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Who is Gary Gensler, The Rumored New SEC Chair?

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“The year is 2021, and the nation is in crisis. North Korea has just tested a missile that will soon be capable of delivering a nuclear warhead to the continental U.S. The move took Washington by surprise as the project was likely funded via a new Chinese digital currency, which allowed North Korea to bypass the global banking system. In response, the National Security Council House has gathered in the White House Situation Room to formulate short- and long-term responses.”

That is the opening of a 2019 simulation on ‘Cryptocurrency and national insecurity’ in which Gary Gensler, who is rumored to be the new chair of the Securities and Exchanges Commission (SEC), took part.

Ignoring the dramatic angle of this simulation, much of it has become real now two years on. The dollar is no longer the only convenient means of international exchange. American banks are no longer the policemen of global monetary transfers.

As a catalyst of change, bitcoin and cryptos more widely are re-shaping global finance and global trade. The question is: what does the United States do about it?

The Banker Academic

Gensler spent much of his life working for Goldman Sachs, with little known about the man except he also spent plenty of his time in the power halls of Washington.

As chair of CFTC, he reformed the institution and woke it up to the challenge of regulating the $400 trillion derivatives market.

Soon after, he went to MIT where he taught on global finance and blockchain tech, with some papers suggesting he is effectively obsessed with this new invention.

“I remain intrigued by Satoshi’s innovation’s potential to spur change – either directly or indirectly as a catalyst,” Gensler said in late 2019, adding:

“The potential to lower verification and networking costs is worth pursuing, particularly to lower economic rents and data privacy costs, and promote economic inclusion.

Further, shared blockchain applications might help jumpstart multiparty network solutions in fields that historically have been fragmented or resilient to change.

Even in this slightly less ambitious form – acting as an innovative irritant to incumbents and traditional technologies – cryptocurrencies and blockchain technology have already prompted real change and can continue to do so.”

A Friend?

The above statement is just one of many that indicate Gensler is a believer as far as the technology is concerned, and we have no reason to doubt it.

There’s a but, or quite a few of them. Where bitcoin is concerned, he considers it just a speculative asset class. A very unsophisticated view in light of the immense sophistication that bitcoin contains.

On ICOs, he said the thousands of them issued in 2017 are all securities and went so far as to court a response from Coin Center after suggesting even eth is a security.

Ethereum however is now decentralized he said so might get away with a commodities classification, as happened, but XRP is definitely a security in his view.

As someone intimately familiar with the blockchain, a more interesting question for him to answer is: what does a security mean in the digital age, or better, in the crypto age?

Jay Clayton’s answer was that it means nothing different to what it meant a century ago during the age of horse carriages.

Gensler’s answer can’t be the same, for it would contradict his own statement, and thus presumably belief, that this technology is a change catalyst.

A Reformer?

If Gensler is indeed appointed, he will become the third most powerful person on the economy after Biden and Yellen.

He will be in command of a $20 trillion economy where entrepreneurship is in steep decline, IPOs have fallen, and where tech companies are concerned, they have scathing critiques of the current securities framework being incompatible with new digital businesses and their necessities.

The young across the world are outraged at the investment prohibitions enforced by the law, an outrage that may have well contributed to the 2019 year long protests in France.

Making this a fiery time to be SEC chair and yet a time of great opportunity because the institution is in desperate need of reform and due to its adverse effects on the economy, is under immense pressure to adapt.

As Gensler well knows, there are no rulers without the consent of the ruled, and there are no laws without their general appreciation.

This is something Clayton did not understand. He was of the view that no change was needed even though the world has greatly changed. He thought he could dictate.

Gensler appears to be very different from Clayton. First of all, he doesn’t come across as the school yard bully. Nor does he come across as completely uninformed and dare we say: stupid.

So we should be expecting a very different approach from SEC, but it isn’t very clear just how different considering he has said utility tokens are a fiction.

To help him, we’ll go back to this simulation and give our advice to the president, but this time the events are not unfolding, instead is what we told him two years prior.

The Immortal Race

You have two choices: fight or run. You can fight this technology, you can constrain it, delay it, maybe even injure it, and focus fully on maintaining the supremacy of the current framework, strengthen banks and their role, and promote this new technology only in the context of banks using it.

This can buy some time while the bank rails are upgraded, to the point eventually it may be possible to issue a crypto dollar, but that is difficult to do in a way we can control.

In addition, there are potential externalities. We can fight this only within USA. Other countries might adopt it and might even see strategic value in doing so. That’s a big risk, but you might think we can’t let our banks go the way of blockbuster.

Unless it’s our blockbuster-er. As this is a technology that anyone can put together, the only way we can maintain supremacy is to ensure we have the highest level of expertise, experimentation and even implementation of this technology.

