The exchange was forced to leave Nigeria, and I’m sure it will happen to other crypto companies in other countries, Ray Youssef, CEO of NoOnes, writes.
P2P marketplaces need to become unstoppable, permissionless — Paxful co-founder
A new project aims to build a peer-to-peer marketplace to facilitate censorship-resistant, permissionless trading among Bitcoin users.
Paxful restarts marketplace operations for the first time since April
Amid the suspended service, Ray Youssef said he had made his “final act” as CEO after helping unfreeze 88% of certain users’ accounts.
Paxful CEO announces 88% of accounts unfrozen, $4.4M in funds remaining
“I gave up my title as CEO to unfreeze these accounts and am also in danger of being in contempt of court,” said Ray Youssef.
Drugs, Erratic Dismissals and Feuding Founders: Behind Bitcoin Marketplace Paxful’s Unraveling
Founded in 2015, Paxful became one of the most popular places to buy bitcoin in Africa and other emerging markets, with more than 200 employees. Behind the scenes, staff took paid trips to music festivals, bosses fought, dismissals reportedly occurred on a whim and the smell of cannabis permeated the office.
As Bitcoin Platform Paxful Closes, Co-Founder Youssef Talks Up Alternatives
A whitepaper for Civilization Kit, a decentralized bitcoin peer-to-peer marketplace that also allows users to build their own decentralized marketplaces, will be published in several weeks. Noones, a new “Bitcoin peer-to-peer super app for the Global South,” is already available in private beta.
This Is Hilarious: Bitcoin Denier Steve Hanke Is Into Ethereum Now
Did Steve Hanke find a way out of the hole he’s been digging himself into for all these years? The economist holds the world record for the person with the highest number of terrible Bitcoin takes, with almost 13 years of failed predictions. And now, out of nowhere, he seems to like the world’s second cryptocurrency by market capitalization. What does he like about Ethereum, though? The “560% price surge this year,” of course. But there’s more…
Ethereum is giving Bitcoin a run for its money. Ethereum has become increasingly popular amongst DeFi and NFTs, resulting in a 560% price surge this year. Has the look of a bubble. But, is it?https://t.co/2fkvuNoRWz
— Steve Hanke (@steve_hanke) November 12, 2021
Wait… is Steve Hanke into NFTs? The man said, “Ethereum has become increasingly popular amongst DeFi and NFTs” without a hint of irony. He also said, “Ethereum is giving Bitcoin a run for its money,” which is the most positive thing Steve Hanke has said about Bitcoin in over a decade. And, in the end there, he leaves space for possible deniability, “Has the look of a bubble. But, is it?”
The economist also links to an extremely basic and clumsy CNN article. Is Steve Hanke warming up to cryptocurrencies? Or is there some other dynamic at play here?
The Article Steve Hanke Linked To
This run-of-the-mill article doesn’t really say much. Its main message is the price action anyone reading NewsBTC is probably already familiar with.
“Ethereum, or ether for short, is also trading at record levels. It’s now hovering around $4,850, having soared more than 560% this year, compared to the “mere” 135% pop for bitcoin. Crypto investors are betting that ether will continue to be used as the backbone for even more non-fungible tokens, or NFTs, as well as so-called smart contracts.”
Ok, what else do you got for us? Not much. It’s all over the place. It breaks down the total cryptocurrency market capitalization, introduces the concept of the mythical “flippening,” and tries to keep people away from meme coins. To accomplish this, CNN quotes Paxfull’s Ray Youssef saying, “Ether and bitcoin versus meme coins are like the difference between blue chips and penny stocks you get a call about from a guy in a boiler room.” The article also talks about inflation, how could it not?, and introduces ETFs into the picture.
“The rise of bitcoin ETFs also could be good news for ethereum, because experts predict that similar ether ETFs could soon launch. That will make it even easier for average investors and big money management firms to buy into the crypto.”
So, all in all, it doesn’t say much and the only clear fact it presents is that Ethereum had a better year than Bitcoin. Why did Steve Hanke link to it, then?
ETH price chart for 11/13/2021 on Bitfinex | Source: ETH/USD on TradingView.com
Is Hanke Trying To Find A Lifeboat?
Here at NewsBTC, we constantly argue with Steve Hanke. Just in the last year, we responded to him calling Bitcoin not legitimate, not a currency, and the concept of it being legal tender “stupid.” And now, Hanke seems to like Ethereum. Why? Is it because Ethereum’s internal policies are more akin to the traditional banking system he’s accustomed to? Or did Hanke realize that cryptocurrencies are here to stay and is too afraid to admit he was wrong about Bitcoin for all these years?
In any case, the main reaction in his replies so far is mockery. Even notorious Ethereum defender Udi Wertheimer said, “this is the most bearish ethereum signal i’ve seen in my entire life.” Let’s keep an eye on Hanke’s Twitter feed and see what the economist says about Ethereum in the next few days. This is going to be interesting.
