{"id":8013,"date":"2022-10-23T02:02:05","date_gmt":"2022-10-23T02:02:05","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=8013"},"modified":"2022-10-23T02:02:09","modified_gmt":"2022-10-23T02:02:09","slug":"mastercard-and-paxos-help-banks-offer-crypto-jack-dorsey-details-new-social-platform-and-tesla-hodls-btc-hodlers-digest-oct-16-22","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8013","title":{"rendered":"Mastercard and Paxos help banks offer crypto, Jack Dorsey details new social platform and Tesla hodls BTC: Hodler\u2019s Digest, Oct. 16-22"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p><strong><em>Coming every Saturday, <\/em><\/strong><strong><em>Hodler\u2019s Digest<\/em><\/strong><strong><em> will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more \u2014 a week on Cointelegraph in one link.<\/em><\/strong><\/p>\n<h2><strong>Top Stories This Week<\/strong><\/h2>\n<h3><strong>Mastercard taps Paxos to launch crypto trading for banks<\/strong><\/h3>\n<p>Banks will soon be equipped to offer clients crypto trading and custody thanks to a new program called \u201cCrypto Source\u201d from Mastercard and Paxos Trust Company. As part of the program, Mastercard will cover some of the compliance, security and interface details while Paxos handles crypto custody and trading. Expected in the final quarter of 2022, the Crypto Source program will essentially provide the underpinning that will let banks offer crypto trading and custody to their clients.<\/p>\n<h3><strong><strong><strong><strong>Jack Dorsey unveils decentralized social with algo choice and portable accounts<\/strong><\/strong><\/strong><\/strong><\/h3>\n<p>Under the supervision of former Twitter CEO Jack Dorsey, a new social media platform called \u201cBluesky Social\u201d has entered its private beta phase after years of anticipation. Underpinning the platform is a protocol known as the Authenticated Transfer Protocol (formerly named ADX). The protocol essentially removes the walls around user data, letting users move their accounts from platform to platform rather than having their profiles and information locked on a single platform.<\/p>\n<p>Read also<\/p>\n<p>                            Features<\/p>\n<p>Old-school photographers grapple with NFTs: New world, new rules<\/p>\n<p>                            Features<\/p>\n<p>North American crypto miners prepare to challenge China\u2019s dominance<\/p>\n<h3><strong><strong><strong>Hodl! Tesla hangs onto all its remaining $218M in Bitcoin in Q3<\/strong><\/strong><\/strong><\/h3>\n<p>After offloading 75% of its Bitcoin holdings in Q2, Tesla decided to retain its remaining BTC in Q3, according to the company\u2019s latest earnings report. The Q3 earnings report detailed Tesla\u2019s balance sheet carrying $218 million in digital assets. In February 2021, Tesla notably unveiled holding $1.5 billion worth of Bitcoin, but sold most of its holdings the following year due to China-related COVID-19 concerns.<\/p>\n<h3><strong><strong><strong>Not like China: Hong Kong reportedly wants to legalize crypto trading<\/strong><\/strong><\/strong><\/h3>\n<p>Although a special administrative region of China, Hong Kong is reportedly looking to ease its crypto regulations to favor the industry. China has taken regulatory steps to discourage crypto industry activity in the past. Crypto trading in Hong Kong itself is largely limited to professional investors, thanks to Hong Kong\u2019s Securities and Futures Commission (SFC). However, the SFC is now taking steps to allow retail crypto trading, as well as other crypto-friendly pursuits.<\/p>\n<h3><strong><strong><strong><strong>\u2018Performing as expected\u2019 \u2014 Aptos Labs defends day 1 criticism<\/strong><\/strong><\/strong><\/strong><\/h3>\n<p>Aptos, a blockchain constructed using programming language that was once intended for Meta\u2019s Diem project, launched its mainnet on Oct. 17. The well-funded blockchain created by Aptos Labs claims a processing capacity of 160,000 transactions per second (TPS). However, just 4 TPS was observed at the time of Cointelegraph reporting on Oct. 18. The initial low numbers were expected, according to Aptos on Twitter. Oct. 20 reporting revealed numbers for the blockchain had risen to 16 TPS.