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    Google Jumps Into The NFT Game, Forming Partnership Wit... The partnership is with Dapper Labs, a Canadian company that became famous for CryptoKitties, followed that with another hit 'NBA Top Shot' and now is launching what they call the 'Flow blockchain'. All this has earned Dapper Labs a market valuation of over than $7.5 billion dollars.The partnership is with Google's Cloud division, and the company notes that Flow is a decentralized network, and says the involvement of the Google Cloud service will not mean they're moving towards centralization. According to Jannet Kennedy, vice president of the North American division of Google Cloud, the goal of the business alliance is to help Dapper Labs to have "rapid and sustainable growth." Apparently, offering more tools for developers is the goal. Those responsible for writing the code of decentralized applications in Flow will be able to use direct integration between the decentralized network and Google Cloud services.But The Market Seems Unsure What To Make Of The New Partnership...The token behind the blockchain also is named 'Flow' and is surprisingly down following the news, trading at $21 and unable to even bring it back to it's highest price of the past month, $28.  Volume is down over 50% today.  Still, it's a top 100 coin by market cap and there's plenty of future potential. The agreement was made official in a press release published Forbes, which you can read here.-------Author: Oliver ReddingSeattle NewsdeskSubscribe to GCP in a reader

    15 Sep
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    SEC Chair Gary Gensler And Senator Pat Toomey Spar Over... The US Securities and Exchange Commission Chair Gary Gensler and his plans to regulate cryptocurrencies have come under fire from the Republicans. Gensler, on his part, has defended the approach taken by the SEC in enforcing the law against companies that are in the crypto and digital assets space before the Senate Banking Committee.  The Senate Banking Committee The GOP lawmakers denounced Gensler’s and the SEC’s approach during an appearance before the Senate Banking Committee, accusing him of stifling innovation and increasing the costs for investors. They also stated that social issues such as climate change and diversity in the workforce are not a part of the SEC’s mission.  The criticism is some of the fiercest Gensler has faced since assuming charge of the agency in April and were similar to the criticisms that financial and industrial lobbyists had privately made about President Biden’s SEC chief.  Strong Criticism From Republicans Republican lawmakers did not hold back while criticizing Gensler and his plans to regulate the crypto space. Republican Senator Pat Toomey from Pennsylvania was heavily critical about Gensler’s approach and the lack of clear guidelines as to how a digital asset would be considered a security, making it subject to oversight from the SEC.  Toomey also questioned Gensler whether he believes that Stablecoins that maintain their value relative to the US Dollar are securities under the definition used by the Supreme Court to define an investment contract. Gensler did not give a clear response to this, stating that “they may well be securities.” Senator Toomey further added,  “To me, a stablecoin doesn’t meet the second prong of the Howey Test, that there has to be an expectation of profits from the investment. If it doesn’t meet the Howey Test, it looks to me like it’s not a security. Now maybe you’ve got a good argument for why some are, and some aren’t, but…I think we need to have clarity on this. I think we ought to have that publicly, and we certainly shouldn’t be taking enforcement action against somebody without having first provided that clarity.” John Kennedy, a Republican from Louisiana, was more direct when attacking Gensler, stating,  “As to the people and the companies that you regulate as chairman of the SEC, do you consider yourself to be their daddy? Why do you impose your personal preferences about cultural issues and social issues on companies, and therefore their customers and their workers?” Gensler’s Argument  Gensler has argued that the US securities laws and federal jurisprudence on the topic of securities provide ample clarity for businesses and entrepreneurs to understand whether their assets or inventions can be classified as a security under the law.  “This Congress could change the laws, but the laws we have right now have a very broad definition of a security. There is a very specific litany of the instruments that constitute securities.” Some Praise For The SEC Chief  Gensler can consider himself safe for now as the Democrats control the White House and the Congress, although by the slimmest of margins. Progressives have also praised him for his efforts to ensure public companies’ environmental disclosures and for his criticism of online brokerages such as Robinhood and how they make money by selling retail investors’ stock orders to trading firms such as Citadel Securities, Virtu Financial, etc.  Stronger Crypto Regulation  However, Tuesday’s hearing offered a brief preview of the type of opposition Gensler could face if the Republicans take control of the Congress, giving him very limited time to complete his list of targets. Among Gensler’s top priorities is crypto, which he has often called the wild-west of the financial world.  Last week, Coinbase disclosed that the SEC had threatened that it would sue if the exchange launched a product that would enable its clients to earn interest by lending their coins to other traders. Gensler also revealed that the SEC was close to releasing a report that analyzed the trading that occurred in January with GameStop and other companies.  The SEC has repeatedly called for greater regulation of the Crypto space, with SEC Chair Gary Gensler stating that cryptocurrency trading platforms needed regulation to survive. Gensler has received backing from Senator Elizabeth Warren in his bid to call for stricter regulations. Gensler has also proposed brokers or intermediaries between crypto platforms and the public. Critics have been quick to point out that this is something that defeats the entire purpose of crypto that wants to avoid intermediaries who are plenty in the traditional financial system.  Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

