worldwide.

Additionally, it has been reported that the Central Bank of the United Arab Emirates (CBUAE) wholesale CBDC Pilot Program is now complete.

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Michael Saylor Believes Bitcoin is the Solution to the Lebanon’s Financial Crisis

Michael J. Saylor, Co-founder of Microstrategy has made claims that he believes the use of Bitcoin (BTC) is the solution to the financial crisis that is being experienced in Lebanon as the country’s currency has lost 96% of its value against the U.S. Dollar (USD).


Saylor gave the opinion on Twitter as he claimed that the commercial banks had failed the country. Lebanon, a country long famed for its stable and investment-friendly financial system, has slid into anarchy as hyperinflation grips the country and banks impose hefty cuts on dollar withdrawals.

The use of digital assets became a thing when Lebanon was experiencing a financial crisis in 2019, a decentralized and seamless digital currency came into play outside the control of bankers and the government according to news reports at the time.

Lebanon presently has 6 bitcoin ATMs. There is one in Aamchit and five in Beirut but those who were interviewed in the report claim the best way to access bitcoin is either by earning it through work/mining or alternatively by purchasing it with the Tether stablecoin.

The Use of Bitcoin as a Tool to Fight Inflation

Satoshi Nakamoto invented the first cryptocurrency, Bitcoin (BTC), in 2008. Bitcoin has since transformed in its usage and monetary forms, money issuance standard, and money mobility thanks to its underlying blockchain technology

Michael Saylor has previously stated that using bitcoin to fight inflation is a viable option. Saylor made a statement last year that corporate investors can use bitcoin to fight inflation. 

He stated that “in order to maintain shareholder value, conventional treasury practices are no longer effective. To control the dilution that monetary inflation has on their balance sheet, corporations need new management strategies. Bitcoin is the ideal solution”.

According to a Paxful survey, Argentina views Bitcoin and other cryptocurrencies as the most effective hedge against inflation. The majority of respondents, according to the study, have used cryptocurrencies to shield themselves from rising inflation, and about 70% of respondents believe that investing in Bitcoin and other cryptocurrencies is extremely safe.

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DeFi Platform Texture Secures $5M in Funds to Develop Yield Management Tools

Texture, the Decentralized Finance (DeFi) platform running on the Solana blockchain, has raised $5 million in a financing round with collaboration from heavyweights in both traditional finance and the digital ecosystem.


According to a tweet by the platform, the investment firm P2P Capital and Sino Global Capital co-led the financing session. Other notable investors in Texture’s fundraising include Semantic Ventures, Wintermute, and Jane Street Capital, amongst others. Although the funds’ valuation was not revealed, the funds were raised in stablecoin USDC with the aim to build yield management tools.

Interestingly, the fund-raise made the platform live in private beta testing. Users who intend to stake their SOL tokens will enjoy higher profits of up to 15% and will be able to stake through a one-click solution.

Upon completion of an audit, which will most likely be by the end of the year, Texture will be opened to the general public. The platform is not working alone as it uses several other platforms to accomplish its goal. Some of these include Lido Finance which helps in the main liquid staking element and Solend which helps in lending and borrowing, amongst others.

With the aim of making DeFi yield easy and accessible to everyone, Texture has made several plans to carry out structuring solutions for DeFi investors. Likewise, the plans include several strategy pools dubbed Texture’s “SOL Power Yield Strategy” Pool. The pool will make use of an algorithm-leveraged staking strategy in order to assist investors to make more from their Solana stakings. 

In a piece of related news, despite the prolonged crypto winter Binance has invested heavily in the DeFi space. According to the exchange’s CEO Changpeng Zhao, it planned to spend over $1 billion on potential investments. It invested $325 million in 67 projects including Aptos.

Also, UK-based DeFi company AQRU Plc. with the aim of effectively managing customers’ risk recently launched BlockLender to provide crypto-backed lending services. Unlike other firms, BlockLender operates a unique model that allows it to invest users’ collateral in smart contracts with developed DeFi protocols to generate returns that fund the underlying loans.

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Puerto Rico Police Say No Evidence of Foul Play in MakerDao Co-Founder’s Death

Although investigations about Nikolai Mushegian’s death continue, police in Puerto Rico have found no evidence of foul play in the demise of the MakerDAO Co-Founder.

Mushegian was an early developer of the cryptocurrency lending platform MakerDAO as well as a contributor to several crypto projects. The well-known crypto developer was found dead in Condado beach, Puerto Rico on Tuesday, November 1.

