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Electrum Developers Apply Fix After Apple Update Bricks Bitcoin Wallets

Apple’s most recent Mac update is causing major problems for one of Bitcoin’s oldest wallets.

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After the most recent Mac update caused major problems for one of Bitcoin’s oldest wallets, its development team has rolled out a fix.

Originally raised as an issue on Github, the Big Sur update is bricking MacOS Electrum clients, a Bitcoin software wallet which is a favorite of power users because of its complex tooling and user controls. The Electrum team announced today that a new release fixes the issue.

“Currently, the latest release of Big Sur has completely broken Electrum [for Mac devices]. You can’t open the app or load any of your wallets,” one Electrum user, Nico, told CoinDesk.

The issue was opened on Electrum’s Github on Aug. 1, around the time Apple released Big Sur’s beta.

While the “root cause is still unknown,” Electrum developer SomberNight said in the Github issue page, it’s related to Big Sur’s treatment of Python, the coding language that Electrum is written in. 

To work around the problem, Electrum users can run the software from source (that is, by manually compiling the source code) or they can bundle an older version of Python into their software. The Electrum team’s fix incorporates the latter solution.

The snafu is the first case of Apple’s latest release disrupting the Bitcoin realm, but it’s not the first time the update has caused issues.

Upon the version 11.0 release last week, an error in Apple’s servers caused worldwide shutdowns of Mac hardware running the update. These servers process OCSP requests, or the data packets that verify user credentials for applications.

Mac users soon discovered that the Big Sur update and the error were related. Big Sur sends OCSP requests for every online and offline application that a user opens, and if these requests fail, then the computer fails too.

This activity logging feature has been present since Apple’s Catilina update, but Big Sur makes it so Mac users can’t trick the feature with firewalls and VPNs like they once could.

These requests are transmitted unencrypted, raising privacy concerns over how this data may be intercepted and used by third parties.  From the perspective of a Bitcoin user, this feature would broadcast every time a wallet, coin mixer or other Bitcoin-related service is used on their device.

Source: https://www.coindesk.com/electrum-apple-mac-update-bricks-bitcoin-wallet

Blockchain

Crypto Lending and Borrowing 101: What are Crypto Loans Even For?

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Have you ever got a loan? Even if you haven’t, you’ve got to be familiar with the reason why people get them — they want to spend some money but don’t have it at the moment. 

Traditionally, loans have been issued by banks. These want to protect themselves from losing money in case a borrower cannot repay the loan — and they collect your data, make credit checks, require proof of income, and tons of other paperwork. Small loans can be issued fast, but when it comes to borrowing more money, approval can take days. 

Getting a loan in crypto solves most of these problems. Crypto lending issues loans in minutes with no credit checks and even without the identity confirmation — all you need is to provide collateral. In this guide, we will go through the reasons to get a crypto loan, explore why CeFi loans are a robust alternative to DeFi, and some exciting ways to spend your cryptocurrency loan on. 

Why crypto loans? 

The crypto adoption rate is yet far from perfect. Most of the car dealers, travel and real estate agencies, brokers, and other places where you could spend your loan, still haven’t got along with crypto. Now, you may be asking — why even bother yourself with cryptocurrency lending? Here are the reasons: 

  • Crypto loans are instant. A loan in crypto is in many ways similar to the fiat one: this is a capital issued to you that you can start using immediately. But with crypto, you can access this loan in minutes irrespective of its size. And here’s why:
  • Crypto loans are permissionless, accessible to anyone, and limitless. In comparison with banks, the only thing that a Bitcoin lending service needs from you is a sum of crypto that you can temporarily provide as collateral. This is why cryptocurrency lending platforms don’t require credit checks and any documents. This is what makes them accessible to all the people in the world: even if you don’t have a credit history (or have a bad one) or even a bank account, you can get a loan. 

And finally, this is why they are limitless: your upper loan size depends only on the amount of crypto you can provide as collateral. If the loan-to-value ratio is 50%, you’d need to put up 1 BTC to get 13,000 USDT or USDC. Loan-to-value indicator is used by the lending services to protect themselves from losing funds.  

  • A crypto loan is a way to use your Bitcoin without spending it. Hodling crypto is cool, but sometimes we feel like using our stashes of Bitcoin — even though that may harm our long-term investment strategy. However, there’s no need for harm — getting a crypto loan is a way to profit from your crypto portfolio right now. 

What are CeFi and DeFi loans? How are they different? 

In DeFi, loans are issued by the smart contract-based protocols which also store your collateral. These services are decentralized and peer-to-peer, which means they connect borrowers and lenders without intermediaries. 

Getting a loan in CeFi means there’s an organization that issues you some money and stores your collateral. This is how CoinRabbit works. By this moment, it may sound to you that DeFi loans have more perks: they are transparent, secured by blockchain technology, and intermediaries can’t do anything with your money. We’d even say, there’s a common belief about the infallibility of DeFi loans. 

