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How a $5 Bitcoin Purchase Turned into a $1.5 Million Viral Movement – Bitcoin Magazine


This is an opinion editor by Mason Price, a budding number cruncher, meme maker, and aspiring writer.

This was the article originally published here.

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About two months before he deleted his account, @ArizonanHODL tweeted a simple screenshot of a $5 bitcoin purchase. Any normal person—and by “normal” I mean psychopathic, dark tetrad Bitcoin fanatic—wouldn’t bat an eye, but those of us familiar with Bitcoin Twitter know that, like Bitcoin itself, the community is unstoppable. even power through a bear market. It happened in a tweet by @ArizonanHODL, from which a new Bitcoin subculture was born, complete with sats and memes.





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Wrong place, wrong time: How the Twitter CEO’s job went bad so quickly



New York
CNN Business

When Parag Agrawal took over as CEO of Twitter last November following the surprise resignation of co-founder Jack Dorsey, he was little known outside the company.

Ten months later, Agrawal was spotlighted in a news release, reprimanded by name in a congressional hearing, and criticized both publicly and privately by the world’s richest man (and his possible future boss).

The consequences do not subside. Elon Musk this week offered to proceed with a deal to buy Twitter (TWTR) at the previously agreed price of $54.20 per share, according to a securities filing on Tuesday. The move could end an ongoing legal battle over Musk’s attempt to withdraw from the $44 billion acquisition deal, which is set to go to trial in two weeks. If Twitter ( TWTR ) decides to go ahead with the offer, Agrawal could soon either be out of a job or working for the billionaire he’s been feuding with for months.

Even for a company accustomed to periods of upheaval, Agrawal’s tenure at Twitter has been marked by an unusual degree of chaos: a nightmarish acquisition battle with Musk; a former executive claiming serious security vulnerabilities; and the economic downturn that hit the mainstream advertising business.

That would be too much for even the most experienced executive. But Agrawal, a decade-long Twitter veteran who previously served as its CTO, had never run a company before — let alone one of the world’s most important social media platforms.

“I think Parag went up because they thought things were going to be status quo,” said Bill Klepper, a management professor at Columbia Business School. Last year, nothing else happened.

Despite the challenges, Agrawal continued to grow the platform’s user base and launched various new features, including testing the long-awaited edit button. But there are genuine doubts whether Agrawal will survive another year, either if Musk buys the company and then fires him, or if the deal goes through, the board replaces him.

Meanwhile, some lawmakers and regulators have suggested that Agrawal could be investigated following whistleblower allegations that directly implicate Agrawal in his previous roles as both CEO and CTO.

“I’m sure when he goes home at night he says to himself, ‘What the hell did I get myself into?'” Klepper said.

Twitter declined to comment for this story.

From the start, Agrawal had a tough task ahead of him. The company’s current goal was to add 100 million additional daily active users by any means by 2023. 45% growth from the fourth quarter of 2021 and brought its annual revenue to $7.5 billion from just over $5 billion in 2021. At the same time, he was exploring new revenue opportunities, such as the Twitter Blue subscription service and cryptocurrency. – related features.

“The problem for Twitter is that they still haven’t been able to grow their user base and get their monetization to match their influence,” Forte said.

Then came Musk.

In March, after months of silent Twitter posts, Musk met with Dorsey, who is no longer Twitter’s CEO, to “discuss the future direction of social media,” according to a company filing. In the days that followed, Musk met with Twitter’s board and some of the leadership team, including Agrawal; He publicly announced that he would become Twitter’s largest shareholder; and accepted a seat on the company’s board of directors.

Days later, Musk tweeted, “Is Twitter dying?” Agrawal sent a message to Musk that day, saying that the tweet was making his life as CEO difficult.

“Are you saying, ‘Twitter is dying?’ you are free to tweet. or anything else about Twitter,” Agrawal told Musk in a text released in court last week, “but it’s my responsibility that it doesn’t make Twitter better in the current context. Next time we talk, I’d like you to introduce yourself [your] perspective on the level of internal distraction and how [it’s] we’re hurting our ability to do business … I’d like to see the company get to a place where we’re more sustainable and less distracted, but we’re not there right now.”

Musk replied briefly: “What did you do this week?” In two subsequent texts, he revoked his agreement to join the council, saying, “I’m not joining the council. It’s a waste of time.”

Musk later left his board seat, threatened a hostile takeover, and eventually agreed to buy Twitter for $54.20 per share, a significant premium to the company’s then-share price, but tried to back out of the deal months later . the number of bots and spam accounts on the platform. Twitter sued him to complete the deal — and now must decide whether to accept Musk’s offer to drop the lawsuit and move forward with completing the deal. (Twitter said Tuesday it had received Musk’s letter and intended to “close the transaction at $54.20 per share.”)

