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Bitcoin Solves This: $2.8 Billion Worth of Gold Counterfeited by Chinese Company from Wuhan

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If you thought that the city of Wuhan was done for 2020, well, think again. Reports have it that at least some of 83 tons of gold bars, used as collateral for loans, turned out to be gilded copper.

For more than five years, Wuhan Kingold Jewelry has been getting gold-collateralized loans worth over 20 billion yuan ($2.8 billion) with the fake bars.

83 Tons of Fake Gold Bars

According to a report by ZeroHedge, Wuhan Kingold Jewelry Inc., a company founded and operated in Wuhan, China, has received loans for more than 20 billion yuan ($2.8 billion) over the past five years from Chinese financial institutions, mainly trust companies.

Here’s where the twist comes. At least some of the 83 tons of gold bars that were used as collateral for that loan reportedly turned out to be gilded copper.

The massive scam came to light in February. Back then, Dongguan Trust, referred to as a Chinese shadow bank in ZeroHedge’s report, attempted to liquidate the collateral to cover default debt.

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“To its shock, Dongguan Trust said it discovered that the gleaming gold bars were actually gilded copper alloy.” – Reads the report.

Supposedly, Kingold took the loans against gold in order to increase its cash holdings and to support business operations. What’s shocking in this case is that insurance companies agreed to cover it, and nobody checked the authenticity of the gold for years.

gold
Companies Loaning Against Gold Collateral

Can’t Happen With Bitcoin

Being as witty as the crypto community usually is, people didn’t miss the opportunity to joke about the scandal. One that stands out, of course, is “Goldconnect,” referring to one of the most infamous scams in the field – Bitconnect.

Nevertheless, people said that Bitcoin does fix this, and they’re nothing but right.

One of the most essential inherent qualities of bitcoin is that it can’t be counterfeited. Not until the network is functioning properly, of course.

To validate transactions and prevent double-spending, miners go through previous transactions associated with the sender’s address, to verify that he did, in fact, own the spent bitcoins and hadn’t spent them before that. And since the only way to counterfeit bitcoins is to essentially spend them in more than one place, that’s how the network handles the problem.

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Source: https://cryptopotato.com/bitcoin-solves-this-2-8-billion-worth-of-gold-counterfeited-by-chinese-company-from-wuhan/

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Swipe Is the Latest Project to Integrate Chainlink’s Price Oracles

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Swipe wallet and crypto debit card platform has integrated Chainlink (LINK) data oracles to improve the accuracy of reward issuance and token burns. 

Swipe CEO Joselito Lizarondo said Chainlink’s decentralized price feeds will provide more accurate and fair token conversion prices for users and was an important step towards  greater decentralization:

“This is important to us to bring transparency to our users, especially as we’re kind of leaning towards starting to migrate from custodial products to noncustodial products in the future. So this is a starting point of decentralization in our system to ensure that our users are seeing a fair price point.”

Cointelegraph asked Lizarondo whether the rising price of LINK concerned him as consumers of Chainlink data have to pay with LINK tokens for their data calls. Lizarondo acknowledged that “there is a fee structure,” but declined to disclose the details.

Half a million users

The Swipe CEO declined to disclose statistics about debit card transaction volumes besides saying that they have 500,000 users. He noted that since his competitors do not disclose their numbers, he does not want to give them an advantage.

Major cryptocurrency exchange Binance is the majority owner of Swipe, but Lizarondo said the company has preserved its operational independence. Swipe also has an interesting philosophy towards digital assets custody, they employ two major custodials — Coinbase Custody and BitGo.

Lizarondo explained that it is dictated by both necessity, as Coinbase does not yet support Swipe’s native token SXP, and a desire to diversify their risks:

“We don’t want to put all of our eggs in one basket. We don’t want to have a central point of failure, even though these are very reliable custodians.”

Source: https://cointelegraph.com/news/swipe-is-the-latest-project-to-integrate-chainlinks-price-oracles

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Craig Wright Won’t Need to Pay Hodlnaut $60K Until Appeal Is Over, Says Counsel

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Craig Wright, a self-proclaimed Bitcoin (BTC) creator, is apparently not required to pay legal fees for a failed libel suit against the Twitter crypto enthusiast known as Hodlonaut.

In an Aug. 14 email to Cointelegraph, Wright’s legal representative argued that he is not obliged to pay legal costs in the defamation suit until the Norwegian Supreme Court considers an appeal.

The spokesperson said, “Craig has appealed to the Norwegian Supreme Court. Craig’s Norwegian lawyers say that there is no obligation on Craig to pay the costs until that appeal is dealt with.”

The new comments come in response to Hodlonaut claiming that Wright has been ignoring a court filing requiring him to pay legal fees within two weeks following a Jun. 8 court judgment. In an Aug. 13 tweet, Hodlonaut argued that Wright “has not paid a cent” out of $60,000 in two months after the judgement was made.

According to Hodlonaut, the Norwegian Court of Appeals denied an appeal to Wright earlier in June. The Twitter persona continued that Wright was obliged to pay “all costs for both District Court and Court of Appeals” in a tweet on June 8.

As previously reported, Hodlonaut is one of several crypto people targeted by Wright’s multiple defamation suits aiming to prove that he is the true creator of Bitcoin. Similar cases were brought against Ethereum co-founder Vitalik Buterin, early Bitcoin investor Roger Ver, and podcaster Peter McCormack.

The legal action against Hodlonaut was reportedly triggered by offensive tweets calling Wright a “very sad and pathetic scammer” and claiming that the Australian businessman was “clearly mentally ill.” Hodlonaut is also reportedly involved in the creation of the #CraigWrightIsAFraud hashtag.

In response to initial reports on Wright filing a libel suit against Hodlonaut, the crypto community announced a crowdfunding to help the Twitter crypto enthusiast “unfounded legal attacks.” 

Blockchain​ entrepreneur Elizabeth Stark was apparently among the first crypto players to support Hodlonaut, announcing WeAreallHodlonaut.com crowdfunding website in April 2019. At the time of writing, the initiative has raised $32,430 worth of Bitcoin (BTC), blowing well past it’s initial goal of $20,000.

How or whether these funds have been applied to Hodlnaut’s legal costs remains uncertain, but the site claims “We hit our $20k goal but lawyers can get expensive so please keep it up with the donations.” It also features a link for a swag store, the proceeds of which purportedly go to the legal defence fund.

Source: https://cointelegraph.com/news/craig-wright-wont-need-to-pay-hodlnaut-60k-until-appeal-is-over-says-counsel

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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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