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Vitalik Buterin outlines path to ETH 2.0, Visa launches crypto advisory service, Biden’s anti-crypto nominee for Comptroller withdraws: Hodler’s Digest, Dec. 5-11

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Coming every Saturday Hodler Digest It will help you keep track of every important news that happened this week. Best (and worst) quotes, top adoption and regulation, leading currencies, predictions and much more – a week on Cointelegraph in one link.

This week’s top news

Vitalik Buterin outlines ‘end-game’ roadmap for ETH 2.0

With the long-awaited transition to Eth2 about to come to fruition, Ethereum co-founder Vitalik Buterin outlined an “Endgame” roadmap on Monday to finally achieve the significant upgrade.

While Buterin did not address the problem of centralization in block production because the network is working toward scalability, the 27-year-old solved everything else related to block validation.

He proposed the idea of ​​implementing a “second level of storage, with low resource requirements” to implement distributed block validation; Provide “either proof of fraud or ZK-SNARKS to allow users to verify the validity of the ban directly (and inexpensively);” And enter ‘Data availability samples to allow users to check block availability [and] Adding secondary transaction channels to prevent censorship.”

“We get a chain where the production of blocks is still centralized, but the validation of the block is unreliable and too decentralized, and specialized anti-censorship magic prevents block producers from censoring,” Buterin explained.

Coinbase Adds ‘ETH2’ Despite Ethereum Upgrade Deferring Bomb Difficulty

Speaking of Eth2, major crypto exchange Coinbase added a replica of the original Ethereum token, ETH, called Eth2, to its crypto price index on Tuesday. The new listing has no trading activity but is priced at the same price as ETH.

Although Eth2 is not expected to roll out until at least mid-2022, Coinbase has listed a token bearing his name a few days before the upgrade of the Arrow Glacier smart contract network that will give developers more time to work on the basis of Ethereum 2.0.

On Thursday, Coinbase also announced that it will expand support for the platform to crypto wallets Starting with Ledger Models. It will be rolled out gradually, starting in the beginning of 2022.

Major Indian Bank Breaks ‘Banking Ban’ With Crypto Exchange WazirX Deal

According to reports from local media, India’s leading bank, Kotak Mahindra Bank, has become the first bank of its kind to partner with a crypto company after striking a deal with the largest crypto exchange WazirX.

The deal, which enables traders to liquidate their digital assets via Kotak’s banking services, marks a milestone in the local crypto industry that has been bogged down by the myriad problems presented by the banking sector and the Indian government.

“WazirX has opened an account with Kotak which can be used to receive and pay money to investors who trade on the exchange. The account is not yet operational. Paperwork, know your customer, and some tests are underway,” said one of the people familiar with the matter.

Controversial comptroller candidate quit Biden

President Joe Biden’s crypto-skeptical nominee for the Office of the Comptroller of the Currency, Sully Omarova, withdrew her nomination from the study on Tuesday.

Umarova is a divisive figure who has advocated primarily for the destruction of the banking and crypto sectors on numerous occasions, often sparking widespread opposition from Republican politicians who hold opposing views and implicitly accuse the professor of harboring Marxist sympathies.

Commenting on her withdrawal from the candidacy, Biden said that “Sully has been subjected to inappropriate personal attacks that go beyond all limits.”

Visa announces new cryptocurrency advisory service for merchants and banks

On Wednesday, global payments giant Visa unveiled a new advisory and advisory service for crypto-curious companies, financial institutions and retailers looking to immerse themselves in the sector.

Visa said its crypto-focused advisory services can advise on anything from crypto features and services to NFT wallets and CBDC-focused digital wallets.

According to Visa, the company’s interest in cryptocurrencies is driven by the need to remain competitive and meet consumer demand. Citing a recent internal study, Visa said that “40% of crypto owners surveyed reported that they are likely or very likely to change their primary bank to one that offers crypto-related products in the next 12 months.”

Winners and losers

At the end of the week, Bitcoin (BTC) in a $47.524, ether (ETH) in a $3,956 And XRP in a $0.81. Total market value at $2.20 trillion according to To CoinMarketCap.

Among the top 100 cryptocurrencies, the NEAR protocol was the top three gainers for this week (near) With 6.44%, Huobi Token (HT) By 5.11% and BitTorrent (BTT) by 4.61%.

The three biggest altcoin losers of the week are THETA (theta) By -32.53%, Cosmos (corn) With a percentage of -32.04% and Qatum (quantum) at -31.65%.

For more information on crypto prices, be sure to read Cointelegraph Market Analysis.

