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Rippleâs Chief Technology Officer David Schwartz has pushed back against a Forbes article defending Sam Bankman-Fried, calling the argument ânonsense.â The article called the convicted FTX founder a sufficiently villainized innovator who had sought to lead the larger effort to codify crypto regulation. One of the arguments of the Forbes article was the reclassification of the native FTT token of FTX . The article asserted that FTT was not like a stablecoin but closer to equity since holders can access a share in FTXâs revenues. It claimed that customers were not depositing money but investing speculatively in SBF himself. Schwartz protested this assumption. He stated that laying out the fraud as speculation neglects the main issue, which is the uncertainty of whether client money was misappropriated without their consent. The Ripple executive stressed that re-purposing assets on the books, as customers without disclosing what happens to a token, is an affront to fundamental legal and ethical foundations. The Forbes article went on to project that without the ill-advised and now illegal financial actions by Bankman-Fried, FTX would not have gained investor confidence to start with. Schwartz opposed this by stating that confidence based on unauthorized fund transfers cannot change it to legitimacy. Misplaced heroism and the question of accountability The article portrayed SBF as a progressive individual who enjoys respect because of lobbying in Washington. It attributed his influence to laws like the GENIUS and CLARITY Acts, the latter of which it considered an indication of him looking to legitimize crypto. It also speculated on whether President Donald Trump could pardon SBF because of his visionary impulse. âWhich brings us to GENIUS, CLARITY, and other Acts meant to create a stable regulatory environment for the cryptocurrency present and future. The latter precisely explains why SBF was spending so much time in Washington.â ~ Forbes Forbes went further and placed SBFâs conviction into the context of a necessary market correction as opposed to a careful brush against US laws. It also asked whether he was really committing crimes or if he was just taking welcome business chances that went wrong. However, Schwartz maintained that innovation should work within the laws and that failure should not be equated with fraud; otherwise, it would lower the whole industryâs reputation. Industry observers strongly reject Forbesâ narrative Coin Centerâs Neeraj Agrawal shared the article on X, prompting immediate backlash and comments asking for clarification about why the Forbes article de-emphasized the gravity of SBFâs actions, and presenting his regulatory goals as if it did not have any consequences. The article elicited immediate counteraction from the crypto community. According to the editor of The Block, Tim Copeland, it was so âabsurdâ that he had to deconstruct it point by point. Ethereum builder 0xTimmy wrote, âDoes Forbes just let anyone publish an article?â Some people questioned the authenticity of the article and its release. Bitcoin advocate Rich Lassiter wrote, âDefinitely not. Who was the reporter paid off to write this drivel?â Cryptopolitan Academy: Tired of market swings? Learn how DeFi can help you build steady passive income. Register Now
đ Are You Chasing New Coins? Catch the newest crypto opportunities. Be the first to buy, be the first to win! Click here to discover new altcoins! On July 25,
BitMEX co-founder and crypto investor, Arthur Hayes, has outlined the key catalysts that could drive the Ethereum price to a $10,000 all-time high by year-end. In a detailed market analysis, Hayes explains how expanding US credit policies, growing institutional interests, and a shift toward wartime economic strategies could create the ideal conditions for a major ETH price rally. Ethereum Price Set To Hit $10,000 By Year End On July 23, Hayes published an in-depth report on Substack, analyzing geopolitical trends and how they could create the ideal conditions for a major Ethereum price surge. The crypto founder has set a bold target of $10,000 for ETH by the end of 2025, attributing the future rally to macroeconomic shifts and increasing institutional appetite. Related Reading: This Ethereum Descending Broadening Wedge Pattern Looks Similar To 2019-2020, Hereâs What Happened Last Time Hayes believes that as the US leans further into wartime economic policies under President Donald Trumpâs reign, a wave of credit expansion could be unleashedâfueling âasset bubbles,â particularly in crypto. According to the BitMEX co-founder, Ethereum could benefit most from this environment. While Bitcoin remains the crypto reserve asset, Hayes notes that ETH has been largely overlooked since Solanaâs explosive rebound post-FTX. However, he asserts that the tides are turning, especially among Western institutional investors who are starting to favor Ethereum-based assets. The crypto