Local media reports indicated that the late 29-year-old MakerDao co-founder drowned while swimming and was dragged by water currents close to Condado Beach. While beach patrols managed to retrieve his body from the ocean, there were no vital signs to prove his death. The area is known for its dangerous strong ocean currents that have caused many fatalities.

However, according to investigations by San Juan police (San Juan is a capital city of Puerta Rico), investigators have found no indications of foul play in Mushegian’s death. Police found “no signs of violence” during a preliminary examination of Mushegian’s body, although their assessment identified that the deceased suffered a small laceration to his skull.

Puerto Rico Police Bureau’s homicide division is also investigating the matter whose results are identified to take a month or more to be filed.

However, a source close to the San Juan police investigation said they believe a number of factors in the investigation point to the possibility of Mushegian’s death linked a suicide motivation.

Some individuals who knew him mourned his demise as a preventable tragedy, pointing out the prevalence of mental health issues affecting “brilliant but troubled” leaders in the crypto industry.

In the months before his death, Mushegian started posting increasingly conspiratorial messages to Twitter, implying that his ex-girlfriend had implicated him in several government spies operating to assassinate him.

Rune Christensen, a fellow MakerDAO co-founder, recently narrated that he talked with Mushegian three months ago, and said Mushegian appeared to be in good spirits. Christensen, however, said Mushegian was already exhibiting concerns about government and criminal conspiracies.  

“He seemed happy to be building his new stablecoin RICO. But he was also worried about a criminal group he believed was trying to interfere with his work,” Christensen narrated.

Hours before his death, Mushegian tweeted that mysterious forces, including the CIA (the US Central Intelligence Agency) and Israeli intelligence agency Mossad were planning to assassinate.

He tweeted;

“CIA and Mossad and pedo elite are running some kind of sex trafficking entrapment blackmail ring out of Puerto Rico and Caribbean islands. They are going to frame me with a laptop planted by my ex GF who was a spy. They will torture me to death.”

Due to the post, severe users on Twitter and Reddit have speculated that Mushegian was murdered in a cover-up attempt. The Twitter crypto community has also expressed dissatisfaction regarding the cause of Mushegian’s death.

Many stakeholders in the community have implied that unknown entities were behind the MakerDAO co-founder’s death. Others alleged that Mushegian was murdered because he was trying to expose a sex trafficking ring in Puerto Rico.

Mushegian left MakerDAO in 2018, reportedly dissatisfied with the project’s shifting away from “its initial ideals of decentralization and opposition to the government and traditional capital.”

Most recently, Mushegian was developing RICO, a decentralized stablecoin regarded as a “spiritual successor” to DAI, MakerDAO’s stablecoin. During his final days, he seemed to be convinced that the stablecoin had provoked state actors who were worried about the crypto’s potential to threaten the central banking system’s dominance, and so they were planning to kill him.

Christensen is still actively participating in the MakerDAO protocol. Late last month, MakerDAO approved a proposal to put as much as $1.6 billion in USDC in the Coinbase crypto exchange where it will earn rewards on its treasury holdings of USDC. Early last month, MakerDao invested $500 million in US government bonds as part of efforts to diversify its balance sheet. 

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Litecoin Mining Difficulty Hitting A New All-Time High Of 17.99 Million Hashes

Litecoin mining difficulty has reached a new record level at just under 18 million hashes, according to a post released on Friday by Litecoin Foundation on CoinMarketCap.

The increase puts Litecoin mining difficulty at 17.99 million hashes at block 2,363,707 as of Friday November 5.

Just like Bitcoin, Litecoin uses the proof-of-work consensus mechanism method. Miners of both cryptocurrencies race to complete extremely challenging math puzzles using a hash algorithm in order to achieve consensus throughout their respective networks, win the right to add blocks of valid transactions to their blockchains, and earn block rewards.

The rise of Litecoin’s mining difficulty shows that competition among miners has increased, which is likely due to more miners joining the network. It means that cryptocurrency mining is becoming more popular and that making a worthwhile profit is getting harder.

The Bitcoin mining industry has become extremely competitive in recent years because of the massive surge of individuals looking to make a profit through mining the crypto.

Bitcoin is now the most challenging cryptocurrency to mine. Because Bitcoin itself is very valuable, the mining rewards are pretty hefty. Currently, the Bitcoin block reward stands at 6.25 BTC, equating to around US$130,000, as at the time of writing.