Throughout the controversy, Agrawal has had to convince shareholders, advertisers and employees to buy the billionaire, who has been an outspoken critic of the platform, while facing public backlash from someone who could be his new boss.

In May, Musk and Agrawal publicly sparred on Twitter over the Tesla CEO’s claims about bots. Agrawal posted a tweet trying to explain the proliferation of fake and spam accounts on the platform and the company’s efforts to measure and address them; Musk responded with a fox emoji.

Twitter, which many legal experts say has a stronger case if the dispute goes to court, has tried to force a judge to force Musk to abide by the buyout agreement. In this case, it seems unlikely that Musk will retain Agrawal as CEO or that Agrawal will choose to stay.

In a text message exchange with Dorsey in April after the deal was signed, Musk suggested he might not work with Agrawal. “Parag is just moving too slowly and trying to please people who won’t be happy no matter what he does,” Musk said in a text.

If Musk takes over the company and Agrawal is ousted, Agrawal could receive tens of millions of dollars in payouts, including compensation for stock options.

But even if Musk wins or the two sides agree on a deal that allows Musk to exit the deal, Klepper said Agrawal’s stay as CEO could be long-term. Twitter shares could take a hit if Musk leaves. The company would still face the same problems for its business with attrition amid the uncertainty surrounding Musk.

“They have a lot to clean up,” he said. “The first thing they’re going to do is bring in new leadership, someone with turnaround experience.”

As the legal battle with Musk heats up, Twitter has been dealt another blow: Peiter “Mudge” Zatko, the company’s former security chief and highly regarded A figure in the world of information security has gone public with a whistleblower complaint.

Zatko has accused the company of having serious security vulnerabilities that threaten users, investors and US national security. He also alleged that the company was at risk of outside interference and that its executives, including Agrawal, had misled regulators and the company’s own board.

Klepper said the first months of a new CEO’s tenure are typically spent meeting with different parts of the company and discussing strategy with their board. But according to internal documents included in Zatco’s whistleblower disclosure, in December and January, Agrawal also raised concerns that Zatco’s new CEO and other executives were providing false information to the board about the company’s security situation. fraud. In January, Twitter’s board of directors’ audit committee launched an investigation into Zatko’s concerns.

Twitter says an investigation concluded Zatko’s allegations were unsubstantiated and he was fired for poor performance; Zatko claims she was fired in retaliation for her speech. Twitter said the whistleblower’s statement was a “false story” about the company that was “filled with inconsistencies and inaccuracies and lacked important context.”

Still, the whistleblower’s allegations brought more attention to the company and Agrawal. Earlier this month, leading members of the Senate Judiciary Committee sent a letter seeking information to Agrawal and demanded a response by September 26. It is unclear whether Twitter has responded to the letter.

During a Senate hearing with Zatko, Senator Chuck Grassley criticized Agrawal for not accepting an invitation to testify with the whistleblower. According to Grassley, Twitter declined to make Agrawal’s testimony available amid concerns that it could jeopardize the company’s ongoing litigation with Musk.

Grassley didn’t stop there. If Zatko’s allegations are true, he said, “I don’t see how Mr. Agrawal can maintain his position on Twitter.”



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Why is Bitcoin rising against the odds?


Key Takeaways

  • Bitcoin rallied today despite worries in the broader markets.
  • Investors are eyeing the so-called “Fed pivot” or easing of the US central bank’s stance on interest rates.
  • Markets are pricing in negative developments in the US economy as catalysts for the upside, with the view that the hard numbers will force the Fed to reconsider rate hikes.

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Bitcoin made a surprising profit today. Stocks also performed well for the second day in a row.

Ironic markets

Despite the worrisome macro picture, Bitcoin, stocks and other stocks have been gaining for the week so far.

The moves are surprising given the recent hawkishness of the Federal Reserve, which has remained steadfast in its commitment to raising interest rates throughout the year. Risky assets like stocks and cryptocurrencies typically suffer from such moves, but the Fed has shown little sign that it’s ready to slow down.

Oddly enough, investors see signs of weakness in the American economy (e.g. today’s report A decline in the number of jobs announced by the Bureau of Labor Statistics – from 11.2 million to 10.1 million) is a positive sign for the markets. The reason behind such a rise is that clear signs of recession could force the Fed to reconsider its policies.

That hope was boosted yesterday by the United Nations appeal for the Federal Reserve to sharply slow or even stop interest rate hikes. In a published report yesterdayThe United Nations Conference on Trade and Development argued that the Fed’s aggressive rate hikes risk recession, with poor countries worst off.