founder pointed to growing confidence in Ethereum from financial influencers like Tom Lee and a renewed interest in DeFi ecosystems as early signs of a potential breakout. Hayesâ venture capital firm, Maelstrom, is now also fully committed to ETH and the broader ERC-20 ecosystem. He has declared that the next âEther bull runâ is imminent, forecasting a 176.3% rise from ETHâs current price of $3,619. Alongside his $10,000 Ethereum target, the crypto founder projected that Bitcoin could skyrocket to $250,000 before the end of the year. ETH Rally Tied To US Economic And Wartime Developments In his report, Hayes seemingly connects Ethereumâs upside potential to a broader macroeconomic narrative rooted in fiscal policy and geopolitical conflict. He argues that the US is shifting toward a form of state-sponsored capitalism or economic fascism designed to fuel wartime production. Related Reading: Ethereum ATH Above $4,800? Hereâs How High It Will Go If 2021 Repeats According to the crypto founder, this strategy encourages banks to lend freely to companies without government-guaranteed profits. He noted that when the fiat supply increases without a corresponding rise in raw materials or labor, inflation becomes unavoidable. To manage this, he suggests the government may need to blow bubbles in non-essential assets like crypto, to absorb excess credit without destabilizing essentials like food or housing. Furthermore, Hayes believes that just as Ethereum stands to benefit from this environment, stablecoins may play a key role in building it. As the crypto market cap grows, so does the amount stored in stablecoins, most of which are reinvested into US Treasury bills. For instance, if the market cap of crypto hits $100 trillion by 2026, the BitMEX co-founder predicts that stablecoins could indirectly fund trillions in government debt, ultimately making crypto an integral player in sustaining wartime fiscal policies. Featured image from iStock, chart from Tradingview.com
Rippleâs CEO, Brad Garlinghouse , has highlighted a major achievement by his firmâs RLUSD stablecoin. RLUSD ranked as the most regulated stablecoin, putting it ahead of Tetherâs USDT and Circleâs USDC. Rippleâs RLUSD Ranks As Number One Over USDT and USDC In an X post , Brad Garlinghouse noted that amid the âregulatory goodnessâ with the GENIUS Act signing last week, Rippleâs stablecoin has been ranked as the number one most trusted stablecoin in the market. This was in reference to stablecoin rating agency Bluechipâs latest ranking, which placed RLUSD as number one, above USDT and USDC. In an X post , the agency revealed that the Ripple stablecoin has become the number one-ranked stablecoin and that it is beginning coverage for RLUSD with an initial rating of A. Bluechip further noted that this development reflects their view that RLUSD is one of the safest stablecoins available. As for the reasons for the A rating, Bluechip noted that Rippleâs stablecoin is backed by U.S. Treasury bills, money market funds, and bank deposits, assets that present some of the lowest credit and duration risks. Furthermore, they stated that RLUSD is regulated by the New York Department of Financial Services (NYDFS), which subjects the stablecoin to stringent regulatory standards. Furthermore, Rippleâs RLUSD reserves are held by the Bank of New York Mellon , the largest custodian of financial securities in the world. As such, this further boosts the stablecoinâs credibility. Bluechip noted that these RLUSD reserves are held in segregated accounts for the benefit of token holders. That way, these assets are protected even if Ripple were to go bankrupt. BlueChip gave the Ripple stablecoin an A rating based on three factors: stability, management, and governance. The stablecoin has a score of 0.91, 0.84, and 0.86, respectively. The assessment based on these scores means that the stablecoin is stable, while the management and governance are âvery low risk.â Where USDT And USDC Rank Circleâs USDC ranks at eight, way below the Ripple stablecoin. USDC currently boasts a B+ ranking despite being the second-largest stablecoin by market cap. Interestingly, Circle and Ripple have both applied for a national banking license , which would enable them to custody the reserves for their respective stablecoins. This would also boost the regulatory standing of the RLUSD and USDC stablecoins as they will now be regulated by the Office of the Comptroller of the Currency (OCC). Meanwhile, Tetherâs USDT is ranked as 16th on Bluechipâs ranking with a D rating, indicating a lack of confidence in the stablecoinâs regulatory standard. USDT has often been criticized for lacking sufficient regulatory oversight, particularly given that it is issued outside the U.S. However, Tether has revealed plans to issue a stablecoin for the U.S. market, which will comply with the GENIUS Act.
Volatility across Bitcoin, gold, and the S&P 500 is near record lows. The last time this happened, markets didnât stay quiet for long.