However, the real picture is quite a bit different. Here are the reasons why DeFi loans are far away from being called trustworthy: 

  • Smart contracts are made by people, and they may have bugs that hackers use to steal money. DeFi protocols are no stranger to bugs, and hackers are constantly looking for them. Only this year, a decentralized lending protocol bZx has been hacked twice in a matter of days, and a similar project Value DeFi has lost $6 in a hacker attack. These were the so-called flash loans famous for processing the loan in one transaction. 
  • Since DeFi loans are fully blockchain-based and there’s no “central processor”, no one may help you out in any case. Inversely, at CoinRabbit, you always know that there’s a 24/7 support team that can resolve any issue. As an example, we can increase your loan size at any moment.   
  • CeFi is a lot easier to use. In DeFi, you have to know what smart contracts are and how they work, all about self-managed crypto wallets, and more. In CeFi, you can get a loan without lengthy preparations using a user-friendly and intuitive interface. 
  • Genuine Bitcoin as collateral is possible in CeFi. Since most of the DeFi is based on Ethereum, you can’t operate there with Bitcoin. The best thing you could do is to exchange your Bitcoin for Wrapped Bitcoin — it was breaking news when wBTC was added as a collateral option in May this year on the Maker protocol. At CoinRabbit, doing this is not necessary — simply provide your live Bitcoin, and you’re good! Moreover, we will soon add fiat collateral options — a thing which could probably never be possible in DeFi. 

How can I use my crypto loan? 

  • Fulfill your dream without further delay. Buy anything that you’ve always wanted, but didn’t have enough money at hand to afford. Even if you can’t pay for it with crypto directly, mind that we issue loans in stablecoins — assets that can be easily swapped to USD and other fiat currencies. 
  • Invest or trade. USDT and USDC are compatible with a wide variety of assets and are accepted basically everywhere. When you trade, their stable price can serve as protection for your funds’ price fluctuation. If you invest in a high-yield project, repaying your loan might be much easier.
  • Arbitrage. Borrow on CoinRabbit at a 5% interest rate, and lend this crypto on a different service with a higher interest. The difference will be your profit. We will dedicate one of our further articles to this use case. 

Final word

By taking out a crypto loan, you’re making your crypto work for you. Bitcoin in your crypto wallet looks particularly cool in this bull run, but why simply look at it and enjoy the rising numbers? Provide it as collateral and explore all the opportunities of instant crypto loans. See here how much USDT or USDC you can get right now!

Post Author: CoinRabbit.io

Source: https://coinrabbit.io/blog/crypto-lending-and-borrowing-101-what-are-crypto-loans-even-for/

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OIO Holdings Appoints Rudy Lim as CEO of Blockchain Business Subsidiary

The company wants to accelerate its blockchain business, Lim previously served as the Head of Fintech at DBS Bank.

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OIO Holdings, a Singapore-based blockchain services provider, announced today that it has appointed Rudy Lim as CEO for its blockchain business subsidiary. OIO is listed on the Singapore Exchange (SGX) and the company partnered with Moonstake in 2020 to promote blockchain staking.

According to the official announcement, the company is planning to promote B2B blockchain staking services. Moonstake and OIO collaborated on various projects in the past including a strategic alliance in February 2020 for joint ownership of the intellectual property for Moonstake’s staking-related products.

Lim spent more than 2 years as Head of Fintech at Singapore’s DBS Bank. During his time at DBS, Lim launched a program called Startup Xchange to support entrepreneurs providing innovative solutions to business problems. The newly appointed CEO spent more than 4 years at Singapore Press Holdings.

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Rudy Lim

“I am honored to serve as the chief executive officer of OIO Singapore Pte Ltd, an extraordinary company with tremendous potential, having talented people and partners such as Moonstake at its core. Blockchain and innovation are two dominant forces driving change for our clients and must have the entire company’s undivided focus. My goal is to ensure that we meet these commitments to our customers, employees, shareholders, and stakeholders through strong values, leading innovation, and passion,” Lim said on his appointment.

Blockchain Services

OIO and Moonstake are planning to accelerate the adoption of blockchain staking in the region with the new hire. Moonstake aims to provide secure and efficient blockchain solutions to the businesses.

“OIO is a key local partner, helping to accelerate B2B staking as a service and wallet solution for Moonstake in this fast-growing market. I look forward to the onboarding of Mr. Rudy Lim, who with his previous experience and proven leadership capabilities, will make him an incredible asset to OIO and fasten the growth even further for Moonstake,” Lawrence Lin, CEO of Moonstake said in the recent statement.