Then, the free market can provide a crypto dollar and since those issuers would be within our jurisdiction, we can regulate them just as we do banks.

In the end, whether it’s a traditional bank or a tech bank is far less relevant than whether the best of them are American ones. To us, to the government and to the country, it makes no difference.

So instead of fighting it, you can run in the race for technological progress and do your best to win because that’s the only option that ends up with a chance of maintaining our most advanced level of development.

Your administration therefore must not only accommodate, but promote the unstoppable march of technological innovation, and know that only by doing so can we not only maintain, but enhance our global standing.

If you do so, then the superiority of our products will naturally attract global usage. If you don’t, then the inferiority of analogue dollars will naturally cause the global adoption of digital and crypto moneys which may well be issued by another country.

Source: https://www.trustnodes.com/2021/01/13/who-is-gary-gensler-the-rumored-new-sec-chair

Blockchain

SOLANAX Private Sale Is On For The Cross-Chain DEX

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[PRESS RELEASE – Please Read Disclaimer]

The cryptocurrency market has left people wondering about the long-term growth prospects and which cryptocurrency they should invest in. Solanax is an automated market maker (AMM) based on the Solana blockchain, which is set to be a game-changer in the cryptocurrency world.

The SolanaX Platform

After parsing through their team of professionals, whitepapers, their project plans, and unique platform capabilities, there is no doubt that once the platform is up and running in full swing, it will undoubtedly change the way people transact today with its simple interface for the public to trade at a record higher blockchain speed and lower gas fees.

  • There are no time-consuming processes or intermediaries.
  • It offers a very simple interface and lower gas fees while initiating the transactions.
  • Solanax increases blockchain speed and makes it more convenient to transact than its peers in the cryptocurrency market.
  • As Solanax is based on Solana’s Proof-of-History verification concept rather than a Proof-of-Work system (as that of Ethereum’s), it will enable users to leverage Solanax’s phenomenal transaction capabilities (Solanax to handle thousands of transactions in a second as compared to Ethereum’s 15).
  • The most crucial part is that while speeding up blockchain transactions and lowering gas prices, Solanax does not compromise on the security aspect.

The Ongoing Private Sale Of Solanax

Solana blockchain is substantially faster compared to its peers, and the ongoing private sale is an opportunity for crypto enthusiasts and investors to participate in this game-changer prospect.

The private sale is still ongoing until Friday, 25th June.

Total Supply: 80 000 000 SOLD Tokens

There will be 20 Million SOLD Tokens distributed before the CEX listing.

Private Sale: Total available token supply – 10,000,000 SOLD

Period: From 06/06/2021 to 25/06/2021

Token Price: $0.1 with a 3months vesting period

Token Price: $0.15 w/o vesting period

Initial Exchange Offering: Total available supply – 10,000,000 SOLD

Final Words

Solanax aims to revolutionize the DeFi exchange network and enhance efficiency levels to new highs. With DeFi gaining popularity, there is an urgent need for the industry to look beyond the older cryptocurrency platforms like Bitcoin and Ethereum. The sluggish transaction speed is one of the prime reasons for Solanax not preferring the Ethereum-like platforms. Besides, Solanax, with its high blockchain speed, simple interface, and low gas fees, is truly a game-changer for crypto aficionados, and Solanax’s Ongoing Private Sale presents the perfect investment opportunity for investors.

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Source: https://cryptopotato.com/solanax-private-sale-is-on-for-the-cross-chain-dex/

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Blockchain

Ethernity CLOUD: Data Confidentiality Backed By Blockchain

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[Featured Content]

It goes without saying that data confidentiality is one of the hottest topics of the decade. From mega scandals of leaked information to a constant stream of news about large corporations being victims of ransomware, there’s undeniably something lacking in the way data is stored traditionally. For the most part, at least.

The truth is that most users rely on traditional cloud infrastructure. Unfortunately, it has many central points of failure and trust, such as:

  • The centralized nature of the Domain Name System (DNS)
  • The dependency on one or numerous cloud providers for service availability
  • Centralized storage of user information

Blockchain technology and cryptography are quickly becoming a topic that many discuss mainly for its potential to disrupt a range of traditional services – data storage and cloud computing are among them.

Etherenity CLOUD is a project that envisions cloud computing infrastructure to be an environment where the data of users is hosted on a range of systems in a manner that’s both confidential and heavily encrypted. From home computers to professional-grade datacenters, any kind of hardware could be used with Ethernity CLOUD and trust that the information is private while in transition and in general.

EthernityCloud2

Ethernity CLOUD: What is it all about?