As the crypto market heats up for the top summer altcoin season, all eyes are on the battle between meme giant Dogecoin (DOGE) and the fast-rising DeFi disruptor Mutuum Finance (MUTM). Mutuum Finance (MUTM) is priced at $0.03 in presale phase 5. It can never be below that, and there is also a 16.67% tokenâŚ
Reliance on centralized cloud infrastructure and the IRSâs proposed âmega APIâ expose vulnerabilities in data privacy and accountability that decentralized technologies can address.
BitcoinWorld SPON Token: Unleash the Future of Decentralized Compute with Spheronâs Imminent Listing The cryptocurrency world is constantly buzzing with innovation, and one of the most anticipated events for July is the official launch of Spheronâs native digital asset, the SPON token . This isnât just another token entering the market; it represents a pivotal step for Spheron, a project dedicated to building a decentralized compute stack tailored for the burgeoning fields of Artificial Intelligence (AI) and Web3. For anyone tracking the convergence of cutting-edge technology and blockchain, the arrival of the SPON token on major exchanges marks a significant milestone. Understanding the Spheron Ecosystem and the Role of the SPON Token Before diving into the listing details, letâs unpack what Spheron is all about. Imagine a world where computing power isnât controlled by a few centralized giants but is instead distributed across a vast network of participants. Thatâs the vision Spheron is bringing to life. Itâs creating a decentralized infrastructure that allows developers and businesses to access scalable, secure, and censorship-resistant compute resources, which are crucial for the demanding needs of AI models, dApps, and other Web3 applications. Within this innovative ecosystem, the SPON token isnât just a speculative asset; itâs the lifeblood that powers the entire network. It serves multiple fundamental purposes, acting as the primary medium for value exchange and participation. Without the SPON token , the decentralized compute stack wouldnât be able to function as intended, facilitating transactions, incentivizing participation, and enabling community governance. The Anticipated SPON Token Listing: Where and When? The crypto community has been eagerly awaiting the public availability of the SPON token , and the wait is almost over! According to a report by Crypto Briefing, Spheron has confirmed that the SPON token will officially launch on July 29, 2024, at 09:00 UTC . This precise timing ensures a synchronized global rollout, allowing participants from various time zones to access the token simultaneously. Whatâs even more exciting is the lineup of top-tier cryptocurrency exchanges that will facilitate this launch. Spheron has secured listings on: Bitget: Known for its robust trading features and derivatives market. Gate.io: A long-standing exchange offering a wide array of altcoins and trading pairs. MEXC: Popular for its diverse token listings and user-friendly interface. The decision to list on these prominent platforms is strategic. It ensures significant liquidity for the SPON token from day one, making it accessible to a broad global audience of traders and investors. High liquidity is crucial for price stability and efficient trading, reducing slippage and allowing for smoother entry and exit points for participants. This widespread availability also underscores Spheronâs commitment to broad adoption and decentralization, ensuring the token isnât confined to niche markets. Unlocking Utility: How the SPON Token Powers Spheronâs Ecosystem The true value of any blockchain token lies in its utility, and the SPON token is designed with a clear set of functions that are integral to the Spheron networkâs operation and growth. Letâs delve deeper into its core uses: 1. Payments for Decentralized Compute Resources At its core, Spheron enables users to access decentralized computing power. The SPON token serves as the primary currency for these transactions. Imagine a developer needing to run a complex AI model or host a Web3 application. Instead of paying in traditional fiat or other cryptocurrencies, they will use SPON tokens to acquire the necessary compute resources from providers within the Spheron network. This creates a closed-loop economy where the token has inherent demand driven by actual usage of the platformâs services. 2. Staking for Network Security and Rewards Staking is a crucial mechanism in many decentralized networks, and Spheron is no exception. Holders of the SPON token will have the opportunity to stake their tokens, locking them up to support the networkâs security and operations. In return for their commitment, stakers can earn rewards, which could come from transaction fees, newly minted tokens, or other incentives. This mechanism not only secures the network but also aligns the interests of token holders with the long-term success and stability of the Spheron ecosystem, encouraging responsible participation. 