DailyCryptonews by cryptoborges - 22/01/2021

By Francisco Borges | CryptoNews by cryptoborges | 22 Jan 2021

Hi huys hope you enjoy your daily dose of crypto news.

Harvard crypto skeptic calls Bitcoin a ‘hedge against dystopia’

The Harvard professor Kenneth Rogoff says that he doesn't see Bitcoin continue this sucess line we are all watching.

"I can see Bitcoin being used in failed states,” Rogoff said in a Bloomberg interview on Thursday, adding:

“It's conceivable, you know, it could have some use in a dystopian future, but I think the governments are not going to allow pseudonymous transactions on a big scale. They're just not going to allow it. The regulation will come in. The government will win. It doesn't matter what the technology is."

"I certainly think I agree that it's speculative,” Rogoff said of Bitcoin. He added:

"I've been a Bitcoin skeptic, and certainly, the price has gone up, but there's sort of an ultimate question of what's the use. Is it just valuable because people think it's valuable? That is a bubble that would blow up."

But ins't only Kenneth Rogoff that is skeptic towards bitcoin we have another big names like Warren Buffett, Peter Schiff and Dennis Gartman.

Alleged ‘ghost’ Bitcoin mining firm traded on Nasdaq faces class-action lawsuit

Investors are suing a Bitcoin mining company for allegedly fabricating the existence of BTC mining farms in China and reportedly misleading the public.

Bit Digital, a Bitcoin mining company traded on the Nasdaq stock exchange, is the subject of a class-action lawsuit that alleges the company fabricated the extent of its Bitcoin mining operations.

The firm’s website claims to have over 40,000 mining rigs currently in operation, exerting a hash rate of 2,253 petahashes per second, having successfully mined over 1,500 BTC since the beginning of 2020.

However, researchers at J Capital say they contacted government officials in the Chinese provinces in which Bit Digital claim to operate, only to find that no one had ever heard of them.

“Because of their positions with the Company, [Hu and Huang] possessed the power and authority to control the contents of the Company’s reports to the SEC, press releases and presentations to securities analysts, money and portfolio managers and institutional investors, i.e., the market.”

Ethereum's Upgrade Runs Into an Obstacle as Some Miners Try To Stop It

The long-awaited Ethereum improvement proposal (EIP) 1559 has run into its adversaries as a number of Ethereum miners banded together to prevent its implementation. It's not yet clear, however, where the two of the largest pools stand on this issue.

Nine mostly smaller mining pools have joined the "STOPEIP1559" movement. There is a giant among them though, as they are joined by one of the three largest pools, Ethermine, by itself accounting for nearly 21% of the network’s hash power. Together, the nine's power amounts to 28.1% in the past week.

Bitfly tweeted that "Ethermine is against adopting EIP-1559 in its current state because we believe that Ethereum's future may be at risk.".

EIP-1559 is expected to bring automatic setting of fees and token burn mechanism for each transaction and an improved fee market - and it has been, generally speaking, highly anticipated within the ETH and the wider crypto communities.

Meanwhile, Ethereum developer Micah Zoltu stated that "any censorship attack by miners against the interest of users will almost certainly result in the core developers taking very aggressive action against miners," most likely resulting in the developers rushing to launch the proof-of-stake consensus mechanism, "which would completely remove all miners/mining from Ethereum." He argued that, if the miner of the block received the base fee, there would effectively be no change with EIP-1559.