<\/p>\n<h2><strong>Winners and Losers<\/strong><\/h2>\n<p>At the end of the week, Bitcoin <strong>(BTC)<\/strong> is at <strong>$19,115<\/strong>, Ether <strong>(ETH)<\/strong> at <strong>$1,299<\/strong> and <strong>XRP<\/strong> at <strong>$0.44<\/strong>. The total market cap is at <strong>$916.20<\/strong> billion, according to CoinMarketCap.<\/p>\n<p>Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Casper <strong>(CSPR)<\/strong> at 32.19%, Lido DAO <strong>(LDO)<\/strong> at 16.23% and Maker <strong>(MKR)<\/strong> at 16.07%.\u00a0<\/p>\n<p>The top three altcoin losers of the week are TerraClassicUSD <strong>(USTC)<\/strong> at -24.65%, Axie Infinity <strong>(AXS)<\/strong> at -16.18% and EthereumPoW <strong>(ETHW)<\/strong> at -15.52%.<\/p>\n<p>For more info on crypto prices, make sure to read Cointelegraph\u2019s market analysis.<\/p>\n<p>Read also<\/p>\n<p>                            Features<\/p>\n<p>Capitalism\u2019s Perestroika Moment: Bitcoin Rises as Economic Centralization Falls<\/p>\n<p>                            Features<\/p>\n<p>Sell or hodl? How to prepare for the end of the bull run, Part 2<\/p>\n<h2><strong>Most Memorable Quotations<\/strong><\/h2>\n<p>\u201cWell, I mean, there are a few reasons [for having Bitcoin in space]. One, because it\u2019s cool, and you can.<\/p>\n<p><strong><strong><strong><strong>Adam Back, co-founder and CEO of Blockstream<\/strong><\/strong><\/strong><\/strong><\/p>\n<p>\u201cNow is the time to tell your friends and explain the benefits about crypto, because when they\u2019re FOMOing at $70,000 [per Bitcoin] you should be telling them not to enter the market.<\/p>\n<p><strong><strong><strong><strong>Marcel Pechman<\/strong><\/strong>,<strong><strong> markets analyst and Cointelegraph contributor<\/strong><\/strong><\/strong><\/strong><\/p>\n<p>\u201cRight now, hacking is certainly the biggest issue that we\u2019re thinking about that\u2019s happening in the industry that\u2019s a real threat to security.<\/p>\n<p><strong><strong><strong><strong>Kim Grauer, director of research at Chainalysis<\/strong><\/strong><\/strong><\/strong><\/p>\n<p>\u201cWe believe everything [in museums] will be an NFT, just like a serial number, for every product there will be an NFT.\u201d<\/p>\n<p><strong><strong><strong><strong>Hussein Hallak, CEO and founder of Next Decentrum Technologies<\/strong><\/strong><\/strong><\/strong><\/p>\n<p>\u201cPoW was a dead end for Ethereum.<\/p>\n<p><strong><strong><strong><strong>Tansel Kaya, CEO of Mindstone Blockchain Labs<\/strong><\/strong><\/strong><\/strong><\/p>\n<p>\u201cPrice manipulation is a cousin of misrepresentation, and in many jurisdictions, engaging in misleading and deceptive conduct is unlawful and grounds for legal claims.<\/p>\n<p><strong><strong><strong>Michael Bacina, partner at Piper Alderman<\/strong><\/strong><\/strong><\/p>\n<h2><strong>Prediction of the Week\u00a0<\/strong><\/h2>\n<h3><strong><strong><strong>Bitcoin price \u2018easily\u2019 due to hit $2M in six years \u2014 Larry Lepard<\/strong><\/strong><\/strong><\/h3>\n<p>Bitcoin\u2019s price traded relatively sideways for most of this week yet again, according to Cointelegraph\u2019s BTC price index.\u00a0<\/p>\n<p>Equity Management Associates founder Larry Lepard sees Bitcoin reaching $2 million per coin over the next five or six years, he said on a <em>Quoth the Raven<\/em> podcast episode published on Oct. 16. \u201cBitcoin could go to zero, but I personally believe Bitcoin\u2019s going to go up 100x,\u201d according to Lepard. He also, however, noted the possibility of Bitcoin dropping to $14,000 before then.