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Free Software Foundation Receives $1 Million In BTC From Pineapple Fund

Score one for the good guys. The Free Software Foundation has received a donation in Bitcoin that totals $1 Million USD from the Pineapple Fund. The Free Software Foundation states their mission as the following: The Free Software Foundation (FSF) is a nonprofit with a worldwide mission to promote computer user freedom. We defend the …

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Score one for the good guys. The Free Software Foundation has received a donation in Bitcoin that totals $1 Million USD from the Pineapple Fund.

The Free Software Foundation states their mission as the following:

The Free Software Foundation (FSF) is a nonprofit with a worldwide mission to promote computer user freedom. We defend the rights of all software users.

FSF.org

[adinserter block=”2″]

The more interesting story though is what the Pineapple Fund is. As of writing this article, the Pineapple Fund has donated over $34 Million USD in Bitcoin to 41 charities around the world.

From a December New York Times article:

On a larger scale, the Pineapple Fund created a more mysterious form of cryptocurrency philanthropy.

The organization was started in December by an anonymous donor who goes by the nickname “Pine” and claims to be among the 250 largest holders of Bitcoin in the world. The fund aims to give away $86 million worth of Bitcoin, and has already given $20 million worth of the currency to 13 organizations, including million-dollar donations to the Water Project, which provides clean water to people in sub-Saharan Africa, and the Electronic Frontier Foundation, a digital rights watchdog.

(These donations can be verified thanks to Bitcoin’s digital ledger system, which records every transaction in a public database.)

Whoever Pine is, he or she seems to have found a way to convert Bitcoin into something actually useful.

Indeed, whoever Pine is we appreciate their philanthropy and look forward to seeing what else they decide to support in the future!

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Shiba Inu Token Is Up 25% Following Coinbase Listing

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You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Source: https://cryptobriefing.com/shiba-inu-token-is-up-25-following-coinbase-listing/?utm_source=main_feed&utm_medium=rss

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Rising Inflation Could “Destabilize” Stablecoins And Bring Crypto Industry Down — Coinbase CEO In Search Of Solution

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Rising Inflation Could Destabilize Stablecoins And Bring Crypto Industry Down — Coinbase CEO In Search Of Solution

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In the US, inflation has been on the rise throughout the entire year. Just last month, the consumer price index (CPI) rose by 0.3%. While this has been quite a decline compared to April and May when prices rose by 0.6% on a seasonally adjusted basis, it is still a nerve-racking high.

It has been perceived that rising inflation would benefit crypto since more people would consider acquiring digital assets to hedge fiat depreciation. However, if the US dollar loses value significantly and becomes unstable, it will also adversely impact US-pegged stablecoins, which would infect the entire crypto ecosystem.

In a recent tweet, Brian Armstrong, CEO at Coinbase, has pointed out this issue and asked for possible solutions. 

Crypto Needs to Adapt

Stablecoins are known as the backbone of the crypto ecosystem. They are the safe zone for when the industry goes wild and plummets by double-digit percentages in a matter of hours. Further, they have taken the cross-border payments by storm, so much so that regulators from across the globe warn stablecoins could disrupt banking systems. 

However, these alleged “stablecoins” have a less-known issue: they are hyper reliant on the US dollar. Almost all major stablecoins are pegged to the US dollar. This means if the US dollar loses value significantly, then stablecoins would also lose value. In turn, this would drag the entire crypto ecosystem down.

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Mentioning this, Coinbase CEO has recently commented that stablecoins could very easily become inflation coins. “If fiat-backed stablecoins really become inflation coins (not so stable), then how will we get a coin that is truly stable?” Armstrong tweeted.

Proposing a vague solution, Armstrong added: “Perhaps something that tracks a basket of real-world goods (purchasing power parity) using oracles?”

Armstrong is not the first person who has raised this crucial subject. Previously, Balaji Srinivasan, former CTO of Coinbase, had explained that there are two types of stablecoins. First, there are fiatcoins, which “are pegged to an external fiat currency like USD, directly or indirectly.” Second, there is this newer form of stablecoin, which Srinivasan calls “flatcoins.” 

Srinivasan explains that if “fiat itself starts to inflate, it isn’t really “stable”. So a flatcoin optimizes instead for price flatness vs an on-chain basket of goods.” In simple terms, a so-called “flatcoin” is not pegged to a fiat currency, rather it is pegged to the purchasing power of an asset at a certain period of time. 

Considering the importance of the issue, we should see more projects developing alleged “flatcoins” in the near future — which is also crucial for “de-dollarizing” the crypto ecosystem.

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Source: https://zycrypto.com/rising-inflation-could-destabilize-stablecoins-and-bring-crypto-industry-down-coinbase-ceo-in-search-of-solution/

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Pacific Union Appoints Mohamed Elsergany as Its Head of MENA Service Center

The new PUG’s hiring has over 12 years of experience in the financial services industry.

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Pacific Union Group (PUG), an Australia-based forex and CFD broker, has tapped Mohamed Elsergany as its new Head of Service Center for the MENA region. Prior to his new role at the company, Mohamed spent over one year working as MENA Regional Director at CJC Markets.

Furthermore, according to his LinkedIn profile, the new PUG’s Head of Service Center for the MENA region worked for around four years as Business Development Partner at Tickmill, another forex and CFD broker headquartered in Cyprus.

In fact, most of his professional background lies in working in the Business Development field in the financial sector. Before his job at Tickmill, Mohamed worked in FX Solutions as Business Development Partner. Based on Egypt, the new PUG employee also had tenures in Swissquote, MIG Bank, Forex.com, and BMFN Prime, with approximately a career in the financial markets of over 12 years.

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Mohamed’s educational profile notes that he earned a bachelor’s degree in e-Commerce.

Recent Major Banks Executive Moves

In the last few months, the financial services landscape had been quite moved in the MENA region, specifically from major banks. For example, Saxo Bank recently announced that the company had appointed Damian Hitchen, a former Regional Manager at HSBC, as the company’s new CEO of the MENA region.

The newly appointed CEO of the MENA region will report directly to the company’s Chief Sales Officer, Stig Christensen. Hitchen will be based at Saxo Bank’s regional office in Dubai. He will facilitate Saxo Bank’s growth in the region. Furthermore, Barclays Plc announced in August that it appointed Davide Sala as its new Managing Director and Head of Industrials M&A for Europe, Middle East, and Africa (EMEA). Sala has vast experience within the financial industry, having worked for over 22 years at Credit Suisse in London and New York. He focused his career on providing advice on M&A and financing to clients across industrials space.

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Source: https://www.financemagnates.com/executives/moves/pacific-union-appoints-mohamed-elsergany-as-its-head-of-mena-service-center/

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