While increasing mining difficulty means that chances of making profits become more difficult, it is not always a bad thing. The higher a crypto’s difficulty, the more secure its network is. This is because a malicious group would need a huge amount of power to take over and control the network through a 51% attack.

Litecoin has experienced a rise in mining difficulty since 2020. While many miners find increasing difficulty levels very frustrating, as highlighted above this element of proof of work blockchains is undoubtedly vital. Without mining difficulty, these networks couldn’t maintain security and control their circulating supply as easily. So, while it may appear like a downside when it increases, it also serves an important role to the network and, therefore, to its users.

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Coinbase CEO Criticizes Singapore’s Aim to Become a Web3 Hub at Expense of Crypto Trading

While speaking at the Singapore FinTech Festival 2022 on November 3, the CEO of U.S.-based crypto exchange Coinbase, Brian Armstrong, raised concerns that Singapore wants to become a forward-looking regulator, but is not welcoming cryptocurrency trading.

Armstrong stated: “Singapore wants to be a Web3 hub, and then simultaneously say: ’Oh, we’re not really going to allow retail trading or self-hosted wallets to be available.” He then said: “Those two things are incompatible in my mind.”

Armstrong further said: “Crypto should not be treated at a disadvantage; they should be treated equally with other financial service regulations.”

Comments by Armstrong came after Coinbase obtained in-principle approval from Singapore Central Bank to offer digital payment token services in the city-state last month.

Meanwhile, Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore (MAS), and Ravi Menon, the Central Bank’s Managing Director who were present at the event responded to Armstrong’s concerns.

Mohanty stated that retail investors today are “exposed to risks they do not understand they are taking.” He said the Singapore central bank believes that Web 3.0 is the future, but wants to ensure that money trading within the ecosystem is a safe currency. Mohanty explained that while the regulator doesn’t worry about internet protocols, it cares about consumers and wants to ensure they are protected.

On the other hand, Mr. Menon responded that MAS “wants to develop the city-state into a ‘crypto hub’ fueled by instant settlements, tokenized assets, and programmable money, not ‘speculating in cryptocurrencies’.”

Menon said Singapore wants to be a crypto asset hub but does not want to be a hub where trading and speculating in cryptocurrencies take place.

Menon further explained that “real value in the crypto industry comes from tokenizing assets and placing them on a distributed ledger for use cases that increase economic efficiency.”

Menon’s comments at the conference came after officials in Hong Kong announced at their own annual gathering, the Hong Kong FinTech Week, a series of policies to re-attract digital asset investment.

The announcement signaled that Hong Kong has joined the race to become Asia’s main financial hub.

On Monday this week, Hong Kong launched an overhaul of crypto regulations that puts it on course to legalize retail trading. The policy even gave firms the chance to start futures-based crypto exchange-traded funds. Officials are also willing to review property rights for tokenized assets and the legality of smart contracts.

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Vietnam to Propel Blockchain Training for Enhanced Competitiveness

To gain an upper hand in the blockchain sector, Vietnam is in high gear to boost human resources in this sector, according to the local media outlet Viet Nam News.

Phạm Văn Huy, CEO of blockchain company MoonLab, pointed out:

“The scarcity of human resources in this field is completely inevitable in both Việt Nam and internationally.”

He added:

“It is extremely difficult to recruit human resources specializing in this field as Blockchain is still quite new and there are no training programs at universities, colleges, or even information technology centers in the country.”

Therefore, Vietnamese engineers and programmers are being encouraged to venture into the blockchain field because they can flexibly switch to internet learning and self exploration. 


For instance, by having adequate personnel trained to create blockchain-based smart contracts, Vietnam will be in a position to meet market needs.


Huy Nguyen, co-founder of KardiaChain, Blockchain, stated:

“We need to pay more attention to the deep development rather than just the surface one. If it can solve the problems from the root, Việt Nam can easily meet the needs of the market in the next five to 10 years and help Blockchain become a technology widely used here.”

Nguyen added that for Vietnam to be a blockchain hub then personnel training should be undertaken from the bottom level up. 


Businesses, universities, and research centers should also come up with plans to train personnel from the root level. Nguyen stated:

“There should also be good quality short-term blockchain courses for those who intend to change industries, grasp it in a short time, making the peer-to-peer transition more flexible.” 

Meanwhile, experts in Vietnam recently highlighted that raising awareness about blockchain technology through regulatory frameworks, successful applications, and education would heighten adoption.

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