In the word “Fed pivot” would be a welcome development for cryptocurrency investors, at least in the short term. Market watchers worry that the Fed’s aggressive rate hikes throughout the year could tip a bloated economy into a full-scale recession with quantitative easing. Nevertheless, every indication from the Fed, with Chairman Jerome Powell warning this August, is that it intends to stay the course.pain” ahead.

Bitcoin’s daily gain comes in at a modest 3.64% at the time of writing; leap notwithstanding refreshing in a brutal and long-term bear market. Indeed, while stocks are still up today, last week’s stock market volatility has left Bitcoin largely unaffected. This has given some weight to the oft-cited theory that Bitcoin may one day exist separate from stock performance, but markets need to generate more data before any such trend can be verified.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies. The material presented in this article is for informational purposes only and should not be considered investment advice.

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White House launches last-ditch effort to dissuade OPEC from cutting oil production to avoid ‘total disaster’



Washington
CNN

According to multiple sources familiar with the matter, the Biden administration has launched a large-scale pressure campaign as a last-ditch effort to dissuade allies in the Middle East from sharply cutting oil production.

The push comes ahead of a key meeting on Wednesday of OPEC+, the international oil producer cartel, which is expected to announce significant output cuts to prop up oil prices. That, in turn, will cause US gasoline prices to rise at a perilous time for the Biden administration, with the midterm elections just five weeks away.

Over the past few days, President Joe Biden’s top energy, economic and foreign policy officials have been tapped to lobby their foreign counterparts in Middle Eastern allies, including Kuwait, Saudi Arabia and the UAE, to vote against the oil production cuts.

Members of the Saudi-led oil cartel and its allies, including Russia, known as OPEC+, will announce potential production cuts of more than a million barrels per day. This would be the biggest drop since the start of the pandemic and could lead to a dramatic jump in oil prices.

Some of the talking points provided by the White House to the Treasury Department on Monday and obtained by CNN described the prospect of output cuts as a “total disaster” and warned that it could be perceived as “hostile action.”

“It’s important that everyone knows how high the stakes are,” said a US official of the administration’s broad effort, which is expected to continue until Wednesday’s OPEC+ meeting.

Another U.S. official said the White House was “spasming and panicking,” describing the administration’s latest effort as “taking off the gloves.” The talking points were developed and modified by staff and were not approved by White House administration or used with foreign partners, the White House official said.

National Security Council spokeswoman Adrienne Watson told CNN, “We’re clear that energy supply must meet demand to support economic growth around the world and lower prices for consumers, and we’ll continue to talk about that with our partners. ”

For Biden, a dramatic drop in oil production could not have come at a worse time. The administration has been engaged in intense domestic and foreign policy efforts for months to moderate rising energy prices following Russia’s intervention in Ukraine. This work paid off, the price of gasoline in the United States fell for about 100 days in a row.

But with critical midterm elections just a month away, U.S. gasoline prices have started to rise again, creating a political risk the White House is desperately trying to avoid. News of major OPEC+ activity poses a particularly acute challenge as US officials move over the past few weeks to weigh potential domestic options to stave off gradual increases.

NSC spokeswoman Watson declined to comment on the midterms, saying instead, “Thanks to the president’s efforts, energy prices have fallen sharply from their highs and American consumers are paying less at the pump.”

Amos Hochstein, Biden’s chief energy envoy, has played a leading role in the lobbying effort, which has been broader than previously reported amid heightened anxiety about a potential cutoff in the White House. Hochstein, along with top national security official Brett McGurk and the administration’s special representative for Yemen, Tim Lenderking, traveled to Jeddah late last month to discuss a range of energy and security issues as a follow-up to Biden’s high-profile visit to Saudi Arabia in July. .

Officials from the administration’s economic and foreign policy teams have also been involved in reaching out to OPEC governments as part of a latest effort to avert production cuts.

The White House has asked Treasury Secretary Janet Yellen to take the issue personally to the finance ministers of some Gulf states, including Kuwait and the UAE, and try to convince them that output cuts would be extremely damaging to the global economy. The US has argued that in the long run, oil production cuts will put downward pressure on prices – contrary to what is expected to be a significant cut. Their logic is that “cutting now would raise inflationary risks,” leading to higher interest rates and ultimately a greater risk of recession.

“If you go forward, there is a huge political risk to your reputation and your relationship with the United States and the West,” Yellen said at White House talking points, suggesting she reach out to her foreign counterparts.