Featured Image: RobinHiggins at Pixabay | Charts by TradingView
The 411 On “Adopting Bitcoin,” A Lightning Network Conference in El Salvador
Perfect timing and place for a Lightning Network Conference. In less than a week, Bitcoin will be legal tender in El Salvador. The Lightning Network was instrumental for this to happen. The real-life case study for the Lightning Network is El Zonte AKA Bitcoin Beach. And in Mid-November, all of those factors will collide in an event aptly titled “Adopting Bitcoin.”
Related Reading | How Big Is Bitcoin’s Lightning Network? The Answer Will Surprise You
This Lightning Network conference comes with a call-to-action as its unofficial slogan, “Unite, focus, collab!” And, by the looks of Adopting Bitcoin’s official Twitter, the tribe responded to the call and will attend en masse.
Unite, focus, collab! ⚡⚡⚡
"Adopting Bitcoin – A Lightning Summit 2021" #adopt21 brings together the Bitcoin and Lightning communities in El Salvador this November
The focus: transitioning 6+ million people onto the Lightning Network!
More info: https://t.co/WWULQ3STIu
— Adopting Bitcoin (@AdoptingBTC) August 29, 2021
What Characteristics Does This Lightning Network Conference Have?
According to “Adopting Bitcoin‘s” website, their purpose:
“… is bringing together the Bitcoin and Lightning community in San Salvador and El Zonte to create connections and foster the future of money and payments in the Central American republic.”
The Lightning Network Conference has the following characteristics:
- The team behind the Bitcoin Beach Wallet, Galoy, produced the conference.
- “Adopting Bitcoin” is a not-for-profit event.
- The organizers will donate 100% to support Lightning Network development.
- The Lightning Network conference will be both in English and in Spanish.
- “Adopting Bitcoin” will be live-streamed.
- They’ll dedicate Tuesday and Wednesday to hard-core conferencing.
- Thursday they’ll finish the peregrination by visiting the place that started it all, El Zonte. “We will have an organized Bitcoin Bazaar 10a-4p…. with kiosks, stands and food stalls anchored at / near Hope House,” said Galoy’s Co-Founder.
Tuesday and Wednesday are full conference days in San Salvador.
Thursday is more casual in El Zonte. We will have an organized Bitcoin Bazaar 10a-4p…. with kiosks, stands and food stalls anchored at / near Hope House.
R/T bus transport SS <> EZ will be provided.
— Hunter 🌋⚡️🇸🇻 (@btcnyc) August 30, 2021
- The Lightning Network conference is for “early adopters only.” Tickets can only be purchased with bitcoin over the Lightning Network.
- “Adopting Bitcoin” is for “developers, businesses and general enthusiasts to network and form in-person connections.”
Adopting Bitcoin: Lightning Summit in El Salvador. Dates: 16 – 18 November 2021. Tickets can only be paid on the #Bitcoin #LightningNetwork. All proceeds of the conference will be donated to the development of the Lightning Network. https://t.co/vZzQb6MOy9 pic.twitter.com/ivizhyD960
— Bitcoin LightningNetwork+ News ⚡️ (@BTC_LN) August 30, 2021
“Adopting Bitcoin’s” Line Up
Tuesday and Wednesday, the party is in San Salvador’s Sheraton Presidente. Both days contain “Lightning 101” workshops. Among the star lecturers are:
Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation; podcaster extraordinaire Stephan Livera; Bitnob’s Bernard Parah, from Nigeria, one of the protagonists of this historic transaction; “Bitcoin En Español’s” host Camila Campton; Mónica Taher, Tech & Economic International Affairs for El Salvador; Bitcoin Beach’s Mike Peterson, and Paxful’s Ray Youssef.
Full line-up in the Lightning Network Conference ‘s website.
On Thursday 18, the party moves to El Zonte and ends with a literal Taproot Activation Party in El Tunco. For a video tour of both towns, check this mini-documentary out.
BTC price chart for 08/31/2021 on Cexio | Source: BTC/USD on TradingView.com
About Galoy, Organizers Of The Lightning Network Conference
According to their official website, “Galoy offers easy to use Bitcoin ‘Banking-as-a-Service’ (BaaS) products.” They are responsible for the self-referential official wallet for the Bitcoin Beach project. “In October 2020, we launched our branded “Bitcoin Beach” Lightning Wallet in El Zonte.” Galoy describes itself as:
“… a B2B company, serving organizations that embrace Bitcoin as money. We build on the Bitcoin Protocol and the Layer 2 Lightning Network, utilizing the tools created by the team at Lightning Labs.”
Related Reading | Are The Lightning Network’s Almost-Free Transactions The Killer App BTC Needed?
And now, they’re contributing to the Bitcoin ecosystem with this not-for-profit Lightning Network Conference in El Salvador. One that requires that you actually use the novel network to purchase the coveted ticket. And donates all proceeds to Lightning development.
Nice.
Featured Image: Adopting Bitcoin’s logo | Charts by TradingView
Bringing the crypto payments ecosystem around the world: Ray Youssef
“I was nearly killed by the police, who saw me wandering through the city thinking I’m a looter.” Ray Youssef discusses his close calls and crypto adoption.