<\/p>\n<h2><strong>FUD of the Week<\/strong><\/h2>\n<h3><\/h3>\n<h3><strong><strong>Report: Half of all DeFi exploits are cross-bridge hacks<\/strong><\/strong><\/h3>\n<p>Cross-chain bridges are the weakest security point in decentralized finance (DeFi), according to a Token Terminal report. The crypto data provider detailed that cross-chain bridge exploits, largely on Ethereum Virtual Machine blockchains, have accounted for about $2.5 billion in lost funds over the last two years. Cross-chain bridge exploits represent about half of all DeFi hacks during that period.<\/p>\n<h3><strong><strong><strong><strong>77.1% of Salvadorans surveyed think the gov\u2019t should \u2018stop spending public money\u2019 on Bitcoin<\/strong><\/strong><\/strong><\/strong><\/h3>\n<p>Most Salvadorans are not pleased with their government\u2019s Bitcoin spending, according to residents polled as part of a study from El Salvador\u2019s Jos\u00e9 Sime\u00f3n Ca\u00f1as Central American University. The country made Bitcoin legal tender in September 2021, although just 24.4% of Salvadorans polled have used Bitcoin for payments since then, as of polling in September 2022. Additionally, less than 40% of those polled favored El Salvador\u2019s decision to make Bitcoin legal tender.<\/p>\n<h3><strong><strong><strong>4,400 disgruntled investors are hunting for Terra\u2019s Do Kwon<\/strong><\/strong><\/strong><\/h3>\n<p>Formerly organized to initiate lawsuits from Terra investors, the UST Restitution Group (URG) has now shifted focus to searching for Terra head Do Kwon. The URG Discord group has 4,400 participants who are discussing and searching for Kwon as a result of the Terra project\u2019s collapse earlier in 2022. Authorities have taken various measures to find the Terraform Labs co-founder. Kwon said safety precautions drove him to leave Singapore, according to an interview published this week by journalist Laura Shin.<\/p>\n<h2><strong>Best Cointelegraph Features<\/strong><\/h2>\n<h3><strong><strong><strong><strong>\u2018Terra hit us incredibly hard\u2019: Sunny Aggarwal of Osmosis Labs<\/strong><\/strong><\/strong><\/strong><\/h3>\n<p>\u201cThe Terra Luna protocol was created by someone with either an IQ of 50 or 150. And frankly, I can\u2019t tell which one.\u201d<\/p>\n<h3><strong><strong><strong><strong>DeFi abandons Ponzi farms for \u2018real yield\u2019<\/strong><\/strong><\/strong><\/strong><\/h3>\n<p>\u201cReturns based on marketing dollars are fake. It\u2019s like the Dotcom boom phase of paying customers to buy a product.\u201d<\/p>\n<h3><strong><strong><strong>KYC to stake your ETH? It\u2019s probably coming to the US<\/strong><\/strong><\/strong><\/h3>\n<p>It shouldn\u2019t surprise anyone if regulators begin telling node validators to impose KYC and AML requirements on users staking Ether.<\/p>\n<p>Subscribe<\/p>\n<p>The most engaging reads in blockchain. Delivered once a<br \/>\n        week.<\/p>\n<h2 class=\"author__name\">Editorial Staff<\/h2>\n<p>Cointelegraph Magazine writers and reporters contributed to this article.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/magazine\/2022\/10\/22\/mastercard-paxos-help-banks-offer-crypto-jack-dorsey-details-new-social-platform-and-tesla-hodls-btc-hodlers-digest-oct-16-22\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Coming every Saturday, Hodler\u2019s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more \u2014 a week on Cointelegraph in one link. Top Stories This Week Mastercard taps Paxos to launch crypto trading for banks Banks [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8014,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-8013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8013"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8013\/revisions"}],"predecessor-version":[{"id":8015,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8013\/revisions\/8015"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8014"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}