3. Governance and Community Participation Decentralization isnât just about distributed compute; itâs also about distributed control. The SPON token will empower its holders with governance rights, allowing them to participate directly in the decision-making processes that shape Spheronâs future. This means token holders can: Vote on proposals for protocol upgrades and new features. Influence treasury management and resource allocation. Propose changes to the networkâs parameters and fee structures. This governance model fosters a truly community-driven project, ensuring that the development and evolution of Spheron align with the collective interests of its users and stakeholders. It moves beyond a centralized corporate structure, putting power directly into the hands of those who use and believe in the network. Navigating the Market: Potential and Challenges for the SPON Token The launch of any new token brings with it both immense potential and inherent challenges. For the SPON token , its future trajectory will likely be influenced by several factors: Potential Growth Drivers: Explosive Growth of AI and Web3: Spheron is positioned at the intersection of two of the most rapidly expanding technological sectors. As demand for decentralized compute for AI models and Web3 applications surges, so too could the demand for the SPON token . Unique Value Proposition: By offering a truly decentralized alternative to centralized cloud providers, Spheron addresses critical concerns around data privacy, censorship, and vendor lock-in, which could attract a significant user base. Strong Utility: The clear and diverse utility of the SPON token for payments, staking, and governance provides fundamental demand, rather than purely speculative interest. Potential Challenges: Market Volatility: Like all cryptocurrencies, the SPON token will be subject to the inherent volatility of the broader crypto market. External factors and macroeconomic conditions can significantly impact its price. Competition: While Spheron offers a unique decentralized approach, it still operates in a competitive landscape with both centralized cloud providers (AWS, Azure, Google Cloud) and other decentralized compute projects. Adoption Rate: The long-term success hinges on the widespread adoption of Spheronâs platform by developers and enterprises. This requires effective marketing, robust technology, and a seamless user experience. For potential participants, itâs crucial to conduct thorough due diligence. Understand Spheronâs roadmap, the team behind it, and the long-term vision. Consider the tokenâs utility within the ecosystem rather than just its speculative potential. Diversifying your portfolio and investing only what you can afford to lose are always prudent strategies in the volatile crypto space. Conclusion: A New Era for Decentralized Compute with the SPON Token The upcoming listing of the SPON token on Bitget, Gate.io, and MEXC on July 29, 2024, is more than just a trading event; itâs a significant step forward for Spheron and the broader decentralized technology landscape. By powering a decentralized compute stack for AI and Web3, the SPON token embodies the principles of decentralization, offering a glimpse into a future where computing power is democratized, censorship-resistant, and community-governed. As Spheron continues to build and expand its ecosystem, the SPON token will play an indispensable role in facilitating transactions, securing the network, and empowering its community. Its launch marks the beginning of an exciting journey, promising to unleash new possibilities for developers, AI innovators, and Web3 enthusiasts worldwide. Keep an eye on July 29th â it could be a date that shapes the future of decentralized computing. Frequently Asked Questions (FAQs) What is Spheron and what problem does it solve? Spheron is a decentralized compute stack designed for AI and Web3 applications. It aims to solve the problems associated with centralized cloud computing, such as vendor lock-in, censorship, high costs, and privacy concerns, by offering a distributed, secure, and scalable alternative for compute resources. What is the primary purpose of the SPON token ? The SPON token is the native utility token of the Spheron ecosystem. Its primary purposes include serving as the payment currency for decentralized compute resources, enabling staking for network security and rewards, and granting holders governance rights to participate in the projectâs decision-making. When and on which exchanges will the SPON token be listed? The SPON token is scheduled to be listed on July 29, 2024, at 09:00 UTC. It will be available for trading on major cryptocurrency exchanges including Bitget, Gate.io, and MEXC. How can I participate in the Spheron ecosystem beyond trading the SPON token ? Beyond trading, you can participate by utilizing Spheronâs decentralized compute services for your AI or Web3 projects, staking your SPON token to earn rewards and contribute to network security, or actively engaging in the governance process by voting on proposals. What are the key benefits of using a decentralized compute stack like Spheron? Key benefits include enhanced security and privacy due to distributed infrastructure, resistance to censorship and single points of failure, potentially lower costs compared to centralized alternatives, and greater control and transparency for users and developers. Did you find this article insightful? Share it with your friends and fellow crypto enthusiasts on social media to help spread the word about Spheron and the exciting launch of the SPON token ! To learn more about the latest crypto market trends, explore our article on key developments shaping the decentralized compute landscape and its institutional adoption. This post SPON Token: Unleash the Future of Decentralized Compute with Spheronâs Imminent Listing first appeared on BitcoinWorld and is written by Editorial Team