A senior US official acknowledged that the administration has been lobbying the Saudi-led coalition not to cut oil output for weeks.

It comes less than three months after President Joe Biden visited Saudi Arabia and met with Crown Prince Mohammed bin Salman in part to try to persuade Saudi Arabia, the de facto leader of OPEC, to increase oil production. then the rotation would help lower gas prices.

President Joe Biden (L) and Saudi Crown Prince Mohammed bin Salman (R) arrive for a family photo during the Jeddah Security and Development Summit (GCC+3) at a hotel in Jeddah, on the Red Sea coast of Saudi Arabia, on July 16, 2022.  .

When OPEC+ agreed to a modest 100,000 barrel output increase a few weeks later, critics argued that Biden got little out of the trip.

The visit was intended to meet with regional leaders on issues critical to US national security, including Iran, Israel and Yemen. He has been criticized for not delivering results and for rehabilitating the image of the crown prince, who was directly accused by Biden of masterminding the assassination of Washington Post columnist Jamal Khashoggi.

In the months leading up to the meeting, Biden’s top Middle East and energy aides, McGurk and Hockstein, shuttled between Washington and Saudi Arabia, which planned and coordinated the trip.

One diplomatic official in the region described the U.S. campaign to block output cuts as less of a hard sell and an attempt to highlight a critical international moment given economic fragility and the ongoing war in Ukraine. Another source familiar with the discussions told CNN that a diplomat from one of the approaching countries described it as “desperate.”

A call with the UAE was planned, but the effort was rebuffed by Kuwait, a source familiar with the matter said. The Kuwaiti embassy in Washington did not immediately respond to a request for comment. Neither does Saudi Arabia. The UAE embassy declined to comment.

The White House is clearly wary of considering the possibility of sharply cutting oil production.

White House press secretary Karine Jean-Pierre told reporters on Monday that “we are not a member of OPEC+, and so I don’t want to preempt what could potentially come out of this meeting.” Jean-Pierre said the US focus “continues to take every step to ensure markets are sufficiently supplied to meet demand for a growing global economy”.

OPEC+ members are suffering an even more dramatic decline in recent months due to a sharp drop in prices, which have plunged below $90 per barrel.

After Wednesday’s OPEC+ meeting in Vienna, there will also be an oil price cap that European countries intend to impose on Russian oil exports as punishment for Russia’s aggression against Ukraine. Many OPEC+ members, not just Russia, expressed displeasure at the prospect of price increases because of the precedent it could set for consumers rather than the market to dictate oil prices.

Points of discussion with the White House Treasury included a US proposal that if OPEC+ decides against cuts this week, the US will buy back up to 200 million barrels to replenish its Strategic Petroleum Reserve (SPR), an emergency oil stockpile. The US is using it to help lower oil prices this year.

The administration has told OPEC+ publicly for months that a senior US official has said the US is willing to buy OPEC oil to fill the SPR. The idea was to convey to OPEC+ that if the US invests in production, they will not be “left out of the water,” the official said, adding that if global demand falls, prices will not fall.



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People in Broadway and Fulks Run are concerned about internet connection issues


BROADWAY, Wash. (WHSV) – A number of people in the Broadway and Fulks Run area are reporting problems with their internet connection. Shentel is set to end its Beam internet service at the end of November, adding to the concern.

“If we lose Beam, we won’t have a reliable high-speed Internet connection that will affect everything in our home, from my freelance work at home to my daughter’s school work,” said Mary Jo Veurink, who lives off Broadway.

Beam internet service through Shentel was reliable for customers in the Broadway area, but in late September Shentel sent a letter to customers informing them that the service would be discontinued at the end of November. The company noted changes in the broadband landscape.

“Beam is a wonderful resource of the internet, and to just let it go and not have anyone else have a choice, it just feels like we’re all left out in the cold and going back in time,” Veurink said. “Many of us will be like a few years ago when we have no option for internet connectivity in 2022, which seems a bit ridiculous. We understand that the County is working to get internet to everyone, but it is a slow process.

Losing Beam is even more troubling for customers in the Broadway area, as those without Beam service say other options aren’t great.

“We’re stuck with nothing because there’s no DSL, there’s no Comcast. Nothing but Hughesnet and DirecTV. The latency on Hughesnet and DirecTV is just terrible,” said Zach Roberts, who lives in the Broadway area.

Roberts worries that the lack of reliable internet options in the area puts residents there at a disadvantage.

“If we’re in another situation where schools are closed and we need internet from home to do Zoom calls, it makes things very difficult. I hope and pray we don’t get to that point again, but if we do, it puts us at a disadvantage and I think it’s a safety issue.”

