Tesla Comes Under Fire From The BBC
Unfortunately, as is often the case with mainstream media reporting on cryptocurrency, there are some slight misconceptions in the article. This detracts from the underlying message of the piece.
One example relates to the block writing process, which the author likens to a lottery in which miners occasionally receive small amounts of Bitcoin. However, a more fitting analogy describes Bitcoin as a race in which the winner always receives 6.25 BTC.
“As a reward, miners occasionally receive small amounts of Bitcoin in what is often likened to a lottery.
What’s more, the article quotes blockchain author David Gerard, who makes several disparaging points about the leading cryptocurrency, including its wastefulness. He also criticizes Musk by saying he used $1.5bn of taxpayer money to buy Bitcoin. Adding that BTC miners primarily use coal to power their mining rigs.
Market Update
Meme-based cryptocurrency Dogecoin (DOGE) gained 25% in minutes on Feb. 4 after a fresh endorsement from the worldâs richest man.Â
DOGE/USD 1-minute candle chart (Bittrex). Source: TradingView
DOGE in new Elon pump
Data from Cointelegraph Markets and TradingView showed DOGE/USD rebound past $0.05 per token on Thursday, edging towards new all-time highs.
Musk, who is known for name dropping Dogecoin and Bitcoin on Twitter but just days ago said that he was taking a break âfor a while,â returned to post a picture of a rocket and the moon.
âDoge,â he added in a subsequent comment, with later tweet reading âUr welcome,â accompanied by a doctored image of the Dogecoin shiba inu mascot as Simba in the Disney film, âThe Lion King.â
Top US Banking Regulator: Banks Are Authorized to Use Public Blockchains and Stablecoins
The top banking regulator in the U.S. has announced that national banks and savings associations in the country can use public blockchains and stablecoins for payment activities. Experts say this is good for bitcoin and its importance should not be understated.
Banks Can Use Public Blockchains and Stablecoins
The Office of the Comptroller of the Currency (OCC) published an interpretive letter on Monday “clarifying national banks’ and federal savings associations’ authority to participate in independent node verification networks (INVN) and use stablecoins to conduct payment activities and other bank-permissible functions.” The OCC supervises nearly 1,200 national banks, federal savings associations, and federal branches of foreign banks that conduct approximately 70% of all banking business in the U.S.