    15 Sep
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    Coinbase Targets $1.5B First Bond Offering; Crypto Expa... Coinbase Global is offering senior notes in a private offering, hoping to secure $1.5 billion to establish widespread adoption amidst amped up financial regulation.  Private Bond Offering Soon To Hit The Market Coinbase Global is currently the largest cryptocurrency exchange in the US. and went public earlier in 2021. The private bond offering includes senior notes set to mature in 2028 and 2031. If the deal goes through it will help boost Coinbase’s already-strong balance sheet with low-cost capital and act as a seal of approval for cryptocurrency. The funds will be allocated to finance future acquisitions or investments.  The sale, which is being managed by the Goldman Sachs Group, is expected to be priced quite soon. The bonds have high approval ratings, with S&P Global giving it a BB-plus rating and Moody’s Investors Service giving it a B-A1 rating.  Coinbase’s $500M Crypto Investment Coinbase has been aggressively pursuing expansion in 2021 to counter the anti-crypto sentiments and tightening crypto regulations. In August, the exchange announced its decision to invest in $500 million worth of crypto assets after gaining internal approval from its board of directors. The exchange had planned to allocate 10% of the profit from the investment to further expand its crypto holdings.  A blog post written by Coinbase CFO, Alesia Haas elaborated the announcement further,  “We may increase our allocation over time as the cryptoeconomy matures. We believe that in the future, more and more companies will hold crypto assets on their balance sheet. We hope by incorporating more crypto assets into our own corporate financial practices, we can take another step towards building a more open cryptoeconomy.” Coinbase’s Back-Up Funds Soon after this announcement, Coinbase also revealed that they have accumulated around $4 million in cash to act as financial cushion in the event of regulatory scrutiny, crypto industry risks, and reduced trading in the event of a prolonged bear market. Haas reasoned that the company is covering all its bases by creating this fall-back fund in the case of any of the above negative eventualities. “We want to ensure that we maintain those cash reserves so that we can continue to invest and continue to grow our products and services in the event that we go into a crypto winter,”  In Trouble With SEC However, most recently, the exchange has been in the news for getting in hot water with the SEC over its ‘Lend’ program. In a blog post titled, “The SEC has told us it wants to sue us over Lend. We don’t know why”, Coinbase’s Chief Legal Officer, Paul Grewal wrote that the company had received a ‘Wells notice’ about their planned Coinbase Lend program. In other words, the SEC is planning to sue Coinbase in court. It seems, however, that Coinbase is still in the dark about the reason behind this lawsuit.  Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

