Bitcoin

Ripple’s anti-Bitcoin campaign to promote CBDCs

Published

8 months ago

20 May, 2024

SatoshiTimes Staff

Ripple's anti-Bitcoin campaign to promote CBDCs

Photo of Ripple and Bitcoin by Yuriko Nakao

Getty Images

The impulse towards central bank digital currencies is accelerating, with Ripple emerging as the player in this global effort. This raises a paradox: While cryptocurrency advocates advocate decentralization, Ripple’s central role in CBDCs suggests a move toward more centralized control of digital currencies. How Ripple collaborates with various governments and central banks To develop CBDCs, a tangled narrative unfolds involving environmental campaigns, bitcoin and grassroots activism.

Ripple is at the forefront of CBDC Revolution, engaging with governments around the world to leverage their technology for the development of digital currency. In May 2023, Ripple launched a dedicated platform to assist central banks, governments and financial institutions in issuing CBDCs and stablecoins.

Ripple’s involvement with The Digital Dollar Project further cements its role in shaping the future of digital currencies. DDP, an independent nonprofit initiative, works closely with U.S. policymakers and stakeholders to evaluate the design and implications of a potential digital dollar.

However, Ripple’s journey is not without controversy. The company has been associated with efforts to discredit bitcoin through its financial support of Greenpeace USA’s “Change the Code” campaign. This initiative, launched on March 29, 2022, with $5 million from Ripple co-founder Chris Larsen, seeks to change bitcoin’s code under the guise of reducing its environmental impact.

Greenpeace and Crypto Billionaire lobby to change Bitcoin code

Bloomberg UK

On the same day, Larsen tweeted his support for bitcoin miners like Riot Platforms for their climate awareness efforts.

Chris Larsen

TwitterChris Larsen on Twitter: “Today, the US hosts about 40% of the hashrate. Climate-conscious miners like @GryphonMining, @ArgoBlockchain, and @RiotBlockchain strive to use 100% renewable energy and be responsible actors ( turning off power when networks are overloaded, etc.) I applaud your efforts / Twitter”

However, the narrative takes a twist when examining the actions of the Texas Coalition Against Cryptomining, a group that campaigns against Riot Platforms, the largest bitcoin mining company in the world. This coalition, formed in April 2022, has been actively opposing Riot in Texas, citing environmental concerns.

The group’s activities include fundraising, organizing events, collecting petition signatures, testifying before the Texas Senate, and engaging with the media. They also received support from Greenpeace USA, which publicly supported their protests in October 2023.

On November 7, 2023, the Texas Coalition Against Cryptomining mentioned in an email that ‘Digiconomist is currently finalizing a comprehensive peer-reviewed study on proof of waste and water.’

This was followed by a related article published by BBC and in various media outlets on November 27, 2023. Alex DeVries, the Dutch central banker behind Digiconomist, has been a vocal critic of bitcoin. His involvement with the coalition raises questions about his broader influence on the anti-bitcoin narrative.

Greenpeace USA, Ripple and Alex DeVries, aka Digiconomist, were asked to comment on their involvement and support for these initiatives. Alex DeVries responded, expressing a willingness to discuss the topics in more detail, but a detailed response had not been received by the time of publication.

Greenpeace USA October 2023

X
X (formerly Twitter) x.com

The leader of the “Change the Code” campaign also participated in these protests along with other members of Greenpeace, further exposing the interconnected efforts between these organizations. The Texas Coalition Against Cryptomining expressed strong concerns about the impact of the Riot facilities, stating: “These facilities place a burden on local grids and water systems. When the waste-proof miners were finally asked to shut down, as if by magic, the network stabilized.”

A Riot representative responded to this review, stating: “Not only does Riot use electricity and water incredibly efficiently, it also helps stabilize the grid. When energy supply exceeds demand, miners can absorb the surplus; and when demand exceeds supply, they return energy to the grid. In effect, miners act as shock absorbers, ensuring a smoother ride for all citizens on the network. This is especially important given the large number of intermittent energy sources in Texas.”

This sequence of events raises questions. By financing campaigns that criticize Bitcoin’s environmental footprint While promoting its technology for CBDCs, Ripple strategically positions itself as an obvious choice. Critics argue that this two-pronged approach hurts bitcoin while strengthening Ripple’s relevance in the CBDC market.

Despite its efforts, Ripple faces challenges. Forbes labeled Ripple Labs as a “crypto zombie,” citing its low active user base and the speculative nature of its XRP token. The company’s primary mission of disrupting the global payment system, dominated by SWIFT, has not materialized. However, Ripple’s XRP token remains a important cryptocurrency in market value, driven largely by speculation rather than utility.

By aligning itself with environmental campaigns and pushing for CBDC adoption, Ripple aims to transform its zombie network into a profitable network. However, the juxtaposition of his public support for sustainable practices and his funding of anti-bitcoin initiatives presents a complex narrative that deserves close examination.

“CBDCs would lead to a dystopian surveillance state where the government would have the ability to see every transaction in our lives and take away anyone’s assets for political purposes,” said Lee Bratcher, president of the Texas Blockchain Council. “Bitcoin empowers people to be their own banks and custodians of their own assets, strengthening constitutional freedoms. It is shameful to see people trying to extract profits from taxpayers while working to undermine their freedom and, at the same time, distort beyond recognition the noble cause of environmental conservation.”

The interaction between Ripple CBDC ambitions and its involvement in environmental campaigns against bitcoin illustrate a multi-pronged strategy. In promoting CBDCs, Ripple’s president funds efforts through Greenpeace USA, which runs the Change the Code campaign to change bitcoin’s code, claiming environmental benefits. The Change the Code campaign also supports the Texas Coalition Against Cryptomining.

Through a chain of intermediaries, Ripple’s top executives fund and support campaigns to discredit bitcoin mining. Ripple positions itself as an innovator and critic in the digital currency space.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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