Others in the area use T-Mobile for phone and internet service, which has been causing major problems lately.

“I took my computer to parking lots in the city and used my hotspot, which was running a tower, to do my banking, access my medical records, check my email, things like that,” Chris Bolgiano said. Broadway area with husband Ralph.

Bolgiano and other T-Mobile customers say cell service has been minimal in the area for the past two weeks, usually without problems.

“It’s like living in the 1800s. There is no communication where you have to get in your car and go somewhere to talk to someone. We lost our home phone line. You know, it’s almost scary,” Bolgiano said.

Roberts and his family had to switch from Sprint to T-Mobile when T-Mobile bought Sprint. He said that he had similar problems at home.

“We have dead spots on our street going to our house and then sometimes when you’re inside you call and it hangs up because there’s not enough service,” Roberts said.

Bolgianos said they can currently only get cell service on their rooftops unless they want to go into the city, which is a major concern.

“It can be life-threatening or dangerous for many people. If you had to make a call and there’s a hurricane, you can’t go out on your roof. Maybe you can’t drive down the highway because a tree is over it, and you can’t even drive into town to make a phone call,” Ralph Bolgiano said.

The couple said they have not received any answers as to what is causing the problem.

“We were just given very vague euphemisms. “Well, we think it will be fixed, or we hope it will be fixed.” Then there is another service number we called which was also not answered. I would say running at a certain level,” Ralph said.

T-Mobile had no comment on the situation when contacted by WHSV on Tuesday. This story will be updated as WHSV learns more.

Shentel’s Vice President of Regulatory and Industry Affairs, Chris Kyle, issued the following statement regarding the reasons for discontinuing Beam internet service.

The decision to discontinue the Beam service was not an easy one. We understand the impact of Internet service termination on individuals and families. We have invested tens of millions of dollars to ensure that those who need the Internet have access to the Internet, especially during the height of the pandemic.

However, Shentel is currently converting its spectrum in these areas to a national wireless provider that can provide additional wireless broadband coverage. We will provide additional details as our spectrum transition progresses over the next few weeks.

We saw ourselves as part of the solution to bridging the digital divide and worked with the Commonwealth in the grant selection process to receive funding from the Virginia Telecommunications Initiative (VATI) to continue and even expand this service.

Unfortunately, due to several factors, the grant landscape has changed dramatically and the funds have been allocated to fiber providers across our Beam area. We understand that this is a difficult transition, but we understand that companies that have received grant funding will install fiber networks in these areas.

Along with a new national wireless provider adding wireless broadband service in these areas, we hope that subsidized fiber companies will be able to provide broadband service so that communities will have more options for their Internet service.

Please visit the Union Connection map at: https://commonwealth-connection.com/ For the latest information on grants for fiber service.

Copyright 2022 WHSV. All rights reserved.



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Bitcoin: How Many Are There?


D-Keine / iStock.com

Bitcoin has a maximum supply of 21 million. However, this does not tell the whole story. As time goes by, it becomes increasingly difficult to acquire bitcoin due to the economics of the asset. Here is a complete explanation of how bitcoin works and why it has a limited supply.

Read: Want to Diversify in a Bear Market? Check out these 6 Alternative Investments

Bitcoin Tokenomics: Proof of Work, Mining and Halving Cycles

Tokenomics, as you can imagine, refers to the economics of the token. Just as fiat currencies like the dollar are issued by governments and regulated through monetary policy, tokenomics refers to the rules and functions that revolve around cryptocurrency.

Here’s all the ins and outs of bitcoin’s tokenomics, why its supply is stable, and how it works.

Why Bitcoin uses proof of work and mining

Bitcoin uses a consensus mechanism called proof of work. In fact, this is equivalent to spending a lot of energy in the form of computer hardware to solve complex mathematical problems. This process is known as “mining” in the cryptocurrency world.

This feature not only secures the network, but also validates transactions and achieves bitcoin’s goal of eliminating “double-spending” from existence. Double spending is the concept of counterfeiting money and not being able to distinguish between real and fake currency.

Miners contribute to the network behind the scenes by validating transactions to fill this gap. In return, the first miner to verify all transactions for a block on their blockchain will receive a reward – approximately 6.25 bitcoins as of 2022. However, this will change over time as a result of the bitcoin “halving”.

How Bitcoin Halving Periods Work

A Bitcoin halving cycle is when the rewards miners receive for completing a block are halved. It happens once in four years.

The purpose behind halving is to limit the supply and support the deflationary nature of bitcoin. As Bitcoin becomes harder to mine, the supply decreases, which corresponds to an increase in demand.