    14 Sep
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    How PhoenixDAO Will Evolve To Allow Autonomous Decision... PhoenixDAO, the self-sustaining decentralized autonomous organization (DAO), plans to eventually ensure the complete decentralization of the decision-making process.  The project is creating its own suite of products and protocols that will power the new digital economy, covering NFTs, DeFi, and decentralized governance.  From Centralization To Decentralization  At present, PhoenixDAO is not entirely autonomous or self-sufficient. However, it plans to soon allow the DAO to achieve complete decentralization. Initially, the DAO will follow a centralized approach when it comes to key decision making, where the final decisions regarding matters such as the direction that PhoenixDAO needs to take will come from the core team.  This second stage involves expanding the decision-making team to include more participants other than just the core team. The last stage will see the decision-making process become completely decentralized and autonomous, with all significant decisions put to a vote to the PhoenixDAO community.  This process will ensure that PhoenixDAO’s system of decentralization is entirely error-free and robust, allowing the platform to eventually move to a completely decentralized system of governance and decision-making. The Traditional Way Of Decision Making Traditionally, organizations have in place a tiered pyramid structure that manages different aspects of an organization. The company is divided into several departments, each with its own core team that has the final say in decision-making. Another higher authority then approves these decisions, usually the board or the founder/CEO.  The traditional decision-making method is seeped in centralization, which concentrates all decision-making into the hands of a few individuals and largely leaves the stakeholders out of any decision-making process.  How DAOs Like PhoenixDAO Will Ensure Autonomous Decision Making  DAO’s like PhoenixDAO are looking to upset the traditional method of decision-making by introducing smart contracts. DAOs will use smart contracts to automate the decision-making process. The smart contracts will run on commands that will not require any higher authority to approve key decisions as the entire process will be completely decentralized.      PhoenixDAO is looking to power the next generation of decentralized applications and focus on creating a self-sustaining governance ecosystem; it will offer community governance to all PHNX token holders. Users can buy the tokens on Kucoin, Uniswap, Bittrex, STEX, CoinEx, PROBIT, and coming soon to Numio. The PhoenixDAO Events dApp  The events dApp was launched by PhoenixDAO on the Polygon network in April, enabling users to buy tickets by simply connecting their crypto wallets. Through this application, PhoenixDAO addresses the problems of centralized ticketing and makes it cheaper and more secure for both ticket sellers and ticket buyers.  PhoenixDAO is completely disrupting the ticketing industry by introducing smart contracts that eliminate the need for middlemen and enable companies to set clear guidelines for ticket sales and ticket reselling. The entire process of the transaction of tickets is recorded on the blockchain, making it immediately verifiable.  Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

    14 Sep
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    EVDC to Expand on the EV Blockchain Revolution by their... EVDC, the crypto-based EV charging project, is looking to expand its reach and business as it has announced that the company would be selling its Electric Vehicle (EV) chargers from now onwards. These chargers can easily be placed anywhere such as restaurant parking hotels etc. Anyone who buys the chargers would essentially be part of the whole EVDC ecosystem and would not have to handle the marketing end of the business as the application directs EV owners to the nearest charging station itself.  For the buyers or “partners” in the charging business, the app would simply navigate users who require EV charging to your charging station. To avoid any kind of barriers, the application has eliminated the need for creating a member account. Instead, a guest account is generated that allows the user to connect to the charging station. Here, the user can pay in either fiat or EVDC tokens.  With the recent events of Tesla canceling support for Bitcoin due to energy inefficiency, green energy is becoming the new talk of the town in the crypto space. Most projects including Ethereum, Solana, and Tron are now opting for energy-efficient approaches to reduce the carbon footprint. Since EVDC is a product based on the EV industry, it proudly markets the environmentally sustainable approach for the whole project.  Partnerships: EVDC has partnered up with evdr.io, a company that produces charging management software, charging management APIs, and end-to-end solutions for charging retail businesses. The evdr.io network would also be available on the EVDC application map.  About EVDC: EVDC has contributed to the innovations in the crypto space by bringing in use cases for the electric vehicle industry. Having concerns for green energy, EVDC has tapped into the EV market where they are revolutionizing the approach to charging by integrating a deflationary token to the payment system of the charging stations.  The whole ecosystem comprises of the following parts: Charging stations User Mobile Application EVDC tokens As stated earlier, investors can now be partners by getting the charging stations that promise a decent passive income stream. EV owners would download EVDC’s application where they would get easy navigation towards the nearest charging slot, hence eliminating all the hassle related to charging. The navigation would be done efficiently through algorithms that gather data from around the neighborhood and display the charging stations on a user-friendly open charge map. The application would also serve to be the interface that would help the users connect to the charging station. To make the whole process easier,  making membership accounts would not be mandatory for users and all the processes can be done through guest accounts.  The most exciting parts of the project are the EVDC tokens. Not only are these tokens the medium for payment in addition to fiat in the ecosystem but they would also operate as an investment option due to the deflationary nature.  The project attempts to keep the whole ecosystem deflationary, EVDC aims to burn 0.25% of the whole transaction volume every 168 hours or every 7 days.  All in all, the solid use case coupled with the economy of the deflationary token makes EVDC one of the top projects to look forward to in 2021. Not only is the project promising an efficient EV charging assistance application but also a token that can allow investors to make huge returns if they hop on to the train early on. If the progress stays consistent with the roadmap, the EVDC tokens would be listed on major centralized exchanges in the future. As for now, the token is available on Uniswap and Pancakeswap. For more information on the project, you may visit the links below. Website Whitepaper: Community: Twitter Telegram  Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Opinions stated herein are solely of the author’s, and do not represent or reflect CryptoDaily’s position on the matter.

    14 Sep
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