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Bitcoin a Hedge Against Elon Musk Mining Asteroid Gold, Say Winklevoss Twins

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The Winklevoss Twins suggested that Bitcoin (BTC) is a better investment than gold because the metal’s supply will increase after Elon Musk starts mining asteroids.

In an interview with internet personality and Barstool Sports founder David Portnoy, the Winklevoss Twins claimed that Bitcoin is a better investment than gold because gold does not have a fixed supply:

“There’s billions of dollars of gold floating in asteroids around this planet, and Elon [Musk] is gonna get up there and start mining gold. […] That’s why gold is a problem, because the supply isn’t fixed like Bitcoin.”

Portnoy reasonably asked, “Is that, like, a real statement?” to which the founders of Gemini cryptocurrency exchange replied, “yeah.”

To further reiterate the idea that gold is inferior to Bitcoin, one of the twins said that “gold is for boomers” adding that Bitcoin is “the only fixed asset in the galaxy.”

Space mining is not a new idea, in fact Planetary Resources — a firm planning to mine asteroids for profit founded in 2016 — has so far raked in $50.3 million according to company data website Crunchbase. As Cointelegraph reported at the end of 2018, the firm was later acquired by Ethereum-focused blockchain firm Consensys.

Some predict that with further development of space travel technology we could soon see a new space race between private companies that are looking to mine minerals in space. CNBC suggested in May 2018 that materials lying in the belt of asteroids between Mars and Jupiter hold “wealth equivalent to about $100 billion for every individual on Earth.”

Source: https://cointelegraph.com/news/bitcoin-a-hedge-against-elon-musk-mining-asteroid-gold-say-winklevoss-twins

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Abkhazia Facing Energy Crisis, Government Blames Illegal Crypto Mining

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The energy crisis is still a huge problem in the South Caucasus’ de facto state Abkhazia and the government believes this is happening because of the increasing crypto mining activity in the region.

Recently, Jam News published a report stating that in the year 2019, the Abkhazian government imposed the ban on the crypto mining activity but neither the companies followed the government’s decision or the local authorities. And currently, they have been consuming Abkhazia’s energy at a very low cost. 

Abkhazian Government Plans To Lift Ban

Chernomorenergo is the official company of Abkhazia that provides energy and recently, its director of operational and technological management, Ruslan Kvarchia, stated that the mining equipment’s total capacity is around 40-45 megawatts. 

He further stated, “This capacity, subject to round-the-clock consumption throughout the year, is capable of consuming about 400 million kilowatt-hours, which is the majority of the projected shortage of electricity in Abkhazia. The projected deficit for the remaining months of 2020 may amount to 704 million kilowatt-hours.”

It is to be noted that now, instead of taking any further action against the crypto miners, local authorities have decided to use a different solution this time.

The authorities have been planning to lift the ban from the crypto mining activities and allowing the miners to start operating. However, the government has mentioned that the miners would be asked to operate the mining activities in the day-light, in order to improve all parties’ communication with each other. 

Mining Activity Increasing

According to the authorities, after lifting the ban they could closely manage the mining activities in the region, in this way they would be able to save the electricity too. 

Compared to the year 2018, when all the crypto-related activities were legal in Abkhazia, the crypto mining activities in the year 2020, have increased, and as mentioned earlier, in the present time these activities are banned.

The Customs department in the region has mentioned that in the past six months, the mining hardware has crossed the nation’s border.

READ  UK Watchdog Reports $34 Million Lost in Crypto and Forex Scams Last Year

#Abkhazia #Chernomorenergo #Customs department #de facto state #director of operational and technological management #Jam News #mining activities #Ruslan Kvarchia #South Caucasus

Source: https://www.cryptoknowmics.com/news/abkhazia-facing-energy-crisis-government-blames-illegal-crypto-mining

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KuCoin and Poloniex Team Up To Research Crypto Industry

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Two well-known crypto exchanges, KuCoin and Poloniex, have teamed up in order to do proper research of the crypto industry. It is believed that this partnership will take the crypto industry forward. It is revealed that jointly, both these firms will be working towards liquidity sharing, PoS and PoW mining pools, research and development of the technology, and many other things. 