That’s why bitcoin volatility usually increases every four years. Currently, each block reward for miners is 6.25 bitcoins, but this will drop to 3,125 bitcoins in the next cycle on March 21, 2024.

Why does Bitcoin have a limited supply?

So why would there be only 21 million bitcoins? Bitcoin has a finite or finite supply to fulfill its purpose as a monetary system. Limited supply fulfills the element of scarcity. Other features of money are:

  • Acceptance – use as a medium of exchange
  • Durability – the ability to withstand pressure, stress or damage over time
  • Divisibility – the ability to divide into smaller and larger units
  • Fungibility – the ability to exchange goods of equal value
  • Transportability – ease of movement and storage

Bitcoin achieves limited supply by using its smart design: proof-of-work consensus mechanism and cryptocurrency generation.

How long will it take to mine a Bitcoin?

The simple answer is it depends. Bitcoin mining is limited to those who can afford expensive computer hardware and electricity.

For example, a mining company in China mines 3% of all bitcoin. It produces 650 bitcoins every month with an electricity bill worth about $1.2 million.

What is Satoshi in Bitcoin?

Satoshi is the smallest denomination of bitcoin. Each bitcoin can be divided into divisible units, not unlike the case of a $1 and a cent coin. A single bitcoin consists of 100 million “satoshis” or “sats” as they are sometimes called.

One satoshi is currently worth about $0.00019. If one satoshi was ever worth $0.01, one bitcoin would be worth $1 million.

How many bitcoins have been mined so far?

Current data shows that 19.1 million bitcoins have been mined to date. However, of this amount, it is estimated that 3-4 million bitcoins are lost forever.

Many people have lost their private keys or key phrases that give them access to crypto wallets that hold bitcoins. Now they are irreversible.

Others, such as Bitcoin creator Satoshi Nakomoto, are believed to own 1 million bitcoins. This anonymous person has not published any information since 2010, and many assume that the famous character has passed away.

Are all cryptocurrencies in limited supply?

No. Not all cryptocurrencies have a maximum release. Some cryptocurrencies choose instead to limit the number of new tokens entering circulation each year.

For example, some cryptocurrencies such as Ethereum have no limit on the token supply. The Ethereum network has chosen to set a cap on its blockchain that can produce 25% – or 19 million ETH per year.

Last Shot

Bitcoin has maintained its leadership position for a reason. The governance policies and procedures surrounding its economics are what make bitcoin unique compared to most cryptocurrencies. What sets it apart from other cryptocurrencies is that it still remains innovative among the pack with its different procedures following traditional monetary systems. However, anyone involved in cryptocurrency should aim to buy it as part of a balanced investment portfolio for diversification.

Frequently asked questions

Here are some common questions people ask about the number and features of bitcoin.

  • How many bitcoins are left?
    • 1.8 million bitcoins left to mine. The last bitcoin is predicted to be mined in 2140. Only 21 million bitcoins will be available.
  • How many bitcoins are mined every day?
    • At the current rate, 900 bitcoins are mined per day.
  • Is Bitcoin deflating?
    • Yes. Because of bitcoin’s halving cycle every four years, miners receive fewer bitcoin rewards over time. This helps to halve inflation due to ever-decreasing supply.

Information correct as of October 3, 2022.

Our in-house research team and on-site financial experts work together to create accurate, unbiased and relevant content. We check every statistic, quote and fact using reliable primary sources to ensure the accuracy of the information we provide. More information about GOBankingRates’ processes and standards can be found in our editorial policy.



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Why is Bitcoin rising against the odds?


Key Takeaways

  • Bitcoin rallied today despite worries in the broader markets.
  • Investors are eyeing the so-called “Fed pivot” or easing of the US central bank’s stance on interest rates.
  • Markets are pricing in negative developments in the US economy as catalysts for the upside, with the view that the hard numbers will force the Fed to reconsider rate hikes.

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Bitcoin made a surprising profit today. Stocks also performed well for the second day in a row.

Ironic markets

Despite the worrisome macro picture, Bitcoin, stocks and other stocks have been gaining for the week so far.

The moves are surprising given the recent hawkishness of the Federal Reserve, which has remained steadfast in its commitment to raising interest rates throughout the year. Risky assets like stocks and cryptocurrencies typically suffer from such moves, but the Fed has shown little sign that it’s ready to slow down.

Oddly enough, investors see signs of weakness in the American economy (e.g. today’s report A decline in the number of jobs announced by the Bureau of Labor Statistics – from 11.2 million to 10.1 million) is a positive sign for the markets. The reason behind such a rise is that clear signs of recession could force the Fed to reconsider its policies.