Most memorable quotes

If DeFi becomes widespread, its weaknesses could undermine financial stability. It can be severe due to high leverage, liquidity mismatch, internal correlation and lack of shock absorbers like banks.”

Bank for International Settlements

“I think once regulation comes in, we will see a whole new class of investors in this space. And I think that is what we have seen in other jurisdictions, such as Singapore.”

Adrian BerzoznyCEO of Independent Reserve

$100,000 by the end of the year is a difficult forecast. […] I think $100,000 could be a target in 2022 but this year, I’m not so sure. “

Matt Hogan, chief investment officer at Bitwise

“Since we have access to sensitive information and upcoming policy, I don’t think members of Congress should hold/trade individual stocks and I choose not to hold any until I remain neutral on policy making. […] I also extended this to digital assets/currencies (especially before I was a member of the Financial Services Commission).

Alexandria Ocasio-Cortez (AOC)Member of the Financial Services Committee of the US House of Representatives

We do not want the banks to participate directly in the trading of digital assets because the banks are directly involved [responsible] For deposits of customers and the public there are risks.”

Chiawadi Chai AnantSenior Manager at Bank of Thailand

“In a world where money is becoming a central feature of the Internet, the United States must aggressively promote the use of the dollar as the primary currency of the Internet, leveraging it as a source of national economic competitiveness, security, and the major upgrade needed for more efficient and inclusive financial services.”

Jeremy Aller, CEO and Co-founder of Circle

“We don’t need quick reactions from lawmakers to regulate out of fear of the unknown rather than seeking understanding.”

Patrick McHenry, the representative of the United States

“The goal of cryptography is to get truly decentralized, and the projects that succeed will be the projects that make it happen.”

Brian Brooks, CEO of Bitfury

Predicting the week

Bitcoin could drive people crazy for months with a 53K BTC price cap – Analyst

Over Two weeks ago, Bitcoin suffered bouts of bearish price action, reaching $41,614 on December 3, according to Bitcoin Price Index on Cointelegraph. Since then, the price of BTC has moved in the $46,000-$52,000 range.

On Monday, crypto trader and podcaster Scott Melker, also known as The Wolf Of All Streets, gave his thoughts on the Bitcoin market on Twitter.

The highest Crypto assets are likely to be in the $42,000-$53,000 range for several months, Melker tweeted. On a broad level, the trader noted $53,000 as an obstacle to break above in order to continue the upward path of BTC price.

“Everything that falls between the two numbers now is a choppy chop that will send traders into a panic,” Melker added. “People will be very optimistic at 53K and down at 42K if either is reached.”

FUD of the week

Bitmart Hacked for $200 Million After Exploiting Ethereum and Binance Smart Chain

Cryptocurrency exchange BitMart has been the victim of a hot wallet hack that resulted in the loss of nearly $200 million in digital assets.

Blockchain security and data analytics firm PeckShield first highlighted the hack Sunday after it identified two popular transfers of $100 million on Ethereum and $96 million on Binance Smart Chain. According to the company, the hack was a straightforward case of transfer, swap, and wash.

The hackers have created a mix of more than 20 tokens, including Binance Coin, Safemoon, BSC-USD, and BNBPay, along with large amounts of meme coins like BabyDoge and Floki Inu.

India will impose maximum penalty for violating encryption rules with a fine of $2.7 million or 1.5 years in prison

According to reports from Bloomberg’s Indian unit, BloombergQuint, the local government may soon set penalties for non-compliance with upcoming crypto policies. The publication indicated that penalties could range from a maximum fine of 20 crore rupees ($2.7 million) or 1.5 years in prison.

While the regulatory landscape is currently opaque in India, it was previously reported that Indian investors may soon have to transfer their holdings of cryptocurrencies to exchanges regulated under the supervision of the Securities and Exchange Board of India.

Critics are expecting Prime Minister Narendra Modi to give crypto investors a deadline to comply with the new rules and declare their assets before cracking down on any misconduct.

Gamer Hate: Ubisoft’s New Project NFT Video Gets 96% Dislikes

Gaming giant Ubisoft saw significant opposition this week from the gaming community after it announced a new NFT project dubbed “Quartz” on Wednesday. Fans of the company were apparently upset by what they saw as a quick cash grab, with thousands of people threatening a boycott of the company.

The YouTube video of Assassin’s Creed developer introducing the new project and rolling out usable in-game NFTs called “Digitz” has a 96% dislike rating for the video. In fact, comments critical of the project received more likes than the video itself, with user “OperatorDrewski” commenting:

“To me, that’s a stark indication that you’re exuding the Ghost Recon franchise literally for every cent while putting in minimal effort in the actual game itself. Not playing a GR match in the future if there is this level of degeneration in the team.”

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