Web3 keeps falling short of real decentralization

While a lot has changed in the decade since Satoshi Nakamoto invented bitcoin — including the rise of centralized financial services for trading, lending, borrowing — decentralization remains a core value for crypto.

Yet, time and time again, Web3 is falling short of true decentralization. 

Web3 should reflect the diversity of the global population, including the full spectrum of geographic regions and technical expertise. If the industry doesn’t start taking this into account, full decentralization — and geographic diversity — will remain out of reach forever.

It’s no secret that a major focus of Web3 is to onboard new users with the ultimate goal of worldwide…

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Conflux multichain protocol shuts down after two years

ShuttleFlow, the ecosystem multichain protocol operated and maintained by Conflux Foundation, also known as the Shanghai Tree-Graph Blockchain Research Institute, will shut down after two years. 

The ShuttleFlow technology stack will instead be transferred to Web3 studio Zero Gravity, which will continue to develop the protocol under a new brand. “All user funds are secure and will be migrated from ShuttleFlow to Zero Gravity,” developers wrote, adding, “Users who have previously bridged through ShuttleFlow and completed the claim of their bridged assets on the destination chain do not need to undergo any additional operations for the migration.”

“After ShuttleFlow shuts down its… Read more on Cointelegraph

Investor rush into crypto products the largest since 2021 bull market high

Investor funds have continued to flow into cryptocurrency investment products in November, following a significant influx in October.

Net flows into crypto-related offerings hit $261 million last week, down slightly from $326 million the week before, according to CoinShares data. 

The total pushed the weekly net inflow streak to six. Crypto products have attracted a total of $767 million during that span, a sum that eclipses the total inflows — $736 million — seen in all of 2022. 

The six-week streak of net inflows surpasses a four-week run of inflows that totaled $742 million in July. It marks the largest since December 2021, CoinShares research head James Butterfill said in a…

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Top 10 Trending Crypto Coins of The Day

  1. Arbitrum: Market Cap of $1.4 Billion.
  2. Dione: Market Cap of $29 Million.
  3. Injective: Market Cap of $1.4 Billion.
  4. Tectum: Market Cap of $42 Million.
  5. Celestia: Market Cap of $327 Million.
  6. DinoLFG: Market Cap of $20 Million.
  7. Toncoin: Market Cap of $9.3 Billion.
  8. Litecoin: Market Cap of $5.4 Billion.
  9. Rollbit Coin: Market Cap of $793 Million.
  10. Memecoin: Market Cap of $139 Million.

Disclaimer: Market capitalizations can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

LATEST: U.K. Authorities Seek Feedback on Stablecoin Regulation

The Bank of England (BoE) and the UK’s Financial Conduct Authority (FCA) are inviting feedback on their proposed regulatory approach for stablecoins in the U.K. They have expressed concern about the potential risks to financial stability posed by widespread use of stablecoins in retail payments. The BoE’s proposal aims to regulate operators of payment systems using stablecoins, issuers, and wallet providers to ensure safe innovation. Both discussion papers explore the benefits of stablecoins in terms of faster and cheaper payments. The UK is taking steps towards comprehensive crypto asset regulation, with feedback sought until February 6, 2024.

Bitcoin Will Completely Change Real Estate Markets And Interest Rates

Introduction

People used to own real estate because of its utility value, which is characterised by the fact that you can live in it or use it for production. Today, however, it serves the world as the primary asset for storing value. A former function of money that is no longer possible due to decades of monetary inflation that has decimated people’s purchasing power. This development coincides with the “Nixon shock” of August 15, 1971, when U.S. President Richard Nixon announced that the U.S. would end the convertibility of the U.S. dollar into gold. Since then, central banks around the world have started operating a fiat-based monetary system with floating exchange rates and no real…

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FTX began to unravel one year ago today: A timeline

Serious cracks began to form in Sam Bankman-Fried’s crypto empire one year ago.

Within six days, FTX went from being the second largest crypto exchange to a bankrupt entity with an alarming $8 billion in customer deposits unaccounted for.

This would all come to light in the months after FTX’s fall. Rigorous investigations, led by the current FTX CEO, John J. Ray III — made famous by Enron — were corroborated by testimonies from employees and key members of Bankman-Fried’s team during his October 2023 trial.

Ex-Alameda CEO Caroline Ellison claimed he demanded seven falsified versions of Alameda’s real balance sheet. Bankman-Fried disputed this in his testimony, claiming that…

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Telegram Wallet avoided self-custody to ease crypto onboarding, COO says

Telegram Wallet, a major Telegram bot allowing users to buy and sell cryptocurrencies like Bitcoin (BTC), has chosen custody over self-custody to chase easier onboarding goals, according to a senior executive.

In July 2023, crypto-friendly Telegram messenger officially announced the integration of the custodial crypto wallet, Telegram Wallet, to allow users to access the wallet directly from the messenger’s settings.

Though Telegram has enabled existing Wallet users to see the wallet bot directly in the messenger, those who have never used the bot are still not seeing the crypto wallet in their settings section of the messenger.

According to Telegram Wallet chief operating officer Halil…

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Yuga Labs addresses Apefest ‘vision damage’ issue; community calls out poor management

Several attendees of Yuga Labs’ ApeFest event on Nov. 4 in Hong Kong reported eye-related issues, including burns, damaged vision and “extreme pain” in their eyes.

Yuga Labs’ official X account has now addressed the issue, claiming they are aware of the reports of potential eye-related issues to many attendees and are investigating the cause behind them.

I just opened up IG and Jasmine’s eye is swollen.

Some Apes had an eye issue at ApeFest.

Protect your eyes. Wash your hands.

Be careful out there. pic.twitter.com/FNHF9hrDeg

— PB Drip (@DripperPb) November 6, 2023

Yuga Labs claimed that less than 1% of the attendees have experienced eye-related symptoms, and most of the…

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Ark CEO Cathie Wood Would Hold Bitcoin, Not Gold for the Next 10 Years

Bitcoin bull Cathie Wood believes gold’s time has come and gone.

The CEO of Ark Invest weighed in on the enduring debate between the traditional safe haven asset and digital currency during a recent Bloomberg UK podcast, Merryn Talks Money. 

In a hypothetical scenario where Wood had to choose between holding gold, a cash deposit account, or Bitcoin for a decade, she made her stance clear.

“It’s a hedge against inflation and deflation. It’s digital,” she began, passionately advocating for Bitcoin. Wood acknowledged the time-tested appeal of gold but highlighted a crucial difference. “Gold already has its demand; it’s happened,” she explained. In contrast, she emphasized that Bitcoin remains a…

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