That hope was boosted yesterday by the United Nations appeal for the Federal Reserve to sharply slow or even stop interest rate hikes. In a published report yesterdayThe United Nations Conference on Trade and Development argued that the Fed’s aggressive rate hikes risk recession, with poor countries worst off.

In the word “Fed pivot” would be a welcome development for cryptocurrency investors, at least in the short term. Market watchers worry that the Fed’s aggressive rate hikes throughout the year could tip a bloated economy into a full-scale recession with quantitative easing. Nevertheless, every indication from the Fed, with Chairman Jerome Powell warning this August, is that it intends to stay the course.pain” ahead.

Bitcoin’s daily gain comes in at a modest 3.64% at the time of writing; leap notwithstanding refreshing in a brutal and long-term bear market. Indeed, while stocks are still up today, last week’s stock market volatility has left Bitcoin largely unaffected. This has given some weight to the oft-cited theory that Bitcoin may one day exist separate from stock performance, but markets need to generate more data before any such trend can be verified.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies. The material presented in this article is for informational purposes only and should not be considered investment advice.

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Micron will build a $20 billion chip factory in upstate New York


Tech giant Micron has said it will invest $20 billion in a new chip factory in New York state and up to $100 billion over 20 years if it decides to expand — another sign of the local semiconductor manufacturing boom.

Micron said it will build the plant in Clay, New York, north of Syracuse, and that the first phase of construction will last until the end of the decade. The site will initially employ 3,000 people and could eventually include four factories and 9,000 workers if Micron chooses to proceed with construction.

Biden’s visit shows the high stakes of the $20 billion Ohio chip factory

The news is the latest in a series of U.S. chip manufacturing investments announced in recent months as manufacturers benefit from federal subsidies and additional tax credits passed in the recent Chips and Science Act.

“To those who doubt America’s ability to dominate the industries of the future, I say you should never bet against the American people,” President Biden said in a statement Tuesday.

Micron announced another major plant project just a few weeks ago – near its headquarters in Boise, Idaho. Santa Clara, California-based chip giant Intel broke ground on a $20 billion project to build two factories near Columbus, Ohio. The company is also investing in a $20 billion expansion in Arizona.

Taiwan’s TSMC, the world’s largest chip maker, is building a $12 billion factory in Phoenix and aims to finish it by the end of next year. SkyWater Technology, West Lafayette, Ind. Purdue is building a chip factory and research facility next to University, and Samsung and Texas Instruments have announced major chip manufacturing construction projects in Texas.

Most of the companies said that the federal subsidy program encouraged them to invest.

Semiconductors have been in short supply for two years amid rising global demand and a lack of investors willing to build the multibillion-dollar factories needed to make the components. The lack of supply has squeezed automakers and other manufacturers that use the chips, forcing them to cut production.

Asian governments have invested heavily in the sector for decades, giving Taiwan and South Korea a particularly large share of global chip production. U.S. component manufacturing has declined sharply over the years, leaving the U.S. heavily dependent on Asia and especially Taiwan for its chips, a concern for U.S. officials as tensions rise between the self-ruled island and China.

A new local construction boom may begin to reverse this trend. But the projects also face hurdles, including finding enough engineers and skilled technicians to hire them.

Georgetown University’s Center for Security and Emerging Technologies estimates that more than 30,000 high-tech workers could be needed if all planned manufacturing projects come to fruition.

The Chips and Science Act includes funding to train workers to run facilities, and many semiconductor manufacturers, universities and community colleges are scrambling to expand training programs.

Manish Bhatia, Micron’s vice president of global operations, said the company was drawn to the Syracuse area because of its large population of ex-military personnel with strong technical skills.

“We have an incredible number of veterans coming out of the military here in Syracuse,” he said. “This veteran talent really creates a great foundation for us.”

April Arnzen, senior vice president of recruiting, said Micron will work with New York state universities and community colleges to add semiconductor courses and hands-on training to their curricula.

The Micron project will be a boon to New York State’s economy, with the company predicting the site’s full development will support 50,000 jobs in the region, including construction and supplier jobs.

New York Micron is giving $5.5 billion in tax credits over the life of the project if the company meets certain employment goals.

Senate Majority Leader Charles E. Schumer (D-N.Y.), who co-sponsored the CHIPS Act with Sen. Todd C. Young (R-Ind.), called Micro’s project the largest private investment in state history.

In an interview, Schumer said Micron chose the site in part because of its proximity to a hydroelectric plant near Niagara Falls that produces cheap electricity.