Both KuCoin and Poloniex believe that instead of competing against each other in the same industry, one should work together. The crypto exchanges aim to take the crypto industry further with their partnership. 

Decision of KuCoin For This Partnership Will Help Both Firms

This decision of KuCoin regarding this partnership will prove beneficial for both the firms as both will be using their strengths to lift each other. Johnny Lyu, CEO of KuCoin, has said that a lot of complexities have been going due to which investors are looking for some balance. He added, “Decentralized digital assets that are neither endorsed nor supported by sovereign credit are rapidly becoming one of the world’s most popular quality investing targets.”

Partnership will be seen as remarkable milestone 

Lyu has said that with this partnership, both the firms will be taking advantage of all the opportunities in the crypto and blockchain industry. He believes that in the next five years, this partnership between KuCoin and Poloniex will be seen as a remarkable one in the crypto industry. 

Shelley Wu, Vice President at Poloniex, talked about the competitive nature, which is currently there in the industry. She believes that rather than putting efforts individually, the firms should work together in a partnership when their goals are the same. Through this, the strength and capabilities of different organisations will meet together that will ultimately lead to a better future for the organisations, as well as, the sector in which they are working. 

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#Johnny Lyu #KuCoin #Poloniex #remarkable milestone #Research Crypto Industry #Shelley Wu

Source: https://www.cryptoknowmics.com/news/kucoin-and-poloniex-team-up-to-research-crypto-industry

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VeChain Associates With China Animal Health And Food Safety Alliance (CAFA)

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The VeChain Foundation has become the newest council member of the China Animal Health And Food Safety Alliance (CAFA).

A notification released on September 17, stated that Vechain will offer its services like blockchain technology, technical support, and infrastructure support to all other the members of CAFA.  

130 Companies Allianced With CAFA

As per the report, there are over 130 companies, which include Chinese subsidiaries of Starbucks, McDonald’s and Walmart, that have an alliance with the CAFA. 

The first alliance member of VeChain will reportedly be using its ToolChain. The supply chain tracking project believes that soon it will attract more alliance of players who are utilizing the services of VeChain.

It is to be noted that the public statement released by the company neither includes any further details regarding VeChain’s first partner nor the scale of their partnership. 

Presently, the CAFA has been using the Food Trust Traceability Program. 

In June 2020, the US poultry producer Cargill used QR codes on CAFA to trace down ‘Chicken 2.0’ in China. Cargill wanted to help the consumers by informing them about the hatchery, farm, production and environment data, certification and test reports, therefore, he was tracking ‘Chicken 2.0’

VeChain To Develop New Traceability System

Vechain will develop a ‘from-farm-to-table traceability system’ for CAFA using its ToolChain platform. This system would be developed on the existing Food Trust system across China.

VeChain, in its public statement, has mentioned, “All enterprise members of the alliance will be capable of logging key processes of food products onto the blockchain in an immutable and secured way, bridging trust between consumers and the enterprises.”

It further stated that the members can start tracing from cultivation, processing, packaging and many more things.

Before CAFA, many firms like Walmart China, car manufacturers BMW and BYD Auto, H&M, Haier and many other companies have used the traceability platform of VeChain.

The supply chain racing project has also collaborated with firms like PwC and DNV GL.

READ  BBVA Partners With IMDEA to Explore Zero Knowledge Proofs

#‘Chicken 2.0’ #Cargill #China Animal Health And Food Safety Alliance (CAFA). #Chinese subsidiaries of Starbucks #Food Trust Traceability Program #McDonald’s #QR Codes #US poultry producer #VeChain Foundation #Walmart

Source: https://www.cryptoknowmics.com/news/vechain-associates-with-china-animal-health-and-food-safety-alliance-cafa

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