Source: https://www.financemagnates.com/executives/moves/oio-holdings-appoints-rudy-lim-as-ceo-of-blockchain-business-subsidiary/

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Top Brazilian Bitcoin Exchange Plans International Expansion

The exchange is planning to enter Chile, Mexico and Argentina.

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Mercado Bitcoin, the largest Bitcoin exchange in Brazil, announced on Thursday the closure of a BRL 200 million (around $38 million) funding round and revealed its plans for international expansion.

The funding round was led by local private equity firm, GP Investimentos and early-stage venture capital, Parallax Ventures along with the participation from several other parties, mostly from the local market.

Founded in 2013, the exchange built itself into becoming the largest Bitcoin exchange in Brazil. It doubled its customer base in the past two years, reaching 2.2 million, according to the exchange. Additionally, trading volume remained impressive, with BRL 6.4 billion in the entire 2020 and exceeding half of that alone this month.

“We want to develop the crypto ecosystem in Brazil and create a market as developed as that of the United States. To do this, we want to be one of the five largest digital exchanges in the world,” Reinaldo Rabelo, CEO of Mercado Bitcoin, said.

The exchange is now aiming to surpass 3 million users by the end of 2021.

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Expanding into the Latin American Markets

With the growing demand for digital currencies, Mercado Bitcoin is now planning for further expansion in Latin American countries with locally formed entities. It already has some international presence, but those operating are being maintained under the Brazilian company.

Apart from the expansion plans, the exchange will use the fresh proceeds in expanding its products. Further, it will invest in its Bitrust, custodian platform and digital wallet, Meubank, which is seeking central bank approval.

“We are already the largest exchange in Latin America, operating almost exclusively in Brazil,” Rabelo added. “Now, we’re going to look at the other markets, like Chile, Mexico, and Argentina, which have a regulatory culture closer to ours.”

“Our long-term purpose is to participate in the construction of a new infrastructure for the financial market (IMF), based on blockchain, smart contracts and crypto assets.”

Source: https://www.financemagnates.com/cryptocurrency/news/top-brazilian-bitcoin-exchange-plans-international-expansion/

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Bitcoin (BTC) Price Prediction: BTC/USD Slumps Again Above $30k, Can Bulls Hold the Current Support?

Bitcoin (BTC) Price Prediction – January 22, 2021BTC/USD has slumped to the previous low after one week of consolidation between $34,500 and $38,000. On January […]

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Bitcoin (BTC) Price Prediction – January 22, 2021
BTC/USD has slumped to the previous low after one week of consolidation between $34,500 and $38,000. On January 21, the bears broke the lower price range as BTC dropped to $30,196. In previous price action on January 4 and 11, the market resumed an upward move as soon as the crypto fell to $30,000 low. It is assumed that BTC will resume upward revisiting the previous highs.

Resistance Levels: $45,000, $46,000, $47,000
Support Levels: $35,000, $34,000, $33,000

BTC/USD – Daily Chart

Today, Bitcoin fell to $29,317 low as price corrected upward. The crypto has continued to fall because the price is making a series of lower highs and lower lows. If the downtrend makes a lower high, there is a certainty that price must fall. Today, BTC price is making a lower high as the coin faces rejection at the $32,000 high. If the price falls and breaks the current support at $29,317, the downtrend will resume. However, if the $30,000 support fails to hold, the downtrend will extend to $22,900 or $24,000 low. Usually, in an uptrend, the bulls buy the dips as the crypto resumes the upside momentum. However, in the present dispensation, the bulls have to defend the $30,000 support level.

Bitcoin Is Becoming a Cyclical Asset, Not a Hedge, by JP Morgan
JPMorgan strategists John Normand and Federico Manicardi have disagreed with their colleagues’ view that Bitcoin is becoming digital gold. They believe that anyone betting on Bitcoin as a portfolio diversifier is putting themselves at risk. The strategists have indicated that Bitcoin is the “least reliable hedge during periods of acute market stress.” They claimed that cyclical assets refer to stocks that follow the trend in the overall economy. These companies produce goods and services that are in demand when the economy is performing well.

However, when these items are not in demand the economy will be weakened. The strategists recognized that the crypto currency may be appropriate for investors worried about policy shocks and the systemic devaluation of fiat currencies. They concluded and said: “The adoption of bitcoin by institutional investors has only begun, while for gold, its adoption by institutional investors is very advanced. If this medium to longer-term thesis proves right, the price of gold would suffer from a structural headwind over the coming years.”

BTC/USD – 4 Hour Chart

Nevertheless, Bitcoin is presently in a downward correction as the crypto falls to the $30,000 support. The bottom line is whether the support is going to hold or not. On January 18 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement level suggests that BTC price will fall to level 1.618 Fibonacci extensions or the low of $30,092.20.

Source: https://insidebitcoins.com/news/bitcoin-btc-price-prediction-btc-usd-slumps-again-above-30k-can-bulls-hold-the-current-support

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