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Access real-time blockchain and cryptocurrency news updates from around the globe.
Can Bitcoin survive a Carrington Event knocking out the grid?
“In a massive solar storm, which would be hugely damaging to a modern economy’s infrastructure, the blockchain parts might well be the only parts that survive.” — Jason Potts
What was the Carrington Event?
In a November 1859 meeting of the Royal Astronomical Society, British astronomer Richard Christopher Carrington reported to the esteemed scientific body that “in the forenoon of Thursday, Sept. 1, in taking my customary observation of the forms and positions of the solar spots, an appearance was witnessed which I believe to be exceedingly rare.”
The phenomenon caused brilliant auroras across the globe, some as far south as Cuba, that were so bright observers were able to read newspapers by their light at night.
Carrington Event model. Source: NASAIt was the most intense geomagnetic storm in recorded history, likely the result of a coronal mass ejection from the sun colliding with the Earth’s magnetosphere — and one with worrying implications for the cryptocurrency industry were it to happen again today. A storm of such intensity would have the potential to affect the majority of electrical systems in use today: satellites, internet service providers, power supplies and all forms of communication.
The geomagnetic disturbances were so strong that telegraph operators in the United States reported sparks leaping from their equipment, which in some cases even caught fire. Telegraph systems across Europe and North America failed.
Can Bitcoin survive a Carrington Event knocking out the grid?
“In a massive solar storm, which would be hugely damaging to a modern economy’s infrastructure, the blockchain parts might well be the only parts that survive.” — Jason Potts
What was the Carrington Event?
In a November 1859 meeting of the Royal Astronomical Society, British astronomer Richard Christopher Carrington reported to the esteemed scientific body that “in the forenoon of Thursday, Sept. 1, in taking my customary observation of the forms and positions of the solar spots, an appearance was witnessed which I believe to be exceedingly rare.”
The phenomenon caused brilliant auroras across the globe, some as far south as Cuba, that were so bright observers were able to read newspapers by their light at night.
Carrington Event model. Source: NASAIt was the most intense geomagnetic storm in recorded history, likely the result of a coronal mass ejection from the sun colliding with the Earth’s magnetosphere — and one with worrying implications for the cryptocurrency industry were it to happen again today. A storm of such intensity would have the potential to affect the majority of electrical systems in use today: satellites, internet service providers, power supplies and all forms of communication.
The geomagnetic disturbances were so strong that telegraph operators in the United States reported sparks leaping from their equipment, which in some cases even caught fire. Telegraph systems across Europe and North America failed.
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Bitcoin sees CPI volatility as lower inflation sends BTC price to $18K
Inflation undercuts expectations, but Bitcoin remains at risk of fallout from a risk asset "deflationary panic" in Q1 next year, one analyst warns.
Bitcoin sees CPI volatility as lower inflation sends BTC price to $18K
Bitcoin (BTC) hit new one-month highs on Dec. 13 as United States inflation data sent a surge of optimism through markets.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC price rebounds aU.S. inflation slows
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $18,105 on Bitstamp after the Consumer Price Index (CPI) print for November came in below expectations.
The readout, dubbed the “most important” of the year, even beat analysts’ expectations on inflation slowing.
November CPI was 7.1% year-on-year, compared to the 7.3% forecast. Month-on-month was 0.1% versus the 0.3% expected.
"The all items index increased 7.1 percent for the 12 months ending November; this was the smallest 12-month increase since the period ending December 2021," an accompanying press release confirmed.
Decentralized solutions for climate change are key as COP disappoints
Climate change initiatives led by politicians and sponsored by some of the biggest polluters demand a change in initiatives — Decentralized tech could play a key role.
Gamers are more interested in earning Bitcoin than NFTs: Survey
The study found that compared to NFTs, five times more respondents are interested in earning Bitcoin while playing games.
Canada bans crypto leverage and margin trading after FTX collapse
Now-bankrupt exchange FTX attempted to enter Canada in June 2022, but local regulators have managed to prevent the mess.