“If there’s one word to describe today, it’s transformational,” Schumer said. “This is our Erie Canal moment. Just as the Erie Canal fueled explosive job growth and prosperity in the 19th century, these investments will fuel explosive job growth and prosperity in the 21st century.”



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What Verizon, AT&T, Comcast and Frontier are doing next Ian




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What is happening to house prices? Mortgage rates are tight supply factors


Daniel Acker | Bloomberg | Getty Images

Home prices are softening in most markets across the country.

However, home prices are still higher than a year ago and are unlikely to fall much.

The sharp rise in mortgage rates over the past few months has made housing more expensive for anyone needing a loan. That’s despite some buyers pulling back and some sellers lowering their asking prices, with strong demand and tight supply supporting prices.

Recent reports use month-to-month comparisons due to a sharp turnaround in the once-hot, pandemic-driven housing boom. So the changes can seem dramatic.

Black Knight, a real estate software, data and analytics firm, reported a second straight month of August price declines of 0.98% compared to July. July reported a monthly decline of 1.05%, revised upward. Together, these are the biggest monthly declines in more than 13 years and the eighth biggest since at least the early 1990s, Black Knight said.

“One of them would be the largest one-month price decline since January 2009 — representing two straight months of significant declines after more than two years of record-breaking growth together,” Ben Graboske, Black Knight’s president of data and analytics, wrote in the report. .

“The The only months with significantly higher monthly price declines than we saw in July and August after the collapse of Lehman Brothers and the subsequent financial crisis were in the winter of 2008,” he said.

Despite all these factors, it is important to remember that real estate is also greatly influenced by local economic forces. This is also seasonal. Families buy larger, more expensive homes in the spring and summer, so they can move between school years. This drives prices down even further. Smaller, less expensive homes tend to sell at lower prices in the fall and winter. Therefore, home prices are usually compared year to year to get the most accurate reading.

Cool off

The median home price is now down nearly 2%, or $8,800, from June’s peak of $438,000. Black Knight reports that prices have reached record highs in 97 of the 100 largest US markets, but they are still about 40% higher than they were in 2019 before the pandemic.

But the growth rate is cooling. This week, CoreLogic reported that home prices were 13.5% higher in August compared to the same month a year ago. This is the lowest annual rate of inflation since April 2021, according to the report. This partly reflects cooling buyer demand due to higher mortgage rates. CoreLogic expects these year-over-year gains to continue to decline, but will still show a 3.2% gain by August next year.

The National Association of Realtors, in its August home sales report, showed that the median price of an existing home rose 7.7% year-over-year. Compare that to a 15% year-over-year increase in May last year. The median is often skewed by the types of homes sold. After a surge in luxury home sales during the pandemic, sales of higher priced homes fell in August. This may account for at least a portion of the smaller annual earnings.

Realtors noted that while home prices traditionally fall between July and August, this year they fell three times below the normal pace.

Some markets soften faster than others. According to Black Knight, some of the markets that have seen the biggest declines are the previously most expensive markets, such as San Jose, San Francisco and Seattle. These markets suffer the most from rising mortgage rates because they were unaffordable to begin with.

Other markets that saw big drops are those that saw the biggest jump in demand during the pandemic, such as Phoenix and Las Vegas. With the ability to work from anywhere, people flocked to these relatively more profitable markets where the climate was friendlier. This increase in demand has boosted prices.

Large price increases continue in Florida markets, which continue to see strong demand as many tech workers move from Silicon Valley to the Sun Belt during the pandemic.

Tight supply drives up prices

Home prices are unlikely to fall as sharply as they did during the Great Recession caused by the financial crisis because demand is greater than supply.

Before the pandemic, supply was low because it hadn’t been built in a decade after the Great Recession. Frantic home buying during the pandemic has exacerbated this shortage. A supply-demand imbalance has caused house prices to rise by more than 40% in just two years.

There are also few sellers. They see the market weakening, and some are unwilling to pay less than what they deserve for their home.

“Potential sellers now not only face lower demand and lower prices due to sharply higher interest rates, but in this environment they are increasingly motivated to turn down their historically low interest mortgages. Some may wait. To see if demand and prices bounce back in the spring go to market,” said Graboske.

In the current domestic market, there is about a three-month supply, which is about half of what is considered a balanced market. The new home market has more to offer, but new construction comes at a premium, and today’s buyers are struggling with higher mortgage rates. Despite some softening of prices, affordability is still at one of the worst levels in history.

What most experts agree on is that this is not a “normal” housing market, or even a normal correction in prices. Inflation, global economic uncertainty, rising mortgage rates and a still tight supply of homes for sale weigh heavily on potential buyers. It remains to be seen how far they will pull back and how much this pullback will cool prices.



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