If one thing is clear, it’s that centralized data servers have become a primary target for hackers. Less than two weeks ago, CryptoPotato reported that JBS – the world’s largest meat producer, paid $11 million in Bitcoin to ransomware hackers who successfully locked the company out of their data.

Ethernity CLOUD’s infrastructure software is created on top of open-source services and technologies, and the migration from standard, centralized cloud providers to it is relatively simple. This comes as a difference to other decentralized hosting solutions, which tend to be rather complex in their attempts to reinvent the wheel.

The main purpose of the project is to provide blockchain infrastructure to participants so they can run cloud software in a decentralized manner, to rent out their idle or extra hardware, and so forth – all this while also providing incentives for decentralized cloud application developers.

Data Confidentiality and Encryption

Ethernity CLOUD’s architecture is designed in a way to favor the most secure encryption and hashing algorithms. At the same time, it keeps the overhead low in order to prevent performance degradation.

The information that’s being exchanged across the network is encrypted, and the ecosystem is designed in a way that prevents the decryption of information in transit, even with the most advanced cryptographic attacks, including brute forcing and collusion.

Naturally, the encryption of the data at rest is also equally important to Ethernity CLOUD, and it was designed on a trustless business model. The information is stored across the network. However, decentralized cloud service providers are unable to access, read, modify, or even interfere in any way with the node that runs on their machine.

Members of the network, by default, are considered untrustworthy – as it is with other blockchain networks. The software code enforces and ensures the trust, which reassures the decentralized cloud users about the safety of their data.

In turn, all of the above provides ground for the following benefits:

  • Ethernity CLOUD is crucial for freedom of speech in the current internet environment where censorship is prevalent.
  • It can be used as a base infrastructure for an online library.
  • It can be the answer to competitive decentralized services or web applications that demand high availability.
  • Can guarantee high availability of online resources through avoiding single points of failure.
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Source: https://cryptopotato.com/ethernity-cloud-data-confidentiality-backed-by-blockchain/

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Blockchain

Euro 2020: Earn As You Watch

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[PRESS RELEASE – Please Read Disclaimer]

Over the years, the European Championship has always been an exciting competition to look forward to for fans of competing nations and football lovers worldwide. There is the assurance of highly entertaining, unforgettable, and thrilling games as different countries compete for continental glory.

Euro 2020 has undoubtedly met expectations and fulfilled some of those promises, with so much more in the bag as the competition progresses, nearing the knockout stages. Teams like England, Italy, Netherlands, Denmark, Austria, Wales, and Belgium have booked their spots in the next stage, while France, Portugal, Germany, and Spain, known favorites, are yet to qualify.

Building on an impressive run of games under Roberto Mancini, Italy has a flawless run as they top their group with perfect stats. The Netherlands also has an excellent record as they pose a force to reckon with in this edition of the competition.

Belgium also showed class by maintaining a perfect record in the group stage, while Denmark, Austria, and Wales took advantage to book their spots in the next phase of the competition.

As the Euro draws near its most intense, dramatic, and thrilling peak, 1xBit, a leading crypto sportsbook and online casino, has a well-packaged competition, which is on the same plane of intensity as Euro 2020, for all viewers and sports lovers alike.

This competition is EUROMANIA. It is as fun as the name suggests. More importantly, it is highly rewarding!

1xBit EUROMANIA Competition

1xBit EUROMANIA lottery is a carefully designed competition for football lovers and viewers of Euro 2020. As the competition has its favorites, so does EUROMANIA. Many people have significantly benefited from this competition, so you should not be left out, as there are tremendous and handsome prizes yet to be won.

Additionally, this lottery is different from any other you have seen before because joining it allows you to earn crypto as you bet on the Euro. There are various sporting events, vast selection options, and mouth-watering odds.

The steps to joining are simple and direct. Log on to 1xBit, create an account, make a deposit, bet on the Euro, collect lottery tickets and win amazing prizes!

Benefits of Choosing 1xBit

1xBit is a unique betting platform distinct from others because it offers users a fantastic chance of receiving so many benefits. These benefits include:

  • Welcoming Bonus: As a new user, you get the opportunity of earning yourself a reward of 7 BTC as a welcome bonus. This reward is activated after your 4th deposit on the platform.
  • Anonymity: This is yet another benefit you enjoy using the platform. 1xBit does not require any personal information to get started.
  • Instant Payout: You get the chance to have your account funded as soon as you win. No time is wasted in processing your funds as you get them instantly.
  • Multi-currency Account: Whether you have Bitcoin, ETH, XRP, or any other supported altcoin, there is nothing to worry about as you can transact using any of this cryptocurrency.

Enjoy Euro 2020, bet, and win crypto!

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Source: https://cryptopotato.com/euro-2020-earn-as-you-watch/

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