Crypto News Nov 15, 2021

1.   Bitcoin’s biggest upgrade in four years just happened – here’s what changes

The Taproot update means greater transaction privacy and efficiency – and crucially, it will unlock the potential for smart contracts, which can be used to eliminate middlemen from transactions. “Taproot matters, because it opens a breadth of opportunity for entrepreneurs interested in expanding bitcoin’s utility,” said Alyse Killeen, founder and managing partner of bitcoin-focused venture firm Stillmark. It is a rare moment of consensus among stakeholders, and it’s a big deal for the world’s most popular cryptocurrency.

2.   We never had them; hacker deceived us: Bengaluru police on Bitcoin ‘disappearance’

The police’s central crime branch unit issued the statement on Saturday night in the wake of suspicions of corruption in handling the Bitcoins supposedly found with the hacker in January. Faced with questions over the “disappearance” of 31 Bitcoins, the Bengaluru police now say they had been deceived by the alleged hacker Srikrishna Ramesh into believing — and publicly announcing — that they had seized the cryptocurrency worth Rs 9 crore from his personal electronic wallet.

The police’s central crime branch unit issued the statement on Saturday night in the wake of suspicions of corruption in handling the Bitcoins supposedly found with the hacker in January.

3.   Lopp’s Threat Index: Analyzing The Top 5 Bitcoin Security Threats

Heavy is the head that wears the crown. As the world’s preeminent digital bearer asset, owning Bitcoin comes with a different set of security risks than owning traditional assets. To develop a personal security plan, you should strive to consider all conceivable threats and prioritize accordingly.

Before you can adequately prepare, however, you must first assess the danger. Threat modeling is a process I perform regularly as the co-founder and CTO of a Bitcoin security provider.

4.   SEC rejects Bitcoin ETF, showing it still opposes spot listing

October’s launch of two Bitcoin futures ETFs marked a major milestone for the industry. The US Securities and Exchange Commission rejected a proposal for an ETF that would directly hold Bitcoin, quashing hopes that a long-desired product would finally gain clearance after last month’s debut of the first funds linked to futures of the cryptocurrency.

In a widely expected move, the SEC denied VanEck approval for its Bitcoin exchange-traded fund to trade on Cboe Global Markets, marking the first ruling on the subject since the initial Bitcoin futures ETFs launched. In a Friday order, the regulator reiterated its long-stated concern that basing a product on the spot price of Bitcoin could violate securities rules because the market is too prone to abuse.

5.   How NFTs Can Be More Than Just Tools for Artists

Even in Africa, artists are using NFTs massively. Jude “MI” Abaga, one of the biggest hip-hop artists on the continent, has partnered with Binance and is looking at the possibility of launching his next album as an NFT. everywhere you go, artists are driving the adoption of NFTs.

Then, there’s the actual art scene. People are minting NFTs everywhere, using them to sell digital art and make money. They’re now side-stepping the conventional art industry, which involves exhibition houses and curators – all of whom take their own cut of the funds. Now, with NFTs, anyone can make money.

6.   Katie Haun on a16z’s success so far in crypto: We ‘can’t rest on our laurels’ 

It’s no surprise that Katie Haun is a major proponent of NFTs, or non-fungible tokens. The former federal prosecutor who today co-leads the powerful crypto practice of Andreessen Horowitz, has been a student of the technology since at least 2018, when a16z first backed Dapper Labs, which is now quite valuable.

At the time, Vancouver-based Dapper Labs was known for a collectible digital cat game called CryptoKitties that baffled those outside the crypto community. This year, Dapper broke out thanks to another offering on its blockchain called NBA Top Shot that allows sports fans to buy and sell collectible highlight clips — yet even that is a use case that will seem minor in the grand scheme of things, Haun suggested Thursday night at a San Francisco event hosted by this editor.

7.   NFTs: Future Business of Art to Bring Together Diverse NFT Ecosystem

2021 NFTs: Future Biznss of Art Virtual Summit promotional flier

2021 2021 NFTs: Future Biznss of Art Virtual Summit promo

Diverse Creators Will Gather Virtually for Non-Fungible Token Event The NFT Summit is set to take place virtually on December 2, 2021

NFTs made me look at myself instantly I was like ‘Oh, this makes me a corporation, makes my content a stock, this makes my fans investors.’ That makes sense to me.”— Lord Sanctus, CEO Connect the Coast Web 3.0 Indie Hip Hop LabelHARTFORD, CONNECTICUT, USA, November 13, 2021 / — By 2021, the popularity of NFTs, or non-fungible tokens has grown exponentially, with art collections featuring digital jpegs motivating celebrities and influencers everywhere seeking to make their fortune.

8.   Crypto map: PM’s meet calls for ‘progressive’ steps, caution over hype

At the meeting, sources said, concerns were raised over what was seen as “attempts to mislead the youth through over-promising” and “non-transparent advertising.” Prime Minister Narendra Modi Saturday chaired a meeting on the way forward for managing the cryptocurrency sector where a consensus emerged on the government needing to take “progressive and forward-looking” steps while ensuring that an unregulated crypto market does not lead to “money laundering and terror financing”, sources said.

At the meeting, sources said, concerns were raised over what was seen as “attempts to mislead the youth through over-promising” and “non-transparent advertising.”

9.   Bollywood Has Shown Appetite For Crypto Endorsement. Is The Industry Also Open To Trading In It?

Bollywood stars disclosing their crypto investment would go a long way in raising the public trust in assets they are endorsing. Cryptocurrency has not just caught the imagination of an average Indian keeping a tab on the index rising gradually from some corner of the country but also the A-listers of Bollywood sitting in the financial hub Mumbai. And these film stars are interested in more than just cryptocurrency coins. While some have launched their own non-fungible tokens (NFTs), others are planning to tap the emerging market. Two of the crypto exchanges, which facilitate trading in these digital assets, recently roped in actors Amitabh Bachchan and Ranveer Singh to add their weight behind the industry.

While these stars have provided weight and raised the trust level in the emerging industry, have they themselves invested in cryptocurrency coins?

10.                 From Cryptokitties to Beeple’s ‘Crossroads’ and clips of LeBron James dunking – NFTs are everywhere. Here’s why

The first NFT that created a buzz among cryptocurrency enthusiasts was Cryptokitties, a game released in 2017 by Canadian developer Dapper Labs that allows players to buy, collect and breed unique digital cats on the blockchain for fun. Thanks to smart contracts, which are programs stored on the ethereum blockchain, details that identify an underlying unique asset are recorded on the blockchain. And while an NFT does not stop others from duplicating creative works, it allows its holder to claim possession of an original piece, thanks to the unique identifying details stored on the blockchain ledger.