Bahamas reportedly asked SBF to mint new coin after FTX collapse
The FTX collapse has reportedly fueled a major international legal dispute between the United States and the Commonwealth of the Bahamas.
SEC charges FTX CEO SBF for defrauding investors a day after his arrest
SEC has filed charges against the former CEO Sam Bankman-Fried, accusing him of defrauding U.S. customers and concealing the diversion of customers' funds.
SBF planned to blame everyone but himself, shows leaked Congress testimony
SBF blamed the current CEO, his legal counsel, the law firm he appointed for bankruptcy, and Binance CEO CZ, without admitting any wrong on his part.
SEC looks to intercept Grayscale Bitcoin ETF review bid
The SEC is looking to block an appeal from Grayscale Investments after denying its proposed Bitcoin exchange traded fund.
Binance exchange daily BTC withdrawals top $500M as CZ says 'FUD helps us grow'
Bitcoin (BTC) withdrawals from largest crypto exchange Binance have passed $500 million in the past 24 hours as its CEO calls out “FUD.”
Data from on-chain monitoring resource Coinglass shows Binance’s BTC balance decreased by over 30,000 BTC into Dec. 13.
CZ: FUD is "thoroughly annoying"
The latest hotspot for fallout from the FTX debacle, Binance has joined exchanges seeing an exodus of user funds.
According to Coinglass, users withdrew 30,300 BTC ($515 million) in the 24 hours to the time of writing, this accounting for the majority of the week’s 40,150 BTC total.
The abnormal behavior comes as Binance battles what its CEO, Changpeng Zhao (also known as CZ) blanketed as “FUD” on social media.
Binance exchange daily BTC withdrawals top $500M as CZ says 'FUD helps us grow'
Bitcoin withdrawals surge as Binance recovers from a media storm and subsequently accusations of suspicious activity.
Binance exchange daily BTC withdrawals top $500M as CZ says ‘FUD helps us grow’
Bitcoin (BTC) withdrawals from largest crypto exchange Binance have passed $500 million in the past 24 hours as its CEO calls out “FUD.”
Data from on-chain monitoring resource Coinglass shows that Binance’s BTC balance decreased by over 30,000 BTC into Dec. 13.
CZ: FUD is “thoroughly annoying”
The latest hotspot for fallout from the FTX debacle, Binance has joined exchanges seeing an exodus of user funds.
According to Coinglass, users withdrew 30,300 BTC ($515 million) in the 24 hours to the time of writing, this accounting for the majority of the week’s 40,150 BTC total.
The abnormal behavior comes as Binance battles what its CEO, Changpeng Zhao (also known as CZ) blanketed as “FUD” on social media.
What is VeChain (VET) and how does it work?
The fundamental traits of blockchain technology, including decentralization, immutability, transparency and automation, have proven to be capable of several use cases for different businesses. However, due to the costs of creating and maintaining blockchain-powered applications, it can be difficult and expensive for enterprises to fully utilize its benefits.
With the adoption of distributed ledgers, many projects have put efforts to lower the barriers to entry. VeChain is one such blockchain platform built to improve widespread use of blockchain technology. One of the most significant issues facing supply chain organizations is a lack of transparency, which blockchain aims to resolve by enabling businesses to conduct transactions directly and without a third party. It also allows data sharing between stakeholders and supports increased integration of financial and logistical services.
This article will discuss what VeChain public blockchain is, the unique features of VeChain, how VeChain (VET) works, how to buy VeChain and how VeChain staking works.
What is VeChain (VET)?
A public blockchain called VeChainThor is intended for widespread use of blockchain technology by companies of all sizes by acting as the building block for a resilient and expandable enterprise blockchain ecosystem.
According to VeChain, Ethereum remains unsuited for running large-scale commercial decentralized applications (DApps) while being a significant technological milestone. It is because Ethereum does not have a robust governance framework to allow for quick and transparent protocol changes to address emerging issues or breakthroughs.
What is VeChain (VET) and how does it work?
VeChain is a smart contract-compatible blockchain designed to enhance the supply chain and accelerate the mass adoption of blockchain technology.