FTX woes: 'I'm waiting to get ?2,000 back from crypto giant' - cyptoranking.com

2024-05-10

Popular crypto exchanges(2023 Update) 2024-05-10
Image: cyptoranking.com

A Turing-complete system is one that can theoretically provide an answer to any computational problem.With BitVM, the “logic” of Bitcoin contracts would be executed off-chain, but verification would be made on Bitcoin — similar to Ethereum’s optimistic rollups.BitVM’s architecture is based on fraud proofs and a challenge-response model where a “prover” can make claims and a “verifier” can perform a fraud proof to punish the prover when false claims are made.Linus explained that Bitcoin, in its current form, is limited to basic operations, such as signatures, timelocks and hashlocks — but that can now be broadened with BitVM, which Linus says can compute a host of interesting applications.“Potential applications include games like Chess, Go, or Poker, and particularly, verification of validity proofs in Bitcoin contracts.”“Additionally, it might be possible to bridge BTC to foreign chains, build a prediction market, or emulate novel opcodes,” said Linus.Linus said a limitation of the model is that it is limited to a two-party setting with a prover and a verifier and that a significant amount of off-chain computation and communication is needed to execute programs.Linus said the next “milestone” is to fully implement the BitVM in addition to Tree++, a high-level programming language to write and debug Bitcoin contracts.BitVM is enabled by the Taproot soft fork, which took place in November 2021.Linus cited Ethereum research into optimistic rollups and a study on Merkle trees in contributing to the eight-page white paper.Bitcoiners respond to BitVMProminent Bitcoiner Eric Wall posted on X (Twitter) that the concepts outlined in the BitVM white paper “check out” and that he is “cautiously excited” to see what real-world experiments stem from it.Bitcoin analyst Dylan LeClair is also impressed with BitVM’s white paper. But Adam Back, a Bitcoin Core contributor, suggested that people shouldn’t get too excited about the development just yet.for people getting (over) excited, this is cool but effectively a generalization of a two-party game - it says right in the abstract - so it's a bit like Greg Maxwell's 2016 ZKP contingent payments implemented example https://t.co/OeHRsbFjud— Adam Back (@adam3us) October 9, 2023 Companies that find themselves stuck in a situation with too much inventory need to cut as many costs as possible to prevent the business from going bankrupt. This cutting of costs normally results in employees getting laid off. FTX woes: 'I'm waiting to get ?2,000 back from crypto giant'This is because of activity that has been present in the network for a long period of time. More specifically, CTSI has experienced high transaction volume, a high number of active addresses, and a large number of whale transactions. In an Oct. 8 post on X, Certik, a security-focused ranking platform, reported an exit scam on zkFlex Finance after charts show a 100% in the project’s value.

Exchange Rankings Crypto
Image: cyptoranking.com

"Chat will be where most of the interaction happens, but these AIs are going to have profiles on Instagram and Facebook, and they’ll be able to post content, and they’ll be able to interact with people and interact with each other," said the Meta CEO. Ripple did not immediately respond to a request for comment from The Block.Does AWS Limit the Playing Field for Cloud Services? Crypto and multiverse, what is the future of online arcades?Bringing Bitcoin to Cosmos ZK networks daily active and transactions. Source: artemis.xyz

However, on Oct. 6, the CSA announced that it may allow the trading of specific stablecoins subject to terms and conditions. Notably, the IRS had initially scheduled the reporting rule to commence in 2024 but decided to delay it in December 2022. Nevertheless, this reporting is now expected to begin in January 2026 for transactions that occurred in 2025. The said regulations will encompass both centralized and some decentralized exchanges, crypto payment processors, and specific online wallets. Which is the largest derivatives exchange in the world?— Googly (👀,🫡) (@0xG00gly) October 6, 2023 After the launch of the mainnet on Aug. 9, the USDC stablecoin remained unavailable natively for users. The bridged version, USDbC, enabled the bridging of USDC stablecoin from the Ethereum network to the Base network.

According to his observations from monthly charts, Cowen’s analysis primarily orbits around the ETH / Bitcoin valuation, which has trended downwards. Source: Adobe / Rafael HenriqueAccording to an X post, a cryptocurrency mining pool, F2Pool, has returned the mistakenly transferred transaction fee of 19.8 BTC made by Paxos, a Financial infrastructure firm.It started on September 10, when a transaction fee of $510,000 was paid to a miner on block 807,057 for a transaction worth $2,000.This caused debate among the crypto community as a regular estimated fee of $2 was meant to be charged on such transactions. Initially, the crypto community suspected it was a well-experienced Bitcoin user, given a history of sending and receiving more than 120,000 transactions.Although, F2Pool co-founder Chun Wang said that users could claim overpaid fees within three days, or they would be redistributed to miners.On September 13, as people contemplated the likelihood of what happened, Paxos took responsibility for the error after claiming that their server made the transaction.The firm also assures its users that their funds are safe and that only the company's funds were affected by the mistake. A Paxos spokesperson confirmed that they were behind the fee blunder."Paxos overpaid the BTC network fee on September 10, 2023," the spokesperson said while adding:"This was due to a bug on a single transfer, and it has been fixed. Paxos is in contact with the miner to recoup the funds."Paxos's Funds Returned: Disagreement Over Timezone Sparked Debate on Bitcoin Transaction Fee RefundAs Paxos said in the statement, they have been in touch with Chun Wang, co-founder of F2Pool, the mining pool that mined the block containing the transaction.According to Wang, there was a disagreement with Paxos over the timezone used when counting the days from when he gave his promise."I was annoyed and regretted agreeing to refund that 20 BTC. Especially when I saw the person claiming it kept saying EST instead of EDT/UTC. Last time a Zcash guy did that, I blocked his entire company."On September 14, he went on X to express his frustration and ask the crypto community for their opinions on what to do through a poll. "So what should I do," the mining pool operator asked his followers on X.Further adding to Chun's dilemma was the heated discussion among the crypto community, each backed with solid reasons. However, the poll results supported that most people want Chun to distribute the funds among the miners as he has no obligation to return the funds.27% of the people also advised that it should be returned to Paxos, while others believed the fee should be frozen or shared equally between the miners and Paxos.The Blockchain data shared by the Bitcoin explorer Mempool shows that he devised the opinion shared by the crypto community as the explorer confirmed that the funds were sent to Paxos on September 15.Bitcoin miners receive fees when they confirm transactions on the blockchain. Users can adjust prices to prioritize certain transactions. Should Paxos's fee not be refunded, it becomes the highest transaction fee ever recorded on the Bitcoin network.JPMorgan Report: Ethereum's Centralization Increased Post Merge and Shanghai Upgrades Best Crypto Trading Bots in 2023AI Image Generator: Baby DogeCoin introduced its AI Image Generator on September 19th, allowing users to create unique NFTs. This innovative utility enables users to acquire credits, serving as the currency for minting NFTs directly on the Baby Doge platform. Users can generate AI-generated 2D and 3D NFTs, along with BabyDoge memes. Importantly, a portion of the fees generated from these NFT activities contributes to burning Baby Doge tokens, enhancing the coin's scarcity and potential value. In an interview with Blockster, COZ CEO Tyler Adams said, “Through this fusion of blockchain and art, we are showcasing Denver as an inclusive haven for those pushing the boundaries of digital expression, firmly positioning the city as a leader in digital innovation.”

Have an opinion on this story? Share it!